Note that the content is AI-generated and might contain mistakes. Generation might take some time.
If AI keeps you waiting, feel free to play the mini-game below in the meantime!
Annual Report 2025
Siemens Healthineers AG
Annual Report
2025
siemens-healthineers.com
Table of Contents*
Annual Report
* The format of this disclosure does not comply with the requirements of the European Single Electronic Format (ESEF).
The legally required rendering of the report sections that are subject to publication requirements is filed with the
operator of the German Company Register in ESEF format and published in the German Company Register.
A.
B.
C.
Combined
management
report
Consolidated
financial
statements
Additional
information
Page 5
Page 138
Page 197
A.1
Business principles
B.1
Consolidated statements
C.1
Responsibility
of income
statement
Page 11
A.2
Financial performance
Page 139
Page 198
system
B.2
Consolidated statements
C.2
Auditor’s Reports
of comprehensive
Page 13
income
A.3
Business development
Page 207
Page 140
C.3
Report of the
Page 25
B.3
Consolidated
Supervisory Board
A.4
Report on expected
statements of
developments
financial position
Page 214
C.4
Corporate Governance
Page 28
Page 141
Statement
A.5
Report on material risks
B.4
Consolidated
and opportunities
statements of
Page 229
cash flows
C.5
Notes and
Page 38
forward-looking
A.6
Sustainability Report
Page 142
statements
B.5
Consolidated
Page 127
statements of
A.7
Siemens Healthineers AG
changes in equity
Page 132
Page 143
A.8
Takeover-relevant
B.6
Notes to consolidated
information and
financial statements
explanatory report
A.
Combined
management report
Annual Report
2025
Page 5
A.1
Business principles
Page 11
A.2
Financial performance
system
Page 13
A.3
Business development
Page 25
A.4
Report on expected
developments
Page 28
A.5
Report on material risks
and opportunities
Page 38
A.6
Sustainability report
Page 127
A.7
Siemens Healthineers AG
Page 132
A.8
Takeover relevant
information and
explanatory report
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
05
A.1 Business principles
A.1.1 Business description
Organization
Siemens Healthineers is a global provider of healthcare products, solutions and services, with activities in numerous countries
around the world. Siemens Healthineers Group (hereinafter “Siemens Healthineers,” the “company,” “we,” or the “Group”)
comprises the parent company Siemens Healthineers AG, a stock corporation under the laws of the Federal Republic of Germany,
and its subsidiaries. Siemens Healthineers AG is registered in the commercial register in Munich, Germany. Siemens Healthineers
had about 74,000 employees as of September 30, 2025 (September 30, 2024: about 72,000).
Siemens Healthineers has a strong presence and market position in growth markets and is directly represented in more than 70
countries worldwide. Our main production and development sites are in Germany, the United States, India, China, Great Britain,
Republic of Korea, and Slovakia. We develop, manufacture, and sell a diverse range of innovative diagnostic and therapeutic
products and services to healthcare providers in more than 180 countries. We also provide clinical consulting services as well as
an extensive range of training and service offerings. This comprehensive portfolio supports customers along the entire care
continuum, from prevention and early detection through to diagnosis, treatment, and follow-up care.
Delivering high-quality, affordable healthcare requires scalable solutions to meet the needs of a broad spectrum of healthcare
providers and related organizations. Siemens Healthineers is strongly positioned relative to this spectrum, which ranges from
public and private healthcare providers, including hospitals and hospital systems, public and private clinics and laboratories,
universities, physicians/joint medical practices, public health agencies, public and private health insurers, through to
pharmaceutical companies and clinical research institutes. We offer different solutions tailored to the customers’ needs in all our
markets. [ESRS 2 SBM-1, 40a. ii, 42c] 1
Our business operations were divided into four segments until the end of fiscal year 2025: Imaging, Diagnostics, Varian, and
Advanced Therapies. In all these segments we are one of the leading global providers. [ESRS 2 SBM-1, 40a.i]
Our Imaging segment provides imaging products, services and solutions, and digital offerings. Our most important products in
this segment are devices for magnetic resonance imaging, computed tomography, X-ray, molecular imaging, and ultrasound.
Most of our imaging and therapy systems are supported by shared software platforms. We offer a broad and scalable range of
software solutions to support the reading and structured reporting of diagnostic images from different modalities. We generate a
significant amount of recurring revenues from our customer services business (services and spare parts) due to a large installed
base and long-term service relationships. These provide a stable business base.
The portfolio of our Diagnostics segment comprises in-vitro diagnostic products and services that we offer to healthcare
providers in the fields of general laboratory, specialty laboratory, and point-of-care diagnostics. Serving a broad selection of
diagnostic test settings – from centralized reference and hospital laboratories to critical care, emergency departments, and
physician office laboratories – our comprehensive portfolio covers various testing disciplines, including immunochemistry,
hematology, hemostasis, urinalysis, diabetes care, and blood gas, among others. Diagnostics’ product range also includes
efficient workflow solutions for laboratories and informatics products that are integrated with our offerings to improve the
productivity of our customers. Diagnostics generates profits mainly from long-term contracts that include an initial instrument
placement followed by ongoing reagent sales, which result in a predictable and resilient revenue stream.
The Varian segment offers a broad portfolio of innovative technologies and clinical professional services for cancer care that
support oncology departments in hospitals and clinics throughout the world in both inpatient and outpatient settings. This
portfolio is designed to enable more personalized care, streamline the patient journey, and improve cancer care worldwide.
Important needs of oncology patients in all stages of the treatment process are served with the aid of integrated equipment for
high-precision, image-guided radiotherapy, as well as digital solutions for healthcare management, radiotherapy treatment
planning, and patient engagement. With a large installed base, Varian generates recurring revenues from services and spare
parts. It also provides customized support for cancer center operations by helping care providers implement optimized
approaches to care. Varian’s future-focused microwave, cryoablation, and embolization technologies are employed by
1 To avoid redundancy, selected disclosure requirements pursuant to the European Sustainability Reporting Standards (ESRS) are addressed outside the dedicated Sustainability Report section. The respective references –
such as [ESRS 2 SBM-1, 40a. ii, 42c] – are clearly marked.
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
06
interventional radiologists in the fight against cancer and other conditions. Oncology customers worldwide use Varian
technologies for magnetic resonance imaging, computed tomography, and molecular imaging optimized for use in radiotherapy.
The portfolio of our Advanced Therapies segment consists of highly integrated products, services, and solutions used in the
treatment of diseases across multiple clinical fields. Our Advanced Therapies products are designed to support interventions with
image-guided minimally invasive clinical procedures for the treatment for the most threatening diseases in areas such as
cardiology, neurology, and oncology. The most important products in this segment are angiography systems and mobile C-arms,
as well as supporting AI-powered clinical applications. In the field of endovascular robotics, we focus on the development of
robotic solutions for neurovascular interventions. Advanced Therapies generates recurring revenues from its strong installed base
and customer services business.
Within these four segments we provide comprehensive services all along the customer value chain. Our range of services
includes essential technical customer service such as maintenance and repair, spare parts, medical equipment performance
management, training, clinical education and e-learning, planning and design, financing, asset management, and managed
departmental services for laboratories and healthcare facilities, as well as healthcare consulting, products, and services. We offer
many of these services to our customers through Value Partnerships, which are comprehensive, long-term, performance-
oriented customer relationships that enable sustainable operational and clinical improvements for our customers and actively
address the most important trends such as consolidation and the shortage of skilled healthcare professionals among healthcare
providers A.1.2 Business environment. Because these relationships with customers last for several years, we generate recurring
revenues on a regular basis.
With the start of fiscal year 2026 and the launch of the new strategic phase “Elevating Health Globally”, Siemens Healthineers is
implementing a change in its segment structure. The previous segments Varian and Advanced Therapies, together with
Ultrasound (previously part of the Imaging segment) will be merged into a new segment called Precision Therapy. This
restructuring aims to align Siemens Healthineers’ business management more closely with the strategic triangle of “Patient
Twinning, Precision Therapy, and Healthcare AI”, and to reflect the increasing focus on image-guided, precise treatment
methods. At the same time, the Technology Centers “Mechatronic Products”, “Medical Electronics”, and “Power & Vacuum
Products” will be separated from Imaging and will no longer be assigned to any specific segment, as these units will increasingly
support all segments. As a result, Siemens Healthineers will have three segments starting in fiscal year 2026: Imaging, Precision
Therapy, and Diagnostics.
Siemens Healthineers Strategy
At the close of fiscal year 2025, we concluded the Siemens Healthineers Strategy 2025 and thereby the “New Ambition” phase.
This phase forms the foundation for our next strategic phase, “Elevating Health Globally” (in short: Elevating), which will last
from the beginning of fiscal year 2026 to the end of fiscal year 2030. The outlook for fiscal year 2026 is presented in the chapter
A.4.2 Expected business development.
With the new strategy phase, Siemens Healthineers is aligning itself with the key trends that will transform healthcare in the long
term. These developments provide the framework and direction for our future strategy A.1.2 Business environment. Elevating
builds directly on the successes and insights gained during New Ambition, carrying them forward with consistency. New
Ambition focused on further developing our strengths and competencies, particularly in the areas of patient twinning, precision
therapy, and artificial intelligence (AI). We have further expanded our technology leadership with innovations from Photon
Counting CT to Low Helium MRI, the successful integration of Varian, and improved radiation therapy enabled by HyperSight
technology. We have also strengthened our clinical relevance in other non-communicable diseases such as cardiovascular
diseases, strokes, and neurodegenerative disorders. Our importance to healthcare providers has continued to grow, with over
200 Value Partnerships and collaborations with non-governmental organizations in growth countries. We have further
strengthened our leadership position in the field of artificial intelligence (AI) in the medical technology market by expanding our
AI solutions portfolio. In the New Ambition phase, we built targeted capabilities that we aim to leverage for further scaling in the
next strategic phase, thereby laying the foundation for main cornerstones of the Elevating strategy.
The clinical focus of Elevating lies in fighting the most threatening non-communicable diseases including neurodegenerative,
cardiovascular, stroke, and cancer, which account for approximately 75% of global deaths. We are expanding our disease- and
therapy-focused approach, broadening our solutions portfolio and reach, and institutionalizing our clinical programmatic
services. This enables healthcare providers to deliver high-quality, patient-centered care more efficiently.
In addition to the clinical focus, partnerships with healthcare providers are a key priority, aimed at addressing their most pressing
challenges - ranging from inequities in health care and workforce shortages to cost pressures and accelerating medical progress.
This aspect of Elevating focuses on supporting healthcare providers in introducing and “democratizing” innovation in healthcare.
Success is measured by the number of patients reached. Improved quality of life is at the center of our impact. We follow our
principle that “medical technology is global, healthcare is local” — by improving access to care, operating as close as possible to
our customers on the ground while taking advantage of the expertise and capabilities of our global network. To achieve this, we
offer a broad and deep portfolio that strengthens the clinical expertise of our partners and fosters innovation in healthcare
through greater accessibility. In addition, we will develop with our clinical partners solutions to make collaboration more
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
07
efficient, address current challenges in a targeted manner, and position ourselves as a strategic partner at the C-suite level with
the goal of jointly creating long-term value across the healthcare ecosystem.
Our commitment to sustainability is aligned with the Siemens Healthineers Strategy and focused on creating value for our
stakeholders – customers, shareholders, employees, patients, and communities. We are expanding our positive social and
environmental impact through three strategic pillars - Healthcare Access, Resource Preservation, and Diverse and Engaged
Healthineers. These are supported by two enablers - Volunteering and Employee-led initiatives, and Global and Regional
Partnerships. By driving breakthroughs that make healthcare more accessible and affordable for underserved communities
worldwide, we expand access to healthcare and aim to achieve 3.3 billion patient touchpoints from our products, solutions, and
services worldwide by 2030. Together with our suppliers and customers, we are accelerating the transition to a decarbonized,
circular value chain that supports a more sustainable and resilient future for healthcare. Our employees actively contribute to our
sustainability ambition, united by our shared purpose: We pioneer breakthroughs in healthcare. For everyone. Everywhere.
Sustainably.
Research and development
Our research and development (“R&D”) activities are of crucial importance for the development of our products and solutions.
They are intended to enable us to offer our customers innovative and sustainable solutions for diagnostics and therapy, while
also ensuring and enhancing our competitiveness as a company.
Artificial intelligence (“AI”), sensors, and robotics are focal points of our R&D activities. AI has been an integral part of key
innovations developed by Siemens Healthineers for several years. In our portfolio of products and solutions, we employ AI
successfully for data analysis and interpretation, decision-making, intelligent robot control, and automation. Further developing
and applying the potential of the “patient twinning” technology presents great opportunities in the field of healthcare. A growing
proportion of our R&D activities is devoted to improving the sustainability of our products.
Our innovation activities in the Imaging segment are focused on optimizing image quality while simultaneously shortening scan
times, as well as on AI-supported image reconstruction and automated analysis. We are also working on cross-modality
innovations to further enhance the user-friendly operation and patient comfort of our systems. In the Diagnostics segment we
are further focusing on clinical and technical innovations to meet current and future medical needs and harness the latest
technology trends. We are focusing on critical areas such as brain and metabolic health and emerging fields such as patient-
centric healthcare, AI, and robotics with the aim of maximizing the impact of diagnostic testing on global health and wellness. At
Varian, we are transforming the fight against cancer and related diseases by integrating imaging and therapy into a single,
connected platform that enables more precise, personalized, and effective care. In the Advanced Therapies segment, we are
working to develop innovations in clinical processes, imaging and image-guidance based on the smart combination of
mechatronics and digitalization. Thus, we are addressing previously unmet clinical requirements in fields such as cardiology,
interventional radiology, and surgery. Another focus area is the development of an endovascular robotics platform for
neurovascular care. Starting with fiscal year 2026, the activities of Advanced Therapies and Varian will be combined into the new
segment Precision Therapy.
Furthermore, the systems of Siemens Healthineers regularly receive extensive software releases to improve user friendliness, add
innovative applications, and lengthen the service life of our equipment.
We are also continuing to develop technologies under our innovation platform “SHIFT”, which entails collaborating with external
partner enterprises, start-ups, and academic and clinical facilities to improve the quality of healthcare worldwide. Such
collaborations are being pursued, among others, in Innovation Centers in Erlangen, Germany, Shanghai, China, and Bengaluru,
India. Thus, Siemens Healthineers has created an infrastructure that facilitates collective innovation; promotes openness and
collaboration in research, development, and production; and enables development that is oriented even more closely toward
healthcare customers and markets.
In addition to expanding our portfolio, our R&D teams strive for continuous improvement of existing products and solutions. Our
R&D workforce exceeds 13,000 employees at fiscal year-end 2025 and operates at a number of R&D sites around the world,
mainly in Germany, the U.S., China, and India. The distribution of our R&D workforce across an international network of sites
enables us to meet the needs of local markets and gives us access to local job markets, allowing us to hire the best employee for
the respective job. We supplement our internal capabilities through our relationships with strategic partners.
In fiscal year 2025, we reported R&D expenses of €1,958 million (2024: €1,918 million). The resulting R&D intensity, defined as
the ratio of R&D expenses to revenue, was 8% (2024: 9%). Additions to capitalized development expenses amounted to
€119 million (2024: €151 million). Therefore, the ratio of capitalized development expenses to total R&D expenses was 6%
(2024: 8%). The amortization including impairments of capitalized development expenses totaled €110 million (2024: €88
million).
As of September 30, 2025, we had more than 25,000 technical intellectual property rights. This figure includes more than
16,000 granted patents, slightly above the level of fiscal year 2024.
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
08
A.1.2 Business environment
We operate in growth markets characterized by sustainable stability, which are substantially supported by the trends described
below. Within the market’s long-term development, there may also be short term fluctuations arising from macroeconomic and
health policy developments such as changes in health policy, regulation, or reimbursement systems. Because a substantial
portion of Siemens Healthineers’ revenue stems from recurring business, we pursue our growth opportunities from a stable
foundation of profit.
Healthcare market trends
Globally, healthcare markets are influenced by four long-term trends on a lasting basis. These trends have remained in effect
despite external influencing factors such as inflation and geopolitical events.
The first trend is demographic developments, especially the world’s growing and aging population. This trend poses major
challenges for global healthcare systems, in developed as well emerging and developing economies. According to forecasts, the
number of over-60s is projected to more than double by 2050. This is accompanied by the second trend, namely the increase in
non-communicable diseases as a result of an aging population in combination with environmental and lifestyle-related changes.
The resulting increase in patients with multiple morbidities and the incidence of cancer, stroke, and other neurodegenerative and
cardiovascular diseases heightens the need for new methods to detect and treat diseases at an early stage. The third trend is
economic development in emerging markets, which is improving access to healthcare for many people. Nevertheless, access to
medical care remains insufficient for over half of the world population. To address this problem, significant investments are
being made to improve the healthcare systems of emerging markets in particular, driving overall demand for healthcare products
and services, and therefore, market growth. The fourth global trend that has a relevant impact on our business development is
the transformation of healthcare providers such as hospitals and laboratories, which are finding themselves forced to reorganize
the services they provide. This trend is driven by a host of factors, including burdens from chronic diseases, growing number of
medical interventions, and the existing and increasing shortage of skilled healthcare professionals. The use of technology,
digitalization, workflow automation, and artificial intelligence (AI) plays a crucial role in tackling these challenges and optimizing
both treatment outcomes and patient experience. In conjunction with new reimbursement models for healthcare services, such
as value-based rather than treatment-based reimbursement, these factors represent a vital lever for reducing treatment costs and
are therefore a respond to growing cost pressure in healthcare. On the customer side, the trend among healthcare providers to
consolidate into networks as a result of these factors continues. The goal of these larger hospital and laboratory chains, which
often operate internationally and increasingly also in the manner of large corporations, is to systematically lower costs while
improving the quality of medical care. Partnerships with healthcare providers, including so-called “Value Partnerships,” represent
an effective level to address these challenges. They encompass, among other things, standardized and scalable systems and
solutions as well as new business models.
Developments in health policy
Driven by the need in many countries to deliver better treatment outcomes at lower costs, regulators are increasingly seeking to
change their reimbursement models to give greater weight to healthcare quality. As a result, the reimbursement granted for
healthcare services may no longer be tied exclusively to the resources and services rendered but may increasingly also be
granted on the basis of treatment outcomes. Some industrialized nations are exploring so-called value-based healthcare
approaches and conducting pilot projects to test them.
In the coming years, three of our most important markets – the United States, China, and Europe – will face uncertainties when it
comes to health policy and financing. Lawmakers in the United States continue to debate legislative changes to the healthcare
system with the primary goals of increasing price transparency and lowering costs for patients, which have bipartisan support. In
the United States, a continued shift toward outpatient care is expected, driven by the growing need for more accessible and cost-
effective medical services. There are proposals to equalize the reimbursements paid to hospital outpatient departments and
freestanding medical centers. The One Big Beautiful Bill Act passed in July 2025 includes reductions to the federal health
insurance programs Medicaid and Medicare coverage, the impact on our markets can currently not be reliably assessed. We
continue to monitor other legislative changes which may impact the US market and are prepared to adapt our business as
needed.
China continues to execute its 14th Five Year Plan (2021 to 2025) strategy with focus on building a tiered hospital system to
provide higher quality healthcare service to more people, driving affordable healthcare via a series of cost control measures. This
include volume-based and centralized public procurement systems which are expected to further expand coverage of products
and regions in the coming years. This supports the adoption of disease-based flat rate reimbursement and health service
charging reforms to further reduce testing fee for patients. Lastly, China remains focused to promote localization and local
innovation for government procurement activities going forward. The anti-corruption campaign which was launched in the
summer of 2023 remains active and has become a new normal. Procurement activities are gradually stabilizing with the
execution of China’s large equipment renewal program.
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
09
The European regulatory landscape is undergoing significant change, with direct implications for the medical technology sector.
In March 2025, the European Union adopted the regulation on the European Health Data Space (EHDS), establishing a
framework to enable secure, standardized access to electronic health data across Member States - both for primary use in
healthcare delivery and secondary use in research, innovation, and policymaking. The EU Data Act, which came into effect in
September 2025, introduces new obligations to make usage data from connected products accessible to patients and third
parties. This creates opportunities for interoperability but also increases compliance and governance demands.
Political and macroeconomic developments
The business environment for medical technology companies and healthcare providers is increasingly complex. Besides the
various regulatory requirements affecting the sale of products and the provision of services, non-tariff barriers to trade such as
localization demands, licensing requirements, and economic protectionism have increased significance in the last few years.
These trade barriers, which are being felt in all our segment markets, are creating additional financial burdens for commercial
enterprises. Global trade policy may lead to new and increases of existing tariffs, and export restrictions. The impact could be
especially evident in trade for critical economic sectors, such as raw materials, and for key technologies such as AI, and other
high-tech segments. The U.S. government has made changes to trade tariffs on a wide range of countries, including the
European Union and China. Similarly, in the past fiscal year some nations introduced retaliatory tariffs while also pursuing
negotiated compromises. Siemens Healthineers continues to adapt its business as needed to the changing geopolitical situation
globally and is well positioned to address changes in both economic and health policy by governments around the world. In
September 2025, the Trump Administration launched a 232 investigation into several broad product categories in the medical
technology industry. The company is responding to this through the industry organization AdvaMed in the United States.
The war in Ukraine and the conflict in the Middle East have accelerated the fragmentation of the global geopolitical landscape. In
this uncertain environment, Western companies may pursue risk prevention strategies by reducing their dependence on the
countries involved by shifting operations to enhance their resilience of their production processes, supply chains, and logistics.
To increase supply security, it may also become necessary to diversify the pool of suppliers and maintain larger reserve stocks of
critical components.
Besides these geopolitical challenges, macroeconomic developments are also influencing the global business environment by
creating additional uncertainties. Energy prices have fallen further this year, while inflation around the world has remained
above many central bank targets, exhibiting differing trends depending on the national economy in question. Changes in trade
tariffs and potential associated price adjustments may also increase investment costs in the sector. Consequently, medical
equipment manufacturers and their customers could still face elevated personnel, production, and financing costs. Overall, there
has been a slowdown in global economic output, driven by protectionist tendencies and political uncertainty. However,
healthcare is proving to be more resilient to economic fluctuations compared to other sectors.
Segment markets
The Imaging market is influenced by several growth factors. Personalized precision medicine as well as an increased need for
imaging in screening, non-invasive therapies, and new methods of treating disease are driving the broader application of
imaging procedures and digitalization. This in turn is leading to increased demand for imaging systems. Furthermore,
advancements in the fields of AI and machine learning will continue to be crucial for healthcare delivery, productivity growth,
and value creation in diagnostic imaging. A moderate level of consolidation is one of the key characteristics of the global imaging
market. The top main players are Siemens Healthineers, GE HealthCare, Philips, and United Imaging Healthcare.
The rise of chronic diseases and an aging population in many countries create demand for diagnostic tests which drives the
growth of the Diagnostics market. To manage healthcare costs, governments are looking for ways to influence the costs of
diagnostic testing. In China, for example, the introduction of centralized volume-based public procurement has intensified price
pressure in the market. Additionally, as in prior years, healthcare providers continue to consolidate their operations while also
industrializing their testing processes to improve efficiency through automation and digitalization. Increased automation will
further enhance laboratory productivity and enable better integration of diagnostic test results into clinical decision-making.
Immunochemistry is one the largest and growth-oriented segments of the Diagnostics market, spanning chronic disease,
wellness, and infectious disease segments. In both acute and non-acute situations, point-of-care tests offer advantages such as
the speediness of test results and improved access to healthcare, which can lead to better treatment outcomes for patients.
Diagnostics is a fragmented market, with a variety of global, regional, and specialized providers competing with each other
across market segments. Together with Roche Diagnostics, Abbott Laboratories and Danaher, Siemens Healthineers is a major
player in this market.
The market served by the Varian segment is influenced by many different growth factors. Long-term global demand for radiation
oncology, advanced oncological services, and multi-modal imaging for radiotherapy is being driven by the rising number of
cancer patients worldwide, increasing utilization of radiotherapy and radiosurgery, demand for multi-modal precision care
pathways in cancer therapy, and the need for value-based care. New cancer incidences are projected to rise from about 20
million (in 2022) to 35 million annually by 2050. Faster growth of new incidences in low- and middle-income countries, which
lack adequate infrastructure and human capital to address this growing cancer burden, is accelerating demand for cost-effective,
high-quality cancer care modalities. Technological advances with optimized and automated clinical tools that improve accuracy
Siemens Healthineers Annual Report 2025
Combined management report – Business principles
10
in radiotherapy, including the advances that enable adaptive radiotherapy, are driving the worldwide demand for new medical
equipment. Digital solutions and applications that can be used to treat a broader range of cases, reduce treatment time, and
increase patient throughput are further drivers of demand. The shortage of trained clinical personnel in emerging markets and a
focus on operational efficiencies and cost reduction in developed markets are driving demand for more automated products and
services that can be integrated into clinical workflows to make treatments more rapid and cost-effective. The radiotherapy and
radiosurgery markets are highly consolidated. They are mainly served by Siemens Healthineers, Elekta AB, and Accuray Inc.
Growth in the Advanced Therapies market is driven by multiple factors such as a general shift to minimally invasive procedures
and advancing innovation in clinical procedures. In particular, technological innovations in image guidance, robotics, medical
devices, digitalization, and AI result in minimally invasive procedures with lower risks of complications, faster recovery times, less
post-operative pain, shorter hospital stays, and lower costs. The global Advanced Therapies market can be described as
consolidated, with three top players: Siemens Healthineers, Philips and GE HealthCare.
Siemens Healthineers Annual Report 2025
Combined management report – Financial performance system
11
A.2 Financial performance system
Most significant financial key performance indicators
Comparable revenue growth
Comparable revenue growth is our most significant financial key performance indicator for managing and monitoring the growth
of Siemens Healthineers. It shows the development of adjusted revenue, net of currency translation 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.
Currency translation effects are the difference between adjusted revenue for the current period calculated using the exchange
rates of the current period and adjusted revenue for the current period calculated using the exchange rates of the comparison
period. For calculating the percentage change year-over-year, this absolute difference is divided by adjusted revenue for the
comparison period. A portfolio effect arises in the case of an acquisition or a disposition and is calculated as the change year-
over-year in adjusted revenue related to the transaction. For calculating the percentage change, this absolute change is divided
by adjusted revenue for the comparison period. Any portfolio effect is excluded for the 12 months following the relevant
transaction after which both current and past reporting periods fully reflect the portfolio change.
For Siemens Healthineers, revenue is defined as consolidated revenue reported in the company’s consolidated statements of
income. Adjusted revenue, which is key to calculating comparable revenue growth, is adjusted for effects in line with the
revaluation of contract liabilities from IFRS 3 purchase price allocations.
Adjusted basic earnings per share
Performance of Siemens Healthineers is measured using adjusted basic earnings per share (EPS). The following adjustments are
made:
• expenses for mergers, acquisitions, disposals and other portfolio-related measures, in particular
> amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments,
> transaction, integration, retention and carve-out costs,
> gains and losses from divestments,
• severance charges, and
• other expenses in connection with restructuring measures within the meaning of IAS 37.
The adjustments (including revenue) relate to income and expenses that do not reflect operating performance and therefore
adversely affect the comparability of financial results between periods.
The adjustments are made after tax. Accordingly, this includes the adjustment of material valuation effects on deferred taxes,
which arise from changes in tax law and are associated with the above adjustment items.
Tax effects on the adjustments are determined based on the income tax rate for the reporting period. Determination of adjusted
basic EPS is based on the average weighted number of outstanding shares in the reporting period.
Additional performance indicators
The most significant financial key performance indicators are supplemented by additional performance indicators, which are
used in particular to manage the operating segments. Because they directly influence the most significant financial key
performance indicators, the additional performance indicators are included as assumptions for the assessment of the expected
development.
Comparable revenue growth
We also use comparable revenue growth as a performance indicator to manage and monitor the growth of the segments. It
shows the development of total adjusted revenue. At the segment level, revenue is defined as total revenue and corresponds to
the sum of external and intersegment revenue. Total adjusted revenue of the segments, which is key to calculating comparable
revenue growth, is adjusted for effects in line with the revaluation of contract liabilities from IFRS 3 purchase price allocations.
Siemens Healthineers Annual Report 2025
Combined management report – Financial performance system
12
Adjusted EBIT margin
We use adjusted EBIT (earnings before interest and taxes) margin for managing the operating performance. Adjusted EBIT is
defined as income before income taxes, interest income and expenses, and other financial income, net, adjusted for non-
operating items.
EBIT is adjusted for the following items:
• expenses for mergers, acquisitions, disposals and other portfolio-related measures, in particular
> amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments,
> transaction, integration, retention and carve-out costs,
> gains and losses from divestments,
• severance charges,
• other expenses in connection with restructuring measures within the meaning of IAS 37, and
• centrally carried pension service and administration expenses.
The adjustments (including revenue) relate to income and expenses that do not reflect operating performance and therefore
adversely affect the comparability of financial results between periods.
Adjusted EBIT margin is defined as the adjusted EBIT of the particular segment divided by its adjusted total revenue.
Dividend
We aim to provide an attractive return to our shareholders. Therefore, insofar as in previous years, we intend to pay a stable to
progressive annual dividend.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
13
A.3 Business development
A.3.1 Market development
The following sections consider, among other factors, selected disclosure requirements in line with the ESRS, specifically [ESRS 2
SBM-1, 40a.ii].
Our addressable markets generally exhibited slight growth worldwide on a revenue basis in fiscal year 2025. The global
addressable market for the Imaging segment (equipment sales and product-related services) grew to slightly more than
€31 billion in fiscal year 2025 (excluding the Ultrasound market segments of obstetrics and gynecology, point of care, special
applications, and others). The relevant addressable global market for our Diagnostics segment (reagents, consumables, and
product-related services) was approximately €37 billion. The size of the global addressable market for the Varian segment (linear
accelerators, radiotherapy imaging, and product-related services) was more than €6 billion in fiscal year 2025. The global
addressable market for Advanced Therapies (angiography systems, mobile C-arms, and product-related services) was over
€7 billion. Services generate the majority of recurring revenues for our markets.
Long-term market trends A.1.2 Business environment remained generally intact. They proved to be resilient in the face of
geopolitical events and challenges in the macroeconomic environment, which continued to influence the global business
environment in fiscal year 2025 A.1.2 Business environment. Competition between the leading medical technology companies
remained at high levels.
The market for the Imaging segment experienced moderate growth in fiscal year 2025. The introduction of new technologies
and the addition of new clinical applications in fields such as neurology and oncology were fundamental market drivers.
The market for the Diagnostics segment experienced slight growth overall in fiscal year 2025, thanks to a broad-based demand
for routine tests. However, the temporary market weakness in China – the world’s largest Diagnostics market – had a dampening
effect on global market development.
The global market for the Varian segment experienced strong growth, supported by the introduction of new products and
innovations, the replacement of aging equipment, and growing sales of services, especially in the United States and Western
Europe. Continued improvements in access to radiotherapy for underserved population groups and regions, especially in the Asia
Pacific region and in low- and middle-income countries, offered additional growth potential.
The market for the Advanced Therapies segment showed strong growth overall. Significant factors contributing to market
growth included replacement purchases worldwide, as well as the continued shift of image-guided surgical and cardiological
services to more efficient outpatient settings. Persistent staff shortages in the healthcare industry boosted demand for cost-
efficient technological innovations, including solutions supported by software and artificial intelligence.
The market for the Imaging segment in the EMEA region was flat. The underlying business from replacing existing installations
was just able to offset the temporarily weakened market driver of major investment programs of some governments. In the
Diagnostics segment, the EMEA market showed strong growth in fiscal year 2025. Continued high price pressure was more than
offset by increased demand for laboratory tests. Varian’s market experienced moderate growth, supported by the expansion of
radiotherapy infrastructure (e.g., in countries in the Middle East and Africa), as well as product innovations in EMEA countries
with saturated markets and predominantly replacement purchases. The Advanced Therapies market in the EMEA region showed
moderate growth. The slower market growth relative to last year’s period can be attributed to reduced activity in major
government investment programs in parts of the region. Business from the replacement of existing, aging equipment provided a
stable sales base in the mature markets.
In the Americas region, the Imaging market experienced strong growth. Market growth was stimulated by the introduction of
new product portfolios (e.g., photon-counting CT) and increased demand for equipment thanks to new fields of clinical
application (e.g., theranostics). The market for the Diagnostics segment grew at a moderate rate in the Americas region,
supported by normalized demand for routine tests. Continuing consolidation among healthcare providers, particularly in Latin
America, and a resulting increase in bulk buys represented an additional contribution to market growth. Varian’s market in the
Americas region grew strongly, supported primarily by business from the replacement of existing installations, which was a key
market driver in the saturated U.S. market. In Latin America, the expansion of radiotherapy infrastructure, promoted by existing
Siemens Healthineers Annual Report 2025
Combined management report – Business development
14
government programs, was a key factor in market growth. The market for the Advanced Therapies segment grew moderately in
the Americas region, supported by the growth of medical services in the more efficient outpatient sector in the United States.
The Imaging market in the Asia Pacific Japan region experienced slight growth in fiscal year 2025, mainly thanks to growth in
product-related services for large imaging devices. The continued market downturn in Japan was more than offset by market
growth in emerging countries. The Diagnostics segment’s market grew at a moderate rate, supported mainly by emerging
countries in the region, such as India. Varian’s market in this region grew moderately. This growth was essentially driven by
continuous improvement in access to radiotherapy in emerging countries such as India, supported by the growing importance
and promotion of programs for early cancer detection. The mature, saturated market in Japan is primarily characterized by
replacement business. The Advanced Therapies market in the Asia Pacific Japan region showed strong growth thanks to growth
in emerging countries such as India and Indonesia, which offset a decline in Japan.
In the China region, the anti-corruption campaign in the healthcare sector remains ongoing but has now become the new
normal. As a result, the dampening effect on market activities has subsided, leading to initial signs of market stabilization,
supported by a program launched to renew large medical equipment. Accordingly, the Imaging segment recorded slight growth.
The market for the Diagnostics segment declined very strongly in fiscal year 2025. The continued – and now intensified –
implementation of volume-based public procurement, as well as the government’s price control policy, once again had a
negative impact on market growth, particularly in the laboratory market. The market for the Varian segment experienced
significant growth. Pent-up demand resulting from the anti-corruption campaign following a phase of lower market activity a key
growth driver in a region that generally offers high growth potential due to the expansion of cancer care. The market in China for
the Advanced Therapies segment experienced strong growth. In addition to factors mentioned above, this growth was also
supported by government programs aimed at boosting quality and efficiency in medical care and the associated purchase and
replacement of equipment.
Our market development expectations are based on the market model of Siemens Healthineers, which is based on external
sources (including Signify Research, IQVIA Ltd., KLAS, IMV, Clearstate, and The Lancet Oncology), market information from
medical-technology industry associations (including COCIR, AdvaMed, JIRA, and MedTech Europe), and estimates by the
management of Siemens Healthineers. In the case of Varian, the forecasts are based in part on data from regulatory authorities
(including ASTRO, ESTRO, the Global Task Force on Radiotherapy for Cancer Control (GTFRCC), which is part of the Union for
International Cancer Control (UICC), the International Atomic Energy Agency (IAEA)) and publicly available financial reports. All
statements on market development refer to the actual data for the first three quarters of fiscal year 2025, because market data
for the full fiscal year 2025 were not available as of the publication of the annual report. Market development in the fourth
quarter is therefore included as a forecast. The market data are based on sales of products and product-related services.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
15
A.3.2 Results of operations
A.3.2.1 Revenue by segment and region
Fiscal year
Fiscal year
% Change
% Change
(in millions of €)¹
2025
2024
Act.
Comp.²
Siemens Healthineers
23,375
22,363
4.5%
5.9%
Therein:
Imaging
13,182
12,267
7.5%
8.5%
Diagnostics
4,347
4,417
−1.6%
0.4%
Varian
4,081
3,866
5.5%
6.9%
Advanced Therapies
2,128
2,075
2.6%
4.2%
1 Siemens Healthineers: revenue according to IFRS; segments: total adjusted revenue.
2 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.
Revenue by region (location of customer)
Fiscal year
Fiscal year
%-Change
%-Change
(in millions of €)
2025
2024
Act.
Comp.¹
Europe, C.I.S., Africa, Middle East (EMEA)
7,555
7,440
1.5%
0.6%
Therein: Germany
1,215
1,150
5.6%
5.2%
Americas
10,283
9,428
9.1%
11.7%
Therein: United States
8,904
8,040
10.7%
12.6%
Asia Pacific Japan²
3,055
2,944
3.8%
6.7%
China
2,482
2,550
−2.7%
−0.9%
Siemens Healthineers
23,375
22,363
4.5%
5.9%
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.
Siemens Healthineers
Revenue increased by 5.9% on a comparable basis from the prior year. This was mainly due to very strong growth in the Imaging
segment and strong revenue development at Varian. In nominal terms, revenue rose by 4.5% to €23,375 million. The equipment
book-to-bill ratio2 in fiscal year 2025 was a very good 1.14, above the prior-year figure of 1.11 which was also very good.
Segments
Adjusted revenue in the Imaging segment increased by 8.5% on a comparable basis. In particular, Molecular Imaging contributed
with sharp and Computed Tomography with very strong growth. From a geographical perspective, comparable revenue growth
was sharp in the Americas and strong in the Asia Pacific Japan region. In the China region, revenue slightly increased after a very
strong revenue decline in the prior year. The EMEA region showed a slight revenue decline after a very strong comparable
revenue increase in the prior year. In nominal terms, adjusted revenue rose by 7.5% to €13,182 million.
The Diagnostics segment showed a comparable revenue increase of 0.4%. On a comparable basis, revenue grew moderately in
the Asia Pacific Japan and EMEA regions. Revenue development was almost flat in the Americas region. In the China region, the
decline in revenue was in the low double-digit percentage range, in particular due to centralized volume-based public
procurement. In nominal terms, the segment’s adjusted revenue declined by 1.6% to €4,347 million.
Varian’s adjusted revenue rose by 6.9% on a comparable basis. The Asia Pacific Japan and Americas regions achieved very strong
comparable revenue growth. The China region showed strong growth after a significant revenue decline in the prior year. In the
EMEA region, revenue rose slightly after a strong comparable revenue increase in the prior year. The segment achieved adjusted
revenue in the amount of €4,081 million, thus recording an 5.5% nominal increase over the prior year.
Adjusted revenue in the Advanced Therapies segment rose by 4.2% on a comparable basis. From a geographical perspective,
comparable revenue growth in the Asia Pacific Japan region was significant and in the Americas region strong. In the China
region, revenue increased slightly after a very strong decline in the prior year. Against the backdrop of the very strong positive
revenue development of the prior year, the EMEA region showed an almost flat comparable revenue development. In nominal
terms, adjusted revenue rose by 2.6% to €2,128 million.
2 The equipment-book-to-bill-ratio is defined as the ratio of equipment orders to equipment revenue, where equipment refers to all businesses except Diagnostics and product-based services.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
16
Regions
In the EMEA region, revenue increased by 0.6% on a comparable basis. Growth was moderate in the Diagnostics segment and
slight in the Varian segment. On a comparable basis, Advanced Therapies showed almost flat revenue development, while
Imaging showed a slight comparable revenue decrease.
In Germany, Siemens Healthineers generated comparable revenue growth of 5.2% compared to the prior year. Varian showed
significant, Diagnostics very strong, Advanced Therapies strong, and Imaging moderate comparable growth.
The Americas region achieved comparable revenue growth of 11.7%, driven by a sharp revenue increase in the Imaging
segment. In this region, Varian showed very strong and Advanced Therapies strong comparable revenue growth. Comparable
revenue development in Diagnostics was almost flat.
In the United States, comparable revenue increased by 12.6%. Here too, Imaging achieved sharp revenue growth. Whereas
comparable revenue growth in Varian was very strong and in Advanced Therapies strong, revenue declined slightly in
Diagnostics.
In the Asia Pacific Japan region, revenue increased by 6.7% on a comparable basis. The Advanced Therapies segment posted
significant, Varian very strong, Imaging strong and Diagnostics moderate comparable revenue growth.
Revenue in the China region decreased by 0.9% on a comparable basis. Whereas the Varian segment showed strong comparable
revenue growth, the segments Imaging and Advanced Therapies posted slight growth. In the Diagnostics segment, the
comparable revenue decline was in the low double-digit percentage range due, in particular, to centralized volume-based public
procurement.
A.3.2.2 Adjusted EBIT
Fiscal year
Fiscal year
(Adjusted EBIT in millions of €, margin in %)
2025
2024
Adjusted EBIT Siemens Healthineers
3,855
3,510
Therein:
Imaging
2,732
2,584
Diagnostics
333
235
Varian
703
639
Advanced Therapies
327
338
Adjusted EBIT margin Siemens Healthineers
16.5%
15.7%
Therein:
Imaging
20.7%
21.1%
Diagnostics
7.7%
5.3%
Varian
17.2%
16.5%
Advanced Therapies
15.3%
16.3%
Siemens Healthineers
Adjusted EBIT in fiscal year 2025 rose by 10% year-over-year to €3,855 million. The adjusted EBIT margin was 16.5%, higher than
the prior-year level of 15.7%. Strong revenue development as well as cost reductions in connection with the transformation
program in the Diagnostics business had a positive effect. Higher tariffs, which had an impact on all segments, had a negative
effect.
Adjusted EBIT was affected by the €11 million or almost 1% increase in adjusted research and development expenses. Adjusted
for currency translation, these expenses were around 1% higher than in the prior year.
Adjusted EBIT was affected by the €220 million or around 6% increase in adjusted selling and general administrative expenses .
Adjusted for currency translation, these expenses were almost 8% higher than in the prior year.
Segments
At 20.7%, the adjusted EBIT margin of the Imaging segment was below the prior year’s level of 21.1%. Earnings contributions
from revenue development were impacted by higher tariffs. Adjusted EBIT rose to €2,732 million.
In the Diagnostics segment, the adjusted EBIT margin of 7.7% was clearly above the prior-year margin of 5.3%. This was mainly
driven by cost reductions in connection with the transformation program. Adjusted EBIT rose to €333 million.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
17
Against the backdrop of strong revenue development, Varian’s adjusted EBIT margin of 17.2% was above the prior-year level of
16.5%. Adjusted EBIT rose to €703 million.
The adjusted EBIT margin in the Advanced Therapies segment was 15.3%, below the prior-year level of 16.3%. Earnings
contributions from revenue growth were impacted by higher tariffs. Adjusted EBIT decreased to €327 million.
