• Revenue was essentially flat on a comparable basis at €19.2 billion (Q2 FY2023: €19.4 billion)

• New orders decreased by 12% on a comparable basis to €20.5 billion (2QFY2023: €23.6 billion)

• Total profits for Industrial Businesses amounted to €2.5 billion (2QFY2023: €2.6 billion), close to the level of the previous year

Net income totaled €2.2 billion (Q2 FY2023: €3.6 billion, mainly due to a €1.6 billion tax-free gain from the reversal of the impairment of the company’s stake in Siemens Energy AG)

Group level free cash flow of €1.3 billion (Q2 FY2023: €2.3 billion)

• Confirmed fiscal year 2024 performance target guidance

IC200UDD040 Siemens delivered solid business in the second quarter, effectively meeting the strong demand for digital and sustainable technologies. Among them, the industrial software business performed well, especially in the semiconductor industry. Customer demand for data center construction is also showing strong momentum. At present, the digital Industrial Group’s short-cycle automation business has relatively flat demand in China and Europe, but this is largely offset by significant revenue growth in the intelligent infrastructure and transportation business. In addition, Siemens took a key step in focusing its business portfolio with the sale of Innomotics to KPS Capital Partners for €3.5 billion.

IC200UDD040 Roland Busch, Chairman, President and CEO of Siemens AG, said: “In the second quarter, Siemens continued to benefit from strong market demand driven by digitalisation and sustainability, particularly in the data centre and semiconductor industries. The excellent revenue performance of Siemens Intelligent Infrastructure, Siemens Transportation and Industrial Software not only fully demonstrates the resilience of the Siemens business, but also alleviates the current market demand pressure faced by the digital industrial group. We have the right strategy, advanced technology and a great team, which is laying a good foundation for profitable growth in the future.”

“The sale of Imonda is an important step in optimising our portfolio.” Ralf P. Thomas, Chief Financial Officer of Siemens AG, said: “Based on the solid performance of the first half of the fiscal year, an excellent balance sheet and a record order backlog, Siemens is confident about the future as a technology company that drives innovation. At this time, we have confirmed our guidance for fiscal year 2024.”