Earnings release
Page 1
Earnings Release Q1 FY 2026 October 1 to December 31, 2025 Munich, Germany, February 12, 2026 Strong start to fiscal 2026 – Outlook raised “Our strong first-quarter performance shows that we’re delivering on our strategy. Siemens is very well positioned in its growth markets. Artificial intelligence is a strong growth driver for our businesses. We’re scaling industrial AI in our core industries together with world-class partners. By integrating AI deeply into design, development, products and operations, we’re adding measurable value for our customers,” said Roland Busch, President and Chief Executive Officer of Siemens AG. “After a strong start to the fiscal year, we raise our outlook.” “Our strong operating performance translated into high profitability in the first quarter. We are continuing to rigorously execute our strategy, and our accelerated share buyback program is consistently creating value for shareholders,” said Ralf P. Thomas, Chief Financial Officer of Siemens AG. • First quarter orders were up 10% on a comparable basis, excluding currency translation and portfolio effects, with double-digit increases in most industrial businesses; comparable revenue rose 8%, including growth in all industrial businesses • On a nominal basis, orders rose 7% to €21.4 billion, and revenue was up 4% to €19.1 billion; the book-to-bill ratio was 1.12 • Profit Industrial Business increased to €2.9 billion, with a profit margin of 15.6%, driven by considerable improvements at Digital Industries and Smart Infrastructure • Net income came in strong at €2.2 billion; in Q1 FY 2025, net income of €3.9 billion had benefited from a €2.1 billion gain (after tax) from the sale of Innomotics; for the current quarter, basic earnings per share (EPS) were €2.60, and EPS before purchase price allocation accounting (EPS pre PPA) were €2.80 • Free cash flow from continuing and discontinued operations was €0.7 billion
Page 2
Earnings Release Q1 FY 2026 | Siemens 2 Siemens Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. Orders 21,371 20,065 7% 10% Revenue 19,139 18,353 4% 8% Profit Industrial Business 2,904 2,517 15% therein: severance (67) (78) Profit margin Industrial Business 15.6% 14.1% excl. severance 15.9% 14.6% Income from continuing operations 2,225 1,801 24% therein: severance (77) (83) Income (loss) from discontinued operations, net of income taxes (3) 2,067 n/a Net income 2,222 3,868 (43)% Basic EPS (in €) 2.60 4.71 (45)% EPS pre PPA (in €) 2.80 4.86 (42)% Free cash flow (continuing and discontinued operations) 677 1,584 (57)% Cash conversion rate 0.30 0.41 (27)% ROCE 13.5% 29.7% • Order growth was led by Smart Infrastructure, which posted record-high order intake, and was supported by significant growth at Digital Industries and clear growth at Mobility • Broad-based revenue growth across industrial businesses, including a double-digit increase at Digital Industries, with strong growth contributions from both its software and its automation business • Currency translation effects took five percentage points each from order and revenue growth; portfolio transactions added one percentage point to order and revenue growth • Profit Industrial Business: Digital Industries recorded a substantial profit increase, mainly driven by the automation business; Smart Infrastructure continued to perform excellently, with significantly higher profit; profit margin Industrial Business was burdened by currency effects, with Digital Industries being most affected • Strong net income; Q1 FY 2025 had benefited from a €2.1 billion gain (after tax) from the sale of Innomotics • Decrease in Free cash flow was due mainly to Industrial Business, which generated a Free cash flow of €1.0 billion compared to €1.7 billion in Q1 FY 2025; main factor was a build-up of working capital, including effects from timing of payments in Mobility projects; outside Industrial Business, Siemens recorded a cash outflow of €0.4 billion related to settlement of an obligation of final disposal of nuclear waste • As of December 31, 2025, provisions for pensions and similar obligations amounted to €0.7 billion, the same low level as of September 30, 2025 • Return on capital employed (ROCE) declined as a result of lower net income and a substantial increase in average capital employed; the latter was largely related to the acquisitions of Altair and Dotmatics
Page 3
Earnings Release Q1 FY 2026 | Digital Industries, Smart Infrastructure, Mobility 3 Digital Industries Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. Orders 4,848 4,213 15% 13% Revenue 4,526 4,052 12% 10% therein: software business 1,663 1,369 21% 11% Profit 804 588 37% therein: severance (43) (52) Profit margin 17.8% 14.5% excl. severance 18.7% 15.8% • Double-digit increases in orders and revenue, with both the software business (which won several larger contracts) and the automation business (driven by the short-cycle business) contributing strongly to growth; new volume from recent acquisitions, in particular from Altair and Dotmatics, more than offset substantial negative currency translation effects • On a geographic basis, orders and revenue were up in all reporting regions, with strong comparable increases in the U.S. and in China • Substantial increases in profit and profitability were largely attributable to the automation business; overall, negative currency effects burdened profit and profitability; severance charges held back profit and profitability in both the current and the prior-year quarter; in addition, profit for the current quarter was impacted by €35 million in