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Siemens Energy is a trademark licensed by Siemens AG.Siemens Energy is a trademark licensed by Siemens AG. Siemens Energy is a trademark licensed by Siemens AG. Maria Ferraro January 2026 German Investment Seminar in New York
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Siemens Energy is a trademark licensed by Siemens AG.January 2026 2 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 such as “expect”, “look forward to”, “anticipate” “intend”, “plan”, “believe”, “seek”, “estimate”, “will”, “project”, or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy’s management, of which many are beyond Siemens Energy’s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions prove incorrect, Siemens Energy’s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes supplemental financial measures – that are not clearly defined in the applicable financial reporting framework – and that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Energy’s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Disclaimer
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Profit margin before SI 6.0% €39.1 bn €138 bn +220 bps Revenues Order backlog Backlog margin increase 500 bps 15.2%1 12.3%2 62 From negative to positive 194 units +15% Net Promoter Score Credit rating outlook3 Gas turbines4 sold Transformers capacity increase 8 94% We delivered FY25 above our commitments © Siemens Energy, 2026 | Maria Ferraro | CFO 3 Note: All developments indicated are vs. FY24 | 1 Comparable revenue growth in FY25: Excluding currency translation and portfolio effects | 2 Nominal growth | 3 S&P long-term credit rating & outlook change in FY25 | 4 Gas turbines >10 MW Siemens Energy is a trademark licensed by Siemens AG.January 2026
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Siemens Energy is a trademark licensed by Siemens AG. Resilient service backlog of >€60 bn Gas Services backlog margin up ~12 pp in new unit and ~3 pp in Service since FY22 Grid Technologies backlog quadrupled, and margin1 rose 9 pp since FY22 Transformation of Industry backlog margin up in both new unit and Service; high transactional volume Siemens Gamesa Onshore new unit backlog down to ~€2 bn and improving margin FY22 FY23 FY24 FY25 97 112 123 138 Order backlog (in € bn) GS TI GT SG Excellent order book Enhance resilience in a transforming world Backlog project margin1 improvement (in pp) 4 +42% 1 Margin on product/solution/service project level | 2 Siemens Gamesa backlog margin FY22 – 24: neg 4 pp 7 2 6 3 5 1 3 1 1 Gas Services (New Unit) Gas Services (Service) Grid Technologies Transformation of Industry Siemens Gamesa2 FY22 – 24 FY25 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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5 Guided by our North Star We benefit from electricity growth and electrification. We act in areas where we can achieve a #1 or #2 market position. We target financial performance in top quartile of industrials in each business. We implement effective corporate structures and aim to reduce our overhead cost intensity continuously. We focus on customers to maintain top NPS levels. Siemens Energy is a trademark licensed by Siemens AG. As a global leader in energy technology, we energize society © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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We operate in a growing market world investment in power generation and grids in 2025 ~45% 6 Source: Siemens Energy analysis based on IEA World Energy Outlook 2025, IEA World Energy Investment 2025, DNV Energy Transition Outlook 2025 global electricity demand grew twice as fast as total energy demand in 2025 ~2x increase in global electricity demand by 2035 ~€1.3 tn Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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FY25 15.2% 6.0% €4.7 bn FY26 11 – 13% 9 – 11% €4 – 5 bn Revenue growth1 Profit margin before SI Free Cash Flow pre-tax FY28 Low-teens 14 – 16% 7 In a turbulent world, we elevate performance and upgrade our targets 1 Comparable