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Siemens Healthineers AG
Earnings Release • Feb 17, 2025
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Earnings Release
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Siemens Healthineers off to a strong start in fiscal year 2025
February 6, 2025 - Siemens Healthineers AG today announces its results for the first quarter of fiscal year 2025 ended December 31, 2024.
Q1 Fiscal Year 2025
- Excellent equipment book-to-bill ratio of 1.21
- Comparable revenue growth of $5.7 \%$
- Imaging comparable revenue growth of $7.6 \%$; adjusted EBIT margin of $18.7 \%$ impacted by special items
- Diagnostics comparable revenue growth of 1.6\%; adjusted EBIT margin of 7.8\%
- Varian comparable revenue growth of 6.2\%; adjusted EBIT margin of 17.1\%
- Advanced Therapies comparable revenue growth of 5.1\%; adjusted EBIT margin of 14.1\%
- Overall adjusted EBIT margin of 15.0\%, above prior-year quarter
- Free cash flow of around $€ 810$ million, more than tripled from prior-year quarter
- Adjusted basic earnings per share of $€ 0.51$, above prior-year quarter
Outlook for Fiscal Year 2025
We confirm our expectation of comparable revenue growth of between 5\% to 6\% compared with fiscal year 2024 and adjusted basic earnings per share of between $€ 2.35$ and $€ 2.50$.
Bernd Montag, CEO of Siemens Healthineers AG:
"We have made a strong start to the year. Our performance is consistently improving from a high base thanks to the efforts of the whole Healthineers team."
Business Development Q1
| Siemens Healthineers | ||||
|---|---|---|---|---|
| (In millions of €) | Q1 2025 | Q1 2024 | Act. | \% Change Comp. ${ }^{1}$ |
| Revenue | 5,482 | 5,176 | 5.9\% | 5.7\% |
| Adjusted EBIT ${ }^{2}$ | 822 | 742 | $11 \%$ | |
| Adjusted EBIT margin | $15.0 \%$ | $14.3 \%$ | ||
| Net income | 478 | 432 | $11 \%$ | |
| Adjusted basic earnings per share ${ }^{3}$ | 0.51 | 0.49 | $4 \%$ | |
| Basic earnings per share | 0.42 | 0.39 | $10 \%$ | |
| Free cash flow ${ }^{4}$ | 810 | 238 | 240\% |
[^0]Revenue rose $5.7 \%$ in the first quarter of fiscal year 2025 to almost $€ 5.5$ billion. Growth in the Imaging and Varian segments in particular contributed to this strong growth.
From a geographical perspective, the Americas region achieved significant comparable revenue growth, and the Asia Pacific Japan region very strong revenue growth. Revenue in the EMEA region was flat after significant growth in the prior-year quarter, while revenue in the China region declined by a mid-single-digit percentage due to continued delays in customer orders.
Equipment order intake in the first quarter markedly exceeded equipment revenue. The equipment book-to-bill ratio was an excellent 1.21 .
Adjusted EBIT rose $11 \%$ to around $€ 822$ million in the first quarter from the prior-year period. This resulted in an adjusted EBIT margin of $15.0 \%$, also higher than in the prior-year quarter. Contributions from overall strong revenue development as well as cost reductions related to the transformation program of the Diagnostics business had a positive effect.
Net income was $€ 478$ million, up $11 \%$ from the prior-year period. The tax rate was $22 \%$, above the $20 \%$ rate in the prioryear quarter.
Adjusted basic earnings per share rose slightly to $€ 0.51$ from $€ 0.49$ in the prior-year period due to higher earnings contributions from the operating business.
Free cash flow reached around $€ 810$ million, more than three times as high as in the prior-year quarter.
[^0]: 1 Year over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Adjusted 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, other expenses in connection with restructuring measures within the meaning of IAS 37 and centrally carried pension service and administration expenses (only excluded from adjusted EBIT of the segments).
3 Adjusted basic earnings per share are defined as basic earnings per share, adjusted for expenses for portfolio-related measures, severance charges, and other expenses in connection with restructuring measures within the meaning of IAS 37, net of tax.
