Siemens Energy Ag · XETR:ENR
Siemens Energy — Q2 2026 Earnings Presentation
25 slides from Siemens Energy's earnings presentation, May 12, 2026
Slide 1: Following a strong second quarter, Siemens Energy raises its outlook
Following a strong second quarter, Siemens Energy raises its outlook Christian Bruch, President and CEO Siemens Energy Maria Ferraro, CFO Siemens Energy Analyst presentation Q2 FY26 Berlin, May 12, 2026 May Siemens 2026Energy is a trademark Siemens Energy licensed is a bytrademark Siemens AG. licens
Slide 2: Disclaimer
Disclaimer Information and forward-looking statements This document contains statements related to our future business and financial Energy´s actual results, performance, or achievements may (negatively or performance, and future events or developments involving Siemens Energy that positively) vary
Slide 3: CEO section
CEO section Christian Bruch May 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q2 FY26 3
Slide 4: Outlook raised after strong H1 results
Outlook raised after strong H1 results Disciplined execution and continuing favorable market momentum Record orders of €17.7bn in Q2 Record order backlog increased to €154bn >200bps profitability improvement y-o-y Siemens Gamesa continuous journey to reach break-even Another strong FCF1 quarter in Q
Slide 5: Strong Market
Strong Market Demand and favorable pricing continues Gas Services: ▪ Highest quarterly order intake in Americas EMEA Asia & Australia history ▪ Strong order demand mainly driven +65%1 from the U.S. in connection with data (3)%1 centers 8.0 7.5 7.2 +6%1 ▪ 12 GW booked, 87 GW total commitments, thereo
Slide 6: The grid is transforming
The grid is transforming It is growing and changing its nature Global challenges Our next step Noedra, the mind of the grid. Opportunities we tackle Establishing a suite of digital products >50% Noedra Shield assets need replacement by 2040 Ns Grid Security Rising complexity ~40% Noedra Flow expecte
Slide 7: AI Lab in Orlando
AI Lab in Orlando Opened to transform grid operations ▪ Combines Siemens Energy’s deep grid domain expertise with NVIDIA’s AI infrastructure ▪ Real-time insights, digital twins, and predictive models ▪ Customer-centric innovation hub …supports the …strengthens Managed by our AI Lab in next phase of
Slide 8: CFO section
CFO section Maria Ferraro May 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q2 FY26 8
Slide 9: Record orders, strong revenue growth and significant margin expansion
Record orders, strong revenue growth and significant margin expansion Siemens Energy Group Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) Service +32%1 9.1% 11.3% 7.3% 11.6% 35.4 +11%1 +68% 28.1 +30%1 18.9 20.0 2,323 +9%1 +28% 17.7 14.4 1,387 10.0 10.3 1,164 906 3.4 3.3 Q2 FY25 Q2 FY26 H1
Slide 10: Record order backlog with improved backlog margins provides long-term visibility
Record order backlog with improved backlog margins provides long-term visibility Expected revenue generation from order backlog Backlog project margin development in Q2 FY26 (in €bn) +21 ~93% ~79% 154 133 Across all BAs Q2 FY25 Q2 FY26 FY26e1 FY27e after FY27e GS TI GT SG Expected revenue share cove
Slide 11: Significant guidance upgrade after strong H1 FCF
Significant guidance upgrade after strong H1 FCF FY26 shareholder returns increase to up to €3.6bn incl. dividends Previous FCF guidance already achieved in H1 Up to €1bn additional share buyback in FY26 after first (in €bn) €2bn tranche is completed ~8 (in €bn) €0.6bn dividend paid in March 6 3 2.0
Slide 12: Record order intake and revenue generation
Record order intake and revenue generation Gas Services Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 16.1% 15.9% 15.4% 16.2% +53%1 17.6 +32%1 12.0 +14%1 +16% 8.9 +15%1 7.0 6.0 6.6 1,067 +8% 922 3.2 3.5 511 552 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY
