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Record third quarter - Outlook raised Roland Busch , CEO Siemens AG Veronika Bienert , CFO Siemens AG Unrestricted | Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 SIEMENS
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Notes and forward-looking statements Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 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. Page 2
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Key highlights Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Book- to-bill • Record backlog at €132bn Outlook FY26 Q3 FY26 results Portfolio / Investment Orders Revenue IB margin 17.3% EPS pre PPA 1.34 IB profit €3.5bn • Up significantly by 240bps • Operational margin expansion driven by DI and SI • Positive effects from tariff refunds in the U.S., primarily SHS €3.14 • Up €0.36 y-o-y reflecting business-driven improvement +14% €27.9bn • SI +42% to record level, data centers up triple-digit • DI +9%, driven by Automation, Software up mid-single-digit • MO -4%, close to prior year exceptional level +8% €20.8bn • Broad-based growth with DI and SI up double-digit, MO clearly up • DI Software +15% • SI Electrification +20% • SI Electrical Products +18% • Strong cash conversion in Industrial Business Free cash flow €4.1bn Note: Growth rates are comparable, excl. FX and portfolio • Acquisition of key businesses of Italian company MERMEC • Two technology tuck-in acquisitions to strengthen EDA business • €300m investment in switchgear capacity expansion in Germany • EPS pre PPA: €11.20 – €11.50 [previously: €10.70-€11.10] Raised Page 3
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Key levers for profitable growth ONE Tech strategy delivering results Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Grow Digital Grow Regions Grow Verticals Grow AI Successful market launch of Eigen Engineering Agent in China, recognized with SAIL Star award Intelligence Center X connects industrial data, workflows and AI agents in one governed system Siemens & HD Hyundai to establish scalable digital shipyard solutions to modernize U.S. shipbuilding Long-term contract worth low- triple-digit million US-$ Launch of U.S. – Korea Shipbuilding Technology Cooperation Center Strong AI-driven semiconductor market momentum fuels Electrification, Automation and Software wins Expanded collaboration with Intel across entire value chain from design to manufacturing Digitalized Vectron X locomotive Proven platform with ~3,000 units sold, now combined with app store and digitalized driver’s cab Enhanced user experience, optimized operating cost & efficiency 9.4 World AI conference & Realize LIVE Image courtesy of HD Hyundai Page 4
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Intelligence Center X: A new Siemens Xcelerator offering Industrial AI orchestration that delivers real customer value at scale - from design to service Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Live data access Configured design intent Security to attribute level Out-of-the-box industrial ontologies Key differentiators Delivering tangible results Faster engines Smarter execution Trusted outcomes 50X Speed-up in chip design and verification 160X Faster planning, from weeks to real-time 15% Reduction in scrap and rework * ALM = Asset Lifecycle Management Structured & unstructured data from multiple sources “Siemens is combining its EDA software with NVIDIA accelerated computing, AI software and Nemotron open models to create self-verifying agentic workflows that improve design quality, speed-up results and give engineering teams greater confidence in every step of the process.” Intelligence Context Action Intelligence Center X Docs Data ERP SCM CRM ALM* Page 5
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Capturing exceptional growth opportunities in Data Centers Proven strength, partner of choice, ready for tomorrow Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Trusted by hyperscalers, colos, neo-cloud providers and enterprise customers • Comprehensive portfolio across Electrification, Buildings, Automation and Digital Twin • Strong execution track record • Customer proximity through regional expertise and global scale • Leveraging a strong ecosystem of partners • Innovating for the next era of AI-scale infrastructure Orders 9M FY26 up triple-digit ~€6bn Revenue 9M FY26 up >50% €3.1bn Serving 9 of the top 10 Data Center providers Note: Growth rates are comparable, excl. FX and portfolio Page 6
