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1、 Siemens Healthineers Half-Year Financial Report First half of fiscal year 2025 siemens- 2 Table of contents Introduction Siemens Healthineers AGs Half-Year Financial Report complies with the applicable legal requirements of the German Securities Trading Act(“Wertpapierhandelsgesetz”)and comprises c

2、ondensed half-year consolidated financial statements,an interim group management report and a responsibility statement in accordance with Section 115 of the German Securities Trading Act.The Half-Year Financial Report should be read in conjunction with the Annual Report for fiscal year 2024.A.Interi

3、m group management report B.Half-year consolidated financial statements C.Additional information Page 3 Page 14 Page 28 A.1 Business principles B.1 Consolidated statements of income C.1 Responsibility statement Page 4 Page 15 Page 29 A.2 Results of operations B.2 Consolidated statements of comprehen

4、sive income C.2 Review report Page 8 Page 16 Page 30 A.3 Net assets and financial position B.3 Consolidated statements of financial position C.3 Notes and forward-looking statements Page 12 Page 17 A.4 Outlook B.4 Consolidated statements of cash flows Page 13 Page 18 A.5 Risks and opportunities B.5

5、Consolidated statements of changes in equity Page 19 B.6 Notes to half-year consolidated financial statements Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Business principles 3 A.Interim group management report A.1 Business principles In the first half of fisc

6、al year 2025,geopolitical developments have gained in importance and are leading to uncertainty in the markets.The U.S.government has made changes to trade tariffs on a wide range of countries,including the European Union and China,although some higher rates have been temporarily suspended.China has

7、 already responded with trade policy countermeasures.It is possible that additional countries,including the EU,will take similar steps and impose additional trade tariffs.Due to the last-minute announcements,continuous political changes in direction and uncertainty in the assessments of the complex

8、impacts of these changes,the specific impact of trade tariffs can only be assessed in a very limited manner.Given the continued dynamic developments,we are closely monitoring the situation.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Results of operations 4 A.

9、2 Results of operations A.2.1 Revenue by segment and region First half First half%Change%Change(in millions of)2025 2024 Act.Comp.Siemens Healthineers 11,391 10,611 7.4%6.3%Therein:Imaging 6,295 5,748 9.5%8.1%Diagnostics 2,190 2,162 1.3%1.3%Varian 2,015 1,821 10.7%9.3%Advanced Therapies 1,052 1,001

10、5.1%4.4%1 Siemens Healthineers:revenue according to IFRS,segments:total adjusted revenue.2 Year-over-year on a comparable basis,excluding effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations as well as currency translation and portfolio effects.Revenue by r

11、egion(location of customer)First half First half%-Change%-Change(in millions of)2025 2024 Act.Comp.Europe,C.I.S.,Africa,Middle East(EMEA)3,619 3,604 0.4%0.6%therein Germany 563 533 5.7%5.4%Americas 4,995 4,326 15.5%14.1%therein U.S.4,310 3,653 18.0%15.1%Asia Pacific Japan 1,544 1,429 8.0%8.3%China 1

12、,233 1,252 1.5%3.1%Siemens Healthineers 11,391 10,611 7.4%6.3%1 Year-over-year on a comparable basis,excluding effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations as well as currency translation and portfolio effects.2 Including India.Siemens Healthineers

13、Revenue increased by 6.3%on a comparable basis from the prior-year period.All segments contributed to this growth,particularly the Imaging and Varian segments,which both had very strong revenue development.On a nominal basis,revenue increased by 7.4%to 11,391 million.Currency translation effects had

14、 a positive impact of almost one percentage point.The equipment book-to-bill ratio was a very good 1.17 in the first half,above the prior-year figure of 1.11.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Results of operations 5 Segments Adjusted revenue in the

15、Imaging segment rose by 8.1%on a comparable basis.Molecular Imaging showed sharp growth and Computed Tomography very strong growth.From a geographical perspective,the Americas region achieved sharp revenue growth on a comparable basis,while adjusted revenue grew moderately in the Asia Pacific Japan

16、region.In the China region,revenue decreased slightly due to continued delays in customer orders.Against the backdrop of significant growth in the prior-year period,comparable revenue declined moderately in the EMEA region.On a nominal basis,adjusted revenue rose by 9.5%to 6,295 million.Adjusted rev

17、enue in the Diagnostics segment increased by 1.3%on a comparable basis.The Asia Pacific Japan region contributed to this development with strong and the EMEA region with moderate growth.In the China and Americas regions,revenue decreased slightly.On a nominal basis,adjusted revenue also increased by

18、 1.3%to 2,190 million.Varians adjusted revenue increased by 9.3%on a comparable basis.From a geographical perspective,the Asia Pacific Japan region recorded sharp growth,while the Americas region reported significant comparable revenue growth on top of very strong development in the prior-year perio

19、d.Comparable revenue in the EMEA region increased moderately.In the China region,the segment showed a low double-digit percentage revenue decline due to continued delays in customer orders after strong growth in the prior-year period.On a nominal basis,adjusted revenue rose by 10.7%to 2,015 million.

20、Adjusted revenue in the Advanced Therapies segment increased by 4.4%on a comparable basis.The Asia Pacific Japan region recorded significant growth on top of very strong revenue development in the prior-year period.The Americas region showed strong growth,and the EMEA region moderate comparable reve

21、nue growth.Revenue in the China region declined by a mid-single-digit percentage due to continued delays in customer orders.On a nominal basis,adjusted revenue rose by 5.1%to 1,052 million.Regions Against the backdrop of very strong revenue growth in the prior-year period,revenue in the EMEA region

22、declined by 0.6%on a comparable basis.This was mainly related to a moderate revenue decrease in the Imaging segment.In contrast,the Varian,Advanced Therapies,and Diagnostics segments achieved moderate comparable growth.Revenue in Germany increased by 5.4%on a comparable basis.All segments contribute

23、d to this growth with strong comparable revenue increases.In the Americas region,an increase in comparable revenue of 14.1%was driven by sharp growth in the Imaging segment.Varian contributed with significant growth and Advanced Therapies with strong growth.Diagnostics posted a slight revenue declin

24、e.Revenue in the United States recorded sharp revenue growth on a comparable basis.Here too,sharp growth particularly in the Imaging segment had a positive effect.Varian achieved significant growth and Advanced Therapies moderate comparable growth.Revenue in the Diagnostics segment decreased slightl

25、y on a comparable basis.In the Asia Pacific Japan region,revenue rose by 8.3%on a comparable basis.All segments contributed to this growth,particularly the Varian segment with a sharp revenue increase.Advanced Therapies achieved significant growth,Diagnostics strong growth,and Imaging moderate growt

26、h.In the China region,revenue declined by 3.1%on a comparable basis.This was due to continued delays in customer orders.The revenue decline mainly reflected a low double-digit percentage decrease in the Varian segment,and a mid-single-digit percentage decrease in the Advanced Therapies segment.Reven

27、ue in the Imaging and Diagnostics segments decreased slightly.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Results of operations 6 A.2.2 Adjusted EBIT First half First half(Adjusted EBIT in millions of,margin in%)2025 2024 Adjusted EBIT Siemens Healthineers 1,

