Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Q1 2026 Earnings Presentation
25 slides from Siemens Aktiengesellschaft's earnings presentation, Feb 12, 2026
Slide 1: Strong start to fiscal 2026 – Outlook raised
Strong start to fiscal 2026 – Outlook raised Roland Busch, CEO Siemens AG Ralf P. Thomas, CFO Siemens AG Unrestricted | © Siemens 2026 | Investor Relations | Q1 FY26 Analyst Call | 2026-02-12
Slide 2: Notes and forward-looking statements
Notes and forward-looking statements This document contains statements related to our future business and at all or assumptions prove incorrect, actual results, performance or financial performance and future events or developments involving Siemens achievements of Siemens may (negatively or positiv
Slide 3: Key highlights
Key highlights Strong start to fiscal 2026 Q1 FY26 results Book- Orders +10% Revenue +8% Outlook FY26 to-bill 1.12 €21.4bn €19.1bn Raised • Backlog at €120bn • DI strong on easy comps, • Broad-based growth across all • EPS pre PPA: €10.70– €11.10 AUT and SW with DD growth businesses • SI +22% to rec
Slide 4: Key levers for growth
Key levers for growth Grow Digital Grow Regions CES Las Vegas – Unveiling Siemens and Samsung C&T jointly technologies to accelerate drive next gen infrastructure projects Industrial AI revolution Initial focus on six projects in Saudia Multiple expanded partnerships Arabia, Thailand and Canada to d
Slide 5: CES 2026: Siemens unveils technologies to accelerate the Industrial AI revolution
CES 2026: Siemens unveils technologies to accelerate the Industrial AI revolution Expanded partnerships to drive industrial AI, cloud-connected engineering & immersive simulation Launch of Digital Twin Composer software • Expanded partnership to build the Industrial AI • Pilot customer in consumer p
Slide 6: DI SW business with continuing double-digit ARR growth trajectory
DI SW business with continuing double-digit ARR growth trajectory Integration of acquisitions well on track DI SW – Annual Recurring Revenue (ARR) Business highlights €bn • Q1 ARR driven by growth in PLM and Simulation +10%¹ +22% • Altair with strong CY25 finish, well on track +10%¹ • Significant Al
Slide 7: Digital Industries (DI): Strong topline in Automation and Software drives operational margin expansion
Digital Industries (DI) Strong topline in Automation and Software drives operational margin expansion Orders Revenue Profit margin Free cash flow €bn €bn €m +13%¹ +10%¹ +330bps -38% 4.8 Profit 638 4.2 4.5 4.1 18.7% margin 1.7 15.8% excl. 393 1.4 Software severance 17.8% 14.5% CCR 1.08 0.49 2.7 2.9 Q
Slide 8: Digital Industries (DI): Growth in Q1 FY26
Digital Industries (DI) Growth in Q1 FY26 Key regions - Automation Orders Revenue all regions on Strong orders with book-to-bill clearly above 1; easy comps with China +17% +14% Solid revenue with strength in Discrete Automation varying dynamics Orders with solid start, yet book-to-bill below 1; Ger
Slide 9: Smart Infrastructure (SI): Continuing excellent performance across businesses
Smart Infrastructure (SI) Continuing excellent performance across businesses, orders at quarterly record high Orders Revenue Profit margin Free cash flow €bn €bn €m +22%¹ +210bps +10%¹ -11% 7.2 6.2 5.5 640 5.3 571 19.1% 1.2 Service 1.2 17.0% Profit 19.0% margin 16.9% excl. 4.1 4.3 severance CCR 0.72
Slide 10: Smart Infrastructure (SI): Strong orders Q1 FY26 – Key regions
Smart Infrastructure (SI) Strong orders Q1 FY26 – Key regions Orders Revenue driven by data U.S. +54% +10% Orders strongly up in Electrification & Electrical Products (EP) on large data center wins; center project wins, Revenue driven by Electrification on tough comps mainly in the U.S. Germany +7%
Slide 11: Mobility (MO): Solid Q1 with stringent execution
Mobility (MO) Solid Q1 with stringent execution, Free cash flow will be H2 weighted Orders Revenue Profit margin Free cash flow €bn €bn €m +10%¹ +9%¹ +60bps n/a 3.0 3.2 2.7 2.9 Customer Services 0.6 Profit -271 -419 0.5 8.6% 9.2% margin excl. 8.4% 9.0% severance 2.4 2.6 CCR -1.09 -1.47 Q1 FY25 Q1 FY
Slide 12: Free cash flow with seasonal pattern; accelerated share buyback
