Siemens Healthineers Ag · XETR:SHL
Siemens Healthineers — Investor Day (November 2025)
125 slides from Siemens Healthineers's investor day presentation, Nov 17, 2025
Slide 1: Capital Markets Day
Capital Markets Day London, November 17, 2025 Capital Markets Day 2025 1 Unrestricted © Siemens Healthineers, 2025
Slide 2: Safe Harbor Statement
Safe Harbor Statement This webcast has been provided solely for use at this meeting. By attending the meeting or accessing this webcast, you agree to be bound by the following limitations. This webcast is provided in conjunction with an oral presentation and should not be taken out of context. This
Slide 3: Elevating Health Globally
Capital Markets Day 2025 Elevating Health Globally Bernd Montag, CEO London, November 17, 2025 Capital Markets Day 2025 5 Unrestricted © Siemens Healthineers, 2025
Slide 4: Passionate Healthineers
74,000 >150 8.44 passionate engagement score in the nationalities Healthineers One of the World’s top 5% of our industry Best Workplaces® 6 Unrestricted © Siemens Healthineers, 2025
Slide 5: The innovation powerhouse in global healthcare
Siemens Healthineers The innovation powerhouse in global healthcare Market leader Global reach #1 #1 90% >70 3.0B >700K in Imaging in all of leading hospitals countries with patient installed and Precision regions1 work with us direct presence touchpoints base Therapy >200 360 €6bn €2bn >1,300 13,00
Slide 6: Siemens Healthineers: innovation powerhouse in global healthcare
Siemens Healthineers The innovation powerhouse in global healthcare €23.4bn €3.9bn 16.5% Revenue Adj. EBIT Adj. EBIT margin1 1 The global leader in Imaging FY25 The global leader in oncology 1 Market share2 Revenue split Market share2 38% Imaging €12.1bn >60% CHN Precision Therapy Varian APJ EMEA €6
Slide 7: Key achievements in the past years
Key achievements in the past years Performing Significant Widened the Transformative Turning C-Level Successful despite market share innovation acquisition of relevance transformation headwinds gains lead Varian into business of Diagnostics ~11% adj. EPS +7pp in Imaging since Pioneering photon- Uniq
Slide 8: Key achievements in the past years
Key achievements in the past years Performing Significant Widened the Transformative Turning C-Level Successful despite market share innovation acquisition of relevance transformation headwinds gains lead Varian into business of Diagnostics ~11% adj. EPS +7pp in Imaging since Pioneering photon- Uniq
Slide 9: Our next strategic phase
Our next strategic phase 2030 Today Elevating New Ambition Health Globally Upgrading Reinforcing
Slide 10: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Patient Precision Twinning Therapy Healthcare AI Capital Markets Day 2025 12 Unrestricted © Siemens Healthineers, 2025
Slide 11: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Neuro- Cardio- vascular Stroke Cancer degenerative Patient Precision Twinning Therapy Healthcare AI Capital Markets Day 2025 13 Unrestricted © Siemens Healthineers, 2025
Slide 12: Elevating Health Globally
Elevating Health Globally — we have perfectly positioned ourselves to support customers to overcome their challenges Market leader with Global setup for unmatched portfolio local needs Most trusted Clinical C-level partner innovation leader Capital Markets Day 2025 14 Unrestricted © Siemens Healthin
Slide 13: Elevating Health Globally
Elevating Health Globally — we have perfectly positioned ourselves to support customers to overcome their challenges Market leader with Global setup for unmatched portfolio local needs Further expand Efficiency Value Partnerships Drive clinical transformation Clinical Excellence through Value Progra
Slide 14: Elevating Health Globally
Elevating Health Globally Capital Markets Day 2025 16 Unrestricted © Siemens Healthineers, 2025
Slide 15: The growth of the non-communicable diseases
The growth of the non-communicable diseases The biggest challenge of global healthcare Neurodegenerative 1 in 9 people over Cardiovascular 20.5m deaths Stroke 12m patients Cancer >20m cases 75% of global 65 worldwide has annually, annually and annually growing deaths Alzheimer’s, the representing ~7
Slide 16: Uniquely positioned to tackle the most threatening diseases
We have uniquely positioned ourselves to tackle the most threatening diseases Patient Precision Twinning Therapy Early detection Personalized Accurate diagnosis Image guided Individualized therapy Minimally-invasive selection, simulation, Robotics- and AI-enabled and planning Continuous monitoring a
Slide 17: Alzheimer's Disease
Alzheimer's Disease Neurodegenerative Cardiovascular Stroke PET/CT scan determines patient Cancer eligibility for anti-amyloid therapy Negative amyloid PET Positive amyloid PET Capital Markets Day 2025 19 Data courtesy of Hopitaux Universitaires de Geneve (HUG), Geneva, Switzerland Unrestricted © Si
Slide 18: Alzheimer's Disease
