Siemens Energy Ag · XETR:ENR
Siemens Energy — Q3 FY24 Earnings Presentation
24 slides from Siemens Energy's earnings presentation, Aug 7, 2024
Slide 1: Siemens Energy on track to meet full-year guidance including an improved cash outlook
Siemens Energy on track to meet full-year guidance including an improved cash outlook Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q3 FY24 Berlin, August 7, 2024 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens E
Slide 2: Disclaimer
Disclaimer INFORMATION AND FORWARD-LOOKING STATEMENTS This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words suc
Slide 3: CEO section
CEO section Christian Bruch, CEO Analyst Call | Q3 FY24 3 2024-08-07 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 4: Key Messages
Key Messages Highlights • Record orders at Gas Services and solid orders overall; increasing order backlog margin Q3 FY24 Financial Performance • Strong revenue growth driven by Grid Technologies, Siemens Gamesa • Order backlog at new high of €120bn and Transformation of Industries • Orders: -29.6%
Slide 5: Growing in a transforming market
Version 18 Growing in a transforming market Gas Services • Inauguration of burner factory in Budapest Grid Technologies • Groundbreaking for power transformer factory expansions in Austria and Germany • SF6-free vacuum interrupter factory inaugurated in Berlin Siemens Gamesa • Ramp-up of new product
Slide 6: Q3 FY24 Awards and Milestones
Version 18 Q3 FY24 Awards and Milestones Power generation with low or zero emissions Transport and storage of energy Reducing the CO2 footprint Gas Services Siemens Gamesa Grid Technologies Transformation of Industry $1.5bn order in Kingdom of Saudi First installations at Germany’s €1.4bn agreement
Slide 7: CFO section
CFO section Maria Ferraro, CFO Analyst Call | Q3 FY24 7 2024-08-07 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 8: Siemens Energy Group: On track to deliver on FY guidance
Siemens Energy Group: On track to deliver on FY guidance Q3 FY24 Orders Revenue Profit before SI in €bn in €bn in €m Service (30)% / (30)%1 New Units +18% / +17% (27.3)% 0.6% 14.9 8.8 7.5 N/A 10.4 3.1 +15% 2.7 (2,048) 49 5.6 +18% 4.8 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 Order backlog2 €12
Slide 9: Increasing order backlog as a source of strength and resilience
Increasing order backlog as a source of strength and resilience Book-to-bill ratio Q3 FY24 SE order backlog development (€bn) +43% • Large majority of FY25 revenue 1.92 120 already secured in the backlog GS 112 1.41 • Increase across all businesses 97 • Stronger growth in new units 84 60 supporting
Slide 10: Net cash position expanded
Net cash position expanded Net cash/(Net debt) as of June 30, 2024 (€m) 6,076 534 Short- and long-term 3,296 debt includes lease liabilities in the amount of €1.7bn 2,247 528 1,672 47 Cash and cash Short-Term Debt Long-Term Debt Net cash/ Pension provisions Credit guarantees Adjusted Net equivalents
Slide 11: Gas Services: Strong demand; profitability seasonally weaker
Gas Services: Strong demand; profitability seasonally weaker (incl. legacy item) Q3 FY241 Orders Revenue Profit before SI in €bn in €bn in €m >100% / >100%² 10.8% 4.4% 11.7% 14.4% 6.8% +1% / +1%² 5.3 2.7 2.8 2.7 2.6 2.7 (37)% 4.1 3.4 381 2.5 295 313 2.2 186 124 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY23 Q4 Q1
Slide 12: Grid Technologies: Strong revenue growth drives profitability
