Siemens Energy Ag · XETR:ENR

Siemens Energy — Q2 2023 Earnings Presentation

27 slides from Siemens Energy's earnings presentation, May 15, 2023

  1. Slide 1: Strong orders, substantially higher revenue, positive profit before SI held back by Siemens Gamesa

    Strong orders, substantially higher revenue, positive profit before SI held back by Siemens Gamesa Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q2 FY23 Paris, May 15, 2023 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted ©

  2. Slide 2: Disclaimer

    Disclaimer INFORMATION AND FORWARD-LOOKING STATEMENTS This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words suc

  3. Slide 3: CEO section

    CEO section Christian Bruch, CEO Analyst Call | Q2 FY23 3 2023-05-15 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2023

  4. Slide 4: Key Messages

    Key Messages Highlights / Lowlights • Siemens Gamesa delisted; EGM called for resolution on capital reduction • Successful refinancing: capital raise (~ €1.3bn), green bond (€1.5bn) Q2 FY23 Financial Performance1 • Ongoing strong performance of former Gas and Power businesses • Orders: +56.3% comp.2

  5. Slide 5: Siemens Energy benefits from accelerating change in boundary conditions

    Version 18 Siemens Energy benefits from accelerating change in boundary conditions UNITED STATES EUROPE Inflation Reduction Act Net Zero Industry Act • Increasing demand for renewables (more wind projects) How we • Grid investments taking off benefit? • Gas-fired power plants to provide backbone of

  6. Slide 6: Siemens Gamesa: Mistral in execution and integration progressing

    Siemens Gamesa: Mistral in execution and integration progressing • Continuous pricing focus, T&Cs delivering better backlog quality Mistral in • Early indicators of Mistral encouraging: good progress on green tagged execution units in onshore; 5.X output and installation levels increasing • WTG stab

  7. Slide 7: Order trends Onshore / Offshore

    Version 18 Order trends Onshore / Offshore Onshore order intake LTM and Q2 (MW) Offshore order intake LTM and Q2 (MW) +211% +281% -10% 4,773 794 4,285 1,496 4,319 255 1,124 0 LTM as of LTM as of Q2 FY22 Q2 FY23 LTM as of LTM as of Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Average selling price

  8. Slide 8: Expectations for strong volume demand in wind (ex China)

    Expectations for strong volume demand in wind (ex China) Onshore (GW)1 +7% Stronger growth in onshore +49% +67% • Demand boosted by IRA (US) and Green Deal Industrial Plan (Europe) 62 62 65 65 58 58 • 2030 cumulative demand expected to be 26.5 % higher compared to end of 50 2022 estimates at 464GW (

  9. Slide 9: Q2 FY23 Awards and Milestones

    Version 18 Q2 FY23 Awards and Milestones Reducing the CO2 footprint & energy consumption in industrial Power generation with low or zero emissions Transport and storage of energy processes Gas Services Siemens Gamesa Grid Technologies Transformation of Industry One of Europe’s most efficient gas- Gr

  10. Slide 10: CFO section

    CFO section Maria Ferraro, CFO Analyst Call | Q2 FY23 10 2023-05-15 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2023

  11. Slide 11: Siemens Energy Group: Strong Growth in Orders and Revenues

    Siemens Energy Group: Strong Growth in Orders and Revenues Q2 FY231 Orders Revenue Profit before SI in €bn in €bn in €m Service New Units +56% / +55%2 +24% / +22%2 12.3 8.0 (0.7)% 0.5% 6.6 2.8 +17% 7.9 n/a 2.4 41 5.2 +25% 4.2 (49) Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23 Order backlog3 €102bn

  12. Slide 12: Increasing order backlog as a source of strength and resilience

    Increasing order backlog as a source of strength and resilience Book-to-Bill Q2 FY23 SE order backlog development (€bn) +31% • Healthy order backlog is a source 1.57 102 of strength and resilience GS 97 1.27 • Increase across all businesses 84 78 • Stronger growth in New Units 55 supporting rejuvena

  13. Slide 13: Stable Net Cash Position

    Version 18 Stable Net Cash Position Net cash/(Net debt) as of March 31, 2023 (in € m) 5,201 2,033 3,268 (101) 546 46 (693) Cash and cash Short Term Debt Long Term Debt Net cash/ Pension provisions Credit guarantees Adjusted Net equivalents (Net debt) cash/(Net debt) Siemens Energy: €9.7bn liquidity

  14. Slide 14: Gas Services: Strong Improvement Across all KPIs

    Gas Services: Strong Improvement Across all KPIs Q2 FY231 Orders Revenue Profit before SI in €bn in €bn in €m +23% / +23%2 7.7% 6.4% 4.2% 12.4% 10.5% +27% /+25%2 4.5 3.6 3.8 2.8 2.8 +70% 2.4 2.6 2.3 318 2.6 2.6 299 176 153 117 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY22 Q3 Q4 Q1 Q2 FY2