Alzheimer's Disease Neurodegenerative MR accompanies treatment to exclude side effects Cardiovascular Stroke Cancer Swelling Bleeding No findings min. 5x MR exams within the first 6 months of receiving therapy Capital Markets Day 2025 20 Data Courtesy of MGB, Boston/MA, USA Unrestricted © Siemens He
Slide 19: Coronary Artery Disease
Coronary Artery Disease Neurodegenerative Cardiovascular Stroke Screening / early detection with photon-counting CT - no Cancer calcification, no plaque: no risk Left to Right: NAEOTOM Alpha.Prime, Courtesy of Diagnostikum Graz, Austria / Kravchenko, Dmitrij et al. Journal of Cardiovascular Computed
Slide 20: Coronary Artery Disease
Coronary Artery Disease Neurodegenerative Cardiovascular Stroke Immediate clarity: Photon-counting CT reduces need for diagnostic Cancer invasive angio procedures by >50% Cathlab confirmation Left to Right: NAEOTOM Alpha.Prime, Courtesy of Diagnostikum Graz, Austria / Kravchenko, Dmitrij et al. Jour
Slide 21: Coronary Artery Disease
Coronary Artery Disease Neurodegenerative Cardiovascular Stroke Precisely the right next step: CT-guided PCI enabled by Cancer photon-counting CT Capital Markets Day 2025 23 Left to Right: NAEOTOM Alpha.Prime, Courtesy of Diagnostikum Graz, Austria / Kravchenko, Dmitrij et al. Journal of Cardiovascu
Slide 22: Complete stroke diagnosis in Mobile Stroke Unit
Complete stroke diagnosis in Mobile Stroke Unit Neurodegenerative Large Vessel Cardiovascular Occlusion (LVO) Reducing time-to-needle Stroke Cancer Arrival on Tele- CT scan Patient scene neurologist in Mobile transport to assessment Stroke Unit hospital MSU: Mobile Stroke Unit | LVO: Large Vessel Oc
Slide 23: Accelerated transfer to cathlab
Accelerated transfer to cathlab Neurodegenerative 1 cm Cardiovascular Microcatheter Stroke (inside vessel) Cancer Better patient outcome Stent retriever than with lysis alone (expanded in thrombus) Stent retriever seen in x-ray used to extract stroke- Stent retriever seen in x-ray used to extract st
Slide 24: Prostate cancer
Prostate cancer Neurodegenerative Cardiovascular Stroke Cancer Cancer Screening / early detection with MRI Dhiman A, Kumar V, Das CJ. Quantitative magnetic resonance imaging in prostate cancer: A Capital Markets Day 2025 26 review of current technology. World J Radiol 2024; 16(10): 497-511. Unrestr
Slide 25: Prostate cancer
Prostate cancer Neurodegenerative Cardiovascular Stroke MR-based organs-at-risk Cancer Cancer contouring for precise planning of radiation therapy MR autocontouring for male pelvis is not commercially available in all countries and its future availability cannot be ensured. Only available with Capit
Slide 26: Metastatic prostate cancer
Metastatic prostate cancer Neurodegenerative Cardiovascular Stroke PSMA PET confirms tumor Cancer regression following alpha Cancer radionuclide therapy (Theranostics) Pre treatment 92 day post treatment response PSMA (prostate-specific membrane antigen) is a biomarker that sits on the outside of pr
Slide 27: Brain metastases
Brain metastases Neurodegenerative Cardiovascular Stroke AI-assisted auto-contouring Cancer to confidently and accurately ensure Cancer radiosurgery treatment plans Capital Markets Day 2025 29 Not commercially available in all countries, and its future availability cannot be ensured. Not for sale in
Slide 28: Healthcare AI is a key enabler
Healthcare AI is a key enabler Patient Precision Patient to image Image to report/plan Report/plan to treat Twinning Therapy Healthcare AI Capital Markets Day 2025 30 Unrestricted © Siemens Healthineers, 2025
Slide 29: Elevating Healthcare AI to the next level
Elevating Healthcare AI to the next level Patient to image Image to report/plan Report/plan to treat From exam companions From radiology findings From auto-contouring to autonomous imaging to radiology report to instant RT planning Capital Markets Day 2025 31 Unrestricted © Siemens Healthineers, 202
Slide 30: Elevating Health Globally
Elevating Health Globally Capital Markets Day 2025 32 Unrestricted © Siemens Healthineers, 2025
Slide 31: Customer needs… and challenges
Customer needs… and challenges Staff shortage Rising costs and strained budgets Efficiency -11 million 10% estimated shortfall of health of gross domestic product worldwide was spent workers by 20301 on healthcare in 20212 Keeping up with progress Corporation of care Clinical excellence 73 days 68%
Slide 32: Positioned to support customers to overcome their challenges
We have perfectly positioned ourselves to support customers to overcome their challenges Market leader with Global setup for unmatched portfolio local needs Further expand Efficiency Value Partnerships Drive clinical transformation Clinical Excellence through Value Programs Further increase impact A
Slide 33: Further expand Value Partnerships
Further expand Value Partnerships Customer need Our strength Access to global best Trusted long-term partner to practices hundreds of C-level-leaders Long-term growth and Continuous improvement of all Deep clinical expertise and clinical service lines consulting capabilities to translate inc
