Siemens Energy Ag · XETR:ENR
Siemens Energy — Q2 2024 Earnings Presentation
25 slides from Siemens Energy's earnings presentation, May 8, 2024
Slide 1: Siemens Energy delivers another solid quarter
Siemens Energy delivers another solid quarter Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q2 FY24 Berlin, May 8, 2024 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
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: CEO section
CEO section Christian Bruch, CEO Analyst Call | Q2 FY24 3 2024-05-08 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 4: Key Messages
Key Messages Highlights • Strong revenue growth driven by Grid Technologies and Transformation of Industries and better than expected profitability Q2 FY24 Financial Performance • Progress in line with expectations at Siemens Gamesa; steps taken to • Order backlog at new high of €119bn secure return
Slide 5: Higher than expected electricity growth drives Siemens Energy business
Higher than expected electricity …drives Siemens Energy growth… business Global electricity generation scenarios 2021 vs. 2023 (TWh) Gas Services Orders (€m) Revenue (€m) Book to bill 80,000 15,000 3.0 Net Zero 2023 12,000 2.5 75,000 +7% 2.0 9,000 Net Zero 2021 1.5 70,000 6,000 1.0 Announced Pledges
Slide 6: Siemens Gamesa: Clear way forward
Siemens Gamesa Clear way forward Stabilizing 4.X and 5.X platforms and focus on core markets • No new technical findings and no material change to cost assumptions related to quality topics Onshore • Europe and US as core markets to be addressed by revised 4.X and 5.X platforms • Sales activity for
Slide 7: Q2 FY24 Awards and Milestones
Version 18 Q2 FY24 Awards and Milestones Power generation with low or zero emissions Transport and storage of energy Reducing the CO2 footprint Gas Services Siemens Gamesa Grid Technologies Transformation of Industry Coal-to-gas transition in Adamow, First SG 14-222 DD wind turbine HVDC underwater c
Slide 8: CFO section
CFO section Maria Ferraro, CFO Analyst Call | Q2 FY24 8 2024-05-08 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 9: Siemens Energy Group: Another solid quarter benefitting from positive market environment
Siemens Energy Group: Another solid quarter benefitting from positive market environment Q2 FY24 Orders Revenue Profit before SI in €bn in €bn in €m Service (22)% / (23)%1 New Units +4% / 3%1 0.5% 2.1% 12.3 8.0 8.3 9.5 2.8 2.9 >200% +5% 170 5.2 5.3 +2% 41 Q2 FY23 Q2 FY24 Q2 FY23 Q2 FY24 Q2 FY23 Q2 F
Slide 10: Increasing order backlog as a source of strength and resilience
Increasing order backlog as a source of strength and resilience Book-to-bill Q2 FY24 SE order backlog development (€bn) +42% • Large majority of FY24 revenue 1.30 119 already secured in the backlog GS 112 1.13 • Increase across all businesses 97 • Stronger growth in new units 84 58 supporting growth
Slide 11: Net cash position expanded
Net cash position expanded Net cash/(Net debt) as of March 31, 2024 (in €m) 5,844 637 Short- and long-term debt includes lease 3,321 liabilities in the amount of €1.7bn 1,887 541 1,300 47 Cash and cash Short-Term Debt Long-Term Debt Net cash/ Pension provisions Credit guarantees Adjusted Net equival
Slide 12: Gas Services: Strong track record in profitability continues
Gas Services: Strong track record in profitability continues Q2 FY241 Orders Revenue Profit before SI in €bn in €bn in €m (21)% / (23)%² 10.3% 10.8% 4.4% 11.7% 14.4% (6)% / (7)%² 4.5 4.1 2.8 +30% 2.7 2.8 2.7 2.6 3.4 381 Egypt 2.5 294 295 313 2.2 €56m FX effect 124 Q2 FY23 Q3 Q4 Q1 Q2 FY24 Q2 FY23 Q3
Slide 13: Grid Technologies: Significant improvement across all KPIs
