1、Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 1Bernd Montag,CEO|Jochen Schmitz,CFOQ2 Analyst CallMay 07,2025Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 2Safe Harbour StatementThis presentation has been prepared solely for use at this meeting.This material is given in conjunction with

2、 an oral presentation and should not be taken out of context.By attending the meeting where this presentation is held or accessing this presentation,you agree to be bound by the following limitations.This document is provided in conjunction with an oral presentation and should not be taken out of co

3、ntext.This presentation has been prepared for information purposes only and the information contained herein(unless otherwise indicated)has been provided by Siemens Healthineers AG.It does not constitute or form part of,and should not be construed as,an offer of,a solicitation of an offer to buy,or

4、an invitation to subscribe for,underwrite or otherwise acquire,any securities of Siemens Healthineers AG or any of its existing or future direct and indirect subsidiaries(subsequently“Siemens Healthineers”)or any of its other affiliates,nor should it or any part of it form the basis of,or be relied

5、on in connection with,any contract to purchase or subscribe for any securities of Siemens Healthineers or of any of its affiliates or with any other contract or commitment whatsoever.This presentation does not constitute a prospectus in whole or in part,and any decision to invest in securities shoul

6、d be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained therein.Any assumptions,views or opinions(including statements,projections,forecasts or other forward-looking statements)contained in this presentation represe

7、nt the assumptions,views or opinions of Siemens Healthineers AG,unless otherwise indicated,as of the date indicated and are subject to change without notice.Siemens Healthineers neither intends,nor assumes any obligation,unless required by law,to update or revise these assumptions,views or opinions

8、in light of developments which differ from those anticipated.All information not separately sourced is from internal company data and estimates.Any data relating to past performance contained herein is no indication as to future performance.The information in this presentation is not intended to pre

9、dict actual results,and no assurances are given with respect thereto.The information contained in this presentation has not been independently verified,and no representation or warranty,express or implied,is made as to the fairness,accuracy,completeness or correctness of the information contained he

10、rein and no reliance should be placed on it.Neither Siemens Healthineers nor any of its affiliates,advisors,affiliated persons or any other person accept any liability for any loss howsoever arising(in negligence or otherwise),directly or indirectly,from this presentation or its contents or otherwis

11、e arising in connection with this presentation.This shall not,however,restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed(including in relation to fraudulent misrepresentation).This document co

12、ntains statements related to our future business and financial performance and future events or developments involving Siemens Healthineers that may constitute forward-looking statements.These statements may be identified by words such as“expect”,“forecast”,“anticipate”,“intend”,“plan”,“believe”,“se

13、ek”,“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.In addition,our representatives may from time to time make oral forward-looking statements.Such statemen

14、ts 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 developments,these statements are subject to a number of risks,uncertainties and factors,including,but no

15、t 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 unrest,acts of war,pandemics or acts of God)materialize,plans change or should underlying expectations not

16、occur or assumptions prove incorrect,Siemens Healthineers management actions,actual results,performance or achievements of Siemens Healthineers may(negatively or positively)vary materially from those described explicitly or implicitly in the forward-looking statement.This document includes supplemen

17、tal 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 limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siem

18、ens 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 similarly titled alternative performance measures may calculate them differently,and therefore they may not be

19、 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 and in the Notes to consolidated financial statements,Note 29“Segment information“of the Annual Report

20、2024 of Siemens Healthineers.Additional information is also included in the Quarterly Statement.These documents can be found under the following internet link https:/www.siemens- to rounding,numbers presented throughout this and other documents may not add up precisely to the totals provided and per

21、centages may not precisely reflect the absolute 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 th

22、e German document.In case of discrepancies,the German language document is the sole authoritative and universally valid version.The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.In the event that the male form is us

23、ed in this document,the information nevertheless refers to all persons.Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 3Strong revenue growth,strong margin expansionOutlook 2025:adj.EPS range widenedNote:All growth rates are year-over-year on a comparable basis,see glossary Revenue growth at 6.

