Siemens Energy AG · XETR:ENR
Siemens Energy — FY2026 Earnings Presentation
41 slides from Siemens Energy's earnings presentation, Nov 11, 2026
Slide 1: Siemens Energy reports a record year and targets a margin of 20 to 22 percent by 2030
Siemens Energy reports a record year and targets a margin of 20 to 22 percent by 2030 Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q4 FY26 and FY26 Berlin, November 11, 2026 November Siemens Energy 2026 is a trademark Siemens Energy license
Slide 2: Disclaimer
Disclaimer Information and forward-looking statements This document contains statements related to our future business and financial results, performance, or achievements may (negatively or positively) vary mate- performance, and future events or developments involving Siemens Energy that rially fro
Slide 3: CEO section
CEO section Christian Bruch November 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q4 FY26 3
Slide 4: Record FY26 provides a strong foundation for continuous profitable growth
Record FY26 provides a strong foundation for continuous profitable growth Q4 FY26 – Strong finish to a record FY26 FY26 – Record deliveries across all key metrics Comparable revenue growth Profit margin before SI Record revenue of €12.8bn, up 21.5%1 Capacity expansion in GS and GT supported growth 1
Slide 5: Delivering our strategy has made us structurally stronger since CMD 2025
Delivering our strategy has made us structurally stronger since CMD 2025 Build the transforming Increase of production capacity Profit margin before SI energy world +640bps Higher control on supply chain FCF pre tax Enhance resilience in +€4.1bn a transforming world Development of portfolio Order ba
Slide 6: Over 60% growth in electricity demand requires unprecedented investment across the energy system
>60% growth in electricity demand requires unprecedented investment across the energy system Electricity growth based on different levers Our portfolio provides critical technologies shaping the future energy system +61%1 New sources of demand (Data Center, Electric Vehicles, Air Conditioning) Gas S
Slide 7: Execution excellence turns backlog into profitable growth
Execution excellence turns backlog into profitable growth Expand capacity Raise productivity Deliver reliably Gas turbine, power transformer and GIS Gross productivity Non-conformance cost reduction capacity increase >50% FY26 to FY301 +5% vs. FY25 140bps vs. FY25 Capex projects executed in budget O
Slide 8: We are committed to deliver continuous EPS growth beyond FY30
We are committed to deliver continuous EPS growth beyond FY30 FY27 FY30 FY30+ Outlook Targets Ambitions Revenue growth 14 – 16% 12 – 14%1 Continued growth Profit margin Further earnings before SI 14 – 16% 20 – 22% growth Earnings per Continued EPS share Double digit EPS growth growth 6 focus areas i
Slide 9: A structurally larger gas turbine market into the 2030s plays to our competitive strengths
Gas Services A structurally larger gas turbine market into the 2030s plays to our competitive strengths Gas additions1 ~30% global market share2 (in GW) 140 – 150 130 – 150 120 – 150 Americas EMEA APAC Data center, Gas shifts, Gas shifts, +50% excl. 108 Global OEM Electrification Grid stability, Ele
Slide 10: Strong order momentum continues beyond FY26 building a larger fleet
Gas Services Strong order momentum continues beyond FY26 building a larger fleet across different markets Clear line of sight on Broad-based and balanced Order momentum spans the FY27 bookings backlog full turbine portfolio Mobile Power Offshore LNG FY26 new unit orders Dynamis Power solutions Delfi
Slide 11: Generating value from Service – Growing installed base drives >2x service revenue by FY35
Gas Services Generating value from Service – Growing installed base drives >2x service revenue by FY35 Fleet additions1 Service Revenue doubles Service Revenue will follow strong across all regions by 2035 New Unit supercycle after 20302 ~250 GW >2x >2x Service Revenue / GW over 20 years >€400m +7%
Slide 12: Broad-based structural grid demand drives significant market growth through 2040
Grid Technologies Broad-based structural grid demand drives significant market growth through 2040 Significant and sustained Structural investment Strong underlying demand addressable market growth1 drivers through 20402 fundamentals ~3x 6% CAGR of the grid in advanced economies ~20% Replacement >50
Slide 13: Market leadership and long-term visibility support sustained profitable growth