28、804 1,564 Therein:Imaging 1,301 1,131 Diagnostics 154 99 Varian 304 295 Advanced Therapies 172 153 Adjusted EBIT margin Siemens Healthineers 15.8%14.7%Therein:Imaging 20.7%19.7%Diagnostics 7.0%4.6%Varian 15.1%16.2%Advanced Therapies 16.4%15.3%Siemens Healthineers In the first half of fiscal year 202

29、5,adjusted EBIT increased by 15%from the prior-year period to 1,804 million.The adjusted EBIT margin of 15.8%was above the prior-year level of 14.7%,mainly due to contributions from strong revenue development along with cost reductions related to the transformation program of the Diagnostics busines

30、s.Adjusted EBIT was affected by research and development expenses,which rose by 39 million or around 4%.Adjusted for currency translation,research and development expenses rose by almost 3%from the prior-year period.Adjusted EBIT was affected by selling and general administrative expenses which rose

31、 by 185 million or around 11%.Adjusted for currency translation,these expenses rose by around 10%from the prior-year period.Segments Against the backdrop of very strong revenue growth,the adjusted EBIT margin of 20.7%in the Imaging segment was above the prior-year level.Adjusted EBIT rose to 1,301 m

32、illion.The Diagnostics segments adjusted EBIT margin of 7.0%was clearly above the prior-year level of 4.6%.This was mainly driven by cost reductions related to the transformation program.Negative currency effects were compensated by earnings contributions from revenue growth.Adjusted EBIT rose to 15

33、4 million.The Varian segments adjusted EBIT margin of 15.1%was below the prior-year level of 16.2%.This was mainly due to higher functional costs and a less favorable business mix than in the prior-year period.Earnings contributions from revenue growth had a positive effect.Adjusted EBIT increased t

34、o 304 million.The Advanced Therapies segments adjusted EBIT margin of 16.4%was clearly above the prior-year level of 15.3%,mainly driven by earnings contributions from revenue growth.Currency effects had an additional positive impact.Adjusted EBIT rose to 172 million.Siemens Healthineers Half-Year F

35、inancial Report 2025 Interim group management report Results of operations 7 Reconciliation to net income First half First half(in millions of)2025 2024 Adjusted EBIT 1,804 1,564 Amortization,depreciation and other effects from IFRS 3 purchase price allocation adjustments 183 191 Transaction,integra

36、tion,retention and carve-out costs 9 11 Gains and losses from divestments 0 0 Severance charges 32 54 Expenses for other portfolio-related measures Other restructuring expenses 40 126 Total adjustments 265 381 EBIT 1,539 1,182 Financial income,net 192 99 Income before income taxes 1,347 1,084 Income

37、 tax expenses 332 221 Net income 1,015 863 The line item amortization,depreciation and other effects from IFRS 3 purchase price allocation adjustments declined slightly to 183 million.Severance charges decreased by 22 million to 32 million,and other restructuring expenses declined by 86 million to 4

38、0 million.This was mainly due to lower expenses in connection with the transformation of the Diagnostics business.Financial income,net decreased by 94 million to a negative 192 million.A change in the fair market valuation of an investment had a negative effect,while a change in the prior-year perio

39、d in the fair market valuation of another investment had a positive effect.Income tax expenses increased by 111 million due to higher earnings.The effective income tax rate of 24.6%in the first half of fiscal year 2025 was above the tax rate of 20.4%in the prior-year period,which was positively impa

40、cted by special items.As a result of the developments described above,net income increased by 18%to 1,015 million.Reconciliation to basic earnings per share First half First half(in)2025 2024 Basic earnings per share 0.90 0.77 Amortization,depreciation and other effects from IFRS 3 purchase price al

41、location adjustments 0.16 0.17 Transaction,integration,retention and carve-out costs 0.01 0.01 Gains and losses from divestments 0.00 0.00 Severance charges 0.03 0.05 Expenses for other portfolio-related measures Other restructuring expenses 0.04 0.11 Financial income due to portfolio related measur

42、es Tax effects on adjustments 0.06 0.07 Adjusted basic earnings per share 1.07 1.04 1 Calculated based on the income tax rate of the respective reporting period.Adjusted basic earnings per share of 1.07 for the first half of fiscal year 2025 were above the prior-year level of 1.04 due to the effects

43、 described above.Lower adjustments than in the prior-year period were particularly due to lower expenses in connection with the transformation of the Diagnostics business.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Net assets and financial position 8 A.3 Net

44、assets and financial position A.3.1 Net assets and capital structure Mar 31,Sept 30,(in millions of)2025 2024 Operating net working capital 4,830 4,803 Remaining current assets 1,108 1,161 Remaining non-current assets 31,458 30,751 Net debt(including pensions)13,875 13,235 Remaining current liabilit

45、ies 2,601 3,045 Remaining non-current liabilities 2,205 2,188 Total equity 18,714 18,248 Material developments in the first half of the current fiscal year within net assets and capital structure are described below.Operating net working capital Mar 31,Sept 30,(in millions of)2025 2024 Trade and oth

46、er receivables 4,608 4,478 Contract assets 1,731 1,891 Inventories 4,490 4,179 Trade payables 2,174 2,126 Contract liabilities 3,824 3,628 Receivables from and payables to the Siemens Group from operating activities 2 8 Operating net working capital 4,830 4,803 Operating net working capital of 4,830

47、 million was at around the same level as the previous balance-sheet date.The increase of 311 million in inventories was attributable to a build-up in preparation for continued business growth in the second half of fiscal year 2025,as well as in connection with last-time buys and long-term sourcing i

48、n the Imaging segment.This was offset in particular by a lower net balance of contract assets,trade and other receivables,and contract liabilities.Remaining current assets Mar 31,Sept 30,(in millions of)2025 2024 Other current financial assets 209 213 Current income tax assets 119 260 Other current

49、assets 773 684 Remaining current receivables from the Siemens Group 7 4 Remaining current assets 1,108 1,161 1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.Remaining current assets decreased by 54 million to 1,108 million.This resulted mainly

50、 from the decrease in current income tax assets of 141 million,in particular due to the settlement of income tax receivables in Germany.An increase in other current assets,mainly due to accruals for advanced payments at the beginning of the calendar year,had an offsetting effect.Siemens Healthineers

51、 Half-Year Financial Report 2025 Interim group management report Net assets and financial position 9 Remaining non-current assets Mar 31,Sept 30,(in millions of)2025 2024 Goodwill 18,034 17,662 Other intangible assets 7,126 7,062 Property,plant and equipment 4,762 4,476 Investments accounted for usi

52、ng the equity method 30 30 Other financial assets 497 514 Deferred tax assets 439 476 Other non-current assets 570 530 Remaining non-current assets 31,458 30,751 1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.Remaining non-current assets incr

53、eased by 707 million to 31,458 million,in particular due to positive currency translation effects.In addition,the increase in line items goodwill,and property,plant and equipment resulted from the acquisition of Advanced Accelerator Applications Molecular Imaging.For further information,please refer

54、 to Note 3 Acquisitions in the notes to the half-year consolidated financial statements.Property,plant and equipment increased further due to investments in capacity expansions.Net debt(including pensions)Mar 31,Sept 30,(in millions of)2025 2024 Cash and cash equivalents 2,404 2,683 Current receivab

