Siemens Energy Ag · XETR:ENR
Siemens Energy — Q2 2025 Earnings Presentation
25 slides from Siemens Energy's earnings presentation, May 8, 2025
Slide 1: Outlook raised after strong H1 results, especially in Q2 – focus on profitable growth
Outlook raised after strong H1 results, especially in Q2 – focus on profitable growth Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q2 FY25 Munich, May 8, 2025 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Ener
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
Slide 3: CEO section
CEO section Christian Bruch Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q2 FY25 3
Slide 4: Outlook raised after strong H1 results, especially in Q2 – focus on profitable growth
Outlook raised after strong H1 results, especially in Q2 – focus on profitable growth Q2 FY25 Highlights Q2 FY25 Financials FY25 Outlook Performance Revenue 13 – 15%1 • Strong order and revenue growth €10.0bn (+20.7% yoy1) (prev. 8 – 10%1) • Margin +700bps and very strong cashflow • FY25 guidance ra
Slide 5: Favorable demand trends across different regions
Favorable demand trends across different regions North America Europe Orders received in Q2 FY25 (in €bn) HVDC order / National Grid framework Data center orders agreement Nuclear steam turbine lifetime 20 GW gas power plants planned under extension German infrastructure bill 14.4 EMEA 7.5 (up 54% y
Slide 6: Securing growth, driving profitability and enhancing portfolio
Securing growth, driving profitability and enhancing portfolio Securing growth Driving profitability Enhancing portfolio Capacity expansions Favorable pricing – strict cost Strategic cooperation to broaden LGT capacity increase well on track, control portfolio additional expansion of medium Continuo
Slide 7: Siemens Energy in the U.S. – well positioned for over a century
Siemens Energy in the U.S. – well positioned for over a century Orders1 in FY24 (in €bn) Revenue1 in FY24 (in €bn) 10.2 New York GS 3.5 Iowa 6.9 GS 2.2 Pennsylvania GT 4.9 Kansas GT 2.0 Mississippi North Carolina TI 1.1 TI 1.0 SG 1.6 SG 0.9 Texas Florida ~12,000 >100 years ~€24bn ~€500m employees pr
Slide 8: Considerations on U.S. tariffs – mitigation measures in progress
Considerations on U.S. tariffs – mitigation measures in progress Existing protections Further mitigation measures • Strong U.S. footprint • Supply chain: Increase local content and identify • Contractual terms for equipment backlog limit tariff risk alternative suppliers for imported parts • Service
Slide 9: CFO section
CFO section Maria Ferraro Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q2 FY25 9
Slide 10: Strong revenue growth and significant margin expansion – Q2 FY25
Siemens Energy Group Strong revenue growth and significant margin expansion – Q2 FY25 Orders Revenue Profit before SI in €bn in €bn in €m service +14%1 2.1% 9.1% 2.4% 7.3% +20%1 28.1 24.9 18.9 +267% +52%1 15.9 +21%1 +432% 1,387 14.4 10.0 906 9.5 8.3 378 170 2.9 3.4 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2
Slide 11: The average project margin in our backlog continues to trend upwards
The average project margin in our backlog continues to trend upwards Expected revenue generation from order backlog (in €bn) Backlog project margin development ~94% ~77% 133 19 Across all BAs Q2 FY25 FY25e1 FY26e after FY26e Order backlog x% of respective year revenues GS TI GT SG 1 expected backlog
Slide 12: Strong cash flow generation
Strong cash flow generation Q2 cash flow development Net cash as of March 31, 2025 in €bn in €bn In €m Q2 FY24 Q2 FY25 9.0 Net income 108 501 0.9 Amortization, depreciation and impairments 357 631 Change in operating net working capital 336 420 2.9 Other items (188) 15 0.4 4.7 Cash flow from operati
Slide 13: Record levels at each KPI – Q2 FY25 (Gas Services)