integration costs related to the acquisitions of Altair and Dotmatics, reducing Digital Industries’ profit margin by 0.7 percentage points Smart Infrastructure Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. Orders 7,173 6,196 16% 22% Revenue 5,534 5,286 5% 10% therein: service business 1,204 1,165 3% 7% Profit 1,054 891 18% therein: severance (1) (5) Profit margin 19.0% 16.9% excl. severance 19.1% 17.0% • Broad-based volume growth despite substantial headwinds from currency translation effects; on a comparable basis, orders and revenue increased in all businesses and all reporting regions • Orders rose to a quarterly record high; this increase was mainly driven by the electrification and the electrical products businesses and included several larger contract wins from data center customers, predominantly in the U.S. • Revenue growth was mainly driven by the electrification business, which continued to execute strongly on its large order backlog; on a geographic basis, growth was primarily attributable to the region Europe, C.I.S., Africa, Middle East and to the U.S. • Smart Infrastructure increased profit and profitability in all its businesses on higher revenue, economies of scale, and ongoing productivity improvements; in addition, profitability benefited from positive commodity-hedging effects, which more than offset adverse currency effects Mobility Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. Orders 2,872 2,660 8% 10% Revenue 3,174 2,972 7% 9% therein: service business 555 524 6% 10% Profit 286 249 15% therein: severance (5) (5) Profit margin 9.0% 8.4% excl. severance 9.2% 8.6% • Orders rose due to higher volume from large orders, among them a contract worth €0.6 billion for delivery of battery-powered regional trains in Germany and an extension of an existing contract worth €0.4 billion for delivery of automatic metro trains in France • Revenue growth was driven by the rolling stock business and the customer services business • Profit and profitability rose, with the strongest increase coming from the rolling stock business
Page 4
Earnings Release Q1 FY 2026 | Siemens Healthineers, Siemens Financial Services, Reconciliation to Consolidated Financial Statements 4 Siemens Healthineers Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. Orders 5,845 6,336 (8)% (3)% Revenue 5,402 5,482 (1)% 4% Profit 761 789 (4)% therein: severance (18) (15) Profit margin 14.1% 14.4% excl. severance 14.4% 14.7% • Volume development influenced by negative currency translation effects; order intake decreased compared to Q1 FY 2025 which had included several large contract wins; revenue growth on a comparable basis in the precision therapy business and the imaging business was partly offset by a decline in the diagnostics business; this decrease was due mainly to a structural change in the market environment in China • Profit impacted by increased tariffs and by negative currency effects (in the precision therapy business and the imaging business); in the diagnostics business, it was also impacted by the above-mentioned revenue decline and an unfavorable business mix Siemens Financial Services Q1 (in millions of €) FY 2026 FY 2025 Earnings before taxes (EBT) 135 113 therein: equity business 8 9 therein: severance (1) (1) ROE (after taxes) 13.9% 13.3% Dec 31, Sep 30, (in millions of €) 2025 2025 Total assets 32,892 33,110 • Siemens Financial Services recorded a significantly higher earnings contribution from its debt business due mainly to lower expenses for credit risk provisions Reconciliation to Consolidated Financial Statements Profit Q1 (in millions of €) FY 2026 FY 2025 Innovation (153) (129) Governance 15 (23) Amortization of intangible assets acquired in business combinations (238) (172) Financing, eliminations and other items 281 73 Reconciliation to Consolidated Financial Statements (96) (250) • Change in result for Governance was due to a combination of higher income from Siemens brand fees and lower governance costs • Amortization of intangible assets acquired in business combinations rose due primarily to the acquisitions of Altair and Dotmatics • Financing, eliminations and other items included a gain of €0.2 billion from contribution of shares in Fluence Energy, Inc. to the Siemens Pension Trust • In February 2026, the sale of the airport logistics business in the U.S. was closed
Page 5
Earnings Release Q1 FY 2026 | Outlook 5 Outlook After a strong start to the fiscal year, we raise our outlook for basic EPS from net income before purchase price allocation accounting (EPS pre PPA) from a range of €10.40 to €11.00 to a range of €10.70 to €11.10 for fiscal 2026. Furthermore, we confirm the remaining expectations for fiscal 2026 given in our Earnings Release Q4 FY 2025, which were as follows: For fiscal 2026, we assume that the global economic environment will stabilize and that global GDP growth will remain near the prior-year level. We also anticipate that in fiscal 2026 negative currency effects will strongly burden nominal growth rates in volume as well as profit for our industrial businesses and earnings per share (EPS). For fiscal 2026, Digital Industries expects comparable revenue growth − net of currency translation and portfolio effects − of 5% to 10% and a profit margin of 15% to 19%. Smart Infrastructure expects for fiscal 2026 comparable revenue growth of 6% to 9% and a profit margin of 18% to 19%. Mobility expects for fiscal 2026 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 6% to 8% and a book-to-bill ratio above 1 for fiscal 2026. This outlook excludes burdens from legal and regulatory matters.