Slide 34: Drive clinical transformation through Value Programs
Drive clinical transformation through Value Programs Customer need Our strength Standardization and process Deep expertise and state-of-the-art efficiency technologies to improve care with Unleash additional Increasing efficiency on a programmatic focus departmental or service-line Cancer care
Slide 35: Further increase impact in emerging markets
Further increase impact in emerging markets Customer challenge Our strength Also in emerging markets: Strong player in emerging NCDs are now major cause markets1 with ~3bn revenue of death Cost-effective and robust offerings Sustain double-digit >50% of the world’s population with focus on T
Slide 36: Elevating Health Globally
Elevating Health Globally Neuro- Cardio- degenerative vascular Stroke Cancer Further expand Efficiency Value Partnerships Drive clinical transformation Clinical Excellence through Value Programs Further increase impact Access in emerging markets Capital Markets Day 2025 38 Unrestricted © Siemens Hea
Slide 37: Reporting follows strategy
Reporting follows strategy Introducing segment “Precision Therapy” Patient Twinning Precision Therapy Segment: Imaging Healthcare AI Segment: Precision Therapy Segment: Diagnostics Own strategy, own setup Varian Computed Tomography Radiation Oncology Varian Core Lab Magnetic Resonance Interventional
Slide 38: Mid-term outlook 2027-2030
Mid-term outlook 2027-2030 Imaging Precision Therapy Diagnostics 6 – 9% Mid to high single-digit High single-digit Improving towards revenue growth (p.a.) revenue growth (p.a.) mid single-digit growth Margin expansion Margin expansion by Margin expansion Revenue from scale (p.a.) ~100 bp
Slide 39: Our sustainability commitment 2030
Our sustainability commitment 2030 3.3 billion annual patient 6 million hours of training touchpoints worldwide by 2030 provided by 2030 Healthcare therein, 1.25 billion in low- and Access middle- income countries1 by 2030 90% reduction in Scope 1 & 2 Sustainable product design emissions b
Slide 40: Elevating Health Globally
Capital Markets Day 2025 Elevating Health Globally Jochen Schmitz, CFO London, November 17, 2025 Capital Markets Day 2025 42 Unrestricted © Siemens Healthineers, 2025
Slide 41: Reliable revenue, earnings and cash compounder
Siemens Healthineers: Reliable revenue, earnings and cash compounder with sound capital deployment Environmental, Social, Reliable Dividend & share buyback Governance revenue Profitable Reliable Balance-sheet strength Shareholder Value growth free cash Organic growth investment Disciplined M&A Capit
Slide 42: Reliable revenue growth with high share of recurring revenues
Reliable revenue growth – high share of recurring revenues with the most relevant portfolio for healthcare providers Revenue growth >5% 12% 8% 4% 6% 5% 6% 4% 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Share of recurring revenues Revenue split for Imaging Revenue split Labor & Precision Therapy for D
Slide 43: Expanding recurring revenue in Imaging and Precision Therapy
Expanding recurring revenue in Imaging and Precision Therapy with high growth linked to procedures and Value Partnerships Recurring revenue ~45% ~50% (in % of revenues) FY22 FY25 >20% Procedure consumables Imaging & Precision Therapy Procedure • Novel procedures drive our radiopharmaceuticals busine
Slide 44: Managing the Economic Equation to protect industry leading margins
Managing the “Economic Equation” to protect and expand industry leading margins Margin Drivers Economic Equation Pricing excellence • First-to-market drives innovator premium Pricing • Market-adaptive pricing mechanism applied according excellence to markets and products Economies of scale Cost Econ
Slide 45: Continued investment into R&D and SG&A
Continued investment into R&D and SG&A to drive share gains in growing and expanding markets R&D expenses SG&A expenses in % in % of rev. 8% 9% 9% 8% 8 to 9% of rev. 16% 17% 16% 17% 15 to 17% in €bn 1.8 1.9 1.9 2.0 in €bn 3.6 3.7 3.9 3.4 FY22 FY25 FY26 to FY30E FY22 FY25 FY26 to FY30E • Ambitious R&
Slide 46: Significantly improved cash generation
Significantly improved cash generation to very healthy levels Ambition In € bn FY23 FY24 FY25 to FY30 Free Cash Flow continuously improving, CCR1 0.7 0.9 0.9 0.8 to 0.9 driven by higher earnings and improvement in operating working capital management Free Cash Flow 2.7 All segments improving cash co
Slide 47: High dividend quality since IPO
High dividend quality since IPO, continuing stable to progressive dividend – more optionality going forward Dividend €0.70 €0.80 €0.80 €0.85 €0.95 €0.95 €0.95 €1.001 per share Stable to Dividend progressive payout ratio2 55% 50% 60% 55% 52% 70%3 54% 52% dividend (50% – 60%) per share FY18 Pandemic F
Slide 48: Proven track record of deleveraging