revenue growth (excluding currency translation and portfolio effects); FY28 Compound annual revenue growth rate (FY25-based) Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. FY22 FY23 FY24 FY25 FY26 FY28 13.0% 14 – 16% 18 – 20% Sustainable value creation to accelerate Profit margin before SI Gas Services Grid Technologies Transformation of Industry Siemens Gamesa Previous mid-term targets FY28: GS 12 – 14%, GT 13 – 15%, TI 10 – 12%, SG 3 – 5% | 1 Compound annual comparable revenue growth rate (FY25-based) | 2 Improvement profit w/o special items FY28 vs FY25 FY22 FY23 FY24 FY25 FY26 FY28 15.8% 16 – 18% 18 – 20% FY22 FY23 FY24 FY25 FY26 FY28 11.3% 11 – 13% 12 – 14% (13.1)% FY22 FY23 FY24 FY25 FY26 FY28 3 – 5% Break- even Revenue growth1 Mid-teens >2x Profit before SI (FY25 – 28) ~2x ~1.5x +€2 bn2 8 High-teens M/HSD MSD Built the transforming energy world © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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9 Build the transforming energy world ▪ Develop production infrastructure for fast-growing business ▪ Evolve business portfolio ▪ Build the talent pool to deliver Enhance resilience in a transforming world ▪ Build robust supply chains ▪ Optimize financial resilience ▪ Respond swiftly to external threats ▪ Continuously optimize our operating model ▪ Leverage data and digitalization ▪ Keep focus on sustainability Transform the way we operate Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. Strong cash generation – Solid investment grade credit profile with positive outlook FY22 FY23 FY24 FY25 FY26 FY28 4.7 4 – 5 BBB (outlook positive) Free Cash Flow (pre tax) (in € bn) Baa1 (outlook stable) 10 ∑ ~€20 bn © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026 as of Dec. 17, 2025 as of Dec. 11, 2025
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Siemens Energy is a trademark licensed by Siemens AG. Balanced capital allocation – Up to €10 bn return to shareholders until FY28 1 1 Up to €6 bn share buyback and ~€4 bn dividends paid in FY26 – 28 (associated to net income of years FY25 – 27), in line with dividend policy | 2 Incl. shares to service employee share plans | 3 Including operating lease payments, interest paid and minority dividends | 4 Cash flow from operating activities (after tax): FCF pre-tax of ~€20 bn less tax (~€3 bn at <20% effective cash-tax rate) and before CAPEX (~€6 bn) 11 5 ~23 Sources Uses Cash flow from operating act. FY26 – 28 4 Adj. Net Cash FY25 ~€28 bn Shareholder returns Dividends and up to €6 bn share buyback program Strategic reserve for India commitment, bolt-on M&A and ensuring strong investment grade credit profile CAPEX and other operations3 incl. ~€6 bn CAPEX to support organic growth Dividend for FY25: proposed €0.7 attractive 40 – 60% Dividend policy Stable execution along 3-year program up to €6 bn until FY28 Share buyback2 ~1/3 ~1/3 ~1/3 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Advancing to 2030 Sustained margin expansion continuously growing beyond 2028 Profit margin before SI (%) SG GS GT TI FY30FY25 6.0% FY28 14 – 16% 12 Driving continuously EPS growth Execution of orders with high margins Operational excellence and focus on costs optimization Portfolio amendments and capital allocation on most profitable mix Sustained long-term electricity growth momentum Siemens Energy is a trademark licensed by Siemens AG. © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. Creating sustainable shareholder value Resilient revenue growth Well diversified portfolio with leading market positions Broad-based margin expansion Excellent order book and growing service Strong cash flow generation secured by capital efficient business model Balanced capital allocation reinforced by a strong investment grade credit profile Excellent shareholder returns up to €10bn in dividends and share buyback until FY28 13© Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG.Siemens Energy is a trademark licensed by Siemens AG. Siemens Energy is a trademark licensed by Siemens AG. Backup Siemens Energy is a trademark licensed by Siemens AG.