Page 6
Earnings Release Q1 FY 2026 | 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 2026 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 decrees, decisions, assessments or requirements of regulatory or governmental 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 Section 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 7805-31601 (Media Relations) +49 89 7805-32474 (Investor Relations) E-Mail press@siemens.com investorrelations@siemens.com © 2026 by Siemens AG, Berlin and Munich
Page 7
Financial Results First Quarter of Fiscal 2026
Page 8
II Key figures (in millions of €, except where otherwise stated) Volume Q1 % Change FY 2026 FY 2025 Actual Comp.¹ Orders 21,371 20,065 7% 10% Revenue 19,139 18,353 4% 8% Book-to-bill ratio 1.12 Order backlog (in billions of €) 120 Profitability and Capital efficiency Q1 FY 2026 FY 2025 % Change Industrial Business Profit 2,904 2,517 15% Profit margin 15.6% 14.1% Continuing operations EBITDA 3,636 2,927 24% Income from continuing operations 2,225 1,801 24% Basic EPS (in €)² 2.61 2.08 25% Discontinued operations Income (loss) from discontinued operations, net of income taxes (3) 2,067 n/a Basic EPS (in €)² − 2.63 n/a Continuing and discontinued operations Net income 2,222 3,868 (43)% Basic EPS (in €)² 2.60 4.71 (45)% EPS pre PPA (in €)² 2.80 4.86 (42)% Return on capital employed (ROCE) 13.5% 29.7% Capital structure and Liquidity Dec 31, 2025 Sep 30, 2025 Total equity 72,020 68,371 Industrial net debt 12,180 12,160 Industrial net debt / EBITDA³ 0.9 0.9 Q1 FY 2026 Q1 FY 2025 Free cash flow Continuing operations 681 1,607 Discontinued operations (5) (24) Continuing and discontinued operations 677 1,584 Cash conversion rate Continuing and discontinued operations 0.30 0.41 Employees (in thousands) Dec 31, 2025 Sep 30, 2025 Total 317 318 Germany 87 87 Outside Germany 230 231 ¹ Throughout excluding currency translation and portfolio effects. ² Basic EPS – attributable to shareholders of Siemens AG. For fiscal 2026 and 2025 weighted average shares outstanding (basic) (in thousands) for the first quarter amounted to 780,108 and 786,025. ³ Accumulative EBITDA of the previous four quarters until the reporting date.