Gas Services Record levels at each KPI – Q2 FY25 Orders Revenue Profit before SI in €bn in €bn in €m 14.4% 16.1% 13.1% 15.4% +60%1 +12%1 12.0 6.0 5.3 +33% +102%1 +19%1 +34% 922 7.5 7.0 694 3.2 511 2.6 3.4 381 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1
Slide 14: Strong underlying profitability further elevated by positive timing effects – Q2 FY25
Grid Technologies Strong underlying profitability further elevated by positive timing effects – Q2 FY25 Orders Revenue Profit before SI in €bn in €bn in €m (12)%1 11.4% 19.9% 10.8% 16.5% +29%1 12.0 10.3 5.3 +90% +42%1 4.3 +34%1 +128% 880 5.2 3.7 2.9 571 2.2 timing 462 ~€100m effects 250 Q2 FY24 Q2 F
Slide 15: Continuous margin expansion – Q2 FY25
Transformation of Industry Continuous margin expansion – Q2 FY25 Orders Revenue Profit before SI in €bn in €bn in €m (6)%1 6.2% 11.0% 7.6% 11.4% +14%1 3.2 3.0 2.7 2.4 +70% (2)%1 +10%1 +96% 312 1.6 1.6 1.3 1.4 155 184 79 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25
Slide 16: Progress in line with expectations – Q2 FY25
Siemens Gamesa Progress in line with expectations – Q2 FY25 Orders Revenue Profit before SI in €bn in €bn in €m (19.3)% (9.2)% (20.0)% (12.2)% +33%1 +17%1 3.3 5.1 (1)%1 2.4 4.4 +16%1 0.9 0.9 2.7 2.3 (249) (623) (446) (870) Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Q2 FY24 Q2 FY
Slide 17: Financial outlook raised
Financial outlook raised Fiscal Year 2025 H1 FY25 FY25 Outlook Revenue Profit margin Revenue Profit margin growth1 before SI2 growth1 before SI2 11 – 13% 11 – 13% Gas Services 12.3% 15.4% (prev. 7 – 9%) (prev. 10 – 12%) 24 – 26% 14 – 16% Grid Technologies 29.0% 16.5% (prev. 23 – 25%) (prev. 10 – 12%
Slide 18: FY25 outlook raised – mid-term target update with Q4 / CMD
FY25 outlook raised – mid-term target update with Q4 / CMD Attractive Strong operational performance leads to upgrade of FY25 FY24 – FY28 outlook across all KPIs markets HSD/LDD Revenue growth1 Demand for our products, solutions and services remains strong – focus on profitable growth Resilient busi
Slide 19: Financial Calendar Contact Investor Relations
Financial Calendar Aug 6 Nov 14 Nov 19/20 Q3 FY25 Q4 FY25 CMD Contact Investor Relations Michael Hagmann Harald Albrecht Tobias Hang Head of Investor Relations albrecht.harald@siemens-energy.com tobias.hang@siemens-energy.com michael.hagmann@siemens-energy.com +49 174 1766254 +49 172 5744423 +49 173
Slide 20: We energize society
We energize society 2025-05-08 Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q2 FY25 20
Slide 21: Q&A
Q&A Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q2 FY25 21
Slide 22: Appendix
Appendix Siemens Energy is a trademark licensed by Siemens AG. Unrestricted © Siemens Energy, 2025 | Analyst Call | Q2 FY25 22
Slide 23: Net income transition
Net income transition In €m Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Gas Service 377 508 697 917 Grid Technologies 510 568 683 873 Transformation of Industry 84 153 175 306 Siemens Gamesa (360) (510) (788) (932) Reconciliation to Siemens Energy (109) (105) 1,612 (86) Profit 501 615 2,379 1,077 Profit margin
Slide 24: Cash flow statement
Cash flow statement In €m Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Net income 108 501 1,690 753 Amortization, depreciation and impairments 357 631 718 1,001 Change in operating net working capital Contract assets (178) (202) (139) (64) Inventories (431) (74) (1,090) (968) Trade receivables (115) 261 (313) (2
Slide 25: FY25 financial considerations for Siemens Energy
FY25 financial considerations for Siemens Energy FY24 FY25 Commentary Reconciliation line on Profit before SI neg. €0.25bn ~ neg. €0.3bn (unchanged) Excl. impacts related to the change in fair values of Financial result neg. €0.3bn ~ 0bn (prev.~ neg. €0.2bn) transaction related derivatives R&D €1.2b