Proven track record of deleveraging after transformative M&A and pandemic headwinds Leverage (Net Debt/EBITDA) 4.2x1 Strong deleveraging track record – post IPO and post Varian acquisition 2.8x Deleveraging post Varian in a challenging environment: ~2.5x pandemic and global supply chain crisis withi
Slide 49: Stable financing costs expected
Stable financing costs expected Near-term Outer years Interest Ø ~0.5% p.a. Ø ~2.5% p.a. rates Economic equation Repaid inloans €1.2bn term gross margins in FY25 1.8 1.7 0.1 1.5 Term loans with low rates of €3.3bn maturing until Oct 2026 1.5 1.5 1.5 1.2 1.2 In case of accelerated need for refinancin
Slide 50: Disciplined M&A along transparent principles
Disciplined M&A along transparent principles M&A activity diligently following our M&A principles FY21 FY22 FY23 FY24 FY25 Varian (~€15 bn) Block Imaging (~€0.2 bn) Novartis AdAcAp1 (~€0.2 bn) Transformative M&A in FY21 Tuck-in acquisition to strengthen Tuck-in acquisition into ~9% Varian revenue gr
Slide 51: Consistent revenue and EPS growth
Consistent revenue and EPS growth – despite significant exogenous challenges Consistent growth during “New Ambition” phase Navigating the last four challenging years Ex-antigen1 FY22 FY23 FY24 FY25 • Imaging and Varian market leadership positions widened +6.5% • Resilient operations during pandemic
Slide 52: 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 Capital Markets Day 2025 54 Note: Outlook for FY26 is based on several assumptions (see Quarterly Statement Q4 FY25), including year-over-year flattish revenue in China Unrestricted © Siemens
Slide 53: Reporting follows strategy: Segment Precision Therapy
Reporting follows strategy: Segment ‘Precision Therapy’, true Imaging performance Precision Therapy • Uniting Varian, Advanced Therapies, and Ultrasound in Imaging, Precision Therapy and Diagnostics one segment “Precision Therapy” • New reporting structure reflects strategic direction of “Elevating
Slide 54: Assumptions for FY2026E for segments and others
Assumptions for FY2026E for segments and others FY2026E (old structure) FY2026E (new structure) Mid single-digit revenue growth Mid single-digit revenue growth Imaging Imaging Minor margin decline Minor margin decline High single-digit revenue growth Varian Broadly flat margin Precision Mid to high
Slide 55: FY2026 is a transition year
FY2026 is a transition year – defining the baseline for double-digit EPS growth over the midterm till 2030 Returning to double-digit EPS growth: Transition year FY2026: Operational EPS growth • Underlying operational Mitigating ~€400m tariff impact over the next 3 years: “New Ambition” phase: EPS gr
Slide 56: Mid-term outlook 2027-2030
Mid-term outlook 2027-2030 Imaging Precision Therapy Diagnostics 6 – 9% Mid to high single-digit High single-digit Improving towards revenue growth (p.a.) revenue growth (p.a.) mid single-digit growth Margin expansion Margin expansion by Margin expansion Revenue from scale (p.a.) ~100 bp
Slide 57: Next DX
Capital Markets Day 2025 Next DX Sharon Bracken, Diagnostics London, November 17, 2025 Capital Markets Day 2025 60 Unrestricted © Siemens Healthineers, 2025
Slide 58: Diagnostics Overview
Overview Strong foundation in Diagnostics Diagnostics key financials, FY25 Highly recurring revenue business Revenue Revenue Split Global installed base of active DX analyzers €4.3bn Point-of-Care >300k running our reagents 13% Core Lab Adj. EBIT APJ 60% CHN 10% €0.3bn Assays available on DX portfol
Slide 59: Business Lines
Business Lines Unmatched reach across Core Lab, Specialty Lab, and Point-of-Care segments Core Lab Specialty Lab Point-of-Care Solutions Solutions Deliver best-in-class integrated core lab Focus on high clinical value diagnostics by Empower users with decentralized solutions with focus on scalabilit
Slide 60: Transformation Program
Transformation Program Successfully advancing the business and achieving >€400 million in cost savings Key transformation achievements (FY23-25) Cost savings and healthy installed base development Stratification of assets into three agile business lines to unlock Transformation cost savings (€ Milli
Slide 61: Performance
Performance Delivered a strong profit trajectory against challenging market conditions Accelerate Transform Focus Transform Transformation program fully on track Revenue Development by Business Line1 Core Lab: Legacy Core Lab: Atellica franchise Focus Focus on platform, menu, Specialty Lab Point-of-
Slide 62: Atellica
Atellica Designed with one goal in mind: less. Atellica Solutions 200+ Atellica assays Less manual work. with 300+ across 20 disease Automates routine lab work with configurations, states with >125 a 75% reduction in end-to-end powered by internal FlexLab X Total assays under a manual workflow steps
Slide 63: Ongoing Focus
Ongoing Focus Shaping the portfolio to deliver growth Ongoing Core Lab transition from Portfolio 5 1 Legacy to Atellica franchise; Platform Platform Simplification Drive “All Roads Lead to Atellica” Families Family Leading the way with Atellica Atellica Platform HEMA LumIQ platform evolutions across