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Siemens Energy is a trademark licensed by Siemens AG. Gas leads the way 15 Quick to deploy 2x total US electricity generation to be added until FY30 Reliable 24/7 reliable power critical to power data centers Dispatchable Must-have in countries with high renewables share Sources: IEA WEO 2025, Siemens Energy internal market assessment; 1 Including steam turbine capacity of combined cycle configuration AI build-out, grid stability and coal phase-out drive country programs United States >250 GW Saudi Arabia and UAE ~50 GW Germany and Eastern Europe ~40 GW Taiwan ~25 GW Reconstruction Iraq, Ukraine, Syria, … up to 60 GW 61 85 90 FY22 FY25 Upside ØFY26 – 35 100++40% Gas additions1 in GW p.a. © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. North America Europe and Africa Latin America Middle East Asia Pacific and China Doubled orders to ~200 GTs in one year 16 ~2x # of GT sold FY25 vs. FY24 #1 in FY25 Market share1 ~78 GW New unit backlog2 Williams Data Centers, US Powering AI – 5 GW across multiple frames Mai Liao and Kuo Kuang, TW Advanced semiconductor manufacturing and coal-to-gas shift – 3 GW / 6xHL units Orders by frames # GT units, GW 47 10839 51 FY24 FY25 Secured 100 194 >200 Markets Regions Large Medium Aero Small Conventional Peaking Data Center Powership FPSO3 Source: McCoy 1 GTs >10MW without O&G | 2 Based on orders booked in FY24, FY25 and secured orders expected to be booked in the next 12 months | 3 Floating production storage and offloading 36 GW26 GW16 GW © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. A growth engine built for scale, profitability and longevity 17 Key profitable growth drivers ~20 years ~78 GW backlog1 Service lifecycle New units ~€30 bn revenue potential (~ €400 m/GW) Favorable pricing trends Fixed cost degression Accretive project mix in backlog 1 Based on orders booked in FY24, FY25 and secured orders expected to be booked in the next 12 months | 2 Comparable (excluding currency translation and portfolio effects) Total €23 bn orders (+43%2 vs. FY24) New unit (~40%) +5 pp backlog margin (vs. FY24) Service (~60%) +1 pp backlog margin (vs. FY24) FY25 insights Total €54 bn backlog (+€9 bn vs. FY24) © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. Leveraging a dynamic capacity expansion 18 FY24 Ø FY25 – 27 Ø FY28 – 30 ~110 ~160 210 – 230 Large Medium Aero Small High service relevance Premium pricing Short payback period Scale-up within existing footprint The four golden rules 1 Including steam turbine capacity of combined cycle configuration Capacity # GT units, GW1 >30 GW22 GW17 GW +30% Capacity sold-out until FY28 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. An opening act to an even greater story 19 Gas Services installed fleet1 Fleet additions (FY24 – 30) Service order backlog in € bn >80% baseload ~50% baseload ~180 GW>700 GW 34 41 FY22 FY25 FY28e FY30+ >50 ++ +2 pp fleet utilization (vs. FY24) >90% renewal rate for long term programs ▪ Data centers, nuclear, offshore applications value extreme availability and reliability ▪ Economies of scale from growing service backlog and unlock productivity gains via AI 78 GW secured 1 As of FY23 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. ~15% Energy transition 20 ~25% Replacement ~60% Demand growth Serving through GT’s core scope #2#1 #1 >50% ~5,000 TWh conventional generation to be transitioned to RES by 2040 Driven by GDP growth and electrification 30% 30% 25% 15% Buildings Manufacturing Transport Data center Core drivers of the grid in advanced economies to be replaced by 2040 Strong demand supported by structural market drivers 2025 – 2040 grid investments Products ServiceSolutions Note: RES = Renewable energy sources | Source: Energy transition and demand growth drivers as per DNV ETO 2025; replacement drivers as per IEA Building the Future of Transmission Grid 2025; grid investment shares based on Siemens Energy internal assessment # Market position as of FY24 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. 21 Addressable market United States Europe Middle East China & India FY24 FY30 FY24 FY30 Grid stabilization & digitalization Renewables integration with supporting policies Aging infrastructure 25% 34% 12% 13% 16% United States Europe Middle East China & India Other regions Regional market split 9% 8% 10% 2% XXX Core regional market drivers FY24 FY30 FY24 FY30 Data center build-out Market doubled and further growth expected across all regions FY22 FY24 FY30 7% 2x Note: Based on Siemens Energy internal market assessment; regional market split derived from cumulative market FY24 – 30; all numbers refer to order intake © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. 