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1、Profitable growth in third quarter outlook confirmedRoland Busch,CEO Siemens AGRalf P.Thomas,CFO Siemens AGUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Notes and forward-looking statements This document contains statements related to our future business and financial perfor

2、mance 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

3、 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 assum

4、ptions 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 ri

5、sks in the Combined Management Report of the Siemens Report( 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 th

6、ese 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

7、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

8、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 supple

9、mental 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

10、 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.Unrestricted|Sieme

11、ns 2024|Investor Relations|Q3 Analyst Call|2024-08-08Page 2Q3 Business highlightsUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08ROBUST TOPLINEOrders solid Book-to-bill 1.05,due to SI&SHS DI sequentially up,driven by SW Backlog at 113bn Clear revenue growth Up+5%SI,SHS and MO

12、all up DI on levelCompetitive strength Large license deals at DI SW SI Electrification stands out again,revenue up+21%STRINGENT EXECUTIONStrong conversion IB profit of 3.0bn IB margin at 16.5%Consistent free cash flow 2.5bn for IB 2.1bn“all in”Full-year guidance confirmedCONSISTENT STRATEGYDriving t

13、ransformation Infrastructure opportunities Capacity expansion ElectrificationSustainability leadership First EcoVadis platinum rating Siemensstadt Square as global blueprintSaaS transition fully on track ARR up+15%Cloud ARR reaching 39%sharePage 3Q3 Key FinancialsUnrestricted|Siemens 2024|Investor R

14、elations|Q3 Analyst Call|2024-08-08Orders19.8bn-15%Note:Orders and Revenue growth comparableRevenue18.9bn+5%IB Profit margin16.5%EPS pre PPA2.66Free cash flow2.1bnIndustrial Net debt/EBITDA1.0 xPage 4Smart Infrastructure is at the core of driving sustainable infrastructure transformationFurther inve

15、sting in the future to meet increasing demandUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Additional invest of 100m until 2025Ramp-up of Blue GIS MV switchgear portfolioHigh degree of automation&digitalization in production400 jobs until 2027 Secular trendsElectrification o

16、f everything3x higher electricity demand by 2050Decarbonization of the energy system39%of global emissions are from buildingsAcceleration enabled by technology20%less emissions by 2050 by digitalization at scale3.04.05.06.07.03.83.5Q1/21Q3/21Q1/22Q3/22Q1/23Q3/23Q1/246.05.4Q3/24OrdersRevenue drive Sm

17、art Infrastructure businessCapacity expansion in ElectrificationSwitchgear factory FrankfurtUpgrade APAC presence in Data Center 3rd Competence center(CoC)in addition to U.S.&Netherlands200+designers,planners,engineers,project managersScalable and modular data center solutionsInauguration CoC Chenna

18、iPage 5bn Since 2021,score improved by 19 points to 80 points,reflecting progress in sustainability management First time Platinum medal Among top 1%out of 73,000 companies assessed worldwide Create showcase how technologies from Siemens Xcelerator platform transform industrial site into city of the

19、 future End-to-end digital twin combines all levels:campus,buildings,energy,powered by AI Blueprint for sustainable growth and competitivenessScaling sustainability impact for customers Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Resource efficiencySiemens and BASFDecarbon

20、izationSiemensstadt SquareGovernanceTop 1%ranking Collaboration on driving circular economy Replacing fossil feedstock by biomethane from recycled biowaste in a mass balance approach Plastics for circuit breaker production with significant reduction of product carbon footprint Page 6AEROSPACE BAE SY

21、STEMSFactory of the future5-year framework collaboration agreement to accelerate digital innovation by transforming engineering and manufacturing processes Siemens Xcelerator and vertical know-how drive customer valueSustainability impact through decarbonization,resource efficiency&people centricity

22、Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08BATTERIES ULTIUM CELLSSmart battery manufacturingJV between LG Energy Solution&General Motors(GM)started its battery mass production with Siemens automation technologyPOWER DISTRIBUTION-NORGESNETTSustainable power distributionFra