Grid Technologies Market leadership and long-term visibility support sustained profitable growth Leading positions in an Leadership converted Extending leadership into expanding market into long-term visibility new growth pools #1 Solutions Revenue in FY26 Order Backlog FY26 Technology Future-ready
Slide 14: Disciplined capacity expansion and productivity unlock profitable backlog conversion
Grid Technologies Disciplined capacity expansion and productivity unlock profitable backlog conversion Global network of 37 factories across 26 locations, Accelerating operational with ongoing and planned expansions excellence at scale Europe Automation in 145 kV GIS final assembly North America +50
Slide 15: Break-even achieved, paving the way for sustainable profitability
Siemens Gamesa Break-even achieved, paving the way for sustainable profitability Clear margin progression through FY30 FY26 turnaround milestones Profit margin before SI1 8 – 10% Offshore project execution >40% more installed yoy (~5 GW) 3 – 5% Operational excellence in factories Previous 13% higher
Slide 16: Clear operational priorities support margin expansion to 8 – 10% by FY30
Siemens Gamesa Clear operational priorities support margin expansion to 8 – 10% by FY30 Key levers 1 Convert Offshore leadership into profit growth ▪ Enhance order quality and execute backlog efficiently ▪ Continuous industrialization of SG15 (>25 GW secured1) 2 Scale Service and Aftermarket ▪ Lever
Slide 17: Leading market positions in structurally growing markets
Transformation of Industry Leading market positions in structurally growing markets 1 3 Industry trends TI addressable market by vertical Top-tier market position (in €bn) Energy security & resilience Steam turbine Geopolitical conflicts driving supply +6%2 #1 packages4 diversification and regional
Slide 18: TI separation sharpens focus and unlocks distinct growth opportunities
Transformation of Industry TI separation sharpens focus and unlocks distinct growth opportunities Prepare Implement Bring in a carve-out separation co-investor Siemens Energy Transformation of Industry Electricity infrastructure leader Building a leading industrial company Sharper capital allocation
Slide 19: CFO section
CFO section Maria Ferraro November 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q4 FY26 19
Slide 20: We delivered beyond our FY26 promises
We delivered beyond our FY26 promises Siemens Energy Group FY26 commitments – overdelivered Profit margin before SI FCF pre-tax Net income 12.4% €8.8bn €4.1bn CMD 2025: 9 – 11% | +1.4pp vs. top end CMD 2025: €4 – 5bn | +€3.8bn vs. top end CMD 2025: €3 – 4bn | +€0.1bn vs. top end Mid-term targets – a
Slide 21: Strong Q4 closes a record FY26
Strong Q4 closes a record FY26 Siemens Energy Group Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) Service 4.5% 12.0% 6.0% 12.4% +19%1 68.1 +16%1 58.9 +133% 44.2 39.1 5,486 +21%1 +5%1 +227% 14.8 12.8 2,355 14.2 10.4 1,540 471 3.5 3.9 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4
Slide 22: Gas Services and Grid Technologies drive the record
Gas Services and Grid Technologies drive the record Business Area performance in FY26 Gas Grid Siemens Transformation Services Technologies Gamesa of Industry Revenue €14.5bn €14.1bn €10.6bn €5.8bn Revenue growth¹ +20.3% +26.2% +6.7% +3.4% guidance: 16 – 18% guidance: 25 – 27% guidance: 3 – 5% guida
Slide 23: €164bn record backlog: bigger, better, more resilient
€164bn record backlog: bigger, better, more resilient Today's backlog shapes margins through FY30 Order backlog Backlog margin¹ uplift Gas Services (in €bn) (in pp) ▪ Exceptional new unit development of 26pp since FY22; expecting market sentiment to continue +69% ▪ Service order margins up 5% operat
Slide 24: Clear progression path towards FY30 >€70bn revenue and 20 – 22% margin
Clear progression path towards FY30 >€70bn revenue and 20 – 22% margin Revenue Profit margin before SI FY27 guidance (in €bn; growth in %) Net income 12 – 14%² 20 – 22%4 ~€5bn 14 – 16%¹ 14 – 16%3 44.2 39.1 12.4% 34.5 Free cash flow (pre tax) 6.0% ~€10bn 1.0% FY24 FY25 FY26 FY27 FY30 FY24 FY25 FY26 F
Slide 25: We have full control over our margin progression
We have full control over our margin progression Profit margin before SI Driving continuous EPS 20 – 22% growth beyond 2030 ▪ Structural growth and growing installed fleet services ▪ Converting backlog with higher margins and expanding the 12.4% service opportunity ▪ Drive margin expansion through o
Slide 26: Every business on its clear path to higher margins
Every business on its clear path to higher margins Transformation Gas Services Grid Technologies Siemens Gamesa of Industry Revenue growth1 15 – 17% 16 – 18% 5 – 7% 3 – 5% Profit margin before SI 25 – 27%3 24 – 26%3 21 – 23%2 18 – 20%2 18.9% 16.4% 14 – 16%3 12.1% 11 – 13%2 8 – 10% Break even 0 – 2%