4 Free cash flow comprises the cash flows from operating activities and additions to intangible assets and property, plant and equipment included in cash flows from investing activities.
| Imaging | ||||
|---|---|---|---|---|
| Q1 | Q1 | \% Change | ||
| (In millions of €) | 2025 | 2024 | Act. | $\text { Comp. }{ }^{1}$ |
| Total adjusted revenue ${ }^{1}$ | 3,013 | 2,792 | $7.9 \%$ | $7.6 \%$ |
| Adjusted EBIT | 565 | 533 | $6 \%$ | |
| Adjusted EBIT margin | 18.7\% | 19.1\% |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Imaging segment rose $7.6 \%$ on a comparable basis to around $€ 3.0$ billion in the first quarter. Computed Tomography showed significant growth, and Molecular Imaging rose strongly.
From a geographical perspective, Imaging achieved sharp comparable growth in the Americas region and moderate growth in the Asia Pacific Japan region. Revenue in the China region declined by a mid-single-digit percentage due to continued delays in customer orders. In the EMEA region, revenue also fell by a mid-single-digit percentage after an outstanding prior-year quarter.
The segment's adjusted EBIT margin of $18.7 \%$ was slightly below the prior-year quarter level, mainly due to special items. Earnings contributions from revenue growth had a positive effect.
Diagnostics
| Q1 | Q1 | \% Change | ||
|---|---|---|---|---|
| (In millions of €) | 2025 | 2024 | Act. | $\text { Comp. }{ }^{1}$ |
| Total adjusted revenue ${ }^{1}$ | 1,068 | 1,058 | $0.9 \%$ | $1.6 \%$ |
| Adjusted EBIT | 83 | 54 | $55 \%$ | |
| Adjusted EBIT margin | $\mathbf{7 . 8 \%}$ | $5.1 \%$ |
[^0]In the Diagnostics segment, revenue in the first quarter rose $1.6 \%$ on a comparable basis to almost $€ 1.1$ billion. In the EMEA and Asia Pacific Japan regions, revenue rose strongly on a comparable basis. Revenue in the Americas region fell slightly and, in the China region, declined by a mid-single-digit percentage.
The segment's adjusted EBIT margin of $7.8 \%$ was above the prior-year quarter. Cost reductions related to the transformation program as well as positive contributions from revenue growth outweighed negative currency effects.
[^0]: 1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
| Varian | ||||
|---|---|---|---|---|
| (in millions of €) | $\begin{gathered} \text { Q1 } \ 2025 \end{gathered}$ | $\begin{gathered} \text { Q1 } \ 2024 \end{gathered}$ | Act. | \% Change Comp. ${ }^{1}$ |
| Total adjusted revenue ${ }^{1}$ | 974 | 911 | $6.9 \%$ | $6.2 \%$ |
| Adjusted EBIT | 166 | 145 | $15 \%$ | |
| Adjusted EBIT margin | $17.1 \%$ | $15.9 \%$ |
1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Revenue in the Varian segment rose $6.2 \%$ on a comparable basis in the first quarter to almost $€ 1.0$ billion. The Asia Pacific Japan region showed sharp growth, the Americas region very strong growth and the EMEA region moderate growth. In the China region, the segment posted a low-double-digit percentage decline in revenue from the excellent prior-year quarter due to continued delays in customer orders.
The segment's adjusted EBIT margin of $17.1 \%$ was clearly above the prior-year quarter level. This was positively influenced by earnings contributions from strong revenue development, currency effects and a more favorable business mix.
| Advanced Therapies | ||||
|---|---|---|---|---|
| (in millions of €) | $\begin{gathered} \text { Q1 } \ 2025 \end{gathered}$ | $\begin{gathered} \text { Q1 } \ 2024 \end{gathered}$ | Act. | \% Change Comp. ${ }^{1}$ |
| Total adjusted revenue ${ }^{1}$ | 499 | 475 | $5.1 \%$ | $5.1 \%$ |
| Adjusted EBIT | 70 | 68 | $3 \%$ | |
| Adjusted EBIT margin | $14.1 \%$ | $14.3 \%$ |
[^0]Revenue in the Advanced Therapies segment rose $5.1 \%$ on a comparable basis in the first quarter to $€ 499$ million. The segment achieved sharp growth in the Asia Pacific Japan region, very strong growth in the EMEA region and strong growth in the Americas region. In the China region, revenue declined by a low-double-digit percentage from the very strong prior-year quarter due to continued delays in customer orders.
