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Earnings Release Q1 FY2026 Analyst Call Bernd Montag, CEO | Jochen Schmitz, CFO February 5, 2026
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Unrestricted © Siemens Healthineers, 2026 2 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 bound by the following limitations. This document is provided in conjunction with an oral presentation and should not be taken out of context. This presentation has been prepared for information purposes only and the information contained herein (unless otherwise indicated) has been provided by Siemens Healthineers AG. 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As they relate to future events or developments, these statements are subject to a number of risks, uncertainties and factors, including, but not limited to those possibly described in the respective disclosures. Should one or more of these or other risks, uncertainties or factors (e.g. events of force majeure, including but not limited to unrest, acts of war, pandemics or acts of God) materialize, plans change or should underlying expectations not occur or assumptions prove incorrect, Siemens Healthineers' management actions, actual results, performance or achievements of Siemens Healthineers may (negatively or positively) vary materially from those described explicitly or implicitly in the forward-looking statement. This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework. These supplemental financial measures may have limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers’ net assets, financial position and results of operations as presented in accordance with the applicable financial reporting framework. Other companies that report or describe similarly titled alternative performance measures may calculate them differently, and therefore they may not be comparable to those included in this document. For further explanations of our (supplemental) financial measures, please see chapter “A.2 Financial performance system“ of the combined management report and in the Notes to consolidated financial statements, Note 29 “Segment information“ of the Annual Report 2024 of Siemens Healthineers. Additional information is also included in the Quarterly Statement. These documents can be found under the following internet link https://www.siemens- healthineers.com/investor-relations/presentations-financial-publications. 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 to which they refer. For technical reasons, there may be differences in formatting between the accounting records appearing in this document and those published pursuant to legal requirements. This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version. The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. In the event that the male form is used in this document, the information nevertheless refers to all persons.
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Unrestricted © Siemens Healthineers, 2026 3 ▪ Good start into the fiscal year – Outlook confirmed ▪ Preparations for deconsolidation from Siemens AG advancing well ▪ Strong investment-grade rating from Moody’s ▪ ‘Elevating Health Globally’ strategy gaining traction Key takeaways
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Unrestricted © Siemens Healthineers, 2026 4 Strong start in Imaging and Precision Therapy, Diagnostics under pressure due to market challenges in China 1 Weighted average of the comp. revenue growth rates of the two segments Imaging and Precision Therapy. This growth rate represents the growth dynamic in our “synergetic core” consisting of the segments Imaging and Precision Therapy for which we introduced the ‘Elevating Health Globally’ strategy at our Capital Market Day at Nov. 17, 2025. Siemens Healthineers Q1 €0.49 adj. EPS -3% adj. EPS growth 4% revenue growth €5.4bn revenue Precision Therapy Growth at 6% Margin at 14.9% Outstanding operational margin expansion (y-o-y, ex headwinds from tariffs and FX of ~350 bps) Diagnostics 3% revenue decline and low margin of 2.1% due to material market challenges in China Imaging Growth at 6% Margin at 21.6% Strong operational margin expansion (y-o-y, ex headwinds from tariffs and FX of ~200 bps) Equipment book-to-bill of 1.12 6% revenue growth1
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Unrestricted © Siemens Healthineers, 2026 5 Elevating Health Globally Healthcare AI Precision Therapy Patient Twinning Neuro- degenerative Stroke CancerCardio- vascular — we have uniquely positioned ourselves to tackle the most threatening diseases
