Slide 1: Analyst Call: Earnings Release Q3 FY2026
Analyst Call Earnings Release Q3 FY2026 Bernd Montag, CEO | Jochen Schmitz, CFO July 31, 2026
Slide 2: Safe harbour statement
Safe harbour statement This presentation has been prepared solely for use at this meeting. This material is given in conjunction with an oral presentation and should not be taken out of context. By attending the meeting where this presentation is held or accessing this presentation, you agree to be
Slide 3: Key takeaways
Key takeaways ▪ Very strong equipment book-to-bill of 1.27 ▪ New Value Partnerships with highly renowned institutions ▪ Synergetic core with 5% growth, Diagnostics still challenged ▪ High profitability supported by tariff refunds ▪ Revenue outlook lowered primarily due to Diagnostics; EPS outlook ra
Slide 4: New partnerships with highly renowned institutions
New partnerships with highly renowned institutions Cleveland Clinic Vanderbilt Health Cleveland Clinic, USA Vanderbilt Health, USA • Significant 10-year strategic alliance • Multi-year Value Partnership • Strengthening quality and efficiency in radiology • Providing advanced imaging and radiation on
Slide 5: Innovation is powering growth across our portfolio
Innovation is powering growth across our portfolio Patient Twinning Precision Therapy Photon-counting CT now ~30% of total Accelerated growth in Advanced Therapies CT equipment order volume driven by all new angio portfolio Every 2nd MRI ordered is DryCool technology based Varian with continued inno
Slide 6: Diagnostics at ADLM – showcasing Atellica analyzer evolution and brain health assay portfolio
Diagnostics at ADLM – showcasing Atellica analyzer evolution and brain health assay portfolio Atellica Forte • Evolution of our proven Atellica platform connecting instruments, assay performance, automation, informatics, and AI • Launching industry-leading menu for core lab capillary blood testing o
Slide 7: High profitability supported by tariff refunds; very strong equipment book-to-bill
High profitability supported by tariff refunds Very strong equipment book-to-bill Imaging Equipment book-to-bill of 1.27 Precision Therapy Diagnostics Growth at 2% 5% Growth at 9% Revenue decline of -6% revenue Margin at 26.5% growth1 Margin at 17.5% Margin at 4.1% therein tariff refunds of 490 bps2
Slide 8: Imaging: Soft growth, high margin benefits from tariff refunds
Imaging Soft growth, high margin benefits from tariff refunds Comparable Growth +2.3% Soft growth on very tough comps (PYQ: 12%) Revenue (€m) 2,966 3,008 Radiopharmaceuticals businesses continues high growth momentum Q3 FY2025 Q3 FY2026 Margin +280 bps Y-o-y Contribution from tariff refunds of 490 b
Slide 9: Precision Therapy: Very strong growth, high margin benefits from refunds
Precision Therapy Very strong growth, high margin benefits from refunds Comparable Growth +9.2% Very strong growth on healthy comps (PYQ: 8%), Revenue (€m) lead by double-digit growth in Advanced Therapies 1,621 1,749 Varian growth at 9.3% Q3 FY2025 Q3 FY2026 Margin +320 bps Y-o-y Contribution from
Slide 10: Diagnostics: Continued y-o-y decline, sequential margin improvement
Diagnostics Continued y-o-y decline, sequential margin improvement Comparable Growth -5.5% Significant revenue decline (PYQ: -1%) Revenue (€m) 1,059 Continuing structural market rebasing in China 992 Revenue dilution due to legacy platform decline Q3 FY2025 Q3 FY2026 Margin -510 bps Y-o-y Contributi
Slide 11: Group: Revenue growth driven by EMEA
Group: Revenue growth driven by EMEA Adj. EPS up vs. very good PYQ, benefitting from tariff refunds Revenue (€m) Adjusted basic earnings per share (€) Comparable Growth +2.8% +10% 5,662 5,764 0.64 0.70 Q3 FY2025 Q3 FY2026 Q3 FY2025 Q3 FY2026 Revenue growth of 2.8% (PYQ: 7.6%) Adj. EBIT margin y-o-y
