Slide 1: Earnings Release Q2 FY2026 Analyst Call
Earnings Release Q2 FY2026 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO May 7, 2026
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
Slide 3: Key takeaways
Key takeaways ▪ Synergetic core on track in H1 ▪ FY2026 group outlook updated ▪ Preparation for carve-out of Diagnostics business started ▪ Evolution of leadership team to ensure continued success ▪ Siemens AG decided: Vote on spin-off at next ordinary AGMs 3 Unrestricted © Siemens Healthineers, 202
Slide 4: The next phase of Siemens Healthineers is taking shape
The next phase of Siemens Healthineers is taking shape Spin-off timeline set by Siemens AG Preparing for Diagnostics carve-out Evolution of leadership team • Upcoming ordinary AGMs1 to • Carve-out preparation kicked • Ensuring continued success decide on spin-off (early 2027) off with a group-wide p
Slide 5: Evolution of leadership team
Evolution of leadership team Andreas Schneck Philipp Fischer Sonja Wehsely Martin Stumpe New Head of Diagnostic Imaging New Head of Advanced Therapies New EMEA Region Head New Chief Technology Officer • Currently Head of MR, • Currently Head of CT, • Currently EVP Central Eastern • Former Chief Tech
Slide 6: Growth in synergetic core with continued good momentum, Diagnostics faces structural market rebasing in China
Growth in synergetic core with continued good momentum, Diagnostics faces structural market rebasing in China Imaging Equipment book-to-bill of 1.02 Precision Therapy Diagnostics Growth at 6% 6% Growth at 5% Revenue decline of 6% revenue Margin at 22.4% growth1 Margin at 13.3% Margin at 0.9% €5.7bn
Slide 7: Imaging: Strong growth and high operational margin
Imaging Strong growth and high operational margin Comparable Growth +6.1% Strong revenue growth on tough comps (PYQ: 8%) Photon-counting CT1 and radiopharmaceuticals Revenue (€m) 2,999 2,973 businesses continue high growth momentum Significant growth contribution from MR1 Q2 FY2025 Q2 FY2026 Margin
Slide 8: Precision Therapy: Decent growth and operational margin expansion
Precision Therapy Decent growth and operational margin expansion Comparable Growth +4.7% Decent revenue growth on tough comps (PYQ: 9%) Revenue (€m) 1,757 1,702 Varian growth at 7.5% Q2 FY2025 Q2 FY2026 Margin Y-o-y -50 bps Strong operational margin expansion (ex headwinds of ~200 bps from FX and ta
Slide 9: Diagnostics: Continued revenue and margin decline due to China
Diagnostics Continued revenue and margin decline due to China Comparable Growth -6.5% Significant revenue decline (PYQ: 1%) Structural market rebasing in China continues in Q2, Revenue (€m) 1,122 985 on top of tough comps in China (PYQ with MSD1 growth in China) Q2 FY2025 Q2 FY2026 Margin -540 bps Y
Slide 10: Group: Strong revenue growth in the U.S. and EMEA; adj. EPS down 6%
Group: Strong revenue growth in the U.S. and EMEA; adj. EPS down 6%, ex FX and tariffs up ~16% Revenue (€m) Adjusted basic earnings per share (€) +16% (ex FX and tariffs) Comparable Growth +3.1% -6% 5,909 5,681 0.56 0.53 Q2 FY2025 Q2 FY2026 Q2 FY2025 Q2 FY2026 • Solid revenue growth of 3.1% (PYQ: 6.