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Uniquely positioned to win the next generation market Electrification innovations in low voltage launched for 800 V DC Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Flexibility for hybrid power architectures AUTOMATION • Combining strength in building & industrial automation • Modular and scalable automation framework for data centers with ready-to-use SIMATIC libraries DIGITAL TWIN • Most comprehensive multi-domain simulation platform across power, cooling & compute • Validated on NVIDIA DSX platform As density rises, customers need Industrial-grade automation and simulation Trusted partners to set global standards Accelerate customer success by combining Siemens' innovation power and strong ecosystem ELECTRIFICATION • Leading medium voltage portfolio; offering modular & scalable solutions • Semiconductor-based innovations in low voltage launched & more to come • Reference designs with partners for future-proof systems, from grid to rack Page 7
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€bn DI SW business with continuing double-digit ARR growth trajectory Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 DI SW – Annual Recurring Revenue (ARR) Business highlights • Q3 ARR with sustained double-digit growth, driven by PLM/Simulation and healthy momentum in EDA • Integration of Altair and Dotmatics fully on track • Simulation product consolidation on track and successful launch of Intelligence Center X • Strategic partnerships with: • IFS to close the loop across the entire product lifecycle with Industrial AI from design to maintain • Xometry to expand AI-native supply chain intelligence, creating a design-to-source digital thread • Business fundamentals remain healthy, supporting continued momentum entering Q4Q4 FY24 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 4.4 4.9 5.3 5.3 5.5 5.7 1.8 2.1 2.3 2.3 2.5 2.6 +22% +17% Cloud ARR +11%¹ +10%¹ 1 Comparable, excl. FX and portfolio Page 8
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Profit margin Digital Industries (DI) Strong performance with substantial margin expansion and excellent cash conversion Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Orders €bn Revenue €bn Free cash flow €m 4.4 4.9 Q3 FY25 Q3 FY26 • AUT +11% driven by Discrete; SW +5% on strength in PLM; EDA softer, as expected • Book-to-bill at 0.98 • Backlog of €10.1bn Therein: €6.4bn SW, €3.7bn AUT • AUT +7% up on broad basis • SW +15% driven by EDA, Simulation up low-double-digit, and PLM up mid-single-digit • Sharp profit improvement in SW, healthy contribution from AUT • Economies of scale & productivity improvements • Integration-related costs for Altair and Dotmatics of -70bps2 • Quarterly record • Strong contribution from AUT and SW • Sequential reduction of operating working capital +9%¹ 2.9 3.1 1.5 1.8 4.4 4.9 Q3 FY25 Q3 FY26 +10%¹ 14.5% 18.7% Q3 FY25 Q3 FY26 +420bps 16.1% 19.5% 1,103 1,495 Q3 FY25 Q3 FY26 1.72 1.62 +36%Profit margin excl. severance Software CCR 1 Comparable, excl. FX and portfolio 2 excl. severance Page 9
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Digital Industries (DI) Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Strong growth across most regions Improving global activity in persistently volatile macro environment Q3 FY26 Key regions – Automation Orders Revenue China +17% +9% Strong order growth with book-to-bill around 1; Healthy sequential revenue dynamics with strength in Motion Control Germany +4% -1% Orders up in soft market, book-to-bill above 1; Muted revenue development due to Discrete Automation Europe incl. CAME, excl. Germany +9% +6% Orders recover, book-to-bill slightly above 1; Revenue clearly up, driven by Discrete Automation U.S. +9% +13% Orders clearly up, book-to-bill slightly above 1; Revenue significantly up sequentially; Discrete Automation drives growth y-o-y Q3 FY26 – Software Global +15% Driven by strength in Americas and Asia/Australia Note: Growth rates are comparable, excl. FX and portfolio Page 10
