Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Q2 2025 Earnings Presentation
34 slides from Siemens Aktiengesellschaft's earnings presentation, May 15, 2025
Slide 1: Successful second quarter – Outlook confirmed
Successful second quarter – Outlook confirmed Roland Busch, CEO Siemens AG Ralf P. Thomas, CFO Siemens AG Unrestricted | © Siemens 2025 | Investor Relations | Q2 Analyst Call | 2025-05-15
Slide 2: Notes and forward-looking statements
Notes and forward-looking statements This document contains statements related to our future business and or not at all or assumptions prove incorrect, actual results, performance or financial performance and future events or developments involving achievements of Siemens may (negatively or positive
Slide 3: Siemens well positioned to master rapid changes
Siemens well positioned to master rapid changes Long-term demand intact Secular growth drivers for electrification, Geopolitical shifts automation, digitalization and sustainability Rapid changes in global relationships and higher risk of war and conflicts Seizing opportunities Managing challenges A
Slide 4: Successful Q2 Business highlights
Successful Q2 Business highlights ROBUST TOPLINE STRONG EXECUTION Strong book-to-bill at 1.10 Excellent IB margin at 16.9% • Up 290bps over prior year, incl. Orders up 9% to €21.6bn 170bps divestment gain at SI • MO, SHS up DD, SI lower on tough • IB profit of €3.2bn comps • DI on level y-o-y, seque
Slide 5: Shaping the future through rigorous execution of ONE Tech Company program
Shaping the future through rigorous execution of ONE Tech Company program ONE Tech Company Stronger customer focus Faster innovations Higher profitable growth FOUNDATIONAL INVESTMENT PRODUCTIVITY • Rapid progress in AI-driven • Closing of Altair acquisition • Continuing efforts to further innovation
Slide 6: Hanover Fair: Accelerating path toward AI-driven industries
Hanover Fair Accelerating path toward AI-driven industries through innovation and partnerships SW DEFINED AUTOMATION SIEMENS XCELERATOR Audi – Next level of production Powerful partner ecosystem • First virtual PLC in operation for greater • Development of first industrial foundation flexibility, hi
Slide 7: Earlier than expected closing of Altair acquisition – integration process started
Earlier than expected closing of Altair acquisition – integration process started Creating most complete AI-powered portfolio of industrial software Leadership in simulation and Industrial AI Short-term integration priorities ✓ Successful Day 1 ✓ Initial joint activities at Hanover fair, excellent c
Slide 8: A leader in Life Sciences R&D software - AI-powered SW-portfolio expanded
: A leader in Life Sciences R&D software - AI-powered SW-portfolio expanded A market leading SaaS platform that unites best-in-class scientific applications with advanced lab informatics, driving next-gen, AI-powered collaboration, efficiency, and innovation in Life Sciences. Product portfolio overv
Slide 9: Key investment highlights
Key investment highlights Dotmatics: A leader in Life Sciences R&D software with a highly profitable portfolio of scientific applications 1 and multi-modal bio-informatics data platform Extends Siemens' market-differentiating Digital Twin Technology to Life Sciences, expanding Siemens 2 TAM by ~$11
Slide 10: Continuing growth of Digital Business driven by expansion of Siemens Xcelerator
Continuing growth of Digital Business driven by expansion of Siemens Xcelerator offerings and targeted portfolio expansion through software acquisitions Digital Business revenue¹ Strong progress in H1 across all businesses €bn Siemens Group • Siemens is patent champion among European companies in 20
Slide 11: DI SW – Annual Recurring Revenue (ARR)
