Earnings release
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Earnings Release Q1 FY 2026 October 1 to December 31, 2025 Munich, Germany, February 11, 2026 – Siemens Energy today announced its results for the first quarter of fiscal year 2026 that ended Decem- ber 31, 2025. Continued market momentum drives strong start to the year “We have made a very strong start to the financial year. Sustained high demand in our gas turbines and grid technologies busin esses is making a significant contribution to overall performance. Also in the wind business, there are early signs of a modest improvement ”, says Christian Bruch, President and CEO of Siemens Energy AG. • The positive momentum from the prior fiscal year carried seamlessly into the first quarter. Favorable energy market trends remained firmly intact, robust demand was broad-based across regions and technologies with strong data center expansion. As a result, orders reached a new record. Revenue rose significantly, and both earnings and cash flow improved sharply; earnings even more than doubled compared to the prior year. • Siemens Energy's orders amounted to €17.6bn. Growth driver was the record order intake at Gas Services , while both Grid Technologies and Transformation of Industry achieved double-digit growth rates. As a result, the book-to-bill ratio (ratio of orders to revenue) reached 1.82 and the order backlog rose to a new high of €146bn. • Revenue increased by 12.8% to €9.7bn compared to the prior year on a comparable basis (excluding currency translation and portfolio effects). All segments reported growth. • Profit before Special items of Siemens Energy sharply improved year-over-year to €1,159m (Q1 FY 2025: €481m), primarily due to the profit improvement at Siemens Gamesa and Grid Technologies. Special items amounted to negative €152m (Q1 FY 2025: negative €18m) mainly related to the closing of the disposal of the Indian wind business. Siemens Energy’s Profit came in at €1,007m (Q1 FY 2025: €463m). • Net income also rose sharply, amounting to €746m (Q1 FY 2025: €252m). Corresponding basic earnings per share were 0.79 (Q1 FY 2025: €0.23). • Free cash flow pre tax came in at €2,869m (Q1 FY 2025: €1,528m) driven by strong profit development and benefiting from customer advance payments as well as favorable timing effects.
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Earnings Release Q1 FY 2026 | Siemens Energy 2 Siemens Energy Q1 (in millions of €) FY 2026 FY 2025 Change Orders 17,609 13,668 33.9%¹ Revenue 9,675 8,942 12.8%¹ Profit 1,007 463 117.8% Profit margin 10.4% 5.2% 5.2 p.p. Special items (SI) (152) (18) >(200)% Profit before SI 1,159 481 141.0% Profit margin before SI 12.0% 5.4% 6.6 p.p. Net income (loss) 746 252 196.3% Basic earnings per share (in €) 0.79 0.23 >200% Free cash flow pre tax 2,869 1,528 87.8% 1 Comparable basis: Excluding currency translation and portfolio effects . Orders developed year-over-year by 28.8% on a nominal basis, revenue respectively by 8.2%. • The increase in orders was primarily driven by strong demand in Gas Services' new units business. Grid Technologies and Transformation of Industry showed growth, while Siemens Gamesa reported a de- cline. From a regional perspective, the U.S. was the largest contribu- tor to order growth. • Book-to-bill ratio was 1.8 2. Order backlog rose to a record value of €146bn. • Revenue growth was supported by positive development across all segments and was primarily driven by the new units business. • Profit before Special items as well as the corresponding margin more than doubled. All segments contributed to th e improvement, with the most pronounced increase at Siemens Gamesa. Overall, Siemens Energy's profit increase was primarily due to higher volume, im- proved margin quality of the processed order backlog year-over- year, and continued productivity improvements. • Negative Special items were mainly related to the closing of the dis- posal of the Indian wind business. • The improvement in Free cash flow pre tax was driven by sharp in- creases at Gas Services and Grid Technologies following the earnings trend as well as customer advance payments, including reservation fees, in connection with increased orders.
