Siemens Energy Ag · XETR:ENR
Siemens Energy — German Investment Seminar in New York 2026
32 slides from Siemens Energy's conference presentation, January 2026
Slide 1: German Investment Seminar in New York
German Investment Seminar in New York Maria Ferraro January 2026 Siemens Energy is a trademark Siemens Energy licensed is a bytrademark Siemens AG. licensed by Siemens AG. Siemens Energy is a trademark licensed by Siemens AG.
Slide 2: Disclaimer
Disclaimer Information and forward-looking statements This document contains statements related to our future business and financial at a later date or not at all, or should assumptions prove incorrect, Siemens performance, and future events or developments involving Siemens Energy that Energy’s act
Slide 3: We delivered FY25 above our commitments
We delivered FY25 above our commitments Profit margin before SI Revenues Order backlog Backlog margin increase 6.0% €39.1 bn €138 bn +220 bps 500 bps 15.2%1 12.3%2 Net Promoter Score Credit rating outlook3 Gas turbines4 sold Transformers capacity increase 62 8 From negative to positive 194 units +15
Slide 4: Excellent order book
Excellent order book Enhance resilience in a transforming world Order backlog Backlog project margin1 improvement Gas Services backlog margin up (in € bn) (in pp) ~12 pp in new unit and ~3 pp in Service since FY22 +42% Gas Services 7 5 138 (New Unit) Grid Technologies backlog quadrupled, 123 Gas Ser
Slide 5: As a global leader in energy technology, we energize society
As a global leader in energy technology, we energize society We benefit from electricity growth and electrification. We act in areas where we can achieve a #1 or #2 market position. We target financial performance in top quartile of industrials in each business. We implement effective corporate stru
Slide 6: We operate in a growing market
We operate in a growing market ~2x ~€1.3 tn ~45% global electricity demand grew world investment in power increase in global electricity twice as fast as total energy generation and grids in 2025 demand by 2035 demand in 2025 Source: Siemens Energy analysis based on IEA World Energy Outlook 2025, IE
Slide 7: In a turbulent world, we elevate performance and upgrade our targets
In a turbulent world, we elevate performance and upgrade our targets FY25 FY26 FY28 Revenue growth1 15.2% 11 – 13% Low-teens Profit margin before SI 6.0% 9 – 11% 14 – 16% Free Cash Flow pre-tax €4.7 bn €4 – 5 bn 1 Comparable revenue growth (excluding currency translation and portfolio effects); FY28
Slide 8: Sustainable value creation to accelerate
Sustainable value creation to accelerate Built the transforming energy world Gas Services Grid Technologies Transformation of Industry Siemens Gamesa Revenue growth1 Mid-teens High-teens M/HSD MSD Profit margin 18 – 18 – 3– before SI 20% 16 – 20% 5% 14 – 18% 15.8% 16% 12 – Break- 11 – even 13.0% 14%
Slide 9: Build the transforming energy world
Build the transforming Enhance resilience in Transform the energy world a transforming world way we operate ▪ Develop production infrastructure ▪ Build robust supply chains ▪ Continuously optimize our for fast-growing business ▪ Optimize financial resilience operating model ▪ Evolve business portfol
Slide 10: Strong cash generation – Solid investment grade credit profile with positive outlook
Strong cash generation – Solid investment grade credit profile with positive outlook Free Cash Flow (pre tax) (in € bn) BBB (outlook positive) ∑ ~€20 bn as of Dec. 11, 2025 4–5 4.7 Baa1 (outlook stable) as of Dec. 17, 2025 FY22 FY23 FY24 FY25 FY26 FY28 January 2026 Siemens Energy is a trademark lice
Slide 11: Balanced capital allocation – Up to €10 bn return to shareholders until FY28
Balanced capital allocation – Up to €10 bn 1 return to shareholders until FY28 ~€28 bn Dividend policy attractive CAPEX and other operations3 ~1/3 incl. ~€6 bn CAPEX to support organic growth 40 – 60% Cash flow from Dividend for FY25: proposed €0.7 operating act. ~23 FY26 – 28 4 ~1/3 Shareholder ret
Slide 12: Advancing to 2030
Advancing to 2030 Sustained margin expansion continuously growing beyond 2028 Driving continuously Profit margin before SI (%) EPS growth Execution of orders with 14 – 16% high margins Operational excellence and focus on costs optimization 6.0% Portfolio amendments and capital allocation on most
Slide 13: Creating sustainable shareholder value
Creating Resilient revenue growth Well diversified portfolio with leading market positions sustainable Broad-based margin expansion shareholder Excellent order book and growing service value Strong cash flow generation secured by capital efficient business model Balanced capital allocation reinforce
Slide 14: Backup
Backup Siemens Energy is a trademark Siemens Energy licensed is a bytrademark Siemens AG. licensed by Siemens AG. Siemens Energy is a trademark licensed by Siemens AG.