23、mework agreement for SF6 gas-free switchgear and compact substations saving 1,200 tons of CO2 over product lifetimePUBLIC TRANSPORT BVG BERLINSemi-automated operationUpgrade of two Berlin metro lines with CBTC during ongoing operations to increase capacity by 30 percent Verticaldomainknow-howCrossco

24、llaborationCore TechnologiesBildquelle:“BVG/Oliver Lang”Page 7DI SW Annual Recurring Revenue(ARR)12%Q3 2227%Q3 2330%Q4 2333%Q1 2437%Q2 2439%Q3 243.33.74.03.94.14.2+14%1)+15%1)SaaS transition with high momentum1 ARR:FX comparable Share of Cloud ARRbnCloud ARR:Up 1.7x y-o-y to 1.7bn#Customers(accumula

25、ted):Customer transformation rate to SaaS:Cloud invest:181m after 9M YTD|FY24:targeted invest 250mShare of renewals based on total contract value(TCV)Therein 72%new customersUnrestrictedUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Combining the real and digital worldsStrong

26、 underlying growth momentum with SaaS transformation at high paceTARGET40%CloudARRbyFY202483%94%87%87%89%91%78%79%81%89%88%Q3 22Q3 23Q4 23Q1 24Q2 24Q3 24Rolling 4Q69%Q3 2282%Q3 2384%Q4 2384%Q1 2485%Q2 2485%Q3 242,3509,26011,30012,59014,76016,550SME customersPage 8Digital Industries(DI)Exceptional So

27、ftware performance,soft Automation business as expectedUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08 Sequential decline in Automation,above trough levels of Q4/23 Stock levels remain elevated SW driven by large license deals Book-to-bill at 0.93 Backlog 9.7bn,therein 5.4bn

28、SW Automation down-25%PLM Software up+108%on large license contracts and progressing SaaS-transition EDA with excellent growth of+45%on large license contracts Strong conversion in Software license business Reduced capacity utilization in Automation Gain of 140bps from divestment Solid cash conversi

29、on Higher receivables related to large SW license contracts OrdersbnRevenuebnProfit marginFree cash flowmx.xProfit margin excl.severancex.x%Cash Conversion Ratex.xxtherein SoftwareQ3 FY 23Q3 FY 243.84.5+21%1)1.13.8Q3 FY 232.12.8Q3 FY 245.04.90%1)Q3 FY 23Q3 FY 24+110bps22.9%22.0%23.3%17-23%21.9%951Q3

30、 FY 23Q3 FY 241,087-12%1.000.851 Comparable,excl.FX and portfoliox.xPage 9Digital Industries(DI)Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Automation orders sequentially softer;however,above trough level of Q4 FY 23Muted order dynamics affect revenue growth on tough comps

31、+25%-27%OrdersRevenueQ3 FY 24 Key regions AutomationChina-9%-32%Germany-36%-45%Italy-9%-13%U.S.Q3 FY 24 Software+82%GlobalExceptional performance driven by large license contract wins in PLM&EDA;strength across all regionsOrders sequentially lower on sluggish demand;Muted macro weighed on revenueWea

32、k macro sentiment weighed on orders;Strong revenue decline in DiscreteOrders sequentially stabilizing and up,PYQ(-64%)very easy comps;Revenue impacted by high distributor stock levelsOrders lower on muted macro;Soft revenue in Discrete&ProcessNote:Growth rates Comparable,excl.FX and portfolioPage 10

33、Digital Industries(DI)Vertical end market trendsUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Still subdued macro environmentPersistently muted growth momentum in key end marketsAutomotiveMachine BuildingFood&BeveragePharma&ChemicalsAerospace&DefenseElectronics&Semiconductor

34、sVertical end marketsRevenueexposureMarket trend1Q2 FY 24Market trend1Q3 FY 2420%15%10%10%5%10%1 Y-o-Y industry revenue development for next 6 months based on industry production data from statistical office sources(e.g.NBoS,US Fed,Eurostat)Page 11Smart Infrastructure(SI)Strong topline momentum,furt

35、her margin expansion,excellent free cash flow-againUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08 Book-to-bill at 1.11 Electrification up+14%Buildings up+12%Electrical Products up+8%Massive AI driven momentum from data center customers All-time high backlog 18.6bn Electrific

