Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Q4 2025 Earnings Presentation
31 slides from Siemens Aktiengesellschaft's earnings presentation, Nov 13, 2025
Slide 1: Record results for fiscal 2025
Record results for fiscal 2025 Roland Busch, CEO Siemens AG Ralf P. Thomas, CFO Siemens AG Unrestricted | © Siemens 2025 | Investor Relations | Q4 FY25 Presentation | 2025-11-13
Slide 2: Notes and forward-looking statements
Notes and forward-looking statements This document contains statements related to our future business and achievements of Siemens may (negatively or positively) vary materially from financial performance and future events or developments involving Siemens those described explicitly or implicitly in
Slide 3: Siemens has created substantial value over the past years
Siemens has created substantial value over the past years, stepping up in revenue growth, profitability and cash generation FY21–25 FY09–19 Step-up Revenue October 1, 2020 growth comp. CAGR +8% +2% +6Pp Start as technology company post Siemens Energy spin-off Siemens Total Shareholder Return +151%
Slide 4: Siemens Group FY25: Record results
Siemens Group FY25: Record results Guidance achieved in all aspects Orders Revenue Profit and €bn +6% €bn +5% margin +3% Industrial 11.8 84.1 88.4 11.4 Book- 75.9 78.9 Business to-bill €bn 1.12 15.5% 15.4% FY24 FY25 FY24 FY25 FY24 FY25 Free cash Net income EPS pre PPA flow +14% €bn +16% € +2% excl.
Slide 5: Siemens Businesses: Guidance achieved
Siemens Businesses: Guidance achieved Smart Infrastructure with all-time high profitability Comparable FY25 revenue growth Profit margin Digital Industries excl. Altair and Dotmatics effects -4% 15.9% Guidance range: -6–1% Guidance range: 15–19% Smart Infrastructure excl. Wiring Accessories gain 9%
Slide 6: Key highlights
Key highlights Record free cash flow, attractive dividend, ambitious outlook Q4 FY25 results FY25 Dividend Book- Orders -1% Revenue +6% • Proposing dividend increase to €5.35 (2.3% yield) to-bill 1.02x €21.9bn €21.4bn • Delivering on progressive dividend policy • Backlog at €117bn • DI strong on eas
Slide 7: Digital Industries (DI)
Digital Industries (DI) Automation with substantial volume increase, Software strength and excellent free cash flow Orders Revenue Profit margin Free cash flow €bn €bn €m +29%¹ +9%¹ -70bps Excl. +19% Altair and 1,229 5.5 17–23% Dotmatics 5.0 1,036 4.6 17.5% 4.3 therein 1.9 16.7% 19.9% Profit 1.7 Sof
Slide 8: Combining the real and digital worlds
Combining the real and digital worlds Continuing strong growth momentum with double-digit ARR growth DI SW – Annual Recurring Revenue (ARR) SaaS transition with high momentum €bn # Customers (accumulated) ~24,080 Therein 68% +14%¹ +10%2 ~20,130 ~21,720 ~22,840 new customers ~18,430 5.3 ~11,300 4.9 8
Slide 9: Growth in all regions on easy comps
Digital Industries (DI) Growth in Q4 FY25 – Key regions Automation Orders Revenue all regions on easy comps China +79% +19% Orders and revenue strongly up y-o-y on easy comps Germany +22% +1% Orders and revenue well above Momentum Q1-Q3 FY25 levels still subdued Italy +62% +5% Order growth on easy c
Slide 10: Smart Infrastructure (SI)
Smart Infrastructure (SI) Excellent performance across all metrics; 20 quarters of y-o-y operational margin expansion Orders Revenue Profit margin Free cash flow €bn €bn €m +5%¹ +9%¹ +120bps -5% 6.1 6.2 6.0 6.2 1,522 1,441 16–20% therein 1.2 Service 1.3 17.9% 19.2% Profit margin 17.5% 18.7% excl. 4.