Reconciliation to consolidated financial statements
The reconciliation from adjusted EBIT to net income is shown in the following table:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Adjusted EBIT
3,855
3,510
Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments
−357
−375
Transaction, integration, retention and carve-out costs
−47
−24
Gains and losses from divestments
0
−1
Severance charges
−88
−104
Expenses for other portfolio-related measures
‐
‐
Other restructuring expenses
−209
−199
Total adjustments
−701
−703
EBIT
3,154
2,807
Financial income, net
−301
−283
Income before income taxes
2,853
2,523
Income tax expenses
−686
−564
Net income
2,168
1,959
The line item amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments fell by €17 million
year-over-year to €357 million.
Severance charges of €88 million were below the prior-year level, mainly as a result of lower severance charges in the
Diagnostics segment.
Other restructuring expenses rose by €10 million to €209 million. As in the prior year, these expenses were mainly related to the
transformation of the Diagnostics business.
Financial income, net decreased by €17 million to a negative €301 million.
Income tax expenses increased by €121 million to €686 million. The effective income tax rate was 24.0% in fiscal year 2025,
higher than the prior-year rate of 22.4%. Please refer to Note 4 Income taxes in the notes to the consolidated financial
statements for additional information.
Based on the effects described above, net income rose by 11% to €2,168 million.
Fiscal year
Fiscal year
(in €)
2025
2024
Basic earnings per share
1.91
1.74
Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments
0.32
0.34
Transaction, integration, retention and carve-out costs
0.04
0.02
Gains and losses from divestments
−0.00
0.00
Severance charges
0.08
0.09
Expenses for other portfolio-related measures
‐
‐
Other restructuring expenses
0.19
0.18
Financial income due to portfolio related measures
‐
‐
Tax effects on adjustments¹
−0.15
−0.14
Adjusted basic earnings per share
2.39
2.23
1 Calculated based on the income tax rate of the respective reporting period.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
18
Adjusted basic earnings per share in fiscal year 2025 were €2.39, well above the prior-year figure of €2.23. Adjusted for currency
effects, this was an increase of around 9%. Increased earnings contributions from the operating business more than
compensated for higher tariffs and higher tax expenses compared to the prior year.
A.3.3 Net assets and financial position
A.3.3.1 Net assets and capital structure
Net assets and capital structure are described by the following line items, which can be reconciled to the consolidated statements
of financial position, as shown in the table:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Operating net working capital
4,749
4,803
Remaining current assets
1,109
1,161
Remaining non-current assets
29,755
30,751
Net debt (including pensions)
−12,472
−13,235
Remaining current liabilities
−3,243
−3,045
Remaining non-current liabilities
−1,806
−2,188
Total equity
18,091
18,248
Operating net working capital
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Trade and other receivables
4,681
4,478
Contract assets
1,869
1,891
Inventories
4,135
4,179
Trade payables
−2,296
−2,126
Contract liabilities
−3,641
−3,628
Receivables from and payables to the Siemens Group from operating activities
1
8
Operating net working capital
4,749
4,803
Operating net working capital decreased in fiscal year 2025 by €54 million to €4,749 million. This was attributable, among other
things, to net negative currency translation effects. Furthermore, the increase in trade payables in connection with increased
business contributed to the decrease in operating net working capital. The increase in trade and other receivables, due among
other things to revenue growth compared with the prior year, had an offsetting effect, especially in the Imaging segment.
Remaining current assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Other current financial assets¹
222
213
Current income tax assets
126
260
Other current assets
760
684
Remaining current receivables from the Siemens Group
1
4
Remaining current assets
1,109
1,161
1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.
Remaining current assets decreased by €52 million to €1,109 million. This resulted mainly from the decrease in current income
tax assets of €134 million, primarily due to reduced income tax prepayments compared with the prior year.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
19
Remaining non-current assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Goodwill
17,124
17,662
Other intangible assets
6,505
7,062
Property, plant and equipment
4,713
4,476
Investments accounted for using the equity method
19
30
Other financial assets¹
439
514
Deferred tax assets
410
476
Other non-current assets
543
530
Remaining non-current assets
29,755
30,751
1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.
Remaining non-current assets decreased by €996 million, to €29,755 million. Therein, currency translation effects had a negative
impact, particularly on the line items goodwill and other intangible assets. Furthermore, other intangible assets decreased due to
scheduled amortization which exceeded additions in the fiscal year. The acquisition of Advanced Accelerator Applications
Molecular Imaging had an offsetting effect, especially in the line items goodwill and property, plant and equipment. For further
information, please refer to Note 3 Acquisitions in the notes to the consolidated financial statements. Property, plant and
equipment increased further due to investments in capacity expansions.
Net debt (including pensions)
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Cash and cash equivalents
−2,175
−2,683
Current receivables from the Siemens Group from non-operating activities
−2
−5
Current liabilities to the Siemens Group from financing activities
3,183
2,485
Non-current liabilities to the Siemens Group from financing activities
10,855
12,941
Fair value of forwards for hedging of foreign currency liabilities from financing activities
−632
−877
Short-term financial debt and current maturities of long-term financial debt
268
268
Long-term financial debt
487
514
Net debt
11,985
12,643
Provisions for pensions and similar obligations
488
592
Net debt (including pensions)
12,472
13,235
Net debt
The line items cash and cash equivalents and current liabilities to the Siemens Group from financing activities include in
particular the Siemens Healthineers cash pooling with the Siemens Group, along with short-term loan liabilities. Changes were
attributable to income and expenses from operations and to short-term investment or borrowing of cash and cash equivalents.
Together with the credit facilities, these line items collectively make up the company’s funds available at short notice.
As of September 30, 2025, net debt amounted to €12,472 million, a decrease of €763 million compared with the prior year.
Cash and cash equivalents decreased by €508 million to €2,175 million despite an increase in Free Cashflow, mainly due to the
reduction of financial debt. For further information, please refer to A.3.3.2 Cash flows.
Along with currency translation effects related to U.S. dollar loans, the changes in current and non-current liabilities to the
Siemens Group from financing activities resulted especially from the following activities:
• Two loans granted by the Siemens Group in the amounts of US$1.7 billion and €0.3 billion maturing in fiscal year 2026 were
reclassified as short term.
• Two loans granted by the Siemens Group in a total amount of €1.2 billion were settled in fiscal year 2025.
• Short-term liabilities from borrowings maturing within three months with the Siemens Group decreased by €265 million.
• As of September 30, 2025, the credit facilities granted by the Siemens Group were utilized in an amount of €451 million
(September 30, 2024: €0 million).
Siemens Healthineers Annual Report 2025
Combined management report – Business development
20
Furthermore, the positive fair value of forward contracts for hedging of foreign currency liabilities from financing activities
decreased by about €245 million particularly because of the exchange rate development between U.S. dollar and the euro. These
derivatives were entered into to hedge the foreign currency risks of loans denominated in U.S. dollars. For further information
regarding derivatives, please refer to Note 25 Financial instruments and hedging activities in the notes to the consolidated financial
statements.
Pensions
Provisions for pensions and similar obligations decreased primarily due to increased discount rates in countries with significant
pension commitments and to pension payments that exceeded withdrawals from plan assets. In aggregate, the line item
decreased by €104 million. For additional information, please refer to Note 21 Provisions for pensions and similar obligations in the
notes to the consolidated financial statements.
Financing management
Overall, loans with the Siemens Group were mainly denominated in U.S. dollars and euros. As of September 30, 2025 and 2024,
the structure of the loans was as follows:
Current liabilities¹
Non-current liabilities
(Carrying amounts in millions of €)
Maturity
(fiscal year)
Contractual
interest rate
Sept 30, 2025
Sept 30, 2024
Sept 30, 2025
Sept 30, 2024
Loan (US$1,742 million)
2026
1.38%
1,484
‐
‐
1,556
Loan (US$1,689 million)
2027
2.51%
‐
‐
1,438
1,508
Loan (US$1,243 million)
2028
1.87%
‐
‐
1,059
1,110
Loan (US$1,740 million)
2031
2.30%
‐
‐
1,482
1,554
Loan (US$1,486 million)
2041
3.03%
‐
‐
1,266
1,327
Loan (US$990 million)
2046
3.44%
‐
‐
843
884
Loan (€700 million)
2025
0.46%+EURIBOR 1M
‐
700
‐
‐
Loan (€500 million)
2025
3.73%
‐
500
‐
‐
Loan (€300 million)
2026
3.70%
300
‐
‐
300
Loan (€500 million)
2028
2.96%
‐
‐
500
500
Loan (€850 million)
2029
3.58%
‐
‐
850
850
Loan (€600 million)
2029
3.20%
‐
‐
600
600
Loan (€700 million)
2030
3.59%
‐
‐
700
700
Loan (€500 million)
2030
3.21%
‐
‐
500
500
Loan (€700 million)
2032
3.80%
‐
‐
700
700
Loan (€750 million)
2032
3.40%
‐
‐
750
750
Other loans
135
164
149
81
Total liabilities to the Siemens Group
from loans
1,919
1,364
10,837
12,921
1 Excluding interest payables.
In addition to the described current liabilities in the amount of €1,919 million, as of September 30, 2025, there are short-term
liabilities mainly from borrowings maturing within three months with the Siemens Group in the amount of €754 million
(September 30, 2024: €1,019 million).
Except for the loan maturing in fiscal year 2046, which was held by a U.S. entity, the U.S. dollar-denominated loans were held by
an entity located in Germany. The resulting foreign currency risks were hedged by forward exchange contracts. As a result, the
loans with fixed interest rates were effectively converted into synthetic euro-denominated loans, and actual interest expenses
decreased due to positive forward elements of the forward exchange contracts. In total, the actual current volume-weighted
average interest rate of the U.S. dollar-denominated loans amounts to approximately 0.5%.
As of September 30, 2025, Siemens Healthineers continued to participate in the cash pooling of the Siemens Group, which
included the short-term investment of excess liquidity and the borrowing of short-term funds within the Siemens Group.
In addition, local bank facilities are in place to ensure the funding needs of some Siemens Healthineers entities that have no
access to direct funding within Siemens Healthineers.
As of September 30, 2025, financing arrangements with Siemens AG consisted of a multicurrency revolving credit facility of up
to €2.5 billion (September 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
Siemens Healthineers Annual Report 2025
Combined management report – Business development
21
of the reporting date, the credit facilities granted by the Siemens Group were utilized as described above in an amount of
€451 million (September 30, 2024: €0 million).
Please refer to Note 15 Financial debt in the notes to the consolidated financial statements for further information on financial
debt. For more information on financial risk management responsibilities and objectives, please refer to Note 26 Financial risk
management in the notes to the consolidated financial statements.
Remaining current liabilities
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Other current financial liabilities¹
237
242
Current provisions
411
413
Current income tax liabilities
675
391
Other current liabilities
1,916
1,995
Remaining current liabilities to the Siemens Group
4
4
Remaining current liabilities
3,243
3,045
1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.
Remaining current liabilities increased by €198 million to €3,243 million. This resulted in particular from an €284 million increase
of current income tax liabilities due to reduced income tax prepayments compared with the prior year, and the recognition of risk
provisions. This was partially offset by a €79 million decrease in other current liabilities, mainly due to lower accruals for
performance-related remuneration.
Remaining non-current liabilities
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Deferred tax liabilities
1,150
1,510
Non-current provisions
151
176
Other non-current financial liabilities¹
22
34
Other non-current liabilities
483
469
Remaining non-current liabilities
1,806
2,188
1 Excluding fair value of forwards for hedging of foreign currency liabilities from financing activities.
Remaining non-current liabilities decreased by €382 million to €1,806 million. This was mainly due to deferred tax liabilities,
which decreased by €359 million, resulting primarily from the reversal of temporary differences due to the amortization of
intangible assets.
Total equity
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Issued capital
1,128
1,128
Capital reserve
15,888
15,872
Retained earnings
3,240
2,154
Other components of equity
−1,676
−521
Treasury shares
−539
−433
Total equity attributable to shareholders of Siemens Healthineers AG
18,040
18,199
Non-controlling interests
51
49
Total equity
18,091
18,248
Equity decreased by €157 million to €18,091 million. Retained earnings increased by €1,086 million, mainly due to net income
of €2,168 million for fiscal year 2025. This was partly offset by dividend payments of €1,066 million. Other components of
equity decreased by €1,155 million, mainly due to currency translation differences. To fulfill share-based payment programs
based on shares of Siemens Healthineers AG, a higher number of treasury shares was purchased than transferred in fiscal year
2025. Thus, treasury shares increased by €106 million to €539 million.
Please refer to Note 23 Equity in the notes to the consolidated financial statements for further information regarding equity.
Siemens Healthineers Annual Report 2025
Combined management report – Business development
22
A.3.3.2 Cash flows
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Net income
2,168
1,959
Change in operating net working capital
−94
−357
Other reconciling items to cash flows from operating activities
1,458
1,224
Cash flows from operating activities
3,532
2,826
Cash flows from investing activities
−906
−666
Cash flows from financing activities
−3,038
−1,657
Operating activities
Cash flows from operating activities increased by €706 million to €3,532 million. The change in operating net working capital
had a negative impact of €94 million on cash flows from operating activities, €263 million less than in the previous fiscal year.
This was due to effects of an increase in trade payables. In the previous year, a decline was recorded here. Furthermore, the build-
up of contract assets was lower than in the prior year. This was offset by effects from a higher build-up of trade receivables. The
increase of other reconciling items to cash flows from operating activities increased by €234 million, mainly due to a decline in
income-tax payments. Changes in other assets and liabilities had an offsetting effect on this item.
Investing activities
Cash outflows from investing activities increased by €239 million to €906 million. The increase is partly attributable to higher
cash outflows for acquisitions of property, plant and equipment. It was also due to the acquisition of Advanced Accelerator
Applications Molecular Imaging. For further information refer to Note 3 Acquisitions in the notes to the consolidated financial
statements. Higher cash inflows particularly from the disposal of an investment had an offsetting effect.
Financing activities
Cash outflows from financing activities amounted to €3,038 million and were thus €1,382 million above the level of prior year.
This was partly a result of a €301 million increase in payouts for the repurchase of treasury shares to fulfill share-based payment
programs. Also, there were higher net outflows for the reduction of financial debt.
Free cash flow
Siemens Healthineers reports free cash flow as a supplemental liquidity measure:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Cash flows from operating activities
3,532
2,826
Additions to intangible assets and property, plant and equipment
−818
−696
Free cash flow
2,714
2,130
Siemens Healthineers Annual Report 2025
Combined management report – Business development
23
A.3.3.3 Additions to intangible assets and property, plant and equipment
Investments of Siemens Healthineers were aimed mainly at enhancing competitiveness and innovation capability. The main
capital expenditures were for additions to intangible assets, including capitalized development expenses, as well as for
replacements and enhancements of property, plant and equipment in the ordinary course of business. The investments were also
made to address aspects of climate protection and the continuous improvement of the sustainability of our sites. Investments in
our sites included the construction of a new plant for the development and production of superconducting magnets in Oxford, a
factory to grow crystals for semiconductor production in Forchheim and a customer experience center in Charlotte.
The segments’ additions to intangible assets and property, plant and equipment focused especially on the following:
Imaging: Additions in fiscal year 2025 mainly included capacity expansions, acquisition of special tooling and machinery,
automation solutions and the expansion of the network for PET-radiopharmaceuticals.
Diagnostics: In fiscal year 2025, additions to intangible assets were primarily attributable to product developments for the Atellica
product line including investments for renewal of the current blood gas & urinalysis portfolio. Additions to property, plant and
equipment related mainly to production facilities In the United States as well as in Ireland and Germany.
Varian: Additions mainly comprised capacity increases and replacements in fiscal year 2025.
Advanced Therapies: In fiscal year 2025 investments were primarily made in new testing systems and in the equipment of training
centers in the United States and China.
Siemens Healthineers had contractual obligations as of September 30, 2025, to purchase property, plant and equipment totaling
€196 million (September 30, 2024: €175 million). These related in particular to future payments in connection with real estate,
and will be financed mainly through the cash pooling of the Siemens Group.
A.3.4 Overall assessment of the economic position
Most significant financial key performance indicators
According to our outlook provided in the Annual Report 2024, we expected Siemens Healthineers to achieve comparable
revenue growth of between 5% and 6% and adjusted basic earnings per share between €2.35 and €2.50 for fiscal year 2025.
We updated the outlook for Siemens Healthineers communicated in the Annual Report 2024 after the first half of the fiscal year
and after the third quarter (see table below). The update was due to geopolitical developments that occurred during the second
quarter of fiscal year 2025, in particular trade barriers and increased tariffs between a wide range of countries. As a result of the
geopolitical developments in the third quarter of fiscal year 2025, in particular the agreements on tariffs, and in light of our
performance in the fiscal year to date, a further adjustment was made. The comments below refer to the last updated outlook.
In the outlook for Siemens Healthineers updated after the third quarter of fiscal year 2025, we expected comparable revenue
growth of between 5.5% and 6% over fiscal year 2024 and adjusted basic earnings per share to be between €2.30 and €2.45.
In fiscal year 2025, comparable revenue growth of Siemens Healthineers was 5.9% and therefore at the upper end of the range
we had anticipated.
Net income increased by 11% to €2,168 million, mainly as a result of higher EBIT. Higher net income led to a 7% increase in
adjusted basic earnings per share to €2.39. Thus, adjusted basic earnings per share were at the upper end of the target range we
had anticipated.
Overall, we fulfilled our outlook at group level for Siemens Healthineers in fiscal year 2025.
The Managing Board and the Supervisory Board will propose to the Annual Shareholders’ Meeting the distribution of a dividend
of €1.00 per share entitled to the dividend. This amount, which is above the prior-year level, corresponds to an expected total
payout of approximately €1,117 million. This corresponds to a dividend payout percentage of approximately 52%.
Development of outlook FY 2025
Annual Report 2024
Half Year Financial Report
Quarterly Statement Q3
Results
FY 2025
Comparable
revenue growth
5% to 6%
5% to 6%
5.5% to 6%
5.9%
Siemens
Healthineers
Adjusted basic
earnings per share
€2.35 to €2.50
€2.20 to €2.50
€2.30 to €2.45
€2.39
Siemens Healthineers Annual Report 2025
Combined management report – Business development
24
Additional performance indicators
The most significant financial key performance indicators are supplemented by additional performance indicators, which are
used in particular to manage the operating segments. Because they directly influence the most significant financial key
performance indicators, the additional performance indicators are included as assumptions for the assessment of the expected
development.
According to our underlying assumptions for the segments provided in the Annual Report 2024, our assumptions for fiscal
year 2025 were:
• For the Imaging segment: comparable revenue growth of a mid-single-digits percentage rate and an expansion of the
adjusted EBIT margin by a low to mid double-digit amount of basis points compared with fiscal year 2024.
• For the Diagnostics segment: a low single-digits comparable revenue growth and an expansion of the adjusted EBIT margin of
between 200 and 400 basis points compared with fiscal year 2024.
• For the Varian segment: a high single-digits comparable revenue growth and an expansion of the adjusted EBIT margin of
between 50 and 150 basis points compared with fiscal year 2024.
• For the Advanced Therapies segment: comparable revenue growth of a mid-single-digits percentage rate and an expansion of
the adjusted EBIT margin by a low to mid double-digit amount of basis points compared with fiscal year 2024.
As expected in the update of our assumptions after the first half of the fiscal year, trade barriers and tariffs had slightly negative
impacts on the growth dynamics of individual segments and reduced adjusted EBIT margins in all segments in the second half of
the fiscal year.
Total adjusted revenue in Imaging increased by 8.5% on a comparable basis and therefore exceeded the revenue growth
originally assumed for this segment in the Annual Report 2024. At Varian, comparable revenue growth was 6.9% and at
Advanced Therapies 4.2%, both also meeting our original assumptions for comparable revenue growth in these segments.
Comparable revenue growth in Diagnostics was 0.4% and therefore slightly below the revenue increase level originally assumed
for this segment.
In line with our updated assumptions after the first half of the fiscal year, increased tariffs impacted the adjusted EBIT margins of
all segments: At Varian and Diagnostics, adjusted EBIT margins of 17.2% (increase of 70 basis points) and 7.7% (increase of 240
basis points) were both at the lower end of the target range assumed in the assumptions for these two segments in the Annual
Report 2024. As already anticipated in the adjusted assumptions after the first half of the fiscal year, adjusted EBIT margins for
Imaging of 20.7% (decrease of 30 basis points) and for Advanced Therapies of 15.3% (decrease of 100 basis points), were both
below the prior-year level.
Overall, we met our assumptions for the segments for fiscal year 2025, which were updated after the first half of the fiscal year.
Siemens Healthineers Annual Report 2025
Combined management report – Report on expected developments
25
A.4 Report on expected developments
A.4.1 Expected market development
We anticipate that the healthcare market trends described in Chapter A.1.2 Business environment will persist. Nonetheless, the
market environment in all our segments continues to be influenced by geopolitical and macroeconomic factors. Trade
restrictions could have an adverse impact on the medical technology sector. We are monitoring these developments very closely,
particularly with regard to the potential effects on monetary policy, energy prices, and our markets. We assume that inflation will
continue to weaken.
In line with the introduction of the new segment structure in A.1.1 Business description, the expected market development for
fiscal year 2026 is presented here according to this structure. The market for the Imaging segment consists of Diagnostic
Imaging. The market for the Diagnostics segment remains unchanged, and the market for the new Precision Therapy segment
spans the Varian, Advanced Therapies, and Ultrasound business units.
In fiscal year 2026, we assume moderate growth in our Imaging markets overall. Customer demand is increasing through,
among other factors, the expansion of clinical applications and the role of imaging, for example in neurology and oncology.
Digital growth fields such as AI-supported clinical decision-making and telemedicine offer further growth potential.
We assume strong growth in the market for the Precision Therapy segment in fiscal year 2026, supported by factors including
rising customer demand for new products as well as the introduction of enhanced therapies and solutions for the treatment of
cancer and ongoing investments in the areas of surgery and cardiology, which are driving market growth in developed countries.
Measures aimed at improving insufficient access to equipment for radiotherapy and services in emerging countries will serve as
an additional driver of growth.
We assume slight growth in the Diagnostics market in fiscal year 2026. The slight decrease in the pace of current global growth is
attributable primarily to the temporary market downturn in China. Here, it is anticipated that centralized volume-based public
procurement across all market segments will continue to expand and, in conjunction with the government’s price control
measures, will also have an adverse impact in fiscal year 2026.
Our market development assumptions are derived from the market model of Siemens Healthineers, which is based on external
sources (including Signify Research, IQVIA Ltd., KLAS, IMV, EIU Clearstate, and The Lancet Oncology), market information from
medical-technology industry associations (including COCIR, AdvaMed, JIRA, and MedTech Europe), and estimates of Siemens
Healthineers management. In the case of Varian, the forecasts are based in part on data from regulatory authorities (including
ASTRO, ESTRO, the Global Task Force on Radiotherapy for Cancer Control (GTFRCC), which is part of the Union for International
Cancer Control (UICC) of the International Atomic Energy Agency (IAEA)), and publicly available financial reports. Nonetheless,
effects of the above-mentioned geopolitical and macroeconomic risks on our addressable markets and on our ability to reliably
assess the future development of our markets remain challenging.
Siemens Healthineers Annual Report 2025
Combined management report – Report on expected developments
26
A.4.2 Expected business development
In fiscal year 2026, as in the prior year, we will use comparable revenue growth and adjusted basic earnings per share as our
most significant financial key performance indicators for purposes of management control for Siemens Healthineers. Comparable
revenue growth and adjusted EBIT margin of the segments directly influence these most significant financial key performance
indicators used to monitor and control Siemens Healthineers.
With the start of fiscal year 2026 and the launch of the new strategic phase “Elevating Health Globally”, Siemens Healthineers is
implementing a change in its segment structure A.1.1 Business description. Our business operations are now divided into three
segments: Imaging, Precision Therapies, and Diagnostics.
Development in the Imaging segment will be based primarily on recent and planned launches of new products and platforms
along with sales of imaging products (including radiopharmaceuticals), digital solutions, and services from our existing portfolio.
In fiscal year 2026, we assume comparable revenue growth in the mid single-digit percentage range in the Imaging segment. In
addition, we assume a minor decline of the adjusted EBIT margin compared with fiscal year 2025.
The change in the segment structure of Siemens Healthineers with the start of fiscal year 2026 has no material effect on the
assumptions for the Imaging segment.
Development in the Precision Therapies segment will be determined on the one hand by sales of comprehensive multi-modality
cancer care technologies, services, and digital solutions and application. On the other hand, sustainable development of the
business environment in all addressed clinical areas and the megatrend of minimally invasive interventions are growth drivers.
We further expect continuous growth in sales of our intracardiac echocardiography (ICE) imaging solutions. Continued portfolio
expansion will support our growth assumptions. In fiscal year 2026, we assume comparable revenue growth in the mid to high
single-digit percentage range in the Precision Therapies segment and a minor decline of the adjusted EBIT margin compared with
fiscal year 2025.
Based on the segment structure of Siemens Healthineers valid until the end of fiscal year 2025, we would have assumed for the
former Varian segment a comparable revenue growth in the high single-digit percentage range and a broadly flat development
of the adjusted EBIT margin for fiscal year 2026. For the former Advanced Therapies segment, we would have assumed a
comparable revenue growth in the mid single-digit percentage range and a decline of the adjusted EBIT margin by low triple-digit
basis points.
Our growth assumption for the Diagnostics segment is based on the challenging market environment in China, as described in
A.4.1 Expected market development, the introduction of new products as well as the ongoing streamlining of the portfolio. In
fiscal year 2026, we assume flat comparable revenue development for the Diagnostics segment and a minor expansion of the
adjusted EBIT margin compared with fiscal year 2025.
The change in the segment structure of Siemens Healthineers with the start of fiscal year 2026 has no effect on the assumptions
for the Diagnostics segment.
A.4.3 Overall assessment of the expected development
Based on the aforementioned assumptions about development of the segments, we expect comparable revenue growth for fiscal
year 2026 to be in the range of 5% to 6% compared with fiscal year 2025. We expect adjusted basic earnings per share to be
between €2.20 and €2.40.
The outlook is based on several assumptions. This includes assumptions about exchange rate developments, which currently lead
to a significant negative currency effect on the expected adjusted basic earnings per share for fiscal year 2026 compared with
fiscal year 2025. Furthermore, this outlook excludes potential portfolio measures. In addition, the outlook is based on the
assumption that developments related to wars and conflicts 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 2025.
This outlook is based on the assumption that the current macroeconomic environment, including the interest rate level, will
remain largely unchanged. Further charges from legal, tax and regulatory issues and framework conditions, for example changes
in the level of tariffs and the resilience of our supply chains, are excluded.
Siemens Healthineers Annual Report 2025
Combined management report – Report on expected developments
27
We are exposed to exchange rate effects, particularly involving the U. S. dollar, the Japanese yen, the Chinese yuan and the
currencies of emerging markets. We assume volatility in global currency markets to continue in fiscal year 2026. Siemens
Healthineers is still a net exporter from the euro zone into the rest of the world, which means that in terms of absolute values a
weak euro is generally favorable for our business and a strong euro is in principle unfavorable. We use derivative financial
instruments to hedge currency risks in our business. We expect this measure to help us limit effects related to exchange rate
fluctuations in fiscal year 2026.
The actual development for Siemens Healthineers and the segments may vary, positively or negatively, from our outlook due to
the opportunities and risks described in the following chapter or if our expectations and assumptions do not materialize.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
28
A.5 Report on material risks and
opportunities
A.5.1 Risk management
The following sections consider, among other factors, selected disclosure requirements in line with the ESRS, specifically [ESRS 2
GOV-5, 36a, b, d].
Core principles of risk management
For us, diligent handling of risks and opportunities is part of responsible corporate governance and supports our pursuit of
sustainable growth and thereby increased company value. It is essential to manage risks and opportunities appropriately.
Therefore, risk management is an integral part of how we plan and execute our business strategies. The Enterprise Risk
Management (ERM) core principles are developed based on recognized frameworks and company-specific factors, and are
endorsed by the Managing Board. According to our organizational set-up, our company is structured into businesses, regions and
functions, including all legal entities. The respective management of these units is responsible for implementing the
comprehensive Enterprise Risk Management System and tailoring it to their unit, while ensuring alignment with the overall core
principles.
Company-wide risk management process and organization (Enterprise Risk Management Process)
A coordinated set of planning, control and risk management systems underpins the Enterprise Risk Management process and
supports us in the early recognition of developments that could jeopardize the continuity of our business. The most important of
these systems include our company-wide processes for strategic planning and management reporting. Strategic planning
provides direction by defining strategic priorities, which form a basis for risk identification. Management reporting is intended to
enable us to monitor such identified risks more closely as our business progresses. In addition, operative risk management
systems feed into the ERM process, enabling the identification of risks that require attention on Siemens Healthineers level. This
coordination of processes and procedures is intended to help ensure that the Managing Board and the Supervisory Board are fully
informed about significant risks in a timely manner. Our risk management and its contributing elements are regularly subject to
audit activities by our internal audit function. Accordingly, if deficits are detected, it is possible to adopt appropriate measures to
eliminate them.
Enterprise Risk Management at Siemens Healthineers builds on a comprehensive, interactive, and management-oriented
Enterprise Risk Management approach. This approach is integrated into the organization, and addresses both risks and
opportunities. It is based on the globally accepted COSO (Committee of Sponsoring Organizations of the Treadway Commission)
framework “Enterprise Risk Management – Integrating with Strategy and Performance” (2017) as well as the ISO (International
Organization for Standardization) Standard 31000 (2018), and is adapted to Siemens Healthineers’ requirements. The
frameworks connect the ERM process with both our financial reporting process and our sustainability reporting process, our
internal control and our compliance management system. They consider the company’s strategy, the efficiency and effectiveness
of its business operations, the reliability of its financial reporting and compliance with relevant laws and regulations to be equally
important. One aim of risk management is to promote a risk culture that is characterized by a strong awareness of risks and
opportunities. Regular trainings support the continuous improvement of this culture and strengthen the risk and opportunity
understanding throughout the entire company.
Our ERM process aims for early identification and evaluation of, and response to, risks and opportunities that could materially
affect the achievement of our strategic, operational, financial and compliance objectives. The time horizon within the ERM
approach is, as a standard, three years, and is based on a net approach which addresses risks and opportunities remaining after
the execution of existing and effective control measures. If risks or opportunities have already been considered in plans, budgets,
forecasts, or the financial statements (for example as a provision or risk contingency), they have been incorporated, with their
financial impact, into the entity’s business objectives. Consequently, only additional risks or opportunities arising from the same
subject (for example deviations from business objectives or different impact perspectives) should be considered for the ERM. To
provide a comprehensive view of our business activities, we identify risks and opportunities, including social and environmental
factors, in a structured procedure. This combines elements of both top-down and bottom-up approaches. While reporting
generally follows a quarterly cycle, this regular reporting process is complemented by an ad hoc reporting process that aims to
escalate critical issues in a timely manner. Relevant risks and opportunities are evaluated in terms of impact and likelihood,
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
29
considering different perspectives, including business objectives, reputation, and regulatory matters. The bottom-up
identification and prioritization process is supplemented by workshops with the respective management of the Siemens
Healthineers businesses and regions. This top-down element ensures that potential new risks and opportunities are discussed at
the management level and are included in the subsequent reporting process, if found to be relevant. Reported risks and
opportunities are analyzed for their potential cumulative effects and are aggregated within and for each of the organizational
levels mentioned above. [ESRS 2 GOV-5, 36b]
Responsibilities are assigned for all relevant risks and opportunities. The hierarchical assignment of responsibility depends on the
significance of the risk or opportunity. In a first step, assuming responsibility involves choosing one of our general response
strategies. The general response strategies with respect to risks are to avoid, transfer, reduce, retain, or watch the relevant risk.
The general response strategy for opportunities is to pursue the opportunity concerned. In a second step, responsibilities involve
developing, initiating and monitoring appropriate response measures according to the chosen response strategy, within an
appropriate time frame. Accordingly, we have developed a variety of response measures. [ESRS 2 GOV-5, 36d]
To oversee the ERM process and to further drive the integration and harmonization of existing control activities to align with
legal and operational requirements, the Managing Board established a Risk Management and Internal Control Organization, led
by the Head of Assurance. To allow for a meaningful discussion at the Company level, this organization combines individual risks
and opportunities of similar cause-and-effect nature into risk and opportunity aggregates. This aggregation naturally results in a
mixture of risks, including those with a primarily qualitative assessment and those with a primarily quantitative assessment.
Accordingly, we do not adopt a purely quantitative assessment of risk aggregates. This also applies for opportunities. The
company-wide risk and opportunity situation is systematically evaluated on a quarterly basis and reported to a dedicated
committee, including the Managing Board, addressing the risks and opportunities of the company. Additionally, a risk-bearing
capacity assessment is conducted twice a year. For this purpose, the development of the overall risk situation is compared to
selected financial indicators. The Assurance Function assists the Managing Board with the operation and oversight of the risk and
internal control system and with reporting to the Audit Committee of the Supervisory Board.
A.5.2 Risks
Hereafter we describe risks that could have a material adverse effect on our business objectives, net assets, financial position
(including effects on assets, liabilities and cash flows), results of operations and reputation. The order in which the risks are
presented in each of the four categories (strategic, operational, financial and compliance) reflects the current assessment of the
relative risk exposure for Siemens Healthineers and thus provides an indication of the risks’ current importance to us. Additional
risks not known to us or that we currently consider immaterial may also negatively impact our business objectives and
operations. Unless otherwise stated, the risks described below relate to all our segments.
A.5.2.1 Strategic risks
Economic, Political and Geopolitical Developments
We operate production, development and service facilities in a number of countries and market our products, solutions and
services worldwide. Global or regional economic, political and geopolitical instability as well as continuing uncertainties and
challenging conditions in some markets may result in significant adverse business impacts, including non-sustainable business
development, diverted management attention or reduced competitiveness. There has been an increase in governmental
protectionism in recent years due to shifts in the geopolitical landscape, weakness of the World Trade Organization (WTO) and
growing populism, among other things. We could be confronted with increasing protectionist trade policies and barriers such as
import and export controls, environmental taxes, non-refundable taxes on foreign value added, or strategic resource restrictions,
for example, limited access to critical raw materials like rare earth elements. Governments have implemented or announced to
implement substantial changes to tariffs, and these changes have triggered corresponding reactions in countries affected. Such
developments could have implications for our businesses and our markets around the world, for example through increased
procurement cost, market declines, and reduced profit. Although recent developments have been considered in our planning,
the situation remains uncertain and highly volatile. Our assumptions regarding such developments, but also regarding the
effectiveness of our mitigation measures, may not fully reflect future outcomes. Other protectionist measures could include the
imposition of localization requirements or local ownership and shareholder regulations as well as other regulatory measures.
Those policies and measures could negatively affect our business and market share. They could also reduce our profits if we
cannot pass additional costs along to customers. In addition, we might be exposed to penalties and sanctions or have a worse
competitive position in bidding processes. Furthermore, the United States and China are important markets, and the trade
conflict between the two countries burdens our business. In addition to punitive tariffs, the trade conflict also carries the risk that
free market access will be impaired. Additional governmental influences and regulations in key countries could negatively affect
our development in such countries and result in a loss of market share. Further risks stem from geopolitical tensions (for example
concerning China and Taiwan) and intensifying regional conflicts. Especially Russia’s war in Ukraine and its broad geopolitical and
macroeconomic consequences could continue to adversely impact our business. The same holds true for the conflict in the
Middle East. We also see some uncertainty regarding the current European political environment and growth of populism across
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
30
European countries. This affects unity in foreign policy, stability of fiscal policy and further debates regarding national
independence. Besides, both a slowdown in global macroeconomic growth and an actual decline in economic activity or
redirection of public funds could have adverse effects on our business. Healthcare markets, especially in emerging countries,
might not achieve the growth we anticipated. In addition, we might face higher costs for the sourcing of materials, parts and
components if inflation increases again. We might not be able to successfully adapt our production and cost structure to changes
in our markets which could result in margin erosion. If we do not meet market requirements, we might experience declining
demand for our products and lose market share to our competitors. Evolving competitive dynamics in public procurement, such
as changing bidding practices in some regions, are contributing to intensified price pressure. In some sectors in which we
operate, consolidation on the customer side is increasing. If our customers combine through mergers and acquisitions, join
group purchasing organizations or otherwise collectively enter our markets, it could result in lower sales volumes and higher
price pressure. To counter these risks and identify critical cases, we constantly monitor economic, political and geopolitical
developments and their indicators. Based on this we adapt our processes and business model to possible changes arising from
protectionism, ensure compliance with legal requirements, and educate our organization about these changes. In addition, we
set up dedicated task forces and coordinate local response plans where necessary. We also maintain an exchange of information
within industrial associations and take advantage of opportunities to engage in discussions with local authorities. Other
measures include strategic and sales push initiatives, the implementation of productivity measures, projects to achieve target
costs, optimization of our product portfolio or price increases. Siemens Healthineers’ global setup, with operations in almost all
relevant economies, together with the variety of our products and services, can contribute to offset the impact of an unfavorable
development in a single market. Due to the volatile situation and uncertainty of the full extent of current developments the
worldwide effects and consequences cannot be fully anticipated. We continue to monitor these on an ongoing basis to quickly
identify changes, evaluate potential impacts, assess risks, adjust our measures accordingly and strengthen our resilience.
Competitive Environment
The worldwide markets for our products, solutions and services are highly competitive in terms of pricing, product and service
quality, product development and introduction time, customer service and financing terms. Market demand might vary, partly
due to rapid and significant changes resulting from the introduction of innovative and disruptive technologies. There could be
increasing competition from existing competitors who want to expand their business with new portfolio elements, introduce
new business models, or expand their global presence. In particular, the global footprint of our Chinese competitors has grown
and could further increase. Against the backdrop of rapid technological progress, new companies previously outside the industry,
such as IT companies or AI start-ups, could become competitors for our digital portfolio. Besides that, there could also be new
competitors such as medical technology companies in the low-price segment or in niche markets, as well as independent service
organizations. Some of our competitors may have more experience or greater resources in certain fields. Moreover, some of our
products address markets that are still developing and characterized by rapidly evolving technology, varying degrees of market
acceptance, and pricing pressure. We are also impacted by the pricing decisions of our competitors, the timing of their product
introductions, and the rate of market penetration by competitive products, which could render our products less competitive. If
we cannot successfully provide technically superior, proven products that deliver more precise, cost-effective, high-quality
clinical capabilities, in a complete package of products and services ahead of our competitors, we might lose market share and be
forced to adapt our prices. New competitors may also delay the purchasing decisions of customers if they decide to evaluate the
products of such competitors along with ours, potentially extending our sales cycle and adversely affecting our orders and
revenues. Furthermore, some of our competitors may not be subject to the same standards, regulatory and/or other legal
requirements that we are subject to, and thus, they could have a competitive advantage in developing, manufacturing and
marketing products and services while we might be slower to the market and face reduced sales. Competing companies could
receive preferential treatment in the countries where they are domiciled. In addition, new regulations such as the EU Data Act
may enable competitors who are able to use the regulations to their advantage to undermine our competitive position, resulting
in increased price pressure and loss of market share. We counter these risks by constantly monitoring existing competitors,
known potential competitors, and barriers to market entry, as well as by adapting our strategies and measures accordingly. Other
measures include benchmarking, strategic initiatives, sales push initiatives, lobbying and the implementation of productivity
measures and projects to achieve target costs. We achieve this, for instance, by adjusting operational structures, outsourcing,
mergers and establishment of joint ventures, as well as by exporting from low-cost countries to price-sensitive markets and
optimizing our product portfolio.
A.5.2.2 Operational Risks
Cybersecurity
Cybersecurity threats and the sophistication in cybercrime remain at a high level in the healthcare industry, intensified by
ongoing geopolitical crises. With our business in healthcare, the products, solutions, and services of Siemens Healthineers are
therefore exposed to a particularly high cyber risk. Disruption of our critical information systems, significant cyberattacks or
security breaches of our products may adversely affect our business and customer relations. As an example, ransomware attacks
against healthcare providers have major impacts on the provision of healthcare services and continue to be a significant risk to
healthcare providers, threatening both patient treatment and the security of sensitive patient data. There are increasingly large
volumes of information, including patient data, being generated that need to be securely processed and stored by the healthcare
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
31
organizations involved. In the event of cyber-attacks, the security of the data and the privacy of the patients treated with the help
of our products and solutions could be at risk. In addition, in the event of an attack our supply chains could also be at risk and
interruptions could have a negative impact on our business. Although we have implemented effective security measures to
protect our hardware and software products from unauthorized access, we cannot completely rule out the possibility of
cyberattacks, particularly because techniques used to obtain unauthorized access, or to sabotage systems, change frequently and
generally are not recognized until they are launched against a target. A security breach could have serious negative
consequences, including regulatory action, fines, penalties and damages, reduced demand for our products and solutions, an
unwillingness of our customers to use our products and solutions, and harm to our reputation and brand. The number and
criticality of attacks against Siemens Healthineers, however, have not changed significantly during the observation period.
Besides that, we operate across different jurisdictions and observe an increasing number of cybersecurity regulations. Amongst
other regulations, the NIS2 (Network and Information Security) directive may amplify actions by regulatory bodies regarding data
privacy and cybersecurity. To address the risk, we have a global cybersecurity organization that engages all relevant areas of our
company and integrates cybersecurity resources, expertise, and competence. The cybersecurity organization is governed and
supported by a central team, which is responsible for cybersecurity strategy, governance, and assurance. Our cybersecurity
management system is certified under ISO 27001 and 27701 standards. In addition, we are committed to security and privacy by
design and default, for both products and internal operations. Besides our established technical and organizational controls, we
continuously strengthen the awareness of our employees so that they can detect attacks at an early stage and respond even
more effectively. Moreover, we support business resilience with a focus on expanding, adapting and improving established
security controls across the organization and the supply chain. Cybersecurity has a strategic relevance for sustainable business
which is why it is an essential part of our sustainability program. Furthermore, cybersecurity is a shared responsibility of all
involved parties, and therefore we are also continuously developing our ability to support our customers to protect themselves
from cyberattacks. We have expanded our collaborations with healthcare providers, industry, partners, regulators and security
researchers in line with the Charter of Trust principles for a secure digital world, through customer advisory boards, development
of internal standards and exchanges of threat intelligence.
