Siemens Healthineers Ag · XETR:SHL

Siemens Healthineers — Q2 FY2025 Earnings Presentation

20 slides from Siemens Healthineers's earnings presentation, May 7, 2025

1. Slide 1: Q2 Analyst Call

   Q2 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO May 07, 2025 Q2 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 1

2. 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

3. Slide 3: Strong revenue growth, strong margin expansion

   Strong revenue growth, strong margin expansion Outlook 2025: adj. EPS range widened • Revenue growth at 6.8% ─ above full-year guidance range (5 to 6%) • Adj. basic EPS at €0.56 ─ driven by margin expansion (+150 bps y-o-y) • Outlook 2025 ─ revenue growth confirmed; adj. EPS range widened due to tar

4. Slide 4: Comprehensive oncology Value Partnership with provincial government of Alberta, Canada

   Comprehensive oncology Value Partnership with provincial government of Alberta, Canada Volume: $800 million CAD Duration: 8 years Improves access to and quality of care for millions of people, addressing rise in cancer cases, reducing wait times and supporting early detection Includes new cancer tre

5. Slide 5: Sustaining growth from multiple sources

   Sustaining growth from multiple sources Expanding access to healthcare for billions of people Innovating continuously for better diagnosis and treatment The world innovates for us Enabling efficient operations to Novel drugs New theranostic agents improve productivity Robotic treatments More sophist

6. Slide 6: Diversified revenues with global footprint – Potential to adapt to changes in tariff environment

   Diversified revenues with global footprint – Potential to adapt to changes in tariff environment Diversified revenues Global footprint Imaging, Varian, AT1 Diagnostics Revenue by region Employees by region2 ~10% ~10% ~45% ~10% ~15% ~35% ~20% ~40% ~55% ~90% ~40% ~30% Recurring revenue3 Non-recurring

7. Slide 7: Strong revenue growth, strong margin expansion

   Strong revenue growth, strong margin expansion Revenue (€m) Adjusted basic earnings per share (€) Comparable +6.8% +3% PYQ: Y-o-y PYQ: Growth +3.0% +13% 5,909 0.55 0.56 5,435 Q2 FY2024 Q2 FY2025 Q2 FY2024 Q2 FY2025 • Revenue growth of 6.8% (PYQ: 3.0%) • Adj. EBIT margin up by +150 bps y-o-y driven b

8. Slide 8: Imaging – another excellent quarter

   Imaging – another excellent quarter Leveraging the power of our unique, Imaging (€m) synergistic portfolio and capabilities Revenue Adj. EBIT (margin) Winning together Comparable Margin Growth +8.7% Y-o-y +220 bps 598 736 2,956 3,281 (20.2%) (22.4%) Q2 FY2024 Q2 FY2025 Q2 FY2024 Q2 FY2025 • Revenue

9. Slide 9: Varian – continued high growth, temporarily muted margin; Advanced Therapies – solid growth

   Varian – continued high growth, temporarily muted margin Advanced Therapies – solid growth with margin expansion Varian (€m) Advanced Therapies (€m) Revenue Adj. EBIT (margin) Revenue Adj. EBIT (margin) Comparable Margin -320 bps Comparable Margin Growth +12.5% Y-o-y Growth +3.7% Y-o-y +230 bps 149

10. Slide 10: Diagnostics – transformation well on track

    Diagnostics – transformation well on track Crystalizing full potential of Diagnostics (€m) growth and profitability Revenue Adj. EBIT (margin) Transforming to win Comparable +1.0% Margin +220 bps Growth Y-o-y 71 1,104 1,122 45 (6.3%) (4.1%) Q2 FY2024 Q2 FY2025 Q2 FY2024 Q2 FY2025 • Revenue growth of

11. Slide 11: Consistent revenue growth and margin expansion

    Consistent revenue growth and margin expansion Revenue and margin by quarter for FY23, FY24 and H1 FY25 FY23 17.7% FY24 FY25 Adj. EBIT 16.6% margin 17.2% 15.1% 15.2% 15.0% 6.3 14.3% 14.6% 6.1 14.3% 5.9 13.5% 5.5 5.4 5.4 Revenue 5.3 (€bn) 5.2 5.2 5.1 Q1 Q2 Q3 Q4 Q2 FY2025 Unrestricted © Siemens Healt

12. Slide 12: Outlook 2025: Revenue growth confirmed, Adj. EPS range widened due to tariff impacts

    Outlook 2025: Revenue growth confirmed Adj. EPS range widened due to tariff impacts FY2024 FY2025E Revenue growth1 5.2% Revenue growth 5 to 6% (unchanged) Adj. EPS €2.23 Adj. EPS €2.20 to 2.50 (previously: €2.35 to 2.50) 1 Excluding antigen of €121m in FY2023; FY2024 and FY2025 include no antigen No

13. Slide 13: Capital Market Event

    Capital Save the date Market Capital Markets Day Event November 17, 2025 London, United Kingdom Nov. 17th 2025 London, United Kingdom Q2 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 13

14. Slide 14: Appendix

    Appendix Q2 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 14

15. Slide 15: EBIT to Free Cash Flow bridge and cash conversion rates

    EBIT to Free Cash Flow bridge and cash conversion rates Q2 FY25 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.7 CCR2 Diagnostics >0 Varian 0.9 Adv. Therapies 0.0 CCR1 0.51 1″154 221′ -137′ 933′ 841′ 92′ -265′ 720′ -67′ 36′ 48′ 477′ -195′ -48′ 197′ -327′ Healthineers PPA EBIT excl. Depr.

16. Slide 16: FY25 balance sheet and net debt bridge

    FY25 balance sheet and net debt bridge Net debt overview Capital structure development in FY25 (in €bn) in €bn Sep 30, 2024 Mar 31, 2025 Leverage1 3.3x 3.2x Cash and cash equivalents 2.7 2.4 13.2 13.9 Receivables from the Siemens Pensions 0.6 0.5 0.0 0.0 Group from financing activities -1.4 0.6 1.5

17. Slide 17: Loan maturity profile

    Loan maturity profile Loans with Siemens Group as of March 31, 2025 (in EUR m) Comments EUR ▪ Total loan volume ~EUR 13.9 bn equivalent USD hedged in EUR ▪ Average interest rate ~2.2% p.a.3 USD Top 10 loans ranked in EUR volume Others Notional Notional Notional Interest 1,756 1,669 Maturity Currency

18. Slide 18: Provisions for pensions

    Provisions for pensions Q2 FY2025 Key financials – Pensions and similar obligations Q1 Q2 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2025 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.5) (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 pl

19. Slide 19: 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

20. Slide 20: Q2 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 20

    Q2 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 20

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