Slide 15: Gas leads the way
Gas leads the way Gas additions1 AI build-out, grid stability and coal Quick to deploy in GW p.a. phase-out drive country programs 2x total US electricity +40% 100+ generation to be added Upside until FY30 85 United States >250 GW Saudi Arabia Reliable 61 and UAE ~50 GW 24/7 reliable power critical
Slide 16: Doubled orders to ~200 GTs in one year
Doubled orders to ~200 GTs in one year Orders by frames Large Medium Aero Small Williams Data Centers, US Powering AI – 5 GW across multiple frames ~2x # GT units, GW # of GT sold 16 GW 26 GW 36 GW FY25 vs. FY24 >200 194 51 100 39 108 #1 in FY25 47 Mai Liao and Kuo Kuang, TW Market share1 FY24 FY25
Slide 17: A growth engine built for scale, profitability and longevity
A growth engine built for scale, profitability and longevity ~20 years FY25 insights rvice lifecyc Total Se le €23 bn orders (+43%2 vs. FY24) ~€30 bn New unit (~40%) revenue potential +5 pp (~ €400 m/GW) backlog margin (vs. FY24) ~78 GW backlog 1 Service (~60%) +1 pp New units backlog margin (vs. FY
Slide 18: Leveraging a dynamic capacity expansion
Leveraging a dynamic capacity expansion The four golden rules Capacity # GT units, GW1 Scale-up within +30% existing footprint 17 GW 22 GW >30 GW 210 – 230 High service relevance ~160 Premium pricing ~110 Short payback period FY24 Ø FY25 – 27 Ø FY28 – 30 Capacity sold-out until FY28 1 Including stea
Slide 19: An opening act to an even greater story
An opening act to an even greater story Gas Services installed fleet1 Fleet additions Service order backlog (FY24 – 30) in € bn 78 GW ++ secured >700 GW ~180 GW >50 ~50% 41 >80% baseload 34 baseload +2 pp ▪ Data centers, nuclear, offshore applications value extreme availability fleet utilization (vs
Slide 20: Strong demand supported by structural market drivers
Strong demand supported by structural market drivers 2025 – 2040 Core drivers Serving through GT’s core scope grid investments #1 #1 #2 Solutions Products Service ~25% of the grid in advanced economies Replacement >50% to be replaced by 2040 ~15% conventional generation to be Energy transition ~5,00
Slide 21: Market doubled and further growth expected across all regions
Market doubled and further growth expected across all regions Addressable market 7% 2x FY22 FY24 FY30 United States Europe Middle East China & India 10% 2% Regional market split 9% 8% United States 16% 25% Europe FY24 FY30 FY24 FY30 FY24 FY30 FY24 FY30 13% Middle East Data center build-out China & I
Slide 22: Solutions with further market momentum, healthy backlog & leading execution competence
Solutions with further market momentum, healthy backlog & leading execution competence Market volumes Solutions order backlog Execution priorities FY22 – 24 → FY28 – 30 Project standardization HVDC & 2x €24 bn offshore Balanced terms & conditions ~€45 bn → ~€95 bn Substations 2x Supply chain deriski
Slide 23: Dynamic products market requiring further investments to strengthen our #1 position
Dynamic products market requiring further investments to strengthen our #1 position Market remains tight… …despite our investments and example: power transformers1 operational improvements: ~10% FY23 – 25: 200% Achieved milestones ~40% ~€600 m investments2 (~20% additional capacity) Enhanced supply
Slide 24: On track to break-even in FY26 – Next milestone towards profitability