22 €24 bn Execution priorities Digitalization & automation Balanced terms & conditions Project standardization Supply chain derisking Controlled headcount ramp-up Market volumes FY22 – 24 → FY28 – 30 Solutions order backlog HVDC & offshore Substations Grid stabilization 2x 2x 3x ~€45 bn → ~€95 bn ~€52 bn → ~€100 bn ~€10 bn → ~€27 bn Note: Market numbers based on Siemens Energy internal market assessment; backlog as per Q4 FY25 HVDC & offshore (Ø reach: 5 – 7 years)66% Substations (Ø reach: 2 – 3 years)21% Grid stabilization (Ø reach 3 – 4 years)13% Solutions with further market momentum, healthy backlog & leading execution competence © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. 23 Market remains tight… example: power transformers1 …despite our investments and operational improvements: FY23 – 25: Achieved milestones ~€600 m investments2 (~20% additional capacity) Enhanced supply chain resilience (~50% reduction of single sourcing) FY26 and beyond: Flexible ramp-up plan (~2x capacity) Transform the way we operate (e.g., via automation and AI in production) Further investments of ~€2 bn into factory network2 by FY28 0% 100% 200% FY23 FY25 FY28 FY30 ~40% ~10% Capacity Market Market/capacity gapXX% 1 Market/capacity analysis for power transformers (large and medium) in Europe and North America of all market players based on Siemens Energy internal market assessment; values relate to Giga-Volt-Amperes (GVA) – a measure for the transformer size/the load a transformer can handle | 2 CAPEX for transformers and switchgears including real estate Dynamic products market requiring further investments to strengthen our #1 position © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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24 Offshore profitability ▪ SG 14/15 cost out ▪ Project execution excellence Operational excellence ▪ Factory productivity ▪ Reduction of NCCs2 Onshore turnaround ▪ Structure cost reduction ▪ Streamlined product portfolio Service profitability ▪ Field productivity ▪ Aftermarket growth (1.8) FY24 Progress FY25 FY26 FY28 Main building blocks and progress made Profit before SI in € bn 3 – 5%1 Break- even 1 Profit margin in % of revenue with profit as earnings before financial result, income taxes, amortization expenses related to intangible assets acquired in business combinations, and goodwill impairments 2 Non-Conformance Costs 1 2 3 4 1 2 3 4 On track to break-even in FY26 – Next milestone towards profitability Key levers © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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25 17 16 2024 23 19 2025 22 21 2026 28 33 2028 29 36 2030 Focus Other1 33 42 43 61 65 52% 48% 2025 – 30 share9% for focus countries Leverage our strengths through focus on attractive Onshore markets Onshore market outlook based on installations in GW Onshore wind as corner- stone of electrification ▪ Cost-competitiveness ▪ Energy security ▪ Fast build-out Focus new unit volumes on 12 countries where we can leverage … ▪ regulatory and policy support ▪ product fit excellence ▪ strong Service track-record ~4,000 TWh x1.5 energy production2 2030 vs. 2025 >67 GW of SG fleet in focus countries3 Source: Wood Mackenzie (Global Wind Power Market Outlook 2025 Q3), excluding China | 1 Includes India | 2 IEA Renewables 2025 | 3 Internal reference as of FY25 Q4 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Robust reliability to perform under extreme weather conditions ▪ SG 4.3-140/130/120 – Japan Cost-effective repowering to unlock the full potential of wind assets ▪ SG 3.2-129 – Unites States of America High performance in complex wind conditions and demanding requirements ▪ SG 7.0-1701 – Europe/other4 ▪ SG 5.0-145 (2.0)2 – Europe/other4 Reduction in manufacturing sites3 from 10 in FY23 to 4 in FY26 Exit4Blade plantNacelle plant 1 New SG 5.X design | 2 New SG 4.X design | 3 Planned vs. FY23 end, Indian plants to be exited (TPG partnership) 4 Also relevant for other markets, for example, SG 7.0-170 relevant for Canada and Australia among others A right-sized portfolio and footprint to drive productivity, cost and quality in Onshore 26 