Combining the real and digital worlds Continuing strong growth momentum with double digit ARR growth Therein 70% DI SW – Annual Recurring Revenue (ARR) SaaS transition with high momentum new customers €bn # Customers (accumulated): +12%1) SME customers ~ 21,720 +15%1) ~20,130 ~18,430 4.2 4.4 4.6 4.5
Slide 12: With strong U.S. footprint well positioned for volatile tariff environment
With strong U.S. footprint well positioned to deal with uncertainties from a highly volatile tariff environment Siemens Group with strong local-for-local footprint Key actions in a volatile tariff environment FY 2024 • Multi-tier supply chain transparency and management U.S. Footprint Siemens Group
Slide 13: Digital Industries (DI)
Digital Industries (DI) Improving Automation trend continuing, Altair transaction cost included Orders Revenue Profit margin Free cash flow €bn €bn €m +0%1) -5% 1) 17-23% -9% 4.5 4.3 -170bps 4.3 4.3 565 Excl. Altair 512 1.4 1.4 15.4% 16.7% 15.0% 3.1 2.9 16.5% 14.8% 0.76 0.81 Q2 FY 24 Q2 FY 25 Q2 FY
Slide 14: Digital Industries (DI) – Key regions
Digital Industries (DI) Q2 FY 25 – Key regions Orders Revenue Order improvement in Automation Q2 on track as Orders sharply up y-o-y on easy China +41% +2% comps, slightly below strong Q1; expected; however, Revenue up as destocking fades further recovery Weak macro keeps weighing on Germany -16% -1
Slide 15: Smart Infrastructure (SI)
Smart Infrastructure (SI) Strong revenue growth and outstanding operational margin, free cash flow a highlight Orders Revenue Profit margin therein 550bps Free cash flow €bn €bn WA-exit effect €m -3%1) +10% 1) +740bps 6.1 6.0 +27% 5.7 24.0% 5.1 16-20% 979 1.2 24.3% 1.1 770 16.8% 4.0 4.6 18.5% 16.6%
Slide 16: Smart Infrastructure (SI) – Key regions
Smart Infrastructure (SI) Q2 FY 25 – Key regions Orders Revenue U.S. with lower level of Orders down on very tough comps due to large project wins, U.S. -17% +16% large data center contracts in prior year; Revenue fueled by backlog execution orders up in other especially in Electrification regions O
Slide 17: Mobility (MO)
Mobility (MO) Broad-based order strength, double-digit revenue growth with industry leading profitability Orders Revenue Profit margin Free cash flow €bn €bn €m +22%1) 3.9 +12%1) +70bps 10 - 13% -84% 3.2 3.2 2.8 8.6% 9.4% 331 0.6 0.5 9.1% 0.18 8.4% 2.3 2.6 1.40 53 Q2 FY 24 Q2 FY 25 Q2 FY 24 Q2 FY 25
Slide 18: Below Industrial Business
Below Industrial Business SFS driven by equity divestment gain Q2 FY 25 €m Tax Rate 306 @ 23% 3,239 -11 Minorities -161 -24 €189m -175 €201m gain 2,441 2,439 from sale of an equity investment -733 -1 Industrial SFS Governance Innovation Finance, PPA Tax Income Disc. Ops. Net Income Business Eliminat
Slide 19: FCF “all in”
Strong operational free cash flow supported by all businesses FCF Industrial Business Q2 cash performance €bn +13% • Solid contribution from businesses, SI 3.8 outstanding 3.4 Q2 2.1 2.1 • Operating working capital up on higher Q1 1.3 1.7 receivables H1 FY 24 H1 FY 25 • Substantially higher tax paym
Slide 20: Very strong balance sheet after closing of Altair acquisition
Very strong balance sheet after closing of Altair acquisition Sound basis for stringent capital allocation, balancing investments and shareholder returns Capital structure Financial strength Industrial net debt/ • Consistent strong cash generation in H1 EBITDA (c/o) • Pension deficit at historic low
Slide 21: Assumptions for FY 2025 after H1
Assumptions for FY 2025 after H1 Business • Increased uncertainty caused by volatility in the economic environment environment • R&D intensity at least on FY 2024 level OPEX • SG&A in % of revenue on similar level as in FY 2024 • Capex Ratio1) reflecting ongoing execution of capacity expansion in SI
Slide 22: Outlook FY 2025 confirmed
Outlook FY 2025 confirmed Siemens Siemens Revenue growth Profit margin Group Businesses Comparable Digital Book-to-bill >1 Industries -6% – 1% 15% – 19% Revenue growth Smart Comparable 3% – 7% Infrastructure 6% – 9% 17% – 18% €10.40– EPS pre PPA Mobility 8% – 10% 8% – 10% excl. Innomotics €11.00 Thi