36、ation with further excellent growth of+21%Electrical Products up+7%on tough comps Buildings up+5%driven by solutions and services Service business up+8%Strong conversion on higher revenue and capacity utilization Net positive economic equation supported by ongoing productivity improvement Strong cas

37、h conversion,exceeding the 1bn markOrdersbnRevenuebnProfit marginFree cash flowm1 Comparable,excl.FX and portfolioProfit margin excl.severancex.x%Cash Conversion Ratex.xxtherein ServiceQ3 FY 23Q3 FY 245.46.0+11%1)1.13.9Q3 FY 231.14.3Q3 FY 244.95.4+10%1)733Q3 FY 23Q3 FY 241,007+37%0.951.09Q3 FY 23Q3

38、FY 24+140bps15.8%17.2%11-16%15.6%17.0%x.xx.xPage 12Smart Infrastructure(SI)Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Order growth driven by large customer wins for data centersRevenue growth fueled by strong momentum in the U.S.Orders RevenueQ3 FY 24 Key regions Q3 FY 24

39、 Service+8%GlobalBroad-based revenue growth driven by Asia and Europe+4%+19%U.S.Order strength on tough comps with continued major data center wins;Strong backlog execution,Electrification&Electrical Products driving revenue up+1%+4%GermanyOrder growth driven by Buildings;Revenue up in Buildings&Ele

40、ctrification partially offset by Electrical Products-2%-5%ChinaOrders and revenue soft across most businesses due to challenging market environment and high stock levels+39%+8%Europeexcl.GermanyOrders driven by major Electrification wins in several verticals;Revenue strength in Electrification and B

41、uildingsNote:Growth rates Comparable,excl.FX and portfolioPage 13Smart Infrastructure(SI)Vertical end market trendsUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Key verticals with consistent market trendsData Center further boosted by AI;Power Distribution strength on rising

42、 electricity demandCommercial BuildingsPublic Sector/EducationData CenterPower DistributionElectrical&ElectronicsHealthcareVertical end marketsRevenueexposureMarket trend1Q2 FY 24Market trend1Q3 FY 2415%10%10%10%5%5%1 Trend next 3 4 quarters,Y-o-Y vertical market development Page 14Mobility(MO)Stron

43、g bottom line despite revenue being held back,free cash flow weighted to Q4Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08 Book-to-bill at 0.92,following a series of excellent quarters Low level of larger orders,particularly in Rolling Stock Backlog at 48bn,therein 13bn servi

44、ce Rail Infrastructure up MSD Rolling Stock moderately down due to temporary production slow-down resulting from supplier quality issues Service up+15%Profit improvement in most businesses,led by Rail Infrastructure More favorable business and project mix Lower level of milestone payments and build-

45、up of inventories Clear catch-up in Q4 with strong cash collection expectedOrdersbnRevenueProfit marginFree cash flowmCash Conversion Ratex.xxtherein ServiceQ3 FY 23Q3 FY 248.32.4-71%1)0.42.1Q3 FY 230.52.1Q3 FY 242.62.6+2%1)709-263Q3 FY 23Q3 FY 24-100%3.40-1.16Q3 FY 23Q3 FY 24+60bps8.7%10-13%8.1%1 C

46、omparable,excl.FX and portfoliox.xx.xRevenuebn8.3%8.9%Profit margin excl.severancex.x%Page 15Below Industrial BusinessReporting structure simplified,strong operational performanceUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08m131IBSFS-132Other Below IB items-181PPA-694TaxInc

47、ome Cont.Ops-25Disc.Ops.Net Income3,0332,1582,133Minorities154mTax Rate 24%Q3 FY 24 Reporting structure simplifiedInnomotics now part of Discontinued OperationsRemaining Portfolio Companies now in Other below IB items SFS Consistently solid performance Net Income Driven by strong operational perform

48、anceNote:Other Below IB items contains SE Investment;Portfolio Companies;SRE;Innovation;Governance;Pensions;Financing,Elimination,OtherDetailed split 9M YTD 24 and Outlook FY 2024 see page 23 Key developmentsPage 16Consistent free cash flowUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call