Page 9
III Consolidated Statements of Income Q1 (in millions of €, per share amounts in €) FY 2026 FY 2025 Revenue 19,139 18,353 Cost of sales (11,506) (11,264) Gross profit 7,633 7,089 Research and development expenses (1,637) (1,545) Selling and general administrative expenses (3,608) (3,500) Other operating income 151 105 Other operating expenses (45) (85) Income (loss) from investments accounted for using the equity method, net 284 90 Interest income 686 747 Interest expenses (435) (386) Other financial income (expenses), net (86) (133) Income from continuing operations before income taxes 2,944 2,381 Income tax expenses (718) (580) Income from continuing operations 2,225 1,801 Income (loss) from discontinued operations, net of income taxes (3) 2,067 Net income 2,222 3,868 Attributable to: Non-controlling interests 192 163 Shareholders of Siemens AG 2,030 3,705 Basic earnings per share Income from continuing operations 2.61 2.08 Income from discontinued operations − 2.63 Net income 2.60 4.71 Diluted earnings per share Income from continuing operations 2.58 2.06 Income from discontinued operations − 2.60 Net income 2.58 4.66 Consolidated Statements of Comprehensive Income Q1 (in millions of €) FY 2026 FY 2025 Net income 2,222 3,868 Remeasurements of defined benefit plans 259 (83) therein: Income tax effects (31) 54 Remeasurements of equity instruments 959 2,352 therein: Income tax effects (88) (13) Items that will not be reclassified to profit or loss 1,218 2,269 Currency translation differences (19) 2,827 Derivative financial instruments (6) (228) therein: Income tax effects 4 93 Income (loss) from investments accounted for using the equity method, net (5) 26 Items that may be reclassified subsequently to profit or loss (29) 2,625 Other comprehensive income, net of income taxes 1,189 4,894 Total comprehensive income 3,411 8,762 Attributable to: Non-controlling interests 123 466 Shareholders of Siemens AG 3,288 8,296
Page 10
IV Consolidated Statements of Financial Position Dec 31, Sep 30, (in millions of €) 2025 2025 Assets Cash and cash equivalents 15,263 14,495 Trade and other receivables 16,881 16,628 Other current financial assets 12,451 11,523 Contract assets 8,251 8,141 Inventories 11,100 10,582 Current income tax assets 1,673 1,536 Other current assets 1,985 1,768 Assets classified as held for disposal 308 36 Total current assets 67,912 64,711 Goodwill 40,650 40,670 Other intangible assets 11,927 12,199 Property, plant and equipment 13,260 13,023 Investments accounted for using the equity method 864 866 Other financial assets 31,430 30,670 Deferred tax assets 1,528 1,944 Other assets 2,564 2,118 Total non-current assets 102,222 101,490 Total assets 170,134 166,202 Liabilities and equity Short-term debt and current maturities of long-term debt 13,630 11,174 Trade payables 8,572 9,183 Other current financial liabilities 2,467 1,896 Contract liabilities 12,919 12,761 Current provisions 2,136 2,187 Current income tax liabilities 2,168 2,094 Other current liabilities 7,304 7,945 Liabilities associated with assets classified as held for disposal 152 20 Total current liabilities 49,348 47,261 Long-term debt 42,835 44,841 Provisions for pensions and similar obligations 703 732 Deferred tax liabilities 1,390 1,261 Provisions 1,200 1,198 Other financial liabilities 540 482 Other liabilities 2,097 2,055 Total non-current liabilities 48,766 50,570 Total liabilities 98,114 97,830 Equity Issued capital 2,400 2,400 Capital reserve 7,739 7,895 Retained earnings 52,275 49,601 Other components of equity 6,844 5,868 Treasury shares, at cost (3,778) (3,520) Total equity attributable to shareholders of Siemens AG 65,481 62,244 Non-controlling interests 6,539 6,127 Total equity 72,020 68,371 Total liabilities and equity 170,134 166,202
Page 11