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Earnings Release Q1 FY 2026 | Siemens Energy 3 Gas Services Q1 (in millions of €) FY 2026 FY 2025 Change Orders 8,751 5,009 81.4%¹ Revenue 3,097 2,823 13.9%¹ Profit 567 409 38.5% Profit margin 18.3% 14.5% 3.8 p.p. Special items (SI) 52 (2) n/a Profit before SI 515 412 25.2% Profit margin before SI 16.6% 14.6% 2.1 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects . Orders developed year-over-year by 74.7% on a nominal basis, revenue respectively by 9.7%. • In the recent quarter, Gas Services achieved the highest order intake ever. The positive development was based on a sharply increased volume from large orders and was primarily driven by demand in the new units business from the U.S., Poland, Turkey as well as Taiwan. • Book-to-bill ratio was 2.83. Order backlog increased to €60bn. • Revenue was significantly above prior year’s value. Growth was pri- marily supported by the new units business, service revenue reached prior-year's high level. • Profit before Special items increased substantially, and the corre- sponding margin also improved significantly compared to prior year’s quarter. This was mainly due to the higher volume and im- proved margin quality of the processed order backlog in the new units business. • Positive Special items were related to the full acquisition of a joint venture. Grid Technologies Q1 (in millions of €) FY 2026 FY 2025 Change Orders 5,964 5,117 21.8%¹ Revenue 3,054 2,480 26.9%¹ Profit 538 305 76.7% Profit margin 17.6% 12.3% 5.3 p.p. Special items (SI) (0) (4) n/a Profit before SI 538 309 74.3% Profit margin before SI 17.6% 12.5% 5.2 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects . Orders developed year-over-year by 16.6% on a nominal basis, revenue respectively by 23.1%. • The increase in orders reflects substantial growth in the product busi- ness, with all businesses of Grid Technologies contributing to the year-over-year i mprovement. Geographically, the largest growth driver was the U.S. • Grid Technologies recorded a book-to-bill ratio of 1.95. Order back- log rose to €45bn. • Due to continuous processing of the order backlog, revenue substan- tially exceeded prior-year quarter’s level. The substantial increase in the solutions business was the main driver for growth. • Profit before Special items and the corresponding margin increased sharply, driven by higher volumes, improved cost efficiency and stronger margin of the processed order backlog year-over-year.
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Earnings Release Q1 FY 2026 | Siemens Energy 4 Transformation of Industry Q1 (in millions of €) FY 2026 FY 2025 Change Orders 1,579 1,453 11.2%¹ Revenue 1,303 1,337 0.5%¹ Profit 152 153 (0.6)% Profit margin 11.7% 11.5% 0.2 p.p. Special items (SI) (1) (4) 66.4% Profit before SI 154 157 (2.3)% Profit margin before SI 11.8% 11.8% 0.0 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects . Orders developed year-over-year by 8.7% on a nominal basis, revenue respectively by (2.5)%. • Transformation of Industry's orders increased significantly compared to prior-year quarter. Growth was due to increases at Compression and Electrification, Automation and Digitalization , and included a large new units order in the Middle East. • Book-to-bill ratio was 1.21 . Order backlog stood at €8bn at quar- ter‑end, maintaining the level at the end of the prior fiscal year. • Revenue remained nearly unchanged compared to the same quarter of the prior year. • In line with the volume development, Profit before Special items and the corresponding margin were maintained at the level of the prior- year quarter. Siemens Gamesa Q1 (in millions of €) FY 2026 FY 2025 Change Orders 1,556 2,435 (33.7)%¹ Revenue 2,355 2,418 3.9%¹ Profit (221) (423) 47.7% Profit margin (9.4)% (17.5)% 8.1 p.p. Special items (SI) (175) (49) >(200)% Profit before SI (46) (374) 87.7% Profit margin before SI (2.0)% (15.5)% 13.5 p.p. 1 Comparable basis: Excluding currency translation and portfolio effects . Orders developed year-over-year by (36.1)% on a nominal basis, revenue respectively by (2.6)%. • Orders were substantially lower, reflecting a €1.4bn offshore order in the North Sea booked in the prior-year quarter. Orders in the on- shore business were supported by a €0.4bn repowering order in the U.S. • As a result, the book -to-bill ratio declined to 0.66 , and the order backlog decreased to €34bn. • Revenue w as moderately above prior-year quarter ’s level . The growth was due to the offshore business, which more than offset a decline in the onshore area, with the s ervice business record ing a clear increase. • Profit before Special items showed a sharp improvement. The posi- tive development was mainly due to productivity increases, progress in the service business and additionally supported by timing effects offsetting throughout the year. • Negative Special items were related to the closing of the disposal of the Indian wind business. This was offset to a minor extent by posi- tive Special items in connection with the sale of the power electron- ics business. Reconciliation to Consolidated Financial Statements Profit before Special items (SI) Q1 (in millions of €) FY 2026 FY 2025 Total Segments 1,161 504 Reconciliation to Consolidated Financial Statements (2) (23) Siemens Energy 1,159 481 Reconciliation to Consolidated Financial Statements includes items , which management does not consider to be indicative of the segments’ performance – mainly group management costs (management and cor- porate functions) and other central items, Treasury activities as well as eliminations. Other central items include Siemens brand fees, corporate services (e.g. management of the Group’s real estate portfolio), corpo- rate projects, centrally held equity interests and other items.
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Earnings Release Q1 FY 2026 | Siemens Energy 5 Outlook Siemens Energy confirms the outlook issued in the Q4 FY 2025 earnings release. For fiscal year 2026, Siemens Energy anticipates that current favorable trends in the energy sector will continue . The demand for electricity and the need for modernization and expansion of electrical infrastructure should continue to increase. This development is likely to be driven by rising primary energy demand, higher levels of electrification, the ongoing digitalization of industry and the share of renewable energies as well as, in particular, the strong growth of data centers. This is expected to lea d to further increased investment in grid infrastructure, generation capacity and energy-efficient technologies to ensure a reliable and sustainable energy supply. It is assumed that all of Siemens Energy's business areas will benefit from this. In addition, it is expected that Siemens Gamesa will reach break-even in fiscal year 2026. Siemens Energy forecasts for fiscal year 2026 comparable revenue growth (excluding currency translation and portfolio effects) in the range of 11% to 13% and a Profit margin before Special items between 9% and 11%. Furthermore, a Net income in the range of €3bn to €4b n and a Free cash flow pre tax in the range of €4bn to €5bn are expected. The outlook for Siemens Energy does not include charges related to any future legal and regulatory matters. Overall assumptions per business area • Gas Services assumes a comparable revenue growth of 16% to 18% and a Profit margin before Special items of 14% to 16%. • Grid Technologies plans to achieve a comparable revenue growth of 19% to 21% and a Profit margin before Special items between 16% and 18%. • Transformation of Industry expects a comparable revenue growth of 5% to 7% and a Profit margin before Special items of 11% to 13%. • Siemens Gamesa assumes a comparable revenue growth of 1% to 3% and a Profit margin before Special items at break-even.