  15. Slide 15: Grid Technologies: Substantial Growth and Better Profitability

    Grid Technologies: Substantial Growth and Better Profitability Q2 FY231 Orders Revenue Profit before SI in €bn in €bn in €m +44% / +45%2 5.0% 1.6% 3.9% 6.9% 6.6% +27% / +26%2 6.3 2.0 +67% 1.6 1.7 1.6 110 115 3.8 1.4 2.7 2.9 77 69 2.0 26 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY22 Q3 Q4

  16. Slide 16: Transformation of Industry: Strong Margin Progression Across all Businesses

    Transformation of Industry: Strong Margin Progression Across all Businesses Q2 FY231 Orders Revenue Profit before SI in €bn in €bn in €m 0% / (1)%2 0.5% 1.6% 3.8% 5.7% 6.3% +21% / +20%2 1.6 1.4 1.4 1.3 n/a 1.2 1.2 1.2 1.0 1.0 1.0 73 57 47 17 5 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY22 Q3 Q4 Q1 Q2 FY23 Q2 FY2

  17. Slide 17: Siemens Gamesa: Continuous Impact from Onerous Projects

    Siemens Gamesa: Continuous Impact from Onerous Projects Q2 FY231 Orders Revenue Profit before SI in €bn in €bn in €m +212% / +204%2 (13.8)% (15.7)% 11.1% (37.8)% (15.4)% +14% / +12%2 4.4 (24)% 3.5 3.6 3.4 2.4 2.4 374 2.2 2.0 1.6 1.2 (301) (382) (374) Q2 FY22 Q3 Q4 Q1 FY23 Q2 Q2 FY22 Q3 Q4 Q1 FY23 Q2

  18. Slide 18: Financial Outlook Adjusted

    Financial Outlook Adjusted Fiscal Year 2023 Outlook FY231 Revenue Growth2 Profit3 Margin before SI Siemens Energy 10 – 12% (prev. 3 - 7%) around the low end of 1 – 3% (prev. 1 - 3%) We expect a net loss exceeding prior fiscal year’s level by up to a low-triple-digit million € amount. (prev. to be on

  19. Slide 19: Key Priorities

    1 Deliver on FY23 targets Key Priorities 2 Leverage new operating model 3 Siemens Gamesa turnaround and integration / alignment supported by delisting 4 Capitalize on market opportunities Analyst Call | Q2 FY23 19 2023-05-15 Unrestricted © Siemens Energy, 2023

  20. Slide 20: We energize society

    0Oktober 2022 We energize society © Siemens Energy, 2023

  21. Slide 21: Questions & Answers

    Questions & Answers Christian Bruch and Maria Ferraro Analyst Call | Q2 FY23 21 2023-05-15 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2023

  22. Slide 22: Financial Calendar and Contact Investor Relations

    Financial Calendar 2023 May 15 June/July Aug 7 Nov 15 Nov 21-22 Q2 FY23 Conferences and Q3 FY23 Q4 FY23 Capital Market Day roadshows Contact Investor Relations Michael Hagmann Tobias Hang Harald Albrecht tobias.hang@siemens-energy.com Head of Investor Relations albrecht.harald@siemens-energy.com +49

  23. Slide 23: Appendix

    Appendix Analyst Call | Q2 FY23 23 2023-05-15 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2023

  24. Slide 24: Additional financial disclosure for Siemens Gamesa

    Additional financial disclosure for Siemens Gamesa1 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 WTG Profit Margin before SI (24.4)% (20.1)% 7.2% (28.7)% (22.6)% Revenue (€m) 931 1,096 1,875 751 1,042 Volume (MWe) 1,502 1,529 1,794 1,080 1,487 Onshore Order intake (€m) 209 1,068 1,743 909 710 Order intak

  25. Slide 25: Net Income Transition

    Net Income Transition Siemens Energy In €m Q2 FY22 Q2 FY23 H1 FY22 H1 FY23 Gas Service 168 331 375 649 Grid Technologies 65 112 110 210 Transformation of Industry (35) 81 (59) 133 Siemens Gamesa (322) (386) (642) (1,209) Reconciliation to Siemens Energy 21 (74) 50 (103) Profit (103) 64 (166) (320) P

  26. Slide 26: Cash Flow Statement

    Cash Flow Statement Siemens Energy In €m Q2 FY22 Q2 FY23 H1 FY22 H1 FY23 Net income (256) (189) (502) (787) Amortization, depreciation and impairments 399 361 734 719 Change in operating net working capital Contract assets 121 (175) 388 (267) Inventories (538) (272) (1,282) (1,096) Trade receivables

  27. Slide 27: FY22 retrospective adjustments – Profit before Special Items

    Historical comparable key figures FY22 retrospective adjustments – Profit before Special Items Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 FY22 FY22 FY22 FY22 FY22 FY22 FY22 FY22 FY22 FY22 Profit before Special Items (in €m) adj.1 adj.1 adj.1 adj.1 adj.1 Gas Services 173 173 176 176 153 153 117 117 619 619 Grid Technol

Siemens Energy — Q2 2023 Earnings Presentation on 6ix