Supply Chain Management (SCM)
We purchase parts, components, materials, services and infrastructure from third parties, contract manufacturers and service
providers all over the world. Therefore, we may be exposed to the risk of delays and interruptions in the supply chain as a
consequence of global economic and geopolitical dynamics, extreme events (including for example extreme weather and
pandemics), cyber incidents or suppliers’ financial difficulties, particularly if we are unable to establish alternative sources of
supply or means of transportation in a timely manner or at all. In addition, we rely upon the supplies of certain resources such as
raw materials and energy. Worldwide demand, availability and pricing of these resources have been volatile recently, and we
expect that they will continue to fluctuate in the future. Changes in customer demand and market fluctuations for critical parts
and components might lead to difficulties in meeting our quality requirements while also purchasing in sufficient quantities at
competitive market prices. Delays, restrictions, shortages or unavailability of supplies of important resources could lead to
unanticipated price increases and could constrain our production of affected products, which could in turn reduce our profit
margins or otherwise adversely affect our performance. If we cannot offset increased prices for certain materials and
components, reduce reliance on them, or find suitable alternatives, this could result in additional costs and affect our customer
relationships. Some parts, components, materials, services and infrastructure are obtained from a limited group of suppliers or
from a sole-source supplier. We are also dependent on our own production and distribution sites. If a supplier's operations are
disrupted, if we lose a critical supplier, or if one of them no longer meets performance or quality specifications, we may be
required to obtain and qualify one or more replacement suppliers. Such an event may then also lead to business disruptions or
require us to redesign or modify our products to incorporate new parts and/or further require us to obtain clearance,
qualification, certification or other applicable regulatory approvals of these products. Events such as these could significantly
increase costs for the affected product and cause material delays in delivery of our products, which could have an adverse effect
on our financial position and results of operations. To counter these risks, we address them at an early stage of the product life
cycle when developing new products. Besides that, we work closely with reliable and competent suppliers to ensure consistent
supplies and minimize disruptions to our supply chain. We also conduct screenings and audits of our suppliers with regard to
delivery capabilities, among other things, in order to proactively establish relevant measures. In addition, we retain certain safety
stocks and qualify second-source suppliers for essential components. We also manage procurement and pricing through
measures such as long-term contracts and hedging as well as bundling of demands across units within our company and the
Siemens Group. Moreover, we actively monitor price developments to be able to react early to market changes. Furthermore, we
review and adjust our footprint and design our value-added structures to be more resilient and agile.
Product Development and Introduction
We develop, produce and sell a comprehensive portfolio of products, solutions and services (including accessories and software
products) to a wide range of healthcare providers. With many of our products, solutions and services we are an industry-wide
technology leader. Our results of operations depend to a significant extent on our technological leadership, as well as our ability
to anticipate changes in our markets and to adapt the costs of producing our products to those changes. Our products, solutions,
services and their enhancements often have long cycles of development and government approval. As a result, this requires us to
maintain early and accurate anticipation of relevant changes in the marketplace, in technology and in customer demands.
Introducing new products and technologies requires a significant commitment to research and development. We may need to
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
32
spend more time and money than anticipated to develop and introduce new products, product enhancements or services, and
may not be able to recover all or a meaningful part of our investments. Our results of operations could be negatively impacted if
we invest in technologies that do not operate as expected or cannot be integrated as planned, or that do not find the expected
market acceptance. The same applies if our products, solutions or services, are not introduced to the market at the targeted
margins or in a timely manner, particularly compared to our competitors, or even become obsolete. If we cannot meet clinical
needs and provide operational as well as financial benefits to customers, we might not achieve anticipated growth and cash
flows. This might lead to negative financial impacts such as the potential recognition of an impairment loss. Furthermore, errors
in the design of our products or operational disruptions in our value chain could result in quality problems or potential product,
labor safety, regulatory or environmental risks. The correction of errors could lead to unforeseen costs, at the same time resulting
in guarantee or warranty claims, and, moreover, adversely impact our reputation. Our patents and other intellectual property
rights may not prevent competitors from independently developing or selling products and services that resemble or replicate
our own. If we are unable to protect or effectively enforce our intellectual property rights against third parties, we might lose our
technological leadership position and market share which could result in negative financial impact, loss of reputation or loss of
customers. To counter these risks, we continuously initiate and implement measures for quality improvement, project risk
management and claim prevention that contribute to the mitigation of existing risks. In addition, we closely monitor market
developments and are in regular exchange with customers and governments to identify and react to new demands early on, for
example by jointly co-creating solutions with them, especially in the area of digitalization. We constantly apply for new patents
and actively manage our intellectual property portfolio to safeguard our leading technological position.
A.5.2.3 Financial risks
Risks from Pension Obligations
Siemens Healthineers provides post-employment benefits for the majority of its employees, partly resulting in provisions for
pensions. An increase in provisions for pensions due to an adverse development of plan assets or the defined benefit obligation
is considered a significant risk. The funded status can be affected by changes in actuarial assumptions, primarily the discount
rate, as well as by movements in financial markets. In order to comply with local pension regulations in selected foreign
countries, we may face increasing cash outflows to reduce an underfunding of our pension plans in these countries. Regular
asset liability studies are performed for major pension plans to implement an investment strategy to reduce liability risks and
funded status volatility.
Market Price Risks
We are exposed to fluctuations in exchange rates, especially between the U.S. dollar (and other currencies whose movements
are positively correlated with the U.S. dollar) and the euro. Depending on our hedging activities, devaluation of the U.S. dollar
against the euro may result in material adverse effects on our profit. Other currencies of significance from the viewpoint of
foreign currency effects include the Chinese yuan, Japanese yen, Swiss franc and British pound. In addition, increasing exchange
rate fluctuations may result in significant volatility risk for earnings and cash flows. We are also exposed to risks resulting from
fluctuations in interest rates. To optimize the allocation of financial resources across our segments and entities, as well as to
achieve our objectives, we identify, analyze and manage the associated financial market risks. We seek to manage and control
these risks primarily through our regular operating and financing activities and use derivative financial instruments when
deemed appropriate.
Tax Risks
Siemens Healthineers has global operations in a number of countries and is thus subject to multiple national tax regimes. At most
Siemens Healthineers entities, the tax authorities in the respective jurisdictions carry out regular tax audits. Tax risks can arise
from legal interpretations by tax authorities that diverge from ours, and from changes in legal provisions as well as in case law
and their implementation, especially in cross-border transactions involving various jurisdictions. This can result in additional tax
expenses and additional tax payments, double taxation and the imposition of penalties and interest payments, which would have
a negative impact on the company’s profit and cash flow. In addition, there might be tax increases in certain countries which
could negatively affect our financial position and results of operations. Tax-related risks are identified, regularly monitored and
assessed by the tax department, and necessary measures are taken.
Liquidity and Financing Risk
Our treasury and financing activities could face negative developments related to financial markets, such as limited availability of
funds and hedging instruments, a change in assessment of our solvency or of our ESG performance (Environmental, Social,
Governance), particularly from rating agencies, impacts arising from more restrictive regulation of the financial sector, central
bank policy or financial instruments, termination of financing from Siemens AG or other Siemens Group entities or a
deterioration in the financial situation of our main financial partner, Siemens AG. Widening credit spreads due to uncertainty,
and risk aversion in the financial markets, might lead to adverse changes in the fair values of our financial assets and liabilities,
particularly our derivative financial instruments.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
33
For further information related to the financial risks described above, especially derivative financial instruments and hedging
activities, financial risk management, provisions for pensions and similar obligations and income taxes, please see Note 25
Financial instruments and hedging activities, Note 26 Financial risk management, Note 21 Provisions for pensions and similar obligations
and Note 4 Income taxes in the notes to the Consolidated Financial Statements.
A.5.2.4 Compliance risks
Regulatory Environment
As a globally operating and diversified medical technology company, we are exposed to various and increasingly complex
product- and country-specific regulations, laws and policies that influence our business activities and processes. A failure to
comply with existing, new or changed regulatory requirements could result in governmental fines and other sanctions,
temporary or permanent shutdown of production facilities, third-party claims, import restrictions and negative publicity. This
could affect our ability to deliver, our time to market for certain products or product life cycles and thus lead to unforeseen costs
and have a negative impact on our financial position. Further, our business may be affected by new laws and regulations, in
particular by those that may govern innovative products and business activities, including services and solutions, such as the use
of artificial intelligence (for example the AI Act of the European Union). For emerging subject areas, regulatory requirements are
often not yet defined, or they may undergo future changes whose effects cannot yet be estimated. Regulatory authorities that
are especially relevant for the commercialization of our products and services include the Food and Drug Administration (FDA)
and the Nuclear Regulatory Commission (NRC) in the United States as well as the National Medical Product Administration
(NMPA) in China. Further relevant regulations include the Medical Device Regulation (MDR) and In-Vitro Diagnostics Regulation
(IVDR) in Europe. However, there are numerous other regulatory schemes in practically all jurisdictions worldwide to which we
are subject. Risks could also arise from effects of regulations in the area of product-related environmental protection including
the Restriction of Hazardous Substances (RoHS) and Registration, Evaluation, Authorization and Restriction of Chemicals (REACH)
and other sustainability regulations. We need to comply with and safeguard requirements that will ensure product safety and
regulatory market access. To counter the risks mentioned above, we monitor the political and regulatory landscape in all our key
markets to anticipate potential problem areas, with the objective of quickly adjusting our business activities and processes to
changed conditions. Furthermore, we issue internal regulations and guidance, conduct continuous training and communication
as well as synchronized implementation actions. In addition, internal and external audits of compliance with laws and
regulations are performed.
Compliance with Laws
In connection with our global business activities, we must ensure compliance with anti-corruption legislation, antitrust and
competition law, data protection regulations and other laws. We have established compliance and risk management systems to
ensure compliance with requirements. Nevertheless, there is no guarantee that these systems will enable us to avoid all risks in
every jurisdiction. In our business environment, there are risks regarding antitrust or corruption law violations and other
violations of law. Consequences of violations of the law could under certain circumstances affect us also if they relate to
violations by our indirect sales channels or business partners. In addition, a significant portion of our business involves
governments and companies with public shareholders. We are also involved in various projects funded by government agencies
and intergovernmental and supranational organizations. This may pose risks from a compliance perspective. Moreover, we may
face compliance risks in connection with acquired companies that are still in the integration process. There could also be risks
related to violations of other laws and legislation such as export control and embargo regulations and intellectual property rights.
Additionally, risks may arise, for instance, in the form of data breaches when processing the personal data of our employees,
customers, customers’ patients, or other business partners. Furthermore, compliance risks may exist in connection with the
German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz, LkSG) and comparable human rights-related laws.
These laws regulate, among other things, the responsibility of companies to respect human rights in their business activities and
in their global supply chains. Furthermore, compliance with the relevant anti-money laundering laws is crucial to prevent illegal
activities and ensure the integrity of our business activities. All these risks could result in violations of law with severe
consequences and can have a negative impact on our business, net assets, financial position, and results of operations. They
could also result in claims for damages, fines or penalties, the exclusion of direct or indirect participation in certain types of
transactions and public tenders, and reputational damage. Consequently, we are constantly countering these risks with targeted
measures. The foundation for our governance framework is provided by our globally applicable directives. In addition to
measures such as general compliance training, our Antitrust Compliance Program, requirements of our Business Conduct
Guidelines and Data Protection Program, we have established a global compliance organization. This organization conducts,
among other things, audits to identify compliance risks at an early stage. Moreover, by providing whistleblower channels and
establishing internal and external points of contact, we enable the timely reporting of potential deficiencies or violations to us,
authorities or other stakeholders as appropriate. With regard to our business partners, we have established a global business
partner management system. This includes, among other measures, a careful selection process, a structured onboarding process
as well as training, monitoring and a close exchange during our visits to the customer's site as well as regular audits with
consistent implementation and monitoring of measures taken. To meet the legal and internal requirements for data protection,
we have implemented an information security and data protection management system whose mechanisms meet the high
requirements of the ISO/IEC 27001:2022 standard, extended by ISO/IEC 27701:2019, according to which we are certified.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
34
Assessment of the overall risk situation
The risks were listed in descending order of relevance in each of the four risk categories: strategic, operational, financial and
compliance. Some of the assessments of individual risks have changed during fiscal year 2025 due to developments in the
external environment, changes in our business portfolio, effects of our own mitigation measures and the revision of our risk
assessment. The most significant risks we are currently exposed to are Economic, Political and Geopolitical Developments,
Cybersecurity and Competitive Environment. As in the prior year, Economic, Political and Geopolitical Developments constitutes
the most significant risk. We consider all other risks mentioned above not as high as the three most significant risks. At present,
no risks have been identified that in their known form either individually or in combination could endanger our ability to
continue as a going concern.
A.5.3 Opportunities
Within our ERM we regularly identify, evaluate and respond to opportunities that present themselves in our various fields of
activity. Below we describe our significant opportunities. Unless indicated otherwise, the opportunities described below relate to
all our segments. The order in which the opportunities are presented reflects the currently estimated relative exposure for
Siemens Healthineers associated with these opportunities and thus provides an indication of the opportunities’ current
importance to us. Additional opportunities not known to us or that we currently consider immaterial may also positively impact
our business objectives and operations. In addition, our assessment of opportunities is subject to change because the Company,
our markets and technologies are constantly advancing. It is also possible that opportunities we see today will never materialize.
Growth Fields
Innovation, digital offerings and new business models form the core of our company’s effort to shape the future of the
healthcare industry. We invest significantly in research and development to develop innovative offerings for our customers. In
doing so, we aim at the same time to safeguard our competitiveness. Our goal is to enable healthcare providers to create added
value by expanding precision medicine, transforming care delivery and improving patient experience by leveraging digital
technologies. We expect to be able to meet future demands arising from fundamental trends. These trends include demographic
change and global population growth as well as the increasing burden of chronic diseases. As part of ongoing strategic
initiatives, we are entering new growth markets, extend our portfolio and are increasing our presence in some clinical segments.
Furthermore, localizing our product portfolio could enable us to address unmet needs in specific markets. This creates the
opportunity to unlock additional growth beyond existing plans. In addition, the provision of funds by aid organizations such as
the World Health Organization (WHO) or by the EU as well as the provision of national funds, for example in the form of
subsidies, could further increase. This could expand investment and spending in hospitals, for example in the Middle East and
Africa, Asia and Europe. This in turn could generate additional growth in these markets, especially for standard and basic
products and services. Furthermore, additional business opportunities could also arise from long-term value partnerships with
healthcare providers, supporting our customers in setting up centers of excellence and jointly co-creating on solutions.
Expanding our portfolio through the right business partner matching, innovative business models and further inclusion of
technology enabled services could result in an increase of market share. Moreover, we experience a growing demand for
consulting services among healthcare provider, which we could address leveraging our extensive expertise in the medical field.
This in turn could contribute to additional sales volume and increase the attractiveness for long-term value partnerships.
Furthermore, strategic alliances and partnerships could enable us to expand our business in established markets, open up new
markets for existing portfolio elements and strengthen our installed base to gain higher market shares and improved
profitability. Moreover, we see the opportunity to achieve additional sales volume and profit from new and innovative digital
products, services and solutions, including additional cybersecurity for our customers, preventive maintenance, AI integration
and data analytics.
Sustainability related opportunities
Improving environmental performance is a key consideration in product design and manufacturing at Siemens Healthineers. We
are continuously improving the energy efficiency of our systems and working on holistic approaches to bundle our systems with
service offerings, including digitalization, to support our customers in lowering their greenhouse gas emissions. These
developments could give us an opportunity to generate additional revenue and profit. We have a solid foundation of existing
circularity practices, where we potentially can accelerate the expansion in scope and impact, to help us with our sustainability
efforts. The intensified reuse of returned materials can have benefits such as increased resilience against supply shortages,
reduced dependency on raw material consumption and optimized cost in the end-to-end lifecycle of parts. Additionally, we are
addressing a lack of access to affordable and quality healthcare services. We do so by driving healthcare breakthroughs,
expanding collaborations and strategic partnerships and empowering healthcare workforce. Besides the anticipated benefits
already incorporated into our business plans, this could open up additional opportunities, such as overachieving our
sustainability goals for patient touchpoints and healthcare workforce training hours. This could further increase our competitive
positioning and strengthen our market relevance.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
35
Efficiency Gains
Our comprehensive approach to our internal digital transformation and related investments could potentially support our
growth, improve our cost position and increase our attractiveness as an employer. The leverage of our digital skills,
infrastructure, tools, and data could enable us to achieve an increase in our economic performance across the entire value chain
of the company. Especially the use of artificial intelligence to improve internal processes could lead to productivity gains. Further
investments in efficiency measures could potentially drive additional improvements in our processes and cost structures.
Increased harmonization, collaboration and transparency throughout the entire organization could create synergies, lead to
faster decision-making processes and reduce redundant efforts. Utilizing these synergies could further increase our flexibility and
speed in adjusting our innovative solution portfolio to the needs of the market while optimizing product lifecycle costs and
reducing internal complexity. Evaluating certain internal processes and systems can help us identify the potential for productivity
and operational excellence. We realize this potential by consolidating and reducing the complexity of existing processes and by
streamlining and modernizing them.
Assessment of the overall opportunity situation
The order in which the opportunities are presented reflects the currently estimated relative exposure for Siemens Healthineers
associated with these opportunities and thus provides an indication of the opportunities’ current importance to us. Some
assessments of individual opportunities have changed during fiscal year 2025 due to developments in the external environment,
changes in our business portfolio, our endeavors to profit from them and revision of our financial plans.
A.5.4 Significant characteristics of the internal control and risk management
system
A.5.4.1 Internal Control and Risk Management System
The following sections consider, among other factors, selected disclosure requirements in line with the ESRS, specifically [ESRS 2
GOV-5, 36a, d, e].
Our Internal Control System (ICS) and Enterprise Risk Management (ERM) are based on the principles, guidelines and measures
introduced by the Managing Board, which are aimed at the organizational implementation of the Managing Board's decisions.
Our ICS and ERM include the management of risks and opportunities relating to the achievement of business goals, the
correctness and reliability of internal and external accounting, and compliance with the laws and regulations relevant to Siemens
Healthineers. Sustainability aspects are covered as well and are continuously developed based on the regulatory requirements.
Our ICS and ERM are based on the globally accepted COSO framework (Committee of Sponsoring Organizations of the Treadway
Commission). Our ERM approach is based on the COSO Standard “Enterprise Risk Management - Integrating with Strategy and
Performance” (2017) and the ISO (International Organization for Standardization) Standard 31000 (2018), and is adapted to
Siemens Healthineers requirements. Our ICS is based on the internationally recognized “Internal Control – Integrated Framework”
(2013) also developed by COSO. The framework defines the elements of a control system and sets the standard for assessing the
adequacy and effectiveness of the ICS. The frameworks connect the ERM process with our financial reporting process and our
ICS, both systems are complementary.
All Siemens Healthineers entities are part of our ICS and ERM. The scope of activities to be performed by each entity is different,
depending, among others, on the entity’s impact on the Consolidated Financial Statements and the specific risks associated with
the entity. The management of each entity is obliged to implement an adequate and effective ICS and ERM within their area of
responsibility, based on the group-wide mandatory methodology.
Overall responsibility for our ICS and ERM lies with the Managing Board. The Siemens Healthineers Risk and Internal Control (RIC)
organization bundles and integrates the internal control and ERM processes and supports the Managing Board in designing and
maintaining adequate and effective processes for implementing, monitoring and reporting on internal control and ERM activities.
It consists of the central RIC departments and those responsible in the businesses, regions and functions. The central RIC
departments are responsible for coordinating and monitoring the entire processes in order to ensure an adequate and effective
ICS and ERM within the Group. [ESRS 2 GOV-5, 36d]
We have an overarching, integrated ICS and ERM methodology (RIC methodology) with a standardized procedure under which
necessary controls are defined, documented in accordance with uniform standards, and tested regularly for their adequacy and
effectiveness. For more information on ERM, see chapter A.5.1 Risk management.
Our ICS and ERM and their contributing elements are regularly subject to audit activities by our internal audit function. These are
carried out either as part of the risk-based annual audit plan or as part of audits scheduled during the year upon request.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
36
At the end of each fiscal year, our Managing Board performs an evaluation of the adequacy and effectiveness of the ICS and ERM.
This evaluation is based primarily on the Siemens Healthineers “In Control” Statement and quarterly Managing Board meetings.
The purpose of the "In Control" Statement is to provide an overview of the key elements of the ICS and ERM of Siemens
Healthineers AG and its affiliated companies at the end of the fiscal year, to summarize the activities undertaken to review its
adequacy and effectiveness and report any critical control weaknesses identified as part of these activities. The information
contained in this statement is provided to the Audit Committee of the Supervisory Board of Siemens Healthineers AG to report on
the effectiveness of the ICS and ERM. The Siemens Healthineers “In Control” Statement is supported by certifications at various
corporate levels and by all affiliated companies. In the quarterly Managing Board meetings, the company-wide risk and
opportunity situation is evaluated, the results of the internal control process are explained and once a year an overall conclusion
is made about the adequacy and effectiveness of our ICS and ERM. Based on this, the Managing Board has no indication that our
ICS or ERM in their respective wholes have not been adequate or effective as of September 30, 2025. [ESRS 2 GOV-5, 36e]
Nevertheless, there are inherent limitations on the effectiveness of any risk management and control system. No system, – even
if deemed to be adequate and effective – can for example guarantee that all risks that will actually occur will be identified in
advance or that any process violations will be ruled out under all circumstances.
The Audit Committee is systematically integrated into our ICS and ERM. In particular, it oversees the accounting and accounting
process as well as the adequacy and effectiveness of the ICS and ERM and the internal audit system. Furthermore, we have set up
a disclosure committee which is responsible for reviewing certain financial and nonfinancial information prior to publication.
A.5.4.2 Compliance Management System
The ICS and ERM are supplemented by a Compliance Management System (CMS) geared to the company's risk situation. Our
CMS is based on three pillars: prevent, detect and respond and includes the legal risk areas of corruption, antitrust law, data
protection, money laundering, export controls and respect for human rights. It is based on an extensive internal set of rules: The
Siemens Healthineers Business Conduct Guidelines (“BCG”) define the basic principles and standards of behavior that must be
observed by all employees in the company units and in relation to customers, external partners and the public. In addition, there
are extensive internal compliance regulations, including associated controls, which oblige all Siemens Healthineers employees to
ensure the implementation of the CMS. They contain topic-specific implementation regulations for the individual risk areas with
regard to compliance processes and tools as well as additional guidelines and information. The compliance operating model
contains binding specifications for the employees of the compliance organization and describes responsibilities and how the CMS
works.
Compliance risk management and compliance reviews as part of the CMS aim to identify compliance risks at an early stage and
to take appropriate and effective measures to avoid or minimize risks. The risk assessment is also integrated into individual
business processes and tools in order to initiate appropriate risk minimization measures. The results of compliance risk
management that are relevant to the Group are taken into account as part of the company-wide ERM.
The Compliance Control Program aims to ensure compliance and implementation of the CMS and processes used worldwide. It is
part of the ICS and is continuously being further developed and adapted to the current Siemens Healthineers guidelines. In
addition, current compliance issues are discussed at management level on a regular basis.
The entire CMS is continually adapted to business-specific risks and various local legal requirements. The findings from
compliance risk management and compliance controls and audits are used to derive measures for further development of the
CMS.
A.5.4.3 Significant characteristics of the accounting-related ICS and ERM
The overarching objective of our accounting-related ICS and ERM as part of the overarching ICS and ERM is to ensure that
financial reporting is conducted in a proper manner, such that the Consolidated Financial Statements and the Combined
Management Report of Siemens Healthineers as well as the Annual Financial Statements of Siemens Healthineers AG as a parent
company are prepared in accordance with all relevant regulations.
Our ICS and ERM are based on the globally recognized COSO framework (Committee of Sponsoring Organizations of the
Treadway Commission), for further information see A.5.4.1 Internal Control and Risk Management System.
At the end of each fiscal year, our management performs an evaluation of the effectiveness of the accounting-related ICS.
Siemens Healthineers has a standardized procedure under which necessary controls are defined, documented in accordance with
uniform standards, and tested regularly for their effectiveness. Nevertheless, there are inherent limitations on the effectiveness
of any control system, and no control system, including one determined to be effective, may prevent or detect all misstatements.
Siemens Healthineers Annual Report 2025
Combined management report – Report on material risks and opportunities
37
Our Consolidated Financial Statements according to IFRS are prepared on the basis of a centrally provided conceptual framework
which primarily consists of uniform financial reporting guidelines and a chart of accounts. They are issued centrally by the
Siemens Group and complemented by additional Siemens Healthineers guidelines for business-specific financial reporting topics.
Siemens Healthineers AG and other entities within Siemens Healthineers are required to prepare financial statements in
accordance with the German Commercial Code; the conceptual framework is complemented by mandatory regulations specific
to the German Commercial Code. The need for adjustments in the conceptual framework due to regulatory changes is analyzed
on an ongoing basis. Accounting departments are informed regularly about current topics and deadlines from an accounting and
closing process perspective.
The base data used in preparing our financial statements consist of the closing data reported by Siemens Healthineers AG and its
subsidiaries. Governance and monitoring activities relating to accounting activities are usually bundled on a regional level. In
particular cases, such as valuations relating to post-employment benefits, we engage external service providers. The reported
closing data are used to prepare the financial statements in the consolidation system. The steps necessary to prepare the
financial statements are subject to both manual and automated controls.
Qualification of employees involved in the accounting process is ensured through appropriate selection processes and regular
training. As a fundamental principle, based on materiality considerations, the “four eyes” principle applies and specific procedures
must be adhered to for data authorization. Additional control mechanisms include target-performance comparisons and analyses
of the composition of and changes in individual line items, both in the closing data submitted by reporting units and in the
Consolidated Financial Statements. In line with our information security requirements, accounting-related IT systems contain
defined access rules protecting them from unauthorized access. An internal certification process is executed on a quarterly basis.
Management at different levels of our organization, supported by confirmations by managements of entities under their
responsibility, confirms the accuracy of the financial data that have been reported to Siemens Healthineers’ headquarters and
reports on the effectiveness of the related control systems.
Our internal audit function systematically reviews our financial reporting integrity as well as our accounting-related ICS and ERM.
The Audit Committee is integrated into our accounting-related ICS. In particular, it oversees the accounting and the accounting
process as well as the adequacy and effectiveness of the associated ICS, the ERM and the internal audit system. Furthermore, we
have set up a disclosure committee which is responsible for reviewing certain financial and non-financial information prior to
publication.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
38
A.6 Sustainability Report
A.6.1 General information
A.6.1.1 Basis for preparation of the Sustainability Report
Our Sustainability Report follows the requirements of the European Sustainability Reporting Standards (ESRS) as well as the EU
Taxonomy regulation.
Preparation and presentation of sustainability information
The combined Sustainability Report has been prepared on a consolidated basis, corresponding to that of the Consolidated
Financial Statements. Given the pending national transposition of the EU’s Corporate Sustainability Reporting Directive (CSRD)
into German law, this Sustainability Report is prepared pursuant to Sections 289b to 289e German Commercial Code
(Handelsgesetzbuch, “HGB”) and Sections 315b to 315c HGB, respectively. The Sustainability Report represents the combined
non-financial reporting for Siemens Healthineers AG and Siemens Healthineers Group and fully complies with the ESRS used as a
reporting framework in line with Sections 289d and 315c HGB. Siemens Healthineers uses the ESRS framework for the first time
due to the importance of the ESRS as reporting standards for sustainability reporting adopted by the European Commission. In
previous years, the Sustainability Report was prepared with reference to the standards of the Global Reporting Initiative (GRI),
and we were exempt from the non-financial reporting requirements under Section 315b HGB. Siemens Healthineers AG, as the
parent company, does not use a framework for its non-financial statement. Besides EU Taxonomy, we do not include additional
disclosures stemming from other legislations or reporting standards in our Sustainability Report.
Our Sustainability Report covers material impacts, risks, and opportunities (IROs) within our business operations and value chain,
guided by a double materiality assessment that considers both financial as well as environmental and social impacts. There are
no significant risks arising from our own business activities or from business relationships, products, and services that are highly
likely to have a serious negative impact on non-financial aspects in accordance with Section 289c HGB. No relevant information
on intellectual property, know-how, or innovation results was omitted. In this report, Siemens Healthineers is making use of all
applicable phase-in reliefs as offered by ESRS 1 Appendix C, unless stated otherwise in the topic-specific standards, while
disclosing the respective information at the mandatory reporting year listed.
Sources of measurement uncertainty and assumptions
All assumptions and potential uncertainties, including those for metrics, are documented in the topic-specific sections. Metrics
for our own operations rely more on primary data, while value chain metrics are often estimated, resulting in higher
measurement uncertainty. Forward-looking information, such as targets, is uncertain. For further information on forward-
looking statements, please refer to C.5 Notes and forward-looking statements of the Annual Report 2025. At the time of preparing
this report, no actions are planned to improve metrics that rely on value chain data estimated from indirect sources.
Considerations regarding uncertainties in calculations are transparently disclosed alongside the respective method descriptions
in the topical chapters of this report.
The calculation uncertainty for greenhouse gas (GHG) emissions mainly arises from the variability in fuel consumption data
across different vehicles, engines, and similar, the diversity of production practices, and the reliance on sector-average emission
factors. Hence, we assume that the average fuel consumption data and emission factors used are representative of the fleet and
operations of Siemens Healthineers. For details on the calculation of the GHG emissions, please refer to A.6.2.2 Climate change.
For further information regarding uncertainties with specific measures, namely pollution, circular economy, own workforce and
the financial effects of our IROs, please refer to the respective topical chapters in the Sustainability Report.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
39
Several disclosure requirements are already addressed in other sections of the Annual Report or separate publications; wherever
this is the case, cross-references to those documents are provided. A list of disclosure requirements that are incorporated by
reference is given in the following table:
List of ESRS disclosure requirements or datapoints incorporated by reference
Disclosure requirement and/or datapoint incorporated by reference
Reference to document
[Name of the referenced document]
ESRS 2 GOV-1, 21c
Chapters C.4.6 and C.4.7 of the Annual Report
ESRS 2 GOV-1, 22a
Chapter C.4.4.2 of the Annual Report
ESRS 2 GOV-1, 23a
Chapter C.4.7 of the Annual Report
ESRS 2 GOV-3, 29a, b, c, e
Compensation Report 2025
ESRS 2 GOV-5, 36a, d
Chapters A.5.1 and A.5.4 of the Annual Report
ESRS 2 GOV-5, 36b
Chapter A.5.1 of the Annual Report
ESRS 2 GOV-5, 36e
Chapter A.5.4 of the Annual Report
ESRS 2 SBM-1, 40a.i-ii, 42c
Chapter A.1.1 of the Annual Report
ESRS 2 SBM-1, 40a.ii
Chapter A.3.1 of the Annual Report
ESRS G1-6, 33b
Chapter B.6 Note 26 of the Annual Report
A.6.1.2 Sustainability strategy
Siemens Healthineers is committed to advancing healthcare and driving innovations with impact to serve our purpose: We
pioneer breakthroughs in healthcare. For everyone. Everywhere. Sustainably.
Our goal is to elevate global healthcare to a new level as a leading provider of products, solutions, and services in the healthcare
sector. We are expanding our clinical relevance in non-communicable diseases, serving customers everywhere – both close to
them locally and with our global expertise – and by leveraging artificial intelligence (AI) and automation to drive clinical and
operational excellence. Together with our customers and global and regional partners, we aim to solve major challenges for
healthcare providers, like health disparities, financial constraints and the demands of rapid medical advancement. Our
sustainability strategy across the three pillars of Healthcare Access, Resource Preservation, and Diverse and Engaged
Healthineers anchor our contributions to the UN Sustainable Development Goals (SDGs), particularly SDG 3, 5, 12, and 17, and
guides activities across the organization. Sustainability is an integral part of our strategy and is embedded in our purpose. In
fiscal year 2025, we continued to grow our sustainability impact to better meet the evolving needs of our stakeholders –
patients, customers, and investors – while engaging our employees and collaborating with global partners to create lasting value
for both business and society.
Business model and value chain
As a global provider of healthcare products, solutions and services, Siemens Healthineers drives innovations that help healthcare
providers better tackle major challenges, especially the most threatening non-communicable diseases such as cancer, stroke, and
cardiovascular and neurodegenerative diseases, as well as the shortage of skilled healthcare professionals and the growing
disparities in healthcare access. By fighting these threatening diseases, partnering with renowned organizations in the healthcare
sector for better health outcomes, and rethinking the value chain to make healthcare accessible and affordable while reducing
our environmental impact, we help shape the transformation of healthcare and enable healthier communities. Our portfolio of
products and services is at the center of clinical decision-making and treatment pathways and tailored to local market needs.
With holistic system competence, we develop, manufacture, and sell a diverse range of innovative diagnostic and therapeutic
products and services to healthcare providers. We also provide clinical consulting services as well as an extensive range of
training and service offerings.
The disclosures required under ESRS 2 SBM-1, 40a.i-ii and ESRS 2 SBM-1, 42c, relating to significant groups of products and
services offered as well as customer groups are provided in the relevant, clearly marked sections of chapter A.1.1 Business
description. Furthermore, a description of the significant markets, in accordance with the requirements of ESRS 2 SBM-1, 40a.ii is
provided in A.3 Business development. These disclosures form an integral part of this Sustainability Report.
Access to healthcare is a fundamental human right, as affirmed in Article 25 of the United Nations Universal Declaration of
Human Rights. Siemens Healthineers contributes to this right by providing essential diagnostic and therapeutic products and
solutions that enable effective medical care across the care continuum from prevention and early detection, through to
diagnosis, treatment, and follow-up care. Delivering high-quality, affordable healthcare requires scalable solutions to meet the
needs of a broad spectrum of healthcare providers and related organizations. Siemens Healthineers is strongly positioned within
this spectrum of customers.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
40
Our products are subject to strict national and international regulations, ensuring safety and efficacy. With them, we create
sustainable value for all our stakeholders: providing significant medical benefits for patients and physicians; fostering growth and
resilience for investors; and offering innovative, meaningful jobs with future prospects in a crisis-resistant industry.
The upstream value chain of Siemens Healthineers is characterized by a large network of tier 1 suppliers. These predominantly
deliver electronic and mechanical components and raw materials like chemical products, energy, software, and others. The tier 2
network mainly consists of suppliers for metals, plastics, magnets, chemicals, optical components, sensors, and power supply
units. Strategic procurement activities help promote success by making significant contributions in four distinct categories:
productivity, quality, availability, and innovation. We have a global network of approximately 38,000 suppliers. In fiscal year
2025, we purchased a large variety of goods and services, including materials and services for factories, projects, and customer
service, along with purchases indirectly serving our business operations, such as Information Technology, Real Estate, and
Mobility Services.
Siemens Healthineers own operations incorporate the production of intermediate products like electronic circuits boards,
mechanical components, tubes, detectors, and software modules that are used in our final products. Logistics is partly covered
by own operations as well as by external suppliers.
The value chain revolves around our customers and is tailored to meet their needs. Relationships with them are primarily
cultivated by the respective segments as well as by business horizontals such as customer services and regions, including the
sales organization. In addition, these functions coordinate the return process to reintegrate components and entire systems into
the resource cycle, depending on their lifecycle stage, condition, and product type. Returned products undergo thorough
inspection, repair, and revalidation before being prepared for reuse. By reintroducing them as refurbished materials, we extend
product longevity, conserve resources, and strengthen circular economy principles. For details on the interaction with these
stakeholders, please refer to Who our stakeholders are and how we engage with them. For further information on our customers,
distribution channels, and end-users, please refer to A.1 Business principles.
Siemens Healthineers had 73,840 employees as of September 30, 2025. Our employees are the core of our business and the
foundation of our success. They are distributed as follows across our geographical areas:
Employee distribution by geographical area (Siemens Healthineers regions)
FY
(in head count)
2025
Europe, C.I.S., Africa, Middle East (EMEA)
31,785
Americas
20,786
Asia Pacific Japan
13,543
China
7,726
Total
73,840
Sustainability commitment of Siemens Healthineers
At Siemens Healthineers, we strive to advance healthcare access globally and work with our customers and suppliers to address
environmental challenges to create a resilient and sustainable future for healthcare. Our sustainability strategy is rooted in the
needs and priorities of our stakeholders and aims to create greater positive societal and business impact. It is built on three core
sustainability pillars, supported by two cross-cutting enablers, Volunteering and Employee-led Initiatives, and Global and
Regional Partnerships. Our sustainability commitments are integrated into the priorities of our businesses and regions, ensuring
that we drive sustainability and business outcomes as one.
Within our pillars and cross-organizational enablers, we continue to pursue and support our mid-term and long-term targets,
which are closely aligned with our material sustainability aspects listed in A.6.1.4 Material sustainability matters. We commit to
adjusting them where necessary – either to refine our approach or to set a new benchmark when initial targets were achieved
ahead of schedule. A summary of our commitment is presented below:
Healthcare Access
Our aim is to expand patient impact by delivering affordable and accessible solutions especially for underserved communities
globally, and to provide training to the healthcare workforce to enable them to deliver high quality healthcare. We have set three
targets – with the first two targets aimed at the higher goal of expanding our patient impact – as follows:
• Patient impact: We aim to achieve 3.3 billion patient touchpoints worldwide, with 1.25 billion patient touchpoints in low-
and middle-income countries by 2030. This key performance indicator (KPI) is a measure of the number of times patients get
in contact with our products and solutions, gaining access to diagnosis and treatment with our in-vivo products and receiving
in-vitro diagnostic tests in clinical laboratories or at the point of care. We grow touchpoints by expanding access to our
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
41
Imaging, Advanced Therapies, and Varian equipment, as well as to laboratory and point of care tests worldwide, and by
working with strategic partners to address healthcare gaps especially in low- and middle- income countries.
• Healthcare workforce education and training: Our commitment is to provide six million hours of training to the healthcare
workforce by 2030. This training focuses on a wide range of clinical, technical, and operational roles, including physicians,
biomedical engineers, radiology technologists, laboratory managers, IT specialists, and more. The initiative addresses the
growing gap between the increasing number of patients and the availability of qualified clinical staff, enhancing the expertise
and efficiency of healthcare providers.
Resource Preservation
With our commitment to decarbonization in our own operations and across the value chain, we have implemented key measures
to reduce environmental impact throughout the product life cycle and by engaging with our suppliers and customers to drive
long-term sustainability in healthcare.
• Net Zero: By 2050, we aim to reduce GHG emissions by 90% compared to 2019 along our global value chain by reducing
Scope 1 and 2 emissions by 90% as well as material Scope 3 emissions by 90%. Residual emissions from the target year 2050
onwards will be neutralized by purchasing carbon credits beyond our value chain. Our Net Zero targets have been successfully
validated by the Science Based Targets initiative (SBTi), confirming that our ambition to reduce GHG emissions aligns with the
current scientific understanding of limiting global warming to 1.5°C, as outlined in the Paris Agreement. The target
encompasses the entire value chain, including the own operations of Siemens Healthineers and the upstream and
downstream value chain.
• Reduction in Scope 1 and 2 emissions: We aim to achieve a 90% reduction in Scope 1 and 2 emissions by 2030 compared to
the base year 2019. The target encompasses global operations, with a focus on carbon-neutral operations for new buildings,
energy efficiency measures, and electrification of heat supply to existing buildings, as well as electrification of our vehicle
fleet.
• Reduction in Scope 3 emissions: We aim to achieve a 28% reduction in material Scope 3 emissions by 2030 compared to the
base year 2019. The target encompasses the global upstream and downstream value chain, with a focus on supplier
engagement and training, optimizing transportation, promoting circularity and sustainable product design, product energy
efficiency, and customer education and engagement.
• Sustainable by Design: Our commitment to advancing circularity and sustainable product design is firmly embedded in our
sustainability strategy. At the core lies our Sustainable by Design approach, which integrates circularity and EcoDesign
principles into product design and development to reduce environmental impact across the product life cycle. This approach is
implemented through global programs on circularity and EcoDesign, bringing together cross-functional and cross-business
expertise. It is continuously refined in response to stakeholder feedback and evolving best practices.
Our emission targets are closely aligned to the following material sustainability matter: climate change mitigation.
Diverse and Engaged Healthineers
Siemens Healthineers aims to promote an inclusive culture. As a global company, we comply with all applicable laws. If any
statements, objectives, policies, or practices described in this context conflict with the legal requirements of a country, the
respective local law takes precedent.
Our employees are united by our purpose and work to bring sustainable transformations to the healthcare industry. We are
focused on the development of our workforce and we pursue the goal of an inclusive culture. Our targets reflect our
commitment.
• Diversity: We have identified a need to differentially support the advancement of qualified women into senior management
positions, to foster a multifaceted leadership structure, and to strengthen our ability to effectively address healthcare
challenges. The importance of gender diversity is also emphasized through our internal and external stakeholder
engagements and is a key part of the company’s broader sustainability and governance strategy. Accordingly, in countries
where legally permitted, the company established a commitment to achieve a 30%3 share of women in senior management
roles by 2025. For our fiscal year 2025 reporting, we exclude U.S. based senior managers as well as senior managers reporting
to U.S. based line managers; this is under consideration of the country-specific regulatory compliance approach. Under this
adjusted scope, we narrowly missed the stated target. Nonetheless, this result marks significant progress from our comparably
adjusted 2020 baseline, reflecting a positive and sustained shift in the representation of women in our leadership pipeline.
Looking ahead, we remain firmly committed to advancing Diversity, Inclusion, and Belonging (DI&B), and have therefore set a
renewed target to further achieve a 30%3 share of women in senior management by 2030. This target enables us to secure
our progress in developing a resilient leadership pipeline for the long term, while recognizing that year-on-year fluctuations
may occur.
• Employee engagement: One of our key priorities is to maintain a consistently high level of employee engagement.
Therefore, our goal is to secure an employee engagement score in the top quartile globally, with a strong focus on cultivating
a motivated and committed workforce across our company. Achieving this involves conducting regular surveys, implementing
3 Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
42
feedback mechanisms, and introducing initiatives aimed at improving workplace conditions and satisfaction. These efforts are
designed to create a supportive and inclusive environment that supports growth, drives innovation and strengthens the
company’s long-term performance and sustainability contributions.
• External recognition: We view the Great Place to Work® certification as a recognition of excellence in creating a positive work
environment for employees. Our original target was to achieve certification in the countries where over 80% of our employees
are based by fiscal year 2025. Having reached this milestone, we will extend our efforts through 2030 to maintain the
certification, as it strongly supports our commitment to building an inclusive culture and a fair work environment where all
employees can thrive.
These targets are closely aligned with the following material sustainability matters: working conditions, and equal treatment and
opportunities for all.
Enablers
Our enablers amplify our impact by engaging our employees and partners in initiatives across our pillars. Through employee-led
initiatives and our global volunteering program, colleagues actively contribute to our strategic priorities and create tangible
impact – both within the company and in the communities we serve. As part of this commitment, we have defined two targets.
• Volunteering: We have set the target of growing the volunteering efforts of our employees, with a clear commitment to
achieve 100,000 hours of volunteering by 2030. Our employees actively support local communities through projects and
events, driven by a shared commitment to building healthier and more resilient societies. This engagement is enabled by our
Healthineers Volunteering Program, a global initiative that empowers our employees to contribute meaningfully to society
through volunteering initiatives and to align personal purpose with the company’s purpose.