24、8%above full-year guidance range(5 to 6%)Adj.basic EPS at 0.56 driven by margin expansion(+150 bps y-o-y)Outlook 2025 revenue growth confirmed;adj.EPS range widened due to tariff impacts Equipment book-to-bill of 1.14 Imaging with excellent quarter:growth at 9%,margin at 22.4%Varian growth at 13%,ma

25、rgin at 13.2%,temporarily held back Advanced Therapies growth at 4%,margin at 18.5%Diagnostics margin expansion on track with 6.3%margin at 1%growth Free cash flow in Q2 up y-o-y by 64%,in H1 up y-o-y by 180%to 1bnQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 4Danielle Smith(Premier of Albert

26、a)Arthur Kaindl(Head of Varian)Comprehensive oncology Value Partnership with provincial government of Alberta,CanadaVolume:$800 million CADDuration:8 yearsImproves access to and quality of care for millions of people,addressing rise in cancer cases,reducing wait times and supporting early detection

27、Includes new cancer treatment solutions and imaging equipment,innovative technologies and consulting,combined to improve overall healthcare deliveryCreates two centers of excellence in cancer care:one focused on training,and one focused on artificial intelligence and machine learningQ2 FY2025Unrestr

28、icted Siemens Healthineers AG,2025 l 5The world innovates for usGrowing populationAgeing populationRising NCD1burdenExpanding insurance coverageSecular growthNovel drugs New theranostic agentsRobotic treatments More sophisticated devicesProvider challengesInnovating continuouslyfor better diagnosis

29、and treatmentEnabling efficient operations to improve productivityExpanding access to healthcarefor billions of peopleStaff shortageHospital consolidation Cost pressure Procedure growthSustaining growth from multiple sources1 Non-communicable diseasesQ2 FY2025Unrestricted Siemens Healthineers AG,202

30、5 l 6Diversified revenues with global footprint Potential to adapt to changes in tariff environment 1 AT:Advanced Therapies 2 Share of employees in sales&service,manufacturing and R&D by regions,excluding employees in administration|3 Recurring revenue:Imaging,Varian,Advanced Therapies from service

31、and software;Diagnostics from reagent revenuesGlobal footprintEmployees by region2Revenue by regionDiversified revenuesImaging,Varian,AT1DiagnosticsRecurring revenue3Non-recurring revenue20%30%40%10%40%35%45%55%90%10%10%15%EMEAAmericasAPJChinaQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 7 Ad

32、j.EBIT margin up by+150 bps y-o-y driven by strong conversion and Diagnostics transformation Adj.EBIT increased by 19%y-o-y Adj.EPS growth held back as expected by headwinds y-o-y in financial income net from equity investments and a higher tax rateStrong revenue growth,strong margin expansion Reven

33、ue growth of 6.8%(PYQ:3.0%)Americas with excellent revenue growth of 14%(PYQ:5%)Asia Pacific Japan with very strong revenue growth of 8%(PYQ:4%)EMEA revenue slightly down on tough comps(PYQ:8%)China revenue slightly up on low comps(PYQ:-14%)Revenue(m)Adjusted basic earnings per share()PYQ:+13%5,909Q

34、2 FY2024Q2 FY20255,4350.550.56Q2 FY2024Q2 FY2025+3%ComparableGrowthY-o-yPYQ:+3.0%+6.8%Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 8 Revenue growth of 8.7%with very strong growth at Molecular Imaging,and at Computed Tomography Margin expansion driven by conversion and favorable business mix

35、Additional tailwind from a special item(50 bps)Adj.EBIT(margin)RevenueImaging another excellent quarterImaging(m)2,9563,281Q2 FY2024Q2 FY2025ComparableGrowth598(20.2%)Q2 FY2024736(22.4%)Q2 FY2025MarginY-o-yImaging,Varian,Advanced TherapiesWinning togetherLeveraging the power of our unique,synergisti

36、c portfolio and capabilities+8.7%+220 bpsQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 9Adj.EBIT(margin)RevenueVarian continued high growth,temporarily muted marginAdvanced Therapies solid growth with margin expansionAdvanced Therapies(m)Varian(m)ComparableGrowth149(16.4%)Q2 FY2024138(13.2%)Q

37、2 FY2025MarginY-o-yAdj.EBIT(margin)RevenueComparableGrowth85(16.2%)Q2 FY2024102(18.5%)Q2 FY2025MarginY-o-y Strong absolute revenue,sequentially increased from Q1 Y-o-y revenue growth of 12.5%(PYQ:-2.1%),amounting to a considerable H1 growth rate of 9.3%(PY H1:8.9%)Margin temporarily held back by ext