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Unrestricted © Siemens Healthineers, 2026 6 Underscoring clinical relevance at RSNA AI powered plaque analysis with Coronary Cockpit AI-enabled precision, broader clinical reach and efficiency All-new Interventional System portfolio Changing how coronary artery disease (CAD) is diagnosed and managed Services designed to span the entire imaging workflow Easing bottlenecks with Radiology Services Operator friendly with >100 cm opening and real-time guidance Moving MR into the interventional suite
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Unrestricted © Siemens Healthineers, 2026 7 Global setup for local needs Access Clinical Excellence Further expand Value Partnerships Further increase impact in emerging markets Market leader with unmatched portfolio Most trusted C-level partner Efficiency Drive clinical transformation through Value Programs Elevating Health Globally — we have perfectly positioned ourselves to support customers to overcome their challenges Clinical innovation leader
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Unrestricted © Siemens Healthineers, 2026 8 Creating traction for future growth via multiple sources Further expand Value Partnerships Drive clinical transformation through Value Programs Further increase impact in emerging markets Outstanding growth in Vietnam with 45 systems delivered in Q1 across 18 hospitals and clinics, incl. photon-counting CT systems Strong deal funnel building up, especially on new cancer Value Programs Continued high interest in partnering with us ~$100m Value Partnership signed in January with Onvida Health (of which roughly 50% equipment)
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Unrestricted © Siemens Healthineers, 2026 9 1 Negative impact from special items in Q1 FY25 as per new segment structure Strong revenue growth (PYQ: 7%) Photon-counting CT and radiopharmaceuticals businesses continue high growth momentum Comparable Growth Revenue (€m) Margin Y-o-y Adj. EBIT (€m) (margin) Strong operational margin expansion (ex headwinds from tariffs and FX of ~200 bps) PYQ with negative special items (~50 bps1) 2,779 Q1 FY2025 2,796 Q1 FY2026 +5.7% 609 (21.9%) Q1 FY2025 605 (21.6%) Q1 FY2026 -30 bps Imaging Strong growth, strong margin performance
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Unrestricted © Siemens Healthineers, 2026 10 Precision Therapy Strong growth, outstanding margin performance Strong revenue growth on tough comps (PYQ: 8%) Varian growth at 9% Comparable Growth Revenue (€m) Margin Y-o-y Adj. EBIT (€m) (margin) Outstanding margin expansion (ex headwinds from tariffs and FX of ~350 bps) with favorable business mix and positive special items Varian margin at 19.4% 1,608 Q1 FY2025 1,604 Q1 FY2026 +5.9% 219 (13.6%) Q1 FY2025 240 (14.9%) Q1 FY2026 +130 bps
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Unrestricted © Siemens Healthineers, 2026 11 Diagnostics Revenue and margin decline due to market challenges in China Revenue decline due to material market challenges in China Diagnostics revenue ex China stable Comparable Growth Revenue (€m) Margin Y-o-y Adj. EBIT (€m) (margin) Significant negative conversion from revenue decline in China Unfavorable business mix due to high instruments share Net negative impact of ~50 bps from tariff headwind and FX tailwind 9851,068 Q1 FY2025 Q1 FY2026 -3.1% 83 (7.8%) Q1 FY2025 21 (2.1%) Q1 FY2026 -570 bps
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Unrestricted © Siemens Healthineers, 2026 12 Strong operational performance resulting in underlying adj. EPS growth (ex tariffs and FX) 1 ex antigen • Solid revenue growth of 3.8% (PYQ: 5.7%) • Americas with excellent revenue growth of 9% (PYQ: 14%) • Asia Pacific Japan with solid revenue growth of 3% (PYQ: 8%) • EMEA revenue flat on high absolute level (PYQ: flat, PPYQ: 12%1) • China revenue declined by -5% (PYQ: -7%) exclusively due to Diagnostics • Adj. EBIT margin y-o-y flat with strong operational margin expansion compensating headwinds from tariffs and FX (~200 bps) • Adj. EPS down by 3% due to material FX headwind (~4cts) from a strong Euro and tariff headwind (~6cts) • Underlying adj. EPS growth (ex tariffs and FX) at ~17% y-o-y • Higher tax rate (24% vs. PYQ 22%) offset by higher financial income net (-€74m vs. PYQ -€81m) Revenue (€m) Adjusted basic earnings per share (€) 5,482 Q1 FY2025 5,402 Q1 FY2026 +3.8% 0.51 Q1 FY2025 0.49 Q1 FY2026 -3% Comparable Growth
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Unrestricted © Siemens Healthineers, 2026 13 Drivers for FY2026 EPS broadly unchanged • FX headwind: ~4 of ~15cts materialized • Tariff headwind: ~6 of ~15cts materialized • Strong operational improvements of ~8 of ~25cts materialized, driven by Imaging margin and outstanding Precision Therapy margin performance • Underlying adj. EPS growth (ex tariffs and FX) at ~17% y-o-y As of Q4 FY2025 Analyst Call As of Q1 FY2026
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Unrestricted © Siemens Healthineers, 2026 14 Consistent revenue growth, margins holding up despite tariffs 13.5% 14.3% 15.0% Q1 14.3% 15.1% 16.6% Q2 14.6% 15.2% 16.8% Q3 17.2% 17.7% 17.4% Q4 5.1 5.2 5.5 5.4 5.3 5.4 5.9 5.2 5.4 5.7 6.1 6.3 6.3 FY23 FY24 FY25 FY26 Adj. EBIT margin Revenue and margin by quarter for FY23 - FY26 Revenue (€bn) 1 Indicative revenue excluding negative year-over-year currency translation effects ex FX1 ex FX1 ex FX1 15.0%
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Unrestricted © Siemens Healthineers, 2026 15 Consistent revenue growth and margin expansion ex tariffs 13.5% 14.3% 15.0% ~16.7%1 Q1 14.3% 15.1% 16.6% Q2 14.6% 15.2% 18.3%1 Q3 17.2% 17.7% 18.8%1 Q4 5.1 5.2 5.5 5.4 5.3 5.4 5.9 5.2 5.4 5.7 6.1 6.3 6.3 FY23 FY24 FY25 FY26 Adj. EBIT margin (ex tariffs) Revenue and pro-forma margin (ex tariffs) by quarter for FY23 - FY26 Revenue (€bn) 1 Excluding tariff effects of ~€100m in Q3 FY25, Q4 FY25, and Q1 FY26 respectively | 2 Indicative revenue excluding negative year-over-year currency translation effects ex FX2 ex FX2 ex FX2
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Unrestricted © Siemens Healthineers, 2026 16 Outlook 2026 confirmed FY2025 Note: Outlook for FY2026 is based on several assumptions (see Quarterly Statement Q1 FY2026) Revenue growth 5.9% Adj. EPS €2.39 FY2026E Revenue growth Adj. EPS 5 to 6% €2.20 to 2.40
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Unrestricted © Siemens Healthineers, 2026 17
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Unrestricted © Siemens Healthineers, 2026 18 EBIT to Free Cash Flow bridge and cash conversion rates 1 | CCR for Healthineers = (Free Cash Flow pre tax - Repayment of 3rd party lease liabilities) / (Healthineers EBIT excl. PPA) 2 | CCR for Segments = Free Cash Flow / EBIT Q1 FY2026 Siemens Healthineers EBIT to Free Cash Flow (€m) Healthineers EBIT 85′ PPA amortization EBIT excl. PPA amortization 213′ Depr. of PPE & amort. of intang. excl. PPA -85′ Change in OWC -273′ Change in other assets & liabilities -51′ -161′ Free cash flow Income taxes Repayment of 3rd party lease liabilities FCF pre tax - Repayment of lease liabilities Repayment of 3rd party lease liabilities Add. to intangible assets, PPE Operating cash flow pre tax Other 45′ Add. to operating leases 677′ 761′ 974′ 611′ EBITDA -52′ 398′ 52′ -119′ 330′ CCR1 0.52 Imaging PTH Diagnostics 0.8 0.8 CCR2 < 0
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Unrestricted © Siemens Healthineers, 2026 How to change paragraph levels - All levels font Calibri 26 pt. - Level 1 is chapter title: Bold, bulleted. - Level 2, 3, 4 and 5 is chapter description: Regular, no bullet, indent 7.5 mm. Switch between Text- and bullet levels: ● click 19 FY26 balance sheet and net debt bridge 1 Leverage is net debt incl. pension over EBITDA rolling four quarters | 2 Includes fair values from derivatives Net debt overview Capital structure development in FY26 (in €bn) in €bn Sep 30, 2025 Dec 31, 2025 Cash and cash equivalents 2.2 2.1 Receivables from the Siemens Group from financing activities 0.0 0.0 Short-term and long-term financial debt (0.8) (0.8) Liabilities to the Siemens Group from financing activities2 (13.4) (13.2) Net debt (12.0) (11.9) Provisions for pensions and similar obligations (0.5) (0.5) Net debt (incl. pensions) (12.5) (12.3) Leverage1 2.8x 2.8x Pensions CF from operating act. CF from investing act. CF from financing act. and others Dec 31, 25 Net Debt Sep 30, 25 12.0 0.2 0.2 11.9 -0.5 0.5 0.5 12.5 12.3
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Unrestricted © Siemens Healthineers, 2026 • To ensure a clean and swift workflow with bullet points, please use the PRE-SET PLACEHOLDERS or FORMATTED TEXTBOXES – do not use “normal” textboxes that have been added via the steps → add → textbox. These textboxes cannot be formatted with the automatic formatting step • AUTOMATIC INDENTATIONS IN PLACEHOLDERS are only to be done using the tool decrease or increase the list level (or Shift + Alt + / →) • Formatted textboxes/ placeholders are available in the template – just make a copy OR: generate a new placeholder by following these steps → Start → new slide → choose layout "Content Slide" • Placeholders can be filled and then copied. The copied placeholder will keep its formatting Add a Footnote/Source/ Disclaimer directly into the footer. 20 Loan maturity profile 1 Loans translated to EUR according to spot rate as of Dec 31, 2025 | 2 Synthetic EUR interest rate (FX-hedged) | 3 Floating interest rate | 4 Current interest rate across all maturities as of Dec 31, 2025, is ~2.1% p.a. | 5 Hedged loans translated to EUR according to underlying forward rates ▪ Total loan volume ~€12.6bn equivalent1 ▪ Average interest rate ~2.1% p.a.4 ▪ Total repayment volume ~€11.6bn equivalent5 Loans with Siemens Group as of Dec 31, 2025 (in €m) Comments Top 10 loans ranked in EUR volume Notional Currency Notional in m Notional in EUR m Interest Rate Maturity USD 1,742 1,4831 0.08%2 FY 2026 USD 1,740 1,4811 0.59%2 FY 2031 USD 1,689 1,4371 0.26%2 FY 2027 USD 1,486 1,2651 1.40%2 FY 2041 USD 1,243 1,0581 0.31%2 FY 2028 EUR 850 850 3.58% FY 2029 USD 990 8421 3.44% FY 2046 EUR 750 750 3.40% FY 2032 EUR 700 700 3.59% FY 2030 EUR 700 700 3.80% FY 2032 EUR USD hedged in EUR USD Others 300 500 1,4831 FY 2026 253 1,4371 1221 FY 2027 1,0581 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2041 FY 2046 1,783 1,584 1,558 1,450 1,200 1,4811 1,450 1,2651 8421
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Unrestricted © Siemens Healthineers, 2026 How to change paragraph levels - All levels font Calibri 26 pt. - Level 1 is chapter title: Bold, bulleted. - Level 2, 3, 4 and 5 is chapter description: Regular, no bullet, indent 7.5 mm. Switch between Text- and bullet levels: ● click 21 Provisions for pensions 1 All figures are reported on a continuing basis | 2 Provisions for pensions and similar obligations does not include net defined benefit assets (Q1 FY2026: €+0.1bn) presented in the line item other assets; Defined Benefit Obligation (DBO) including other post-employment benefit plans (OPEB) of ~€-0.0bn in €bn1 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Q1 FY2026 Defined benefit obligation (DBO) (3.4) (3.8) (3.8) (4.1) (3.3) (3.2) (3.5) (3.4) (3.4) Fair value of plan assets 2.6 2.8 2.8 3.3 2.8 2.8 3.0 3.1 3.1 Provisions for pensions and similar obligations2 (0.8) (1.0) (1.0) (0.9) (0.7) (0.5) (0.6) (0.5) (0.5) Discount rate 2.9% 1.8% 1.5% 1.7% 4.3% 4.8% 3.8% 4.1% 4.2% Interest Income 0.1 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.0 Actual return on plan assets (after expenses) 0.1 0.3 0.1 0.2 (0.6) 0.1 0.3 0.1 0.0 Q1 FY2026 Key financials – Pensions and similar obligations
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Unrestricted © Siemens Healthineers, 2026 22 Glossary Please find further explanations regarding our financial key performance indicators in chapter “A.2 Financial performance system“ and in the notes to the consolidated financial statements Note 29 “Segment information“ in the Annual Report of 2025 of Siemens Healthineers. Additional information is also included in the Quarterly Statement. These documents can be found under the following internet link https://www.siemens-healthineers.com/investor-relations/presentations-financial-publications. ‘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 allocations. Comparable revenue growth (growth) is defined as the development of adjusted revenue, net of currency translation effects, which are beyond our control, and portfolio effects, which involve business activities that are either new to our business or no longer a part of it. EBITDA is defined as income before income taxes, interest income and expenses, other financial income, net as well as amortization, depreciation & impairments. Adjusted EBIT (adj. EBIT) is defined as income before income taxes, interest income and expenses and other financial income, net, adjusted for expensesfor portfolio-related measures, severance charges, and other expenses in connection with restructuring measures within the meaning of IAS 37. In addition, centrally carried pension service and administration expenses are excluded from adjusted EBIT of the segments. Adjusted EBIT margin (adj. EBIT margin) is defined as the adjusted EBIT, divided by adjusted total revenue. Adjusted basic earnings per share (adj. EPS) is defined as basic earnings per share, adjusted for portfolio-related measures, severance charges, and other expenses in connection with restructuring measures within the meaning of IAS 37, net of tax. Free cash flow (FCF) comprises the cash flows from operating activities and additions to intangible assets and property, plant and equipment included in cash flows from investing activities. Equipment book-to-bill ratio is the ratio between equipment orders and equipment revenue, where equipment refers to all businesses except Diagnostics and product-based services.