• Employee-led Initiatives: Employee-led initiatives such as Employee Resource Groups (ERGs) and Innovation Networks
connect our people across locations and organizational groups and promote engagement, belonging, and shared outcomes.
We have set a target to increase employee participation in these initiatives and have at least 20% of employees involved by
2030.
These targets are closely aligned with the following material sustainability matters: working conditions, and equal treatment and
opportunities for all.
To achieve our targets across the strategic sustainability pillars, we also forge strategic partnerships globally, because collective
expertise is key to scaling impact for both society and the planet.
• Global and Regional Partnerships: We recognize that the healthcare challenges we aim to address and the positive societal
impact we seek to create are significant and cannot be achieved in isolation. To deliver meaningful outcomes for patients,
communities, and the planet, we rely on strong, strategic partnerships that enable collaboration globally and scale outcomes.
We therefore work with organizations that share our values and bring complementary expertise, allowing us to amplify impact
across our sustainability pillars. To ensure that partnerships are both strategic and sustainable, we have developed a
framework for defining and finding the right partners with whom we can drive mutual benefits. For example, through our
partnership with City Cancer Challenge, we support city-led initiatives to enhance equitable, quality cancer care in low- and
middle-income communities and improve cancer treatment outcomes. Our goal is to build a diverse ecosystem of global and
regional strategic partners, including healthcare organizations, non-governmental organizations (NGOs), foundations, UN
agencies, international financial institutions, and development cooperation agencies. These global and regional partnerships
not only expand our reach and impact; they also serve as key stakeholder engagements that help shape our strategy and
strengthen our ability to create long-term value for patients, communities, and the planet.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
43
Our sustainability commitment
SUSTAINABILITY PILLARS
Healthcare Access
Patient Impact
Achieve 3.3 billion patient touchpoints worldwide, with
1.25 billion patient touchpoints in low- and middle-
income countries by 2030
Healthcare Workforce Education and Training Provide 6 million hours of training to the healthcare
workforce by 2030
Achieve 90% reduction of absolute Scope 1 and 2, and
material Scope 3 emissions by 2050, from the 2019
baseline. Residual emissions will be neutralized by
purchasing carbon credits beyond our value chain
Reduce Scope 1 and 2 emissions by 90% compared to
2019 by 2030
Net Zero
Reduce material Scope 3 emissions by 28% compared to
2019 by 2030
Resource Preservation
Sustainable by Design
Reduce environmental impact across the product life
cycle through sustainable product design and circular
value creation
Diverse and Engaged Healthineers
Diversity
Achieve 30% women representation in senior
management roles by 20301
Employee Engagement
Maintain Top-Quartile2 employee engagement score
External Recognition
Maintain Great Place to Work® certification in countries
representing over 80% of our employees annually until
2030
ENABLERS
Volunteering and Employee-led Initiatives
Volunteering
Achieve 100,000 hours of volunteering by 2030
Employee-led Initiatives
Have at least 20% of employees involved in ERGs and
Innovation Networks by 2030
Global and Regional Partnerships
Partnerships
Expand partnerships globally and regionally to amplify
impact across our sustainability pillars
1 Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
2 Compared to the Healthcare Industry Benchmark.
Our sustainability commitment has been identified to create positive impact and reduce negative impact of our products and
services for all consumer groups, particularly those in the markets and geographies that we address. Our targets, which are
further defined in the topical chapters throughout this report, are based on the following time horizons: The targets are medium-
term up to 2030, or long-term (in the case of the Scope 3 target) up to 2050.
Who our stakeholders are and how we engage with them
Engaging closely with our stakeholders is fundamental to shaping our sustainability strategy and setting impactful targets. The
Managing Board of Siemens Healthineers, the segments, the regions, and the Government Affairs department, as well as various
functions in their specific expert roles, oversee an ongoing dialogue with stakeholders. Government Affairs manages the
dialogue with policymakers, government, and partners, while the overall responsibility lies with the Managing Board of Siemens
Healthineers. The Head of each Segment is responsible for maintaining a coordinated dialogue with the variety of internal and
external stakeholders. We actively maintain an open and transparent dialogue with our stakeholders to ensure that our actions
remain relevant and responsive and drive positive impact. Our stakeholders, and respective channels of engagement, are listed
below:
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
44
Stakeholder
Channels of engagement
Customers
•
Customer interviews and feedback
•
Surveys and studies
•
Personal contact
Employees and employee representatives
•
Surveys (including deep dives)
•
Focus groups with employees
•
In-person and virtual events for employees
•
Ongoing exchange between managers and employees
•
Engagement and meetings with employee representatives
•
Whistleblower channels
•
Employee-led initiatives
Suppliers
•
Surveys and audits
•
Personal contact
•
Supplier portal
•
Annual Supplier Days event
•
Sustainability@Healthineers Procurement program
Investors, capital providers, analysts
•
Shareholder meetings
•
Annual Report, quarterly report on results
•
Shareholder engagement and dialogue
NGOs, foundations, and multilateral organizations
•
Partnering with multilateral organizations
•
Dialogue with NGOs
Sales and business partners
•
Programs for business partners
•
Partnering at conferences
Associations
•
Membership in industry and business associations
Science and academia
•
Global collaboration network
•
Participation in international scientific conferences
•
Participation in international industry exhibitions
•
Self-initiated industry forums, summits, and think tanks
Policymakers, notified bodies, authorities
•
Exchange with policymakers
•
Advocacy activities
Media
•
Press releases and image gallery, press conferences
•
Social media
•
Interviews and personal dialogue
Competitors
•
Joint activities in trade associations
Communities
•
Volunteering activities
For further information on the collaboration and engagement with our stakeholders, please refer to the respective topical
chapters in the Sustainability Report. As part of our close collaboration with these stakeholders, collaborations and partnerships
are a key element of our strategy.
Why Siemens Healthineers engages with stakeholders
Effective stakeholder engagement is key to driving meaningful impact. By sharing ideas, exchanging knowledge, and fostering
collaboration, Siemens Healthineers works to improve healthcare access and outcomes while integrating these insights into the
corporate strategy. Building strong relationships enables us to tackle complex sustainability challenges together. Having
established a global collaboration network that includes leading clinical institutions, academic partners, and patient
organizations, we understand our stakeholders’ most pressing needs and challenges, and this generates insights and improves
understanding of innovative solutions. We gather feedback to measure progress, acceptance, and attractiveness, using global
programs to assess satisfaction and partnership quality.
The outcomes of our stakeholder discussions are incorporated into our double materiality assessment, ensuring that our
sustainability strategy and targets remain aligned with the most critical issues and expectations. The Managing Board as well as
the Supervisory Board are informed about the results of the double materiality assessment and the revealed impacts of our own
operations on stakeholders. Any update of the double materiality assessment is communicated respectively.
How the stakeholder engagement influences Siemens Healthineers strategy
Through regular engagement with our key stakeholders – including our employees, value chain workers, and customers – we
gather important insights into their interests, perspectives, and rights through various communication and feedback channels
detailed in each topical chapter. These insights influence our decisions, as we consistently incorporate lessons learned from
stakeholder dialogues into our strategic processes, for example the customer view on defining portfolio strategy. The importance
of responsible growth goes beyond traditional business objectives and includes ethical considerations, social impact, and
contributions to global healthcare. We completed the New Ambition phase in fiscal year 2025 and it will form the basis for our
next strategy phase, Elevating. It’s an evolution of our strengths and focus and represents our ambition for the next five fiscal
years: elevating health globally. We aim to scale breakthroughs, unlock new opportunities, increase our positive impact for more
people with greater efficacy to enable transformation to happen at scale, globally. We do this by building on our strengths in the
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
45
healthcare industry: patient twinning, precision therapy and healthcare AI. Together with our customers and global and regional
partners, we aim to solve major challenges for healthcare providers, like health disparities, financial constraints and the demands
of rapid medical advancement.
The views of our stakeholders were also taken into account during the double materiality assessment process to ensure that the
identification and evaluation of impacts, risks, and opportunities reflected their interests and perspectives in relation to the ESRS
topical standards. This was done through existing stakeholder dialogue channels and through relevant specialists within the
company who engage with their stakeholders on a regular basis through various formats, including but not limited to surveys
and discussions. For details on the double materiality assessment process, please refer to A.6.1.4 Material sustainability matters.
In the following, two examples are given for how the outcomes of stakeholder engagements are taken into account at Siemens
Healthineers.
• Innovation centers: Siemens Healthineers operates three innovation centers, that focus on open innovation to collaborate
with external partners and improve global healthcare. These centers are located in Erlangen, Shanghai, and Bengaluru. They
aim to enhance regional innovation and customer-focused development.
• Living Siemens Healthineers culture: Culture@Work + Catalyst Network: We offer every Healthineer the opportunity to
participate in a Culture@Work dialogue to discuss how we live our values and how each of us can actively shape our culture.
With the support of our Catalyst Network – a global employee community focused on bringing our culture to life – we host
these engaging, impactful monthly dialogues for existing and new employees.
A.6.1.3 Sustainability governance and organization
Our governance system integrates responsibility and expertise throughout the organization, ensuring accountability, effective
decision-making, and alignment with our strategic objectives.
Information about the composition of our boards
The administrative, management, and supervisory bodies at Siemens Healthineers AG consist of two boards: The Managing
Board and the Supervisory Board. The Managing Board consists of four members with executive functions. As legally required
under German law, the Supervisory Board has nominated a Labor Director from amongst the Managing Board members, whose
role is to mediate between the Managing Board and the employees. The Supervisory Board supervises the work of the Managing
Board and advises it on all matters of importance for the company. For further information on the role of the management and
supervisory bodies relating to corporate governance, please refer to C.4 Corporate Governance Statement of the Annual Report
2025. For business conduct, please refer to A.6.4.1 Business conduct. The Supervisory Board consists of 20 members with an
overseeing and advising (i.e. non-executive) function, half being shareholder representatives and half representatives of the
employees. The percentage of independent members of the Supervisory Board is 30%. For further information on the
composition of the Supervisory Board and the independence of its members, please refer to C.4.7 Profile of skills and expertise and
diversity concept; further requirements for the composition of the Supervisory Board of the Annual Report 2025.
The disclosures required under ESRS 2 GOV-1, 21c – relating to the experience relevant to the sectors, products and geographical
locations of the undertaking – are provided in the relevant, clearly marked sections of C.4.6 Diversity concept and skills, long-term
succession planning of the Annual Report 2025 for our Managing Board, and of C.4.7 Profile of skills and expertise and diversity
concept; further requirements for the composition of the Supervisory Board of the Annual Report 2025 for our Supervisory Board. These
disclosures form an integral part of this Sustainability Report. The management and supervisory bodies at Siemens Healthineers
furthermore possess significant expertise in business conduct matters. The Business Conduct Guidelines (BCG) establish the
ethical and legal framework governing the company’s activities. These guidelines outline the principles and rules for the conduct
of all employees and managers, promoting integrity and compliance across the organization. For further information please refer
to A.6.4.1.1 Compliance and integrity.
The corporate governance statement of Siemens Healthineers stipulates statutory minimum quotas for the participation of men
and women on the Managing Board and Supervisory Board. For further information, please refer to C.4.5 Fulfillment of the
minimum requirements pursuant to Sections 96 para. 2 and 76 para. 3a of the German Stock Corporation Act; targets for the share of women
within the meaning of Section 76 para. 4 of the German Stock Corporation Act of the Annual Report 2025. The Managing Board of Siemens
Healthineers is composed of 50% women and 50% men. The Supervisory Board of Siemens Healthineers is composed of 40%
women and 60% men. In fiscal year 2025, the average ratio of female to male members was 2:2 on the Managing Board and
8:12 on the Supervisory Board.
Another aspect of diversity is international experience. The Managing Board of Siemens Healthineers meets the criteria at 100%,
while the Supervisory Board of Siemens Healthineers does so at 50%. Our corporate governance statement contains a description
of the diversity concept, which describes the composition of the body authorized to represent the company and the Supervisory
Board with regard to aspects such as age, gender, diversity with regard to cultural origin, as well as diversity of professional
background, experience, and mindset. It also documents the objectives of this diversity concept, the way in which it is
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
46
implemented, and the results achieved in the fiscal year. For further information, please refer to C.4.7 Profile of skills and
expertise and diversity concept; further requirements for the composition of the Supervisory Board of the Annual Report 2025.
The Managing Board is committed to addressing social and environmental objectives, setting long-term targets, and ensuring
that related risks and opportunities are identified and assessed. The company planning includes both financial and sustainability-
related objectives. The disclosures required under ESRS 2 GOV-1, 22a on the committees of the Supervisory Board, are provided
in the relevant, clearly marked sections of C.4.4.2 Composition and working methods of the Supervisory Board of the Annual Report
2025. These disclosures form an integral part of this Sustainability Report. For further information, please refer to the Articles of
Association of Siemens Healthineers and the Bylaws for the Supervisory Board and the Managing Board. The documents can be
found on the company's website at www.siemens-healthineers.com/investor-relations/corporate-governance/bylaws. Impacts, risks, and
opportunities that were identified during the double materiality assessment are among the topics regularly discussed in the
Strategy, Innovation and Sustainability (SIS) Committee. For further information on its eight members, please refer to
C.4.4.2 Composition and working methods of the Supervisory Board of the Annual Report 2025. The Audit Committee systematically
engages with our internal control system (ICS) and our enterprise risk management (ERM). In particular, it oversees the
accounting and the accounting process as well as the adequacy and effectiveness of the ICS, ERM, and the internal audit system,
including sustainability objectives. It also monitors compliance and reports on sustainability-related impacts, risks, and
opportunities.
Governance of sustainability topics at Siemens Healthineers
Our Head of Sustainability heads the Corporate Sustainability team and leads the sustainability program and initiatives across the
company, updating the Managing Board on a quarterly basis. In collaboration with a steering committee – that includes,
amongst others, all Managing Board members and supports the strategic development and decision-making on key sustainability
matters, including oversight of policies, actions, metrics, and targets – the Head of Sustainability reports to the Chief Human
Resources Officer, who is – among others – particularly responsible for sustainability. Sustainability focus areas are integrated
into senior leaders’ responsibilities, with progress regularly monitored. Impacts, risks, and opportunities are discussed in quarterly
Operating Reviews and Performance Dialogues. The Managing Board has also appointed the Head of Compliance as Human
Rights Officer under section 4 para. 3 Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz, “LkSG”), who reports
on compliance with human rights and environmental obligations. Furthermore, there exist additional sub-steering-committees to
drive specific cross-organizational programs and projects in which the Corporate Functions are also represented (e.g. the ESRS
Implementation Steering Committee, EU Taxonomy Steering Committee, and the Resource Preservation Steering Committee).
Risk Management at Siemens Healthineers builds on a comprehensive, interactive, and management-oriented ERM approach.
This approach is integrated into the organization and addresses both risks and opportunities. It is based on the globally accepted
Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework, “Enterprise Risk Management –
Integrating with Strategy and Performance” (2017) as well as the ISO Standard 31000 (2018) and is adapted to the requirements
of Siemens Healthineers. The frameworks connect the ERM process with our financial reporting process, our internal control
system and our compliance management system. They consider the company’s strategy, the efficiency and effectiveness of its
business operations, the reliability of its financial reporting, and compliance with relevant laws and regulations to be equally
important.
The internal audit function of Siemens Healthineers systematically reviews the company’s financial reporting integrity as well as
our ICS and ERM. The Audit Committee is systematically integrated into our control system. In particular, it oversees the
accounting and the accounting process as well as the adequacy and effectiveness of the ICS and ERM and the internal audit
system. Furthermore, Siemens Healthineers has set up a disclosure committee, which is responsible for reviewing certain
financial and non-financial information prior to publication.
The Corporate Sustainability team is accountable for the double materiality assessment, running the sustainability program, and
reporting on progress and performance. The team works closely with leaders and experts in the segments, business horizontals,
regions, and corporate functions to drive the implementation of Siemens Healthineers corporate sustainability strategy.
Management skills and expertise related to sustainability matters
The Supervisory Board ensures that the necessary skills and expertise to oversee sustainability matters exist by reviewing and
identifying areas that need strengthening before considering new members. This includes competencies in medical and
healthcare technology, transformation processes, AI, cybersecurity, and sustainability matters relevant to the enterprise, such as
healthcare access and climate change.
The members of the Supervisory Board are responsible for undertaking any necessary training or professional development to
effectively fulfill their duties. To support this, the company organizes informational events each fiscal year, providing ample
opportunities for questions and discussion. This also includes events on sustainability-related matters. For further information,
please refer to C.3 Report of the Supervisory Board of the Annual Report 2025. Given the close alignment of identified material
impacts, risks, and opportunities from the double materiality assessment with the existing sustainability strategy and previously
identified environmental, social, governance (ESG) topics, Siemens Healthineers can ensure that all identified material impacts,
risks, and opportunities are addressed with the requisite skills. The disclosures required under ESRS 2 GOV-1, 23a relating to the
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
47
sustainability-related expertise of the Supervisory Board are provided in the relevant, clearly marked sections of chapter
C.4.7 Profile of skills and expertise and diversity concept; further requirements for the composition of the Supervisory Board of the Annual
Report 2025. These disclosures form an integral part of this Sustainability Report. For further information, please also refer to the
CVs of the Supervisory Board. The documents can be found on the company's website at www.siemens-healthineers.com/investor-
relations/supervisory-board. To ensure the necessary expertise in the sustainability aspects that are material for Siemens
Healthineers – beyond individual responsibility for training or professional development – a so-called “Teach-In” was conducted
for the Supervisory Board by the Sustainability department in fiscal year 2025. The aim of this session was to specifically inform
the members of the Supervisory Board about strategically relevant sustainability topics, based on the previously identified
material impacts, risks, and opportunities for the company.
When selecting members for the Managing Board, the Supervisory Board takes into account their personal suitability, integrity,
convincing leadership qualities, international experience, professional qualifications for the specific business responsibilities to
be assumed, a proven track record, knowledge of the company, and the ability to adapt business models and processes in a
constantly changing world in line with the company purpose. The Sustainability department reports directly to a member of the
Managing Board, thereby ensuring that the entire Board possesses long-standing experience in the field of sustainability. The
Managing Board is continually informed of the latest requirements and developments by the relevant departments and is
responsible for ensuring compliance with sustainability reporting. Sustainability is a core element of the corporate strategy and is
systematically linked to the material impacts, risks, and opportunities. The sustainability commitment of Siemens Healthineers is
based on the results of the double materiality assessment, thereby ensuring a comprehensive approach to addressing impacts,
risks, and opportunities with the appropriate expertise.
How management is informed about IROs and related policies, actions, and targets
The Managing Board informs the Supervisory Board regularly, comprehensively, and without delay on all issues of importance to
the company with regards to strategy, including the company’s sustainability strategy, planning, business development, the risk
situation, risk management, the internal control system, and compliance. At regular intervals, the Managing Board also discusses
the status of strategy implementation with the Supervisory Board. The Managing Board addresses social and environmental
objectives, sets long-term targets, and ensures that sustainability-related impacts, risks, and opportunities are identified and
assessed. Company planning sets both the appropriate financial targets and the appropriate sustainability-related objectives. The
Supervisory Board has established rules for the Managing Board’s work in the bylaws for the Managing Board. Generally, Siemens
Healthineers follows the requirements of the German Stock Corporation Act (Aktiengesetz, “AktG”), which in Section 90 AktG
outlines the information flows between Managing Board and Supervisory Board.
The bylaws for the Supervisory Board set out its tasks, responsibilities, and procedures. The Audit Committee of the Supervisory
Board receives regular reports from the Internal Audit department and regularly deals with reports on compliance, regulatory
compliance, and potential and pending legal disputes. To protect various stakeholder interests, an extensive due diligence
assessment is conducted to ensure that potential risks and opportunities are evaluated and suitable solutions are found. In fiscal
year 2025, the Managing Board and the Supervisory Board were informed about the due diligence implementation as well as the
results and the adequacy and effectiveness of the policies, actions, and targets adopted to address the material impacts, risks,
and opportunities. This is planned to be continued on an annual basis.
Both the Managing Board and the Supervisory Board are regularly informed – at least on a quarterly basis – about the progress
made toward achieving our sustainability targets. In addition to the updates provided in each meeting of the SIS Committee, the
Supervisory Board receives regular reports on the sustainability strategy of Siemens Healthineers and the status of its
implementation. Insofar as sustainability-related goals are concerned, the SIS Committee may be involved by the Compensation
Committee. The committee chair reports on the committees’ work to the Supervisory Board at the subsequent Supervisory Board
meeting. For further information on the activities of the Supervisory Board and its committees during the reporting period,
please refer to C.3 Report of the Supervisory Board of the Annual Report 2025.
How the IROs and related policies, actions, and targets are considered regarding strategy and decisions
The Managing Board systematically identifies and assesses the risks and opportunities associated with social and environmental
factors, as well as the environmental and social impacts of the enterprise’s activities. The corporate strategy gives appropriate
consideration to environmental and social objectives. In fact, our sustainability strategy is built on three pillars: Siemens
Healthineers commits to improving healthcare access for all, limiting environmental impact, and developing our diverse and
engaged employees. The internal control system and the risk management system also cover sustainability-related objectives,
which include processes and systems for collecting and processing sustainability-related data. The general ERM process involves
a coordinated set of systems for early detection of potential business threats. Key elements include strategic planning and
management reporting, which help assess and monitor potential impacts, risks, and opportunities before major decisions. The
Managing Board and Supervisory Board consistently consider sustainability issues as part of their strategic oversight of the
company. This involves evaluating impacts, risks, opportunities, and potential trade-offs related to major business decisions and
transactions. The Managing Board requires the Supervisory Board’s approval for major transactions and measures as provided for
in the Rules of Procedure for the Managing Board of Siemens Healthineers AG. For further information, please refer to the
Articles of Association of Siemens Healthineers and the bylaws for the Managing Board. The documents can be found on the
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
48
company's website at www.siemens-healthineers.com/investor-relations/corporate-governance/bylaws. Relevant topics are presented
and discussed in the respective Supervisory Board meeting. Regular internal audits ensure any deficits are addressed promptly,
keeping the Managing Board and the Supervisory Board informed about significant audit findings as well as appropriate
mitigation measures.
The list of sustainability-related gross impacts, risks, and opportunities resulting from the double materiality assessment is
updated during the regular review process or in the case of significant changes. Remaining significant net risks and opportunities
are tracked in the ERM Register. For further details, please refer to Risk management and internal control over sustainability reporting.
The respective internal expert assessed and verified the material impacts, risks, and opportunities on the basis of the information
obtained in the course of the double materiality assessment. By also taking into account stakeholders’ expectations, they
adjusted particular impacts, risks, and opportunities where necessary. As part of this process, risk or opportunities that may arise
from impacts are also considered and embedded in the overall risk management processes.
The Supervisory Board advises the Managing Board on business management, regularly reviewing business development,
planning, strategy, and implementation. This includes discussing the results of the double materiality assessment, along with any
significant gross impacts, risks, and opportunities. For further information on the management of sustainability-related impacts,
risks, and opportunities, please refer to A.5 Report on material risks and opportunities.
Sustainability-related strategies and targets are actively integrated into our overarching corporate strategy. Progress toward
achieving our targets is monitored by both our Managing Board and the Supervisory Board. Our progress toward target
achievement is tracked and monitored by the respective program initiatives. Additionally, Managing Board and Supervisory Board
members are regularly informed about the status of the targets. Our progress toward target achievement is externally disclosed
annually. In fiscal year 2025, our double materiality assessment including our impacts, risks, and opportunities was approved by
the Managing Board and considered also by the SIS Committee of the Supervisory Board. The material impacts, risks, and
opportunities identified for Siemens Healthineers are listed in a table at the beginning of each of the following content chapters.
Sustainability-related targets are integrated into the short- and long-term variable compensation of the Managing Board
members. The Supervisory Board receives only fixed remuneration, which does not include any sustainability-related
components. Therefore, the Supervisory Board’s compensation is not considered for the following disclosures. The disclosures
required under ESRS 2 GOV-3, 29a, b, c, e relating to the integration of sustainability-related performance in incentive schemes,
are provided in the relevant, clearly marked sections in the Compensation Report. These disclosures form an integral part of this
Sustainability Report. The Compensation Report can be found on the company's website at www.siemens-
healthineers.com/investor-relations/corporate-governance. 20% of the total short- and long-term variable target compensation for the
Managing Board is dependent on sustainability-related targets and impacts.
Measured against the compensation awarded and due in the reporting period (for more information, please refer to the
compensation report), the climate-related compensation of the sustainability target, Reduction of CO2e emissions, measured in
kilotons of CO2e emitted, as part of the long-term variable compensation of the Siemens Healthineers Stock Awards Tranche
2021 accounts for 4% of the compensation awarded and due to the Managing Board in the current reporting period.
Disclosure of mapping of information provided in the Sustainability Report about the due diligence process
Siemens Healthineers conducts due diligence on its sustainability matters. The table below outlines where information on our
due diligence processes is provided within the Sustainability Report, with corresponding topics referenced throughout the report
in the relevant sections.
Core elements of due diligence
Paragraphs in the Sustainability Report
a) Embedding due diligence in
governance, strategy, and business
model
ESRS 2 GOV-2, GOV-3 and ESRS2 SBM-3, in this report under the chapters:
How management is informed about IROs and related policies, actions, and targets
How the IROs and related policies, actions, and targets are considered regarding strategy and decisions
Material impacts, risks, and opportunities of Siemens Healthineers resulting from the materiality assessment
b) Engaging with affected
stakeholders in all key steps of the
due diligence
ESRS 2 GOV-2, ESRS 2 SBM-2; ESRS 2 IRO-1; ESRS 2 MDR-P, in this report under the chapters:
How management is informed about IROs and related policies, actions, and targets
Who our stakeholders are and how we engage with them
Impact, risk, and opportunity management
c) Identifying and assessing adverse
impacts
ESRS 2 IRO-1, ESRS 2 SBM-3, in this report under the chapters:
Impact, risk, and opportunity management
How the IROs and related policies, actions, and targets are considered regarding strategy and decisions
d) Taking actions to address those
adverse impacts
ESRS 2 MDR-A, in this report under the chapters for the ESRS topics with the subtitles, Actions
e) Tracking the effectiveness of
these efforts and communicating
ESRS 2 MDR-M, ESRS 2 MDR-T, in this report under the chapters for the ESRS topics with the subtitles, Metrics and
Targets
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
49
Risk management and internal control over sustainability reporting
Our sustainability-related internal control and risk management system is fully integrated into our overarching ICS and ERM at
Siemens Healthineers. The disclosures required under ESRS 2 GOV-5, 36a, b, d, e are provided in the relevant, clearly marked
sections of chapter A.5 Report on material risks and opportunities. These disclosures form an integral part of this Sustainability
Report.
Sustainability-related impacts, risks, and opportunities are methodically handled in our risk management processes. Material net
risks and opportunities derived from these impacts, risks, and opportunities are systematically transferred into our ERM system.
Related net risks and opportunities within the standard three-year ERM time horizon are tracked in our ERM Register and
managed and prioritized along with all other net risks and opportunities of Siemens Healthineers. Net risks and opportunities
beyond the three-year ERM time horizon are separately monitored and managed through the ERM monitoring list.
The overarching objective of the sustainability-related internal control system is to ensure that the Sustainability Report of
Siemens Healthineers is prepared in accordance with relevant regulations, particularly mitigating the risk of incompleteness,
inaccuracy, untimeliness, and lack of integrity of data. We have an overarching, integrated ICS and ERM methodology with a
standardized procedure under which necessary controls are defined, documented in accordance with uniform standards, and
tested regularly for their adequacy and effectiveness. Further, the data used in preparing our Sustainability Report is reported by
various departments, which establish function-specific regulations based on their areas of responsibility. Data collection and
reporting are conducted using a central ESG data collection and reporting tool, which is subject to both manual and automated
controls. Internal controls for quantitative and qualitative data are defined using a risk-based approach that considers, among
other aspects, the complexity of data flows.
A.6.1.4 Material sustainability matters
Through a double materiality assessment, we identify key impacts, financial risks, and opportunities related to environmental,
social, and governance issues.
Impact, risk, and opportunity management
How Siemens Healthineers identified its IROs
In a first step, Siemens Healthineers identifies key sustainability matters according to the double materiality assessment process
defined by ESRS. This process involves jointly analyzing the ESG factors most relevant to the company, considering the
specificities of our industries, operational contexts, and stakeholder expectations by involving all crucial corporate functions such
as our Corporate Sustainability team, Human Resources, Procurement, Quality, Governmental Affairs, and the Environmental
Protection, Health Management and Safety (EHS) department. As part of this process, we leverage existing stakeholder
communication channels, documents such as official studies, and research papers, and data from previous engagements to
identify relevant topics, such as regular employee surveys to understand workforce concerns, customer interviews, and insights
from personal contact to gauge consumer priorities and supplier assessments to address supply chain sustainability. By
integrating these insights, it is ensured that the identified sustainability topics are comprehensive but specific to the company. In
a second step, each involved Function elaborates its respective topics, using the list of sustainability matters in topical ESRS
according to Appendix A of ESRS 1, AR 16 for further refinement. For all relevant sub-topics and sub-sub-topics, the impacts,
risks, and opportunities of our own operations and the upstream and downstream value chain are identified, formulated, and
confirmed with management. The identification process is supported by drawing on insights from the aforementioned
stakeholder channels and documents. Additionally, methodological guidance is provided to all employees involved to educate on
the correct formulation of impacts, risks, and opportunities. As part of the due diligence process, the final assessment of our
impacts, risks, and opportunities is formally reviewed and approved by the Managing Board and thoroughly validated by our
Supervisory Board. This step ensures that all identified sustainability matters are not only approved but also aligned with our
corporate strategy and regulatory obligations. The approval process is conducted in accordance with our internal requirements,
ensuring appropriate governance oversight and integration into decision-making processes.
In relation to the collection and reporting of material quantitative metrics, Internal Control maintained oversight by collaborating
with our ESG Topic Owners to ensure appropriate integration into the internal control process. For further information on
internal control in the context of sustainability reporting, please refer to Risk management and internal control over sustainability
reporting.
The due diligence process supports our materiality analysis by identifying and assessing impacts on human rights, the
environment, and the supply chain. It involves continuous monitoring of potential and actual impacts across operations, using
data from stakeholder engagements like supplier audits and EHS systems. These insights are integrated into the double
materiality assessment, prioritizing key ESG issues in line with regulations, stakeholder expectations, and internal assessments.
Our process for identifying material impacts focuses on environmental and social risks within our operations and throughout the
whole value chain. We assess impacts in manufacturing processes with hazardous materials and high energy consumption,
paying special attention to high-risk areas like supply chain operations in regions with weak regulations. We also evaluate
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
50
supplier relationships for potential harmful practices, ensuring adherence to our ethical and sustainability standards.
Additionally, the impact of our healthcare products on patient safety and public health is assessed. These analyses inform our
double materiality assessment and build the basis for risk mitigation strategies. Stakeholder perspectives are considered by the
relevant ESG Topic Owners at Siemens Healthineers and are continuously integrated into the double materiality assessment.
Insights from structured stakeholder dialogues, along with ongoing engagements, inform the assessment. These include direct
engagements with customers, employees, external experts, and suppliers, as well as indirect engagements through supplier
audits, discussions with NGOs, multilateral organizations, external experts, and policymakers. Particular attention is given to
topics affecting vulnerable stakeholders, such as healthcare access in underserved countries. This continuous calibration ensures
that relevant impacts remain accurately reflected in the double materiality assessment.
How Siemens Healthineers prioritized IROs
The approach of Siemens Healthineers is grounded in the concept of double materiality, which includes both impact materiality
and financial materiality. The specific criteria outlined by the ESRS as well as a company-wide definition of scale levels, which was
developed in line with the ERM process at Siemens Healthineers, are applied to evaluate our impacts. For each criterion,
extensive guiding material is provided to explain the different scale levels in more detail and to give some examples for a better
understanding.
• Negative impacts: Assessed based on the potential harm to the environment, society, and stakeholders. The assessment
considers the scale, scope, and irremediability of these impacts, which together form the severity.
• Positive impacts: Evaluated based on the benefits to the environment, society, and stakeholders. Assessment by Siemens
Healthineers looks at the scale and scope of these benefits, which together form the severity.
Further, we generally differentiate between potential and actual impacts by assessing the likelihood of impacts that could occur
(potential) versus those that have already occurred (actual). An assessment of likelihood is only applied to potential impacts.
• Scale: The extent of the impact is measured, considering how widespread the damage or benefit is, on a five-point scale,
where 1 represents a minimal effect and 5 represents an absolute impact.
• Scope: The range of the impact is considered, including the number of stakeholders affected and the geographical area
impacted. This is evaluated on a five-point scale as well, where 1 stands for a limited scope and 5 for a global or total extent.
• Irremediability: The ability to reverse or mitigate the negative impacts is assessed. Here, a level of 1 represents a negative
impact that is relatively easy to reverse, whereas 5 represents irremediable impacts that cannot be undone.
• Likelihood: The probability of the impact occurring is evaluated, assessing frequency and certainty associated with potential
impacts. Here, a four-point scale, from 1 (unlikely) to 5 (probable) was used.
In general, a methodology of double-weighting for severity over likelihood is applied and, as prescribed by the ESRS, the severity
of a potential negative human rights impact has to take precedence over its likelihood. Time horizons are also applied based on
the ESRS requirements. Short-term is considered within the year, while long-term is greater than five years, and medium-term is
in between. If more than one time horizon could be applied and leads to two differing scores, the higher average score is used
for the further process. The average score of these criteria makes up the final score for each item. For identifying the material
topics, the average scores are classified into two categories. To determine the materiality, a threshold of 3.33 is applied on a
scale of 1 to 5.
• Immaterial: Impacts, risks, and opportunities with an average score below 3.33
• Material: Impacts, risks, and opportunities with an average score of 3.33 or higher
All impacts are discussed by the responsible Functions and the Corporate Sustainability team, and are then validated as material
or immaterial.
Following ESRS regulations, we pursue a systematic process to identify, assess, prioritize, and monitor risks and opportunities
that could impact financial performance. Wherever relevant, they are derived from the previously identified positive and negative
impacts. The process starts with identifying potential risks and opportunities related to sustainability issues. These include
environmental, social, and governance factors and often draw on the identified impacts related to these. Both internal (such as
operational processes) and external (such as regulatory changes) aspects are considered. In this step, our team for Risk
Management and Internal Controls, our Corporate Sustainability team, and the Investor Relations team are closely involved.
Furthermore, we use established ERM processes as well as existing internal stakeholder communication channels to identify the
most relevant risks and opportunities related to the ESG matters of Siemens Healthineers. In assessing human rights impacts, we
prioritize severity over likelihood, recognizing that even low-probability events can have significant consequences. This approach
aligns with established human rights due diligence principles and ensures that potential risks are addressed proactively.
The identification of impacts, risks, and opportunities for the double materiality assessment is treated as an integrated process
involving all relevant Corporate Functions in all major steps at Siemens Healthineers. This ensures that a connection between
negative impacts and risks as well as positive impacts and opportunities, can always be drawn, if present. To raise awareness for
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
51
possible interdependencies, training material is provided to guide all involved employees, especially those not regularly dealing
with a financial-risk perspective.
The specific criteria outlined by the ESRS, and a company-specific definition of scale levels developed in line with ERM functions
of Siemens Healthineers, are used to evaluate risks and opportunities. For each criterion, extensive guiding material is provided,
which explains the different scale levels in detail and gives examples for a better understanding.
• Risks: Assessed by looking at potential negative financial effects for Siemens Healthineers.
• Opportunities: Assessed by looking at potential positive financial effects for Siemens Healthineers.
For both perspectives, Siemens Healthineers considers aspects such as revenues and costs, assets and liabilities, cost of capital,
and risk profile, as well as reputational aspects, such as media attention and regulatory implications. The assessment also
evaluates the size of these effects.
Further, Siemens Healthineers generally differentiates between potential and actual risks and opportunities by assessing the
likelihood of those risks and opportunities occurring (potential).
• Size: Measurement of the magnitude of our risks and opportunities, on a five-point scale, where 1 represents a marginal
effect and 5 represents a major effect.
• Likelihood: Evaluation of the probability of the financial effects occurring, assessing the frequency and certainty associated
with potential risks and opportunities. Siemens Healthineers uses a five-point scale from 1 (unlikely) to 5 (certain), with those
rated 5 representing the actual financial effects.
In general, a methodology of double-weighting for size over likelihood is applied. Details on the application of time horizons and
threshold criteria are identical to those described above. We manage risks within a comprehensive risk management approach
that includes various types of risks such as strategic, operational, financial, and compliance risks. Sustainability-related risks,
including cybersecurity and environmental regulations, are categories of a broader risk management framework, but they are
not explicitly prioritized over other risk categories.
Processes to identify material climate-related impacts, risks, and opportunities
At Siemens Healthineers, we conduct annual GHG inventories of Scope 1 and 2 and material Scope 3 categories to measure and
manage our emissions, with the aim of achieving a Net Zero value chain by 2050. By doing this, we are supporting the global
transition to a carbon-neutral economy and are actively reducing our negative impact.
Furthermore, our activities and plans are screened in order to identify potential future sources of GHG emissions. This has led to
the conclusion that the core pattern of where these originate in our business will likely not change significantly and therefore not
create other GHG-related impacts than those known at the time being. For further information about the detailed metrics on
where our GHG emissions are generated, please refer to A.6.2.2 Climate change.
Climate-related events have the potential to cause substantial damage to facilities and impact global supply chains. To
proactively identify and manage potential exposures to these physical risks, a location-specific climate risk assessment for each
operational site within the scope of the EU Taxonomy was conducted, using their geospatial coordinates. As we aim to expand
the coverage of assessed sites, additional locations, which were specifically requested by our business units, are also included.
The climate dimensions are categorized into four areas – temperature, wind, water, and solid matter. Climate-related hazards are
analyzed for the current (2011-2030) and future (2031-2050) climate, encompassing short-, medium- and long-term time
horizons. These time horizons are linked to the lifetime of our economic activities and reflect the common standard on climate
projections and impact analysis, as well as our climate targets.
For the physical climate risk assessment, four different emission scenarios are considered in order to cover a wide range of
climate projections: Shared Socioeconomic Pathways SSP1-2.6, SSP2-4.5, SSP3-7.0, and SSP5-8.5 (as well as Representative
Concentration Pathways RCP2.6, RCP4.5, RCP6.0, and RCP8.5). These scenarios include the high-emission climate scenario
RCP8.5, which is compatible with the SSP5-8.5 scenario used for the EU Taxonomy. The chronic and acute climate-related
hazards listed in the application requirements of the ESRS, and how these could impact our operations by creating gross physical
risks to our operations, are assessed.
As a result, several sites are assessed as being a “red flag” in at least one climate dimension. This is the highest risk classification:
• Sites posing acute risks: Forchheim (Germany), Kemnath (Germany), Helsinki (Finland), Mishawaka (USA)
• Sites posing acute and chronic risks: Melbourne (Australia), Peking (China), Tijuana (Mexico)
• Sites posing chronic risks: Athens (Greece), Cairo (Egypt), Kuala Lumpur (Malaysia), Makati City (Philippines), Midrand (South
Africa), Porto (Portugal), Palo Alto (United States of America)
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
52
For each of the climate dimensions assessed as posing a red-flag risk in the high-emission scenario SSP5-8.5, an additional
vulnerability assessment was conducted to trigger site-specific risk mitigation measures if required. Climate-related physical risks
in our up- and downstream value chain were assessed as part of our double materiality assessment as described above.
Our process for the identification of transition risks and opportunities focuses on one mitigation scenario addressing the 1.5°C
pathway. This scenario was chosen because it assumes strict climate targets and policies, leading to a rapid phase-out of CO2
emissions and a steep decline of other GHG emissions. These developments presume broad transformations of energy, industry,
transport, buildings, agriculture, and forestry. We screened the exposure of our assets and activities against a set of transition
events, given in the table below. The up- and downstream value chain was covered by including focus countries for sales and
procurement in the assessment.
Policy and legal
Technology
Market
Reputation
Policies to reduce emissions and reach
carbon neutrality
Expansion of renewable energies
Population growth
Awareness among consumers and
citizens pressures companies to
develop decarbonization plans
Limitations on carbon budgets
Decarbonization of the energy and
transportation sector
Rising economic productivity
Increasing carbon tax
Electrification of all energy systems
Increasing electricity demand in all
sectors
Industry-specific decarbonization
plans
Expansion of storage technologies
Increasing cost efficiency of
renewable technologies
Mandatory disclosure of climate
resilience and decarbonization efforts
Shift of transportation to efficient
modes
This screening was conducted by consultations with the relevant persons within our organization, covering the four segments
listed above (policy and legal, technology, market and reputation). These persons assessed the possible risks and opportunities
arising from the given transition events. Each transition event was considered in the context of an individual time scope (short,
medium, long) and a set of characteristics (likelihood, magnitude, and duration). While this analysis revealed the transition risk
that evolving regulatory requirements might increase operational cost or that non-compliance with these new regulations might
lead to negative effects to our reputation, no asset or activity was identified that would be incompatible with the transition to a
climate-neutral economy.
Processes to identify material pollution-related impacts, risks, and opportunities
In our process to identify actual and potential pollution-related impacts, risks, and opportunities, we consulted with key
stakeholders, including our employees and suppliers, and assessed pollution-inducing activities in our own operations as well as
in our upstream and downstream value chain. We thoroughly examined our own site locations, focusing on the management of
substances of concern (SoC) and substances of very high concern (SVHCs) and on the release of pollutants to air, water, and soil.
The identification of pollution-related impacts, risks, and opportunities in the upstream value chain was conducted by
professionals who have adequate knowledge to assess these impacts across our suppliers. The extent to which our products lead
to pollution-related impacts, risks, and opportunities in the downstream value chain was assessed based on expert knowledge
from our product teams. As a result of the considerations outlined, only one material impact related to SVHCs was deemed
material during the double materiality assessment process and is part of this Sustainability Report.
Consultations of affected communities have not been conducted during this process. However, our EHS management system
meets the ISO 14001 standard and includes requirements for environmental compliance with local regulations as well as for
monitoring and addressing community concerns. Further, no complaints from surrounding communities were registered in the
previous two years regarding SVHCs. In this regard, the double materiality assessment serves as the tool to identify and assess
the material impacts, risks, and opportunities. More details on the assumptions and methodologies are described above.
Processes to identify material impacts, risks, and opportunities related to resource use and circular economy
During the double materiality assessment, the topics of resource use and circular economy were screened against the assets and
activities of Siemens Healthineers. For resource inflows, resource outflows, and waste-related activities and assets, actual and
potential impacts, risks, and opportunities were assessed and allocated to either own operations, the upstream and downstream
value chain, or the entire value chain. Further information on how the double materiality assessment was conducted, including
consultations and stakeholder involvement, can be found above.