55、les from the Siemens Group from non-operating activities 4 5 Non-current receivables from the Siemens Group from non-operating activities Current liabilities to the Siemens Group from financing activities 4,369 2,485 Non-current liabilities to the Siemens Group from financing activities 11,680 12,94

56、1 Fair value of forwards for hedging of foreign currency liabilities from financing activities 1,088 877 Short-term financial debt and current maturities of long-term financial debt 286 268 Long-term financial debt 506 514 Net debt 13,344 12,643 Provisions for pensions and similar obligations 531 59

57、2 Net debt(including pensions)13,875 13,235 The line items cash and cash equivalents,and current liabilities to the Siemens Group from financing activities,particularly include,in addition to current loans,our cash pooling with the Siemens Group.Changes were attributable to income and expenditures f

58、rom operations and to short-term investment or borrowing of liquidity.Together with the credit facilities,these line items collectively make up the Companys funds available at short notice.As of the reporting date,net debt amounted to 13,875 million,641 million above the level of September 30,2024.T

59、he changes in current and non-current liabilities to the Siemens Group from financing activities resulted from currency-translation effects related to U.S.dollar loans and also from the reclassification as short-term of a loan amounting to US$1.7 billion and maturing in fiscal year 2026.The fair val

60、ue of forward contracts for hedging of foreign currency liabilities from financing activities increased by 212 million.These derivatives were entered into to hedge the foreign currency risks of loans primarily denominated in U.S.dollars.As of March 31,2025,the two multicurrency revolving credit faci

61、lities of up to a total of 4.5 billion granted by the Siemens Group were utilized in an amount of 455 million(September 30,2024:0 million).Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Net assets and financial position 10 Remaining current liabilities Mar 31,Se

62、pt 30,(in millions of)2025 2024 Other current financial liabilities 262 242 Current provisions 385 413 Current income tax liabilities 293 391 Other current liabilities 1,658 1,995 Remaining current liabilities to the Siemens Group 3 4 Remaining current liabilities 2,601 3,045 1 Excluding fair value

63、of forwards for hedging of foreign currency liabilities from financing activities.Remaining current liabilities declined by 444 million to 2,601 million,primarily due to the decrease of other current liabilities by 336 million.This mainly resulted from the settlement of accrued liabilities for perfo

64、rmance-related remuneration components of the previous fiscal year and its pro-rata accumulation in the current fiscal year.In addition,current income tax liabilities decreased by 98 million,particularly in connection with the payment of income taxes from the prior year.Remaining non-current liabili

65、ties Mar 31,Sept 30,(in millions of)2025 2024 Deferred tax liabilities 1,529 1,510 Non-current provisions 181 176 Other non-current financial liabilities 27 34 Other non-current liabilities 468 469 Remaining non-current liabilities 2,205 2,188 1 Excluding fair value of forwards for hedging of foreig

66、n currency liabilities from financing activities.Total equity Mar 31,Sept 30,(in millions of)2025 2024 Issued capital 1,128 1,128 Capital reserve 15,829 15,872 Retained earnings 2,133 2,154 Other components of equity 101 521 Treasury shares 320 433 Total equity attributable to shareholders of Siemen

67、s Healthineers AG 18,668 18,199 Non-controlling interests 47 49 Total equity 18,714 18,248 Equity increased by 466 million to 18,714 million.The decrease in retained earnings is mainly due to the payment of dividends amounting to 1,066 million.This was partly offset by net income of 1,015 million fo

68、r the first half of fiscal year 2025.Furthermore,other components of equity increased by 420 million,mainly as a result of currency-translation differences.The decrease in the cost of hedging reserve associated with currency loans had an offsetting effect.To fulfill share-based payment programs base

69、d on shares of Siemens Healthineers AG,more treasury shares were transferred to plan participants in the first half year of fiscal year 2025 than were repurchased through the share buyback program that started in the first half of fiscal year 2025.Thus,treasury shares decreased by 113 million to 320

70、 million.For further details regarding equity,please see Note 5 Equity in the notes to the half-year consolidated financial statements.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Net assets and financial position 11 A.3.2 Cash flows First half First half(in m

71、illions of)2025 2024 Net income 1,015 863 Change in operating net working capital 18 278 Other reconciling items to cash flows from operating activities 340 71 Cash flows from operating activities 1,373 656 Cash flows from investing activities 563 332 Cash flows from financing activities 1,089 231 O

72、perating activities Cash inflows from operating activities increased by 716 million to 1,373 million.The impact from the change in operating net working capital was 295 million less than in the prior-year period.This resulted primarily from a higher release of funds related to contract assets and tr

73、ade payables,as well as a reduced use of funds for inventories,relative to the prior-year period.An increase of trade and other receivables had an offsetting effect.The increase in other reconciliation items to cash flows from operating activities by 269 million is primarily attributable to a declin

74、e in income-tax payments.Investing activities Cash outflows increased by 231 million from the prior-year period to 563 million.The increase is primarily attributable to the acquisition of Advanced Accelerator Applications Molecular Imaging.For further information,please refer to Note 3 Acquisitions

75、in the notes to the half-year consolidated financial statements.Financing activities In the first half of fiscal year 2025,cash outflows from financing activities amounted to 1,089 million and were thus 858 million above the level of the prior-year period.This was mainly as a result of dividend paym

76、ents amounting to 1,066 million.In fiscal year 2024,these payments were made only in the second half of the fiscal year.This was partly offset by higher net inflows from other transactions and financing with the Siemens Group.Free cash flow Siemens Healthineers reports free cash flow as a supplement

77、al liquidity measure:First half First half(in millions of)2025 2024 Cash flows from operating activities 1,373 656 Additions to intangible assets and property,plant and equipment 365 298 Free cash flow 1,007 358 Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Out

78、look 12 A.4 Outlook The geopolitical developments that occurred in the second quarter of fiscal year 2025 and continue to persist,in particular trade barriers and increased tariffs on a wide range of countries,have a negative impact on our business development in fiscal year 2025.For fiscal year 202

79、5,we nevertheless continue to expect comparable revenue growth of between 5%and 6%over fiscal year 2024.For adjusted basic earnings per share,we now assume an expanded range of between 2.20 and 2.50(previously 2.35 to 2.50)to account for the increased uncertainty.The outlook is based on several assu

80、mptions.This includes the expectation that the current macroeconomic environment,including the regulations with regards to trade tariffs currently in force and planned for implementation as well as the interest rate level,will remain largely unchanged.Based on our assumptions,the trade barriers and

81、tariffs will have slightly negative impacts on the growth dynamics of individual segments and will reduce the adjusted EBIT margins of all segments in the second half of the fiscal year.In addition,the outlook is based on assumptions about exchange rate developments,which currently lead to a slightl

82、y positive currency effect on the expected adjusted basic earnings per share for fiscal year 2025 compared with fiscal year 2024.Furthermore,this outlook excludes potential portfolio measures.The outlook is based on the number of shares outstanding at the end of fiscal year 2024.This outlook also ex

83、cludes additional charges from legal,tax and regulatory issues and framework conditions.Siemens Healthineers Half-Year Financial Report 2025 Interim group management report Risks and opportunities 13 A.5 Risks and opportunities In our annual report for fiscal year 2024 we described certain risks tha

84、t could have a material adverse effect on our business objectives,net assets and financial position(including effects on assets,liabilities and cash flows),results of operations and reputation.In addition,we described our significant opportunities as well as the design of our risk management system.

