Siemens Energy : Speech for the Annual Shareholders’ Meeting 2023 by Dr. Christian Bruch - President and Chief Executive Officer

SPEECH FOR THE

ANNUAL SHAREHOLDERS' MEETING 2023

OF SIEMENS ENERGY AG

Dr. Christian Bruch

President and Chief Executive Officer

of Siemens Energy AG

Munich, February 7, 2023

The report presented at the Annual General Meeting will be delivered orally in German and may also deviate in its content from this version published in advance, in particular to take account of developments that have occurred in the meantime.

The report as orally delivered in German takes precedence.

Dr. Christian Bruch: Speech for the 2023 Annual Shareholders' Meeting of Siemens Energy AG

2022 - THE WORLD IN TRANSITION

Light and Shadow - Political, Economic and Social Change

Dear Shareholders,

Ladies and Gentlemen,

2022 was a stormy year. Politically, economically and socially.

February 24, 2022, fundamentally changed the world. Though it had been unimaginable to many, on that day war returned to Europe. The war brought into focus a factor that Europe had previously taken for granted: the availability of energy. Energy is the basis for development and progress. In 2022, we experienced how fragile this foundation can be. Energy has been and continues to be used as a weapon. This endangers the well-being of hundreds of millions of people.

The war in Ukraine has led to massive economic dislocations. It challenges entire economies, companies and us as citizens. In Germany alone, energy prices rose by around 43 percent from October 2021 to October 2022. And all this in an environment in which the inflation rate was also at a historically high level in other areas.

But, in every crisis, there is also an opportunity. The year 2022 has alsoshown that politics and business can achieve a lot together. Together, we are working on solutions to achieve energy security and drive forward the energy transition. Europe is redefining its energy strategy. The United States is accelerating the energy transition with the Inflation Reduction Act. In other regions, too, the energy transition represents a major investment program.

2022 was also the year that many countries emerged from the pandemic. Still, coronavirus fundamentally changed our lives and the way we collaborate virtually.

At the same time, 2022 further intensified climate change. Forest fires, droughts and floods were on the agenda almost everywhere.

And with this came the realization that we must act nowto achieve the 1.5-degree target. To do this, we need to reduce emissions by 45 percent by 2030 compared to 2019. There is also a lot to do here in 2023.

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Dr. Christian Bruch: Speech for the 2023 Annual Shareholders' Meeting of Siemens Energy AG

Challenging - Our Market Environment in Fiscal Year 2022

What did the past fiscal year mean for us as a company? The consequences of war, the pandemic and climate change also determined our day-to-day business:

• Take Russia, for example: Siemens and Siemens Energy have a 150-year history with Russia. Divesting this business was a painful decision. Despite the difficult boundary conditions, we were able to successfully sell our transformer and gas turbine businesses in Russia.
• Or consider supply chains: Tight supply chains around the world were further strained by the impact of the war. In addition, we had to temporarily close some of our plants in China during the lockdown. This particularly affected components for power grids. Nevertheless, we were able to keep many things stable. Our strategy of regionalizing and broadening supply chains helped. We secured prices and availability with long-term contracts. In this way, we were able to almost offset the rise in raw material prices. In total, this amounted to around 800 million euros.
• Take inflation as an example: Handling long-running projects at competitive prices is an immense challenge when inflation rates are high. And not just for us. For our suppliers as well. This has also had a negative impact on our profitability.

The three examples show: The market environment in 2022 was challenging for us.

WEATHERPROOF - STABILIZING SIEMENS ENERGY

Consistent - Three Parameters in Fiscal Year 2022

It is precisely in times like these that we need to weatherproof the company. We have used fiscal year 2022 for this purpose.

1. We made our business at Gas and Power profitable again. We improved internal processes. We streamlined our portfolio. And we reduced costs. Of the savings of 800 million euros planned by fiscal year 2023, we were already able to realize more than 500 million euros by the end of the past fiscal year.