The segment's adjusted EBIT margin of $14.1 \%$ was slightly below the prior-year quarter. The positive impact of earnings contributions from revenue growth and positive currency effects was held back by a less favorable business mix.
[^0]: 1 Total adjusted revenue is defined as total revenue adjusted for effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Year-over-year on a comparable basis, excluding currency translation and portfolio effects.
Reconciliation to consolidated financial statements
| Adjusted EBIT | ||
|---|---|---|
| (In millions of €) | $\begin{aligned} & \text { Q1 } \ & 2025 \end{aligned}$ | $\begin{aligned} & \text { Q1 } \ & 2024 \end{aligned}$ |
| Adjusted EBIT Total Segments | 885 | 800 |
| Corporate items, Eliminations, other items | $-62$ | $-58$ |
| Adjusted EBIT | 822 | 742 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | $-91$ | $-95$ |
| Transaction, integration, retention and carve-out costs | $-4$ | $-5$ |
| Gains and losses from divestments | - | $-0$ |
| Severance charges | $-15$ | $-24$ |
| Expenses for other portfolio-related measures | - | - |
| Other restructuring expenses | $-14$ | $-23$ |
| Total adjustments | $-124$ | $-148$ |
| EBIT | 698 | 594 |
| Financial income, net | $-81$ | $-51$ |
| Income before income taxes | 617 | 543 |
| Income tax expenses | $-138$ | $-110$ |
| Net income | 478 | 432 |
| Basic earnings per share | ||
|---|---|---|
| $\mathbf{Q 1}$ | $\mathbf{Q 1}$ | |
| (in €) | $\mathbf{2 0 2 5}$ | $\mathbf{2 0 2 4}$ |
| Basic earnings per share | 0.42 | 0.39 |
| Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments | 0.08 | 0.09 |
| Transaction, integration, retention and carve-out costs | 0.00 | 0.00 |
| Gains and losses from divestments | - | 0.00 |
| Severance charges | 0.01 | 0.02 |
| Expenses for other portfolio-related measures | - | - |
| Other restructuring expenses | 0.01 | 0.02 |
| Financial income due to portfolio related measures | - | - |
| Tax effects on adjustments ${ }^{1}$ | -0.02 | -0.03 |
| Adjusted basic earnings per share | 0.51 | 0.49 |
[^0]Severance charges fell by $€ 9$ million to $€ 15$ million. This was mainly due to lower expenses in connection with the transformation of the Diagnostics business.
Other restructuring expenses were mainly related to the transformation of the Diagnostics business and fell by $€ 9$ million to $€ 14$ million.
Financial income, net fell $€ 30$ million to -€81 million. In the prior-year period, a change in the fair market valuation of an investment in a listed company had a positive effect.
Net income rose $11 \%$ over the prior-year period to $€ 478$ million. The tax rate was $22 \%$, above the prior-year level of $20 \%$.
Adjusted basic earnings per share of $€ 0.51$ were slightly above the prior-year level of $€ 0.49$. Increased earnings contributions from operating business more than compensated for a lower net financial income and the tax rate, which was higher than in the prior-year quarter. Adjustments were around the same level as in the prior-year period.
[^0]: 1 Calculated based on the income tax rate of the respective reporting period.
Outlook
For fiscal year 2025, we continue to expect comparable revenue growth of between 5\% and 6\% over fiscal year 2024. The expectation for adjusted basic earnings per share remains unchanged in the range of $€ 2.35$ to $€ 2.50$.
The outlook is based on several assumptions. This includes the expectation that the current macroeconomic environment, including the interest rate level, will remain largely unchanged.
