Siemens Healthineers Ag · XETR:SHL

Siemens Healthineers — Q4 2025 Earnings Presentation

22 slides from Siemens Healthineers's earnings presentation, Nov 5, 2025

  1. Slide 1: Q4 Analyst Call

    Q4 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO November 5, 2025 Q4 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: Fiscal year 2025: Strong performance in a challenging environment

    Fiscal year 2025: Strong performance in a challenging environment Comparable revenue growth (in %) • Strong equipment book-to-bill of 1.14 2025 2025 2025 Initial outlook Outlook • Growth of 5.9% at upper end of outlook range (pre tariffs) (Q3 update) Actual • Growth in all regions except China 5.0 t

  4. Slide 4: Fiscal year 2025: Growth and scale drive margin expansion, Diagnostics transformation on track

    Fiscal year 2025: Growth and scale drive margin expansion Diagnostics transformation on track 8.5% ~50 bps Excellent growth performance – Imaging margin expansion growth (ex tariffs) continued margin expansion from scale 6.9% ~140 bps At least HSD1 growth p.a. since the combination – Varian margin e

  5. Slide 5: Q4 2025: Solid revenue growth, underlying margin expansion offset by tariffs

    Q4 2025: Solid revenue growth, underlying margin expansion offset by tariffs Revenue (€m) Comparable Growth +3.7% PYQ: +5.6% • Continued strong order intake with 1.12 equipment book-to-bill 6,329 6,322 • Revenue growth of 3.7% (PYQ: 5.6%), solid Q4 takes growth in FY25 to 5.9%, upper end of outlook

  6. Slide 6: Imaging – strong growth, margin impacted by tariffs and mix

    Imaging – strong growth, margin impacted by tariffs and mix Leveraging the power of our unique, Imaging (€m) synergistic portfolio and capabilities Revenue Adj. EBIT (margin) Winning together Comparable Margin Growth +6.5% Y-o-y -370 bps 859 751 3,543 3,647 (24.2%) (20.6%) Q4 FY2024 Q4 FY2025 Q4 FY2

  7. Slide 7: Varian and Advanced Therapies results

    Varian – soft growth, strong margin expansion despite tariffs Advanced Therapies – solid growth, margin impacted by tariffs Varian (€m) Advanced Therapies (€m) Revenue Adj. EBIT (margin) Revenue Adj. EBIT (margin) Comparable Margin Comparable Margin Growth +1.4% Y-o-Y +260 bps Growth +3.8% Y-o-Y -25

  8. Slide 8: 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 -0.3% Margin +280 bps Growth Y-o-y 82 1,147 54 (7.5%) 1,098 (4.7%) Q4 FY2024 Q4 FY2025 Q4 FY2024 Q4 FY2025 • Revenue y-o-y fla

  9. Slide 9: Consistent revenue growth and margin expansion (ex tariffs)

    Consistent revenue growth and margin expansion (ex tariffs) Revenue and margin by quarter for FY23, FY24 and FY25 ~18.3%2 ~18.8%2 FY23 ex tariffs2 17.7% FY24 16.8% 17.4% FY25 Adj. EBIT 16.6% incl tariffs margin 17.2% 15.1% 15.2% 15% ex FX1 6.3 6.3 14.3% 14.6% 6.1 14.3% 5.9 ex FX1 13.5% 5.7 5.5 5.4 5

  10. Slide 10: Outlook 2026

    Outlook 2026 FY2025 FY2026E Revenue growth 5.9% Revenue growth 5 to 6% Adj. EPS €2.39 Adj. EPS €2.20 to 2.40 Q4 FY2025 Note: Outlook for FY2026 is based on several assumptions (see Quarterly Statement Q4 FY2025), including year-over-year flattish revenue in China. Unrestricted © Siemens Healthineers

  11. Slide 11: Key assumptions for FY2026E

    Key assumptions for FY2026E FY2026E Mid single-digits revenue growth Imaging Minor margin decline High single-digits revenue growth Varian Broadly flat margin Advanced Mid single-digits revenue growth Therapies Low triple-digit bps margin decline Flat revenue development Diagnostics Minor margin exp

  12. Slide 12: Adj. EPS with strong underlying improvement in FY2026 offset by FX and tariffs

    Adj. EPS with strong underlying improvement in FY2026 offset by FX and tariffs Underlying EPS growth of ~10% y-o-y from operational improvements of €2.39 ~25cts €2.20 to €2.40 ~-15cts y-o-y from FX, mainly from stronger EUR vs USD ~-15cts y-o-y from tariffs, ~€200m in FY25 and ~-3cts y-o-y from equi

  13. Slide 13: Tariff impacts will be fully mitigated over the midterm

    Tariff impacts will be fully mitigated over the midterm Tariff mitigations beyond FY2026: ▪ Market-adaptive pricing ▪ Tight cost control ▪ Additional mitigation by shifting value-add Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 13

  14. Slide 14: New Ambition achieved

    New Ambition achieved Widened innovation lead Grew clinical relevance 2025 Grew customer relevance 2022 2020 New Ambition 2018 Strengthened leadership in AI Upgrading Reinforcing DX transformation on track Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 14

  15. Slide 15: CMD: Next strategic phase

    CMD: Next strategic phase New Ambition Capital Markets Day Upgrading November 17th Reinforcing Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 15

  16. Slide 16: Appendix

    Appendix Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 16

  17. Slide 17: EBIT to Free Cash Flow bridge and cash conversion rates

    EBIT to Free Cash Flow bridge and cash conversion rates Q4 FY25 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 1.1 CCR2 Diagnostics >0 Varian 0.8 Adv. Therapies 0.8 CCR1 1.00 1″275 1″190 98′ -82′ 75′ -6′ 968′ 223′ 970′ 43′ 882′ 86′ -262′ 863′ -43′ -150′ Healthineers PPA EBIT excl. Depr. of

  18. Slide 18: 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 Sep 30, 2025 Leverage1 3.3x 2.8x Cash and cash equivalents 2.7 2.2 13.2 12.5 Receivables from the Siemens Pensions 0.6 0.0 0.0 0.5 Group from financing activities Short-term an

  19. Slide 19: Loan maturity profile

    Loan maturity profile Loans with Siemens Group as of Sep 30, 2025 (in EUR m) Comments ▪ Total loan volume ~EUR 12.6 bn equivalent EUR ▪ Average interest rate ~2.1% p.a.4 USD hedged in EUR USD Top 10 loans ranked in EUR volume Others Notional Notional Notional Interest 1,762 1,663 Maturity Currency i

  20. Slide 20: Provisions for pensions

    Provisions for pensions Q4 FY2025 Key financials – Pensions and similar obligations Q1 Q2 Q3 Q4 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2025 FY2025 FY2025 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.5) (3.4) (3.4) (3.4) obligation (DBO) Fair value of 2.6 2.

  21. Slide 21: 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

  22. Slide 22: Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 22

    Q4 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 22

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