Slide 12: Revenue growth in synergetic core to accelerate in Q4
Revenue growth in synergetic core to accelerate in Q4 Comparable revenue by quarter in FY26 Q4 dynamics Strong Imaging growth expected: y-o-y Q1 Q2 Q3 Q4 • Revenue shifts in MR from Q3 to Q4 growth • CT equipment growth to accelerate in Q4 driven by €5.4bn €5.7bn €5.8bn photon-counting CT sales Grou
Slide 13: Adj. EPS FY26: operationally on track, known head- and tailwinds considered
Adj. EPS FY26: operationally on track, known head- and tailwinds considered – updated for tariff refunds FY26E updated for contribution from tariff refunds3 As of Q3 FY2026 year-to-date Y-o-y operational improvement and headwinds from FX and tariffs1 materialized year-to-date as expected2 Unchanged
Slide 14: Outlook 2026 updated
Outlook 2026 updated FY2025 FY2026E Revenue growth 5.9% Revenue growth 3.5 to 4.0% (previously: 4.5 to 5.0%) Adj. EPS €2.39 Adj. EPS €2.35 to 2.45 15cts contribution from tariff refunds1 Adj. EPS €2.20 to 2.30 (previously) 14 Note: Outlook for FY2026 is based on several assumptions (see Quarterly St
Slide 15: Earnings dynamics going into FY27
Earnings dynamics going into FY27 as of CMD 2025 €2.35 to 2.45 incl. tariff refunds1 baseline €2.20 to 2.30 Mitigation Inflation Others FY26E FY27E (market-adaptive pricing and (macro (tax rate normalization, additional cost productivity) uncertainty) financial income, recurring separation costs) No
Slide 16: Unrestricted © Siemens Healthineers
16 Unrestricted © Siemens Healthineers
Slide 17: Appendix
Appendix 17 Unrestricted © Siemens Healthineers
Slide 18: Revenue and margin by quarter for FY23 - FY26
Revenue and margin by quarter for FY23 - FY26 19.1% therein tariff refunds of 370 bps2 FY23 FY24 17.7% Adj. EBIT FY25 margin 16.8% 17.4% FY26 16.6% 17.2% 15.1% 15.2% ex FX1 15.0% 14.7% 14.6% 6.3 6.3 14.3% 14.3% ex FX1 6.1 5.9 ex FX1 13.5% ex FX1 Revenue 5.7 5.7 5.5 5.4 5.4 5.4 (€bn) 5.3 5.8 5.2 5.2
Slide 19: EBIT to Free Cash Flow bridge and cash conversion rates
EBIT to Free Cash Flow bridge and cash conversion rates Q3 FY26 Siemens Healthineers EBIT to Free Cash Flow (€m) Imaging 1.1 CCR2 PTH 1.0 Diagnostics >1 CCR1 1.12 1″412 -55′ 38′ 1″251 284′ 43′ -106′ 1″159 1″032 219′ -210′ 1″023 946′ -43′ 86′ -179′ Healthineers PPA EBIT excl. Depr. of PPE EBITDA Cha
Slide 20: FY26 balance sheet and net debt bridge
FY26 balance sheet and net debt bridge Net debt overview Capital structure development in FY26 (in €bn) in €bn Sep 30, 2025 June 30, 2026 Leverage1 2.8x 2.8x Cash and cash equivalents 2.2 2.4 12.5 12.3 Receivables from the Siemens Pensions 0.0 0.0 0.5 0.4 Group from financing activities Short-term a
Slide 21: Loan maturity profile
Loan maturity profile Loans with Siemens Group as of Jun 30, 2026 (in EUR m) Comments ▪ Total loan volume ~EUR 12.8 bn equivalent1 EUR ▪ Average interest rate ~2.4% p.a.4 USD hedged in EUR ▪ Total repayment volume ~EUR 11.7 bn equivalent5 USD Top 10 loans ranked in EUR volume Others Notional Notiona
Slide 22: Provisions for pensions
Provisions for pensions Q3 FY2026 Key financials – Pensions and similar obligations Q1 Q2 Q3 in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2026 FY2026 Defined benefit (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (3.4) (3.4) (3.4) obligation (DBO) Fair value of 2.6 2.8 2
Slide 23: Glossary
Glossary ‘Revenue’ in this presentation refers for segments to ‘Adjusted revenue‘ Adjusted revenue is defined as consolidated revenue reported in the company’s consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocatio