Siemens Aktiengesellschaft · XETR:SIE
Siemens Aktiengesellschaft — Q2 2026 Earnings Presentation
28 slides from Siemens Aktiengesellschaft's earnings presentation, May 13, 2026
Slide 1: Siemens continues path of profitable growth
Siemens continues path of profitable growth Roland Busch, CEO Siemens AG Veronika Bienert, CFO Siemens AG Unrestricted | © Siemens 2026 | Investor Relations | Q2 FY26 Analyst Call | 2026-05-13
Slide 2: Notes and forward-looking statements
Notes and forward-looking statements This document contains statements related to our future business and achievements of Siemens may (negatively or positively) vary materially from financial performance and future events or developments involving Siemens those described explicitly or implicitly in
Slide 3: Key highlights
Key highlights Q2 FY26 results Book- Orders +18% Revenue +6% Group Outlook FY26 to-bill 1.22 €24.1bn €19.8bn Confirmed • Record backlog at €124bn • DI +12%, both Automation and • Growth engines DI and SI, MO • EPS pre PPA: €10.70 – €11.10 Software with healthy growth soft on tough comps • SI +35% to
Slide 4: Key levers for profitable growth
Key levers for profitable growth ONE Tech strategy delivering results Grow Digital Digital business revenue (€bn) Grow Regions Digital business growth driven by +19% Siemens & Australian Vulcan Energy expansion of Siemens Xcelerator partner to scale Europe’s sustainable offerings lithium supply – Pr
Slide 5: Hanover Fair: Industrial AI is revolutionizing manufacturing
Hanover Fair Industrial AI is revolutionizing manufacturing to increase resilience and competitiveness NEXT-LEVEL INDUSTRIAL AI PHYSICAL AI Eigen Engineering Agent Automating the unknown • Moving industrial AI from assistance to • Automation of complex and unpredictable tasks autonomous task executi
Slide 6: DI SW business with continuing double-digit ARR growth trajectory
DI SW business with continuing double-digit ARR growth trajectory DI SW – Annual Recurring Revenue (ARR) Business highlights €bn • Q2 ARR growth reflecting ongoing traction +11%¹ +21% across businesses +10%¹ +22% 5.5 • Robust sales pipeline and higher recurring revenue 5.3 5.3 4.9 leading to improve
Slide 7: Siemens software embraces AI to drive a unique value proposition to customers
Siemens software embraces AI to drive a unique value proposition to customers Our customers require AI- Faster Engines Faster Engineers Design Intelligence AI embedded in core solutions Agentic workflow solutions AI Fabric open to ecosystem powered Industrial SW that is Physics AI Fuse EDA AI system
Slide 8: Digital Industries (DI): Strong topline in Software and Automation
Digital Industries (DI) Strong topline in Software and Automation drives further margin expansion Orders Revenue Profit margin Free cash flow €bn €bn €m +12%¹ +8%¹ +370bps Profit +48% margin excl. 760 4.8 severance 4.3 4.3 4.6 19.2% 512 1.4 Software 1.6 15.0% 18.5% 14.8% CCR 0.81 0.89 2.9 3.0 Q2 FY2
Slide 9: Digital Industries: Broad-based growth across regions
Digital Industries (DI) Broad-based Q2 FY26 Key regions – Automation Orders Revenue growth across Clear order growth with book-to-bill above 1; regions China +7% +6% Solid sequential revenue dynamics with strength in Discrete Automation Orders up on easy comps, book-to-bill below 1; Germany +13% +2%
Slide 10: Smart Infrastructure (SI): Continuing excellent performance, orders at all-time-high
Smart Infrastructure (SI) Continuing excellent performance across businesses, orders at all-time-high Orders Revenue Profit margin Free cash flow €bn €bn 24.3% incl. €m +35%¹ 550bps WA- +10bps Profit margin excl. +10%¹ exit effect severance & +15% 7.5 WA-effect 6.0 5.7 5.9 1,121 1.2 1.2 18.8% 979 Se
Slide 11: Smart Infrastructure: Strong orders driven by the U.S., mainly due to data center wins
Smart Infrastructure (SI) Strong orders Q2 FY26 – Key regions Orders Revenue driven by the U.S., U.S. +72% +17% Orders sharply up in Electrification & EP fueled by data center & semiconductor wins; mainly due to data Revenue growth driven by Electrification center wins Germany +3% +4% Orders signifi
Slide 12: Mobility (MO): Strong orders, performance impacted by U.S. tariff effects
Mobility (MO) Strong orders, performance impacted by U.S. tariff effects and delayed call-offs Orders Revenue Profit margin Free cash flow €bn €bn €m +41%¹ -2%¹ -220bps Profit CCR 0.18 -0.91 margin 5.3 excl. severance 3.9 3.2 3.0 Customer 53 0.6 Services 0.6 9.4% 7.6% 9.1% 2.6 2.5 6.9% -190 Q2 FY25
Slide 13: Free cash flow in Q2 well above prior year; share buyback
Free cash flow in Q2 well above prior year Further accelerated share buyback brings program to €5.7bn, new share buyback announced FCF Industrial Business Q2 cash performance €m • Y-o-y improvement due to catch-up in Industrial Business and +15% €0.2bn lower tax payments 2,430 • Double-digit FCF ret
Slide 14: Assumptions for FY 2026 after H1