In addition, the outlook is based on assumptions about exchange rate developments, which currently lead to a slightly 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. In addition, the outlook is based on the assumption that developments related to the war in Ukraine and conflicts in the Middle East will not have a material impact on our business activities. The outlook is based on the number of shares outstanding at the end of fiscal year 2024. This outlook also excludes charges from legal, tax and regulatory issues and framework conditions.
Notes and forward-looking statements
The conference call for journalists with CEO Dr. Bernd Montag and CFO Dr. Jochen Schmitz on the financial figures of the first quarter will be broadcast live on the Internet starting today at 07:30 a.m. CET: siemens-healthineers.com/press-room
Starting today at 08:30 a.m. CET, the conference call for analysts and investors with Dr. Bernd Montag and Dr. Jochen Schmitz can be followed live at:
siemens-healthineers.com/investor-relations
Recordings of both conferences will be made available afterwards.
Financial publications are available for download at:
siemens-healthineers.com/investor-relations/presentations-financial-publications
Contact for journalists
Georgina Prodhan - Phone: +44 7808 828799; Email: [email protected]
Ulrich Kuenzel - Phone: +49 162 2433492; Email: [email protected]
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 statements 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. In addition, our representatives may from time to time make oral forwardlooking 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 developments, these statements are subject to various 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 unrest, 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 those described explicitly or implicitly in the forward-looking statement. All forward-looking statements only speak as of the date when they were made and Siemens Healthineers neither intends, nor assumes any obligation, unless required by law, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
This document includes supplemental financial measures that are or may be alternative performance measures not precisely defined in the applicable financial reporting framework (non-GAAP-measures). These supplemental financial measures may have limitations as analytical tools and should not be viewed in isolation or as alternatives to measures of Siemens Healthineers' net assets and financial positions or 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 comparable to those included in this document.
Please find further explanations regarding our (supplemental) financial measures in chapter "A. 2 Financial performance system" and in the Notes to consolidated financial statements, Note 30 "Segment information" of the Annual Report 2024 of Siemens Healthineers. This document is available under the following internet link www.siemens-healthineers.com/investorrelations/presentations-financial-publications.
Due to rounding, individual 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 to which they refer.
This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version.
The information contained in this document is provided as of the date of its publication 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 (male, female, non-binary).
Siemens Healthineers AG
Siemensstr. 3
91301 Forchheim, Germany
siemens-healthineers.com
Investor Relations
Telefon: +49 (9131) 84-3385
Email: [email protected]
siemens-healthineers.com/investor-relations
Press
Email: [email protected]
siemens-healthineers.com/press
Financial Results
First quarter of fiscal year 2025
Additional information
| Revenue by region (location of customer) | ||||
|---|---|---|---|---|
| (in millions of €) | $\begin{gathered} \text { Q1 } \ 2025 \end{gathered}$ | $\begin{gathered} \text { Q1 } \ 2024 \end{gathered}$ | Act. | $\begin{gathered} \text { \% Change } \ \text { Comp. } \end{gathered}$ |
| Europe, C.I.S., Africa, Middle East (EMEA) | 1,793 | 1,794 | $-0 \%$ | $-0 \%$ |
| therein Germany | 282 | 256 | $10 \%$ | $10 \%$ |
| Americas | 2,368 | 2,073 | $14 \%$ | $14 \%$ |
| therein U.S. | 2,024 | 1,748 | $16 \%$ | $14 \%$ |
| Asia Pacific Japan ${ }^{2}$ | 703 | 651 | $8 \%$ | $8 \%$ |
| China | 618 | 657 | $-6 \%$ | $-7 \%$ |
| Siemens Healthineers | 5,482 | 5,176 | 6\% | 6\% |
1 Year-over-year on a comparable basis, excluding currency translation and portfolio effects as well as effects in line with revaluation of contract liabilities from IFRS 3 purchase price allocations.