85、Besides the risks and opportunities that we presented in our annual report for fiscal year 2024,we have identified a new opportunity arising from the tax plans of the U.S.government.These suggest the possibility of further corporate tax reductions.Siemens Healthineers would benefit from tax cuts in

86、its U.S.subsidiaries,particularly through a one-time effect from the revaluation of deferred tax liabilities arising from acquisitions.However,these announcements are currently still vague,and other burdens to finance the tax cuts could limit this effect.The most significant risks continue to includ

87、e Economic,Political and Geopolitical Developments,Cybersecurity and Competitive Environment.With regard to the risk Economic,Political and Geopolitical Developments,we recognize that global developments have led to an increase in risk.Governments have implemented or announced to implement substanti

88、al changes to trade tariffs,and these changes have triggered corresponding reactions in countries affected.Such developments could have implications for our business and our markets around the world.We are monitoring these developments and changes very closely,have established cross-functional teams

89、,are assessing the implications for our business,and are taking carefully weighted actions.Additional risks and opportunities not known to us or that we currently consider immaterial could also affect our business operations.At present,no risks have been identified that in their known form either in

90、dividually or in combination could endanger our ability to continue as a going concern.Chapter C.3 Notes and forward-looking statements should be noted.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Consolidated statements of income 14 B.Half-year co

91、nsolidated financial statements B.1 Consolidated statements of income First half First half(in millions of,earnings per share in)Note 2025 2024 Revenue 7 11,391 10,611 Cost of sales 6,916 6,640 Gross profit 4,475 3,971 Research and development expenses 966 938 Selling and general administrative expe

92、nses 1,964 1,801 Other operating income 8 10 Other operating expenses 12 58 Income from investments accounted for using the equity method,net 1 1 Earnings before interest and taxes 1,539 1,182 Interest income 56 64 Interest expenses 8 212 218 Other financial income,net 6 36 55 Income before income t

93、axes 1,347 1,084 Income tax expenses 332 221 Net income 1,015 863 Thereof attributable to:Non-controlling interests 10 6 Shareholders of Siemens Healthineers AG 1,004 857 Basic earnings per share 0.90 0.77 Diluted earnings per share 0.89 0.76 Siemens Healthineers Half-Year Financial Report 2025 Half

94、-year consolidated financial statements Consolidated statements of comprehensive income 15 B.2 Consolidated statements of comprehensive income First half First half(in millions of)2025 2024 Net income 1,015 863 Remeasurements of defined benefit plans 42 37 Therein:Income tax effects 20 36 Other comp

95、rehensive income that will not be reclassified to profit or loss 42 37 Currency translation differences 490 404 Cash flow hedges 14 5 Therein:Income tax effects 7 2 Cost/Income from hedging 82 24 Therein:Income tax effects 35 10 Other comprehensive income that may be reclassified subsequently to pro

96、fit or loss 422 386 Other comprehensive income,net of taxes 464 423 Comprehensive income 1,479 440 Thereof attributable to:Non-controlling interests 12 5 Shareholders of Siemens Healthineers AG 1,467 435 Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements

97、 Consolidated statements of financial position 16 B.3 Consolidated statements of financial position Mar 31,Sept 30,(in millions of)Note 2025 2024 Cash and cash equivalents 6 2,404 2,683 Trade and other receivables 6 4,608 4,478 Other current financial assets 6 444 229 Current receivables from the Si

98、emens Group 6,8 21 38 Contract assets 1,731 1,891 Inventories 4,490 4,179 Current income tax assets 119 260 Other current assets 773 684 Total current assets 14,590 14,443 Goodwill 3 18,034 17,662 Other intangible assets 7,126 7,062 Property,plant and equipment 3 4,762 4,476 Investments accounted fo

99、r using the equity method 30 30 Other non-current financial assets 6 1,355 1,375 Deferred tax assets 439 476 Other non-current assets 570 530 Total non-current assets 32,315 31,612 Total assets 46,906 46,055 Short-term financial debt and current maturities of long-term financial debt 6 286 268 Trade

100、 payables 6 2,174 2,126 Other current financial liabilities 6 266 242 Current liabilities to the Siemens Group 6,8 4,383 2,510 Contract liabilities 3,824 3,628 Current provisions 385 413 Current income tax liabilities 293 391 Other current liabilities 1,658 1,995 Total current liabilities 13,269 11,

101、573 Long-term financial debt 6 506 514 Provisions for pensions and similar obligations 531 592 Deferred tax liabilities 1,529 1,510 Non-current provisions 181 176 Other non-current financial liabilities 6 27 34 Other non-current liabilities 468 469 Non-current liabilities to the Siemens Group 6,8 11

102、,680 12,941 Total non-current liabilities 14,922 16,234 Total liabilities 28,191 27,806 Issued capital 1,128 1,128 Capital reserve 15,829 15,872 Retained earnings 2,133 2,154 Other components of equity 101 521 Treasury shares 320 433 Total equity attributable to shareholders of Siemens Healthineers

103、AG 5 18,668 18,199 Non-controlling interests 47 49 Total equity 18,714 18,248 Total liabilities and equity 46,906 46,055 Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Consolidated statements of cash flows 17 B.4 Consolidated statements of cash flows

104、 First half First half(in millions of)2025 2024 Net income 1,015 863 Adjustments to reconcile net income to cash flows from operating activities:Amortization,depreciation and impairments 617 619 Income tax expenses 332 221 Interest income/expenses,net 156 154 Income/loss related to investing activit

105、ies 20 25 Other non-cash income/expenses,net 91 101 Change in operating net working capital Contract assets 172 51 Inventories 246 374 Trade and other receivables 74 152 Receivables from and payables to the Siemens Group from operating activities 9 7 Trade payables 8 151 Contract liabilities 164 140

106、 Change in other assets and liabilities 495 422 Additions to equipment leased to others in operating leases 155 95 Income taxes paid 259 512 Dividends received 1 Interest received 33 29 Cash flows from operating activities 1,373 656 Additions to intangible assets and property,plant and equipment 365

107、 298 Purchase of investments and financial assets for investment purposes 2 3 Acquisitions of businesses,net of cash acquired 204 41 Disposal of investments,intangible assets and property,plant and equipment 8 10 Cash flows from investing activities 563 332 Purchase of treasury shares 42 Other trans

108、actions with owners 13 9 Repayment of long-term debt(including current maturities of long-term debt)97 97 Change in short-term financial debt and other financing activities 14 15 Interest paid 27 18 Dividends paid to shareholders of Siemens Healthineers AG 1,066 Dividends paid to non-controlling int

109、erests 13 16 Interest paid to the Siemens Group 150 96 Other transactions/financing with the Siemens Group Issuance of long-term debt 49 Repayment of long-term debt(including current maturities of long-term debt)5 20 Change in short-term financial debt and other financing activities 261 9 Cash flows

110、 from financing activities 1,089 231 Effect of changes in exchange rates on cash and cash equivalents 35 Change in cash and cash equivalents 279 59 Cash and cash equivalents at beginning of period 2,683 2,247 Cash and cash equivalents at end of period 2,404 2,305 Siemens Healthineers Half-Year Finan