38、raordinarily high equipment revenue share Y-o-y margin additionally impacted by FX headwind of 70 bps Revenue growth of 3.7%on tough comps(PYQ:8.0%)Margin expansion driven by conversion and favorable business mix526553Q2 FY2024Q2 FY20259101,041Q2 FY2024Q2 FY2025+12.5%-320 bps+3.7%+230 bpsQ2 FY2025Un

39、restricted Siemens Healthineers AG,2025 l 10Diagnostics transformation well on track Revenue growth of 1.0%on tough comps(PYQ:3.7%)Y-o-y margin expansion of 200 bps mainly driven by operational improvements Diagnostics(m)Adj.EBIT(margin)Revenue1,1041,122Q2 FY2024Q2 FY2025ComparableGrowth45(4.1%)Q2 F

40、Y202471(6.3%)Q2 FY2025MarginY-o-yDiagnosticsTransforming to winCrystalizing full potential of growth and profitability+1.0%+220 bpsQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 11Consistent revenue growth and margin expansion13.5%14.3%15.0%Q114.3%15.1%16.6%Q214.6%15.2%Q317.2%17.7%Q45.15.25.55

41、.35.45.95.25.46.16.3FY23FY24FY25Adj.EBIT marginRevenue and margin by quarter for FY23,FY24 and H1 FY25Revenue(bn)Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 12Outlook 2025:Revenue growth confirmedAdj.EPS range widened due to tariff impacts FY20241 Excluding antigen of 121m in FY2023;FY2024

42、and FY2025 include no antigen Note:Outlook for FY2025 is based on assumptions on 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,exchange rate developments,and further assum

43、ptions(see Quarterly Statement Q2 FY2025)Revenue growth15.2%Adj.EPS2.23FY2025ERevenue growthAdj.EPS5 to 6%2.20 to 2.50(previously:2.35 to 2.50)(unchanged)Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 13Capital Market EventNov.17th 2025London,United KingdomSave the dateCapital Markets DayNovem

44、ber 17,2025London,United KingdomQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 14AppendixQ2 FY2025Unrestricted Siemens Healthineers AG,2025 l 15EBIT to Free Cash Flow bridge and cash conversion rates1|CCR for Healthineers=(Free Cash Flow pre tax-Repayment of 3rdparty lease liabilities)/(Health

45、ineers EBIT excl.PPA)2|CCR for Segments=Free Cash Flow/EBIT Q2 FY25 Siemens Healthineers EBIT to Free Cash Flow(m)HealthineersEBIT92PPA amortizationEBIT excl.PPA amortization221Depr.of PPE&amort.of intang.excl.PPA-137Change inOWC-265Change inother assets&liabilities-67-195Free cash flowIncometaxesRe

46、payment of 3rd party lease liabilitiesFCF pre tax-Repayment of lease liabilitiesRepayment of 3rd party lease liabilitiesAdd.tointangibleassets,PPEOperating cash flowpre taxOther36Add.tooperatingleases8419331154720EBITDA-4847748-327197CCR1 0.510.70.90.0ImagingDiagnosticsVarianAdv.TherapiesCCR2 0Q2 FY

47、2025Unrestricted Siemens Healthineers AG,2025 l 16FY25 balance sheet and net debt bridge1 Leverage is net debt incl.pension over EBITDA rolling four quarters|2 Includes fair values from derivativesNet debt overviewCapital structure development in FY25(in bn)in bnSep 30,2024 Mar 31,2025 Cash and cash

48、 equivalents2.72.4Receivables from the Siemens Group from financing activities0.00.0Short-term and long-term financial debt(0.8)(0.8)Liabilities to the Siemens Group from financing activities2(14.5)(15.0)Net debt(12.6)(13.3)Provisions for pensions and similar obligations(0.6)(0.5)Net debt(incl.pensi

49、ons)(13.2)(13.9)Leverage13.3x3.2xPensionsCF from operating act.CF from investing act.CF from financing act.and othersMar 31,25Net DebtSep 30,2412.60.61.513.3-1.40.60.513.213.9Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 17Loan maturity profile1 Unhedged loans translated to EUR according to s