Slide 11: Strong orders driven by data center project wins
Smart Infrastructure (SI) Strong orders Q4 FY25 – Key regions Orders Revenue driven by data U.S. +18% +8% Orders strongly up in Electrification & EP on data center wins, Buildings up; Revenue fueled by center project backlog execution, especially in Electrification wins in the U.S. Germany +4% +10%
Slide 12: Mobility (MO)
Mobility (MO) Solid Q4 leading to strong performance in FY 2025; exceptional free cash flow Orders Revenue Profit margin Free cash flow €bn €bn €m -44%¹ 0%¹ -50bps +19% 4.6 3.3 3.2 10–13% 1,361 therein 1,148 0.6 Customer 0.5 Services Profit 2.5 9.4% 8.9% margin excl. 2.7 2.7 9.0% 8.5% severance CCR
Slide 13: Free cash flow – Consistent performance on record level
Free cash flow – Consistent performance on record level Double-digit FCF return for 6th year in a row at all-time high FCF Industrial Business Stringent working €m +9% capital management All businesses with strong Q4-finish, 10,899 11,894 1.58 each delivering >€1bn in free cash flow 1.07 0.69 0.65 5
Slide 14: Assumptions for FY 2026
Assumptions for FY 2026 Stabilization of global economic environment in FY26 Business environment Global GDP to remain near prior-year level R&D intensity on FY25 level; OPEX SG&A as % of revenue close to level as in FY25 CAPEX Capex Ratio¹ moderately above FY25 Severance Expect €350–400m, significa
Slide 15: Below Industrial Business
Below Industrial Business Actuals FY 2025 FY 2026 – Expectations €m Profit IB 11,766 SFS 622 On prior year level Governance -212 Target “zero governance costs net of brand fee by FY26” confirmed Innovation -685 Broadly comparable to prior year level, investments related to ONE Tech Company Financing
Slide 16: Outlook FY 2026
Outlook FY 2026 Siemens Group Siemens Businesses Revenue growth Profit margin Comparable Book-to-bill >1 Digital Industries 5%–10% 15%–19% Revenue Smart growth 6%–8% Infrastructure 6%–9% 18%–19% Comparable EPS €10.40– €11.00 pre PPA FY25: €10.31 incl. Altair and Dotmatics Mobility 8%–10% 8%–10% This
Slide 17: Appendix
Appendix Page 17 Unrestricted | © Siemens 2025 | Investor Relations | Q4 FY25 Presentation | 2025-11-13
Slide 18: Digital Industries: Trends in vertical end markets
Digital Industries (DI) Trends in vertical end markets Vertical end markets Revenue Market trend1 Market trend1 Macro environment exposure Q3 FY25 Q4 FY25 remains challenging, Automotive 20% indicators point to muted investment Machine Building 15% activities Pharma & Chemicals 10% Food & Beverage 1
Slide 19: Smart Infrastructure: Trends in vertical end markets
Smart Infrastructure (SI) Trends in vertical end markets Vertical end markets Revenue Market trend1 Market trend1 Key verticals with exposure Q3 FY25 Q4 FY25 consistent market Commercial Buildings 15% trends Data Center 15% Data Center and Power Utilities Public Sector / Education 10% remain growth
Slide 20: Order backlog a source of strength and resilience
Order backlog a source of strength and resilience Expected revenue generation from backlog Key developments in €bn 117 43 • FY25 book-to-bill at 1.12 DI 10 6 • Increase in order backlog mostly offset by negative currency 14 19 translation effects SI 12 • Backlog at DI AUT on normal levels, 11 SW fur
Slide 21: Investments into growth fields to drive future performance
Investments into growth fields to drive future performance Scaling foundational technologies as enabler for ONE Tech Company Innovation investments as key lever… … to drive market leadership & profitable growth FY 26 Foundational Technologies R&D as % • Common foundation for SW & HW, integration of
