Siemens Energy Ag · XETR:ENR
Siemens Energy — Q4 2025 Earnings Presentation
25 slides from Siemens Energy's earnings presentation, Nov 14, 2025
Slide 1: Siemens Energy fulfills all commitments, increases mid-term outlook
Siemens Energy fulfills all commitments, increases mid-term outlook Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q4 FY25 and FY25 Berlin, November 14, 2025 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy,
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: Siemens Energy fulfills all commitments, increases mid-term outlook
Siemens Energy fulfills all commitments, increases mid-term outlook Key messages FY25 Financials FY26 Outlook FY28 Targets Q4: Continued excellent operational performance Revenue • Strong orders at €14.2bn, record revenue at €10.4bn €39.1bn (+15.2% yoy1) 11 – 13%1 Low-teens3 • Record order backlog w
Slide 4: CEO section
CEO section Christian Bruch Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q4 FY25 4
Slide 5: Siemens Energy's journey over the past five years
Siemens Energy’s journey over the past five years Successful development despite setback in FY23 FY21 FY22 FY23 FY24 FY25 Revenue €28bn €29bn €31bn €34bn €39bn Profit margin before SI 2.5% 0.8% (8.9)% 1.0% 6.0% CHANGE Siemens Energy DAX 2025-11-14 Siemens Energy is a trademark licensed by Siemens AG
Slide 6: Top end of FY25 guidance achieved
Top end of FY25 guidance achieved Future path of growth with increasing margins clearly outlined FY25 FY26 FY28 FY25 guidance Guidance Targets Revenue growth1 13 – 15% 15.2% ✓ 11 – 13% Low-teens5 Profit margin before SI2 4 – 6% 6.0% ✓ 9 – 11% 14 – 16% Net income up to €1bn3 €1.7bn4 ✓ €3 – 4bn FCF pr
Slide 7: Growing demand in all regions in FY25
Growing demand in all regions in FY25 Underlying market trends expected to continue Q4 Highlights Continuing strong market demand and favorable pricing continues Americas EMEA Asia & Australia +2% Gas Services: • Strong order demand from U.S. and +46% 30 31 +14% Saudi Arabia +16% • 5GW booked (FY25:
Slide 8: FY25 milestones build a strong foundation for our future success
FY25 milestones build a strong foundation for our future success Basis for attractive shareholder returns FY25 FY26 FY28 Strong balance Credit rating improved ✓ sheet Bund guarantee exit - Dividend for FY25 ✓ Cost-out / Productivity✓ Driving profitability Project Excellence ✓ Project Selectivity ✓ E
Slide 9: CFO section
CFO section Maria Ferraro Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q4 FY25 9
Slide 10: Siemens Energy Group: Record year for all KPIs
Siemens Energy Group Record year for all KPIs Orders Revenue Profit before SI in €bn in €bn in €m service +19%1 (0.9)% 4.5% 1.0% 6.0% +15%1 58.9 50.2 39.1 34.5 +583% (3)%1 +10%1 +€554m 2,355 15.0 14.2 9.7 10.4 471 345 3.2 3.5 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 (83) FY24 FY25 Q4 FY24
Slide 11: The average project margin in our backlog continues to trend upwards
The average project margin in our backlog continues to trend upwards Expected revenue generation from order backlog (in €bn) Backlog project margin development FY25 ~85% ~58% 138 37 Across all BAs FY25 FY26e1 FY27e after FY27e Order backlog x% of respective year revenues GS TI GT SG 2025-11-14 Sieme
Slide 12: Strong cash flow generation
Strong cash flow generation Q4 cash flow development Net cash as of September 30, 2025 in €m in €bn In €m Q4 FY24 Q4 FY25 9.2 Net income (254) 236 Amortization, depreciation and impairments 433 415 2.4 Change in operating net working capital (NWC) 841 698 Other items 450 493 1.5 0.4 4.8 Cash flow fr
Slide 13: Gas Services