On track to break-even in FY26 – Next milestone towards profitability Main building blocks and progress made Key levers Profit before SI in € bn 3 – 5%1 1 Offshore profitability ▪ SG 14/15 cost out ▪ Project execution excellence Break- even 2 Operational excellence ▪ Factory productivity ▪ Reduction
Slide 25: Leverage our strengths through focus on attractive Onshore markets
Leverage our strengths through focus on attractive Onshore markets Onshore market outlook Onshore wind as corner- based on installations in GW stone of electrification ▪ Cost-competitiveness 2025 – 30 ▪ Energy security 9% for focus countries ▪ Fast build-out share 65 ~4,000 TWh 61 x1.5 energy produc
Slide 26: A right-sized portfolio and footprint to drive productivity, cost and quality in Onshore
A right-sized portfolio and footprint to drive productivity, cost and quality in Onshore High performance in complex wind conditions and demanding requirements ▪ SG 7.0-1701 – Europe/other4 ▪ SG 5.0-145 (2.0)2 – Europe/other4 Robust reliability to perform under extreme weather conditions ▪ SG 4.3-14
Slide 27: Offshore remains a promising market thanks to its strong attributes
Offshore remains a promising market thanks to its strong attributes Offshore market outlook Offshore wind has a unique combination of Three years average – based on annual installations in GW ▪ high contribution to energy independency ▪ gigawatt scale with little use of land ▪ high capacity factor 1
Slide 28: We leverage the SG 15 as workhorse product to drive profitability
We leverage the SG 15 as workhorse product to drive profitability Streamlined product portfolio Unprecedented volume SG offshore production by platform1 Secured SG 14/15 pipeline2, in GW output >60% higher >22 ~21 FY23 FY24 FY25 FY26 and Previous platforms SG 14/15 beyond SG 6/7 SG 8 SG 11 SG 14/15
Slide 29: From turnaround to double-digit profit – Exceeding 2023 CMD goals
From turnaround to double-digit profit – Exceeding 2023 CMD goals TI profit margin1 FY21 – 23 levers Double-digit profit achieved ▪ Footprint optimization ▪ Portfolio streamlining +620 bps ▪ Operational excellence Turnaround delivered 11.3% +710 bps 7 – 9% + FY23 – 25 levers 7.4% ▪ +25% Service reve
Slide 30: Diversified markets – Ensuring resilience across industries, applications and regions
Diversified markets – Ensuring resilience across industries, applications and regions Key market trends Our market1 (€ bn) Industries Applications5 Energy affordability +80% industrial energy efficiency +7%2 10% Conventional investment by 2030 Hydrogen upside3 Electrification 15% Energy efficiency E
Slide 31: Diversified markets – Portfolio positioned for further growth
Diversified markets – Portfolio positioned for further growth Maritime Data center Digital Hydrogen picture >40% >4x >3x >1 GW increase in maritime revenue1 data center orders1 digital orders1 under construction or in operation On-board power generation and Load stabilization for Asset and plant per
Slide 32: Service growth – Unleashing value across the asset lifecycle
Service growth – Unleashing value across the asset lifecycle Customers need service Capturing fleet potential >50 years 20 – 40% vice lifecyc Repairs, field service, spare parts Increasing availability and reliability r le of total operating expenses in metals production related Se to energy costs M
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