Grid Technologies: Significant improvement across all KPIs Q2 FY241 Orders Revenue Profit before SI in €bn in €bn in €m +27% / +28%2 6.5% 8.7% 7.8% 10.2% 11.4% +26% / +26%2 8.2 2.2 +119% 2.0 2.1 1.7 1.8 250 Egypt 4.3 213 €30m 3.7 159 158 FX effect 2.9 114 2.3 Q2 FY23 Q3 Q4 Q1 Q2 FY24 Q2 FY23 Q3 Q4 Q
Slide 14: Transformation of Industry: Executing according to plan
Transformation of Industry: Executing according to plan Q2 FY241 Orders Revenue Profit before SI in €bn in €bn in €m +16% / +13%2 6.3% 6.5% 2.4% 9.2% 6.2% +11% / +10%² 1.7 1.6 1.6 1.4 1.2 1.3 +9% 1.3 1.2 1.1 1.1 105 73 70 79 30 Q2 FY23 Q3 Q4 Q1 Q2 FY24 Q2 FY23 Q3 Q4 Q1 Q2 FY24 Q2 FY23 Q3 Q4 Q1 Q2 FY
Slide 15: Siemens Gamesa: Progressing in line with expectations
Siemens Gamesa: Progressing in line with expectations Q2 FY24 Orders Revenue Profit before SI in €bn in €bn in €m (76)% / (76)%1 (15.4)% (124.1)% (25.6)% (20.9)% (19.4)% (5)% / (5)%1 7.4 2.4 2.6 (20)% 2.3 2.1 2.0 4.2 3.6 (374) (426) (448) (664) 1.6 0.9 (2,550) Q2 FY23 Q3 Q4 Q1 Q2 FY24 Q2 FY23 Q3 Q4
Slide 16: Financial outlook raised
Financial outlook raised Fiscal Year 2024 FY24 Outlook Revenue Growth1 Profit Margin before SI2 Gas Services (2) – 0% (prev. (4) – 0%) 9 – 11% (unchanged) Grid Technologies 32 – 34% (prev. 18 – 22%) 8 – 10% (prev. 7 – 9%) Transformation of Industry 14 – 16% (prev. 8 – 12%) 5 – 7% (unchanged) Siemens
Slide 17: Key Priorities
1 Deliver on profitable growth Key Priorities 2 Fix the wind business 3 Maintain solid financial foundations Analyst Call | Q2 FY24 17 2024-05-08 Unrestricted © Siemens Energy, 2024
Slide 18: We energize society
8Oktober 2022 We energize society © Siemens Energy, 2024
Slide 19: Questions & Answers
Questions & Answers Christian Bruch and Maria Ferraro Analyst Call | Q2 FY24 19 2024-05-08 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 20: Financial Calendar and Contact Investor Relations
Financial Calendar 2024 May 8 May/June Aug 7 September Nov 13 Q2 FY24 Conferences and Q3 FY24 Conferences and Q4 FY24 roadshows roadshows Contact Investor Relations Michael Hagmann Harald Albrecht Tobias Hang Head of Investor Relations albrecht.harald@siemens-energy.com tobias.hang@siemens-energy.co
Slide 21: Appendix
Appendix Analyst Call | Q2 FY24 21 2024-05-08 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2024
Slide 22: FY24 financial considerations for SE
FY24 financial considerations for SE Reconciliation line on Profit ~ neg. €250m (unchanged) before Special Items ~ neg. €400m (prev. €300m), incorporating a negative impact related to the change in fair Financial result values of transaction related derivatives1 of €100m, which may be subject to cha
Slide 23: Additional financial disclosure for Siemens Gamesa
Additional financial disclosure for Siemens Gamesa Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 WTG Profit Margin before SI (22.6)% (129.3)% (33.8)% (26.4)% (21.6)% Revenue (€m) 1,042 651 914 691 705 Volume (MWe) 1,487 1,300 1,317 742 728 Onshore Order intake (€m) 708 573 875 476 92 Order intake (MW)1 79
Slide 24: Net Income Transition
Net Income Transition Siemens Energy In €m Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Gas Services 326 377 649 697 Grid Technologies 111 510 214 683 Transformation of Industry 81 84 133 175 Siemens Gamesa (386) (365) (1,209) (799) Reconciliation to Siemens Energy (67) (105) (107) 1,623 Profit 64 501 (320) 2,37
Slide 25: Cash Flow Statement
Cash Flow Statement Siemens Energy In €m Q2 FY23 Q2 FY24 H1 FY23 H1 FY24 Net income (189) 108 (787) 1,690 Amortization, depreciation and impairments 361 357 719 718 Change in operating net working capital Contract assets (175) (178) (267) (139) Inventories (272) (431) (1,096) (1,090) Trade receivabl