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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27 3 2 2023 – 2025 8 3 2026 – 2028 9 3 2029 – 2031 5 11 12 2032 – 2034 16%1 Offshore market outlook Three years average – based on annual installations in GW Offshore wind has a unique combination of ▪ high contribution to energy independency ▪ gigawatt scale with little use of land ▪ high capacity factor EU and UK as stronghold ▪ 37 GW installed, thereof 17 GW in the UK ▪ high commitment, e.g., 300 GW EU target for 2050 ▪ CfD proven in the UK; EU countries following – transition ongoing in several key markets Asian markets bring upside potential, esp. Taiwan, South Korea and Japan Source: Wood Mackenzie (Global Wind Power Market Outlook 2025 Q3), excluding China | 1 CAGR 2024 – 2030 Offshore remains a promising market thanks to its strong attributes © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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28 FY23 FY24 FY25 FY26 and beyond SG 6/7 SG 8 SG 11 SG 14/15 SG 14/15 >22 Previous platforms ~21 output >60% higher Streamlined product portfolio SG offshore production by platform1 Unprecedented volume Secured SG 14/15 pipeline2, in GW We leverage the SG 15 as workhorse product to drive profitability 1 Based on ex-work of nacelles, in MW | 2 Including installed, under construction, firm order and preferred supplier agreement © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. From turnaround to double-digit profit – Exceeding 2023 CMD goals 29 FY21 – 23 levers ▪ Footprint optimization ▪ Portfolio streamlining ▪ Operational excellence FY21 FY22 FY23 FY24 FY25 (2.0)% 1.1% 5.1% 7.4% 11.3% TI profit margin1 +710 bps 7 – 9% CMD 2023 = ≥1,300 bps FY23 – 25 levers ▪ +25% Service revenue growth ▪ +>4.5% yearly productivity increase ▪ ~1% Capex average expenditure2 + Turnaround delivered +620 bps Double-digit profit achieved 1 before SI | 2 as percentage of revenue © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. +7%2 30 Diversified markets – Ensuring resilience across industries, applications and regions Key market trends Our market1 (€ bn) 1 Siemens Energy Transformation of Industry internal addressable market assessment | 2 Compound Annual Growth Rate | 3 Hydrogen growth expected towards end of the decade | 4 Data centers, metals and mining, cement, pulp and paper, glass and ceramics | 5 Shares based on FY24 market Industries 35 53 Hydrogen upside3 Maritime Process industries4 Industrial power generation Oil and gas and chemicals FY24 FY30 55% 20% 15% 10% Applications5 20% 25% 30% 25% Conventional Electrification Energy efficiency Hydrogen and carbon capture Middle East and Africa Europe Asia Americas 68% 44% Electrification +45% global electricity demand by 2035 Energy security +3x LNG capacity by 2030 Power surge through AI +3x data center power demand by 2035 Energy affordability +80% industrial energy efficiency investment by 2030 Regions5 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. Diversified markets – Portfolio positioned for further growth 31 Maritime Data center HydrogenDigital >40% increase in maritime revenue1 >4x data center orders1 >1 GW under construction or in operation >3x digital orders1 On-board power generation and distribution for emission reduction Load stabilization for uninterrupted operations Electrolyzers and compressors for clean hydrogen Asset and plant performance management for optimized operations 1 FY28 vs. FY25 picture © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026
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Siemens Energy is a trademark licensed by Siemens AG. Service growth – Unleashing value across the asset lifecycle 32 1 FY25 vs. FY23 | 2 in compression and steam turbine business Customers need service Service lifecycle 2x service vs. asset revenue >85 k assets >50 years Capturing fleet potential 20 – 40% of total operating expenses in metals production related to energy costs >$400 k/hr Average cost of unplanned downtime in an oil & gas plant Digital services Real-time optimization and predictive maintenance Repairs, field service, spare parts Increasing availability and reliability Modernizations and upgrades Increasing efficiency Replacements Extension of lifetime, electrification of assets Significant margin improvement since 2023 Double-digit service growth every year +>12% margin increase1 +18% backlog growth >50% service revenue share2 © Siemens Energy, 2026 | Maria Ferraro | CFOJanuary 2026