Net profit for the group reached 3.9 billion euros ($4.1 billion), Siemens said, but core profit excluding the effects of the sale fell to 2.5 billion euros from 2.7 billion last year.

Profit grew or was stable across most of Siemens but its factory automation business struggled.

The unit, which supplies robotics and other machinery to factories, faced problems because of weak demand across most of the world, although its revenue rose in the Americas.

Siemens CEO Roland Busch said the group’s result, in line with analysts’ expectations, was “a promising start” and a sign of “clear momentum.”

The group agreed last year to sell Innomotics, a subsidiary whose motors and other systems are used in a variety of industries including chemicals, oil, utilities and automotive, to US private equity firm KPS Capital Partners for 3.5 billion euros.

Excluding this sale, group-wide revenue was up three percent in the first quarter to 18.4 billion euros.

Group orders — an indicator of future sales — fell eight percent in the first quarter to 20.1 billion euros, down thanks to a decline in its train-making Mobility division.

Siemens, which also makes fire-fighting systems and power grid machinery, said it continued to expect its revenue to grow between three and seven percent in 2025.

That outlook was informed by “continuing geopolitical uncertainty including trade conflicts” as well as “ongoing challenges for the manufacturing sector due to overcapacity and weak consumer demand,” it said.

US President Donald Trump has placed a tariff of 25 percent on steel and aluminium imports into the United States as well as a tariff of 10 percent on all imports from China.

He has also threatened to impose more tariffs, including on the European Union.