Free cash flow with seasonal pattern Accelerated share buyback to drive shareholder return FCF Industrial Business Financial strength €m • Solid start for FCF after exceptionally strong Q4 performance; outflow of €0.4bn for settlement of CCR 0.69 0.65 1.07 1.58 0.34 nuclear waste removal obligation
Slide 13: FY 2026 Siemens Group guidance raised
FY 2026 Siemens Group guidance raised 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 €10.70– €11.10 pre PPA [prior: €10.40– €11.00] Mobility 8%–10% 8%–10
Slide 14: Appendix
Appendix Page 14 Unrestricted | © Siemens 2026 | Investor Relations | Q1 FY26 Analyst Call | 2026-02-12
Slide 15: Below Industrial Business
Below Industrial Business Q1 FY 26 in €m Tax rate @24.4% 281 Minorities 135 15 192 2,904 -153 -238 2,225 2,222 Therein gain -718 -3 of €0.2bn from contribution of Fluence Energy shares to Siemens Pension Trust Industrial SFS Governance Innovation Financing, PPA Tax Income Disc. Ops. Net Income Busin
Slide 16: Digital Industries (DI): Trends in vertical end markets
Digital Industries (DI) Trends in vertical end markets Vertical end markets Revenue Market trend1 Market trend1 Macro environment exposure Q4 FY25 Q1 FY26 remains challenging, Automotive 20% indicators point to muted investment Machine Building 15% activities Pharma & Chemicals 10% Food & Beverage 1
Slide 17: Smart Infrastructure (SI): 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 Q4 FY25 Q1 FY26 stable market Industrial 25% dynamics Commercial Real Estate 15% Data Centers and Data Centers Power Utilities 15% remain primary Power Utilit
Slide 18: Record order backlog a source of strength and resilience
Record order backlog a source of strength and resilience Expected revenue generation from backlog Key developments in Q1 in €bn 120 37 • Q1 FY26 book-to-bill at 1.12 drove increase in order backlog DI 10 6 • Backlog at DI moderately up due to AUT; SW stable 13 SI 20 9 • Record-high backlog level in
Slide 19: Financial Services: Solid Q1 performance enabled by resilient debt business
Financial Services Solid Q1 performance enabled by resilient debt business Earnings Before Taxes (EBT) Q1 developments €m FY 2025: Q1 FY 2026: • Substantially higher earnings contribution y-o-y from RoE 17.0% RoE 13.9% the debt business due mainly to lower expenses for 306 credit risk provisions 113
Slide 20: Capital structure remains robust and resilient
Capital structure remains robust and resilient Ind. Net Debt/ EBITDA (cont. ops.) €bn Operating Activities 0.9x (Q4 FY25: 0.9x) 40.0 39.8 12.2 Therein: Therein: • Add. intangible asset • ∆ Trade payables -0.6 and PP&E -0.5 27.7 • ∆ Inventories -0.5 • ∆ Trade and other receivables -0.3 Therein: • ∆ C
Slide 21: Provisions for pensions remain on historic low level
Provisions for pensions remain on historic low level Q1 Q2 Q3 Q4 Q1 in €bn¹ FY 23 FY 24 FY 25 FY 25 FY 25 FY 25 FY 26 Defined benefit obligation (DBO)² -26.6 -28.4 -28.3 -27.2 -26.9 -26.9 -26.6 Fair value of plan assets² 25.5 28.3 28.0 27.0 26.7 26.8 27.0 Provisions for pensions and similar -1.4 -0.
Slide 22: Siemens with sound refinancing profile
Siemens with sound refinancing profile Total loan and bond debt of around €48.3bn Loan and bond maturity profile as of December 31, 2025 (in €bn) 5.7 5.8 Long term Short term Outlook 5.2 Aa3 P-1 Stable 4.0 3.5 Long term Short term Outlook 3.1 2.9 AA- A-1+ Stable 2.0 2.0 1.5 1.5 1.5 1.3 1.3 1.3 1.0 1
Slide 23: 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 Q1 FY26 SHS EBIT (adjusted) 809 15.0% PPA (SHS logic)1 -85 Transaction, integration, retention, carve-out cost -2 Gains and losses from divestments 0 Severance -18 Expense
Slide 24: Outlook FY 2026 as presented by Siemens Healthineers
Outlook FY 2026 as presented by Siemens Healthineers on February 5, 2026, key assumptions unchanged from Q4 Page 24 Unrestricted | © Siemens 2026 | Investor Relations | Q1 FY26 Analyst Call | 2026-02-12
Slide 25: Financial calendar and Investor Relations Contacts
Financial calendar February 12, 2026 March 3, 2026 March 18, 2026 March 24, 2026 April 22, 2026 May 13, 2026 Q1 Earnings Roadshow Bank of America Roadshow Hannover Fair Q2 Earnings Release and AGM Zurich Conference Munich (Guided tours) Release (Munich) (London) Investor Relations Contacts Tobias At
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