50、pot rate as of Mar 31,2025|2 EUR volumes are calculated with original spot rates,interest rates with underlying hedge rates 3 Current interest rate across all maturities as of Mar 31,2025,is 2.2%p.a.|4 Floating interest rate in FY2025,one loan with a nominal of EUR 700 m(out of EUR 1,200 m)isbased o

51、n a floating interest rate Total loan volume EUR 13.9 bn equivalent Average interest rate 2.2%p.a.3Loans with Siemens Group as of March 31,2025(in EUR m)CommentsTop 10 loans ranked in EUR volumeNotionalCurrencyNotional in mNotional in EUR mInterest rateMaturityUSD1,6891,51420.26%2FY 2027USD1,7421,45

52、620.08%2FY 2026USD1,7401,45420.59%2FY 2031USD1,4861,24221.40%2FY 2041USD1,2431,03920.31%2FY 2028USD99091513.44%FY 2046EUR8508503.58%FY 2029EUR7507503.40%FY 2032EUR7007002.82%4FY 2025EUR7007003.59%FY 2030FY 2025 FY 2026 FY 2027 FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2041 FY 2046EURUSD hedged in E

53、URUSDOthers1,4501,2001,450300500FY 20251,4562FY 20261,51421301FY 20271,0392FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2041 FY 20461,20041,7561,6691,5391,45421,24229151254Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 18Provisions for pensions1 All figures are reported on a continuing basis2 Pr

54、ovisions for pensions and similar obligations does not include net defined benefit assets(Q2 FY2025:+0.1bn)presented in the line item other assets;Defined Benefit Obligation(DBO)including other post-employment benefit plans(OPEB)of-0.0bnin bn1FY2018FY2019FY2020FY2021FY2022FY2023FY2024Q1FY2025Q2FY202

55、5Defined benefit obligation(DBO)(3.4)(3.8)(3.8)(4.1)(3.3)(3.2)(3.5)(3.5)(3.4)Fair value of plan assets2.62.82.83.32.82.83.03.13.1Provisions for pensions and similar obligations2(0.8)(1.0)(1.0)(0.9)(0.7)(0.5)(0.6)(0.6)(0.5)Discount rate2.9%1.8%1.5%1.7%4.3%4.8%3.8%3.9%4.1%Interest Income0.10.10.00.00.

56、00.10.10.00.1Actual return on plan assets(after expenses)0.10.30.10.2(0.6)0.10.30.00.0Q2 FY2025 Key financials Pensions and similar obligations Q2 FY2025Unrestricted Siemens Healthineers AG,2025 l 19GlossaryRevenue in this presentation refers for segments to Adjusted revenueAdjusted revenue is defin

57、ed as consolidated revenue reported in the companys consolidated statements of income adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.Comparable revenue growth(growth)is defined as the development of adjusted revenue,net of currency transl

58、ation effects,which are beyond our control,and portfolio effects,which involve business activities that are either new to our business or no longer a part of it.EBITDAis defined as income before income taxes,interest income and expenses,other financial income,net as well as amortization,depreciation

59、&impairments.Adjusted EBIT(adj.EBIT)is defined as income before income taxes,interest income and expenses and other financial income,net,adjusted for expenses for portfolio-related measures,severance charges,and other expenses in connection with restructuring measures within the meaning of IAS 37.In

60、 addition,centrally carried pension service and administration expenses are excluded from adjusted EBIT of the segments.Adjusted EBIT margin(adj.EBIT margin)is defined as the adjusted EBIT,divided by adjusted total revenue.Adjusted basic earnings per share(adj.basic EPS)is defined as basic earnings

61、per share,adjusted for portfolio-related measures,severance charges,and other expenses in connection with restructuring measures within the meaning of IAS 37,net of tax.Free cash flow(FCF)comprises the cash flows from operating activities and additions to intangible assets and property,plant and equ

62、ipment included in cash flows from investing activities.Equipment book-to-bill ratiois the ratio between equipment orders and equipment revenue,where equipment refers to all businesses except Diagnostics and product-based services.Please find further explanations regarding our financial key performa

63、nce indicators in chapter“A.2 Financial performance system“and in the notes to the consolidated financial statements Note 29“Segment information“in the Annual Report of 2024 of Siemens Healthineers.Additional information is also included in the Quarterly Statement and in the Half-Year Report 2025.These documents can be found under the following internet link https:/www.siemens- FY2025Unrestricted Siemens Healthineers AG,2025 l 20