Slide 1: Earnings Release Q1 FY2026 Analyst Call
Earnings Release Q1 FY2026 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO February 5, 2026
Slide 2: Safe Harbour Statement
Safe Harbour Statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Key takeaways
Key takeaways ▪ Good start into the fiscal year – Outlook confirmed ▪ Preparations for deconsolidation from Siemens AG advancing well ▪ Strong investment-grade rating from Moody’s ▪ ‘Elevating Health Globally’ strategy gaining traction 3 Unrestricted © Siemens Healthineers, 2026
Slide 4: Strong start in Imaging and Precision Therapy, Diagnostics under pressure due to market challenges in China
Strong start in Imaging and Precision Therapy, Diagnostics under pressure due to market challenges in China Imaging Equipment book-to-bill of 1.12 Precision Therapy Diagnostics Growth at 6% Growth at 6% 3% revenue decline and 6% Margin at 14.9% low margin of 2.1% due to Margin at 21.6% revenue mater
Slide 5: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Neuro- Cardio- vascular Stroke Cancer degenerative Patient Precision Twinning Therapy Healthcare AI 5 Unrestricted © Siemens Healthineers, 2026
Slide 6: Underscoring clinical relevance at RSNA
Underscoring clinical relevance at RSNA AI powered plaque analysis Easing bottlenecks with Moving MR into the All-new Interventional with Coronary Cockpit Radiology Services interventional suite System portfolio Changing how Services Operator friendly AI-enabled coronary artery designed to with >100
Slide 7: Elevating Health Globally
Elevating Health Globally — we have perfectly positioned ourselves to support customers to overcome their challenges Market leader with Global setup for unmatched portfolio local needs Further expand Efficiency Value Partnerships Drive clinical transformation Clinical Excellence through Value Progra
Slide 8: Creating traction for future growth via multiple sources
Creating traction for future growth via multiple sources Continued high interest in partnering with us Further expand ~$100m Value Partnership signed in January with Value Partnerships Onvida Health (of which roughly 50% equipment) Drive clinical Strong deal funnel building up, especially on new can
Slide 9: Imaging: Strong growth, strong margin performance
Imaging Strong growth, strong margin performance Comparable Growth +5.7% Strong revenue growth (PYQ: 7%) Revenue (€m) 2,779 2,796 Photon-counting CT and radiopharmaceuticals businesses continue high growth momentum Q1 FY2025 Q1 FY2026 Margin -30 bps Y-o-y Strong operational margin expansion Adj. EBI
Slide 10: Precision Therapy: Strong growth, outstanding margin performance
Precision Therapy Strong growth, outstanding margin performance Comparable Growth +5.9% Strong revenue growth on tough comps (PYQ: 8%) Revenue (€m) 1,608 1,604 Varian growth at 9% Q1 FY2025 Q1 FY2026 Margin +130 bps Y-o-y Outstanding margin expansion (ex headwinds from tariffs and FX of ~350 bps) wi
Slide 11: Diagnostics: Revenue and margin decline due to market challenges in China
Diagnostics Revenue and margin decline due to market challenges in China Comparable Growth -3.1% Revenue decline due to material market challenges in Revenue (€m) China 1,068 985 Diagnostics revenue ex China stable Q1 FY2025 Q1 FY2026 Margin Significant negative conversion from revenue decline -570
Slide 12: Strong operational performance resulting in underlying adj. EPS growth (ex tariffs and FX)
Strong operational performance resulting in underlying adj. EPS growth (ex tariffs and FX) Revenue (€m) Adjusted basic earnings per share (€) Comparable Growth +3.8% -3% 5,482 5,402 0.51 0.49 Q1 FY2025 Q1 FY2026 Q1 FY2025 Q1 FY2026 • Solid revenue growth of 3.8% (PYQ: 5.7%) • Adj. EBIT margin y-o-y
Slide 13: Drivers for FY2026 EPS broadly unchanged
Drivers for FY2026 EPS broadly unchanged As of Q4 FY2025 Analyst Call As of Q1 FY2026 • FX headwind: ~4 of ~15cts materialized • Tariff headwind: ~6 of ~15cts materialized • Strong operational improvements of ~8 of ~25cts materialized, driven by Imaging margin and outstanding Precision Therapy margi
Slide 14: Consistent revenue growth, margins holding up despite tariffs
Consistent revenue growth, margins holding up despite tariffs Revenue and margin by quarter for FY23 - FY26 FY23 17.7% FY24 Adj. EBIT FY25 margin 16.8% 17.4% 16.6% FY26 17.2% 15.1% 15.2% 15.0% ex FX1 15.0% 14.3% 14.6% 6.3 6.3 14.3% ex FX1 6.1 5.9 13.5% ex FX1 Revenue 5.7 5.5 5.4 5.4 5.4 (€bn) 5.3 5.
Slide 15: Consistent revenue growth and margin expansion ex tariffs
Consistent revenue growth and margin expansion ex tariffs Revenue and pro-forma margin (ex tariffs) by quarter for FY23 - FY26 18.8%1 18.3%1 FY23 17.7% FY24 Adj. EBIT FY25 margin 16.6% FY26 (ex tariffs) ~16.7%1 17.2% 15.1% 15.2% ex FX2 15.0% 14.3% 14.6% 6.3 6.3 14.3% ex FX2 6.1 5.9 13.5% ex FX2 Reve
Slide 16: Outlook 2026 confirmed
Outlook 2026 confirmed FY2025 FY2026E Revenue growth 5.9% Revenue growth 5 to 6% Adj. EPS €2.39 Adj. EPS €2.20 to 2.40 16 Note: Outlook for FY2026 is based on several assumptions (see Quarterly Statement Q1 FY2026) Unrestricted © Siemens Healthineers, 2026
Slide 17: Unrestricted © Siemens Healthineers, 2026
17 Unrestricted © Siemens Healthineers, 2026
Slide 18: EBIT to Free Cash Flow bridge and cash conversion rates
EBIT to Free Cash Flow bridge and cash conversion rates Q1 FY2026 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.8 CCR2 PTH 0.8 Diagnostics <0 CCR1 0.52 974′ -85′ 213′ 761′ 677′ 85′ -273′ 611′ -51′ 45′ 52′ 398′ -161′ 330′ -52′ -119′ Healthineers PPA EBIT excl. Depr. of PPE EBITDA Change
Slide 19: FY26 balance sheet and net debt bridge
FY26 balance sheet and net debt bridge Net debt overview Capital structure development in FY26 (in €bn) in €bn Sep 30, 2025 Dec 31, 2025 Leverage1 2.8x 2.8x Cash and cash equivalents 2.2 2.1 12.5 12.3 Receivables from the Siemens Pensions 0.0 0.0 0.5 0.5 Group from financing activities -0.5 0.2 0.2
Slide 20: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Dec 31, 2025 (in €m) Comments ▪ Total loan volume ~€12.6bn equivalent1 EUR ▪ Average interest rate ~2.1% p.a.4 USD hedged in EUR ▪ Total repayment volume ~€11.6bn equivalent5 USD Top 10 loans ranked in EUR volume Others Notional Notional Notional
Slide 21: Provisions for pensions
Provisions for pensions Q1 FY2026 Key financials – Pensions and similar obligations Q1 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (3.4) obligation (DBO) Fair value of 2.6 2.8 2.8 3.3 2.8 2.8 3.0 3.1 3.1 plan
Slide 22: Glossary
Glossary ‘Revenue’ in this presentation refers for segments to ‘Adjusted revenue‘ Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocatio