Earnings release
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Earnings Release Q1 FY 2025 October 1 to December 31, 2024 Munich, Germany, February 13, 2025 Promising first quarter generates positive momentum “With a promising start to fiscal 2025, we are creating clear momentum for continued value creation for our stakeholders. Our technologies enable our customers to combine the real and digital worlds to improve competitiveness, resilience and sustainability. We see strong traction in bringing real world impact with our leadership in industrial AI,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “With free cash flow of €1.6 billion, we have significantly exceeded the prior-year performance and created an excellent foundation for a successful fiscal 2025. Proceeds of €3.1 billion from the sale of Innomotics further contribute to our position of financial strength, and we will continue to focus on execution excellence to create long-term value for our shareholders. For fiscal 2025, we confirm our outlook,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG. • First-quarter revenue grew 3% to €18.4 billion; orders rose in all industrial businesses except Mobility, which had recorded a sharply higher volume from large orders in Q1 FY 2024; as a result, orders for Siemens overall declined 7% to €20.1 billion; book-to-bill ratio was 1.09 • On a comparable basis, excluding currency translation and portfolio effects, revenue was up 3% and orders decreased 8% • Profit Industrial Business was €2.5 billion, with a profit margin of 14.1% • Net income climbed 52% to €3.9 billion, benefiting from a €2.1 billion gain (after tax) from the sale of Innomotics; corresponding basic earnings per share (EPS) were €4.71 and EPS before purchase price allocation accounting (EPS pre PPA) were €4.86; excluding €2.64 per share related to the gain from the sale of Innomotics, EPS pre PPA were €2.22 • Free cash flow from continuing and discontinued operations rose sharply year-over-year to €1.6 billion
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Earnings Release Q1 FY 2025 | Siemens 2 Siemens Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. Orders 20,065 21,639 (7)% (8)% Revenue 18,353 17,745 3% 3% Profit Industrial Business 2,517 2,723 (8)% therein: severance (78) (41) Profit margin Industrial Business 14.1% 15.8% excl. severance 14.6% 16.0% Income from continuing operations 1,801 2,569 (30)% therein: severance (83) (51) Income (loss) from discontinued operations, net of income taxes 2,067 (21) n/a Net income 3,868 2,548 52% Basic EPS (in €) 4.71 3.03 56% EPS pre PPA (in €) 4.86 3.19 52% Free cash flow (continuing and discontinued operations) 1,584 1,048 51% Cash conversion rate 0.41 0.41 0% ROCE 29.7% 23.0% • Higher order intake in most industrial businesses was more than offset by a decrease at Mobility, which reported a sharply lower volume from large orders due to a very high basis of comparison • Revenue growth on clear increases at Mobility, Smart Infrastructure and Siemens Healthineers; Digital Industries significantly declined due to the automation business, while revenue growth in the software business continued • Currency translation and portfolio transactions had only minor effects on volume development year-over-year • Profit Industrial Business: substantial decrease for Digital Industries due to the automation business; Smart Infrastructure delivered excellent performance and made the largest contribution to Profit Industrial Business; Siemens Healthineers significantly increased its profit • Income from continuing operations in Q1 FY 2024 had included a €0.5 billion pre-tax gain from the transfer of a stake in Siemens Energy AG to Siemens Pension-Trust e.V. and corresponding termination of equity method accounting • Net income rose sharply, benefiting from a gain of €2.1 billion (after tax) from the sale of Innomotics within discontinued operations • Sharp increase in Free cash flow was driven by Industrial Business, which generated a Free cash flow of €1.7 billion compared to €1.3 billion in Q1 FY 2024; highest increase came from Smart Infrastructure, driven by stringent working capital management • Substantial proceeds of €3.1 billion from the sale of Innomotics; these cash inflows are not part of Free cash flow • Provisions for pensions and similar obligations as of December 31, 2024, amounted to €0.9 billion, the same low level as of September 30, 2024 • ROCE: increase on sharply higher net income, including the above mentioned €2.1 billion gain related to Innomotics, was partly offset by higher average capital employed
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Earnings Release Q1 FY 2025 | Digital Industries, Smart Infrastructure, Mobility 3 Digital Industries Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. Orders 4,213 3,979 6% 6% Revenue 4,052 4,562 (11)% (11)% therein: software business 1,369 1,185 16% 15% Profit 588 895 (34)% therein: severance (52) (7) Profit margin 14.5% 19.6% excl. severance 15.8% 19.8% • Orders rose on clear increases in both the software and the automation businesses; on a geographic basis, orders grew in all reporting regions, led by the region Americas; clear growth in the region Asia, Australia, driven by the automation business; book-to- bill ratio above 1 for the first time in two years • Revenue growth in the software business was more than offset by a significant decline in the automation business; the decrease was strongest in the factory automation business, where customers were still reducing stock levels; on a geographic basis, revenue rose in the Americas, but it declined in the other reporting regions • Profit declined due to the automation business, which continued to be impacted by reduced capacity utilization on lower revenue and, in addition, recorded higher severance charges Smart Infrastructure Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. Orders 6,196 5,831 6% 5% Revenue 5,286 4,827 10% 8% therein: service business 1,168 1,080 8% 8% Profit 891 885 1% therein: severance (5) (7) Profit margin 16.9% 18.3% excl. severance 17.0% 18.5% • Orders rose in all businesses; highest growth contribution came from the electrification business, which won a number of larger contracts from data center, energy and industry customers • Revenue was also up in all businesses, led by the electrification and electrical products businesses, which executed strongly on their large order backlogs from data center and energy customers • On a geographic basis, order and revenue growth was driven by the U.S. and Europe • Profit even exceeded Q1 FY 2024, which had benefited from a €94 million positive effect related to past portfolio activities; this strong profit development was driven by higher revenue, increased capacity utilization and ongoing productivity improvements Mobility Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. Orders 2,660 5,636 (53)% (53)% Revenue 2,972 2,700 10% 10% therein: service business 524 453 16% 14% Profit 249 251 (1)% therein: severance (5) (4) Profit margin 8.4% 9.3% excl. severance 8.6% 9.4% • Order intake included a €0.5 billion order for rail infrastructure and maintenance in the U.K. and a €0.3 billion order from an existing framework agreement for delivery of trains in Austria; Q1 FY 2024 had included a sharply higher volume from large orders • All businesses reported higher revenue, led by the customer services and the rolling stock businesses • A profit increase in the customer services business was more than offset by a decline in the rolling stock business, due mainly to a less favorable business mix
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Earnings Release Q1 FY 2025 | Siemens Healthineers, Siemens Financial Services, Reconciliation to Consolidated Financial Statements 4 Siemens Healthineers Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. Orders 6,336 5,601 13% 12% Revenue 5,482 5,175 6% 6% Profit 789 692 14% therein: severance (15) (24) Profit margin 14.4% 13.4% excl. severance 14.7% 13.8% • Volume up in all businesses, led by the imaging business; several large contract wins contributed to order growth • Profit rose in nearly all businesses, most notably in the diagnostics business, due mainly to cost reductions related to its transformation program, and in the imaging business on higher revenue Siemens Financial Services Q1 (in millions of €) FY 2025 FY 2024 Earnings before taxes (EBT) 113 260 therein: equity business 9 149 therein: severance (1) − ROE (after taxes) 13.3% 31.2% Dec 31, Sep 30, (in millions of €) 2024 2024 Total assets 33,602 32,841 • Solid earnings contribution from Siemens Financial Services below a strong prior-year quarter, which had benefited from a gain of €131 million from the sale of a stake in an equity investment • Positive currency translation effects led to an increase in total assets compared to the end of fiscal 2024 Reconciliation to Consolidated Financial Statements Profit Q1 (in millions of €) FY 2025 FY 2024 Innovation (129) (38) Governance (23) (59) Amortization of intangible assets acquired in business combinations (172) (197) Financing, eliminations and other items 73 528 Reconciliation to Consolidated Financial Statements (250) 234 • In the prior-year quarter, Financing, eliminations and other items had included a gain of €0.5 billion from the transfer of a stake in Siemens Energy AG to Siemens Pension-Trust e.V. and corresponding termination of equity method accounting; the current period included income of €53 million from revised estimates related to provisions for a legacy project • Increase in expenses for Innovation related to previously announced activities in connection with our ONE Tech Company program • Beginning with Q1 FY 2025, the former items Siemens Energy Investment, Siemens Real Estate and Centrally carried pension expense were transferred to the item Financing, eliminations and other items. Furthermore, reclassifications were made between the item Innovation and the item Financing, eliminations and other items
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Earnings Release Q1 FY 2025 | Outlook 5 Outlook We confirm our outlook for fiscal 2025 as given in our Earnings Release Q4 FY 2024. We anticipate moderate macroeconomic growth in fiscal 2025, due in part to continuing geopolitical uncertainty including trade conflicts, and also to ongoing challenges for the manufacturing sector due to overcapacity and weak consumer demand. At the same time, infrastructure markets, particularly in electrification and mobility, remain strong. Digital Industries expects for fiscal 2025 a change in comparable revenue, net of currency translation and portfolio effects, in a range of (6)% to 1% and a profit margin of 15% to 19%. Smart Infrastructure expects for fiscal 2025 comparable revenue growth of 6% to 9% and a profit margin of 17% to 18%. Mobility expects for fiscal 2025 comparable revenue growth of 8% to 10% and a profit margin of 8% to 10%. For the Siemens Group, we expect comparable revenue growth in the range of 3% to 7% and a book-to-bill ratio above 1. We expect basic EPS from net income before purchase price allocation accounting (EPS pre PPA) for fiscal 2025 in a range of €10.40 to €11.00, excluding the gain from the sale of Innomotics; a preliminary gain of €2.1 billion after tax was recorded in the first quarter of fiscal 2025. For comparison, EPS pre PPA in fiscal 2024 was €10.54 excluding a positive €0.61 per share from Siemens Energy Investment. This outlook excludes burdens from legal and regulatory matters.
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Earnings Release Q1 FY 2025 | Notes and forward-looking statements 6 Notes and forward-looking statements Starting today at 07:30 a.m. CET, the press conference call on Siemens' first-quarter results for fiscal 2025 will be broadcast live at www.siemens.com/conferencecall. Starting today at 08:30 a.m. CET, you can also follow the conference call for analysts and investors live at www.siemens.com/analystcall. Recordings of the press conference call and the conference call for analysts and investors will be made available afterwards. Starting today at 10:00 a.m. CET, we will also provide a live video webcast of Chairman of the Supervisory Board Jim Hagemann Snabe’s and CEO Roland Busch's speeches to the Annual Shareholders' Meeting in Munich, Germany. You can access the webcast at www.siemens.com/press/agm. A video of the speeches will be available after the live webcast. Financial publications are available for download at: www.siemens.com/ir. This document contains statements related to our future business and financial performance and future events or developments involving Siemens 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, in 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’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and 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 Combined Management Report of the Siemens Report (siemens.com/siemensreport), and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens 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 – in the applicable financial reporting framework not clearly defined – supplemental financial measures 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’ net assets and financial positions 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. This document is a Quarterly Statement according to § 53 of the Exchange Rules for the Frankfurter Wertpapierbörse. Address Siemens AG Werner-von-Siemens-Str. 1 80333 Munich Germany Internet www.siemens.com Phone +49 89 7805-33443 (Media Relations) +49 89 7805-32474 (Investor Relations) E-Mail press@siemens.com investorrelations@siemens.com © 2025 by Siemens AG, Berlin and Munich
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Financial Results First Quarter of Fiscal 2025
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II Key figures (in millions of €, except where otherwise stated) Volume Q1 % Change FY 2025 FY 2024 Actual Comp.¹ Orders 20,065 21,639 (7)% (8)% Revenue 18,353 17,745 3% 3% Book-to-bill ratio 1.09 Order backlog (in billions of €) 118 Profitability and Capital efficiency Q1 FY 2025 FY 2024 % Change Industrial Business Profit 2,517 2,723 (8)% Profit margin 14.1% 15.8% Continuing operations EBITDA 2,927 3,712 (21)% Income from continuing operations 1,801 2,569 (30)% Basic EPS (in €)² 2.08 3.05 (32)% Discontinued operations Income (loss) from discontinued operations, net of income taxes 2,067 (21) n/a Basic EPS (in €)² 2.63 (0.03) n/a Continuing and discontinued operations Net income 3,868 2,548 52% Basic EPS (in €)² 4.71 3.03 56% EPS pre PPA (in €)² 4.86 3.19 52% Return on capital employed (ROCE) 29.7% 23.0% Capital structure and Liquidity Dec 31, 2024 Sep 30, 2024 Total equity 64,837 56,231 Industrial net debt 5,533 9,421 Industrial net debt / EBITDA³ 0.4 0.7 Q1 FY 2025 Q1 FY 2024 Free cash flow Continuing operations 1,607 1,067 Discontinued operations (24) (19) Continuing and discontinued operations 1,584 1,048 Cash conversion rate Continuing and discontinued operations 0.41 0.41 Employees Dec 31, 2024 Sep 30, 2024 (in thousands) Continuing operations Total⁴ Continuing operations Total⁴ Total 313 313 312 327 Germany 86 86 85 89 Outside Germany 227 227 227 238 ¹ Throughout excluding currency translation and portfolio effects. ² Basic EPS – attributable to shareholders of Siemens AG. For fiscal 2025 and 2024 weighted average shares outstanding (basic) (in thousands) for the first quarter amounted to 786,025 and 789,473. ³ Accumulative EBITDA of the previous four quarters until the reporting date. ⁴ Continuing and discontinued operations.
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III Consolidated Statements of Income Q1 (in millions of €, per share amounts in €) FY 2025 FY 2024 Revenue 18,353 17,745 Cost of sales (11,264) (10,707) Gross profit 7,089 7,038 Research and development expenses (1,545) (1,496) Selling and general administrative expenses (3,500) (3,373) Other operating income 105 194 Other operating expenses (85) (78) Income (loss) from investments accounted for using the equity method, net 90 664 Interest income 747 713 Interest expenses (386) (420) Other financial income (expenses), net (133) (24) Income from continuing operations before income taxes 2,381 3,217 Income tax expenses (580) (648) Income from continuing operations 1,801 2,569 Income (loss) from discontinued operations, net of income taxes 2,067 (21) Net income 3,868 2,548 Attributable to: Non-controlling interests 163 160 Shareholders of Siemens AG 3,705 2,389 Basic earnings per share Income from continuing operations 2.08 3.05 Income (loss) from discontinued operations 2.63 (0.03) Net income 4.71 3.03 Diluted earnings per share Income from continuing operations 2.06 3.01 Income (loss) from discontinued operations 2.60 (0.03) Net income 4.66 2.99 Consolidated Statements of Comprehensive Income Q1 (in millions of €) FY 2025 FY 2024 Net income 3,868 2,548 Remeasurements of defined benefit plans (83) (323) therein: Income tax effects 54 290 Remeasurements of equity instruments 2,352 122 therein: Income tax effects (13) − Income (loss) from investments accounted for using the equity method, net − (18) Items that will not be reclassified to profit or loss 2,269 (218) Currency translation differences 2,827 (1,505) Derivative financial instruments (228) 93 therein: Income tax effects 93 (34) Income (loss) from investments accounted for using the equity method, net 26 (75) Items that may be reclassified subsequently to profit or loss 2,625 (1,486) Other comprehensive income, net of income taxes 4,894 (1,705) Total comprehensive income 8,762 843 Attributable to: Non-controlling interests 466 43 Shareholders of Siemens AG 8,296 800
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IV Consolidated Statements of Financial Position Dec 31, Sep 30, (in millions of €) 2024 2024 Assets Cash and cash equivalents 13,926 9,156 Trade and other receivables 17,287 16,963 Other current financial assets 11,782 10,492 Contract assets 8,142 7,985 Inventories 11,707 10,923 Current income tax assets 1,647 1,767 Other current assets 1,775 1,632 Assets classified as held for disposal 2,406 2,433 Total current assets 68,673 61,353 Goodwill 32,803 31,384 Other intangible assets 10,022 9,593 Property, plant and equipment 12,834 12,242 Investments accounted for using the equity method 1,060 980 Other financial assets 27,640 27,388 Deferred tax assets 2,754 2,677 Other assets 2,069 2,196 Total non-current assets 89,182 86,459 Total assets 157,855 147,812 Liabilities and equity Short-term debt and current maturities of long-term debt 8,149 6,598 Trade payables 8,701 8,843 Other current financial liabilities 2,327 2,006 Contract liabilities 13,310 12,855 Current provisions 2,715 2,730 Current income tax liabilities 2,174 1,805 Other current liabilities 7,264 7,833 Liabilities associated with assets classified as held for disposal 52 1,245 Total current liabilities 44,691 43,913 Long-term debt 41,735 41,321 Provisions for pensions and similar obligations 866 912 Deferred tax liabilities 1,633 1,483 Provisions 1,248 1,120 Other financial liabilities 862 864 Other liabilities 1,984 1,968 Total non-current liabilities 48,327 47,667 Total liabilities 93,018 91,581 Equity Issued capital 2,400 2,400 Capital reserve 7,470 7,757 Retained earnings 43,112 39,657 Other components of equity 8,294 3,615 Treasury shares, at cost (1,872) (2,165) Total equity attributable to shareholders of Siemens AG 59,403 51,264 Non-controlling interests 5,433 4,967 Total equity 64,837 56,231 Total liabilities and equity 157,855 147,812
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V Consolidated Statements of Cash Flows Q1 (in millions of €) FY 2025 FY 2024 Cash flows from operating activities Net income 3,868 2,548 Adjustments to reconcile net income to cash flows from operating activities – continuing operations (Income) loss from discontinued operations, net of income taxes (2,067) 21 Amortization, depreciation and impairments 774 764 Income tax expenses 580 648 Interest (income) expenses, net (360) (293) (Income) loss related to investing activities 6 (719) Other non-cash (income) expenses 737 (304) Change in operating net working capital from Contract assets 72 (37) Inventories (444) (756) Trade and other receivables 218 (151) Trade payables (400) (623) Contract liabilities 155 578 Additions to assets leased to others in operating leases (137) (88) Change in other assets and liabilities (1,456) (285) Income taxes paid (203) (607) Dividends received 70 87 Interest received 699 686 Cash flows from operating activities – continuing operations 2,111 1,470 Cash flows from operating activities – discontinued operations (24) (11) Cash flows from operating activities – continuing and discontinued operations 2,087 1,459 Cash flows from investing activities Additions to intangible assets and property, plant and equipment (504) (403) Acquisitions of businesses, net of cash acquired (401) (348) Purchase of investments and financial assets for investment purposes (283) (217) Change in receivables from financing activities 226 