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Earnings Release Q1 FY 2026 | Siemens Energy 6 Notes and forward-looking statements The press conference call on Siemens Energy’s financial results of the first quarter of fiscal year 202 6 will be broadcasted live for journalists at https://www.siemens-energy.com/pressconference starting at 8:30 a.m. CET today. You can also follow the conference call for analysts and investors live at www.siemens-energy.com/analystcall starting at 10:30 a.m. CET today. Recordings of both conference calls will be made available afterwards. The financial publications can be downloaded at: www.siemens-energy.com/financial-publications. 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,” “antici- pate,” “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 and the Half-year Financial Report, which should be read in conjunction with 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 not be met, Siemens Energy´s actual results, perfor- mance, 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 develop- ments 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 no t 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, nu mbers presented throughout this and other documents may not add up precisely to the totals provided and percentages m ay not precisely reflect the absolute figures. This document is a Quarterly Statement according to § 53 of the Exchange Rules for the Frankfurter Wertpapierbörse. Financial Media: Tim Proll-Gerwe Phone: +49 (0)152 2283 5652 E-mail: tim.proll-gerwe@siemens-energy.com Oliver Sachgau Phone: +49 (0)173 272 9231 E-mail: oliver.sachgau@siemens-energy.com Siemens Energy AG, 81739 Munich, Germany © Siemens Energy, 2026
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I Financial Results First quarter of fiscal year 2026
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II Key figures (in millions of €, except where otherwise stated) Volume Q1 Change FY 2026 FY 2025 Actual Comp. Orders 17,609 13,668 28.8% 33.9% Revenue 9,675 8,942 8.2% 12.8% Book-to-bill ratio 1.82 1.53 n/a Order backlog (in billions of €) 146 131 11.3% Profitability Q1 Change FY 2026 FY 2025 Actual Profit 1,007 463 117.8% Profit margin 10.4% 5.2% 5.2 p.p. Special items (SI) (152) (18) >(200)% Profit before SI 1,159 481 141.0% Profit margin before SI 12.0% 5.4% 6.6 p.p. EBITDA 1,340 769 74.3% Net income (loss) 746 252 196.3% Basic earnings per share (in €) 1 0.79 0.23 >200% ¹ Basic earnings per share – attributable to shareholders of Siemens Energy AG. For fiscal 2026 and 2025 weighted average shares outstanding (basic) (in thousands) for the first quarter amounted to 856,988 and 864,330 shares, respectively. Capital Structure and Liquidity Dec 31, 2025 Sep 30, 2025 Total equity 11,596 10,675 Adjusted Net debt/ (Net cash) (7,565) (4,790) Q1 FY 2026 Q1 FY 2025 Free cash flow 2,807 1,436 Free cash flow pre tax 2,869 1,528 Employees (in thousands) Dec 31, 2025 Sep 30, 2025 Siemens Energy 103 103 Germany 28 27 Outside Germany 75 76
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III Consolidated Statements of Income Q1 (in millions of €, earnings per share in €) FY 2026 FY 2025 Revenue 9,675 8,942 Cost of sales (7,582) (7,543) Gross profit 2,093 1,399 Research and development expenses (238) (310) Selling and general administrative expenses (807) (752) Other operating income 41 15 Other operating expenses (209) (16) Income (loss) from investments accounted for using the equity method, net 82 63 Operating income (loss) 962 399 Interest income 72 63 Interest expenses (48) (72) Other financial income (expenses), net 18 71 Income (loss) before income taxes 1,004 462 Income tax (expenses) benefits (258) (211) Net income (loss) 746 252 Attributable to: Non-controlling interests 69 53 Shareholders of Siemens Energy AG 677 198 Basic earnings per share 0.79 0.23 Diluted earnings per share 0.78 0.23