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Profit margin Smart Infrastructure (SI) Outstanding performance across all metrics, orders again at new record high Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Orders €bn Revenue €bn Free cash flow €m 5.7 8.0 Q3 FY25 Q3 FY26 • Strong book-to-bill at 1.25 Electrical Products +58% Electrification +55% Buildings +14% • Large contract wins with Data Center customers in the U.S. and Europe • Record backlog of €23.7bn • Continuing strong momentum and backlog execution at Electrification +20% and Electrical Products +18% • Buildings +4% • Therein: Service +7% • Further margin expansion driven by economies of scale & ongoing productivity measures • Tariff refunds in the U.S. partly offset by eMobility impairment, net effect of +50bps • FX effects of -50bps • Strong cash conversion • Operating working capital seasonally up, well below revenue growth trajectory +42%¹ 4.5 5.1 1.2 1.3 5.7 6.4 Q3 FY25 Q3 FY26 +13%¹ Service 1 Comparable, excl. FX and portfolio 18.8% 20.0% Q3 FY25 Q3 FY26 19.0% 20.1% Profit margin excl. severance +120bps 1,011 1,194 Q3 FY25 Q3 FY26 0.94 0.94 +18% CCR Page 11
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Smart Infrastructure (SI) Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Orders up double-digit in all key regions, led by the U.S., mainly due to data center wins Broad-based revenue growth, again led by U.S.; recovery in China continues Q3 FY26 – Key regions Orders Revenue U.S. +81% +20% Orders sharply up in Electrification & EP fueled by data center & semiconductor wins; Revenue growth driven by Electrification & EP Germany +19% +8% Orders substantially up in Buildings; Revenue growth led by Electrification & EP China +15% +7% Orders up across all businesses, led by Buildings; Clear revenue growth driven by EP, while Buildings lower Europe incl. CAME, excl. Germany +14% +13% Orders up substantially in Electrification due to data center wins; Revenue up, led by Electrification, supported by EP Q2 FY26 – Service Global +7% Clear growth led by Europe and Asia Note: Growth rates are comparable, excl. FX and portfolio Note: EP – Electrical Products Page 12
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Profit margin Mobility (MO) Excellent orders, stringent execution and catch-up of free cash flow as expected Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Orders €bn Revenue €bn Free cash flow €m 7.9 7.6 Q3 FY25 Q3 FY26 • Book-to-bill at outstanding 2.35 • Very tough comparables • Driven by several very large orders in Europe with high Customer Services volume • High-quality backlog at €58bn; Therein: €19bn Customer Services • Rolling Stock +1% • Rail Infrastructure +11% • Therein: Customer Services -1% • Solid profitability • Less favorable project mix • Improved cash conversion driven by large payments from customers • Further catch-up in Q4 expected -4%¹ 2.5 2.7 0.6 0.6 3.1 3.2 Q3 FY25 Q3 FY26 +6%¹ 1 Comparable, excl. FX and portfolio -115 327 Q3 FY25 Q3 FY26 -0.40 1.17 Customer Services CCR 9.3% 8.6% Q3 FY25 Q3 FY26 -70bps 9.5% 9.0% Profit margin excl. severance Page 13
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FCF Industrial Business €m Strong free cash flow performance, well above prior year New share buyback program off to a fast start Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 CCR FCF “all in” €m Q3 cash performance • Y-o-y improvement due to strong cash conversion in Industrial Business, lower operating working capital despite clear revenue growth • Well on track for double-digit FCF return on revenue, 9M y-t-d at 11% • Healthy capital structure of 0.6x for Industrial Net Debt/EBITDA Capital allocation for shareholders • Spin-off of Siemens Healthineers – timeline confirmed: Binding decisions from tax authorities received as expected • Share buyback of €6bn completed; >28m shares at ∅ price of €212 • New share buyback program started July 1: Up to €6bn for up to 5 years €0.4bn €6.0bn As of July 31, 2026 9M FY25 Q1 FY26 Q2 FY26 Q3 FY26 9M FY26 6,842 1,000 2,430 4,209 7,639 +12% 0.80 0.81 CCR 677 9M FY25 Q1 FY26 Q2 FY26 Q3 FY26 9M FY26 5,505 1,716 4,148 6,541 +19% 0.64 0.93 Page 14