As a result of all this, I am proud to say that, in a fiscal year full of challenges, Gas and Power has delivered solid results. Gas and Power delivered what we promised.

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Dr. Christian Bruch: Speech for the 2023 Annual Shareholders' Meeting of Siemens Energy AG

1. We have reorganized our company. The new organization has been in place since October 1, 2022. With it, we have increased the transparency of our company vis-à-vis the capital market. We have created clear responsibilities for our Business Areas. And we have significantly reduced the number of hierarchical levels. This structure allows us to respond more flexibly and quickly to market changes. This makes us stronger. At the same time, these changes also meant an enormous effort for our employees. After all, no business unit was left untouched by them. I would therefore like to thank our employees wholeheartedly for their personal commitment.
2. We've been working hard to improve the performance of Siemens Gamesa Renewable Energy (SGRE), in which we hold a majority stake. We want to stabilize the business and make it profitable again. There were challenges with the market launch of a new onshore wind turbine. In addition, higher raw material prices and pressure on logistics chains weighed on the company. As a result, SGRE, and thus we as Siemens Energy, had to adjust our revenue and earnings forecast for fiscal year 2022. In January 2023, there was another profit warning. More on this later.
   We have responded to this by making a new appointment to the position of Chief Executive Officer. Jochen Eickholt, a proven restructuring expert, took office on March 1, 2022. Together with his team, he immediately began to stabilize the business. The aforementioned measures at Gas and Power served as an important blueprint. SGRE announced a new platform strategy for its onshore and offshore businesses. Standardized components and modules for onshore and offshore wind turbines are to reduce costs. At the same time, quality and delivery reliability are to increase. The company must become more competitive overall. A unified organization for manufacturing and purchasing will improve the setup and create better customer interfaces. The terms of new customer and supplier contracts have improved significantly. We expect this to bring clear progress in the future.

Incentive - Share Price, Finance and Sustainability

Share price performance

However, it is also true that we are not satisfied with the performance of our share price. The share price almost halved from the first to the last day of fiscal year 2022. Admittedly, the DAX also deteriorated by around 20 percent in the same period. Nevertheless, there is nothing to sugarcoat. This development affects all of you, dear shareholders.

This was due to repeated profit warnings at SGRE - most recently just a few weeks ago. As a result, profit expectations fell.

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Dr. Christian Bruch: Speech for the 2023 Annual Shareholders' Meeting of Siemens Energy AG

The good news is that the measures we have taken are working. The financial market understands the relevance of Siemens Energy in the energy transition. The share price has recovered despite the recent profit warning.

We will continue to do everything in our power to improve the operating performance of our company.

Financial results

First, let's take a look at our figures for fiscal year 2022. Let's start with the key financial figures:

• We increased order intake from 33 billion euros to 38 billion euros last year. This gives us an order backlog of 97 billion euros at the end of the fiscal year. That is 13 billion euros more than the previous year. Our order backlog is equivalent to more than three years' revenue.
• We increased revenue from 28.5 billion euros to 29 billion euros. However, the currency helped us here. On a comparable basis, revenue decreased moderately by 1 billion euros.
• In terms of earnings before interest and taxes, we had to accept a loss despite all our efforts. Adjusted EBITA was minus 75 million euros. The loss was due to the development at SGRE. The withdrawal from Russia also had an impact. By contrast, Gas and Power benefited from its competitiveness improvement program. As a result, the segment recorded a strong increase in adjusted EBITA.
• By contrast, special items resulting from the restructuring and integration costs at SGRE had a negative impact. Adjusted for these special items, earnings before interest and taxes amounted to 379 million euros. By comparison, the figure for 2021 was 661 million euros.
• After interest and taxes, the loss was 647 million euros. In 2021, the figure was minus 560 million euros.
• As a result, basic earnings per share were negative at minus 0.56 euros. By comparison, in 2021 it was minus 0.63 euros.

In view of the results, the Executive Board and Supervisory Board have agreed that no dividend is to be paid this year. Accordingly, we propose this to the Annual General Meeting.

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