2 Including India.
Employees
| Dec 31, 2024 |
Sept 30, 2024 |
|
|---|---|---|
| Number of employees (in thousands) | 73.0 | 72.3 |
| Germany | 16.4 | 16.3 |
| Outside Germany | $\mathbf{5 6 . 7}$ | 56.0 |
Consolidated statements of income
| (In millions of €, earnings per share in €) | $\begin{gathered} \text { Q1 } \ 2025 \end{gathered}$ | $\begin{gathered} \text { Q1 } \ 2024 \end{gathered}$ |
|---|---|---|
| Revenue | 5,482 | 5,176 |
| Cost of sales | $-3,330$ | $-3,211$ |
| Gross profit | 2,152 | 1,964 |
| Research and development expenses | $-481$ | $-464$ |
| Selling and general administrative expenses | $-973$ | $-902$ |
| Other operating income | 4 | 5 |
| Other operating expenses | $-5$ | $-8$ |
| Income from investments accounted for using the equity method, net | 1 | - |
| Earnings before interest and taxes | 698 | 594 |
| Interest income | 31 | 32 |
| Interest expenses | $-108$ | $-107$ |
| Other financial income, net | $-4$ | 23 |
| Income before income taxes | 617 | 543 |
| Income tax expenses | $-138$ | $-110$ |
| Net income | 478 | 432 |
| Thereof attributable to: | ||
| Non-controlling interests | 4 | 1 |
| Shareholders of Siemens Healthineers AG | 474 | 431 |
| Basic earnings per share | 0.42 | 0.39 |
| Diluted earnings per share | 0.42 | 0.38 |
Consolidated statements of comprehensive income
| (In millions of €) | $\begin{gathered} \text { Q1 } \ 2025 \end{gathered}$ | $\begin{gathered} \text { Q1 } \ 2024 \end{gathered}$ |
|---|---|---|
| Net income | 478 | 432 |
| Remeasurements of defined benefit plans | 16 | $-106$ |
| Therein: Income tax effects | $-7$ | 58 |
| Other comprehensive income that will not be reclassified to profit or loss | 16 | $-106$ |
| Currency translation differences | 1,264 | $-731$ |
| Cash flow hedges | $-2$ | $-2$ |
| Therein: Income tax effects | $-1$ | 5 |
| Cost/Income from hedging | $-211$ | 94 |
| Therein: Income tax effects | 89 | $-39$ |
| Other comprehensive income that may be reclassified subsequently to profit or loss | 1,051 | $-639$ |
| Other comprehensive income, net of taxes | 1,067 | $-745$ |
| Comprehensive income | 1,545 | $-313$ |
| Thereof attributable to: | ||
| Non-controlling interests | 8 | $-1$ |
| Shareholders of Siemens Healthineers AG | 1,537 | $-312$ |
Consolidated statements of financial position
| (In millions of €) | Dec 31, 2024 | Sept 30, 2024 |
|---|---|---|
| Cash and cash equivalents | 2,774 | 2,683 |
| Trade and other receivables | 4,488 | 4,478 |
| Other current financial assets | 229 | 229 |
| Current receivables from the Siemens Group | 174 | 38 |
| Contract assets | 1,734 | 1,891 |
| Inventories | 4,609 | 4,179 |
| Current income tax assets | 109 | 260 |
| Other current assets | 714 | 684 |
| Total current assets | 14,830 | 14,443 |
| Goodwill | 18,463 | 17,662 |
| Other intangible assets | 7,400 | 7,062 |
| Property, plant and equipment | 4,770 | 4,476 |
| Investments accounted for using the equity method | 32 | 30 |
| Other non-current financial assets | 1,738 | 1,375 |
| Deferred tax assets | 531 | 476 |
| Other non-current assets | 552 | 530 |
| Total non-current assets | 33,487 | 31,612 |
| Total assets | 48,317 | 46,055 |
| Short-term financial debt and current maturities of long-term financial debt | 299 | 268 |
| Trade payables | 2,223 | 2,126 |
| Other current financial liabilities | 357 | 242 |
| Current liabilities to the Siemens Group | 2,246 | 2,510 |
| Contract liabilities | 3,786 | 3,628 |
| Current provisions | 412 | 413 |
| Current income tax liabilities | 406 | 391 |
| Other current liabilities | 1,818 | 1,995 |