Processes to identify material impacts, risks, and opportunities related to business conduct
The identification process for significant impacts, risks, and opportunities related to business-conduct matters adheres to the
same methodology and criteria as described in the section Impact, risk, and opportunity management. To fulfill the specific
requirements for ESRS G1, the corresponding criteria are integrated. This includes evaluating impacts, risks, and opportunities
based on geographic regions as well as on global operational activities across the entire value chain. Industry-specific risks and
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
53
opportunities are assessed by considering sector-specific regulations. Additionally, the nature and structure of transactions,
including partnerships and other business arrangements, to identify associated risks and opportunities are examined.
Processes to identify material impacts, risks, and opportunities related to water and biodiversity
Regular, recurring water assessments on surface and groundwater are carried out at applicable operational sites to comply with
local water pollution regulatory requirements, with no indication of material impacts during the reporting period or in the latest
reports. Furthermore, our economic activities and operations do not involve the direct extraction or use of marine resources, and
most of our manufacturing sites are not located near the ocean, minimizing potential impacts on marine resources and sensitive
species and habitats. Additionally, no complaints from surrounding communities were registered in the previous two years
regarding water and marine resources. Our EHS management system meets the ISO 14001 standard and includes requirements
for environmental compliance with local regulations as well as for monitoring and addressing community concerns.
To analyze whether our sites are located in or near biodiversity-sensitive areas, a geographical information system (GIS) tool was
used to compare the coordinates of our relevant sites with the datasets of the European network of protected sites published by
the European Environment Agency (Natura 2000), the Key Biodiversity Areas (KBA) for species and their habitats, and the
UNESCO World Heritage Sites. This analysis shows that most of our own operations are not situated in or near biodiversity-
sensitive areas, but primarily in industrial or urbanized zones where biodiversity impact is minimal. No material negative effects
leading to the deterioration of natural habitats and the habitats of species and to the disturbance of the species for which a
protected area has been designated were identified from activities at our sites in or near biodiversity protected areas. Our EHS
management system requires compliance with local regulations, and any necessary biodiversity compensation and mitigation
measures are already mandated and implemented by municipalities or developers. Overall, the materials we source are not the
main drivers of deforestation and mostly do not depend on biodiversity and ecosystems and their services, with no evidence
suggesting significant impact along the life cycle of our products. Finally, the company’s biodiversity footprint is relatively small
compared to other industries, as most activities are limited to manufacturing sites and client locations.
In the downstream value chain, influence on water and marine resources, and on biodiversity and ecosystems is limited, as
products are used in highly urbanized healthcare settings. Upstream, we follow a risk-based approach, which includes the
Siemens Code of Conduct for Suppliers and Third-Party Intermediaries (Supplier CoC), Corporate Responsibility Self-Assessment,
and External Sustainability Audit (ESA). Furthermore, our EHS and Strategic Procurement departments mandate fulfillment of
global and local legal and regulatory requirements. This is complemented by our EHS management system, which requires the
assessment of our suppliers’ qualifications. This includes planned EHS inspections for high-risk service suppliers, so that suppliers
are aware of and adhere to our EHS rules. As a result of the considerations outlined, the topics E3 Water and marine resources
and E4 Biodiversity and ecosystems were deemed non-material during the double materiality assessment process and are not
part of this Sustainability Report.
Description of input parameters used to identify, assess, and manage material impacts, risks, and opportunities
Siemens Healthineers identifies impacts, risks, and opportunities as inputs for the double materiality assessment by drawing on
information from existing stakeholder dialogue formats. When considering the upstream value chain, we especially look at direct
information concerning tier 1 suppliers to ensure a reliable view of the supply chain. With regard to the downstream value chain,
the focus is on information about our customers in order to ensure the representation of the entire value chain. Additionally, we
review academic research to incorporate evidence-based insights where direct feedback was missing, or where nature-related
issues are in focus. We analyze this data to prioritize issues based on their significance to both stakeholders and our business.
Since this is the first Sustainability Report of Siemens Healthineers in accordance with the Corporate Sustainability Reporting
Directive of Siemens Healthineers, there is no need to report on any change in methodology compared to earlier statements. The
existing double materiality assessment will be reassessed on a yearly basis to ensure that impacts, risks, and opportunities remain
aligned with strategy, business model, value chain, and stakeholder considerations. If relevant from a regulatory perspective,
methodological changes will be considered.
Material impacts, risks, and opportunities of Siemens Healthineers resulting from the materiality assessment
The descriptions of the material positive and negative impacts, risks, and opportunities as outcomes from the double materiality
assessment are given in each topical chapter below. Generally, we identified material impacts, risks, and opportunities applying
to the entire business model, where a concentration can be seen within product- and production-related aspects. In addition,
during our assessment, we considered all of the geographical areas, facilities, asset types, inputs, outputs, and distribution
channels of Siemens Healthineers, even though they may not be explicitly reflected in the text or tables. The majority of impacts
concern our entire value chain.
The impacts, risks, and opportunities, which are linked to at least one sustainability matter, determine which sustainability
matters are material for us as a company. Mapping between sustainability matters and disclosure requirements, and
subsequently from disclosure requirements to data point level, defined the material disclosure requirements and data points for
Siemens Healthineers. Following the criteria set forth in ESRS 1, section 3.2., information is categorized as either material or non-
material within the framework of our double materiality assessment. Data points are classified as material if they are relevant to
our significant impacts, risks, and opportunities. This classification helps users of our Sustainability Report in their decision-
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
54
making process. For details on the list of disclosure requirements as well as a list of the respective data points, please refer to the
A.6.5 Notes to the Sustainability Report.
For fiscal year 2025, we have not identified any material current financial effects related to our material risks and opportunities.
Furthermore, these material risks and opportunities do not pose a significant risk of a material adjustment to the carrying
amounts of assets and liabilities reported in the related financial statements within the next annual reporting period, given the
current status of actual risk occurrence.
For fiscal year 2025 Siemens Healthineers reports on topical standards ESRS E1 (climate change), E2 (pollution), E5 (resource use
and circular economy), S1 (own workforce), S2 (workers in the value chain), S4 (consumers and end-users), and G1 (business
conduct). We also report on two entity-specific topics (healthcare access, and cybersecurity and data privacy).
Matrix of material sustainability matters
Impact1
Risk
Opportunities
E1 Climate change
Climate change mitigation
N
Climate change adaptation
Energy
E2 Pollution
Substances of very high concern
N
E5 Resource use and circular economy
Resource inflows, including resource use
Resource outflows related to products and services
Waste
S1 Own workforce
Working conditions
P
Equal treatment and opportunities for all
P, N
S2 Workers in the value chain
Working conditions
P
Other work-related rights
S4 Consumers and end-users
Personal safety of consumers and end-users
P
Entity-specific: Healthcare access
Healthcare access
P
G1 Business conduct
Corporate culture
P
Corruption and bribery
Management of relationships with suppliers, including payment practices
P
Political engagement and lobbying
P
Entity-specific: Cybersecurity and data privacy
Cybersecurity and data privacy
1 Impact type: positive (P), negative (N).
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
55
Policy glossary
The following section sets out our policies to prevent, mitigate and remediate actual and potential material impacts, to address material risks, and to pursue material opportunities. In general,
policies, procedures, and directives are checked regularly, but typically no later than three years after the last publication. Specific exceptions are outlined in the table below. Documents that are
part of our management systems are subject to ongoing monitoring, ensuring oversight and performance evaluation for continuous improvement. The policies of Siemens Healthineers are
collaboratively developed with internal experts including heads of functions and governance units, and external stakeholders to integrate key requirements and ensure robust, responsive policies.
For details on stakeholder dialogue, please refer to Who our stakeholders are and how we engage with them.
Policy
Relevant standard Key contents and monitoring processes
Scope
Third party standards respected
Most senior level in organization
accountable
Availability to stakeholders
Resource Preservation
Policy
E1, E5
Outlines ambition and scope for resource preservation,
focusing on priorities for Net Zero, supplier engagement and
sustainable product design.
All our employees
worldwide
No reference to third party
standards
Head of Sustainability along with
Business Heads
Corporate website
Corporate intranet
Environment, Health
& Safety Policy
E1, E2, E5, S1
Outlines, among other things, the commitments to protect the
health and safety of our employees, contractors, and visitors,
and to promote the well-being of our employees.
Workers worldwide as
defined in the EHS
management system
ISO 14001:2015 and
ISO 45001:2018 (with
amendments)
Head of EHS along with Business
Heads
Corporate website
Corporate intranet
Environmental
Protection, Health
Management and
Safety Directive
E1, E2, E5, S1
Implements the mandatory EHS management system for
Siemens Healthineers, aiming for compliance with complex
global legal and customer demands related to environmental
protection, health management, and occupational safety. It
also addresses accident prevention.
Workers worldwide as
defined in the EHS
management system
ISO 14001:2015 and
ISO 45001:2018 (with
amendments)
Head of EHS
Corporate intranet
Emergency
Preparedness
Procedure
E2
Describes the procedures to determine readily foreseeable
emergencies, prevent emergencies, and respond to
emergencies if they occur.
Workers worldwide as
defined in the EHS
management system
ISO 14001:2015 and
ISO 45001:2018 (with
amendments)
Head of EHS along with Business
Heads
Corporate intranet
Introduction and
Handling of
Hazardous
Materials/Dangerous
Goods Procedure
E2
Describes the process to determine and define requirements to
control the use and shipping of hazardous materials and
dangerous goods.
Workers worldwide as
defined in the EHS
management system
ISO 14001:2015 and
ISO 45001:2018 (with
amendments)
Head of EHS along with Business
Heads
Corporate intranet
Product-related
Environmental
Protection Procedure
E2
Details requirements for the environmentally conscious design
of products, communication, labeling, takeback, disposal, and
reporting for products.
Employees worldwide as
defined in the EHS
management system
ISO 14001:2015 and
amendments
Head of EHS along with Business
Heads
Corporate intranet
Waste Management
Procedure
E5
Specifies minimum requirements to minimize and manage
waste generated at our sites or associated Siemens
Healthineers projects.
Waste hierarchy: Prevention/preparation for
reuse/recycling/recovery/disposal
Employees worldwide as
defined in the EHS
management system
ISO 14001:2015 and
amendments
Head of EHS along with Business
Heads
Corporate intranet
Business Conduct
Guidelines
S1, S2, S4, G1
Outline our fundamental business principles, corporate social
responsibilities for managers and employees, reporting
channels for potential cases of misconduct, and cooperation
practices with third parties.
The BCG are regularly reviewed and updated, if needed.
All our employees
worldwide
Includes relevant global
frameworks1
Managing Board of Siemens
Healthineers AG
Corporate website
Corporate intranet
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
56
Policy
Relevant standard Key contents and monitoring processes
Scope
Third party standards respected
Most senior level in organization
accountable
Availability to stakeholders
Global Compliance
Directive
S1, G1
Constitutes the framework of the compliance system together
with the BCG, specifying its provisions in the areas of
anticorruption, antitrust, anti-money-laundering, human rights,
collective action, data privacy, and export control and customs,
as well as specific regulations with respect to interactions with
healthcare professionals and healthcare organizations.
All our employees
worldwide
See BCG
Head of Legal and Compliance
Corporate intranet
International
Framework
Agreement
S1
Highlights our dedication to social responsibility in line with the
UN Global Compact’s principles. In addition to other key
mandates, it includes our commitment to supporting the
personal development of our employees, where appropriate, in
order to prepare them with knowledge and skills for current
and future tasks.
The corresponding regulations are monitored in accordance
with local legislations.
All our employees
worldwide
International Labour
Organization (ILO), UN Global
Compact initiative
Heads of the legal entities
Third party website
Siemens Code of
Conduct for Suppliers
and Third-Party
Intermediaries
S2, G1
Includes sustainability requirements that affirm the
fundamental human rights of our suppliers’ employees. In
addition to human rights topics such as fair working conditions,
health and safety standards, the prohibition of discrimination,
forced labor, child labor, and human trafficking, it also requires
suppliers to adhere to standards such as the prevention of
corruption and bribery and to ensure environmental and
climate protection.
Once a year, the Supply Chain Management team in
collaboration with other functions evaluates the content of the
Supplier Code of Conduct and decides if an update is necessary.
Relevant suppliers and
third party intermediaries
UN Global Compact/Universal
Declaration of Human Rights,
ILO Declaration on Fundamental
Principles and Rights at Work, Rio
Declaration on Environment and
Development
Head of Procurement
Corporate website
Siemens Healthineers
Policy Statement
S2
Sets out the company’s human rights strategy and expresses
the commitment to respect human rights and environment-
related obligations. Key elements of this policy include
procedures for risk management, annual risk analysis,
prevention measures, remedies, and complaints procedures.
Siemens Healthineers pursues a risk-based approach and
constantly reviews the established risk management systems
and preventive measures, which are adjusted as necessary. The
Policy Statement is reviewed and updated once per year.
Siemens Healthineers AG
and all its controlled
companies
LkSG
Managing Board of Siemens
Healthineers AG
Corporate website
Principles of Correct
Purchasing Directive
S2, G1
Framework for ensuring the core objectives of procurement to
maintain business success by ensuring supply chain compliance
and sustainability.
Employees worldwide
involved in strategic
procurement departments
and processes
No reference to third party
standards
Head of Procurement
Corporate intranet
Service Supplier
Procedure
S2
Defines the minimum EHS-related requirements to qualify,
evaluate, and monitor service suppliers.
All service suppliers with a
contractual relationship
with Siemens Healthineers
ISO 14001:2015 and
ISO 45001:2018 (with
amendments)
Head of EHS along with Business
Heads
Corporate intranet
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
57
Policy
Relevant standard Key contents and monitoring processes
Scope
Third party standards respected
Most senior level in organization
accountable
Availability to stakeholders
Quality Management
Directive and Quality
Policy
S4
Sets out the Quality Policy, the organizational structure and
responsibilities, and the quality-management-system- and
regulatory and standards-related requirements applicable to
Siemens Healthineers, which form the basis for the
implementation of full-scope quality management systems.
The Quality Policy is
addressed to all
employees worldwide.
The other elements of the
directive are addressed to
employees involved in
quality management
processes.
Quality management system
standards, such as ISO 13485
and ISO 9001; and regulatory
requirements from global
jurisdictions, such as EU
MDR/IVDR, US FDA, Chinese
NMPA, and many others.
Head of Quality
Corporate intranet
Healthcare Access
Policy
Healthcare
Access
Outlines the ambition and approach for expanding access to
healthcare through our portfolio and partnerships and by
providing training to empower the healthcare workforce and
address capability and capacity gaps.
All our employees
worldwide
No reference to third party
standards
Head of Sustainability in
collaboration with Healthcare
Access Lead
Corporate website
Corporate intranet
Responsible Minerals
Sourcing Policy
G1
With this policy, Siemens Healthineers commits to avoiding the
use of minerals from conflict-affected and high-risk areas
within our upstream value chain. The focus is on areas affected
by risks defined in Annex 2 of the OECD Due Diligence
Guidance. The policy includes 3TG (tin, tantalum, tungsten,
and gold) as per European regulations, and additional minerals
such as cobalt and mica.
All employees involved in
procurement processes
worldwide, and relevant
suppliers in the upstream
value chain
OECD Due Diligence Guidance
for Responsible Chains of
Minerals from Conflict-Affected
and High Risk Areas (OECD Due
Diligence Guidance); Responsible
Minerals Initiative (RMI)
Standards – Siemens is a
member of the RMI; EU Conflict
Mineral Regulation (EU)
2017/821; LkSG; Dodd-Frank
Wall Street Reform and
Consumer Act (Dodd-Frank Act,
Section 1502)
Head of Procurement
Corporate intranet
Principles for Spon-
soring Activities,
Donations, Charitable
Contributions,
Educational Grants,
and Memberships
Directive
G1
Describes the responsibilities and requirements regarding
sponsoring activities, donations, charitable contributions and
fundraising, educational grants, memberships, and other
contributions without consideration.
All our employees
worldwide involved in
sponsoring, donation,
charitable contributions,
fundraising, educational
grants, and membership
activities
See Global Compliance Directive Head of Communications, Head
of Compliance, Head of
Assurance, and Head of
Customer Service
Corporate intranet
Cybersecurity
Directive
Cybersecurity
and Data Privacy
Defines the governance framework for cybersecurity with the
aim of achieving resilience against cyber threats by addressing
technologies, processes, and people, as well as ensuring the
efficient identification and management of cybersecurity risks.
All our employees
worldwide
ISO/IEC 27001:2022 extended
with ISO/IEC 27701:2019
Chief Technology Officer (CTO)
Corporate intranet
Data Privacy Directive Cybersecurity
and Data Privacy
Defines common data protection standards for the processing
of personal data to ensure compliance with the pertinent data
protection requirements.
All our employees
worldwide
ISO/IEC 27001:2022 extended
with ISO/IEC 27701:2019
Head of Legal and Compliance
Corporate intranet
1 International Bill of Human Rights, consisting of: Universal Declaration of Human Rights, International Covenant on Civil and Political Rights, International Covenant on Economic, Social and Cultural Rights; European Convention on Human Rights; ILO Tripartite Declaration of Principles on Multinational Enterprises and Social Policy,
and ILO Declaration on Fundamental Principles and Rights at Work, (in particular, on the following topics: elimination of child labor, abolition of forced labor, prohibition of discrimination, freedom of association, and the right to collective bargaining), and fundamental freedoms; OECD Guidelines for Multinational Enterprises;
Agenda 21 on sustainable development (final document of the fundamental UN Conference on Environment and Development, Rio de Janeiro); UN Convention against Corruption; OECD Convention against Bribery of Foreign Public Officials; UN Guiding Principles on Business and Human Rights; Te n Principles of the UN Global
Compact; relevant industry codes of conduct (e.g. MedTech Europe Code of Ethical Business Practice).
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
58
A.6.2 Environmental information
A.6.2.1 EU Taxonomy
The EU Taxonomy results of this section were determined on the basis of the Commission Delegated Regulation (EU) 2021/2178
in conjunction with the International Financial Reporting Standards applicable to the consolidated financial statements. Since the
exemption from submitting a non-financial statement in accordance with Section 315b para. 2 HGB was used in previous year,
previous year's figures are not available in fiscal year 2025 and are not reported.
EU Taxonomy results for the reporting year
Taxonomy-
eligible
Taxonomy-
aligned
FY
FY
2025
2025
EU Taxonomy revenue
43.6%
0.0%
EU Taxonomy capital expenditures (CapEx)
65.4%
0.1%
EU Taxonomy operating expenditures (OpEx)
70.0%
0.0%
The revenue figure shows the ratio of revenue from Taxonomy-eligible or Taxonomy-aligned economic activities to the total
revenue in the consolidated statements of income for the fiscal year. Revenue mainly results from contracts with customers. For
further information, please refer to Note 29 Segment information in the notes to the consolidated financial statements.
Based on a comprehensive assessment of the business portfolio of Siemens Healthineers, Taxonomy-eligible revenue accounted
for 43.6% of total revenue and Taxonomy-aligned revenue accounted for 0.0%. This corresponds to €10,195 million of
Taxonomy-eligible revenue, thereof €0 million to Taxonomy-aligned revenue. Taxonomy-eligible means, that 43.6% of the
business of Siemens Healthineers potentially qualifies as environmentally sustainable as defined in the EU Taxonomy Regulation.
The Taxonomy-eligible business is primarily associated with the EU’s environmental objective of transition to a circular economy
(CE). The manufacture of medical devices is thereby assigned to the activity of manufacture of electrical and electronic
equipment (CE 1.2).
The difference between alignment and eligibility is mainly due to criteria related to substances of concern that go beyond the
requirements of existing national and EU regulations. On the one hand, the criteria for substantial contribution for the activity of
manufacture of electrical and electronic equipment (CE 1.2) require proactive substitution for many of these substances, which
largely depends on the availability of (economic) alternatives as well as time required for the transition to the successor product.
On the other hand, the Do No Significant Harm (DNSH) criteria related to the use and presence of substances, part of Appendix C
pollution prevention and control, require transparency regarding the use of substances of concern. This transparency is,
particularly in non-European countries, not yet fully available.
The capital expenditures figure shows the ratio of capital expenditures from Taxonomy-eligible and Taxonomy-aligned
economic activities to total capital expenditures, reflecting additions (including additions from business combinations) to other
intangible assets and property, plant and equipment in accordance with Note 12 Other intangible assets and property, plant and
equipment in the notes to the consolidated financial statements. In the fiscal year, 65.4% (€993 million) of the capital
expenditures of Siemens Healthineers were Taxonomy-eligible, and 0.1% (€1 million) were Taxonomy-aligned. Taxonomy-
eligible capital expenditures were distributed across additions to property, plant, and equipment (€736 million), capitalized right-
of-use assets (€166 million) and internally generated intangible assets (€90 million).
In particular, the economic activities manufacture of electrical and electronic equipment (CE 1.2) and product as a service and
other circular use and result-oriented service models (CE 5.5) contributed to Taxonomy-eligible capital expenditures. However, as
explained above under the revenue figure, alignment here was still negligible, mainly due to criteria related to substances of
concern.
In addition, the acquisition and ownership of buildings (CCM 7.7) in connection with the real estate portfolio of Siemens
Healthineers was identified as Taxonomy-eligible under the environmental objective climate change mitigation (CCM). The
difference between Taxonomy-eligible and Taxonomy-aligned capital expenditures for this economic activity was impacted by
only partial availability of information on energy certificates for our global portfolio and by an energy efficiency class below the
required threshold defined in the substantial contribution criteria for the energy efficiency of buildings.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
59
The operational expenditures figure shows the ratio of operational expenditures from Taxonomy-eligible and Taxonomy-
aligned economic activities to total operational expenditures. The total operational expenditures comprise direct non-capitalized
costs related to research and development, building renovation measures, short-term leases, maintenance and repairs, and any
other direct expenditures relating to the day-to-day servicing of assets of property, plant, and equipment. In the fiscal year,
70.0% (€1,592 million) of the operational expenditures of Siemens Healthineers were Taxonomy-eligible and 0.0% (€0 million)
were Taxonomy-aligned. The Taxonomy-eligible operational expenditures are mainly composed of research and development
expenditures (€1,567 million), and the remainder relates to maintenance and repair costs (€14 million), building renovation
measures (€10 million), and short-term leases (€1 million). The Taxonomy-eligible operational expenditures mainly included the
activity of manufacture of electrical and electronic equipment (CE 1.2).
Regarding the operational expenditures figure, the difference between Taxonomy-eligible and Taxonomy-aligned operational
expenditures was mainly due to criteria related to substances of concern, which were already mentioned in the section on
revenue.
As described above, Siemens Healthineers technically falls under several eligible activities within the EU Taxonomy framework.
However, this inclusion does not translate into meaningful alignment. The current structure of the EU Taxonomy does not
adequately capture or reflect the unique characteristics of a medtech company, such as the use of lead – a material necessary for
shielding patients and healthcare professionals from ionizing radiation – which poses challenges in meeting alignment with the
EU Taxonomy requirements. Moreover, the contributions of Siemens Healthineers to the EU’s sustainable development goals
(particularly good health and well-being) are not sufficiently recognized. As a result, the low alignment rate is not merely a
reflection of technical limitations, but rather highlights the misalignment between the framework’s objectives, the unique
contributions of the medtech sector, and the uncompromising safety standards that define it.
Key economic activities of the segments
While EU Taxonomy figures are based on the Siemens Healthineers Group, this section provides contextual information for the
segments:
Imaging: The Taxonomy-eligible revenue, capital expenditures, and operational expenditures are primarily attributable to the
manufacture of devices for magnetic resonance imaging, computed tomography, X-ray, molecular imaging and ultrasound.
These activities are related to the environmental objective of transition to a circular economy and the associated economic
activity manufacture of electrical and electronic equipment (CE 1.2).
Diagnostics: The Taxonomy-eligible revenue, capital expenditures and operational expenditures in the Diagnostics portfolio
mainly relate to the sale or provision of instruments in the areas of general laboratory and special laboratory diagnostics and
point-of-care diagnostics. These activities can be assigned to the environmental objective transition to a circular economy and
the corresponding activities manufacture of electrical and electronic equipment (CE 1.2), and product as a service and other
circular use and result-oriented service models (CE 5.5).
Varian: The provision of equipment for high-precision image-guided radiotherapy is an essential part of Varian's Taxonomy-
eligible portfolio. This is related to the environmental objective transition to a circular economy and the associated activity
manufacture of electrical and electronic equipment (CE 1.2).
Advanced Therapies: Products that support image-guided minimally invasive treatment in the areas of cardiology,
interventional radiology, and surgery are a major part of Advanced Therapies Taxonomy-eligible activities. These are assigned to
the environmental objective transition to a circular economy and the associated activity manufacture of electrical and electronic
equipment (CE 1.2).
Determination of Taxonomy-eligible and -aligned figures
For calculating the Taxonomy-eligible and -aligned key figures, the business activities and associated revenue, capital
expenditures, and operational expenditures of Siemens Healthineers were mapped to applicable economic activities listed in the
respective Taxonomy Climate and Environmental Delegated Acts. Where necessary, allocation keys were used for the calculation
of capital expenditures and operational expenditures based on the revenue share of the Taxonomy-eligible and -aligned
activities. To avoid double counting in the calculation of the Taxonomy figures, it was ensured that revenue, capital
expenditures, and operational expenditures were allocated only to one environmental objective, even if there is a contribution to
multiple objectives.
For evaluation of EU Taxonomy alignment, the Substantial Contribution criteria for all Taxonomy-eligible business activities were
assessed and documented by experts from the respective businesses and organizational units supported by our internal software
solution. Depending on the type of economic activity, the assessment level was based on appropriate reporting levels, such as
product family or project level. For example, the assessment of activities related to manufacture of electrical and electronic
equipment (CE 1.2) included testing for hazardous substances at product family level. The assessment, including the compliance
with energy efficiency criteria, within the economic activity acquisition and ownership of buildings (CCM 7.7) was carried out at
the level of the respective construction project or lease agreement.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
60
The DNSH assessment was mainly carried out for those activities that meet the criteria of substantial contribution. Accordingly,
based on the specific regulatory requirements and together with technical and/or local experts, the DNSH criteria were assessed
on the product, site, project, and/or supplier level. This included, for example, an analysis of risks arising from climate change
using climate risk and vulnerability assessments across various levels of the organization. An additional requirement for EU
Taxonomy alignment is compliance with minimum safeguards (MS) as outlined in Article 18 of the EU Taxonomy Regulation.
The MS requirements were met. To assess and comply with the MS requirements covering the areas of human rights, anti-
corruption and bribery, taxation, and fair competition, Siemens Healthineers has introduced a standardized, group-wide
assessment of due diligence processes. Issues arising are addressed, using established grievance mechanisms and remediation
measures. For companies and units that become part of the Siemens Healthineers Group, this assessment process is also rolled
out as part of the integration process.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
61
EU Taxonomy – Revenue
FY 2025
Substantial contribution criteria
DNSH criteria
Code
Revenue¹
Proportion
of revenue,
FY 2025
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Minimum safeguards
Category
(E = enabling;
T = transitional)
Economic activities
(in millions
of €)
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
E/T
A. Taxonomy-eligible activities
A.1 Environmentally sustainable activities
(Taxonomy-aligned)
Revenue of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
of which enabling
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
E
of which transitional
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
T
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Manufacture of electrical and electronic equipment
CE 1.2
8,189
35.0%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Repair, refurbishment and remanufacturing
CE 5.1
443
1.9%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sale of spare parts
CE 5.2
672
2.9%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sale of second-hand goods
CE 5.4
32
0.1%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Product-as-a-service and other circular use- and result-
oriented service models
CE 5.5
134
0.6%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Manufacture of medicinal products
PPC 1.2
725
3.1%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
Revenue of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2)
10,195
43.6%
0.0%
0.0%
0.0%
40.5%
3.1%
0.0%
A. Revenue of Taxonomy-eligible activities (A1+A2)
10,195
43.6%
0.0%
0.0%
0.0%
40.5%
3.1%
0.0%
B. Taxonomy-non-eligible activities
Revenue of Taxonomy-non-eligible activities (B)
13,180
56.4%
Total A + B
23,375
100.0%
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
62
EU Taxonomy – capital expenditures (CapEx)
FY 2025
Substantial contribution criteria
DNSH criteria
Code
CapEx¹
Proportion
of CapEx,
FY 2025
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Minimum safeguards
Category
(E = enabling;
T = transitional)
Economic activities
(in millions
of €)
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
E/T
A. Taxonomy-eligible activities
A.1 Environmentally sustainable activities
(Taxonomy-aligned)
Installation, maintenance and repair of charging stations
for electric vehicles in buildings (and parking spaces
attached to buildings)
CCM 7.4
0
0.0%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
E
Installation, maintenance and repair of renewable energy
technologies
CCM 7.6
0
0.0%
Y
N/EL
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
Y
E
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
1
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
of which enabling
1
0.1%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
E
of which transitional
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
T
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
63
EU Taxonomy – capital expenditures (CapEx)
FY 2025
Substantial contribution criteria
DNSH criteria
Code
CapEx¹
Proportion
of CapEx,
FY 2025
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Minimum safeguards
Category
(E = enabling;
T = transitional)
Economic activities
(in millions
of €)
%
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
E/T
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
Renovation of existing buildings
CCM 7.2/
(CE 3.2)
1
0.1%
EL
N/EL
N/EL
EL
N/EL
N/EL
Installation, maintenance and repair of energy efficiency
equipment
CCM 7.3
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of charging stations
for electric vehicles in buildings (and parking spaces
attached to buildings)
CCM 7.4
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of instruments and
devices for measuring, regulation and controlling energy
performance of buildings
CCM 7.5
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of renewable energy
technologies
CCM 7.6
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
CCM 7.7
288
19.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Manufacture of electrical and electronic equipment
CE 1.2
384
25.3%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Repair, refurbishment and remanufacturing
CE 5.1
12
0.8%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sale of spare parts
CE 5.2
0
0.0%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Sale of second-hand goods
CE 5.4
1
0.0%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Product-as-a-service and other circular use- and result-
oriented service models
CE 5.5
307
20.3%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2)
992
65.4%
19.1%
0.0%
0.0%
46.3%
0.0%
0.0%
A. CapEx of Taxonomy-eligible activities (A1+A2)
993
65.4%
19.1%
0.0%
0.0%
46.3%
0.0%
0.0%
B. Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible activities (B)
524
34.6%
Total A + B
1,517
100.0%
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
64
EU Taxonomy – operational expenditures (OpEx)
FY 2025
Substantial contribution criteria
DNSH criteria
Code
OpEx¹
Proportion
of OpEx,
FY 2025
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Climate change
mitigation
Climate change
adaptation
Water and
marine
resources
Circular
economy
Pollution
Biodiversity
Minimum safeguards
Category
(E = enabling;
T = transitional)
Economic activities
(in millions
of €)
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
E/T
A. Taxonomy-eligible activities
A.1 Environmentally sustainable activities
(Taxonomy-aligned)
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
of which enabling
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
E
of which transitional
0
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
T
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Renovation of existing buildings
CCM 7.2/
(CE 3.2)
3
0.1%
EL
N/EL
N/EL
EL
N/EL
N/EL
Installation, maintenance and repair of energy efficiency
equipment
CCM 7.3
3
0.1%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of instruments and
devices for measuring, regulation and controlling energy
performance of buildings
CCM 7.5
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Installation, maintenance and repair of renewable energy
technologies
CCM 7.6
0
0.0%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Acquisition and ownership of buildings
CCM 7.7
2
0.1%
EL
N/EL
N/EL
N/EL
N/EL
N/EL
Manufacture of electrical and electronic equipment
CE 1.2
1,461
64.2%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
Repair, refurbishment and remanufacturing
CE 5.1
123
5.4%
N/EL
N/EL
N/EL
EL
N/EL
N/EL
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2)
1,592
70.0%
0.4%
0.0%
0.0%
69.6%
0.0%
0.0%
A. OpEx of Taxonomy-eligible activities (A1+A2)
1,592
70.0%
0.4%
0.0%
0.0%
69.6%
0.0%
0.0%
B. Taxonomy-non-eligible activities
OpEx of Taxonomy-non-eligible activities (B)
682
30.0%
Total A + B
2,275
100.0%
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
65
Tables according to Footnote (c) of Environmental Delegated Act Annex V2
Proportion of revenue/Total revenue
aligned per objective
eligible per objective
Climate change mitigation (CCM)
0.0%
0.0%
Climate change adaptation (CCA)
0.0%
0.0%
Water and marine resources (WTR)
0.0%
0.0%
Circular economy (CE)
0.0%
40.5%
Pollution (PPC)
0.0%
3.1%
Biodiversity and ecosystems (BIO)
0.0%
0.0%
Proportion of CapEx/Total CapEx
aligned per objective
eligible per objective
Climate change mitigation (CCM)
0.1%
19.1%
Climate change adaptation (CCA)
0.0%
0.0%
Water and marine resources (WTR)
0.0%
0.0%
Circular economy (CE)
0.0%
46.4%
Pollution (PPC)
0.0%
0.0%
Biodiversity and ecosystems (BIO)
0.0%
0.0%
Proportion of OpEx/Total OpEx
aligned per objective
eligible per objective
Climate change mitigation (CCM)
0.0%
0.4%
Climate change adaptation (CCA)
0.0%
0.0%
Water and marine resources (WTR)
0.0%
0.0%
Circular economy (CE)
0.0%
69.8%
Pollution (PPC)
0.0%
0.0%
Biodiversity and ecosystems (BIO)
0.0%
0.0%
Nuclear and fossil gas related activities
Row
Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity
generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or
process heat, including the purposes of district heating or industrial processes such as hydrogen production, as well as their safety
upgrades, using best available technologies.
No
3.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process
heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their
safety upgrades.
No
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity
using fossil gaseous fuels.
No
5.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuels.
No
6.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce
heat/cool using fossil gaseous fuels.
No
1 Value may be below €0.5 million, therefore rounded to zero.
2 May sum up to >100% as all relevant environmental objectives are to be considered in this table.
Codes in columns of substantial contribution criteria:
Y – yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective.
N – no, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective.
N/EL – not eligible, Taxonomy non-eligible activity for the relevant environmental objective.
Codes in columns of taxonomy eligibility:
EL – Taxonomy-eligible activity for the relevant objective.
N/EL – Taxonomy non-eligible activity for the relevant objective.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
66
A.6.2.2 Climate change
Transition plan for climate change mitigation
The strategy and business model of Siemens Healthineers support the transition to a more sustainable economy. We aim for a
Net Zero value chain by 2050. This means we are committed to reducing our Scope 1 and 2, as well as our material Scope 3
emissions by 90% by 2050, from the 2019 baseline. Residual emissions from the target year 2050 onwards will be neutralized by
purchasing carbon credits beyond our value chain.
We have also set decarbonization targets for 2030, which are in line with the goals of the Paris Agreement. Our Scope 1 and 2
target is aligned with a 1.5°C target path and our Scope 3 target with a well-below 2°C target path. Our climate transition
planning is aligned and embedded in our business strategy by focusing on our decarbonization targets, related policies, and our
actions to decarbonize our buildings and operations, our vehicle fleet, and the upstream and downstream value chain.
For the implementation of the transition plan, a high single-digit million amount of operational expenditures and a mid six-digit
amount of capital expenditures was spent in the reporting year. Of these capital expenditures, a major share was classified as
Taxonomy-aligned. Future operational expenditures to implement the transition plan (2026-2030) amount to a low triple-digit
million amount. Future capital expenditures amount to a low double-digit million amount. For details on these aspects and our
progress, please refer to Actions and Targets.
While we do not explicitly adopt new technologies as part of our levers, we continuously assess the potential impact of emerging
technologies and consider potential changes in our product and service portfolio.
Currently, there are no dedicated plans for aligning our economic activities with the criteria established in Commission Delegated
Regulation 2021/2139. If these are available in the future, they will be found in the EU Taxonomy chapter.
Our Net Zero commitments are driven by a dedicated program that is responsible for GHG accounting, Scope 1, 2, and 3
emissions reduction, and reporting. The program team sets the strategy, provides guidance to organizational units, owns
emissions data collection and reporting, drives joint action planning, and monitors progress using individual data collection
systems in the relevant areas.
The Supervisory Board oversees and advises on environmental sustainability matters, including climate-related matters. The
Managing Board is responsible for addressing climate-related risks, opportunities, and impacts, and for approving any updates to
the decarbonization targets of the company. Transition planning with a focus on the decarbonization targets is approved by the
Managing Board. Related measures are an integral part of the annual budget planning processes, including respective approval
requirements. Another key element of our management approach is the integration of our decarbonization targets into the long-
term incentive compensation component for the senior management of Siemens Healthineers.
There are no key assets with significant locked-in GHG emissions that would jeopardize the achievement of emission reduction
targets and drive transition risk.
Siemens Healthineers does not have any significant investments related to coal, oil and gas-related activities and is also not
excluded from the EU Paris-aligned benchmarks.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
67
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified an impact on climate change
mitigation, a risk related to climate change mitigation, a risk related to climate change adaptation, and an energy-related
opportunity.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Climate change mitigation
Negative impact
Greenhouse gas emissions (GHG) generated from processes in own
operations worldwide (Scope 1 and 2) and through upstream and
downstream processes (Scope 3) can contribute to climate change.
• • •
A
n/a
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Resource Preservation Policy
Transition risk
To address evolving regulatory requirements, including emerging global
carbon tax regimes and other climate-related regulations, significant short-
term investments may be required, potentially driving increased operational
costs to ensure compliance and alignment with new standards. Failure to
comply with these regulations could result in substantial risks, including
liabilities, penalties, fines, reputational damage, and even increased time to
market (possible revenue loss), loss of licenses and permits on a global
scale.
•
n/a •
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Resource Preservation Policy
Climate change adaptation
Potential physical risk
Climate-related phenomena can disrupt global supply chains, increase
prices for intermediate products or raw materials, and drive up adaptation
costs for sites in high-risk areas, such as the need for location-specific
measures like flood barriers at manufacturing facilities. These challenges
may necessitate significant adjustments to processes and site locations. • •
n/a
•
Resource Preservation Policy
Energy
Opportunity
Improving energy efficiency in Siemens Healthineers own operations can
reduce energy consumption and energy purchasing expenses.
•
n/a •
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Resource Preservation Policy
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
GHG emissions generated from processes in our own operations worldwide (Scope 1 and 2) and through upstream and
downstream processes (Scope 3) contribute to climate change. We therefore recognize the significance of our direct and indirect
contributions to climate change and accept our responsibility. Currently, our Scope 1 emissions predominantly stem from natural
gas and fuel consumption, as well as from fugitive gases. Additionally, Scope 2 emissions arise indirectly, mainly from the
electricity procured for our operations. In addition, activities in our value chain create emissions. For details on the material
Scope 3 categories, please refer to Metrics.
We are aware of the impact that climate change has on both the planet and human health and we acknowledge the current and
anticipated effects this has on the longevity of our business model and value chain. In response, we decided to align our strategy
with the Paris Agreement to reduce our negative climate impact in line with scientific research. Furthermore, this
decarbonization path addresses the effects of the identified material risks and enables us to act on the climate-related
opportunity. For details on our actions tied to this strategy, please refer to Actions.
A physical chronic risk has been identified related to resource security in the upstream supply chain. Climate-related phenomena
can disrupt global supply chains and potentially increase prices for intermediate products or raw materials. After considering
remediation measures, no significant risk was identified for our business activities.
With increasing efforts to combat climate change, we see opportunities for cost savings. These can be achieved by improving
energy efficiency and consequently reducing energy consumption.
Climate resilience
We conducted a climate-related resilience analysis covering both our material physical and transition risks. Physical risks were
assessed for each operational site within the scope of the EU Taxonomy, and for selected additional sites. Our upstream- and
downstream value chain was considered as part of our double materiality assessment. In the assessment of climate-related
transition risks, our own operations as well as our upstream- and downstream value chain were covered.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
68
The results of the assessments of climate-related impacts, risks, and opportunities are used to implement potential mitigation
actions and adapt our strategy, where necessary. In doing so, we ensure the resilience of our strategy and business model in
relation to climate change. The assessments are part of the ERM process and are performed annually.
Climate-related risk assessments represent an area of uncertainty resulting from, among other things, climate prediction
uncertainties. The critical assumptions about how the transition to a lower-carbon and resilient economy will affect broader
macroeconomic trends, energy consumption patterns, and energy mix, and assumptions about technology deployment are
described as part of the climate scenario analysis in chapter A.6.1.4 Material sustainability matters. Time horizons are in line with
our scenario analysis and our climate targets. Our actions and allocated resources described below focus on mitigating our
transition risk. Our physical risks are currently managed at the site level without a dedicated overarching key action. For further
information, please refer to Actions.
Policies
Siemens Healthineers has implemented a Resource Preservation Policy covering all material climate-related impacts, risks, and
opportunities. It was developed with cross-functional stakeholder input and addresses climate change mitigation by targeting
Net Zero emissions by 2050. Priority is given to decarbonization measures such as increasing energy efficiency and renewable
energy deployment, and to assessments of climate-related risks and opportunities in own operations and the supply chain.
Additionally, the policy fosters supplier engagement to drive emissions reductions across the value chain.
The Environmental Protection, Health Management and Safety Directive of Siemens Healthineers establishes comprehensive
requirements for environmental protection, including the mandatory implementation of an EHS management system, and strong
monitoring and reporting processes. The requirements for climate change mitigation are also included in the requirements of the
EHS management system at Siemens Healthineers. In addition, the Environment, Health & Safety Policy articulates the
fundamental commitment of the company to safeguarding the environment and promoting a sustainable future throughout the
product life cycle.
For details on the policies, please refer to Policy glossary.
Actions
Siemens Healthineers has identified and implemented a variety of decarbonization levers across its operations to achieve its
decarbonization targets. All key actions are global and ongoing, with an intermediate completion target by 2030 and a long-term
target by 2050.
Implementing the following two key actions contributes to the aim of a 90% reduction in Scope 1 and 2 emissions by 2030 from
the 2019 baseline, and of Net Zero by 2050 (for Scope 1 and 2: maintain 90% reduction by 2050 vs 2019 baseline).
Decarbonization of buildings and operations: Activities under this key action cover the following:
• All new buildings are required to adhere to our global commitment to carbon-neutral operations. Existing buildings supplied
with fossil fuels will be retrofitted through energy efficiency measures and electrification of the heat supply.
• We further increase the share of electricity from renewable sources and reduce the losses of fugitive GHGs.
Decarbonization of fleet: This key action comprises our efforts to switch to an electrified fleet by 2030, supported by
installations of charging infrastructure at our sites and by electricity from renewable sources.