Slide 64: Core Lab Solutions
Core Lab Solutions Atellica franchise momentum to continue, accelerating DX growth and margin profile Atellica growth driven by expanding and Ongoing Legacy to Atellica conversions more productive installed base with supporting attractive margin outlook higher reagent utilization for Core Lab and DX
Slide 65: Specialty Lab Solutions
Specialty Lab Solutions Leader in clinical diagnostics, driving growth through innovation and commercial excellence Platforms launches and New growth vectors clinical innovations and strengthening leading positions Long-term outlook Expands reach in €3 billion global Accelerate strong profit profile
Slide 66: Point-of-Care
Point-of-Care Expanding strong position in growing segments via differentiated portfolio renewal Product launches build on a Ugrade existing customers large installed base and drive share gains Long-term outlook Atellica LumiIQ urinalysis Point-of-Care revenue growth and launch powered by profit pro
Slide 67: Clinical Innovations
Clinical Innovations Making a difference in testing for nearly every organ and disease Core Lab Solutions Specialty Lab Solutions Liver Fibrosis Multiple Sclerosis (MS) Allergy 250 million Every 5 minutes 20-30% people living with MASH today and expected to double someone is diagnosed with Multiple
Slide 68: Diagnostics: Crystalizing full potential
Diagnostics Crystalizing full potential of growth and profitability Comp. revenue growth Improving towards mid single-digits Comp. revenue growth Adj. EBIT margin Flat development Margin expansion towards mid-teens Adj. EBIT margin Adj. EBITDA1 margin Minor margin expansion Margin expansion into twe
Slide 69: Elevating Health Globally
Capital Markets Day 2025 Elevating Health Globally André Hartung, Imaging London, November 17, 2025 Capital Markets Day 2025 73 Unrestricted © Siemens Healthineers, 2025
Slide 70: Global leader in Imaging
Siemens Healthineers is the global leader in Imaging Most innovative portfolio, unmatched in breadth & depth Key Financials 20253 Magnetic Resonance 1 Computed Tomography 1 Healthcare AI Revenue Adj. EBIT Adj. EBIT margin4 €12.1bn €2.8bn 23.2% Revenue Split X-ray Products 12% CHN Magnetic Molecular
Slide 71: Sustainable growth through innovation leadership
Sustainable growth through innovation leadership driving recurring revenues ~23% 1 38% Driving recurring industry-leading margin1 market share4 revenues5 +7pp since IPO (2018) ~50% ~45% ~75% Sustainable ~50% revenue from Value recurring revenue5 FY22 FY25 innovations2 Creation Grow Value Partnership
Slide 72: Imaging on the rise
Imaging on the rise: Strong growth fueled by increasing demand and growing clinical value Ever growing need Ever growing clinical value Rising demand for efficiency x2 People aged >60 double by 2050, Theranostics: global patient volume 67% of U.S. radiology departments report fueling chronic disease
Slide 73: Healthcare AI to address productivity challenges
Healthcare AI to address Patients waiting time2 (weeks) productivity challenges Deep Resolve AI-powered Image Reconstruction for MRI 2-3 to <1 Eisenhower Imaging Center, US Staff shortages Total patients2 Enabling up to1 in radiology departments 4x faster scans +40% Long Atrium Health, US MRI exam t
Slide 74: Automating the entire smart imaging value chain
We address the productivity challenges in healthcare by automating the entire smart imaging value chain Patient to image Image to report/plan Report/plan to treat Healthcare AI Patient Twinning Precision Therapy Automating Automating Integrating workflows to scanning reading and reporting perform pr
Slide 75: Breakthrough innovations in the automated imaging chain
We lead breakthrough innovations, and shape the future of the automated imaging chain Moving whole portfolio to photon-counting Scaling MR DryCool technology across portfolio AI AI- powered 1-click World’s 1st World’s 1st Mid-range 2040: All CTs 0.55T 1.5T 3T PCCT PCCT-Fleet Leading in molecular i
Slide 76: Leading CT photon-counting
We are years ahead, leading the multi-billion market trend of CT photon-counting Expansion to three NAEOTOM Alpha.Prime for photon-counting CT-systems Radiation Therapy launched Today >€1bn Scale cumulated order Whole photon-counting volume since 20214 portfolio 20 Launch of world’s Expand years of
Slide 77: Integrating workflows from diagnosis to treatment
We integrate workflows from diagnosis to treatment – for faster, simplified procedures and better outcomes Cardiovascular Stroke Neurodegenerative Cancer CT-guided PCI1 @Houston Methodist Stroke treatment @Vall d’Hebron NDD3 care @Link Neuroscience Cancer care @Alberta Seamless integration of CT ins
Slide 78: Growth prospects via Theranostics and Alzheimer's