| Total current liabilities | 11,547 | 11,573 |
| Long-term financial debt | 517 | 514 |
| Provisions for pensions and similar obligations | 572 | 592 |
| Deferred tax liabilities | 1,590 | 1,510 |
| Non-current provisions | 182 | 176 |
| Other non-current financial liabilities | 23 | 34 |
| Other non-current liabilities | 495 | 469 |
| Non-current liabilities to the Siemens Group | 13,561 | 12,941 |
| Total non-current liabilities | 16,940 | 16,234 |
| Total liabilities | 28,487 | 27,806 |
| Issued capital | 1,128 | 1,128 |
| Capital reserve | 15,827 | 15,872 |
| Retained earnings | 2,632 | 2,154 |
| Other components of equity | 526 | $-521$ |
| Treasury shares | $-335$ | $-433$ |
| Total equity attributable to shareholders of Siemens Healthineers AG | 19,777 | 18,199 |
| Non-controlling interests | 53 | 49 |
| Total equity | 19,830 | 18,248 |
| Total liabilities and equity | 48,317 | 46,055 |
Consolidated statements of cash flows
| (In millions of €) | $\begin{aligned} & 01 \ & 2025 \end{aligned}$ | $\begin{aligned} & 01 \ & 2024 \end{aligned}$ |
|---|---|---|
| Net income | 478 | 432 |
| Adjustments to reconcile net income to cash flows from operating activities: | ||
| Amortization, depreciation and impairments | 305 | 291 |
| Income tax expenses | 138 | 110 |
| Interest income/expenses, net | 78 | 75 |
| Income/loss related to investing activities | $-4$ | $-28$ |
| Other non-cash income/expenses, net | 62 | $-38$ |
| Change in operating net working capital | ||
| Contract assets | 206 | $-14$ |
| Inventories | $-257$ | $-312$ |
| Trade and other receivables | 158 | 281 |
| Receivables from and payables to the Siemens Group from operating activities | $-3$ | 3 |
| Trade payables | 15 | $-106$ |
| Contract liabilities | 36 | 25 |
| Change in other assets and liabilities | $-230$ | $-128$ |
| Additions to equipment leased to others in operating leases | $-88$ | $-48$ |
| Income taxes paid | 69 | $-187$ |
| Dividends received | - | 1 |
| Interest received | 17 | 13 |
| Cash flows from operating activities | 980 | 370 |
| Additions to intangible assets and property, plant and equipment | $-170$ | $-132$ |
| Purchase of investments and financial assets for investment purposes | - | $-3$ |
| Acquisitions of businesses, net of cash acquired | $-204$ | $-6$ |
| Disposal of investments, intangible assets and property, plant and equipment | 2 | 10 |
| Cash flows from investing activities | $-372$ | $-131$ |
| Repayment of long-term debt (including current maturities of long-term debt) | $-49$ | $-53$ |
| Change in short-term financial debt and other financing activities | 18 | 3 |
| Interest paid | $-14$ | $-7$ |
| Dividends paid to non-controlling interests | $-4$ | $-4$ |
| Interest paid to the Siemens Group | $-32$ | $-60$ |
| Other transactions/financing with the Siemens Group ${ }^{1}$ | ||
| Change in short-term financial debt and other financing activities | $-459$ | $-284$ |
| Cash flows from financing activities | $-540$ | $-405$ |
| Effect of changes in exchange rates on cash and cash equivalents ${ }^{1}$ | 23 | $-25$ |
| Change in cash and cash equivalents ${ }^{1}$ | 91 | $-191$ |
| Cash and cash equivalents at beginning of period ${ }^{1}$ | 2,683 | 2,247 |
| Cash and cash equivalents at end of period ${ }^{1}$ | 2,774 | 2,056 |
[^0]
[^0]: 1 Prior year value includes retrospective adjustment due to the change in the composition of cash and cash equivalents. For further information, please refer to Note 2 Accounting policies in the notes to the Annual Report 2024.
Overview of segment figures
EBITDA reconciliation