Slide 13: Strong order and revenue growth
Strong order and revenue growth Grid Technologies Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 19.9% 17.1% 16.5% 17.4% +32%1 13.0 +21% +42%1 10.3 +19%1 1,062 7.0 6.1 880 +12%1 5.3 (8)% 5.2 571 524 2.9 3.1 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1
Slide 14: Continued profitability improvement
Continued profitability improvement Transformation of Industry Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) 11.0% 12.0% 11.4% 11.9% (3)%1 3.0 +3%1 2.8 2.7 2.7 +4% (16)%1 +5%1 312 325 1.6 +10% 1.3 1.4 1.4 155 171 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2
Slide 15: On track to reach break-even
On track to reach break-even Siemens Gamesa Orders Revenue Profit before SI (in €bn) (in €bn) (in €m) +2%1 (9.2)% (1.7)% (12.2)% (1.8)% (24)%1 5.1 4.9 +0%1 3.3 +82% +86% 2.7 2.5 2.4 +3%1 (44) (90) 0.9 0.8 (249) (623) Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1
Slide 16: Financial outlook raised
Financial outlook raised Fiscal Year 2026 FY26 outlook Revenue growth1 Profit margin before SI2 Gas Services 16 – 18% (unchanged) 14 – 16% (unchanged) Grid Technologies 25 – 27% (prev. 19 – 21%) 18 – 20% (prev. 16 – 18%) Transformation of Industry 5 – 7% (unchanged) 11– 13% (unchanged) Siemens Games
Slide 17: Creating sustainable shareholder value
Creating Resilient revenue growth Well diversified portfolio with leading market positions sustainable Broad-based margin expansion shareholder Excellent order book and growing service value Strong cash flow generation secured by capital efficient business model Balanced capital allocation reinforce
Slide 18: We energize society
We energize society May2025 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q2 FY26 December © Siemens Energy, 2025 | Anne-Laure de Chammard | Transformation of18Industry
Slide 19: Financial Calendar
Financial Calendar Aug 5 Nov 11 Q3 FY26 Q4 FY26 Contact Investor Relations Tobias Hang Harald Albrecht Julian Mahlert Head of Investor Relations albrecht.harald@siemens-energy.com julian.mahlert@siemens-energy.com tobias.hang@siemens-energy.com +49 174 1766254 +49 152 06330513 +49 172 5744423 Siemen
Slide 20: Q&A
Q&A May 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q2 FY26 20
Slide 21: Appendix
Appendix May 2026 Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Analyst Call | Q2 FY26 21
Slide 22: Q2 cash flow development
Q2 cash flow development In €m Q2 FY25 Q2 FY26 Net income 501 835 ▪ Change in NWC driven by advance payments and timing effects (contract liabilities expanded by €1.9bn) Amortization, depreciation and impairments 631 392 ▪ €147m quality cash out at Siemens Gamesa Change in operating net working capi
Slide 23: FY26 financial considerations for Siemens Energy
FY26 financial considerations for Siemens Energy FY25 FY26 Comments Reconciliation line on Profit before SI neg. €0.3bn neg. ~€0.4bn Financial result €0.1bn ~€0.2bn P&L tax rate ~24% below 20% Non-controlling interests €0.3bn ~€0.3bn R&D €1.2bn ~€1.2bn Capital expenditures €1.7bn ~5% of revenue Cash
Slide 24: Net income transition
Net income transition In €m Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Gas Service 508 546 917 1,113 Grid Technologies 568 519 873 1,057 Transformation of Industry 153 166 306 318 Siemens Gamesa (510) (39) (932) (260) Reconciliation to Siemens Energy (105) (84) (86) (113) Profit 615 1,109 1,077 2,116 Profit ma
Slide 25: Cash flow statement
Cash flow statement In €m Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Net income 501 835 753 1,581 Amortization, depreciation and impairments 631 392 1,001 771 Change in operating net working capital Contract assets (202) (528) (64) (570) Inventories (74) (244) (968) (815) Trade receivables 261 (165) (212) (532