111、cial Report 2025 Half-year consolidated financial statements Consolidated statements of changes in equity 18 B.5 Consolidated statements of changes in equity Other components of equity (in millions of)Issued capital Capital reserve Retained earnings Currency translation differences Reserve of equity

112、 instruments measured at fair value through other comprehensive income Cash flow hedges reserve Cost of hedging reserve Treasury shares at cost Total equity attributable to shareholders of Siemens Healthineers AG Non-controlling interests Total equity Balance as of October 1,2023 1,128 15,839 1,381

113、404 30 74 108 607 18,081 52 18,133 Net income-857-857 6 863 Other comprehensive income,net of taxes-37 403-5 24-422 1 423 Dividends-16 16 Share-based payment-29 2-31-31 Purchase of treasury shares-Reissuance of treasury shares-3-139 141-141 Other changes in equity-7-7 1 8 Balance as of March 31,2024

114、 1,128 15,813 2,206 1 30 68 84 468 18,634 42 18,676 Balance as of October 1,2024 1,128 15,872 2,154 578 32 58 30 433 18,199 49 18,248 Net income-1,004-1,004 10 1,015 Other comprehensive income,net of taxes-42 489-14 82-462 2 464 Dividends-1,066-1,066 13 1,078 Share-based payment-47-47-47 Purchase of

115、 treasury shares-48 48-48 Reissuance of treasury shares-4-161 165-165 Other changes in equity-2-2 2 4 Balance as of March 31,2025 1,128 15,829 2,133 90 32 72 52 320 18,668 47 18,714 Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year co

116、nsolidated financial statements 19 B.6 Notes to half-year consolidated financial statements Note 1 Basis of presentation The condensed half-year consolidated financial statements as of March 31,2025,present the operations of Siemens Healthineers AG and its subsidiaries(hereinafter,collectively,“Grou

117、p”or“Siemens Healthineers”).The half-year consolidated financial statements were prepared in accordance with International Financial Reporting Standards(IFRS)as issued by the International Accounting Standards Board(IASB)and as adopted by the European Union(EU),in particular in accordance with Inter

118、national Accounting Standard(IAS)34,Interim Financial Reporting.The half-year consolidated financial statements were prepared and published in euros().Due to rounding,numbers may not add up precisely to the totals provided.The results achieved in the interim reporting period are not necessarily indi

119、cative of the development of future business performance.In connection with the war in Ukraine,there were no material adjustments to the carrying amounts of assets and liabilities in the first half of fiscal year 2025.Siemens Healthineers has no production sites in Ukraine or Russia.The business act

120、ivities of the sales and service units could be negatively impacted by further escalation of the war,possible further sanctions,a further escalation of the Middle East conflict,and the exchange rate development of particular local currencies.Due to the volatile geopolitical situation and the ongoing

121、 dynamic developments related to trade tariffs,the potential impacts for the second half of fiscal year 2025 cannot be reliably estimated.The associated risks are monitored on an ongoing basis.For further information on the impacts of trade tariffs,on disaggregation of revenue and on segment informa

122、tion,please see disclosures in the interim group management report.The half-year consolidated financial statements are unaudited.They were authorized for issue by the Managing Board of Siemens Healthineers AG on May 6,2025.Note 2 Accounting policies The accounting policies applied for the preparatio

123、n of the half-year consolidated financial statements are consistent with these accounting policies applied for the preparation of the consolidated financial statements for fiscal year 2024.New or revised international accounting standards in accordance with IFRS,that are mandatory for the first time

124、 in fiscal year 2025,had no material impact.Income tax expenses are determined in interim reporting periods based on the current estimated annual effective tax rate of Siemens Healthineers for the full year.Note 3 Acquisitions Acquisition of Advanced Accelerator Applications Molecular Imaging On Dec

125、ember 2,2024,Siemens Healthineers gained control over the business of Advanced Accelerator Applications Molecular Imaging(hereinafter“AAA”).The acquisition comprised six share deals for 100%of the shares in Advanced Accelerator Applications Germany GmbH,Eifel Property GmbH,Advanced Accelerator Appli

126、cations Portugal Unipessoal LDA,Advanced Accelerator Applications Molecular Imaging France SAS,Advanced Accelerator Applications Molecular Imaging Italy S.r.l.,and Advanced Accelerator Applications Molecular Imaging Iberica,S.L.U.Furthermore,Siemens Healthineers gained control over the Switzerland-b

127、ased distribution business of Advanced Accelerator Applications International SA.The acquisitions comprised an European production and distribution network for diagnostic radiopharmaceuticals for positron emission tomography(PET)scans.The acquisitions expanded the existing PETNET network,which previ

128、ously operated primarily in the USA,to the European market.This allows Siemens Healthineers to benefit from key growth factors in the areas of theranostics and Alzheimers disease.The business has been integrated into the Imaging segment.The total consideration transferred amounted to 182 million.The

129、 purchase price paid in cash amounted to 155 million.A further component of the consideration transferred was the settlement of other financial liabilities in the amount of 27 million to the former owner of the acquired companies.Siemens Healthineers Half-Year Financial Report 2025 Half-year consoli

130、dated financial statements Notes to half-year consolidated financial statements 20 The preliminary purchase price allocation at the acquisition date resulted in the following assets and liabilities:(in millions of)Preliminary purchase price allocation Trade and other receivables 25 Goodwill 86 Other

131、 intangible assets 29 Property,plant and equipment 64 Miscellaneous assets 27 Total assets 231 Trade payables 11 Deferred tax liabilities 10 Miscellaneous liabilities 28 Total liabilities 49 The goodwill relates to non-separable intangible assets,such as synergy effects and employee know-how.Synergi

132、es are mainly expected from the combination of customer relationships and distribution networks,as well as cost synergies from more efficient procurement.The purchase price allocation is preliminary because the detailed analysis of the assets and liabilities has not yet been finalized.Note 4 Income

133、taxes In the first half of fiscal year 2025,the tax rate of 24.6%was higher than the tax rate for the first half of fiscal year 2024,which was 20.4%positively influenced by one-time effects.Note 5 Equity Capital reserve:In the first half of fiscal year 2025,expenses for share-based payment based on

134、Siemens Healthineers AG shares led to an increase in the capital reserve of 70 million(first half of fiscal year 2024:64 million).In connection with the settlement of the share-based payment awards,Siemens Healthineers AG shares,held as treasury shares,were transferred to employees at cost of 116 mi

135、llion(first half of fiscal year 2024:95 million),leading to a decrease in the capital reserve of 116 million(first half of fiscal year 2024:92 million).Treasury shares:In the first half of fiscal year 2025,Siemens Healthineers repurchased 942,130 shares(first half of fiscal year 2024:0)using the aut

136、horization granted by the Shareholders Meeting held on February 15,2022.3,227,740 treasury shares were transferred to employees(first half of fiscal year 2024:2,783,132).As of March 31,2025,the number of treasury shares amounted to 6,444,346(September 30,2024:8,729,956).Dividends:In the second quart

137、er of fiscal year 2025,the dividend payout was 0.95 per share entitled to the dividend.This represents a payment of approximately 1,066 million.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year consolidated financial statements 21 Not