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FY 2026 outlook raised Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Revenue growth Comparable Profit margin Digital Industries 7%–10% 17%–19% Smart Infrastructure 10%–11% [Previously: 8%-10%] 18.5%–19.5% [Previously: 18%-19%] Mobility 5%–7% 8%–10% Book-to-bill >1 Revenue growth Comparable 6%–8% EPS pre PPA €11.20–€11.50 [previously: €10.70-€11.10] This outlook excludes burdens from legal and regulatory matters. Siemens Group Siemens Businesses Page 15
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Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Appendix Page 16
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Below Industrial Business Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Q3 FY 26 in €m 3,524 2,578 238 44 55 5 Industrial Business SFS Governance -181 Innovation Financing, elimination, others -238 PPA -863 Tax Income cont. ops. Income disc. ops. Net income 2,583 Non-controlling interests 312 Tax rate @25.1% Therein: Gain of €156m, sale of stake in equity investment in UK Therein: Divestment gain of €77m Page 17
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Digital Industries (DI) Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Macro environment volatile due to re- escalation in Middle East Improving sentiment mainly in markets linked to AI CapEx boom & rising defense spending Automotive Machine Building Pharma & Chemicals Electronics & Semiconductors Aerospace & Defense Food & Beverage Vertical end markets Revenue exposure Market trend1 Q2 FY26 Market trend1 Q3 FY26 20% 15% 10% 15% 5% 10% 1 Y-o-Y industry revenue development for next 6 months based on industry production data from statistical office sources (e.g. NB oS, US Fed, Eurostat) Page 18
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Smart Infrastructure (SI) Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Consistently healthy end markets Soaring Data Center demand and strong Power Utilities remain key growth drivers Data Centers 15% Public Sector / Education 10% Healthcare 5% Industrial 25% Power Utilities 15% 1 Trend for next four quarters, Y-o-Y vertical market development Vertical end markets Revenue exposure Market trend1 Q2 FY26 Market trend1 Q3 FY26 Commercial Real Estate 15% Page 19
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Record order backlog remains a key source of strength and provides visibility Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 76 39 0 38 58 24 10 6 3 1 Order backlog June 30, 2026 35 FY 2026e FY 2027e After FY 2027e 132 18 Expected revenue generation from backlog in €bn DI MO SHS SI Other Key developments in Q3 • Q3 FY26 book-to-bill at 1.34 drove clear increase in order backlog • Backlog at DI stable • Buoyant markets are driving backlog level for SI after best quarterly order intake ever, providing strong basis for healthy revenue growth momentum into fiscal 2027 • MO with strong backlog visibility and attractive sales pipeline; stringent execution on high-quality backlog Page 20
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Financial Services Lower 9M YoY result largely as prior year period included higher gain on sales in the equity business Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 €m €bn Earnings Before Taxes (EBT) Total Assets ROE: 20.1% 17.8% therein Equity business • Strong performance driven by the equity business, which recorded a gain from the sale of a stake in an equity investment in the UK, partly offset by a revaluation loss • Total assets slightly increased due to currency translation effects Q3 developments 8 Q1 FY 26 52 Q2 FY 26 135 Q3 FY 26 135 95 238 2.1 Q1 FY 26 2.1 Q2 FY 26 2.2 Q3 FY 26 32.9 33.2 33.4 242 9M FY 25 195 9M FY 26 531 468 -12% 2.1 Q4 FY 25 2.2 9M FY 26 33.1 33.4 Page 21