49、|2024-08-08FCF Industrial BusinessmFCF“all in”mIndustrial Business mainly impacted by sharply lower level from advance payments in MobilityOutside Industrial Business,tax payments increased by 0.5bn y-o-yCash Conversion Ratex.xQ3 cash performanceCapital allocation for shareholdersShare buyback progr

50、am accelerated(0.7bn since inception in Feb 2024)9M FY 23Q1 FY 24Q2 FY 24Q3 FY 249M FY 246,2091,2812,1002,5325,913-5%9M FY 23Q1 FY 24Q2 FY 24Q3 FY 249M FY 245,3861,3442,1214,5131,048-16%0.780.470.840.710.830.810.410.610.660.99Page 17Outlook FY 2024 confirmedUnrestricted|Siemens 2024|Investor Relatio

51、ns|Q3 Analyst Call|2024-08-08This outlook excludes burdens from legal and regulatory mattersSiemens GroupSiemens BusinessesRevenue growthComparable Profit marginDigital Industries-8%-4%18%21%expected at lower endSmart Infrastructure8%10%16%17%expected at upper endMobility8%11%8%10%Book-to-bill1Reven

52、ue growthComparable4%8%expected at lower endEPS pre PPA excl.SE Investment10.40 11.00Page 18Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Questions and AnswersPage 19Unrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08AppendixPage 20Order backlogGrowth asp

53、irations well underpinned for SiemensUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08613503648191052Order backlog June 2024334FY 2024eFY 2025eAfter FY 2025e11316Expected revenue generation from backlogKey developmentsbnShort-cycle product businesses in DI further normalized,So

54、ftware backlog stableContinued increase of backlog in systems,solution and service business of SI providing strong basis for revenue growth trajectoryMO with high visibility for utilization of well-structured manufacturing footprint;execution excellence is key Attractive long-term share in SHS-backl

55、ogDIMOSHSSIOtherPage 21Siemens Financial Services(SFS)Strong FY 24 YTD performance in both,Equity and Debt businessUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Page 22m149Q1 FY 2454Q2 FY 2423Q3 FY 24260149131bnDecrease in total assets compared to September 30,2023,mainly dr

56、iven by negative currency translation effectsStrong performance of Debt business mainly driven by lower credit risk provisionsSolid result from the Equity business;prior year quarter included a gain on sale of a stake in an investment2.1Q1 FY 242.1Q2 FY 242.0Q3 FY 2432.032.632.7Earnings before Taxes

57、(EBT)Total AssetsROE:1979M FY 232259M FY 24468540+15%2.1Q4 FY 232.09M FY 2432.932.718.5%20.1%therein Equity business therein Equity business Below Industrial Business Outlook updated due to simplification in reportingInnomotics reported as Discontinued OperationsUnrestricted|Siemens 2024|Investor Re

58、lations|Q3 Analyst Call|2024-08-089M YTDExpectation for FY 2024Profit Industrial Business8,270SFS540Further gradual improvement over FY 2023SE Investment479No further P&L impact;excluded from EPS guidanceSRE22On FY 2023 level,dependent on disposal gainsInnovation-128On FY 2023 levelGovernance-122Fur

59、ther improvement vs.FY 2023;around-0.3bnPensions-55On FY 2023 levelPPA-566-0.7 to-0.8bn,based on current portfolioFinancing,Elim.,Other-114-0.1bn to 0.1bn,depending on market developmentsTax-1,594Tax Rate:20 23%w/o impact from potential tax reformsIncome C/O6,731Discontinued Operations146Including I

60、nnomotics(Operations,Carve-out&Transaction)0.1 to 0.2bnNet Income6,878Page 23UpdatedNet Debt bridgeCapital Structure remains rock solidUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Net Debt Q2 20243.6-0.9 OWC-0.4Cash flows from investing activities-1.6Financing and other top