Slide 23: Questions and Answers
Questions and Answers Page 23 Unrestricted | © Siemens 2025 | Investor Relations | Q2 Analyst Call | 2025-05-15
Slide 24: Appendix
Appendix Page 24 Unrestricted | © Siemens 2025 | Investor Relations | Q2 Analyst Call | 2025-05-15
Slide 25: Digital Industries (DI) – Vertical end market trends
Digital Industries (DI) Vertical end market trends Vertical end markets Revenue Market trend1 Market trend1 Slowly emerging macro exposure Q1 FY 25 Q2 FY 25 improvement at risk due to unpredictable Automotive 20% tariff disputes Machine Building 15% Pharma & Chemicals 10% Food & Beverage 10% Electro
Slide 26: Smart Infrastructure (SI) – Vertical end market trends
Smart Infrastructure (SI) Vertical end market trends Vertical end markets Revenue Market trend1 Market trend1 Key verticals with exposure Q1 FY 25 Q2 FY 25 resilient market trends Commercial Buildings 15% Data Center and Power utilities Data Center 10% continue as growth Public Sector / Education 10
Slide 27: Financial Services: Strong H1 performance driven by a gain from a sale
Financial Services: Strong H1 performance driven by a gain from a sale in the equity business (as in prior year) Key figures SFS total Therein: Debt Business Equity Business Return on Equity (after tax) 23.8% 24.8% 12.8% 11.0% 71.4% 85.0% Earnings before 409 419 taxes (€m) 210 184 202 240 Total asse
Slide 28: Order backlog as a source of strength and resilience
Order backlog as a source of strength and resilience Expected revenue generation from backlog Key developments €bn • Strong book-to-bill >1 overcompensated by 117 28 currency translation effects in Q2 9 4 DI 9 6 • Backlog in DI AUT on normal levels, SW further SI 20 8 gaining share in DI backlog 1 •
Slide 29: Siemens Group – well balanced footprint across geographies
Siemens Group – well balanced footprint across geographies Americas EMEA Asia Pacific FY 2024 Revenue 26% 15% 11% 4% €75.9bn [change y-o-y] 31% [+2ppt] 46% [-1ppt] 22% [-1ppt] [unchanged] Factories (w/o POC) >150 25% (38) 18% (28) 48% (74) 21% (33) 28% (43) 15% (23) 8% (12) Employees (c/o)1) 312k 21
Slide 30: Net Debt bridge: Capital Structure remains well within target range
Net Debt bridge: Capital Structure remains well within target range – however, increase in Net Debt due to dividend payments and acquisition of Altair Ind. Net Debt/ Operating Activities therein: EBITDA (c/o) €bn • Altair, net of cash ac. -8.7 1.1x • CAPEX -0.6 (Q1 FY25: 0.4x) • SFS -0.3 33.8 • Sale
Slide 31: Provisions for pensions reach a new record low
Provisions for pensions reach a new record low Decrease mainly due to effects from higher discount rate Q1 FY Q2 FY Q3 FY Q4 FY Q1 FY Q2 FY in €bn¹ FY 2022 FY 2023 2024 2024 2024 2024 2025 2025 Defined benefit obligation (DBO)² -27.8 -26.6 -28.8 -28.3 -27.6 -28.4 -28.3 -27.2 Fair value of plan asset
Slide 32: 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 €m Q2 FY 25 H1 FY 25 SHS EBIT (adjusted) 982 16.6% 1,804 15.8% PPA (SHS logic)1 -92 -183 Transaction, integration, retention, carve-out cost -6 -9 Gains and losses from divestme
Slide 33: Outlook FY 2025 as presented by Siemens Healthineers on May 7, 2025
Outlook FY 2025 as presented by Siemens Healthineers on May 7, 2025 Page 33 Unrestricted | © Siemens 2025 | Investor Relations | Q2 Analyst Call | 2025-05-15
Slide 34: Financial calendar, Investor Relations Contacts
Financial calendar May 15, 2025 May 21, 2025 May 27/28, 2025 May 28, 2025 June 12, 2025 August 7, 2025 Q2 Earnings Roadshow Roadshow Roadshow JP Morgan Q3 Earnings Release GER U.S. FRA Conference Release Virtual (Frankfurt) (New York / (Paris) (London) Roadshow Boston) UK Investor Relations Contacts
Siemens Aktiengesellschaft — Q2 2025 Earnings Presentation on 6ix