Siemens Healthineers Ag · XETR:SHL

Siemens Healthineers — Q3 2025 Earnings Presentation

20 slides from Siemens Healthineers's earnings presentation, Jul 30, 2025

  1. Slide 1: Q3 Analyst Call

    Q3 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO July 30, 2025 Q3 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 growth in revenue and earnings, outlook raised

    Strong growth in revenue and earnings Outlook raised • Revenue growth at 7.6% ─ driven by growth in all regions • Adj. basic EPS at €0.64 ─ mainly driven by margin expansion (+160 bps y-o-y) • Outlook 2025 – mid-points raised for growth (5.5 to 6.0%) and adj. EPS (€2.30 to 2.45) • Equipment book-to-

  4. Slide 4: Transforming healthcare to enable smarter, more precise personalized diagnosis and treatment

    We are transforming healthcare to enable smarter, more precise personalized diagnosis and treatment Patient Twinning Precision Therapy Personalization of diagnosis, Intelligent and image guided therapy selection and monitoring, treatment for the most after care and managing health threatening diseas

  5. Slide 5: Value Partnerships with increasingly important contribution to recurring revenues

    Value Partnerships with increasingly important contribution to recurring revenues Value Partnerships drive growth and Continuous flow of attractive long-term partnerships recurring revenues with potential for further expansion • Offering mutually beneficial partnerships US: Extension of existing agr

  6. Slide 6: Diagnostics at ADLM: Intelligent lab automation drives productivity

    Diagnostics at ADLM: Intelligent lab automation drives productivity and shortens time to results Atellica is successful in the core lab: Transformation on track • Atellica franchise already ~60% of Core Lab Solutions revenue1 with double-digit growth rates Portfolio simplification ongoing • Atellica

  7. Slide 7: Strong growth in revenue and earnings

    Strong growth in revenue and earnings Revenue (€m) Adjusted basic earnings per share (€) Comparable +7.6% +23% PYQ: Y-o-y PYQ: Growth +4.3% -4% 5,423 5,662 0.64 0.52 Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY2025 • Revenue growth of 7.6% (PYQ: 4.3%) • Adj. EBIT margin up by 160 bps y-o-y despite impacts fr

  8. Slide 8: Imaging – very strong growth and excellent margin expansion

    Imaging – very strong growth and excellent margin expansion Leveraging the power of our unique, Imaging (€m) synergistic portfolio and capabilities Revenue Adj. EBIT (margin) Winning together Comparable Margin Growth +11.7% Y-o-y +100 bps 594 680 2,977 3,240 (20.0%) (21.0%) Q3 FY2024 Q3 FY2025 Q3 FY

  9. Slide 9: Varian and Advanced Therapies results

    Varian – continued high growth with strong margin expansion Advanced Therapies – solid growth, soft margin Varian (€m) Advanced Therapies (€m) Revenue Adj. EBIT (margin) Revenue Adj. EBIT (margin) Comparable Margin +220 bps Comparable Margin Growth +8.7% Y-o-y Growth +4.5% Y-o-y -340 bps 154 184 66

  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 -0.6% Margin +180 bps Growth Y-o-y 82 97 1,107 1,059 (7.4%) (9.2%) Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY2025 • Revenue decline o

  11. Slide 11: Continued focus on deleveraging

    Continued focus on deleveraging Free Cash Flow and leverage in €bn FY23 FY24 6M 9M • Free Cash Flow doubled in the first 9 months to €1.9bn FY25 FY25 (9M FY24: €0.9bn), with CCR1 of 0.8 Cash • Cash performance driven by higher earnings, Conversion 0.7 0.9 0.7 0.8 Rate1 lower OWC and lower taxes paid

  12. Slide 12: Consistent revenue growth and margin expansion

    Consistent revenue growth and margin expansion Revenue and margin by quarter for FY23, FY24 and 9M FY25 FY23 17.7% FY24 FY25 Adj. EBIT 16.8% 16.6% margin 17.2% 15.1% 15.2% 15.0% 6.3 14.3% 14.6% 6.1 14.3% 5.9 ex-FX1 13.5% 5.7 5.5 5.4 5.4 Revenue 5.3 (€bn) 5.2 5.2 5.1 Q1 Q2 Q3 Q4 Q3 FY2025 1 Indicativ

  13. Slide 13: Outlook 2025: mid-points raised for growth and adj. EPS

    Outlook 2025: mid-points raised for growth and adj. EPS FY2024 FY2025E Revenue growth1 5.2% Revenue growth 5.5 to 6% (previously: 5 to 6%) Adj. EPS €2.23 Adj. EPS €2.30 to 2.452 (previously: €2.20 to 2.50) 1 Excluding antigen of €121m in FY2023; FY2024 and FY2025 include no antigen │ 2 including ass

  14. Slide 14: Appendix

    Appendix Q3 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 Q3 FY25 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 1.0 CCR2 Diagnostics >0 Varian 1.3 Adv. Therapies 1.7 CCR1 1.17 1″203 1″103 -77′ 60′ 221′ 48′ -105′ 964′ 282′ -191′ 844′ 821′ -48′ 733′ 88′ -168′ 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 Jun 30, 2025 Leverage1 3.3x 2.9x Cash and cash equivalents 2.7 2.4 13.2 13.2 Receivables from the Siemens Pensions 0.6 0.5 0.0 0.0 Group from financing activities Short-term an

  17. Slide 17: Loan maturity profile

    Loan maturity profile Loans with Siemens Group as of June 30, 2025 (in EUR m) Comments EUR ▪ Total loan volume ~EUR 13.3 bn equivalent USD hedged in EUR ▪ Average interest rate ~2.1% p.a.3 USD Top 10 loans ranked in EUR volume Others 1,762 Notional Notional Notional Interest 1,669 Maturity Currency

  18. Slide 18: Provisions for pensions

    Provisions for pensions Q3 FY2025 Key financials – Pensions and similar obligations Q1 Q2 Q3 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 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) obligation (DBO) Fair value of 2.6 2.8 2.8 3.3 2.8 2.

  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: Q3 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 20

    Q3 FY2025 Unrestricted © Siemens Healthineers AG, 2025 l 20

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