Assumptions for FY 2026 after H1 Well-positioned in attractive markets Business environment Increased uncertainty caused by volatility in the geopolitical environment R&D intensity slightly above FY25 level; OPEX SG&A as a percentage of revenue close to level as in FY25 CAPEX Capex ratio¹ moderately
Slide 15: FY 2026 Siemens Group guidance confirmed
FY 2026 Siemens Group guidance confirmed Siemens Group Siemens Businesses Revenue growth Profit margin Comparable Book-to-bill >1 Digital Industries 7%–10% 17%–19% [Previously: 5%-10%] [Previously: 15%-19%] Revenue growth 6%–8% Smart Infrastructure 8%–10% 18%–19% Comparable [Previously: 6%-9%] EPS p
Slide 16: Appendix
Appendix Page 16 Unrestricted | © Siemens 2026 | Investor Relations | Q2 FY26 Analyst Call | 2026-05-13
Slide 17: Below Industrial Business
Below Industrial Business Q2 FY 26 in €m Tax rate @25.3% 95 67 131 Minorities 2,969 209 -167 -239 2,236 2,134 Therein: Gain of €172m -722 102 from sale of Airport Logistics business in the U.S. Industrial SFS Governance Innovation Financing, PPA Tax Income Disc. Ops. Net Income Business Elimination,
Slide 18: Below Industrial Business: Updated expectations for Innovation and Financing, Elim., Other
Below Industrial Business Updated expectations for Innovation and Financing, Elim., Other Actuals H1 FY 2026 FY 2026 – Expectations €m Profit IB 5,873 SFS 230 On prior year level Governance 82 Target of “zero governance costs net of brand fee by FY26” confirmed Innovation -320 ~-€0.7bn to -€0.8bn, i
Slide 19: Digital Industries: Macro environment challenged by renewed pressure
Digital Industries (DI) Vertical end markets Revenue Market trend1 Market trend1 Macro environment exposure Q1 FY26 Q2 FY26 challenged by Automotive 20% renewed pressure on energy markets, Machine Building 15% supply chains and inflation Pharma & Chemicals 10% Food & Beverage 10% Electronics & Semic
Slide 20: Smart Infrastructure: Key verticals with consistent market dynamics
Smart Infrastructure (SI) Vertical end markets Revenue Market trend1 Market trend1 Key verticals with exposure Q1 FY26 Q2 FY26 consistent market Industrial 25% dynamics Commercial Real Estate 15% Thriving Data Center Data Centers demand and strong 15% Power Utilities Power Utilities 15% remain growt
Slide 21: Record order backlog a source of strength and resilience
Record order backlog a source of strength and resilience Expected revenue generation from backlog Key developments in Q2 in €bn 124 30 • Q2 FY26 book-to-bill at 1.22 drove further increase in order DI 10 5 backlog 11 22 6 • Backlog at DI moderately up due to SW; AUT stable SI 8 0 • Record-high backl
Slide 22: Financial Services: Solid H1 performance
Financial Services: Solid H1 performance – Prior year included a gain on sale of an equity investment of €201m Key figures SFS total Therein: Debt Business Equity Business Return on Equity 24.8% 12.7% 11.0% 10.5% 85.0% 23.8% (after tax) Earnings before 419 taxes (€m) 230 184 174 240 60 Total assets
Slide 23: Capital structure remains well within target range
Capital structure remains well within target range Increase in net debt due to seasonal dividend payments Ind. net debt/ Q2 ΔQ1 EBITDA (cont. ops.) Therein: • SFS debt 29.0 +0.3 • Provisions for pensions -0.7 0.0 1.2x €bn Operating activities • Dividends paid -4.2 (Q1 FY26: 0.9x) • Share buyback -1.
Slide 24: Provisions for pensions stable on historic low level
Provisions for pensions stable on historic low level despite high market volatility Q1 Q2 Q3 Q4 Q1 Q2 in €bn¹ FY 23 FY 24 FY 25 FY 25 FY 25 FY 25 FY 26 FY 26 Defined benefit obligation (DBO)² -26.6 -28.4 -28.3 -27.2 -26.9 -26.9 -26.6 -26.3 Fair value of plan assets² 25.5 28.3 28.0 27.0 26.7 26.8 27.
Slide 25: Siemens with sound refinancing profile
Siemens with sound refinancing profile Total loan-and-bond debt of around €46.0bn Loan-and-bond maturity profile as of March 31, 2026 (in €bn) 5.8 Long term Short term Outlook 4.9 Aa3 P-1 Stable 4.4 3.6 Long term Short term Outlook 3.0 3.1 2.9 AA- A-1+ Stable 2.1 2.0 1.5 1.5 1.5 1.3 1.3 1.3 1.0 1.1
Slide 26: 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 In €m Q2 FY26 H1 FY26 SHS EBIT (adjusted) 836 14.7% 1,645 14.8% PPA (SHS logic)1 -85 -169 Transaction, integration, retention, carve-out cost -1 -3 Gains and losses from divestm
Slide 27: Outlook FY 2026 as presented by Siemens Healthineers on May 7, 2026
Outlook FY 2026 as presented by Siemens Healthineers on May 7, 2026 Page 27 Unrestricted | © Siemens 2026 | Investor Relations | Q2 FY26 Analyst Call | 2026-05-13
Slide 28: Financial calendar and Investor Relations Contacts
Financial calendar May 13, 2026 May 18, 2026 May 19, 2026 May 26/27, 2026 June 17, 2026 August 6, 2026 Q2 Earnings Roadshow Roadshow Roadshow U.S. JP Morgan Q3 Earnings Release (Munich) Frankfurt Paris Boston conference Release Virtual New York (London) Roadshow UK Investor Relations Contacts Tobias
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