Grid Technologies: Strong revenue growth drives profitability Q3 FY241 Orders Revenue Profit before SI in €bn in €bn in €m (15)% / (18)%² 8.7% 7.8% 10.2% 11.4% 10.3% +30% / +26%² 8.2 2.2 2.3 +49% 2.0 2.1 1.8 250 237 4.3 213 3.7 3.5 159 158 2.3 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY2
Slide 13: Transformation of Industry: Strong growth and profitability
Transformation of Industry: Strong growth and profitability Q3 FY241 Orders Revenue Profit before SI in €bn in €bn in €m (13)% / (13)%² 6.5% 2.4% 9.2% 6.2% 7.8% +23% / +23%² 1.7 1.6 1.6 +48% 1.3 1.3 1.3 1.2 1.1 1.1 1.1 105 103 70 79 30 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY23 Q4 Q1
Slide 14: Siemens Gamesa: Developing in line with expectations
Siemens Gamesa: Developing in line with expectations Q3 FY24 Orders Revenue Profit before SI in €bn in €bn in €m (91)% / (91)%1 (124.1)% (25.6)% (20.9)% (19.4)% (17.5)% +25% / +25%1 7.4 2.6 2.6 82% 2.3 2.1 2.0 4.2 (664) (426) (448) (449) 1.6 0.9 0.7 (2,550) Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q3 FY23 Q4 Q1 Q2
Slide 15: Financial outlook Fiscal Year 2024
Financial outlook Fiscal Year 2024 FY24 Outlook Revenue Growth1 Profit Margin before SI2 Gas Services (2) – 0% 9 – 11% Grid Technologies 32 – 34% 8 – 10% Transformation of Industry 14 – 16% 5 – 7% Siemens Gamesa 10 – 12% up to neg. €2bn (prev. around neg. €2bn) Siemens Energy 10 – 12% (1) – 1% up to
Slide 16: Key Priorities
1 Deliver on profitable growth Key Priorities 2 Fix the wind business 3 Maintain solid financial foundations Analyst Call | Q3 FY24 16 2024-08-07 Unrestricted © Siemens Energy, 2024
Slide 17: We energize society
7Oktober 2022 We energize society © Siemens Energy, 2024
Slide 18: Questions & Answers
Questions & Answers Christian Bruch and Maria Ferraro Analyst Call | Q3 FY24 18 2024-08-07 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 19: Financial Calendar and Contact Investor Relations
Financial Calendar 2024 Aug 7 September Nov 13 Q3 FY24 Conferences and Q4 FY24 roadshows Contact Investor Relations Michael Hagmann Harald Albrecht Tobias Hang Head of Investor Relations albrecht.harald@siemens-energy.com tobias.hang@siemens-energy.com michael.hagmann@siemens-energy.com +49 174 1766
Slide 20: Appendix
Appendix Analyst Call | Q3 FY24 20 2024-08-07 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 21: FY24 financial considerations for SE
FY24 financial considerations for SE Reconciliation line on Profit ~ neg. €250m (unchanged) before Special items ~ neg. €500m (prev. €400m), incorporating negative impact related to the change in fair Financial result values of transaction related derivatives1 of €200m (prev. €100m), which may be su
Slide 22: Additional financial disclosure for Siemens Gamesa
Additional financial disclosure for Siemens Gamesa Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 WTG Profit margin before SI (129.3)% (33.8)% (26.4)% (21.6)% (5.0)% Revenue (€m) 651 914 691 705 742 Volume (MWe) 1,300 1,317 742 728 873 Onshore Order intake (€m) 573 875 476 92 29 Order intake (MW)1 717 1,24
Slide 23: Net Income Transition
Net Income Transition Siemens Energy In €m Q3 FY23 Q3 FY24 Q1-Q3 FY23 Q1-Q3 FY24 Gas Service 289 184 938 881 Grid Technologies 154 246 368 929 Transformation of Industry 65 108 197 283 Siemens Gamesa (2,561) (463) (3,770) (1,262) Reconciliation to Siemens Energy (37) 44 (143) 1,667 Profit (2,089) 11
Slide 24: Cash Flow Statement
Cash Flow Statement Siemens Energy In €m Q3 FY23 Q3 FY24 Q1-Q3 FY23 Q1-Q3 FY24 Net income (2,931) (102) (3,718) 1,588 Amortization, depreciation and impairments 406 360 1,125 1,078 Change in operating net working capital Contract assets 209 (130) (58) (268) Inventories (486) (478) (1,582) (1,567) Tr