Slide 22: Continuing growth of Digital Business
Continuing growth of Digital Business Digital Business revenue1 Key levers for winning in fast-growing digital markets in €bn • Most comprehensive, future-ready software portfolio for combining the real and digital worlds, enhanced by AI CAGR • Strong SaaS offering as foundation for scalable growth
Slide 23: Below Industrial Business
Below Industrial Business Q4 FY 25 in €m 3,190 91 Tax rate -160 @21.8% Minorities -215 €218m -259 -263 1,865 1,837 -520 -28 Industrial SFS Governance Innovation Financing, PPA Tax Income Disc. Ops. Net Income Business Elimination, Cont. Ops. Others Note: As of FY25, “Financing, Elim., Other” contain
Slide 24: Financial Services: Consistent FY 2025 performance within RoE target range
Financial Services: Consistent FY 2025 performance well within RoE target range Key figures SFS total Therein: Debt Business Equity Business Return on Equity 17.6% 17.0% 12.1% 11.5% 42.8% 41.3% (after tax) Earnings before 637 622 399 384 taxes (€m) 243 241 Total assets (€bn) 32.8 33.1 30.6 30.7 2.0
Slide 25: Decrease in Net Debt on strong operating cash flows
Decrease in Net Debt on strong operating cash flows – Capital Structure remains rock-solid Ind. Net Debt/ EBITDA (c/o) €bn Operating Activities therein: 0.9x • Dotmatics -4.2 (Q3 FY25: 1.0x) • SFS -1.0 40.6 • CAPEX -0.8 40.0 12.2 therein: • ∆ Inventories +0.6 27.9 • ∆ Trade and other receivables +0.
Slide 26: Provisions for pensions reach another record low
Provisions for pensions reach another record low Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in €bn¹ FY 22 FY 23 FY 24 FY 24 FY 24 FY 24 FY 25 FY 25 FY 25 FY 25 Defined benefit obligation (DBO)² -27.8 -26.6 -28.8 -28.3 -27.6 -28.4 -28.3 -27.2 -26.9 -26.9 Fair value of plan assets² 25.9 25.5 27.7 27.9 27.6 28.3 28.0 27.
Slide 27: Siemens with sound refinancing profile
Siemens with sound refinancing profile Total loan and bond debt of around €49.2bn Loan and bond maturity profile as of September 30, 2025 6.4 6.2 Long Term Short Term Outlook Aa3 P-1 stable 4.8 4.0 Long Term Short Term Outlook 3.5 3.1 AA- A-1+ stable 2.9 2.0 2.0 1.5 1.5 1.5 1.3 1.3 1.3 1.0 1.1 0.8 0
Slide 28: Reconciliation FY25 EPS to EPS pre PPA & Outlook FY26
Reconciliation FY25 EPS to EPS pre PPA & Outlook FY26 €m / All-in Attributable to Attributable to EPS / EPS per share amounts in € non-controlling shareholders of effect 4) interests Siemens AG Net income / EPS (all-in) 10,387 767 9,620 12.25 PPA 1) 819 942) 725 0.92 Tax effect 3) -181 -0.23 EPS pre
Slide 29: Profit Bridge from SHS disclosure to SAG disclosure
Profit Bridge from SHS disclosure to SAG disclosure Different profit definitions at SHS and SAG to be considered in models In €m Q4 FY25 FY25 SHS EBIT (adjusted) 1,098 17.4% 3,855 16.5% PPA (SHS logic)1 -86 -357 Transaction, integration, retention, carve-out cost -25 -47 Gains and losses from divest
Slide 30: Outlook FY 2026 as presented by Siemens Healthineers
Outlook FY 2026 as presented by Siemens Healthineers on November 5, 2025 Page 30 Unrestricted | © Siemens 2025 | Investor Relations | Q4 FY25 Presentation | 2025-11-13
Slide 31: Financial calendar and Investor Relations Contacts
Financial calendar November 13, 2025 November 14 & 19, 2025 November 24, 2025 November 26, 2025 January 12, 2026 February 12, 2026 Siemens ONE Tech – Virtual Roadshow Roadshow Roadshow Commerzbank Q1 Earnings Strategy & Results UK & US Paris Frankfurt Oddo Conference Release and (Munich) (New York)
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