Slide 11: Adj. EPS FY26: operationally on track
Adj. EPS FY26: operationally on track, FX and tariffs as expected, additional inflation in the supply chain considered FY26E updated for additional inflation in the supply chain1 As of H1 FY2026 • FX headwind: ~11 of ~15cts materialized in H1 • Tariff headwind: ~12 of ~15cts materialized in H1 • Str
Slide 12: Outlook 2026 updated
Outlook 2026 updated FY2025 FY2026E Revenue growth 5.9% Revenue growth 4.5 to 5.0% (previously: 5 to 6%) Adj. EPS €2.39 Adj. EPS €2.20 to 2.301 (previously: €2.20 to 2.40) 12 Note: Outlook for FY2026 is based on several assumptions (see Quarterly Statement Q2 FY2026) 1 Outlook for FY2026 adj. EPS do
Slide 13: Readiness for deconsolidation with manageable EPS impact
Readiness for deconsolidation with manageable EPS impact Financial income net • No material impact on financial income net expected in the outer years (indicative only, not to scale) from accelerated refinancing (vs. assumption for FY2026E1), also in A) current interest rate environment B) Refinanci
Slide 14: Unrestricted © Siemens Healthineers, 2026
14 Unrestricted © Siemens Healthineers, 2026
Slide 15: Appendix
Appendix 15 Unrestricted © Siemens Healthineers, 2026
Slide 16: Revenue and margin by quarter for FY23 - FY26
Revenue and margin by quarter for FY23 - FY26 FY23 FY24 17.7% Adj. EBIT FY25 margin 16.8% 17.4% FY26 16.6% 17.2% 15.1% 15.2% ex FX1 15.0% 14.7% 14.6% 6.3 6.3 14.3% 14.3% ex FX1 ex FX1 6.1 5.9 13.5% ex FX1 Revenue 5.7 5.7 5.5 5.4 5.4 5.4 (€bn) 5.3 5.2 5.2 5.1 Q1 Q2 Q3 Q4 16 1 Indicative revenue exclu
Slide 17: Revenue and pro-forma margin (ex tariffs) by quarter for FY23 - FY26
Revenue and pro-forma margin (ex tariffs) by quarter for FY23 - FY26 18.8%1 FY23 18.3%1 FY24 17.7% Adj. EBIT FY25 margin FY26 (ex tariffs) 16.6% ~16.7%1 17.2% ~16.3%1 15.1% 15.2% ex FX2 15.0% 14.3% 14.6% 6.3 6.3 14.3% ex FX2 ex FX2 6.1 5.9 13.5% ex FX2 5.7 Revenue 5.7 5.5 5.4 5.4 5.4 (€bn) 5.3 5.2 5
Slide 18: EBIT to Free Cash Flow bridge and cash conversion rates
EBIT to Free Cash Flow bridge and cash conversion rates Q2 FY26 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 0.8 CCR2 PTH 1.1 Diagnostics >0 CCR1 0.81 985′ 4′ 891′ -86′ 810′ 175′ -61′ 49′ 725′ 85′ 48′ 660′ -182′ -48′ 389′ -319′ Healthineers PPA EBIT excl. Depr. of PPE EBITDA Change in Ch
Slide 19: FY26 balance sheet and net debt bridge
FY26 balance sheet and net debt bridge Net debt overview Capital structure development in FY26 (in €bn) in €bn Sep 30, 2025 Mar 31, 2026 Leverage1 2.8x 3.1x Cash and cash equivalents 2.2 1.9 12.5 13.2 Receivables from the Siemens Pensions 0.4 0.0 0.0 0.5 Group from financing activities 1.4 -1.1 0.4
Slide 20: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Mar 31, 2026 (in EUR m) Comments ▪ Total loan volume ~EUR 12.8 bn equivalent1 EUR ▪ Average interest rate ~2.4% p.a.4 USD hedged in EUR ▪ Total repayment volume ~EUR 11.7 bn equivalent5 USD Top 10 loans ranked in EUR volume Others Notional Notiona
Slide 21: Provisions for pensions
Provisions for pensions Q2 FY2026 Key financials – Pensions and similar obligations Q1 Q2 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2026 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (3.4) (3.4) obligation (DBO) Fair value of 2.6 2.8 2.8 3.3 2.8 2.8 3
Slide 22: 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