Implementing the following two key actions contributes to the aim of a 28% reduction in Scope 3 emissions by 2030 from the
2019 baseline, and of Net Zero by 2050 (for Scope 3: a 90% reduction by 2050 from the 2019 baseline).
Decarbonization of the upstream value chain: Activities under this key action cover the following:
• Supplier engagement and training: We engage with our suppliers to increase transparency about their actual and future
carbon footprint. We also collaborate and motivate them to set ambitious decarbonization targets and adopt sustainable
practices. The approach is supported by a tool from an external partner, the Carbon Web Assessment (CWA). The CWA is an
integrated process consisting of an assessment that enables suppliers to learn about their own GHG emissions, and provides
detailed possibilities for reducing them. Through the CWA, we gain transparency about decarbonization efforts at our
suppliers, we increase the accuracy of modeled GHG estimations, we gain insights about the performance of our suppliers,
and we can benchmark results. In addition, we support our suppliers with web-based sustainability training to help them set
their own sustainability goals, develop roadmaps, and analyze their emissions.
• Optimizing transportation: We reduce bi-directional shipments between factories, increase the share of less-carbon-intensive
modes of transportation such as sea freight, and support the transition to sustainable fuels like biofuels.
• Promoting circularity and sustainable product design: For further information on our transformation toward a circular
economy combined with sustainable product design, please refer to A.6.2.4 Resource use and circular economy.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
69
• Reduction of business travel emissions: When feasible, we use virtual meeting technology to avoid the GHG impact of air
travel. We also encourage employees to minimize business travel, opt for lower-emission options like rail travel, and organize
necessary business travel well in advance to streamline and combine trips, where appropriate.
Decarbonization of the downstream value chain: Activities under this key action cover the following:
• Product energy efficiency: We consistently assess and implement measures to reduce the energy consumption of our
products.
• SF6 reduction: Our Radiotherapy division implements technical solutions to reduce the emissions of SF6, which is used as an
insulation gas. This includes our SF6 Recovery Program, which reduces the GHG footprint of our linear accelerators by
capturing SF6 gas, while still enabling efficient clinical operations.
• Customer education and engagement: We offer our customers guidance and training to increase their knowledge of how to
use our products in an environmentally responsible and energy-efficient manner. In addition, our technical and scientific
partnerships with universities and university hospitals also focus on innovations that enable equitable, resilient and less-GHG-
intensive hospital services.
The decarbonization of buildings with the transition to climate-friendly heating and energy supply requires financial investments.
Developing innovative products with sustainable designs that ensure energy efficiency during use necessitates substantial
resources for research and development. Short-term investments will also be necessary to meet the increasing regulatory
requirements in the area of climate protection and the associated additional effort.
The table below presents the achieved and expected emission reductions per key action:
Decarbonization levers
GHG emissions
in base year
GHG emissions
in current year
Achieved
GHG emissions
reduction
Expected
GHG emissions
reduction
FY
FY
compared to
by target year
(in kt CO2e)
2019
2025
base year
2030
Scope 1 and 2
Buildings and operations
177
74
104
160
Fleet
69
53
17
62
Scope 3
Upstream
2,840
2,832
8
705
Downstream
1,437
1,253
184
492
We are not planning to specifically use new technology as part of the levers. For determining those levers listed above, Siemens
Healthineers has explored various resources, including standards from the SBTi. This helped us to identify effective emission
reduction strategies, including the consideration of diverse climate scenarios ensuring compatibility with limiting global warming
to 1.5°C. Our actions relate to climate change mitigation and energy. No formalized key action relating to our adaptation-related
risk was identified, as our approach is centered on conducting physical risk assessments at the site level to identify and address
material climate-related gross risks and implement targeted measures to reduce them to an insignificant level.
Targets
Our ambition to achieve Net Zero across the value chain by 2050 is in line with our Resource Preservation Policy. We aim to reach
this target through the following voluntary commitments:
• A 90% reduction of absolute Scope 1 and 2 emissions by 2030, from the 2019 baseline. This target is addressed by our
decarbonization levers: Buildings and Operations, and Fleet.
• A 28% reduction of material Scope 3 emissions by 2030, from the 2019 baseline. This target is addressed by our
decarbonization levers: Upstream and Downstream.
• A 90% reduction of absolute Scope 1 and 2, and material Scope 3 emissions by 2050, from the 2019 baseline. Residual
emissions from the target year 2050 onwards will be neutralized by purchasing carbon credits beyond our value chain.
Our Net Zero targets have been successfully validated by the SBTi, confirming that our ambition to reduce GHG emissions aligns
with the current scientific understanding of limiting global warming to 1.5°C, as outlined in the Paris Agreement. This alignment
with international climate goals ensures that our targets are based on conclusive scientific evidence and contribute to the
collective global effort to mitigate climate change. With our targets, we are contributing to the following UN SDGs: Industry,
innovation and infrastructure (SDG 9), Responsible consumption and production (SDG 12), and Climate action (SDG 13).
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
70
We ensure consistency between our GHG emission reduction targets and inventory boundaries by applying the principles and
methods of the Greenhouse Gas Protocol (GHG Protocol) for calculating Scope 1, 2, and 3 emissions, and by aligning our targets
with these boundaries for Scope 1, Scope 2 market-based, and our material Scope 3 categories.
Siemens Healthineers has taken deliberate steps to ensure that the baseline value used for its GHG emission reduction targets is
both accurate and representative of its operations. The baseline year selected is fiscal year 2019, chosen specifically because it
reflects a typical operational year before the disruptions caused by the COVID-19 pandemic. This selection was made to ensure
that the baseline accurately represents the activities of the company, avoiding the skewed emissions data that could result from
the extraordinary circumstances of the pandemic. The emissions generated by Varian Medical Systems Inc. were included in the
baseline year to ensure comparability with subsequent years, even though the acquisition of the entity occurred after the actual
baseline year.
The targets have been established using a cross-sector pathway, considering underlying climate and policy scenarios. In addition,
GHG emission data were extrapolated to consider the impact of future economic growth on GHG emissions and the effectiveness
of reduction measures. Projected future emissions were analyzed to assess the impact of emerging technologies and to identify
relevant effective actions. Customer preferences and regulatory factors are continuously monitored to ensure that the company
remains responsive to evolving market demands. Our targets were developed using a thorough stakeholder-backed analysis, by
engaging in depth with key customers, investors, partners, and employees worldwide. For details on stakeholder involvement,
please refer to A.6.1.1 Basis for preparation of the Sustainability Report.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
71
Targets related to climate change mitigation
(in t CO2e)
Base year
GHG emissions in
base year
GHG emissions in
previous year
Target year
Target value
(reduction to base
year in %)
Contribution per scope to
reduction target
(in %)
Status in current
year (reduction from
base year in %)
Progress in line
with target
attainment
Scope 1
63
Reduction in Scope 1 and 2
emissions
2019
246,623
146,619
2030
90
Scope 2
37
49
Yes
Reduction in Scope 3 emissions
2019
4,277,392
4,191,338
2030
28
Scope 3
100
4
Yes
Scope 1
3
Scope 2
2
Reduction in Scope 1-3 emissions
2019
4,524,015
4,337,956
2050
90
Scope 3
95
7
Yes
The reported GHG emissions in the Scope 1 and 2, and in the material Scope 3 categories as well as the GHG emissions covered by the target are fully aligned. Our targets relate to climate change
mitigation. We have chosen not to set specific targets for climate change adaptation because we focus on monitoring the effectiveness of our approach through site-specific physical risk
assessments. These assessments identify gross physical climate risks, and where risks are determined to be significant, we implement mitigation actions aimed at reducing these to an insignificant
net risk.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
72
Metrics
Metrics: Gross Scopes 1, 2, and 3, and total GHG emissions
The gross Scope 1 GHG emissions of Siemens Healthineers are presented in the table below:
Total gross Scope 1 GHG emissions
(in t CO2e)
CO2
CH4
N2O
SF6
NF3
HFCs
PFCs
Total
Stationary combustion
38,662
71
71
‐
‐
‐
‐
38,804
Mobile combustion
52,564
137
274
‐
‐
‐
‐
52,976
Fugitive emissions
‐
‐
‐
4,381
‐
6,102
‐
10,483
Process emissions
3
‐
311
‐
‐
‐
‐
314
Total (consolidated companies)
91,229
208
657
4,381
‐
6,102
‐
102,576
The gross location- and market-based Scope 2 GHG emissions of Siemens Healthineers are presented in the table below:
Total gross Scope 2 GHG emissions
(in t CO2e)
Location-based
Market-based
Electricity
187,060
15,457
District heating
8,639
8,514
District cooling
‐
‐
Total (consolidated companies)
195,699
23,971
The gross GHG emissions of Siemens Healthineers that occurred during the reporting period are as follows:
GHG emissions
FY
(in t CO2e)
2025
Scope 1 GHG emissions
Gross Scope 1 GHG emissions
102,576
Scope 2 GHG emissions
Gross market-based Scope 2 GHG emissions
23,971
Gross location-based Scope 2 GHG emissions
195,699
Material scope 3 GHG emissions
Gross material Scope 3 GHG emissions
4,085,146
3.1 Purchased goods and services
2,256,277
3.4 Upstream transportation and distribution
493,535
3.6 Business travel
82,275
3.11 Use of sold products
1,253,058
Total GHG emissions
Total GHG emissions (market-based)
4,211,693
Total GHG emissions (location-based)
4,383,422
In fiscal year 2025, no Scope 1 GHG emissions were regulated by emission trading schemes.
Our market- and location-based total GHG intensities amount to 180 tCO2e/million € and 188 tCO2e/million €, respectively. For
the net revenue used to calculate the GHG intensity, please refer to B.1 Consolidated statements of income (line item: Revenue).
GHG emissions are calculated using the principles and methods of the GHG Protocol for Scope 1, 2, and 3. Organizational system
boundaries follow the operational control consolidation approach, with the reporting year defined as the fiscal year from October
to September. Emissions are expressed in CO2e and include all GHGs covered by the GHG Protocol. Secondary emission factors
are updated annually, and supplier-specific emission factors are requested and updated as needed.
The gross biogenic emissions from the combustion or biodegradation of biomass amount to 3,271 tCO2e for Scope 1. Biogenic
emissions for Scopes 2 and 3 are evaluated as not material.
In fiscal year 2025, unconsolidated emissions equal zero, therefore all emissions (Scope 1, 2, and 3) relate to the consolidated
scope.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
73
Scope 1 and 2 emissions are reported for continuing operations, with primary data for consumption of energy for stationary
combustion, fugitive emissions, and process emissions collected digitally by an integrated and global system (quarterly) for the
most environmentally relevant sites. The sites aggregate the energy data manually and enter it into the system. For sites without
energy consumption data in the system, the used area in square meters and internal averages are used for extrapolation.
Fugitive gases are not extrapolated for non-reporting sites. Subsequently, GHG emissions are manually and centrally calculated
using the primary consumption data and corresponding literature-based emission factors.
The emission data for mobile combustion and electricity consumption by the fleet is delivered by Siemens AG. The emission data
is calculated based on the underlying energy consumption of the vehicles and the associated emission factors. The energy
consumption of the vehicles is determined for each energy source (petrol, diesel, liquefied petroleum gas, compressed natural
gas, ethanol, electricity). The emission factors for each energy source are based on the data sets of the Intergovernmental Panel
on Climate Change (IPCC), the International Energy Agency (IEA), or the Department for Energy Security and Net
Zero/Department for Environment, Food & Rural Affairs (DESNZ/DEFRA).
Emissions from biogenic commodities (ethanol, wood chips) are recorded separately for Scope 1 emissions according to the GHG
Protocol. DESNZ/DEFRA emission factors are used to calculate the respective emissions.
Scope 2 emissions are calculated using both a market- and location-based approach. Gross location-based Scope 2 GHG
emissions are calculated using the CO2e emission factors from the IEA, the US Environment Protection Agency (eGrid), and
Statistique Canada for electricity, and DESNZ/DEFRA for heat and cooling. Gross market-based Scope 2 GHG emissions are
calculated according to the data-source hierarchy defined in the GHG Protocol. The Association of Issuing Bodies is used as a
source for the residual mix.
In 2023, Siemens Healthineers analyzed and assessed the emission levels and influenceability of emission sources along the
upstream and downstream value chain. The following Scope 3 categories have been assessed to be material and included in the
inventory: Scope 3.1 (purchased goods and services), Scope 3.4 (upstream transportation and distribution), Scope 3.6 (business
travel), and Scope 3.11 (use of sold products). These material Scope 3 categories cover more than 90% of all Scope 3 emissions.
Therefore, they fulfill the minimum coverage requirement of the SBTi. Based on the assessment, the following Scope 3
categories were excluded: Scope 3.2 (capital goods), Scope 3.3 (fuel- and energy-related activities), Scope 3.5 (waste generated
in operations), Scope 3.7 (employee commuting), Scope 3.8 (upstream leased assets), Scope 3.9 (downstream transportation
and distribution), Scope 3.10 (processing of sold products), Scope 3.12 (end-of-life treatment of sold products), Scope 3.13
(downstream leased assets), Scope 3.14 (franchises), and Scope 3.15 (investments).
Given the nature of Scope 3 emissions, it is important to recognize that comprehensive data availability may have inherent
limitations. Unlike operational emissions within Scopes 1 and 2, Scope 3 emissions cannot be fully measured and often rely on a
significant amount of estimated or modeled data based on company-specific assumptions. To ensure the most accurate
representation of actual emissions and to avoid underestimation, Siemens Healthineers adopts a conservative approach when
handling uncertainties related to future emissions. Potentially differing reporting dates of entities in our value chain are not
relevant, since an own calculation is conducted that is not dependent on individual reporting timelines of our business partners.
Our material Scope 3 categories are calculated as follows:
Scope 3.1 emissions are calculated using a spend-based approach based on purchase volume and include emissions from
purchased goods and services. These emissions are derived from a model calculation by an external partner, which classifies our
suppliers based on product or service categories and the supplier’s country, assigning an average emission factor based on this
combination. Emission reduction measures implemented by our suppliers are assessed through surveys and are also considered
in the calculations.
Scope 3.4 emissions are calculated using a spend-based approach based on purchase volume and include emissions from
upstream logistics and distribution services. These emissions are derived from a model calculation by an external partner, which
classifies our suppliers based on product or service categories and the supplier’s country, assigning an average emission factor
based on this combination. Emission reduction measures implemented by our suppliers are assessed through surveys and are
also considered in the calculations.
Scope 3.6 emissions comprise emissions from business travel at Siemens Healthineers. They cover emissions resulting from air
travel, as well as ground travel such as rental cars and hotel stays. Estimations for flights are based on route data, including the
class of service. The calculation for rental cars follows a spend-based approach using estimations for CO2e emissions/euro
provided by main rental car suppliers. The emissions related to rail travel are calculated based on the CO2e value per kilometer
using a spend-based approach.
Scope 3.11 emissions encompass energy and fugitive GHG emissions from the use phase of sold products over their expected
lifetime. We calculate these emissions internally and consider sales volumes in regional markets and specific product user
scenarios. Emission factors for electricity consumption are sourced from the IEA, while those for fugitive gas leakages are derived
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
74
from the IPCC. In accordance with the accounting requirements of the GHG Protocol Scope 3 Calculation Guidance, future GHG
emissions over the lifetime are considered.
Emission factors are sourced from recognized sources that are regularly updated. This ensures they meet the latest scientific
standards. Assumptions in calculating GHG emissions arise due to emission calculation methodologies and the choice of
emission factors, most significantly the indirect method of calculating Scope 3 emissions based on sector average factors.
Overall, 0% of our Scope 3 emissions were calculated using primary data obtained from suppliers or other value chain partners.
None of the metrics related to climate and energy have been validated by an external body other than the assurance provider as
part of the limited assurance audit of this Sustainability Report.
Metrics: Energy consumption and mix
The following table summarizes our energy consumption from fossil and renewable sources. The business activities of Siemens
Healthineers relate to manufacturing, a high climate impact sector. Therefore, our total energy consumption and our entire
revenue arise from activities in the high climate impact sector (100%).
Energy consumption and mix
FY
(in MWh)
2025
Total energy consumption
945,530
Total fossil energy consumption
472,645
Share of fossil sources in total energy consumption (in %)
50
Fuel consumption from coal and coal products
‐
Fuel consumption from crude oil and petroleum products
1,835
Fuel consumption from natural gas
189,030
Fuel consumption from other fossil sources, including diesel and petrol
205,156
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources
76,625
Total nuclear energy consumption
3,395
Share of consumption from nuclear sources in total energy consumption (in %)
0
Total renewable energy consumption
469,490
Share of renewable sources in total energy consumption (in %)
50
Fuel consumption from renewable sources, including biomass
10,795
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources
458,695
Consumption of self-generated non-fuel renewable sources
‐
Our energy intensity is 40 MWh/million €. For the net revenue used to calculate the energy intensity, please refer to
B.1 Consolidated statements of income (line item: Revenue).
The following table illustrates the amount of renewable and non-renewable energy that was produced during the reporting
period:
Energy production and mix
FY
(in MWh)
2025
Non-renewable energy production
401
Renewable energy production
7,365
Since fiscal year 2022, Siemens Healthineers has considered renewable energy certificates (RECs) in its renewable energy use.
Guarantees of origin (GoOs), international renewable energy certificates (iRECs), and others are also used for the purchase of
energy bundled with attributes about energy generation or for unbundled energy attribute claims related to market-based Scope
2 emissions.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
75
The percentage of contractual agreements used for the purchase of energy bundled with attributes about the energy generation
or for unbundled energy attribute claims is determined by calculating the share of energy either bundled with attributes about
the energy generation or unbundled energy attribute claims for which Siemens Healthineers has purchased GoOs, RECs, iRECs, or
other attribute claims.
Share of contractual agreements used for the purchase of energy bundled with attributes about the energy generation or
for unbundled energy attribute claims
Total (including electricity,
district heating and
district cooling)
FY
(in %)
2025
Share of energy bundled with attributes about the energy generation or
unbundled energy attribute claims
85
Thereof bundled with instruments
33
GoOs
28
RECs
4
iRECs
1
Type of instruments used for energy bundled
others
0
Thereof unbundled energy attribute claims
52
GoOs
1
RECs
35
iRECs
16
Type of unbundled energy attribute claims
others
0
For energy-related metrics, data collection is conducted at the most environmentally relevant sites. For sites without
consumption data, internal averages for primary and secondary energy consumption per square meter are used for
extrapolation.
Metrics: GHG removals and GHG mitigation projects financed through carbon credits
Siemens Healthineers does not procure carbon credits on a corporate level, nor does it plan to cancel carbon credits in the
upcoming year. Similarly, Siemens Healthineers currently has no GHG removal and storage projects in its own operations and
does not actively participate in strategic GHG removal and storage projects along the value chain.
We do not consider carbon credits for our Scope 1, 2, and 3 emissions and we also do not consider carbon credits for our 2030
GHG emission reduction targets. Our Net Zero commitment for 2050 focuses on the 90% reduction of Scope 1, 2, and 3
emissions. Remaining emissions from the target year 2050 onwards will be neutralized by purchasing carbon credits beyond our
value chain.
Furthermore, Siemens Healthineers does not apply significant internal carbon pricing schemes.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
76
A.6.2.3 Pollution
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact in relation to
substances of very high concern.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
M
l
Substances of very high concern
Negative impact
Using or releasing substances of very high concern (which are exempt by
Regulation (EC) 1907/2006 (REACH) due to medical equipment) in own
operations, in the supply chain, and within products worldwide can harm
workers, nature and communities.
• • •
P
•
Emergency Preparedness Procedure
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Introduction and Handling of
Hazardous Materials/Dangerous
Goods Procedure
Product-related Environmental
Protection Procedure
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Our company uses SVHCs in specific products and manufacturing processes. In many cases, these substances are present in small
concentrations inside materials used in production, and they often serve essential product functions for which no technical
and/or more environmentally viable substitutes are available.
To strengthen the resilience of our strategy and business model, we carry out regular assessments as part of our environmental
management system following ISO 14001. Alongside annual internal and external audits and management reviews, this includes
aspect and impact identification and evaluation in order to identify the most relevant topics. These processes, combined with
measures based on environment-related data, incidents, and new regulatory requirements, form the foundation of our
continuous improvement process. This approach is aligned with the Plan-Do-Check-Act (PDCA) cycle, ensuring that our
management system adapts to emerging impacts, risks, and opportunities in a proactive and structured manner.
Policies
Siemens Healthineers has implemented a set of policies to manage our potential negative impact relating to SVHCs. For all
policies, relevant stakeholders are consulted before new or updated procedures are issued.
The Introduction and Handling of Hazardous Materials/Dangerous Goods Procedure covers both articles and substances that are
capable of posing a significant risk to health, safety, property, or the environment during storage, use, and transportation. This
includes materials and preparations that may exhibit an acute or chronic health, physical, or a potential environmental hazard,
when used in the workplace. It addresses our negative impact by defining tasks (along with responsibilities) that need to be
performed for safe introduction, storage, and handling of hazardous materials and for shipping dangerous goods.
Further, the Product-related Environmental Protection Procedure covers materials whose use in products of the medical
equipment industry have some limitation or require a registration, license, reporting, labeling, or documentation based on
existing or planned regulations, customer requirements, their environmental hazard characteristics, or other business risks. The
Procedure addresses our negative impact by specifying minimum product-related environmental protection requirements for the
global businesses of Siemens Healthineers. This includes SVHC-related design requirements for products and packaging, as well
as regular analyses of declarable substances.
As we are aware of the potential negative impact of using or releasing SVHCs and acknowledge the current and anticipated
effects this has on our business model and value chain, both policies mention the preferential use of less hazardous materials, if
possible. They do, however, not specifically mention the phasing out of SVHCs as these may fulfill essential roles for which no
viable alternatives exist.
The Emergency Preparedness Procedure focuses on avoiding incidents and emergency situations and, if and when they occur, on
controlling and limiting their impact on people and environment by specifying minimum requirements for the global businesses
of Siemens Healthineers to establish and implement emergency preparedness processes. It addresses the avoidance of incidents
and emergency situations by defining an emergency preparedness process that includes identifying and assessing foreseeable
EHS emergencies as well as planning and providing regular training on how to respond to them.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
77
The Environmental Protection, Health Management and Safety Directive of Siemens Healthineers establishes comprehensive
requirements for environmental protection, including the mandatory implementation of an EHS management system, and strong
monitoring and reporting processes. In addition, the Environment, Health & Safety Policy articulates the fundamental
commitment of the company to safeguarding the environment and promoting a sustainable future throughout the product life
cycle. For details on the policies, please refer to Policy glossary.
Actions
Siemens Healthineers has defined the following action in relation to SVHCs:
Implementation of a tool for global safety data sheet management: This key action concerns safety data sheets (SDS)
provided by suppliers globally that contain data about SVHC concentrations. The implementation phase was in fiscal year 2025,
with further continuous improvements planned for the coming years. Activities related to this key action improve the
management of SDS data by implementing a global tool to harmonize the SDS management landscape. By providing information
on our upstream value chain, this action will complement the currently available data for the KPI calculation related to SVHC data
over the entire value chain. Implementation was carried out without the need for significant additional resources.
Targets
Siemens Healthineers has not set measurable targets for external reporting. Our defined level of ambition relates to compliance
with regulatory requirements, such as threshold limits for emissions into the environment. However, we track the effectiveness
of our policies and actions related to our potential negative impact relating to pollution. Progress evaluation is embedded in our
management system and is continuously tracked via the metrics defined below.
Metrics
The following table summarizes the total SVHCs that are on-premises and leaving the facilities as part of products, as emissions,
and as part of services in fiscal year 2025:
Substances of very high concern
On-premises
Leaving the facilities
Total used or
procured
As part of
products
As emissions
As part of
services
Total leaving
the facilities
FY
FY
FY
FY
FY
(in kg)
2025
2025
2025
2025
2025
Total¹
1,868,910
1,730,434
‐
87,749
1,818,183
Main hazard classes
Carcinogenicity
81,948
‐
‐
388
388
Germ cell mutagenicity
81,591
‐
‐
‐
‐
Reproductive toxicity
1,865,889
1,729,599
‐
87,288
1,816,887
Endocrine disruption for human health
2
‐
‐
‐
‐
Endocrine disruption for the environment
6,591
835
‐
676
1,511
Persistent, mobile and toxic or very persistent, very mobile properties
‐
‐
‐
‐
‐
Persistent, bioaccumulative and toxic or very persistent, very
bioaccumulative properties
292
2
‐
85
87
Respiratory sensitisation
3
‐
‐
‐
‐
Skin sensitisation
6
‐
‐
‐
‐
Chronic hazard to the aquatic environment
1,726,547
1,591,689
‐
82,689
1,674,378
Hazardous to the ozone layer
‐
‐
‐
‐
‐
Specific target organ toxicity, repeated exposure
81,588
‐
‐
‐
‐
Specific target organ toxicity, single exposure
‐
‐
‐
‐
‐
1 Due to substance properties and legal classifications, a substance can appear in multiple hazard classes. If a substance is assigned to several hazard classes, the weight of this substance was used to calculate the weight
for those respective hazard classes. Therefore, the individual class weights do not sum to the total.
The SVHCs on-premises and their hazard classes are calculated by using primary data on substance concentration from SDSs and
declared substance concentrations provided by the respective third party suppliers, where available. When a substance’s
concentration is provided in ranges by a third party, the arithmetic mean is applied. The total amount of SVHCs is calculated by
multiplying the substance concentration by the procured weight of relevant materials and by using extrapolation methodologies
that take into account the collected data. The weight of materials is calculated using a model based on international trade flows
as reference data linked to the total purchasing volume.
The key assumption that all purchases from third party suppliers are fully used within the same reporting period has been
applied. Additionally, for purchased materials that end up in final products or are used as part of services, it is assumed all are
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
78
subsequently sold in the same reporting period. This is due to the nonavailability of data about when exactly products containing
SVHCs are leaving the facilities. The same methodology and key assumptions used for the calculation of the SVHCs on-premises
was applied for determining the volume of substances as part of products and services leaving the facilities.
The total SVHCs leaving the facilities are comprised of:
• SVHCs leaving the facilities as part of products (e.g. in reagents, instruments, or devices)
• SVHCs leaving the facilities as part of services (e.g. in spare parts or consumables for the maintenance of our devices)
• SVHCs leaving the facilities as emissions (e.g. in fugitive emissions or incidents)
The SVHCs leaving the facilities as emissions are calculated by using primary data through direct measurements in line with local
environmental laws and regulations. In our regular operations, we adhere to legal limits to ensure that emissions of pollutants
into the air, water, and soil do not have significant negative impacts on the environment. Therefore, only emissions relating to
unexpected environmental incidents and fugitive emissions are included. None of the metrics relating to SVHCs have been
validated by an external body other than the assurance provider as part of the limited assurance audit of this Sustainability
Report.
A.6.2.4 Resource use and circular economy
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following risk related to
resource inflows and the following opportunities with respect to resource outflows and waste.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Resources inflows, including resource use
Physical risk
There is a risk of delays and interruptions in the supply chain due to
political instabilities, material, labor, and transportation shortages/outages,
climate change, et al.
•
n/a •
Resource Preservation Policy
Resource outflows related to products and services
Opportunity
Increased use of secondary materials, parts, and products considering
regulatory, commercial, and technical boundary conditions as well as
reduced use of primary materials can reduce operational costs.
• • •
n/a •
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Resource Preservation Policy
Opportunity
Improving energy efficiency and optimizing the lifetime of our products
reduces total costs of ownership for our customers and can create market
advantages.
• • •
n/a •
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Resource Preservation Policy
Waste
Opportunity
Diverting waste generated by Siemens Healthineers in its own operations
can reduce disposal costs and offset the need for raw materials. This
approach drives operational efficiency, strengthens market positioning and
contributes to addressing global resource scarcity.
•
n/a •
Environment, Health & Safety Policy
Environmental Protection, Health
Management and Safety Directive
Waste Management Procedure
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Using resources efficiently and transitioning to a circular economy are critical to reducing environmental impact, addressing
climate change, and preserving raw materials. In healthcare, applying circularity and EcoDesign principles is especially important
to reduce the footprint of medical equipment and consumables, reduce waste, and enable resource efficiency that supports both
improved patient outcomes and broader access to healthcare.
Our commitment to advancing circularity and EcoDesign is embedded in our sustainability strategy and aligned with our
Resource Preservation Policy. We drive this through our Sustainable by Design approach, which focuses on reducing
environmental impact through sustainable product design and circular value creation.
The risks and opportunities described above have current and anticipated effects on our business, our value chain, and our
decision-making processes. They may impact our value chain and thus our ability to provide healthcare solutions to customers
and patients.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
79
The unavailability of primary materials may limit our manufacturing output and our ability to serve customers and patients. Our
procurement strategy addresses this risk with a robust and diverse network of suppliers. However, we also implement specific
actions that are described below. For example, reductions in resource use and the lifetime optimization of our products are levers
to reduce the risk and address the opportunities. Both also reduce our carbon footprint.
The continuous increase in low-carbon, secondary, recycled, and renewable materials, and in refurbished parts and components,
both in products and spare parts, and in fully refurbished products further reduce this risk. As an opportunity, this approach
reduces our environmental footprint, contributes to our sustainability targets, particularly Scope 3 GHG emissions, and reduces
our costs. The opportunity relating to the diverting of waste within our own operations, including the reuse of materials, is an
opportunity for us to reduce the cost of waste disposal and raw material procurement. This has an impact on our business model
and strategy for the transition toward a circular economy.
We strengthen the resilience of our strategy and business model by carrying out regular assessments as part of our management
systems (short-term). Alongside annual internal and external audits and management reviews, this includes aspect and impact
identification and evaluation to identify the most relevant topics.
Risks and opportunities are regularly evaluated and addressed as part of our ERM system, following a PDCA cycle of continuous
improvement.
Policies
The Resource Preservation Policy of Siemens Healthineers addresses the opportunities and the risk by focusing on circular
economy and EcoDesign principles, and, as outcomes, on a continuous reduction of virgin resources while improving sustainable
sourcing and the use of renewable resources. The Waste Management Procedure of Siemens Healthineers addresses our waste-
related opportunity. The Environmental Protection, Health Management and Safety Directive of Siemens Healthineers establishes
comprehensive requirements for environmental protection, including the mandatory implementation of an EHS management
system, and strong monitoring and reporting processes. In addition, the Environment, Health & Safety Policy articulates the
fundamental commitment of the company to safeguarding the environment and promoting a sustainable future throughout the
product life cycle.
All policies and procedures undergo stakeholder consultation prior to updates, ensuring they remain relevant to business
priorities and stakeholder expectations. For details on the policies, please refer to Policy glossary.
Actions
Siemens Healthineers has initiated a set of actions with relation to resource use and circular economy as outlined in its Resource
Preservation Policy and supported by the EHS Policy. These actions are key to how the company addresses impacts, risks, and
opportunities related to resource use and circular economy.
We embed circularity and EcoDesign principles into product design and development and anchor key priorities in our
Sustainable by Design approach. This approach is driven by global programs on circularity and EcoDesign, bringing together
cross-functional and cross-business participants. It is continuously refined based on stakeholder feedback and evolving best
practices. The approach guides actions in the following four key priorities:
• Responsible material use: The design of our products is a major lever to reduce resource use and to improve circularity
throughout the whole product life cycle. We use Life Cycle Assessments (LCAs), which are systematic evaluations of a
product’s environmental impact throughout its entire life cycle, to guide design decisions and prioritize high impact
interventions such as the use of low-carbon and secondary materials to reduce the use of virgin resources. Product
development integrates design criteria for lightweighting and recyclability as well, to reduce material consumption and the
carbon footprint. We communicate the environmental impact of our products to our customers via an Environmental Product
Declaration. These actions apply across our full product life cycle and our global supply chain, and are continuously followed
up, so they are not currently linked to a dedicated time horizon.
• Energy efficiency: Energy efficiency is one of the cornerstones of our EcoDesign approach. We embed it into the design of
new products, using LCAs to quantify and guide design decisions for energy performance improvements. This not only
supports a measurable reduction in product-related emissions across the life cycle, but also delivers benefits for customers in
the form of lower operating costs and lower total cost of ownership. Our implementation priorities combine product features
that optimize energy consumption, the application of advanced technologies (e.g. AI) to accelerate workflows and optimize
energy utilization, and customer collaborations to co-create solutions that drive energy efficiencies in the use phase. Our
actions also support current and future legislation, such as the EU Ecodesign for Sustainable Products Regulation, and they
apply downstream where customers are affected.
Activities under this global key action are followed up on a long-term time horizon that is aligned with the targets to which
they contribute:
> By 2030 (for Scope 3 emission targets)
> By 2050 (for Net Zero emission targets)
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
80
By implementing this key action, we can contribute to the decrease of Scope 3 emissions in downstream activities, as stated in
our Scope 3 GHG emissions goal. Therefore, it corresponds to the key action Decarbonization of the downstream value chain.
For further information, please refer to Actions.
• Lifetime optimization: We design for reuse, upgradeability, refurbishment, and extended use to reduce resource
consumption and waste across the product life cycle. Our “Baukasten” program offers a modular product design approach that
enables the strategic use of identical components, such as computers or power supplies, within and across several product
families. This contributes to both an improved environmental footprint and an optimized total cost of ownership across the
product life cycle. Our customer service and business partners are responsible for the maintenance of our installed base of
medical systems and laboratory devices. This includes providing and conducting service and maintenance of products (e.g.
replacing defective parts).
We recirculate materials, parts, components, and products by recovering, repairing, and refurbishing them to preserve raw
materials and carbon emissions and extend the lifespan of key components. In our technology center Power & Vacuum
Technology, several parts and sub-assemblies such as anodes and X-ray tube cooling systems are regularly reused. Before
reuse, they are cleaned, disinfected, and prepared using the most appropriate technology.
We offer product upgrades and refurbished and reconditioned systems. This helps our customers lower their environmental
footprint while maintaining access to high quality equipment and advanced healthcare technologies. Our magnetic resonance
imaging, computed tomography, and molecular imaging system upgrades help preserve key components while incorporating
advanced technology for our customers. We also offer a trade-in service that offers our customers the option to trade in used
devices. Through these trade-ins, we recover parts and components, as well as entire systems that can be further maintained.
All activities under this key action apply to the entire value chain where suppliers, customers, and associations may be
affected. These are continuously followed up, so they are not currently linked to a dedicated time horizon.
• Waste reduction in products and packaging: We offer take-back services for used medical devices, which are then
refurbished or repaired to extend product life and conserve resources. We also partner with authorized recyclers to ensure
proper handling, disposal, and diversion of electronic waste material, promoting the longevity of our products and their
material components. In addition, waste streams are periodically reviewed to determine opportunities to reduce waste. We
provide the specific Waste of Electrical and Electronic Equipment (WEEE) labels (WEEE registration number where applicable
and symbol for separate collection), user documentation, and disposal instructions in accordance with European Directive
2012/19/EU and all other relevant national and international regulations. We strive to avoid any disposal, if possible, by
designing waste out of the product. Solid waste management and environmentally sustainable operations are also critical for
healthcare providers, especially diagnostic laboratories. Our diagnostic solutions, combining assays with advanced
instruments, support laboratories in improving efficiency, managing waste more effectively, and lowering their environmental
footprint while maintaining high diagnostic quality and operational efficiency.
Packaging waste management is a key area of focus, supporting our customers in reducing disposal efforts and becoming
more environmentally sustainable. Our packaging solutions for laboratory reagents reduce volume and replace plastic inlays
with cardboard. For local magnetic resonance coils, for example, we innovate with new cardboard-based recyclable packaging
that saves plastic waste.
All activities under this key action apply to the entire value chain where suppliers and customers may be affected. These are
continuously followed up, so they are not currently linked to a dedicated time horizon.
Waste reduction in own operations: We actively pursue the reduction of waste to landfills and enhance waste management
practices in our own operations, with the scope of this action including the disposal of waste into landfills globally. Actions are
carried out continuously. In close collaboration with various stakeholders, including employees, environmental experts, and
waste disposal providers, programs have been developed and implemented that aim for sustainable waste management.
Looking ahead to 2026, Siemens Healthineers plans to expand its waste management resources, supporting the sites to reduce
their waste generation. These ongoing initiatives aim to achieve a significant reduction in waste to landfill.
Key measures include recovering waste for recycling or energy recovery, reducing packaging waste, optimizing manufacturing
and logistic processes, and diverting waste to other disposal options.
To monitor progress, a company-wide dashboard is provided and accessible to all employees. It offers a transparent overview of
the waste volumes generated at each site, their development over time, and all reported measures by site and country. In this
way, the dashboard actively supports each location in identifying and implementing new waste reduction initiatives.
Targets
Siemens Healthineers has not yet set measurable targets for external reporting. In prior voluntary reports, we communicated our
aim to increase the share of circular revenue. However, currently available definitions of this KPI do not provide a sufficiently
meaningful basis for setting targets in our business context. Therefore, while we report our circular revenue in line with
regulatory requirements, we are developing targets that focus on minimizing resource consumption and improving the
environmental impact of our products throughout their life cycle – from design to end-of-life. We aim to disclose these targets in
future Sustainability Reports. In the meantime, we evaluate progress as part of the continuous improvement process of our
sustainability program. Further, as part of our management system, we set internal, site-specific goals to minimize the global
environmental impact of waste disposal.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
81
Metrics
Resource inflow metrics: Products and materials used, biological materials, secondary materials
Resource inflows that are material to our identified resource use and circular economy risks and opportunities include semi-
manufactured electronics, fluid handling, optical and mechanical components, chemical products, magnets, sensors,
transducers, and critical raw materials such as helium, aluminum, and tungsten.
The overall total weight of products and materials used by Siemens Healthineers in fiscal year 2025 was 402,359 tons.
Biological materials are referred to as certified materials of biological origin that can be circulated back into the environment
once they have gone through one or more use cycles like composting and anaerobic digestion, where they will biodegrade over
time, returning the embedded nutrients to the environment. In relation to the weight of products and materials used, none are
certified biological materials from sustainable sourcing (0%).
Secondary materials are referred to as recycled or reused materials that were externally procured from third party suppliers. The
total weight of secondary intermediary products, components, and materials amounted to 81,424 tons, which covers 20% of the
overall total weight of products and materials used in fiscal year 2025.
The weight of products and materials used is calculated using a model of international trade flows provided by an external
service partner as reference data linked to the total purchasing volume. From that model, weight information for all procured
product material classes is generated. Data sources and systems applied within the calculation process are cloud-based enterprise
resource planning-related databases including a Siemens shared data platform to analyze purchasing data from all procurement
transactions conducted in the running period throughout Siemens including Siemens Healthineers. A key assumption applied in
the model is that all these products and materials (including packaging) are fully utilized (“used”) within the same reporting
period. To determine the shares of biological, secondary and recyclable content, we apply a model-based approach that
incorporates average percentages per purchased material class provided by Siemens AG. These values are based on literature
studies, material composition analyses, and extrapolation where needed. The accuracy of this estimation is limited by the
granularity of our internal material categories.
None of the measurements related to the material inflows of Siemens Healthineers have been validated by an external body
other than the assurance provider as part of the limited assurance audit of this Sustainability Report.
Resource outflow metrics: Our products and their durability, repairability, and recyclability
The products resulting from our production process can be classified into key product groups. For details, please refer to
Business model and value chain.
All our systems are designed along our circularity and EcoDesign principles. For further information on relevant criteria and
assumptions applied, please refer to Actions. Serviceability, including repairability, is one of the EcoDesign requirements that
are considered during the development process of our new systems. Among others, these requirements include the availability
of service parts (see specific metrics on durability below), modularity, and the ease of disassembly. Although the ease of
disassembly may vary by product type, certain parts or components in each product can be reused. Before being reused, they are
tested after being cleaned, disinfected, repaired, or refurbished. There is no dedicated scoring system, but the parts or
components are manually inspected for repairability. Those parts or components can either be reused in the service part cycle or
in (re-)manufactured, upgraded, refurbished, or reconditioned products.
Recirculation of products and components by the biological cycle is not applicable to the products Siemens Healthineers
manufactures.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
82
An assessment of the expected durability of our products is provided in the following table:
Key product groups1
Included products
Expected durability2
Medical Imaging
MRI (magnetic resonance imaging), CT (computed tomography), X-ray products (incl. X-ray systems
and advanced digital imaging), molecular imaging and ultrasound systems
10 years
Radiation oncology solutions
10 years
Multi-disciplinary oncology solutions
5 years
Varian
Proton solutions
20 years
Advanced Therapies
Angiography, mobile C-arms and surgical imaging
10 years
Laboratory diagnostics
10 years3
Diagnostics Equipment
Point of care diagnostics
10 years4
1 Key product groups with an expiry date such as in vitro diagnostics reagents have been excluded from the table, since they do not meet the laid-out definition of expected durability.
2 Expected durability is expressed by the expected service life (as defined below). This measurement has not been validated by an external body other than the assurance provider as part of the limited assurance audit of
this Sustainability Report.
3 Exceptions for about 39% of product types with an expected durability of 6 to 8.5 years.
4 Exceptions for about 13% of product types with an expected durability of 7 years.
At Siemens Healthineers, the lifetime of a product (group) is expressed by the expected service life. The expected service life
relates to the availability of service parts, which make it possible to extend the safe and reliable lifetime of our product (group).
Siemens Healthineers also returns and reuses materials, parts, components, and products by recovering, repairing, and
refurbishing them.
Neither an industry standard defining durability nor competitive information are available. Siemens Healthineers works closely
with industry associations – such as the European Coordination Committee of the Radiological, Electromedical and Healthcare IT
Industry (COCIR) – to discuss the development of an industry standard including industry average data.
The rates of recyclable content are 77% and 93% for products and packaging, respectively.