Strong long-term growth prospects via Theranostics and Alzheimer’s The market shows significant growth … … and we continue to strengthen our leading position PETNET Solutions Advanced Accelerator Largest and fast-growing network Theranostics Alzheimer’s Applications Molecular with dose units of: can
Slide 79: Imaging: Continuing strong growth and leading margins
Imaging Continuing strong growth and leading margins Comp. revenue growth Mid to high single-digit (p.a.) Comp. revenue growth Adj. EBIT margin Mid single-digit Margin expansion from scale (p.a.) Adj. EBIT margin Minor margin decline Mid-term trajectory beyond 2026 until 2030 FY26 segment assumption
Slide 80: Precision Therapy
Capital Markets Day 2025 Elevating Health Globally Arthur Kaindl & Carsten Bertram, Precision Therapy London, November 17, 2025 Capital Markets Day 2025 84 Unrestricted © Siemens Healthineers, 2025
Slide 81: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Neuro- Cardio- vascular Stroke Cancer degenerative Patient Precision Twinning Therapy Healthcare AI Capital Markets Day 2025 85 Unrestricted © Siemens Healthineers, 2025
Slide 82: Global leader in Precision Therapy
Siemens Healthineers is a global leader in Precision Therapy Fighting the biggest NCDs: cardiovascular, stroke, cancer Key Financials 20252 Revenue: Adj. EBIT: Adj. EBIT margin3: €6.8bn €1.0bn 14.8% Revenue Split Mobile C-Arms Ultrasound 6% 9% Radiation Oncology CHN Interventional APJ 9% 15% AM 43%
Slide 83: Varian
Varian Elevating Health Globally Arthur Kaindl, Precision Therapy (Varian) London, November 17, 2025 Capital Markets Day 2025 87 Unrestricted © Siemens Healthineers, 2025
Slide 84: Driving toward a world without fear of cancer
We are at the forefront of driving toward a world without fear of cancer 50-70% of all cancer patients need radiation therapy from curative to palliative care Cancer cases and deaths expected to increase significantly from 2025-2030 2025 2030 22M+ new cases 24M+ new cases – ~10% increase 10M+ deaths
Slide 85: Market leader in cancer care since 2021
We further strengthened our position as the market leader in cancer care since 2021 Innovation timeline >23M patient touchpoints HyperSight IntelliBlate NAEOTOM Alpha.Prime >1.2 Next-generation of in-room imaging Microwave ablation solution Photon counting CT for RT Equipment book to bill1 ~9% Reven
Slide 86: Transforming cancer care with imaging breakthroughs
We are transforming cancer care by leveraging imaging breakthroughs for more accurate treatment planning Anatomical MRI Diffusion-weighted MRI Conventional CT Photon-counting CT to delineate the prostate to identify dominant lesion only identifies a large mass in differentiates tumor from the lung i
Slide 87: Building on our strength and expanding our portfolio
We are building on our strength and expanding our portfolio to drive revenue growth Procedure volumes Theranostics increase and expand access to care Radiation Healthcare AI therapy innovations boost efficiency Interventional oncology Value Programs transform cancer care and advance clinical excelle
Slide 88: Innovations in Radiation Therapy
We are launching technological innovations and clinical breakthroughs in Radiation Therapy to accelerate growth Technological innovation Clinical breakthroughs Growth +10% >20% Cancer Cases (FY26 – FY30) RT Adoption rate (FY26 – FY30) Next-Generation Linear Accelerators • Oligo-metastatic treatments
Slide 89: Innovations in Interventional Oncology
We are launching technological innovations and clinical breakthroughs in Interventional Oncology to accelerate growth Technological innovation Clinical Breakthroughs Growth ~10% >2x Market growth CAGR (FY26 – FY30) Revenue growth potential • 3D imaging during the procedure to confirm • Next-Generati
Slide 90: Shaping the future of Healthcare AI
We are shaping the future of Healthcare AI to boost efficiency and improve patient outcomes Future growth drivers Integration of CT simulation Automation into ARIA CORE Combining Automation AI, Foundation Models and Treatment-based automation enabling 1 Agentic AI to drive workflow improvements, ena
Slide 91: Long-term Value Programs with recurring revenue
We are transforming cancer care through long-term Value Programs with profitable and recurring revenue streams Alberta Health and Cancer Care Ballad Health Ministry of Health Zambia Efficiency Alberta Canada USA Clinical Excellence Zambia Access Order backlog cancer care Value Programs >€1.5bn in to
Slide 92: Operational excellence and margin improvements
We are driving greater operational excellence and sustainable margin improvements across the organization Innovative Expansion of scalable Collaboration with global Focus on high-margin product introductions digital and AI solutions technology centers portfolio Innovator premium to Scalability and c
Slide 93: Precision Therapy: Accelerating growth and expanding margins