Slide 27: A powerful cash engine driven by performance
A powerful cash engine driven by performance Capital efficient business model Free cash flow pre tax CAPEX (in €bn) (in % of revenue) ▪ ø ~€2bn p.a. until FY30 Ø ~15 ▪ Reduction of CAPEX after FY27 ~5 – 6% ▪ Capacity expansion invest ~10 largely executed by FY28 8.8 ▪ Return to normalized levels 4.4
Slide 28: Balanced capital allocation FY27 – 30
Balanced capital allocation FY27 – 30 Clear focus on rising shareholder return – more than €25bn by FY30 (in €bn) ~€60bn Shareholder returns continue to grow FY25 FY263 Operations and organic Dividend €0.70 €2.30 ~25% growth1 Incl. ø ~€2bn CAPEX p.a. Cash from operations ~52 Shareholder returns ~45%
Slide 29: Financial framework
Financial framework FY27 outlook and FY30 targets FY27 outlook FY30 targets Revenue growth1 Profit margin before SI2 Revenue CAGR3 Profit margin before SI4 Gas Services 24 – 26% 18 – 20% 15 – 17% 25 – 27% Grid Technologies 22 – 24% 21 – 23% 16 – 18% 24 – 26% Siemens Gamesa (3) – (1)% 0 – 2% 5 – 7% 8
Slide 30: Compounding value creation through and beyond FY30
Compounding value creation through and beyond FY30 Resilient profitable growth 12 – 14% revenue growth CAGR and 20 – 22% profit margin by FY30 FY30+ Continued EPS growth Two powerful earnings engines GS with ~3x and GT with ~2.5x profit before SI from FY26 – 30 Wind adds earnings, TI sharpens focus
Slide 31: We energize society
We energize society November © Siemens Energy, 2026 | Analyst Call | Q4 FY26 December 2025 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2025 | Anne-Laure de Chammard | Transformation of31Industry
Slide 32: Financial Calendar
Financial Calendar Feb. 11, 2027 Feb. 25, 2027 May 13, 2027 Q1 FY27 AGM Q2 FY27 Contact Investor Relations Tobias Hang Harald Albrecht Tobias Marcks Head of Investor Relations albrecht.harald@siemens-energy.com tobias.marcks@siemens-energy.com tobias.hang@siemens-energy.com +49 174 1766254 +49 174 4
Slide 33: Q&A
Q&A November 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q4 FY26 33
Slide 34: Appendix
Appendix November 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q4 FY26 34
Slide 35: Gas Services: Record revenue and strong margin expansion
Record revenue and strong margin expansion Gas Services Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 8.1% 16.0% 13.0% 16.4% +46%1 32.8 +20%1 23.0 +51% +8%1 +31%1 14.5 12.2 +166% 2,385 1,580 4.8 5.34 4.2 669 3.1 251 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25
Slide 36: Grid Technologies: Record revenue lifts Q4 margin above 20%
Record revenue lifts Q4 margin above 20% Grid Technologies Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 14.7% 20.1% 15.8% 18.9% +15%1 24.0 21.4 +49% +26%1 (19)%1 2,660 14.1 +89% +36%1 11.3 1,791 6.9 5.7 876 4.4 3.1 463 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26
Slide 37: Siemens Gamesa: Second profitable quarter confirms operational progress
Second profitable quarter confirms operational progress Siemens Gamesa Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) +7%1 (11.0)% 0.8% (13.1)% 0.1% (31)%1 10.4 10.6 9.3 +148%1 +9%1 23 8 5.9 2.4 2.7 2.9 1.1 (303) (1,364) Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26
Slide 38: Transformation of Industry: Order growth and resilient profitability in Q4
Order growth and resilient profitability in Q4 Transformation of Industry Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 11.0% 10.3% 11.3% 12.1% +7%1 6.3 +3%1 6.0 5.7 5.8 +9% +3%1 (3)%1 707 646 1.6 1.7 (7)% 1.6 1.6 177 164 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY2
Slide 39: FY27 financial considerations for Siemens Energy
FY27 financial considerations for Siemens Energy FY26 FY27 Comments mainly expenses related to Omterra rebranding as well Special Items neg. €0.1bn neg. ~€0.7bn as the carve-out of Transformation of Industry Reconciliation line on Profit before SI neg. €0.3bn neg. €0.3 – 0.4bn Financial result pos.
Slide 40: Net income transition
Net income transition In €m Q4 FY25 Q4 FY26 FY25 FY26 Gas Service 246 921 1,566 2,679 Grid Technologies 458 857 1,778 2,632 Transformation of Industry 175 153 635 685 Siemens Gamesa (353) 28 (1,711) (176) Reconciliation to Siemens Energy (199) (234) 92 (416) Profit 328 1,725 2,361 5,405 Profit margi
Slide 41: Cash flow statement
Cash flow statement In €m Q4 FY25 Q4 FY26 FY25 FY26 Net income 236 1,360 1,685 4,129 Amortization, depreciation and impairments 415 202 1,781 1,377 Change in operating net working capital Contract assets (78) 180 (284) (1,288) Inventories 299 (64) (900) (1,399) Trade receivables (129) (485) (722) (1