138、e 6 Financial instruments The following tables show the carrying amounts and measurement details of each category of financial assets and liabilities:Carrying amounts as of Mar 31,2025 In scope of IFRS 9 Category of financial assets Measured at fair value (in millions of)and liabilities (IFRS 9)Meas

139、ured at amortized cost Level 1 Level 2 Level 3 Not in scope of IFRS 9 Total Cash and cash equivalents AC 2,404 2,404 Trade receivables AC 4,528 4,528 Receivables from finance leases n.a.385 385 Receivables from the Siemens Group AC 21 21 Other financial assets Derivatives included in hedge accountin

140、g n.a.1,116 1,116 Derivatives not included in hedge accounting FVtPL 25 25 Equity instruments and fund shares measured at fair value through profit or loss FVtPL 7 94 101 Equity instruments measured at fair value through other comprehensive income FVtOCI 48 48 Debt instruments measured at fair value

141、 through profit or loss FVtPL 29 29 Other AC 175 175 Total financial assets 7,128 7 1,141 172 385 8,832 Short-term and current maturities of long-term financial debt as well as long-term financial debt AC 111 111 Trade payables AC 2,174 2,174 Lease liabilities n.a.709 709 Liabilities to the Siemens

142、Group AC 16,035 16,035 Other financial liabilities Derivatives included in hedge accounting n.a.21 21 Derivatives not included in hedge accounting FVtPL 31 31 Contingent considerations from business combinations FVtPL 12 12 Liabilities from written put options on non-controlling interests n.a.63 63

143、Other AC 166 166 Total financial liabilities 18,486 52 12 772 19,323 1 AC=Financial Assets/Liabilities at Amortized Cost;FVtPL=Financial Assets/Liabilities at Fair Value through Profit or Loss;FVtOCI=Financial Assets at Fair Value through Other Comprehensive Income;n.a.=not applicable.2 Excluding se

144、parately disclosed receivables from finance leases.3 Reported in the line items trade and other receivables as well as other non-current financial assets.4 Excluding separately disclosed lease liabilities.5 Reported in the line items short-term financial debt and current maturities of long-term fina

145、ncial debt,long-term financial debt,current liabilities to the Siemens Group and non-current liabilities to the Siemens Group.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year consolidated financial statements 22 Carrying amounts as o

146、f Sept 30,2024 In scope of IFRS 9 Category of financial assets Measured at fair value (in millions of)and liabilities (IFRS 9)Measured at amortized cost Level 1 Level 2 Level 3 Not in scope of IFRS 9 Total Cash and cash equivalents AC 2,683 2,683 Trade receivables AC 4,405 4,405 Receivables from fin

147、ance leases n.a.379 379 Receivables from the Siemens Group AC 38 38 Other financial assets Derivatives included in hedge accounting n.a.901 901 Derivatives not included in hedge accounting FVtPL 26 26 Equity instruments and fund shares measured at fair value through profit or loss FVtPL 3 114 117 Eq

148、uity instruments measured at fair value through other comprehensive income FVtOCI 47 47 Debt instruments measured at fair value through profit or loss FVtPL 30 30 Other AC 177 177 Total financial assets 7,303 3 927 190 379 8,803 Short-term and current maturities of long-term financial debt as well a

149、s long-term financial debt AC 96 96 Trade payables AC 2,126 2,126 Lease liabilities n.a.718 718 Liabilities to the Siemens Group AC 15,419 15,419 Other financial liabilities Derivatives included in hedge accounting n.a.5 5 Derivatives not included in hedge accounting FVtPL 43 43 Contingent considera

150、tions from business combinations FVtPL 17 17 Liabilities from written put options on non-controlling interests n.a.68 68 Other AC 144 144 Total financial liabilities 17,785 48 17 785 18,635 1 AC=Financial Assets/Liabilities at Amortized Cost;FVtPL=Financial Assets/Liabilities at Fair Value through P

151、rofit or Loss;FVtOCI=Financial Assets at Fair Value through Other Comprehensive Income;n.a.=not applicable.2 Excluding separately disclosed receivables from finance leases.3 Reported in the line items trade and other receivables as well as other non-current financial assets.4 Excluding separately di

152、sclosed lease liabilities.5 Reported in the line items short-term financial debt and current maturities of long-term financial debt,long-term financial debt,current liabilities to the Siemens Group and non-current liabilities to the Siemens Group.The carrying amount of liabilities to the Siemens Gro

153、up from U.S.dollar-and euro-denominated long-term fixed-rate loans was 11,509 million as of March 31,2025(September 30,2024:12,840 million).The fair value of these liabilities amounted to 10,684 million(September 30,2024:12,200 million)and was estimated by discounting future cash flows using rates c

154、urrently available for debt of similar terms and remaining maturities(level 2).The carrying amounts of the remaining non-current liabilities to the Siemens Group approximated their fair value because the relevant interest rates approximated market interest rates.The carrying amounts of financial ass

155、ets and current financial liabilities measured at amortized cost approximated their fair value mainly due to the short-term maturities.The fair values of forward exchange contracts and foreign exchange swaps were based on forward exchange rates(level 2).Except for publicly listed investments for whi

156、ch a quoted price in an active market exists(level 1),the fair values of equity instruments measured through profit or loss were generally determined based on parameters from the most recently executed financing rounds in venture capital investments and the subsequent performance(level 3).The fair v

157、alues of equity instruments measured through other comprehensive income were derived from a discounted cash flow valuation(level 3).Expected cash flows are thereby subject to future market and business developments as well as price volatility.The discount rates applied consider respective risk-adjus

158、ted capital costs.In the first half of fiscal year 2025,total gains and losses from equity instruments measured at fair value through profit or loss amounted to 20 million(first half of fiscal year 2024:63 million).Thereof,unrealized gains and losses from level 3 equity instruments amounted to 24 mi

159、llion(first half of fiscal year 2024:0 million).The gains and losses were recognized in other financial income.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year consolidated financial statements 23 Debt instruments measured at fair va

160、lue through profit or loss consisted mainly of bonds and loans related to the financing of proton therapy centers.Along with other debt investors,these funds were provided to various entities to finance the development,construction and operation of proton therapy centers in the United States.The rep

161、ayment is either directly or indirectly linked to the commercial success of the centers.The fair values of the bonds and loans are based primarily on the individual creditworthiness of the debtor,taking into account the risk characteristics and operating performance of the financed project(level 3).

162、Where appropriate,a probability-weighted expected return model is used,using managements assumptions of different outcomes such as the sale,refinancing or closure of the therapy center.Credit ratings are taken into account when adjusting the fair values for credit risks.Consequently,a better rating

163、will generally result in an increased fair value of the loan receivable.As of March 31,2025,the carrying amounts of financings provided by Siemens Healthineers and measured at fair value through profit or loss were 22 million(September 30,2024:21 million),while the total undiscounted amount,includin

164、g accrued interest,amounted to 204 million(September 30,2024:188 million).The carrying amounts represent the maximum exposure to loss.Liabilities from written put options on non-controlling interests were measured at the present value of the exercise price of the options.The exercise price is genera

165、lly derived from the proportionate enterprise value.The changes in the carrying amount of the financial assets and liabilities measured at fair value based on unobservable inputs(level 3)were as follows:Equity instruments Debt instruments measured at fair value through profit or loss Contingent cons

166、iderations from business combinations First half First half First half(in millions of)2025 2024 2025 2024 2025 2024 Balance at beginning of first half year 161 161 30 35 17 25 Gains and losses recognized in profit or loss 23 7 3 1 1 2 Additions 3 2 Disposals and settlements 1 10 6 4 Currency transla

167、tion differences 6 3 1 1 1 Balance at end of first half year 142 158 29 33 12 18 The following table shows the composition of Siemens Healthineers financial debt:Mar 31,Sept 30,(in millions of)2025 2024 Short-term financial debt and current maturities of long-term financial debt 286 268 Therein:Loan

168、s from banks 111 95 Lease liabilities 175 172 Current liabilities to the Siemens Group from financing activities 4,369 2,485 Therein:Lease liabilities 12 12 Total current financial debt 4,655 2,754 Long-term financial debt 506 514 Therein:Lease liabilities 506 513 Non-current liabilities to the Siem

169、ens Group from financing activities 11,680 12,941 Therein:Lease liabilities 16 20 Total non-current financial debt 12,186 13,455 Total financial debt 16,841 16,208 As of March 31,2025,financing arrangements with Siemens AG consisted of a multicurrency revolving credit facility of up to 2.5 billion(S

170、eptember 30,2024:2.5 billion),which serves to finance net working capital and as a short-term credit facility,as well as a multicurrency revolving credit facility of up to 2.0 billion(September 30,2024:2.0 billion)as a backup facility.As of the reporting date,an amount totaling 455 million(September

171、 30,2024:0 million)was drawn from these credit facilities.The revaluation of the U.S.dollar against the euro had the effect of increasing the liabilities to the Siemens Group from financing activities.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements No

172、tes to half-year consolidated financial statements 24 Note 7 Segment information Adjusted external revenue Intersegment revenue Total adjusted revenue Adjusted EBIT Assets Free cash flow Additions to other intangible assets and property,plant and equipment Amortization,depreciation and impairments F

173、irst half First half First half First half First half First half First half First half Mar 31,Sept 30,First half First half First half First half First half First half(in millions of)2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Imaging 6,055 5,536 240 211 6,295 5,7

174、48 1,301 1,131 9,536 8,962 1,021 859 319 115 99 85 Diagnostics 2,189 2,162 1 2,190 2,162 154 99 6,052 5,742 13 80 239 181 163 184 Varian 2,015 1,820 1 2,015 1,821 304 295 13,785 13,768 342 158 54 51 24 20 Advanced Therapies 1,050 999 2 2 1,052 1,001 172 153 1,979 1,884 101 83 24 8 10 8 Total Segment

175、s 11,309 10,517 243 214 11,552 10,732 1,932 1,678 31,352 30,356 1,451 1,021 636 354 296 297 Reconciliation to Consolidated Financial Statements 82 94 243 214 161 121 585 594 15,554 15,699 444 663 151 216 322 322 Siemens Healthineers 11,391 10,611 11,391 10,611 1,347 1,084 46,906 46,055 1,007 358 786

176、 570 617 619 1 Siemens Healthineers:IFRS revenue.2 Siemens Healthineers:Income before income taxes.3 On segment level:net capital employed.4 Including additions through business combinations,excluding goodwill.5 Including effects in line with revaluation of contract liabilities from IFRS 3 purchase

177、price allocations.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year consolidated financial statements 25 Accounting policies for segment information are generally the same as those described in the annual report for fiscal year 2024.A

178、djusted revenue Siemens Healthineers revenue included revenue from contracts with customers and income from leases.In the first half of fiscal year 2025,income from leases amounted to 131 million(first half of fiscal year 2024:130 million).For each of the segments,revenue results mainly from perform

179、ance obligations satisfied at a point in time,especially in the case of the sale of goods,including reagents and consumables in the Diagnostics segment.However,the performance obligations related to maintenance contracts for equipment sold are generally satisfied over time with revenue recognized on

180、 a straight-line basis over this period.Adjusted EBIT First half First half(in millions of)2025 2024 Total segments adjusted EBIT 1,932 1,678 Centrally carried pension service and administration expenses 0 2 Amortization,depreciation and other effects from IFRS 3 purchase price allocation adjustment

181、s 183 191 Transaction,integration,retention and carve-out costs 9 11 Gains and losses from divestments 0 0 Severance charges 32 54 Expenses for other portfolio-related measures Other restructuring expenses 40 126 Financial income,net 192 99 Corporate Items 134 128 Corporate treasury,Siemens Healthin

182、eers Real Estate,eliminations and other items 7 12 Total reconciliation to consolidated financial statements 585 594 Siemens Healthineers income before income taxes 1,347 1,084 1 Siemens Healthineers Real Estate manages Siemens Healthineers entire real estate business portfolio,operates the properti

183、es and is responsible for building projects and for the purchase and sale of real estate.In the first half of fiscal year 2025,severance charges amounted to 32 million(first half of fiscal year 2024:54 million)and other restructuring expenses amounted to 40 million(first half of fiscal year 2024:126

184、 million).The decline is mainly related to lower expenses in connection with the transformation of the Diagnostics business.Financial income,net decreased by 94 million to 192 million.A change in the fair market valuation of an investment had a negative effect,while the change in the fair market val

185、uation of another investment had a positive effect in the prior-year period.Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year consolidated financial statements 26 Assets Mar 31,Sept 30,(in millions of)2025 2024 Total segments assets 3

186、1,352 30,356 Asset-based adjustments 6,701 6,738 Therein:Positive fair value of forwards 1,119 904 Assets corporate treasury 2,559 2,808 Assets Siemens Healthineers Real Estate 2,095 1,987 Receivables from the Siemens Group from non-operating activities 11 9 Current income tax assets and deferred ta

187、x assets 558 736 Liability-based adjustments 8,853 8,961 Total Reconciliation to consolidated financial statements 15,554 15,699 Siemens Healthineers total assets 46,906 46,055 Free cash flow First half First half(in millions of)2025 2024 Total segments free cash flow 1,451 1,021 Tax-related cash fl

188、ows 259 512 Corporate items and other 185 150 Total Reconciliation to consolidated financial statements 444 663 Siemens Healthineers free cash flow 1,007 358 Note 8 Related party transactions The following presents the relationships Siemens Healthineers maintained with the Siemens Group,meaning Siem

189、ens AG and its subsidiaries.Transactions with the Siemens Group Sales of goods and services and other income Purchases of goods and services and other expenses First half First half First half First half(in millions of)2025 2024 2025 2024 Siemens AG 1 2 128 122 Other Siemens Group entities 132 112 8

190、8 92 Total 133 114 216 214 In the first half of fiscal year 2025,Siemens Healthineers obtained support from the Siemens Group for central corporate services with a total value of 142 million(first half of fiscal year 2024:143 million).In addition,there were leasing transactions with the Siemens Grou

191、p and related benefit trusts that fund pension obligations,mainly for real estate.As of March 31,2025,total lease liabilities amounted to 58 million(September 30,2024:63 million).Siemens Healthineers Half-Year Financial Report 2025 Half-year consolidated financial statements Notes to half-year conso