224 Disposal of intangibles and property, plant and equipment 38 4 Disposal of businesses, net of cash disposed 35 (26) Disposal of investments and financial assets for investment purposes 442 293 Cash flows from investing activities – continuing operations (447) (474) Cash flows from investing activities – discontinued operations 3,096 (9) Cash flows from investing activities – continuing and discontinued operations 2,649 (482) Cash flows from financing activities Purchase of treasury shares (314) (417) Re-issuance of treasury shares and other transactions with owners (7) (2,081) Issuance of long-term debt − 1,249 Repayment of long-term debt (including current maturities of long-term debt) (622) (197) Change in short-term debt and other financing activities 799 1,527 Interest paid (273) (253) Dividends attributable to non-controlling interests (13) (12) Cash flows from financing activities – continuing operations (430) (184) Cash flows from financing activities – discontinued operations − (5) Cash flows from financing activities – continuing and discontinued operations (430) (189) Effect of changes in exchange rates on cash and cash equivalents 252 (103) Change in cash and cash equivalents 4,559 685 Cash and cash equivalents at beginning of period 9,368 10,084 Cash and cash equivalents at end of period 13,926 10,769 Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period 1 − Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 13,926 10,769
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VI Overview of Segment figures Orders Revenue Profit (SFS: EBT) Profit margin (SFS: ROE) Net capital employed (SFS: Total assets) Free cash flow Q1 % Change Q1 % Change Q1 Q1 Dec 31, Sep 30, Q1 (in millions of €) FY 2025 FY 2024 Actual Comp. FY 2025 FY 2024 Actual Comp. FY 2025 FY 2024 FY 2025 FY 2024 2024 2024 FY 2025 FY 2024 Digital Industries 4,213 3,979 6% 6% 4,052 4,562 (11)% (11)% 588 895 14.5% 19.6% 10,927 10,476 638 606 Smart Infrastructure 6,196 5,831 6% 5% 5,286 4,827 10% 8% 891 885 16.9% 18.3% 7,331 6,650 640 290 Mobility 2,660 5,636 (53)% (53)% 2,972 2,700 10% 10% 249 251 8.4% 9.3% 2,636 2,018 (271) (57) Siemens Healthineers 6,336 5,601 13% 12% 5,482 5,175 6% 6% 789 692 14.4% 13.4% 35,413 33,457 725 442 Industrial Business 19,405 21,047 (8)% (8)% 17,793 17,265 3% 3% 2,517 2,723 14.1% 15.8% 56,307 52,601 1,732 1,281 Siemens Financial Services (SFS) 95 112 − − 95 112 − − 113 260 13.3% 31.2% 33,602 32,841 200 210 Reconciliation to Consolidated Financial Statements 565 480 − − 465 368 − − (250) 234 − − 67,947 62,369 (325) (424) Siemens (continuing operations) 20,065 21,639 (7)% (8)% 18,353 17,745 3% 3% 2,381 3,217 − − 157,855 147,812 1,607 1,067
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VII EBITDA Reconciliation Profit Amortization of intangible assets acquired in business combinations Financial income (expenses), net EBIT Amortization, depreciation and impairments EBITDA Q1 Q1 Q1 Q1 Q1 Q1 (in millions of €) FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Digital Industries 588 895 (35) (56) − − 553 839 109 129 661 968 Smart Infrastructure 891 885 (21) (24) − − 870 862 96 92 966 954 Mobility 249 251 (26) (25) − − 223 226 65 60 288 287 Siemens Healthineers 789 692 (89) (91) − − 700 601 305 291 1,005 891 Industrial Business 2,517 2,723 (171) (196) − − 2,346 2,527 574 572 2,921 3,099 Siemens Financial Services 113 260 − − 180 213 (67) 46 37 41 (29) 88 Reconciliation to Consolidated Financial Statements (250) 234 171 196 48 56 (126) 374 162 151 36 525 Siemens (continuing operations) 2,381 3,217 − − 227 269 2,154 2,948 774 764 2,927 3,712
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VIII Orders & Revenue by region Orders Revenue Q1 % Change Q1 % Change (in millions of €) FY 2025 FY 2024 Actual Comp. FY 2025 FY 2024 Actual Comp. Europe, C.I.S., Africa, Middle East 9,607 12,577 (24)% (24)% 8,584 8,665 (1)% (1)% therein: Germany 2,629 2,791 (6)% (6)% 2,762 2,743 1% 1% Americas 6,384 5,228 22% 21% 5,992 5,144 16% 17% therein: U.S. 5,174 4,258 22% 19% 5,103 4,279 19% 18% Asia, Australia 4,073 3,834 6% 6% 3,778 3,936 (4)% (4)% therein: China 1,832 1,792 2% 1% 1,732 1,981 (13)% (14)% Siemens (continuing operations) 20,065 21,639 (7)% (8)% 18,353 17,745 3% 3%