Precision Therapy Accelerating growth and consistently expanding margins beyond 2026 Comp. revenue growth High single-digit (p.a.) Comp. revenue growth Adj. EBIT margin Mid to high single-digit Margin expansion by ~100bps (avg. p.a.) Adj. EBIT margin Minor margin decline Mid-term trajectory beyond 2
Slide 94: Elevating Health Globally
Elevating Health Globally — we have uniquely positioned ourselves to tackle the most threatening diseases Neuro- Cardio- vascular Stroke Cancer degenerative Patient Precision Twinning Therapy Healthcare AI Capital Markets Day 2025 98 Unrestricted © Siemens Healthineers, 2025
Slide 95: Advanced Therapies
Capital Markets Day 2025 Elevating Health Globally Carsten Bertram, Precision Therapy (Advanced Therapies) London, November 17, 2025 Capital Markets Day 2025 99 Unrestricted © Siemens Healthineers, 2025
Slide 96: Advanced Therapies: Building on a strong foundation
Advanced Therapies: Building on a strong foundation and entering a new era of image guided procedures 14.3m Patient touchpoints in FY25 (+7% vs FY24) 18% Mobile C-arms >1.1 Equipment book-to-bill (FY22 - FY25) €2.1bn 5.7% Revenue FY25 Revenue CAGR (FY22 - FY25) 82% Angiography systems >50k 15.3% Ins
Slide 97: We transform minimally-invasive, image guided procedures
LSETANERL — We transform minimally-invasive, image guided procedures Advanced Therapies
Slide 98: Image guidance offerings address the most threatening diseases
Our image guidance offerings address the most threatening diseases – transforming fast-growing procedures that treat them Global annual patient volumes in respective disease area Cardiovascular Stroke Cancer 59 million patients 12 million patients 2 million patients with increased embolism risk1 wil
Slide 99: Growing with the number of procedures
We grow with the number of procedures and by expanding our role in procedures Expanding our role in procedures Enabling complex Providing outstanding Creating smart minimally invasive image & procedure procedure-specific procedures guidance offerings Number of procedures growing fast Shift from open
Slide 100: Accelerating growth and expanding margins
Accelerating growth and expanding margins – focusing on innovations and partnerships Our strategic levers that drive growth and margin expansion Accelerating growth Innovation & • Gaining market share Portfolio in growing markets Value Partnerships & • Moving into new & adjacent Value Programs proce
Slide 101: Gaining market share with an all-new portfolio
Gaining market share and expanding margins with an all-new portfolio All-new portfolio … … with AI-powered image quality for all clinical fields Addressing all minimally invasive procedures – Innovations covering high-end to value segment – Higher precision & Lower Coming in 2026 procedural efficien
Slide 102: Comprehensive clinical solutions
We create comprehensive clinical solutions – tightly integrating and leveraging the strength of Siemens Healthineers portfolio Combining Advanced Fusion of Therapies with Ultrasound for Cardiovascular structures and live images from ultrasound with Enabling more precise cardiac interventions live X-
Slide 103: Partnering with leading device & robotics companies
We unlock joint opportunities and capture more procedural revenue, partnering with leading device & robotics companies Partnership examples Cancer Stroke Transforming lung cancer detection & intervention – Redefining aneurysm and stroke treatment – earlier, safer, and with greater precision. with ro
Slide 104: Comprehensive partnerships & programs
We enable better outcomes for Healthcare providers with comprehensive partnerships & programs NEW Expanding number and size of Better outcomes Offering Value Partnerships for healthcare providers Value Programs Build-up of Comprehensive Stroke Networks and improving access to care Plan, equip and sc
Slide 105: Creating value in Cardiovascular Care
Bringing it all together – creating value in Cardiovascular Care integrated integrated AI-powered automated evaluation of coronaries Photon-counting CT AI-powered plaque analysis & Interventional Angiography System AI-powered procedural Intravascular Imaging (IVUS) (NAEOTOM Alpha class) planning too
Slide 106: Precision Therapy: Accelerating growth and expanding margins
Precision Therapy Accelerating growth and consistently expanding margins beyond 2026 Comp. revenue growth High single-digit (p.a.) Comp. revenue growth Adj. EBIT margin Mid to high single-digit Margin expansion by ~100bps (avg. p.a.) Adj. EBIT margin Minor margin decline Mid-term trajectory beyond 2
Slide 107: Healthcare AI
Capital Markets Day 2025 Elevating Health Globally Dorin Comaniciu, Healthcare AI London, November 17, 2025 Capital Markets Day 2025 111 Unrestricted © Siemens Healthineers, 2025
Slide 108: Globally pioneering Healthcare AI
Globally pioneering Healthcare AI Global Leader in AI-enabled Innovation Leader in AI for Recognized AI Leadership Medical Devices Medical Imaging Elected memberships in the U.S. National Over 100 AI-powered medical devices Leading global position in AI-related Academies of Medicine and Engineering