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Operating activities Decrease in net debt driven by strong operating cash flows & settlement of SE forward sale Capital structure improves further and continues to be well within target range Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Net debt Q2 2026 4.5 0.2 ∆ OWC -0.6 Cash flows from investing activities 2.4 Financing and other topics Net debt Q3 2026 28.2 Net debt adjustments Ind. net debt Q3 2026 44.1 37.5 9.3 Q3 ΔQ2 • SFS debt 29.1 +0.2 • Provisions for pensions -0.7 0.0 • Credit guarantees -0.2 +0.1 Ind. net debt/ EBITDA (cont. ops.) 0.6x (Q2 FY26: 1.2x) Cash & cash equiv. €9.7bn1) Cash & cash equiv. €12.0bn2) €bn Cash flows from operating activities (w/o ∆ OWC) 1 Sum of cash & cash equivalents of €9.7bn, incl. current interest-bearing debt securities of €1.0bn 2 Sum of cash & cash equivalents of €12.0bn, incl. current interest-bearing debt securities of €1.1bn 3 Excluding Siemens Healthineers share buyback Therein: • ∆ Inventories -0.2 • ∆ Trade and other receivables -0.1 • ∆ Contract assets/liabilities +0.3 • ∆ Trade payables +0.3 Therein: • Settlement of SE forward sale +3.8 • Sale of SEIL shares to SE (net) +0.4 • FX -0.2 • Interest paid -0.4 • Share buyback3) -0.9 Therein: • Add. to intangible assets and PP&E -0.6 • SFS +0.1 Page 22
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Provisions for pensions remain on historic low level Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 in €bn¹ FY 23 FY 24 Q1 FY 25 Q2 FY 25 Q3 FY 25 Q4 FY 25 Q1 FY 26 Q2 FY 26 Q3 FY26 Defined benefit obligation (DBO)² -26.6 -28.4 -28.3 -27.2 -26.9 -26.9 -26.6 -26.3 -26.4 Fair value of plan assets² 25.5 28.3 28.0 27.0 26.7 26.8 27.0 26.6 27.1 Provisions for pensions and similar obligations -1.4 -0.9 -0.9 -0.8 -0.8 -0.7 -0.7 -0.7 -0.7 Discount rate 4.6% 3.5% 3.6% 3.9% 3.8% 3.9% 4.0% 4.2% 4.1% Interest income 1.0 1.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 Actual return on plan assets 0.2 3.7 -0.2 -0.4 0.4 0.5 0.4 -0.2 1.0 1 All figures are reported on a continuing basis (w/o liabilities held for disposal) 2 Fair value of plan assets including effects from asset ceiling (Q3 26: -€0.9bn); difference between DBO and fair value of plan assets additionally resulted in net defined benefit assets (Q3 26: € 1.4bn) Page 23
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Siemens with sound refinancing profile Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Total loan-and-bond debt of around €45bn FY 2033 FY 2034 FY 2035 FY 2036 FY 2037 FY 2039 FY 2041 FY 2042 FY 2043 FY 2044 FY 2045 FY 2046 FY 2047 FY 2055 FY 2065 1.5 6.3 4.5 FY 2032 3.1 3.6 2.9 1.5 1.0 2.1 1.5 1.3 0.8 1.3 0.8 0.8 FY 2026 2.0 0.9 1.3 1.1 0.7 4.9 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 1.5 Loan-and-bond maturity profile as of June 30, 2026 (in €bn) Page 24
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Profit Bridge from SHS disclosure to SAG disclosure Different profit definitions at SHS and SAG to be considered in models Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 In €m Q3 FY26 9M FY26 SHS EBIT (adjusted) 1,101 19.1% 2,746 16.3% PPA (SHS logic)1 -86 -256 Transaction, integration, retention, carve-out cost -1 -5 Gains and losses from divestments 0 0 Severance -24 -72 Expenses for other portfolio-related measures 0 +41 Other restructuring expenses -43 -107 SHS EBIT (as reported) 946 16.4% 2,348 13.9% PPA (SAG logic)2 +85 +251 Consolidation / Accounting differences +16 +10 SAG Profit (as reported) 1,047 18.2% 2,610 15.5% Severance +24 +72 SAG Profit (excl. severance) 1,071 18.6% 2,681 15.9% 1 PPA on intangible assets as well as other effects from IFRS 3 PPA adjustments 2 PPA on intangible assets Page 25
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Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Outlook FY 2026 as presented by Siemens Healthineers on July 31, 2026 Page 26
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Financial calendar Unrestricted | © Siemens 2026 | Investor Relations | Q3 FY26 Analyst Call | 2026-08-06 Tobias Atzler tobias.atzler@siemens.com Nikola Petrovic petrovic.nikola@siemens.com Christopher Helmreich christopher.helmreich@siemens.com Julia Barth julia.barth@siemens.com siemens.com/investorrelations investorrelations@siemens.com +49 89 7805-32474 Investor Relations Contacts Martin Bacherle martin.bacherle@siemens.com Nico Zeissler nico.zeissler@siemens.com Cinzia Fasoli cinzia.fasoli@siemens.com August 6, 2026 Q3 Earnings Release September 9, 2026 Morgan Stanley conference (London) September 22, 2026 Berenberg and Goldman Sachs conference (Munich) November 12, 2026 Q4 Earnings Release September 24, 2026 Innotrans fair (Berlin) Page 27