192、lidated financial statements 27 Receivables from and liabilities to the Siemens Group Receivables from the Siemens Group Liabilities to the Siemens Group Mar 31,Sept 30,Mar 31,Sept 30,(in millions of)2025 2024 2025 2024 Siemens AG 2 3 2,888 2,688 Other Siemens Group entities 18 34 13,175 12,763 Tota

193、l 21 38 16,063 15,451 The liabilities to other Siemens Group entities increased mainly due to effects from foreign currency revaluation.In the first half of fiscal year 2025,interest expenses from financing arrangements with Siemens AG amounted to 59 million(first half of fiscal year 2024:82 million

194、)and from financing arrangements with other Siemens Group entities amounted to 110 million(first half of fiscal year 2024:90 million).These include positive effects from the hedging of exchange-rate risks of U.S.dollar-denominated loans.In the first half of fiscal year 2025,interest income from fina

195、ncing arrangements with Siemens AG amounted to 20 million(first half of fiscal year 2024:19 million);interest income from financing arrangements with other Siemens Group entities amounted to 1 million(first half of fiscal year 2024:1 million).As of March 30,2025,the multicurrency revolving credit fa

196、cilities granted by Siemens AG in a total amount of 4.5 billion(September 30,2024:4.5 billion)were utilized in an amount of 455 million(September 30,2024:0 million).Cash and cash equivalents Credit balances on cash-pooling accounts and short-term deposits of up to three months with the Siemens Group

197、 are shown as cash and cash equivalents and amounted to 1,050 million as of March 31,2025(September 30,2024:1,365 million).Hedging with the Siemens Group As of March 31,2025,other current and other non-current financial assets resulting from hedging activities with the Siemens Group as counterparty

198、amounted to 1,095 million(September 30,2024:882 million).As of March 31,2025,other current and other non-current financial liabilities from hedging activities amounted to 5 million(September 30,2024:6 million).Siemens Healthineers Half-Year Financial Report 2025 Additional information Responsibility

199、 statement 28 C.Additional information C.1 Responsibility statement To the best of our knowledge,and in accordance with the applicable reporting principles for half-year financial reporting,the half-year consolidated financial statements give a true and fair view of the net assets,financial position

200、 and results of operations of the Group,and the interim group management report includes a fair review of the development and performance of the business and the position of the Group,together with a description of the material opportunities and risks associated with the expected development of the

201、Group for the remaining months of the financial year.Munich,May 6,2025 Siemens Healthineers AG The Managing Board Dr.Bernhard Montag Darleen Caron Dr.Jochen Schmitz Elisabeth Staudinger-LeibrechtSiemens Healthineers Half-Year Financial Report 2025 Additional information Review report 29 C.2 Review r

202、eport To Siemens Healthineers AG,Munich We have reviewed the condensed half-year consolidated financial statements comprising the consolidated statement of income,the consolidated statement of comprehensive income,the consolidated statement of financial position,the consolidated statement of cash fl

203、ows,the consolidated statement of changes in equity and selected explanatory notes and the interim group management report of Siemens Healthineers AG,Munich,for the period from October 1,2024 to March 31,2025 which are part of the half-year financial report pursuant to Article 115 WpHG(Wertpapierhan

204、delsgesetz:German Securities Trading Act).The preparation of the condensed half-year financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and of the interim group management report in accordance with the provisions of the German Securities T

205、rading Act applicable to interim group management reports is the responsibility of the parent Companys executive directors.Our responsibility is to issue a review report on the condensed half-year consolidated financial statements and on the interim group management report based on our review.We con

206、ducted our review of the condensed half-year consolidated financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprfer(Institute of Public Auditors in German

207、y)(IDW)and supplementary compliance with the International Standard on Review Engagements Review of Interim Financial Information Performed by the Independent Auditor of the Entity(ISRE 2410).Those standards require that we plan and perform the review so that we can preclude through critical evaluat

208、ion,with moderate assurance,that the condensed half-year consolidated financial statements have not been prepared,in all material respects,in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the interim group management report has not been prepared,in

209、all material respects,in accordance with the provisions of the German Securities Trading Act applicable to interim group management reports.A review is limited primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance attainable in a financial

210、 statement audit.Since,in accordance with our engagement,we have not performed a financial statement audit,we cannot express an audit opinion.Based on our review,no matters have come to our attention that cause us to presume that the condensed half-year consolidated financial statements have not bee

211、n prepared,in all material respects,in accordance with the IFRS applicable to interim financial reporting as adopted by the EU nor that the interim group management report has not been prepared,in all material respects,in accordance with the provisions of the German Securities Trading Act applicable

212、 to interim group management reports.Munich,May 6,2025 PricewaterhouseCoopers GmbH Wirtschaftsprfungsgesellschaft sgd.Prof.Dr.Bernd Roese sgd.Holger Lutz Wirtschaftsprfer Wirtschaftsprfer German Public Auditor German Public AuditorSiemens Healthineers Half-Year Financial Report 2025 Additional infor

213、mation Notes and forward-looking statements 30 C.3 Notes and forward-looking statements This document contains statements related to our future business and financial performance and future events or developments involving Siemens Healthineers that may constitute forward-looking statements.These sta

214、tements may be identified by words such as“expect”,“forecast”,“anticipate”,“intend”,“plan”,“believe”,“seek”,“estimate”,“will”,“target”or words of similar meaning.We may also make forward-looking statements in other reports,in presentations,in material delivered to shareholders and in press releases.

215、In addition,our representatives may from time to time make oral forward-looking statements.Such statements are based on the current expectations,plans and certain assumptions of Siemens Healthineers management,of which many are beyond Siemens Healthineers control.As they relate to future events or d

216、evelopments,these statements are subject to a number of risks,uncertainties and factors,including,but not limited to those possibly described in the respective disclosures.Should one or more of these or other risks,uncertainties or factors(e.g.events of force majeure,including but not limited to unr

217、est,acts of war,pandemics or acts of God)materialize,plans change or should underlying expectations not occur or assumptions prove incorrect,Siemens Healthineers management actions,actual results,performance or achievements of Siemens Healthineers may(negatively or positively)vary materially from th

218、ose described explicitly or implicitly in the forward-looking statement.This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework.These supplemental financial measures may have limi

219、tations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers net assets,financial position and results of operations as presented in accordance with the applicable financial reporting framework.Other companies that report or describe simila

220、rly titled alternative performance measures may calculate them differently,and therefore they may not be comparable to those included in this document.For further explanations of our(supplemental)financial measures,please see chapter“A.2 Financial performance system“of the Combined management report

221、 and the Notes to consolidated financial statements,Note 29“Segment information“of the Annual Report 2024 of Siemens Healthineers.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 absolu

222、te figures to which they refer.For technical reasons,there may be differences in formatting between the accounting records appearing in this document and those published pursuant to legal requirements.This document is an English language translation of the German document.In case of discrepancies,th

223、e German language document is the sole authoritative and universally valid version.The information contained in this document is provided as of the date of this document and is subject to change without notice.In the event that the male form is used in this document,the information nevertheless refers to all persons._ Siemens Healthineers AG Siemensstr.3 91301 Forchheim,Germany siemens- Investor Relations Phone:+49(9131)84-3385 Email:ir.teamsiemens- Press Email:press.teamsiemens- Siemens Healthineers AG,2025