V Consolidated Statements of Cash Flows Q1 (in millions of €) FY 2026 FY 2025 Cash flows from operating activities Net income 2,222 3,868 Adjustments to reconcile net income to cash flows from operating activities – continuing operations (Income) loss from discontinued operations, net of income taxes 3 (2,067) Amortization, depreciation and impairments 858 774 Income tax expenses 718 580 Interest (income) expenses, net (252) (360) (Income) loss related to investing activities (286) 6 Other non-cash (income) expenses 226 737 Change in operating net working capital from Contract assets (127) 72 Inventories (509) (444) Trade and other receivables (291) 218 Trade payables (555) (400) Contract liabilities 222 155 Additions to assets leased to others in operating leases (83) (137) Change in other assets and liabilities (1,233) (1,456) Income taxes paid (435) (203) Dividends received 53 70 Interest received 644 699 Cash flows from operating activities – continuing operations 1,176 2,111 Cash flows from operating activities – discontinued operations (5) (24) Cash flows from operating activities – continuing and discontinued operations 1,171 2,087 Cash flows from investing activities Additions to intangible assets and property, plant and equipment (494) (504) Acquisitions of businesses, net of cash acquired (86) (401) Purchase of investments and financial assets for investment purposes (266) (283) Change in receivables from financing activities 131 226 Disposal of intangibles and property, plant and equipment 15 38 Disposal of businesses, net of cash disposed 3 35 Disposal of investments and financial assets for investment purposes 229 442 Cash flows from investing activities – continuing operations (469) (447) Cash flows from investing activities – discontinued operations 46 3,096 Cash flows from investing activities – continuing and discontinued operations (422) 2,649 Cash flows from financing activities Purchase of treasury shares (693) (314) Re-issuance of treasury shares and other transactions with owners 943 (7) Repayment of long-term debt (including current maturities of long-term debt) (955) (622) Change in short-term debt and other financing activities 1,070 799 Interest paid (359) (273) Dividends attributable to non-controlling interests (27) (13) Cash flows from financing activities – continuing operations (20) (430) Cash flows from financing activities – discontinued operations − − Cash flows from financing activities – continuing and discontinued operations (20) (430) Effect of changes in exchange rates on cash and cash equivalents 32 252 Change in cash and cash equivalents 761 4,559 Cash and cash equivalents at beginning of period 14,502 9,368 Cash and cash equivalents at end of period 15,263 13,926 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) 15,263 13,926
Page 12
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 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 Digital Industries 4,848 4,213 15% 13% 4,526 4,052 12% 10% 804 588 17.8% 14.5% 23,253 22,885 393 638 Smart Infrastructure 7,173 6,196 16% 22% 5,534 5,286 5% 10% 1,054 891 19.0% 16.9% 7,220 6,709 571 640 Mobility 2,872 2,660 8% 10% 3,174 2,972 7% 9% 286 249 9.0% 8.4% 2,847 2,165 (419) (271) Siemens Healthineers 5,845 6,336 (8)% (3)% 5,402 5,482 (1)% 4% 761 789 14.1% 14.4% 32,762 32,465 455 725 Industrial Business 20,738 19,405 7% 10% 18,635 17,793 5% 8% 2,904 2,517 15.6% 14.1% 66,082 64,224 1,000 1,732 Siemens Financial Services (SFS) 69 95 − − 69 95 − − 135 113 13.9% 13.3% 32,892 33,110 180 200 Reconciliation to Consolidated Financial Statements 564 565 − − 434 465 − − (96) (250) − − 71,160 68,868 (499) (325) Siemens (continuing operations) 21,371 20,065 7% 10% 19,139 18,353 4% 8% 2,944 2,381 − − 170,134 166,202 681 1,607
Page 13
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 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 Digital Industries 804 588 (112) (35) − − 692 553 189 109 881 661 Smart Infrastructure 1,054 891 (17) (21) − − 1,037 870 112 96 1,149 966 Mobility 286 249 (25) (26) − − 261 223 65 65 325 288 Siemens Healthineers 761 789 (83) (89) − − 678 700 298 305 975 1,005 Industrial Business 2,904 2,517 (238) (171) − − 2,667 2,346 663 574 3,330 2,921 Siemens Financial Services 135 113 − − 214 180 (79) (67) 31 37 (48) (29) Reconciliation to Consolidated Financial Statements (96) (250) 238 171 (49) 48 191 (126) 163 162 354 36 Siemens (continuing operations) 2,944 2,381 − − 165 227 2,778 2,154 858 774 3,636 2,927
Page 14
VIII Orders & Revenue by region Orders Revenue Q1 % Change Q1 % Change (in millions of €) FY 2026 FY 2025 Actual Comp. FY 2026 FY 2025 Actual Comp. Europe, C.I.S., Africa, Middle East 10,215 9,607 6% 6% 9,241 8,584 8% 8% therein: Germany 3,481 2,629 32% 32% 2,870 2,762 4% 3% Americas 6,983 6,384 9% 17% 6,260 5,992 4% 11% therein: U.S. 6,134 5,174 19% 28% 5,398 5,103 6% 13% Asia, Australia 4,174 4,073 2% 11% 3,638 3,778 (4)% 5% therein: China 1,869 1,832 2% 10% 1,663 1,732 (4)% 4% Siemens (continuing operations) 21,371 20,065 7% 10% 19,139 18,353 4% 8%