61、icsNet Debt Q3 202426.8Net Debt adjustmentsInd.Net Debt Q3 202441.040.313.5Q3 Q2 SFS debt 28.5-0.1 Provisions for pensions-1.3+0.1 Credit guarantees-0.3 0.0Ind.Net Debt/EBITDA(c/o)1.0 x(Q2 FY24:1.1x)Cash&cash equiv.8.8bn1)Cash&cash equiv.8.8bn2)Operating ActivitiesbnCash flows from operating activit

62、ies(w/o OWC)1 Sum Cash&cash equivalents of 8.8bn incl.current interest bearing debt securities of 1.1bn2 Sum Cash&cash equivalents of 8.8bn incl.current interest bearing debt securities of 1.1bn3 Mainly Siemens Healthineerstherein:Inventories-0.2 Trade and other receivables-0.2 Trade payables-0.2 Co

63、ntract assets/liabilities-0.4therein:Share buyback-0.3 Interest paid-0.3 Dividends attr.to NCI3)-0.3 FX -0.1therein:CAPEX-0.5Page 24Strong capital structureUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Capital structure1.6x1.0 x1.1x1.0 x0.8x0.6x0.7x1.1x1.0 xQ3 22 Q4 22 Q1 23

64、 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24Industrial net debt/EBITDA(c/o)Consistent cash generation Excellent financial position recognized with industry leading credit ratings Pension deficit at new low of 1.3bn Share buyback program accelerated Opportunities from further portfolio optimizationTargetUp t

65、o 1.5xFinancial strengthPage 25Provisions for pensions on a new lowUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Page 26Q FY 2020 Pensions and similar obligations 1)All figures are reported on a continuing basis(w/o Liabilities held for disposal related to Innomotics)2)Fair

66、value of plan assets including effects from asset ceiling(Q3 2024:-0.6bn);Difference between DBO and fair value of plan assets additionally resulted in net defined benefit assets(Q3 2024:1.4bn)in bnFY 2021FY 2022Q1 FY 2023Q2 FY 2023Q3 FY 2023Q4 FY 2023Q1 FY 2024Q2 FY 2024Q3 FY 2024Defined benefit ob

67、ligation(DBO)-35.5-27.8-27.2-27.3-28.1-26.6-28.8-28.3-27.6Fair value of plan assets33.525.925.725.926.725.527.727.927.6Provisions for pensions and similar obligations-2.8-2.3-1.8-1.8-1.7-1.4-1.5-1.4-1.3Discount rate1.3%3.9%3.9%3.8%3.8%4.6%3.5%3.7%3.8%Interest income0.30.30.20.20.20.20.30.30.3Actual

68、return on plan assets2.5-6.70.40.70.1-1.01.70.70.2Profit Bridge from SHS disclosure to SAG disclosureDifferent profit definitions at SHS and SAG to be considered in modelsUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Page 27mQ3 FY 249M FY 24SHS EBIT(adjusted)82515.2%2,38914.

69、9%PPA(SHS logic)1-95-286Transaction,integration,retention,carve-out cost-5-16Gains and losses from divestments0-1Severance-27-81Expenses for other portfolio-related measures00Other restructuring expenses-17-143SHS EBIT(as reported)68012.5%1,86211.6%PPA(SAG logic)2+86+268Consolidation/Accounting Diff

70、erences-3+4SAG Profit(as reported)76214.1%2,13513.3%Severance+27+81SAG Profit(excl.severance)79014.6%2,21613.8%1PPA on intangible assets as well as other effects from IFRS 3 PPA adjustments2 PPA on intangible assetsUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08-08Outlook FY 202

71、4 as presented by Siemens Healthineers on July 31,2024Page 28Tobias ANikola PChristopher HJulia BFinancial calendarUnrestricted|Siemens 2024|Investor Relations|Q3 Analyst Call|2024-08- 89 7805-32474Investor Relations ContactsMartin BNico ZAugust 8,2024Q3 Earnings ReleaseSeptember 4,2024Morgan Stanley Conference(London)September 24,2024Goldman Sachs Conference(Munich)Cinzia FSeptember 11,2024UBS Quo Vadis Event(virtual)September 26,2024Innotrans Fair(Berlin)November 14,2024Q4 Earnings ReleasePage 29