Slide 109: Diverse global footprint with Healthcare AI centers
Diverse global footprint with Healthcare AI centers Edmonton Princeton, NJ Erlangen Brasov Bangalore Shanghai Canada United States Germany Romania India China Capital Markets Day 2025 113 Unrestricted © Siemens Healthineers, 2025
Slide 110: Global Healthcare AI Factory
Global Healthcare AI Factory Training and Inference at Scale Healthcare AI Factory AI Factory Core: >200 key experts, AI scientists, clinicians AI Models Data Curation & Governance AI Reading & Annotation AI Research Training & Validation Product Integration 100s of AI- enabled offerings Clinical Ex
Slide 111: Foundational Medical Imaging Model
Foundational Medical Imaging Model Learning from 500,000,000 medical images At 10 seconds per image, you’d need 150 years to see them all Contrastive self-supervised learning from 100 million medical images with optional supervision, 2022 Capital Markets Day 2025 115 The concepts and information pre
Slide 112: Enabling fast and robust downstream development
Enabling fast and robust downstream development with multimodal, modality and anatomy-specific foundational models Neurodegenerative Cardiovascular Stroke Cancer 3D MP-MRI MRI CT Universal 2D (CT, US, MRI, X-Ray) 3m Head MR 36m Cardiac images 1.3m NCCT 500m images images Quantification, disease clas
Slide 113: Healthcare AI is a key enabler
Healthcare AI is a key enabler Patient Precision Patient to image Image to report/plan Report/plan to treat Twinning Therapy Healthcare AI Capital Markets Day 2025 117 Unrestricted © Siemens Healthineers, 2025
Slide 114: Elevating Healthcare AI to the next level
Elevating Healthcare AI to the next level Integrated technology across the system Patient to image Image to report/plan Report/plan to treat From exam companions From radiology findings From auto-contouring to autonomous imaging to radiology report to instant RT planning Capital Markets Day 2025 118
Slide 115: Patient to image
Patient to image Image to report/plan Report/plan to treat From exam companions to autonomous imaging Vision and depth sensor Scheduling In-bore vision Scene perception sensors x 2 sensor Protocoling Patient preparation Patient positioning Scout scan Contrast management CT scan Quality check > 30 mi
Slide 116: Patient to image: Deep Resolve to diffusion
Patient to image Image to report/plan Report/plan to treat From Deep Resolve to scalable diffusion Deep Resolve Diffusion Foundation Model Scans up to Performance Scalability Time to Market 4x faster, Performance Scalability Time to Market 2x resolution HIGH LOW SLOW HIGH HIGH FAST De-noising Softwa
Slide 117: Image to report/plan
Patient to image Image to report/plan Report/plan to treat From radiology findings to report: Example lung cancer screening Specialized Systems Report Generation 22% reduction of 1. Lung Nodules Chest CT reading time 2. Masses HISTORY: NONE COMPARISON: NONE for Chest CT 3. Airspace Opacity FINDINGS:
Slide 118: Report/plan to treat
Patient to image Image to report/plan Report/plan to treat From auto-contouring to instant radiation therapy planning Precise OAR Contouring Accurate GTV Contouring Instant Dose Map Creation • Higher spatial resolution, less inter- • Perfusion enhancement • Reduction of number of hand offs observer
Slide 119: AI-orchestrated workflows
AI-orchestrated workflows From local optimization to operational twin for health system We build agents that learn to play strategy to achieve user-specified KPIs under dynamic conditions Operational Twin ARIA CORE Smart Scheduling Operational strategies Capacity management Service coordination and
Slide 120: Healthcare AI is a key enabler
Healthcare AI is a key enabler Patient Precision Patient to image Image to report/plan Report/plan to treat Twinning Therapy Healthcare AI Capital Markets Day 2025 124 Unrestricted © Siemens Healthineers, 2025
Slide 121: Elevating Health Globally
Elevating Health Globally Market and innovation leadership with Healthcare AI as accelerator Accelerating clinical impact focusing on NCDs Driving customer impact to the next level Strong mid-term sales growth of 6-9% from synergistic core Double digit group earnings growth and robust free
Slide 122: Capital Markets Day 2025 128 Unrestricted © Siemens Healthineers, 2025
Capital Markets Day 2025 128 Unrestricted © Siemens Healthineers, 2025
Slide 123: Appendix
Appendix Capital Markets Day 2025 129 Unrestricted © Siemens Healthineers, 2025
Slide 124: Restatement: Segment Precision Therapy, true Imaging performance
Restatement: Segment ‘Precision Therapy’, true Imaging performance Restated figures comparable to new structure (effective as of Oct 1st, 2025) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 in €m FY2024 FY2025 FY2024 FY2024 FY2024 FY2024 FY2025 FY2025 FY2025 FY2025 Imaging Total adjusted revenue1 2,600 2,710 2,722 3,262
Slide 125: 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