Resource outflow metrics: Amounts and management of our waste
Resource outflows
FY
(in t)
2025
Waste generated
27,360
Hazardous waste diverted from disposal
3,094
Hazardous waste diverted from disposal due to preparation for reuse
0
Hazardous waste diverted from disposal due to recycling
2,692
Hazardous waste diverted from disposal due to other recovery operations¹
402
Non-hazardous waste diverted from disposal
21,010
Non-hazardous waste diverted from disposal due to preparation for reuse
454
Non-hazardous waste diverted from disposal due to recycling
14,627
Non-hazardous waste diverted from disposal due to other recovery operations¹
5,930
Hazardous waste directed to disposal
1,129
Hazardous waste directed to disposal by incineration
828
Hazardous waste directed to disposal by landfilling
41
Hazardous waste directed to disposal by other disposal operations²
260
Non-hazardous waste directed to disposal
2,127
Non-hazardous waste directed to disposal by incineration
473
Non-hazardous waste directed to disposal by landfilling
1,384
Non-hazardous waste directed to disposal by other disposal operations²
269
Non-recycled waste
10,041
Percentage of non-recycled waste
37
1 Other recovery operations include, for example, energy recovery.
2 Other disposal operations include, for example, waste processed by specialized vendors.
The total hazardous waste resulting from our own operations in fiscal year 2025 consisted of 4,223 tons, whereof 33 tons are
classified as radioactive waste. As defined in Article 3(7) of Council Directive 2011/70/Euratom, radioactive waste means
radioactive material in gaseous, liquid, or solid form for which no further use is foreseen or considered.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
83
As a producer of electronic healthcare devices, the waste of Siemens Healthineers is composed of the following waste streams,
which are relevant to our sector and business activities:
1. Hazardous waste diverted from disposal, such as electronic waste
2. Non-hazardous waste diverted from disposal, such as packaging waste
3. Hazardous waste directed to disposal, such as inorganic chemicals
4. Non-hazardous waste directed to disposal, such as general waste from facilities, offices, and canteens
5. Radioactive waste, such as laboratory waste
Waste data is calculated by using primary data and direct measurements that are provided to us by external waste vendors or
third party contractors for waste management, as well as by the in-house waste management department. The data is collected
digitally by an integrated and global system (quarterly). The system measures and tracks more than 95% of our global waste
generation. Amounts not covered in our systems relate to smaller office locations and warehouses, where the waste volume is
calculated by using extrapolation methodologies. For this purpose, internal factors and the utilized area in square meters are
used as multiplication factors. If primary data or direct measurements are not available due to late data submission by the waste
vendors or third party contractors, an estimation is made by the employee responsible at the respective facility. This estimation is
based either on the previous year’s information or by calculating an average of the information available in the corresponding
reporting period.
None of the measurements related to the material outflows of Siemens Healthineers have been validated by an external body
other than the assurance provider as part of the limited assurance audit of this Sustainability Report.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
84
A.6.3 Social information
A.6.3.1 Own workforce
A.6.3.1.1 Working conditions, equal treatment and opportunities for all
Siemens Healthineers aims to promote an inclusive culture. As a global company, we comply with all applicable laws. If any
statements, objectives, policies or practices described in this context conflict with the legal requirements of a country, the
respective local law takes precedent.
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following own workforce-
related impacts, focusing on fair working conditions, and equal treatment and opportunities for all.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Working conditions
Positive impact
Paying adequate wages ensures a secure income for employees, which
supports their right to social participation, and alleviates the burden on
states social systems.
•
A
n/a
Business Conduct Guidelines
Global Compliance Directive
Positive impact
Offering flexibility in work hours and place of work, along with individually
tailored solutions (like mobile working, part-time, sabbaticals) and
volunteering opportunities enables employees to achieve their desired
work-life balance. These boost talent attraction and retention, improve
employee performance and satisfaction and enhance the reputation of
Siemens Healthineers.
•
A
n/a
Business Conduct Guidelines
Global Compliance Directive
Equal treatment and opportunities for all
Positive impact
Offering training programs and internal networking opportunities to all
employees builds a skilled and engaged workforce that is better prepared
to address present and future challenges. This fosters the sustainable
employability of the workforce, ensuring they remain valuable to Siemens
Healthineers as well as the employee market, while also improving
employee engagement.
•
A
n/a
International Framework Agreement
Positive impact
By promoting equal access to opportunities in recruitment, pay, promotion
(incl. management roles), learning and development, and networking,
Siemens Healthineers fosters a supportive and fair work environment. This
enhances employee well-being, satisfaction, and motivation, thereby
boosting productivity and strengthening Siemens Healthineers’ reputation
as an employer of choice. It also contributes to cultural change worldwide
by supporting the company to attract and retain employees with an array
of backgrounds, experiences and perspectives which are needed to achieve
our purpose.
•
A
n/a
Business Conduct Guidelines
Negative impact
Insufficient measures against workplace discrimination (incl. harassment)
perpetuate disparity, erode trust, and negatively impact employee well-
being and their career development within the organization.
•
P •
Business Conduct Guidelines
Global Compliance Directive
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Our team is dedicated to elevating health globally. To unlock the full potential of each individual and the strength of our team,
we are committed to fair working conditions and building a more inclusive culture, guided by our core values, where employees
can perform at their best. Engaging our diverse employees to achieve impact on a global scale is integral to our broader
responsibilities and strategy.
Siemens Healthineers fosters a positive and inclusive workplace by addressing discrimination, embracing fresh perspectives and
ideas, and offering opportunities for development to all employees. By providing training, internal networking opportunities, and
flexible work options, the company ensures a skilled and engaged workforce while supporting employees’ well-being and work-
life balance. Fair pay practices help secure the financial stability of our employees, while a supportive work environment boosts
motivation and productivity. These initiatives improve talent retention and enhance our company’s reputation. At the same time,
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
85
we recognize that insufficient anti-discrimination measures can negatively impact employee health and well-being. In the short
term, this may reduce satisfaction, stifle innovation, and harm reputation, while limiting growth and competitiveness over time.
Our involvement with these material impacts is driven by our actions, not by our business activities or business relationships. The
positive and negative impacts do not have specific geographical concentrations but are effective globally and systemic to our
operations. Regular monitoring of those impacts enables us to identify and assess human capital risks. Our double materiality
assessment did not reveal material impacts on our workforce that may arise from transition plans for reducing negative impacts
on the environment and achieving greener and climate-neutral operations. Also, we did not identify operations at significant risk
of forced and compulsory or child labor.
We systematically address potential human rights risks through a company-wide due diligence process. This approach includes
identifying risks and conducting regular risk analyses, at least annually, to ensure we stay ahead of emerging challenges.
Additionally, our Healthineers Forum provides employees with a confidential and voluntary platform to offer feedback on key
topics such as employee experiences, engagement, and company values. By applying a short-term time horizon, this continuous
feedback and risk mechanism strengthens the adaptability of our strategy and business model. It allows us to quickly respond to
changes, ensure our operations are aligned with evolving expectations, and maintain resilience in the face of both internal and
external challenges.
The identified positive and negative impacts cover the own workforce of Siemens Healthineers, which means people who are in
an active employment relationship with Siemens Healthineers (workforce type “employees”: permanent or fixed term, full-time
or part-time) or with a fully consolidated company, as well as non-employees. Non-employees are temporary third party workers
hired through workforce suppliers, and self-employed individuals. Non-employees are excluded from this year’s Sustainability
Report, which makes use of the respective phase-in option of the ESRS.
We understand that people with certain characteristics or in specific situations may be more vulnerable to harm, and our aim is
to make sure that all individuals, regardless of ethnic or social origin, culture, religion, age, disability, gender, gender identity,
gender expression, sexual orientation, or any other legally protected characteristics, are fully engaged in our processes and
actions, fostering an environment where everyone can thrive. For details on how these groups are identified, please refer to
Processes.
Our own workforce is a key group of affected stakeholders for Siemens Healthineers. How the interests, views, and rights of the
people within this group are influencing our strategy is described in Who our stakeholders are and how we engage with them.
Policies
Siemens Healthineers has implemented a set of comprehensive policies, guidelines, and standards to foster fair treatment and
equal access to professional opportunities, in alignment with our values. Central to this framework are the BCG, which were
developed by a global workgroup that included the company’s main stakeholders, and the Global Compliance Directive, which
set out clear expectations regarding working conditions, fair treatment, and non-discrimination. In addition, the International
Framework Agreement (IFA) reinforces our commitment to the development of employees through training and skills
development. The IFA principles on employees’ fundamental labor rights are applicable to all Siemens employees worldwide,
including those of Siemens Healthineers. These policies are supported by a range of global frameworks and local policies that
take into account regional circumstances. For details on the policies, please refer to Policy glossary.
Respect for human rights is a fundamental principle of our business conduct. Siemens Healthineers takes a holistic approach to
upholding human rights in our own workforce and strives to ensure compliance with related laws and regulations through a
robust risk management framework. Our commitment to responsible business conduct and respecting human rights is
embedded in the BCG and strengthened by our adherence to the IFA, which underscores our commitment to comply with
employees’ fundamental labor rights. The BCG explicitly address, among other things, free choice of employment, including the
prohibition of all forms of forced labor (including human trafficking and compulsory labor) and child labor. Furthermore, they set
forth that no discrimination regarding ethnic or social origin, culture, religion, age, disability, gender, gender identity, gender
expression, sexual orientation, or any other legally protected characteristics is tolerated.
Siemens Healthineers maintains a strict zero-tolerance policy with regard to violations or misconduct related to human rights. We
do not tolerate any form of intimidation, sexual harassment, or personal attacks, regardless of whether they are directed against
individuals or groups. In addition, we adhere to the principles of equal access to professional opportunity and fair treatment for
all. As outlined in our BCG, we are committed to hiring, developing, and promoting people from an array of backgrounds and
experiences, and to embracing different perspectives. We also work to create a respectful and welcoming work environment. For
details on these efforts, please refer to Actions.
To effectively address potential human rights risks, including labor rights concerns, Siemens Healthineers has implemented a
company-wide due diligence framework. This includes a structured risk management process designed to identify, assess, and
prioritize human rights-related risks across our own operations. For details please refer to Processes to remediate negative impacts,
and channels to raise concerns.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
86
Processes
Processes for engaging with own workers and workers’ representatives
By making sure everyone is heard and respected, Siemens Healthineers creates an environment where learning and growth can
happen individually and collectively. Our Human Resources function, led by the Chief Human Resources Officer (CHRO), has the
operational responsibility for ensuring that this engagement happens and that the results inform our approach.
Siemens Healthineers engages with its own workforce through various channels to manage the material impacts on working
conditions and equal treatment. These include regular employee surveys or in-person and virtual townhall meetings. Focus
groups or other methods are also offered to employees to help deepen understanding.
Established processes for engaging with our employees are:
Healthy Dialogues: One way to engage is through Healthy Dialogues, which increase collaboration, creativity, and problem-
solving. Healthy Dialogues are supported through the Healthy Dialogue Methods, which promote high-impact conversations,
allowing every employee to identify behaviors, concrete actions, and commitments that connect team’s priorities to our purpose
and values, and encourage open and constructive communication within the team.
Employee-led initiatives: We engage with employee-led initiatives, including ERGs and Innovation Networks, to support
employees in forming cross-company connections, developing their skills and competencies, pursuing additional passions, and
generating positive impact.
Employee Engagement Survey: Our Healthineers Forum provides each employee with a monthly confidential and voluntary
opportunity to share their thoughts and challenges.
For more information on our employee-led initiatives and the Healthineers Forum, please refer to Actions.
Siemens Healthineers has established a global Diversity, Inclusion and Belonging (DI&B) Council, along with Regional Councils, to
lead and champion strategies that empower employee communities and elevate innovative ideas. One key initiative is the Self-
Identification program, which invites employees to voluntarily and confidentially share aspects of their identity via the
Healthineers Forum. Using locally tailored questions, this initiative enables Siemens Healthineers to better understand the needs
of its own workforce and design programs and resources that contribute to work environments that support all employees.
Established processes for engaging with workers’ representatives are:
The Supervisory Board of Siemens Healthineers consists of an equal number of employee and shareholder representatives. As
per the German Co-Determination Act, employee representatives ensure their interests are considered in key decisions. For
further information regarding the Supervisory Board, please refer to A.6.1.3 Sustainability governance and organization.
At the European level, Siemens Group has established the Siemens Europe Committee (SEC), which represents employees from
all EU countries as well as the U.K., Norway, and Switzerland. The SEC has the right to be informed about and consulted on
economic and employment policy matters, where such matters affect more than one European country. In general, SEC
meetings with all SEC members, representatives of the company, and the Siemens AG Chief People & Sustainability Officer take
place once a year, in addition to three regional meetings. As of January 2025, two employees of Siemens Healthineers are
represented in the SEC, as well as eight employees of Siemens Healthineers as their substitutes.
Local works council regularly organize meetings that may deal with matters of direct concern such as collective bargaining and
social policy, promotion of gender equality, or reconciliation of family and work. The employer participates and reports on
personnel and social matters at least annually. In addition, in each German Siemens Healthineers group company with a central
works council, an annual meeting is held for works council representatives to engage in social dialogue with the Head of Human
Resources and to be informed about impacts of measures.
Siemens Healthineers has embedded in the IFA the commitment to employees’ fundamental labor rights including the right to
collective bargaining and freedom of association set out in international conventions, the core labor standards of the ILO, and
the UN Global Compact. This agreement is applicable to all Siemens employees worldwide, including those of Siemens
Healthineers.
Overall, the Industrial Relations & Employment Conditions Germany (IE) department at Siemens Healthineers coordinates
employee representatives for each German Siemens Healthineers group company and at the European level, as well as the
collective bargaining negotiations in Germany. It shapes cooperation between corporate management and employee
representatives, ensuring a coordinated and legally compliant approach to business policy decisions. The IE department reports
to the CHRO, while local CEOs ensure compliance with local labor laws.
We measure the effectiveness of these engagement formats directly through some of the communication channels listed above,
in particular our regular employee engagement survey and the related deep dives. The outcomes are monitored and discussed in
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
87
various formats, such as the Siemens Healthineers Leadership Committee meetings or in quarterly reviews with the Managing
Board.
At present, Siemens Healthineers does not foresee immediate material impacts on our workforce from the transition to greener
operations. However, the company is committed to continuously monitoring the situation and engaging with our employees and
employee representatives to proactively identify any emerging challenges.
Processes to remediate negative impacts, and channels to raise concerns
Siemens Healthineers ensures ethical standards through its BCG, which outline reporting procedures for potential misconduct.
Employees are encouraged to report possible violations via various reporting channels. Investigations are conducted when
appropriate and repeat issues are targeted for remediation. We conduct anonymous company-wide surveys of employees several
times a year to determine whether employees believe that the company takes appropriate steps to address wrongdoing. We are
committed by policy to protect individuals who make good faith reports from any form of retaliation. For details on the reporting
channels as well as a description of policies regarding the protection against retaliation for individuals that use these channels,
please refer to A.6.4.1.1 Compliance and integrity.
Actions
Siemens Healthineers has defined the following actions and initiatives with the purpose of delivering positive impacts for our
own workforce. If not stated otherwise, the activities apply globally.
Diversity, inclusion, and belonging
We believe that by recognizing and valuing an array of perspectives and expertise within our company and culture, we can fully
leverage our individual and collective strengths. To take concrete action toward achieving these goals, we have established a
global DI&B Council and Regional Councils. Our practices comprise numerous ongoing activities to promote fair treatment and
equal access to opportunities in our global workforce.
We are focused on building a team in which different experiences, perspectives, and ways of thinking are embraced. Our global
recruitment approach focuses on identifying high-quality talent from a broad range of candidate sources, using tools such as AI,
job boards, career fairs, and employee referrals. We make hiring decisions based on qualifications and business needs, ensuring a
consistent and fair process for all applicants. Interviewers are trained to use structured interviews and objective evaluation
criteria to support balanced decision-making. For senior management positions, we incorporate external assessments and panel
interviews to ensure thorough evaluations. Our process emphasizes candidates’ skills, alignment with company values, and
potential for long-term growth. This approach has led to successful internal promotions to senior roles, and we are now
extending it to other areas of talent development. In countries where legally permitted, the effectiveness of these ongoing
actions is tracked by our target to increase the representation of women in senior management roles.4
Our Global Total Rewards Strategy entails clear governance structures and promotes fairness by providing inclusive benefits in
all the countries where we operate. We are committed to fair and transparent pay practices that reflect our respect for employees
and ensure equal treatment across the organization. Although our compensation packages vary regionally based on local
regulations, we adhere to the principle of equal pay for equal work. This means that for similar job profiles, candidates with
comparable competence, experience, and performance are offered comparable compensation. In pursuit of this, we annually
review compensation against market data prior to salary planning to validate pay structures. We also discuss and determine
wages with employee representatives in free collective bargaining negotiations. To reinforce our family-friendly support and
benefits that cater to different employee needs, we provide a range of benefits such as fertility and adoption services, HIV
prevention and treatments, paid-time off, and flexible work schedules. We are also dedicated to a holistic health approach, taking
preventive measures, enhancing health awareness through health literacy, providing access to treatment, and ensuring smooth
reintegration into work for our employees.
The implementation of these activities is a mechanism to support our values as outlined in the BCG. The expected outcome is to
grow and enrich our collective knowledge, become more innovative and economically resilient.
Invest in our people
Our People & Leadership Practices (PLP) provide a framework for managers and employees to share dialogues and activities in
four key themes: Live our culture, Develop talent, Embrace learning, and Elevate performance. PLP recognizes and rewards
individual contributions in each of these areas and demonstrates our dedication to our employees and their growth. These
ongoing practices have a positive impact on the working conditions for our own workforce and foster equal treatment and
opportunities for all.
Live our culture: Our company culture embodies our values, acknowledges our differences, and promotes environments where
employees feel respected and appreciated for their contributions. Living our culture also means offering our employees remote
working opportunities and flexible hours based on their needs, their life stages, and our business requirements. Initiated in fiscal
4Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
88
year 2024, we further rolled out the concept of Human-Centric Collaboration in this fiscal year, giving each employee and their
manager the autonomy to determine the best work setting for themselves and their team, while being accountable for their
outcomes and results. Our collaboration modes are based on their work, and we provide state-of-the-art infrastructure to support
them. The aim is to provide our employees with a thoughtfully designed workspace that fosters well-being, collaboration, and
innovation. This includes creating spaces that meet a range of accessibility needs and designing human-centric, activity-based
environments to encourage intentional collaboration. The comprehensive office transformation started in June 2024 in selected
locations including Germany, India, and Norway, and continues to be rolled out globally.
Our Healthineers Forum is a global tool for employee feedback that provides each employee with a monthly confidential and
voluntary opportunity to share their thoughts and challenges. Through the Forum, we solicit unique ideas to enhance our talent
development processes, expand resources for career growth, and strengthen our culture of belonging. Employees answer
questions regarding their employee experience, engagement, and company values, and managers receive continuous feedback
from their team, gain valuable insights into how the team is doing, and can focus on specific areas for improvement. In fiscal
year 2024 self-identification questions were added to shed light on broader employee populations and their experiences. The
result of the analysis allows Siemens Healthineers to continuously tailor its employee offerings to meet the unique needs of its
workforce.
Develop talent: Through the framework of our annual Talent Reviews, we bring our leadership teams to the table to evaluate
employees at all levels of the organization. This process culminates in a full-day C-suite executive session to dive deep into talent
pools and critical roles and thoughtfully build our talent pipelines. Talent Reviews have resulted in more deliberate cross-
organizational talent moves and stretch roles. They have reinforced our culture by encouraging open communication about
expectations, commitment to actions, and an open mind to give and receive feedback. We have developed programs and
initiatives designed to support career progression and leadership growth. This includes three leadership learning journeys:
Aspire2Lead helps potential leaders to reflect on their aspirations to lead while also experiencing what is expected of a people
manager in the company. Lead2Grow supports newly promoted people managers in navigating the transition from an individual
contributor to a leader. Leaders for Leaders assists leaders of people managers in deepening their leadership journey while
building skills and techniques to further develop their leadership team. We also offer several accelerated programs that target
leaders at key career moments. These hybrid or virtual programs consist of global, regional, and individual modules and are
tailored to create impact and lasting behaviors. For our early career talents, the 12-month Promising Healthineers program
provides insights into their own leadership traits and competencies. Our Senior Healthineers Potential program focuses on senior
leaders who are pivoting from “leading leaders” to “leading organizations” with a deep focus on personal mastery to build a solid
foundation for the future. Throughout this 9-month journey they learn from other executives and industry experts, with an
emphasis on shaping the future leadership of healthcare.
Embrace learning: We are committed to supporting our employees as lifelong learners – both in their current roles and as they
pursue new opportunities. Acknowledging the multifaceted needs of our global workforce, we offer a wide range of learning
options, including online instructor-led learning delivered in various time zones and languages, onsite sessions on key topics, and
self-paced e-learning available 24/7. Our learning experience platform, SkillUp, provides relevant learning recommendations and
helps users to discover learning opportunities easily. It aggregates learning content from many sources and offers direct access
to multiple categories of curated learning experiences based on skills, roles, topics, and more. Our commitment extends beyond
traditional learning formats to include holistic employee development. We empower our workforce by fostering sustainable
development and growth through optional psychometric development assessments and globally accessible one-on-one coaching
provided by our external partners. These resources support employees in strengthening core skills and preparing to adapt and
thrive in a dynamic workplace.
Elevate performance: To create a consistent, sustainable impact, we set measurable goals and mutual expectations to
continually elevate our performance and keep us focused on our purpose. This performance management cycle applies to all
Healthineers, from our top leaders to employees at the earliest stage of their career journey. We recognize that today’s
environment requires employees and leaders to be flexible, so our framework allows for continuous updates of mutual
expectations, and encourages twice-yearly check-ins.
The implementation of these activities fosters fair cooperation amongst management, employees, and employee
representatives, and protects the fundamental rights of our employees as outlined in the BCG. The expected outcome is a work
environment that emphasizes empowerment, supports ongoing development, and helps create workplaces where fresh ideas are
valued and employees can succeed. The effectiveness of these actions is tracked by our target to continuously maintain a top-
quartile employee engagement score and by the Great Place to Work® certification.
Volunteering and employee-led initiatives
In 2024, Siemens Healthineers expanded volunteering and employee-led initiatives with a focus on advancing our sustainability
pillars of Healthcare Access, Resource Preservation, and Diverse and Engaged Healthineers.
Our Healthineers Volunteering Program enables our employees to connect their personal purpose with our company’s purpose
and contribute to our sustainability commitments. From supporting patient well-being to inspiring education and careers in
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
89
healthcare, supporting local ecosystems, and leading during crisis and disaster relief, our employees participate actively in causes
that matter and receive paid time off during standard working hours in accordance with locally applicable regulations. The
program also brings together our employees’ skills and contributions through the collective efforts of our global and regional
partners, to address opportunities that bridge healthcare gaps in underserved communities. We offer various approaches to
engaging in volunteering engagements:
• Care days and team building programs, in which teams and even entire departments coordinate their volunteering efforts
during a set of days to create meaningful impact for the community while deepening their connections with each other.
• Skills-based engagements that leverage the specific skills and expertise of our employees, for example by providing
education to support the skill development of entry-level healthcare technologists or enhancing digital infrastructure for non-
profit organizations.
• On-demand customized volunteering engagements for employees such as field service employees, who are not able to
participate in traditional offerings due to location/work hours.
Our volunteering application, Voicely, helps our employees share their volunteering stories with each other, find inspiration, and
build engagement across the workforce.
Our employee-led initiatives, including ERGs and Innovation Networks, play a significant role in helping employees to acquire
new skills and competencies. These groups are instrumental in tapping into ideas across the company that innovate our solutions
and services and drive significant positive changes across our workforce. Our ERGs are founded by employees and organized
around key dimensions of interest – both their own and those of the broader workforce. These include and address
environmental sustainability aspects as well as social matters such as caregiving, gender identity, sexual orientation, veteran
status, ethnicity, neurodiversity, and people with disabilities. They are led by employees, open to all employees, and sponsored
by the company. Groups vary based on regional needs, which opens the door for employees within similar time zones to meet in
real-time to foster exchange and discussion. In addition, some groups also connect across regions to learn from each other and,
consequently, have bigger impacts across our workforce. The ERGs organize several events within the organization, especially
with a regional focus, to increase awareness, engage employees, and drive action. Additionally, we enable, facilitate, and
connect people inside and outside our company with our Innovation Networks. These leverage synergies between teams,
technologies, and ideas to break down silos, drive innovation mindsets, develop capabilities, and foster broader and cross-
functional collaboration.
These programs and initiatives strengthen our core values as outlined in the BCG. The expected outcome of these activities is
engaged employees who activate our purpose throughout the world and contribute across our sustainability commitments.
Effectiveness is tracked by our target to grow volunteering hours and to increase employee participation in ERGs and Innovation
Networks, both by 2030.
Siemens Healthineers is fully committed to respecting and upholding the fundamental human rights of all parties as set forth in
our BCG. Likewise, we expect all employees to adhere to these principles in their conduct. Employees are encouraged to report
possible violations via various reporting channels. For details, please refer to A.6.4.1.1 Compliance and integrity. In the event of
violations, appropriate disciplinary actions are assessed and taken. In general, remedial measures are intended to bring an end to
the violation or to prevent it from recurring. These established mechanisms help us to address shortcomings and proactively
work to prevent workplace discrimination. As part of our double materiality assessment, we identify potential negative impacts
and take appropriate action when needed to prevent adverse consequences resulting from our business activities.
In general, the Human Resources function led by the CHRO is responsible for the governance of all workforce-related topics
across Siemens Healthineers. The function drives the development and implementation of comprehensive policies, guidelines,
and standards that ensure fair treatment, equal access to opportunities, and alignment with our values. In addition, the Global
DI&B Council is steered by members of our Managing Board, senior executives representing a variety of regions and businesses,
the Head of People and Culture, and the Head of DI&B and Culture. It establishes the overall strategic direction, ensures
alignment as appropriate across regions, and provides governance and oversight to ensure fair practices are integrated into
business goals and leadership accountability. Our Regional Councils address region-specific challenges and opportunities,
ensuring alignment with the unique cultural and socio economic contexts of their respective areas. In addition dedicated Centers
of Excellence (CoEs) focus on and own the topics relevant to them (e.g. People and Culture, Total Rewards, Industrial Relations).
This ensures sufficient ownership and accountability for the management of material impacts. The CoEs are not only responsible
for the broad strategy and targets of the topics, but also for their adequate execution within the regions and countries where
Siemens Healthineers operates.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
90
Targets
Siemens Healthineers has established five key targets to address the material impacts related to its own workforce. These targets
were developed as part of our sustainability strategy, which was shaped through an extensive consultation process that included
employees from around the globe. Any additions or adjustments to these targets are discussed at corporate level between the
relevant functions and are approved by a central Steering Committee. Also, the Supervisory Board, which consists of an equal
number of employee and shareholder representatives, is involved in setting the targets. When setting these targets, we carefully
consider, for example, peer comparisons, industry benchmarks, stakeholder interests, and past performance to ensure they are
both relevant and achievable. The targets also guide us to uphold several SDGs, including SDG 3: Good health and well-being,
SDG 4: Quality education, SDG 5: Gender equality, and SDG 8: Decent work and economic growth.
The degree of achievement of sustainability-related targets is part of regular dialogues between the Managing Board and the
leadership of businesses, regions, and relevant functional units. These data-driven analyses, coupled with dialogues, enable each
part of our business to recognize trends, highlight successes, and discuss next steps. In addition, performance against the targets
is regularly reviewed by the Supervisory Board of Siemens Healthineers and communicated to all employees. As outlined above,
we have established several initiatives and channels to engage with employees on their perspectives and needs, and to identify
any lessons or improvements.
The targets are aligned with the policy objectives of our BCG, serving as a mechanism to support our values. By focusing on
inclusivity and embracing diversity in all its forms, we contribute to fostering a respectful and equitable workplace. Unless stated
otherwise, the targets apply to all employees of Siemens Healthineers worldwide. The targets include:
Diversity: The company has identified a need to differentially support the advancement of qualified women into top managerial
positions. In this context, and in countries where legally permitted, Siemens Healthineers has defined a commitment regarding
the representation of women in senior management roles.5 This not only promotes a more multifaceted leadership structure, but
also encourages a broader cultural shift within the company and the industry – in support of global efforts toward gender
balance and the elimination of workplace discrimination. Senior management positions at Siemens Healthineers are defined
based on a combination of job level, scope, and size of the position. The Global Job Architecture framework – a job catalogue
linked to job levels – provides a consistent and transparent approach for leveling roles. For details, please refer to Metrics.
Employee engagement: Maintaining a top-quartile employee engagement score is not just about improving job satisfaction; it
is also a way to proactively address and mitigate potential negative impacts within our own workforce. Continuous monitoring
allows us to implement timely interventions, such as promoting work-life balance, offering flexible working arrangements,
evolving benefits, and offering intentional training programs. The target is monitored monthly through the Healthineers Forum,
our comprehensive employee engagement and opinion survey conducted by a third party vendor. The employee engagement
score is calculated by this independent third party provider and is the average score of four engagement questions measured on
a scale of zero to ten. The score determines the employee engagement level or percentile rank within the healthcare sector
benchmark.
External recognition: The Great Place to Work® certification recognizes organizations that excel in providing a positive work
environment for their employees. The certification reflects our commitment to creating a supportive and fair work environment
and continuing to build a culture where all employees have the opportunity to thrive. These efforts enhance employee well-
being, satisfaction, and motivation, ultimately boosting productivity and strengthening our reputation as an employer of choice.
The target is monitored through the percentage of employees in Great Place to Work®-certified countries. Certification is an
annual two-step process that includes surveying active employees (Trust Index™) and completing a questionnaire about the
workforce in all participating countries. Great Place to Work® grants certification when more than 65% of survey participants in a
country agree that it is a great place to work, with certain countries, such as Brazil, Belgium, and China, requiring a higher
threshold of 70% in agreement with the statement. All locations of Siemens Healthineers with more than ten employees can
participate, excluding embargoed countries. A country’s final participation is determined at the beginning of each fiscal year,
based on the annual sustainability target set and on strategic priorities for the organization. Progress is determined at the end of
the fiscal year, with a final calculation using the sum of percentages of employees that each certified country represents at the
end of the fiscal year (September 30).
Volunteering: As a company, we are committed to empowering our employees to contribute meaningfully to society through
volunteering initiatives. By actively engaging our workforce in these opportunities, we aim to create a lasting, positive impact in
the communities we serve while enhancing employee engagement and satisfaction. Volunteering hours – including those that
go beyond regular working hours and are performed during employees' personal time – are self-reported by our employees each
fiscal year and reflect time spent engaging in activities and services pro bono that support our sustainability commitments and
contribute to the well-being of our patients, our planet, and our communities. Self-reported hours are based on employees’
individual estimates of time spent and inherently involve a degree of subjectivity. While minor variations can occur due to
5 Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
91
differences in reporting practices or interpretation of time, the figures provide a meaningful indication of the overall effort,
engagement, and contribution of employees across the organization.
Employee-led initiatives: Employee-led initiatives, including ERGs and Innovation Networks, play a pivotal role in supporting the
professional growth of our workforce, while offering additional avenues for employees to pursue personal passions and create
positive impact. These communities are open to all employees, and the interactions enable employees to develop new skills and
competencies that support long-term career advancement. In addition to fostering individual growth, ERGs and Innovation
Networks contribute significantly to organizational innovation by harnessing fresh perspectives and ideas from across the
company. As of this fiscal year, the metric is tracked through membership and active participation in an employee-led initiative.
The data is collected via a voluntary employee survey, and participation is optional. While the survey provides valuable insights,
inaccuracies may occur due to varying interpretations of what constitutes an employee-led initiative and the nature of
participation.
The table below provides an overview of our targets, and highlights the progress made toward achieving them. Since our
employee engagement score target is ongoing, the target year is marked as “n/a.”
Prior year values are not reported for our targets on volunteering and employee-led initiatives due to a fundamental change in
the data collection methodology. Measurement has commenced anew, and results are no longer comparable to previous years.
With a Great Place to Work® certification in countries representing 89% of our employees, we exceeded our original milestone in
fiscal year 2025. As shown in the following table, we will continue our efforts to maintain the certification sustainably through
2030. Also, we remain firmly committed to advancing diversity, inclusion, and belonging, and set a renewed target to achieve
30% women in senior management by 2030.6
Targets on working conditions and equal treatment and opportunities for all
Unit
Base
year
Value in
base
year
FY 2025
FY 2024
Target
year
Target
value
Progress in
line to
achieve
target
2025
30.0
Not
achieved
Diversity¹
% share of women
representation in senior
management roles
2020
15.8²
29.9
28.6
2030
30.0
Yes
Employee Engagement
% position compared to
healthcare industry
benchmark
2022
Top 25
Top 5
Top 10
n/a
Top 25
Yes
2025
>80
Achieved
External Recognition
% share of employees
represented in Great
Place to Work®-certified
countries
2023
28³
89
83
2030
>80
Yes
Volunteering
No. of hours of
volunteering
2025
46,528
46,528
n/a
2030
100,000
Yes
Employee-led Initiatives
% share of employees
involved in ERGs and
Innovation Networks
2025
4⁴
4⁴
n/a
2030
20
Yes
1 Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
2 In fiscal year 2020, the senior management classification followed a role-based approach, determined by the contractual role of the incumbent. Beginning in fiscal year 2024, a position-based approach has been
implemented, where senior management is determined by the position’s defined size and level, in alignment with the Global Job Architecture framework.
3 To maintain comparability, the baseline value has been adjusted from the figure originally published in the Sustainability Report of fiscal year 2024.
4 The figure reported for fiscal year 2025 is based on a voluntary employee survey.
6 Under consideration of the country-specific regulatory compliance approach. Accordingly, U.S. based Senior Managers as well as Senior Managers reporting to U.S. based Line Managers are excluded.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
92
Metrics
Our impacts on working conditions and on fair treatment and equal access to opportunities for all are evaluated by the annual
tracking of the metrics below. The measurement and validation of the metrics was generally performed internally by Siemens
Healthineers. While we internally follow United Nations guidance and refer to men/women, the numbers below are reported as
male/female following the ESRS.
Characteristics of the undertaking’s employees
Information on employee head count by gender
FY
(in head count)
2025
Male
48,850
Female
23,791
Other¹
31
Not reported²
1,168
Total employees
73,840
1 Gender as specified by the employees themselves.
2 Employee decision not willing to report, or information not available.
Number of employees: Siemens Healthineers uses an internal cloud-based people platform as the central data source to report
the number of employees. Data is recorded and aggregated automatically. Validation and verification plausibility checks are
conducted and recorded in the platform. Figures presented are based on the employee definition following the Siemens
Financial Reporting Guideline and refer to every natural person in an active employment relationship (permanent or fixed term,
full-time or part-time) with a fully consolidated Siemens Healthineers company. Employees are all internal workforce excluding,
for example, apprentices, students, and interns. Employees with dormant and terminated contracts are also excluded. The
number of employees is reported in head count. The figures represent the year-end reporting period as of September 30, 2025.
For the most representative number in the financial statements that reflects this information, please refer to Note 28 Personnel
expenses and employees (line item: Total employees) in the notes to the consolidated financial statements.
For Siemens Healthineers, countries with significant employment according to the ESRS are Germany, the United States, India,
and China.
Countries with a significant number of employees
FY
(in head count)
2025
United States
17,207
Germany
16,454
India
8,397
China
7,359
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
93
Information on employee by contract type, broken down by gender
FY
(in head count)
2025
Total
73,840
Number of permanent employees
68,765
Male
46,467
Female
22,267
Other¹
31
Not reported²
‐
Number of temporary employees
3,907
Male
2,383
Female
1,524
Other¹
‐
Not reported²
‐
Number of non-guaranteed-hours employees
‐
Male
‐
Female
‐
Other¹
‐
Not reported²
‐
Number of full-time employees
69,730
Number of part-time employees
2,942
Not available³
1,168
1 Gender as specified by the employees themselves.
2 Employee decision not willing to report.
3 Information not available.
Total number of employees who have left the company, and percentage of employee turnover: The figure includes all
terminations of employee contracts regardless of the reason. Our employee turnover rate is defined as the ratio of exits during
the fiscal year to the average annual number of employees. The annual average number of employees is determined by
calculating the average of the month-end employee counts for each of the twelve months in the year.
The total number of employees that left the undertaking was 5,125. This results in a turnover rate of 7%.
Diversity metrics
Gender distribution at top management¹ level
FY
(in head count)
2025
Male
615
in percentage
69
Female
277
in percentage
31
Other²
‐
in percentage
‐
Not reported³
‐
in percentage
‐
Total
892
1 Top/senior management positions at Siemens Healthineers are defined based on a combination of job level, scope, and size of the position.
2 Gender as specified by the employees themselves.
3 Employee decision not willing to report.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
94
The gender distribution in top management is calculated as a ratio per gender (male, female, other, not reported) in top
management compared to the total head count in top management. Siemens Healthineers does not adopt the ESRS definition of
top management as referring to one and two levels below the Board, but instead aligns the term with the existing and broader
concept of senior management. Our job architecture is designed to create a consistent, transparent, and globally standardized
approach to defining and levelling positions across the organization, including senior management positions. With this
framework, the company ensures that positions in the organization are aligned with both internal expectations and external
market standards, fostering a culture where transparency, fairness, and unity are a key focus. Under this framework, senior
management is defined based on the scope, size, and level of the position.
Age distribution of employees
FY
(in head count)
2025
Under 30 years old
9,043
in percentage
12
Between 30 and 50 years old
45,766
in percentage
62
Over 50 years old
17,863
in percentage
24
Not available¹
1,168
in percentage
2
Total
73,840
1 Information not available.
The age distribution is calculated as a ratio per age group compared to the total head count.
Adequate wages
All our employees are paid an adequate wage, in line with applicable benchmarks. As the applicable benchmark, the national
statutory minimum wage is used and compared to the basic wage plus any fixed additional payments that are guaranteed to all
employees. Where no minimum wage is established, we apply internationally recognized values for living wages. We define the
standard wage as the full-time wage in the lowest employment category. The analysis is based on salary data as of September
30, 2025, and comprises all our employees.
Training and skills development metrics
Average number of training hours per employee and by gender
FY
(in training hours)
2025
Male
32
Female
22
Other¹
59
Not reported²
‐
Average number of training hours per employee
28
1 Gender as specified by the employees themselves.
2 Employee decision not willing to report.
The average number of training hours per employee is calculated by dividing the total number of learning hours recorded
during the fiscal year by the annual average employee headcount. Due to the specific nature of their business model, a limited
number of Siemens Healthineers entities are not included in our global reporting on training hours. In line with our commitment
to transparency and data integrity, we have excluded these entities, as their inclusion would have resulted in a representation
that does not accurately reflect the reality. This approach ensures a consistent and representative overview of employee learning
activities across our organization.
In accordance with the phase-in provisions, we have decided not to disclose the metric pertaining to regular performance and
career development reviews required under the ESRS for the initial year of reporting.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
95
Remuneration metrics (gender pay gap and total remuneration ratio)
Pay in the gender pay gap analysis comprises the base salary, fixed allowances and variable compensation. The analysis is
centered around two key concepts:
• Unadjusted pay gap, which compares the average pay between all men and all women
• Adjusted pay gap, which compares the average pay between men and women doing substantially similar work, and
accounting for objective control factors that define pay – namely job level, job family, function type, and experience.
The methodology uses multiple linear regression, a statistical methodology designed to evaluate the impact of multiple control
factors on one dependent variable such as gender. As of September 30, 2025, the unadjusted gender pay gap amounts to 7.2%
and the adjusted gender pay gap amounts to 3.8%. The gender pay gap will be measured and monitored on an ongoing basis.
To determine the total remuneration ratio, the annual total remuneration is considered that comprises the base salary, fixed
allowances, and variable compensation elements such as the annual bonus, share-based compensation, pensions, and benefits
of the top paid employee at Siemens Healthineers, compared to the total remuneration of the median employee. As of
September 30, 2025, the annual total remuneration ratio is 102.
Incidents, complaints, and severe human rights impacts
Number of human rights complaints (own workforce)
FY
2025
Number of incidents of discrimination incl. harassment
120
Number of complaints
88
Number of complaints filed through channels for people in own workforce to raise concerns
88
Number of complaints filed to National Contact Points for OECD Multinational Enterprises
‐
Fines, penalties, and compensation for damages as a result of incidents and complaints (in €)
‐
Number of severe human rights incidents
‐
Therein: Cases of non-respect of UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and
Rights at Work, or OECD Guidelines for Multinational Enterprises
‐
Fines, penalties, and compensation for damages for severe human rights incidents (in €)
‐
Human rights incidents and complaints are reported and monitored via an internal reporting platform.
A.6.3.1.2 Health and safety
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact, focusing on
the health and safety of our own workforce.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Health and safety
Positive impact
Healthy and safe working conditions and workplaces as well as health
promotion within Siemens Healthineers contribute to life-long
employability of the respective individual. This reduces
accidents/injuries/ill-health.
•
A
n/a
Environmental Protection, Health
Management and Safety Directive
Environment, Health & Safety Policy
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Protecting the physical and mental well-being of our own workforce is important for how we do business. Healthy and safe
working conditions and workplaces, as well as health promotion, contribute to life-long employability and reduce accidents,
injuries, and ill-health. This positive impact originates from our strategy to foster and maintain a strong health and safety culture
and informs it by further refining our preventive, individually tailored, and health-promoting initiatives and programs. Our
commitment to workforce well-being affects our strategy, business model, and value chain. By prioritizing the health and safety
of our own workforce, we enable our team to focus on creating innovative medical technologies, paving the way to
breakthroughs in healthcare that aim to improve lives. We are involved in fostering workforce well-being through our measures,
which are distinct from our business activities and model. Siemens Healthineers has implemented a comprehensive EHS
management system that addresses this positive impact.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
96
As part of our double materiality assessment, we have considered the well-being of and impact on our entire internal workforce.
Our EHS management system covers workers as defined by ISO 45001, namely, persons performing work or work-related
activities that are under the control of Siemens Healthineers. Our positive impact stems from measures established as part of this
global management system and applies to every person in an employment relationship, regardless of the employment type
(permanent or fixed term, full-time or part-time), including apprentices, interns, students, and other internal workforce. Also,
non-employees and other workers working on our sites worldwide are covered. In this year’s Sustainability Report, non-
employees are excluded from the reported health and safety metrics, making use of the respective phase-in option of the ESRS.
The impact is not related to any environment-related transition plan. Through consultations with workers, as detailed below, we
recognize that individuals with certain characteristics or in specific situations may be more vulnerable to harm. However, we
strive to ensure that all workers are engaged in our EHS management system to foster a healthy and safe work environment for
all.
We carry out regular risk assessments of relevant aspects and hazards, alongside annual internal audits and management
reviews, applying a short-term time horizon. These processes, combined with measures based on health and safety incidents and
new regulatory requirements, form the foundation of our continuous improvement process. This approach is aligned with the
PDCA cycle, ensuring that our management system adapts to emerging impacts, risks, and opportunities in a proactive and
structured manner. This strengthens the resilience of our strategy and business model.
Policies
Siemens Healthineers has implemented a set of comprehensive policies, guidelines, and standards as part of its EHS
management system. The EHS Directive and the EHS Policy address the identified positive impact associated with the health and
safety of our people. The policies take into account the requirements of ISO 45001:2018. The consideration of the needs and
expectations of stakeholders is an integral element of this standard. For details on the policies, please refer to Policy glossary.