Gas Services Solid finish to the year – profitability seasonally weaker in Q4 Orders Revenue Profit before SI in €bn in €bn in €m 5.2% 8.1% 9.5% 13.0% +43%1 +14%1 23.0 12.2 10.8 +55% +38%1 16.4 +16%1 +78% 1,580 4.8 3.6 3.1 251 1,021 2.7 141 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24
Slide 14: Grid Technologies
Grid Technologies Record quarterly revenue and continuous margin expansion Orders Revenue Profit before SI in €bn in €bn in €m +5%1 10.2% 14.7% 10.5% 15.8% +25%1 20.9 21.4 11.3 +84% +31%1 9.3 +19%1 +67% 1,791 6.9 5.4 2.7 3.1 463 976 277 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4
Slide 15: Transformation of Industry
Transformation of Industry Strong execution with significantly improved profitability Orders Revenue Profit before SI in €bn in €bn in €m (5)%1 6.7% 11.0% 7.4% 11.3% +14%1 6.4 6.0 5.7 5.1 +70% (20)%1 +20%1 +90% 646 2.1 1.6 1.4 1.6 177 380 93 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY2
Slide 16: Siemens Gamesa
Siemens Gamesa In line with expectations despite negative tariff impact Orders Revenue Profit before SI in €bn in €bn in €m (15.1)% (11.0)% (17.8)% (13.1)% +5%1 +29%1 9.3 10.0 10.4 (72)%1 7.3 (9)%1 4.1 (303) 3.1 2.7 (464) (1,364) Q4 FY24 Q4 FY25 (1,781) 1.1 FY24 FY25 Q4 FY24 Q4 FY25 FY24 FY25 Q4 FY2
Slide 17: Financial outlook FY26 and FY28 targets
Financial outlook FY26 and FY28 targets FY26 Outlook FY28 Targets Revenue Profit margin Revenue Profit margin growth1 before SI2 growth3 before SI2 Mid-teens 18 – 20% Gas Services 16 – 18% 14 – 16% (prev. LSD/MSD) (prev. 12 –14%) High-teens 18 – 20% Grid Technologies 19 – 21% 16 – 18% (prev. LDD) (p
Slide 18: FY25 – a strong foundation for our next step
FY25 – a strong foundation for our next step Elevate performance Strong markets across different regions Attractive markets Portfolio excellent positioned to serve the needs of our customers Resilient Capacity expansions on track to serve a growing market demand business model Positive net income de
Slide 19: Financial Calendar / Contact Investor Relations
Financial Calendar Nov 20 Feb 11 Feb 26 May 12 CMD Q1 FY26 AGM Q2 FY26 Contact Investor Relations Tobias Hang Harald Albrecht Head of Investor Relations albrecht.harald@siemens-energy.com tobias.hang@siemens-energy.com +49 174 1766254 +49 172 5744423 Siemens Energy AG Sara Ghadyani Otto-Hahn-Ring 6
Slide 20: We energize society
We energize society 2025-11-14 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q4 FY25 20
Slide 21: Q&A
Q&A Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q4 FY25 21
Slide 22: Appendix
Appendix Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q4 FY25 22
Slide 23: FY26 financial considerations for Siemens Energy
FY26 financial considerations for Siemens Energy FY25 FY26 Comments Reconciliation line on Profit before SI neg. €0.3bn neg. ~€0.4bn Financial result €0.1bn ~€0.2bn Non-controllable interest line €0.3bn ~€0.3bn R&D €1.2bn ~€1.2bn Capital expenditures €1.7bn ~5% of revenue Cash flow positions below F
Slide 24: Net income transition
Net income transition In €m Q4 FY24 Q4 FY25 FY24 FY25 Gas Service 137 246 1,018 1,566 Grid Technologies 268 458 1,197 1,778 Transformation of Industry 109 175 392 635 Siemens Gamesa (478) (353) (1,721) (1,711) Reconciliation to Siemens Energy (151) (199) 1,497 92 Profit (115) 328 2,383 2,361 Profit
Slide 25: Cash flow statement
Cash flow statement In €m Q4 FY24 Q4 FY25 FY24 FY25 Net income (254) 236 1,335 1,685 Amortization, depreciation and impairments 433 415 1,511 1,781 Change in operating net working capital Contract assets 136 (78) (132) (284) Inventories 346 299 (1,221) (900) Trade receivables (33) (129) (824) (722)