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IV Consolidated Statements of Comprehensive Income Q1 (in millions of €) FY 2026 FY 2025 Net income (loss) 746 252 Remeasurements of defined benefit plans 13 30 therein Income tax effects (1) (7) Remeasurements of equity instruments 5 — therein Income tax effects — — Income (loss) from investments accounted for using the equity method, net 0 (1) Items that will not be reclassified to profit or loss 17 29 Currency translation differences 215 544 Derivative financial instruments 38 (181) therein Income tax effects (13) 63 Income (loss) from investments accounted for using the equity method, net 1 (28) Items that may be reclassified subsequently to profit or loss 254 335 Other comprehensive income (loss), net of income taxes 271 364 Total comprehensive income (loss) 1,018 616 Attributable to: Non-controlling interests 73 62 Shareholders of Siemens Energy AG 945 555
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V Consolidated Statements of Financial Position (in millions of €) Dec 31, 2025 Sep 30, 2025 Assets Cash and cash equivalents 11,802 9,162 Trade and other receivables 7,971 7,571 Other financial assets 1,326 1,031 Contract assets 4,360 4,295 Inventories 11,052 10,377 Income tax assets 369 418 Other assets 1,159 1,212 Assets classified as held for disposal — 386 Total current assets 38,039 34,453 Goodwill 9,147 9,037 Other intangible assets 2,427 2,450 Property, plant and equipment 7,246 7,140 Investments accounted for using the equity method 1,276 703 Other financial assets 755 1,531 Deferred tax assets 870 904 Other assets 431 419 Total non-current assets 22,152 22,184 Total assets 60,191 56,637 Liabilities and equity Debt 1,405 1,528 Trade and other payables 6,159 5,993 Other financial liabilities 971 782 Contract liabilities 24,896 22,321 Provisions 2,740 2,778 Income tax liabilities 502 523 Other liabilities 4,484 4,332 Liabilities associated with assets classified as held for disposal — 233 Total current liabilities 41,158 38,491 Debt 2,424 2,438 Provisions for pensions and similar obligations 408 406 Deferred tax liabilities 783 634 Provisions 2,984 3,065 Other financial liabilities 266 401 Other liabilities 573 528 Total non-current liabilities 7,437 7,471 Total liabilities 48,595 45,962 Equity Issued capital 861 861 Capital reserve 14,437 14,465 Retained earnings (3,303) (3,990) Other components of equity (615) (807) Treasury shares, at cost (98) (228) Total equity attributable to shareholders of Siemens Energy AG 11,281 10,301 Non-controlling interests 315 375 Total equity 11,596 10,675 Total liabilities and equity 60,191 56,637
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VI Consolidated Statements of Cash Flows Q1 (in millions of €) FY 2026 FY 2025 Cash flows from operating activities Net income (loss) 746 252 Adjustments to reconcile net income (loss) to cash flows from operating activities Amortization, depreciation and impairments 378 370 Income tax expenses (benefits) 258 211 Interest (income) expenses, net (24) 8 (Income) loss related to investing activities 72 (74) Other non-cash (income) expenses 22 45 Change in operating net working capital Contract assets (42) 138 Inventories (570) (894) Trade and other receivables (366) (473) Trade and other payables 160 484 Contract liabilities 2,533 2,117 Change in other assets and liabilities (74) (482) Income taxes paid (62) (92) Dividends received 37 15 Interest received 86 70 Cash flows from operating activities 3,154 1,694 Cash flows from investing activities Purchase of intangible assets and property, plant and equipment (347) (258) Acquisitions of businesses, net of cash acquired (93) (39) Purchase of investments and financial assets (563) (17) Disposal of intangibles and property, plant and equipment 3 1 Disposal of businesses, net of cash disposed 59 122 Disposal of investments and financial assets 550 101 Cash flows from investing activities (391) (91) Cash flows from financing activities Other transactions with non-controlling interests (3) — Repayment of lease liabilities (106) (83) Change in debt and other financing activities (19) 177 Interest paid (29) (22) Dividends attributable to non-controlling interests (62) (62) Cash flows from financing activities (219) 9 Effect of changes in exchange rates on cash and cash equivalents 9 57 Change in cash and cash equivalents 2,553 1,669 Cash and cash equivalents at beginning of period 9,249 6,363 Cash and cash equivalents at end of period 11,802 8,032 Less: Cash and cash equivalents of assets classified as held for disposal at end of period — 6 Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 11,802 8,026
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VII Overview of Segment figures Orders Revenue Profit before Special Items Profit margin before Special Items Assets Free cash flow pre tax Q1 Change Q1 Change Q1 Q1 Dec 31, Sep 30, Q1 (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 FY 2026 FY 2025 2025 2025 FY 2026 FY 2025 Gas Services 8,751 5,009 74.7% 81.4% 3,097 2,823 9.7% 13.9% 515 412 16.6% 14.6% (124) 1,083 1,939 809 Grid Technologies 5,964 5,117 16.6% 21.8% 3,054 2,480 23.1% 26.9% 538 309 17.6% 12.5% (1,681) (386) 1,841 1,253 Transformation of Industry 1,579 1,453 8.7% 11.2% 1,303 1,337 (2.5)% 0.5% 154 157 11.8% 11.8% 1,734 1,689 94 313 Siemens Gamesa 1,556 2,435 (36.1)% (33.7)% 2,355 2,418 (2.6)% 3.9% (46) (374) (2.0)% (15.5)% (673) (1,236) (545) (568) Total segments 17,850 14,014 9,809 9,058 1,161 504 (744) 1,150 3,329 1,808 Reconciliation to Consolidated Financial Statements (242) (346) (134) (116) (2) (23) 60,935 55,487 (460) (280) Siemens Energy 17,609 13,668 28.8% 33.9% 9,675 8,942 8.2% 12.8% 1,159 481 12.0% 5.4% 60,191 56,637 2,869 1,528
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VIII EBITDA Reconciliation Profit before SI Special items (SI) Profit Amortization of intangi- ble assets acquired in business combinations and goodwill impairment EBIT Amortization, depreciation and impairments EBITDA Q1 Q1 Q1 Q1 Q1 Q1 Q1 (in millions of €) FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 Gas Services 515 412 52 (2) 567 409 (2) (1) 565 408 44 44 609 452 Grid Technologies 538 309 (0) (4) 538 305 (0) (1) 538 304 26 21 564 325 Transformation of Industry 154 157 (1) (4) 152 153 (5) (6) 147 147 17 17 164 164 Siemens Gamesa (46) (374) (175) (49) (221) (423) (12) (27) (233) (450) 174 176 (59) (273) Total segments 1,161 504 (125) (59) 1,036 444 (19) (35) 1,017 409 261 258 1,278 668 Reconciliation to Consolidated Financial Statements (2) (23) (27) 41 (29) 18 (26) (28) (55) (10) 117 112 62 102 Siemens Energy 1,159 481 (152) (18) 1,007 463 (45) (63) 962 399 378 370 1,340 769
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IX Orders & Revenue by region (location of customer) Orders Q1 Change (in millions of €) FY 2026 FY 2025 Actual Comp. Europe, C.I.S., Middle East, Africa 8,135 6,906 17.8% 17.5% therein Germany 880 1,210 (27.3)% (27.7)% Americas 7,601 5,186 46.6% 59.2% therein U.S. 6,653 3,909 70.2% 85.7% Asia, Australia 1,873 1,576 18.9% 22.9% therein China 278 324 (14.1)% (8.7)% Siemens Energy 17,609 13,668 28.8% 33.9% Revenue Q1 Change (in millions of €) FY 2026 FY 2025 Actual Comp. Europe, C.I.S., Middle East, Africa 5,401 4,602 17.4% 18.7% therein Germany 1,250 969 29.0% 28.8% Americas 2,957 2,552 15.9% 24.5% therein U.S. 2,206 1,886 17.0% 27.1% Asia, Australia 1,317 1,789 (26.4)% (19.2)% therein China 338 421 (19.7)% (15.1)% Siemens Energy 9,675 8,942 8.2% 12.8%
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X Disaggregation of external revenue of segments Q1 (in millions of €) FY 2026 FY 2025 Siemens Energy New Units 6,409 5,606 therein Gas Services 1,114 756 Grid Technologies 2,833 2,248 Transformation of Industry 705 740 Siemens Gamesa 1,757 1,862 Siemens Energy Service 3,262 3,320 therein Gas Services 1,936 2,029 Grid Technologies 160 162 Transformation of Industry 568 573 Siemens Gamesa 599 556
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