Processes
Processes for engaging with own workforce and workers’ representatives
Each unit within Siemens Healthineers is required to establish processes for effective consultation and participation of workers in
the EHS management system. These processes should encourage active worker involvement by making relevant information
clear and easily accessible. Units must also define and communicate the available participation methods, while assessing and
addressing any potential barriers to participation where necessary.
All workers at Siemens Healthineers are provided with the necessary resources, time, and mechanisms to actively participate in
the EHS management system. This includes opportunities to engage in activities such as identifying and reporting both hazards
and positive observations, responding to requests from external parties, identifying non-conformances, and recommending
improvements. Workers may also be involved in training programs or health management activities. The type and frequency of
the engagement may differ.
Established processes for engaging with our own workforce are:
• Safety & Health Walk and Talk: This initiative involves leadership continuously engaging directly with workers to hear about
their workplace experiences and talk about improvement areas and solutions.
• Near-Misses and Good Observations Program: Workers are encouraged to report hazards and observations through an easy-
to-use tool on an ongoing basis. The EHS organization collaborates with workers, managers, and supervisors to analyze these
reports and take proactive measures to eliminate potential hazards before incidents occur.
• Safety & Health Culture Assessments: These annual assessments provide a platform for evaluating the overall safety and
health culture within the assessed organization via interview rounds and anonymous questionnaires with workers, managers,
and supervisors.
• Health Management Panel Survey: Regular measurement of the success (most recently in fiscal year 2023) of global efforts
in health promotion, and identification of room for improvement. A stratified sample covering 10% of workers at Siemens
Healthineers globally are regularly asked about indicators reflecting access to, participation in, and satisfaction with health
promotion measures. As of fiscal year 2026, this engagement will happen annually.
• Healthineers Forum results: The survey results collected at monthly intervals by the Healthineers Forum provide insights into
a variety of aspects related and relevant to health management via the engagement factors on which the questions are based.
For example, conclusions can be drawn about engagement factors such as work environment, work task, organizational fit,
and workload.
All workers of Siemens Healthineers are encouraged to participate in these processes to gain insights into their perception and
perspectives. Business heads are responsible and accountable within their business to effectively implement the EHS
management system throughout their organization. This includes leading and promoting the principle that Siemens Healthineers
does not compromise on EHS performance, and protecting workers from reprisals when reporting incidents, hazards, risks, and
opportunities.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
97
For assessing the effectiveness of the engagement with own workers, the units of Siemens Healthineers must sample non-
managers and managers once per year regarding possible barriers to participation. As part of the Management Review, they have
to recommend options to eliminate or reduce identified barriers and take respective action. In addition, EHS management system
audits are conducted every 36 months and cover relevant processes and applicable management system requirements. The
purpose is to obtain objective evidence to determine conformance status and effectiveness of the management system and its
implementation. Based on identified risks, audits may be done for sites or for selected elements on a more frequent basis.
Occupational health and safety are also explicitly covered by the IFA, which is applicable to all Siemens employees worldwide,
including those of Siemens Healthineers. The agreement highlights that we support the continuous development of occupational
health and safety in order to improve the working environment. For details, please refer to Policies.
Processes to remediate negative impacts and channels to raise concerns
We offer multiple reporting channels for both internal and external whistleblowers to report potential compliance violations. For
details, please refer to A.6.3.1.1 Working conditions, equal treatment and opportunities for all. For further information on the policies
regarding protection against retaliation for individuals that use whistleblower channels, please refer to A.6.4.1.1 Compliance and
integrity.
Workers can speak up and share their concerns via the engagement channels listed above. They are strongly encouraged to
report incidents, near-misses, and good observations. These can be reported by using a shared global reporting tool established
by Siemens Healthineers. Serious incidents must be entered into the tool within one business day after determining that the
incident meets this definition. If a serious incident occurs to a worker of Siemens Healthineers, the unit of the worker has the
responsibility to investigate and report. Incident investigation procedures specify responsibilities, processes, and frequencies for
investigating reported work-related incidents for root causes. These reports are the basis for operational learning and for
eliminating or minimizing risks proactively. Our EHS organization works with workers, managers, and supervisors to establish
lessons learned from each of these reports, to apply these insights to foster continual improvement at the local level, and to
share this knowledge globally to reduce similar risks elsewhere in the organization.
Corrective measures are taken for EHS non-conformances that may be identified through sources such as physical observations,
internal or external audits, compliance assessments, monitoring data, or worker consultation. We define appropriate
effectiveness checks based on the identified issue and execute them according to a planned schedule, following the
implementation phase. These checks are conducted after a set period to assess whether the issue persists and to ensure the
solution's ongoing effectiveness. Through internal audits, we also assess the workers’ awareness of and trust in these
mechanisms, and their ability to participate in and be consulted on EHS topics, including hazards, risks, controls, and corrective
actions.
EHS awareness trainings intend to achieve awareness that workers can participate in the implementation of the EHS
management system of Siemens Healthineers, and that they have the right to remove themselves without negative
consequences from work situations that they consider present an imminent and serious danger. The trainings also aim to raise
awareness about the process for reporting reprisals, threats of reprisals, or other inappropriate behavior.
Actions
Protecting the physical and mental well-being of our employees is important to how we do business. In fiscal year 2025, we
continued our efforts to foster and maintain a strong health and safety culture by further refining our preventive, individually
tailored, and health-promoting initiatives and programs to deliver positive impacts for our own workforce. Unless stated
otherwise, the actions apply globally and do not have a fixed end date.
All our EHS activities are rooted in our EHS management system. It serves as the guiding framework that enables us to maintain
a consistent healthy and safe workplace in all relevant areas of operation, and that we comply with legal requirements and
further develop our internal processes and standards for occupational health and safety. All manufacturing and logistics sites of
Siemens Healthineers are required to participate in the third party certification scheme of the global EHS management system in
accordance with ISO 14001:2015 (Environment) and ISO 45001:2018 (Occupational Safety and Health). New acquisitions need
to establish an approved implementation plan for manufacturing and logistics sites. Country organizations must also implement
the EHS management system of Siemens Healthineers. However, third party certification depends on customer needs and is up
to country management decision making. In addition to internal and external EHS management system audits, we are working
with a third party consultant to check regulatory EHS compliance at our manufacturing sites, following a risk-based approach.
We further offer a comprehensive mix of actions to enhance the well-being of our people:
• Safety every day: The little things is a program that sets minimum safety requirements at Siemens Healthineers for high-risk
activities. It continues to be a lever for our safety initiatives. In fiscal year 2025, contractor safety requirements were
implemented, and the development of driving safety and fatigue management requirements began.
• Ergonomics: Ergo Global is an online ergonomic self-assessment tool designed to support our employees to set up their
mobile (e.g. home office) workplaces ergonomically. It guides individuals through an interactive assessment journey and,
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
98
based on the information provided, gives immediate responses and recommendations to improve workplace setup or
individual behaviors. Rollout is ongoing and has already reached multiple regions. In addition, TuMeke is an innovative app
that uses video analysis and AI to capture motion and gesture sequences of employees at manufacturing workplaces. The app
assesses the related ergonomic risk of manual workflows and gives guidance on how to improve workplace ergonomics. Since
the start of the rollout in August 2023, multiple manufacturing sites around the globe have used TuMeke to improve the
ergonomic situation of manufacturing workplaces. TuMeke has also been used to assess and improve ergonomic outcomes
for our service engineers at customer locations.
• Physical fitness: Since 2022, we have been offering our employees at selected sites in Germany the employer-subsidized
sports and health program EGYM Wellpass. In 2024, we expanded this offering through Wellhub to countries such as Italy,
Mexico, Chile, Brazil, and Argentina. Through these gym aggregators, we provide our employees with access to a wide
network of diverse fitness and wellness facilities, enabling them to improve their health and well-being individually and
flexibly. Additionally, family members can also benefit from this offering.
• Mental health: In fiscal year 2023, we successfully developed, tested, and implemented the Health Lab, a participatory
approach for identifying workplace-related stress and developing targeted improvement measures. By actively involving
employees through guided focus group interviews, the method enhances engagement, increases acceptance of health
initiatives, and supplements existing data from forums, surveys, and risk assessments. We are now expanding this method
beyond Germany and are sharing it globally as a tool for assessing workplace stress and health needs. Furthermore, in fiscal
year 2025, Siemens Healthineers launched a global campaign to systematically introduce Mental Health First Aiders
(MHFAs). Prior to the introduction of this program, MHFA programs had already existed in Australia, New Zealand, the U.S.,
Canada, the U.K., and Ireland for more than 10 years. To further capitalize on this, Siemens Healthineers is teaming up with
the Australia-based organization Mental Health First Aid International, which has established a reputable educational scheme
for MHFAs. This scheme is available in more than 25 countries globally where Siemens Healthineers has business activities.
MHFAs are frontline-based, peer-to-peer specialists who are approachable or approach employees who are in an emotionally
or mentally challenging situation – be it private or work-related. MHFAs guide those employees to seek further professional
help.
Looking ahead, our actions will be shaped by the EHS 2030 Strategy, which defines the health and safety vision, mission, and
strategic objectives that will guide Siemens Healthineers toward 2030. Its implementation will start in fiscal year 2026.
The implementation of these actions contributes to the objectives of our EHS policy statement, namely, to protect the safety of
our employees, contractors, and visitors, to promote the health and well-being of our employees and to comply with EHS
regulations. Siemens Healthineers identifies necessary actions through regular risk assessments and feedback mechanisms. The
company tracks the effectiveness of the actions through regular evaluations, striving for continuous improvement. This is to
ensure that our own practices do not cause or contribute to material negative impacts on our people. The Human Resources and
Environmental Health and Safety departments oversee the implementation of these initiatives and provide technical support,
reporting directly to the responsible member of the Managing Board and ensuring alignment with strategic objectives.
Targets
Siemens Healthineers has not set EHS-related targets for external reporting. With our EHS management system, our organization
has established strong internal structures and processes to manage the health and safety of our own workforce. Our ambition is
to maintain and enhance the effectiveness of the management system, policies, and frameworks, ensuring ongoing
improvement. The certification of our management system serves as a key benchmark, providing measurable insight into the
effectiveness of our efforts and guiding future improvements. Given the ongoing nature of this improvement process, we believe
that additional external targets are unwarranted, as our system is proactively maintained and designed to self-adjust over time.
There is no fixed base period for evaluating progress; instead, improvements are assessed on an ongoing basis.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
99
Metrics
Our impact on the health and safety of our own workforce is evaluated by the annual tracking of the metrics below. The
measurement and validation of the metrics was performed by Siemens Healthineers.
Health and safety metrics
FY
2025
Percentage of own workers who are covered by the health and safety management system based on legal requirements and (or)
recognized standards or guidelines
Employees (in %)
86
Number of fatalities as a result of work-related injuries and work-related ill health
Employees
‐
Other workers
‐
Number of fatalities as a result of work-related injuries
Employees
‐
Other workers
‐
Number of fatalities as a result of work-related ill health
Employees
‐
Other workers
‐
Number of recordable work-related accidents for own workforce
Employees
361
Rate of recordable work-related accidents for own workforce
Employees
2.60
As outlined above, Siemens Healthineers has implemented an EHS management system in accordance with the ISO 14001 and
ISO 45001 requirements. The coverage percentage mentioned above reflects the employees included under our global EHS
management system. Considered is every person in an employment relationship, regardless of the employment type (permanent
or fixed term, full-time or part-time), including apprentices, interns, students, and other internal workforce. The definition for an
employment relationship at Siemens Healthineers includes people employed at a consolidated Siemens Healthineers company
and with an active work contract. This results in long-term absentees (>180 days) and employees with dormant contracts to
being excluded.
Recordable work-related accidents refer to any incidents that result in work-related injuries or ill health requiring medical
treatment beyond basic first aid, involve restricted or lost work time, or lead to fatalities. Commuting accidents are excluded. To
calculate the rate of recordable work-related accidents, the number of such accidents registered in the reporting period is divided
by the total number of hours worked by employees in that same period and then multiplied by one million. Where necessary, we
apply a global average of 160 monthly working hours per employee to estimate the total number of hours worked in the
reporting period.
No fatalities as a result of work-related injuries and work-related ill health were reported for employees and other workers
working on our sites.
The health and safety metrics are reported as of September 30, 2025, and are based on head count. Data related to health and
safety is gathered on a central reporting platform and is reviewed and validated by our central EHS team to ensure its accuracy
and completeness.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
100
A.6.3.2 Workers in the value chain
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact and risk,
focusing on working conditions and other work-related rights with regards to workers in the value chain.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Working conditions
Positive impact
Sustainable procurement practices positively influence and affirm the
fundamental human rights of workers in the supply chain, including, for
example, fair labor practices, non-discrimination, freedom of association,
and occupational health and safety standards.
•
A
n/a
Siemens Code of Conduct for
Suppliers and Third-Party
Intermediaries
Business Conduct Guidelines
Siemens Healthineers Policy
Statement
Principles of Correct Purchasing
Directive
Service Supplier Procedure
Other work-related rights
Risk
Supplier human rights violations can lead to liabilities, fines, and
reputational damage, e.g., due to stricter laws on human rights and
environmental standards.
•
n/a •
Siemens Code of Conduct for
Suppliers and Third-Party
Intermediaries
Business Conduct Guidelines
Siemens Healthineers Policy
Statement
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Upholding the dignity and human rights of individuals is a fundamental aspect of how we conduct business. As we source
materials and services from suppliers worldwide, maintaining sustainable and fair supply chains is a key priority for us.
Sustainable business practices are therefore an integral element of our procurement principles and processes and allow us to
strengthen and uphold fundamental human rights throughout our supply chain. The partnerships with our suppliers enable us to
foster job security and ensure adherence to international labor standards. Our positive impact primarily affects our direct
suppliers, though suppliers further down the supply chain may also benefit from the behavioral standards set for our direct
suppliers. This commitment enhances the integrity of our supply chain and contributes to our broader strategy and business
model. By prioritizing human rights and sustainability, we strengthen supplier relationships, which are key to our long-term
success and delivering value to customers through high-quality, ethically responsible products and services.
At the same time, Siemens Healthineers faces risks related to supplier human rights breaches that can incur fines, legal
consequences, and reputational loss, especially under tightening human rights and environmental laws. In the short term, this
requires increased compliance efforts and higher operational costs. We are aware that our reliance on value chain workers can
pose risks that directly influence our operations. Effectively managing these dependencies is crucial, as they can impact our
strategic objectives and long-term success. However, neither our strategy nor our business model required adaptations, as they
already consider the identified risk by focusing on supply chain transparency, due diligence processes, and sustainable sourcing
practices. Overall, the risk is rather generic and does not relate to specific groups of value chain workers.
The value chain workers who benefit from our sustainable procurement efforts and are subject to our material impact fall
primarily within our upstream operations. This includes workers employed by third party intermediaries in the upstream value
chain, those working on-site who are not part of our own workforce, and individuals working for third party intermediaries in the
downstream value chain. For example, workers at customer or construction sites of Siemens Healthineers may face potential
health and safety risks, which we aim to mitigate through our standards and practices. Other types of upstream value chain
workers who stand to benefit are those working in high-risk areas further down the supply chain, such as in the extraction of
metals or minerals. Through our responsible sourcing approach, we seek to positively influence working conditions and human
rights protections across these groups.
We follow a risk-based approach, where a supplier’s risk is assessed based on specific criteria, and appropriate mechanisms are
triggered accordingly. This approach focuses on evaluating the supplier’s current risk, applying a short-term time horizon. By
employing this approach, we recognize that individuals with certain characteristics or in specific contexts may face a higher risk
of harm. In certain regions, there is a general elevated risk of child and forced labor. However, through our Prevent–Detect–
Respond approach, which considers applicable legal requirements, we strive to mitigate these risks throughout our supply chain.
If violations of human rights are identified, mitigation measures are implemented and tracked. This approach strengthens the
resilience of our strategy and business model.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
101
Workers in the value chain are an important group of stakeholders for Siemens Healthineers. How our engagement with this
group is influencing our strategy is described under How the stakeholder engagement influences Siemens Healthineers strategy.
Policies
Siemens Healthineers has implemented a set of policies to guide our practices and interactions with value chain workers. The
Supplier CoC, the BCG and the Siemens Healthineers Policy Statement address all identified impacts and risks associated with
workers in the value chain. In addition, our Principles of Correct Purchasing Directive and the Service Supplier Procedure are
specifically associated with working conditions. The policies refer to internationally recognized instruments and standards,
ensuring adherence to widely accepted norms and stakeholder interests. For details on the policies, please refer to Policy
glossary.
Siemens Healthineers follows a risk-based due diligence process in line with the UN Guiding Principles on Business and Human
Rights and the OECD Guidelines for Multinational Enterprises, and expects all its suppliers to commit to complying with the
Supplier CoC. In addition to the comprehensive obligation of our suppliers to comply with applicable law and other behavioral
requirements, it includes fair employment conditions (wages, working hours), the right to freedom of association, responsibility
for health and safety standards, prohibition of discrimination, prohibition of child and forced labor (including human trafficking),
and the provision of anonymous complaint mechanisms. We expect our suppliers to share our ethical, social, and compliance
standards, as set out in our Responsible Sourcing Principles, and to apply these within their own supply chains as well. These
principles are part of our contractual agreements with our suppliers and are accessible via our corporate website.
The supplier management process at Siemens Healthineers incorporates strict criteria for supplier selection and qualification. In
addition, the implementation of the Supplier CoC is checked based on self-assessments and audits as control mechanisms. Upon
identifying deviations from the Supplier CoC and violations, we collaborate with suppliers to implement lasting corrective
measures within a reasonable timeframe. To ensure suppliers understand the Supplier CoC, we additionally provide support
through web-based training and guidance material. If we have substantiated knowledge of factual indications that suggest a
possible breach of duty by a supplier further down in the supply chain, we will also take appropriate preventive measures in this
respect and thus also support these suppliers in complying with human rights.
In fiscal 2025, complaints received through our reporting channels pertaining to the UN Guiding Principles on Business and
Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational
Enterprises related to workers in the upstream value chain are under investigation.
Processes
Processes for engaging with workers in the value chain
Siemens Healthineers is an active participant in the UN Global Compact. Its Ten Principles and the IndustriALL Global Union
framework are regarded as binding for the company. Siemens Healthineers is committed to promoting these principles within its
sphere of influence and expects its employees, suppliers, and business partners worldwide to comply with, for example, the
International Bill of Human Rights, the European Convention on Human Rights, the ILO Declaration on Fundamental Principles
and Rights at Work, or the OECD Guidelines for Multinational Enterprises.
Siemens Healthineers engages directly with workers in the value chain as part of our supplier assessment processes, such as the
ESAs that are performed throughout the year by an internationally recognized audit service provider. These audits comprise
random individual and group interviews with employees of our suppliers to gain insights into their working conditions. By
applying our risk-based approach, we are able to capture the perspectives of workers who may be particularly vulnerable to
impacts and/or marginalized. Non-compliance findings from these audits are documented in Corrective Action Plans with specific
remediation measures and monitored. The audit company reviews proposed corrective actions for completeness and adequacy.
The results of our assessments are compiled to offer an overview of assurance across the supply base, helping to direct
improvement projects and resources toward the highest priority areas or the aspects of our standards that are most challenging
to meet.
Our Procurement organization, led by the Head of Procurement, has operational responsibility for ensuring that this engagement
happens, and that the results inform our approach.
Processes to remediate negative impacts and channels to raise concerns
As part of the Supplier CoC requirements, direct suppliers must provide anonymous grievance mechanisms that enable their
employees to address workplace concerns without repercussions. In addition, Siemens Healthineers offers protected reporting
channels. If the company becomes aware of possible imminent or actual violations of the Supplier CoC, it will take immediate
corrective action to prevent, end, or minimize such violations. In the case of (imminent) violations in the business area of direct
suppliers, Siemens Healthineers works toward ensuring that the responsible purchase managers immediately draw up a
corrective action plan and associated schedule for ending or minimizing (or avoiding) the violation together with the affected
suppliers and monitoring its sustainable implementation, provided that the business relationship is to be continued. While
Siemens Healthineers prioritizes supplier development, business relationships may be terminated in exceptional cases for serious
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
102
legal violations of the law. Our grievance mechanisms are designed for effectiveness, with clear processes, fair investigations,
and timely resolutions, supported by communication and training of suppliers to ensure they are informed about the process,
their responsibilities, and how to raise concerns. The effectiveness of our compliance management system is evaluated on a
regular basis. For further information and details on the reporting channels, please refer to A.6.4.1.1 Compliance and integrity.
Actions
Siemens Healthineers supports sustainable procurement and drives positive impact through a comprehensive Prevent–Detect–
Respond approach designed to effectively mitigate supply chain risks. In addition, we deliver positive impact to our suppliers by
offering training. Unless stated otherwise, the actions apply to our suppliers globally and do not have a fixed end date.
Sustainability is a key driver of long-term value, benefiting the environment, society, and business success. In partnership with
Siemens AG, we provide our suppliers with a specialized Sustainability Training Program designed to equip them with the
knowledge, tools, and solutions necessary to enhance their capabilities, improve brand perception, and differentiate themselves
in the marketplace. This allows our suppliers to gain a comprehensive understanding of sustainability, stay updated on
regulations, and learn how they impact their business.
In addition, we expect all suppliers to commit to and follow our Supplier CoC. The supplier management process at Siemens
Healthineers includes stringent criteria for selecting and qualifying suppliers (Prevent). When engaging with new suppliers, we
categorize and, if needed, proactively address potential sustainability risks based on these criteria. Corporate Responsibility Self-
Assessments (CRSAs) are an integral part of this supplier qualification process, whereby compliance with the Supplier CoC is
evaluated via an online questionnaire. As part of this process, suppliers above a minimum purchasing volume with a high risk of
violating human rights undergo a mandatory qualification procedure, while existing suppliers are re-assessed every three years.
The CRSA is subject to regular reviews and updates to align it with evolving standards and regulations. We also assess and
validate worldwide and for all subsidiaries the risk of importing and exporting conflict minerals, and request information from all
suppliers on where the minerals have been mined. In addition, ESAs are conducted by our external audit service provider and
serve as an independent control mechanism for suppliers identified as high risk (Detect). The outcome is an in-depth assessment
and report provided to our suppliers that include, where needed, recommended corrective actions. In the case of severe
violations, we reserve the right to terminate the supplier relationship. By processing our findings together with the supplier, we
prevent risks in terms of global patterns from becoming a systemic problem (Respond). Furthermore, quality-relevant suppliers
are categorized, and regular quality audits are conducted to assess their quality management systems and any reported quality
issues. These audits serve not only as a control mechanism but also as a learning opportunity for continuous improvement. Audit
findings are shared with both the company and the suppliers, with corrective actions tracked and documented to ensure timely
and effective remediation.
The implementation of these actions serves to maintain sustainable supply chains and affirms the fundamental human rights of
our suppliers’ employees as outlined in the Supplier CoC. The expected outcome of all these actions is to have a positive
influence on our suppliers with concurrent reduction or elimination of human rights-related risks and to ensure supply chain
stability. Through our established processes, we monitor supplier compliance throughout the year. These control mechanisms
help us to manage and evaluate our suppliers’ sustainability performance, including the identification and mitigation of actual
and potential negative impacts on workers of our direct suppliers. In fiscal year 2025, no severe incidents of human rights
violations were identified by suppliers or their employees. Furthermore, findings concerning human rights clauses in the Supplier
CoC are revealed through ESAs, and respective mitigation measures are implemented and tracked.
Our efforts are overseen by a network of various purchasing units. Only these units are authorized to conclude contracts with
suppliers. They must ensure conformity with the legal obligations and corporate standards, as well as the application of the valid
procurement and contract standards and the contractually agreed conditions for the entire purchasing volume. Procurement
must ensure compliance with the principles of sustainability in the supply chain, as well as the definition and implementation of
the binding processes, methods, and tools.
Targets
Siemens Healthineers has not set measurable targets for external reporting. We are committed to adhering to legislation,
fulfilling disclosure obligations, while sustainably achieving our business objectives. Our established policies, processes, and
actions form the foundation for guiding supplier selection, evaluation, and ongoing collaboration. Our comprehensive Prevent–
Detect–Respond framework helps mitigate potential risks associated with our direct suppliers. To track effectiveness, our
suppliers’ sustainability performance is assessed based on selected criteria and monitored. This transparency integrates
sustainability aspects into procurement decision-making and enables targeted actions, when necessary, without relying on rigid
targets. Instead of measuring progress against a fixed baseline, we continuously assess performance, adapting to changing
conditions and requirements.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
103
A.6.3.3 Consumers and end-users
Impacts, risks and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact, focusing on
the personal safety of consumers and end-users.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Personal safety of consumers and end-users
Positive impact
The active participation in the definition of new or changed regulatory
requirements and technical standards related to product safety supports
Siemens Healthineers to shape regulations that are intended to lead to an
overall higher level of product safety and quality beneficial for all. The
adoption of these requirements and technical standards enhances the
safety and effectiveness of the products, benefiting customers and setting
benchmarks for the industry.
•
A
n/a
Quality Management Directive and
Quality Policy
Business Conduct Guidelines
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Siemens Healthineers operates in a highly regulated market for medical devices and in-vitro diagnostics, navigating a complex
landscape shaped by stringent compliance requirements and evolving global standards. An increasing number of horizontal
standards and regulations are being established to respond to new digital trends and capabilities to ensure that the safety and
effectiveness of the products and services are uncompromised. Regulatory compliance is a key priority for Siemens Healthineers,
and essential for the design, manufacturing, and delivery of safe and effective products to our customers. This commitment is
part of our strategy to harness innovative medical technology, digital transformation, and AI to enable us to offer our customers
innovative and sustainable solutions. The active participation in the definition of new or changed regulatory requirements and
technical standards related to product safety supports Siemens Healthineers to shape regulations that are intended to lead to an
overall higher level of product safety and quality that is beneficial for all. The adoption of these requirements and technical
standards enhances the safety and effectiveness of our products, benefiting customers and setting benchmarks for the industry.
The described activities protect patients, users, and third parties and ensure that the products and services are applied for their
intended use, are not used off-label (which the company clearly prohibits), and are both safe and effective. Due to the nature of
our business model, consumers and end-users are generally situated in the healthcare sector and are primarily patients and
healthcare professionals.
We are aware that people with characteristics or in particular contexts might be at greater risk of harm. To ensure safe use,
including aspects like radiation safety and handling of certain substances, our quality management systems (QMS) follow a
product risk management process in accordance with ISO 14971 and usability engineering according to internationally accepted
usability standards and regulations. This internal process provides input on both the design and safety of our products. This
information is included in our user documentation and labels.
Our manufacturing units are certified according to the international quality management standards described in ISO 13485,
which encompasses the entire life cycle of our products. Depending on the product portfolio and target markets, the
manufacturing units comply with additional national quality regulations and standards, such as the 21 CFR 820 Quality System
Regulation in the U.S., RDC 655 in Brazil, State Council Decree No. 739 of the People’s Republic of China, and Ordinance No. 169
in Japan. Additionally, our country organizations, which are responsible for sales and service activities, have implemented an
integrated management system based on ISO 9001, ISO 14001, and ISO 45001. Quality heads in each organization drive the
effective and efficient implementation and maintenance of the QMS, ensuring compliance with all applicable statutory
requirements. Results of internal and external audits and inspections, considering both historical trends and current-year
insights, provide valuable feedback for continuous improvement, guiding necessary corrections and preventive actions and
contributing to the resilience of our strategy and business model.
Policies
Siemens Healthineers has implemented a set of comprehensive policies, guidelines, and standards to protect the safety of
patients and users. The Quality Policy and the BCG were both developed by an interdisciplinary team with consideration of the
different perspectives of a broad range of stakeholders. For details on the policies, please refer to Policy glossary.
Siemens Healthineers is a participant in the UN Global Compact. As part of the related obligations, employees worldwide are
expected to comply with the guidelines of, for example, the UN Guiding Principles on Business and Human rights, the ILO
Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises, which are
embedded in our BCG.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
104
The BCG pursue the objective of communicating to our employees what it means to be a reliable partner and respect human
rights for all stakeholders, including consumers and end users. Any individual, either inside or outside Siemens Healthineers, can
report suspected human rights violations anywhere in the world. Investigations are conducted when appropriate and repeat
issues are targeted for remediation. For further information, please refer to A.6.4.1.1 Compliance and integrity.
Siemens Healthineers is not aware of any material cases of non-respect of the UN Guiding Principles on Business and Human
Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterprises
involving consumers and end-users in the downstream value chain.
Processes
Processes for engaging with consumers and end-users
We acknowledge that customer feedback is an essential input for continuous improvement. We have implemented several global
customer excellence programs to gain systematic insights into our customer journeys. Regular surveys and ongoing dialogue
help us to learn more about the customer experience and our customers’ general perception of us so that we can secure and
grow our business.
We engage directly with our customers through various channels. Transactional surveys provide insights about the customer
experience regarding specific touchpoints and journeys such as the equipment implementation phase, troubleshooting, and
training events. Feedback is collected directly after the transaction as an ongoing survey process. The surveys are triggered after
each transaction (e.g. after a Reactive Service event, a Managed Project handover, or a training event). To avoid over-surveying
customers, quarantine rules are in place so that the same contact is not surveyed more than once within a specific number of
months. Further programs aim at generating insights about the product experience and customers’ relationship with Siemens
Healthineers overall. Our Customer Service department, led by the Head of Customer Service, is responsible for conducting the
surveys.
Siemens Healthineers assesses the effectiveness of its engagement with consumers and end-users based on the received
feedback. Insights from these engagements are systematically captured and analyzed. When feedback indicates unresolved
issues or dissatisfaction, an alert in the Customer Excellence Management Platform will be created automatically and a follow-up
process is triggered. The alert is typically owned by the respective Service, Account, or Project Manager, who reaches out to the
customer to close the loop. If the alert is not addressed in time, an escalation notification goes to the next management level.
Customer feedback is available to all levels of the organization according to the need to know principle, while management has
full visibility on all feedback received, including statistical analysis and trend monitoring.
In addition to our customer excellence programs, an important objective is the timely and compliant evaluation of any customer
complaints that come to our attention. For further information, please refer to the next section.
In chapter A.6.3.4 Healthcare access, we emphasize our commitment to improving healthcare access in underserved
communities, focusing on the needs of consumers and end-users who are particularly vulnerable to impacts or marginalized.
Processes to remediate negative impacts, and channels to raise concerns
Siemens Healthineers provides all employees and external third parties, such as customers and end-users, with protected
reporting channels to report possible violations. Protection against retaliation for individuals that use channels to raise concerns
or needs are in place via our BCG, which prohibit any kind of retaliation. For further information, please refer to
A.6.4.1.1 Compliance and integrity.
In case of technical issues, customer care centers and further contact possibilities (e.g. product hotlines) are published on the
website of Siemens Healthineers.
Our global, standardized process for handling product complaints ensures systematic recording and processing in a consistent
and timely manner. Employees are trained on how to identify, submit, and handle complaints sensitively based on their role and
responsibilities. Customer complaints are thoroughly investigated, documented, and addressed according to company-wide
guidelines in compliance with respective applicable statutory requirements, with adverse events and field-safety corrective
actions reported to regulatory authorities as required by local laws. No customer complaint is closed without feedback to the
affected customer. Siemens Healthineers continuously assesses customer feedback and addresses alerts to determine if specific
issues require immediate action or further investigation. By integrating this feedback into our comprehensive monitoring
processes, we ensure transparency on quality-related matters and uphold rigorous response and action protocols based on the
insights we gather.
Processes for handling customer complaints are established according to global regulatory requirements in order to ensure trust
in these structures.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
105
Actions
Siemens Healthineers has defined the following actions and initiatives with the purpose of delivering positive impact for
consumers and end-users. Unless stated otherwise, the actions apply globally and do not have a fixed end date.
Continuous improvement: To ensure the effectiveness of our QMS, we regularly audit our processes using a risk-based
approach. Additionally, our units are subject to audits and inspections by authorities and external parties, including the U.S. Food
and Drug Administration (FDA), European Notified Bodies, auditing organizations recognized by the Medical Device Single Audit
Program (MDSAP), and the National Medical Products Administration (NMPA) in China. The results of the internal and external
audits and inspections provide valuable feedback for continuous improvement, guiding necessary corrections and preventive
actions. Our QMS are continuously updated and reviewed at various management levels based on diverse input sources, such as
customer feedback, process performance, and adjustments required by the local, national, or global context. Our quality mindset
and QMS provide a strong framework for product and service development throughout the whole product life cycle. Our quality
management approach is designed to protect patients, users, and third parties, and to ensure that products and services meet
the required specifications while implementing sustainable measures. We provide role-based training programs on product
quality and safety and make them available to employees and contractors who operate on the premises of Siemens Healthineers
and are required to follow our processes and safety procedures. We also offer product and application training for our customers’
clinical users and technical personnel that integrates safety-related aspects.
Market access to healthcare: The company’s Quality Policy was updated in fiscal year 2024 to better reflect the quality mindset
and patient-focused approach of Siemens Healthineers, emphasizing our commitment to a high level of product safety and
quality beneficial for all. One of our new Quality Policy principles, “we drive innovation,” is a critical criterion for market access. It
demonstrates that quality and process assurance are systematically addressed and comply with all applicable laws and
regulations. Regulatory compliance confirms our commitment and ensures that patients, users, and customers trust our quality.
For product release, we verify that the product adheres to the applicable laws in the country of origin and of the end-user. With
about 50 new or modified global regulations and laws affecting our product portfolio each month, we must act quickly to
anticipate potential new requirements, assess their impact, and integrate any new stipulations into our processes and products.
This is key to ensuring rapid market access for enhanced or new products, thereby safeguarding the health and safety of users,
patients, and employees. For that purpose, we have established an effective process to constantly monitor changes in global
regulatory requirements.
The implementation of these actions strengthens the three core elements of our Quality Policy to put patients first, drive
innovation, and deliver quality. The expected outcome is to foster continuous improvement to provide patients access to the best
possible healthcare through safe and effective products. A robust review process enables management to closely monitor the
effectiveness of processes and implement necessary measures. Relevant results are integrated into the improvement cycles of
the affected unit to drive continuous improvement. If necessary, adjustments to the QMS are made through a defined change
management process.
Overall, the corporate function Quality has the organizational mandate to implement and maintain the global management
framework for quality management and regulatory affairs, technical regulations and standards, and non-conformance-cost and
product-reliability management. To effectively manage our material impact on consumers and end-users, our QMS encompass
the organizational structure, defined responsibilities, procedures, processes, and resources – both human and financial –
necessary to uphold the principles of quality, safety, and regulatory adherence.
Targets
Siemens Healthineers has not defined metrics or set measurable targets for external reporting. Instead, the company relies on
robust organizational structures to foster effective QMS within its organizational units. These QMS are fundamentally designed
around continuous improvement – embedded as both a core principle and level of ambition – with a strong focus on placing the
patient at the center of our efforts. Our Managing Board and Quality Board are committed to strengthening quality and
regulatory compliance by focusing on patient safety, customer needs and regulatory standards, establishing our Quality Policy,
setting objectives, having reviews and audits conducted, and ensuring the availability of necessary resources. Quality
departments assess risks and opportunities, allocate resources including training, and evaluate the impact of changes on the
effectiveness of the QMS. Each head of an organizational unit is accountable for QMS performance, ensuring alignment with
internal quality targets and the principles of our Quality Policy.
The active participation in shaping new or revised regulatory requirements and technical standards related to product safety, and
their subsequent adoption, not only enhances the safety and effectiveness of our products but also benefits customers and
makes it possible to set benchmarks for the industry. Market access in the medical technology field is inherently tied to
compliance with applicable laws and regulations. Certifications are often a prerequisite for selling products, and effective QMS
serve as a clear and sufficient indicator that we bring safe, high-quality medical devices to market. Oversight by National
Competent Authorities, Notified Bodies, and Certification Bodies happens both regularly as well as in unannounced inspections
aimed at ensuring regulatory compliance of the QMS with the statutory requirements.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
106
A.6.3.4 Healthcare access
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact, focusing on
providing access to healthcare.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Healthcare access
Positive impact
By providing access to quality healthcare, especially to underserved
populations, strengthening healthcare workforce capabilities through
education and training and collaborating with strategic partners to
transform the system of care, Siemens Healthineers addresses critical
health disparities, expands patient impact and delivers better health
outcomes.
•
A
n/a
Healthcare Access Policy
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Healthcare is a fundamental human right and the basis of a healthy, sustainable society. Our healthcare access strategy is
designed to address widening disparities in patient care caused by aging populations, unhealthy lifestyles, and underserved
communities. This is a challenge not just limited to low- and middle-income countries; it also affects underserved communities in
high-income countries. This is why healthcare access is the core of our sustainability commitment, and our ambition reflects the
global impact we aspire to achieve. We are tackling this challenge in healthcare today by fighting the most threatening diseases,
accelerating diagnoses and effective outcomes, increasing access to affordable healthcare, and addressing capacity and
capability gaps in the healthcare workforce.
By combining our medical technology expertise with the skills of our diverse and dedicated workforce, we are expanding our
patient impact, globally. A key part of our strategy is also collaborating with global and regional partners who share our vision.
Together, we work to overcome critical barriers and drive transformative, long-term improvements that make quality healthcare
accessible and affordable for patients everywhere.
Embedding healthcare access initiatives into our own operations strengthens our positive impact across downstream value
chains, benefiting our customers, patients, and communities. We apply advanced technologies, address infrastructure gaps,
empower the workforce together with our partners, and enable our customers to operate more efficiently to deliver better care
and build robust ecosystems that benefit patients.
Building these resilient health systems requires a comprehensive longer-term approach that prioritizes patient outcomes while
equipping healthcare professionals with the skills they need to deliver quality care every day. Therefore, the expected impact of
these efforts is in the medium-term, with sustainable improvements in accessibility and efficiency across the healthcare
landscape.
To track and enhance our progress, Siemens Healthineers measures its impact through patient touchpoints – a KPI that measures
the number of times patients get in contact with our products and solutions. This includes accessing diagnosis and treatment
with our in-vivo products and receiving in-vitro diagnostic tests in clinical laboratories or at the point of care.
Our healthcare access strategy and KPIs are integrated with the business and region strategy, helping us expand patient and
workforce impact. Healthcare access initiatives and outcomes are reviewed regularly with the Sustainability Steering Committee,
and progress on KPIs and projects is measured and reviewed in quarterly reviews with the Managing Board to ensure continuous
progress. Our internal policies also outline our commitment and ensure that Siemens Healthineers aligns with regulatory
requirements and best practices globally.
Siemens Healthineers has not conducted a dedicated resilience analysis for healthcare access, since the double materiality
assessment only revealed a positive impact and no negative impacts or risks.
Healthcare access is seen as an entity-specific topic that is not covered by a topical ESRS.
Policies
Siemens Healthineers has implemented a Healthcare Access Policy, which addresses and supports the identified positive impact
listed above by articulating our commitment to expanding access to affordable healthcare, addressing capacity and capability
gaps in the healthcare workforce, and contributions to transforming the system of care. It also contains a description of progress
tracking, measured through two KPIs: Patient Touchpoints and Training Hours. For details on the policies, please refer to Policy
glossary.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
107
Actions
Siemens Healthineers has defined the following actions and initiatives with the purpose of delivering positive impact for
underserved populations everywhere and enhancing our downstream value chains.
Our commitment to increase and improve patient touchpoints builds on our expertise, especially in advanced technologies and
expanding our strategic collaborations and partnerships.
By applying technology advancements, including AI, we drive affordability and expand accessibility for underserved communities
in regions with low resource constraints. We are enhancing efficiencies that can increase throughput and enable more patients
to be diagnosed and treated, which then contributes to growing patient touchpoints worldwide and in low- and middle-income
countries. Some examples of our actions include the following:
• We continue to tackle the challenge of limited MRI access by reaching underserved communities with patient-focused
innovations, compact scanner designs, and intuitive workflows. Our MAGNETOM Free. and MAGNETOM Flow. platforms,
featuring helium-independent DryCool technology and myExam AutoPilot, are deployed worldwide, enabling earlier diagnosis
and broader healthcare access.
• One of our key partners, Galileu Health, has significantly enhanced patient outcomes, particularly in acute myocardial
infarction and atrial fibrillation care. By leveraging the eHealth platform of Siemens Healthineers, which integrates AI and
medical expertise, Galileu Health delivers extensive telehealth support and consistently high patient satisfaction.
We are expanding collaborations and strategic partnerships to align resources, transform the system of care, and create
ecosystems that benefit patients. By sharing knowledge and co-creating with our partners, we leverage diverse expertise and
technologies to scale sustainable, effective healthcare solutions and address infrastructural gaps that limit access to healthcare
for patients. For example:
• Since 2013, we have partnered with Brazil’s Ministry of Health to reduce disparities in cancer care. Our work spans nearly the
entire country and focuses on delivering equipment, constructing treatment facilities, navigating regulations, building local
capacity, training staff, and transferring technology through our manufacturing center – thereby creating a long-lasting
impact.
• In collaboration with the Nigeria Sovereign Investment Authority, we are expanding radiotherapy services to strengthen
sustainable cancer care. The initiative includes upgrading existing centers and establishing new ones, developing a
comprehensive healthcare ecosystem from diagnostics to therapy.
Each segment integrates these actions into its global strategic plans with a strong regional and local focus, and drives prioritized
initiatives that expand patient impact and increase patient touchpoints toward our target for 2030.
The growing gap between the increasing number of patients and the availability of qualified clinical staff is also a major
challenge for the healthcare industry. To address this, we are expanding the reach of our education and training for the
healthcare workforce through continuous improvements and expanded offerings, particularly in the areas of digital and
personalized learning. We apply hybrid learning approaches to four main pillars of training: application training, self-paced online
learning, training events, and simulation-based training. Furthermore, we are expanding our training facilities by establishing
and strengthening regional and local centers, bringing learning closer to healthcare professionals and making education more
accessible.
These initiatives are implemented globally with a strong local focus on expanding training facilities to meet regional needs, build
capacity, and bridge knowledge across borders. For example:
Digital learning expansion: We have significantly increased our self-paced learning offerings and now provide over 25,000
online activities through the Siemens Healthineers Academy and VarianThink, which enable flexible and scalable learning.
Global training centers: We have expanded our global footprint to include more than 20 dedicated training centers. Notable
examples include:
• The training center in Cairo, Egypt, which enhances regional capacity building through localized education.
• The newly inaugurated Cardiac Care Training Center in Jakarta, Indonesia, features eleven advanced digital imaging
workstations and direct access to various imaging systems within the clinical setting of our partner, the Harapan Kita National
Heart Center. The center is expected to train over 9,500 healthcare professionals annually and connect with more than 560
referral hospitals across Indonesia’s archipelago – thereby strengthening local expertise and supporting scalable, high-impact
training.
Academic partnerships: We have broadened our support for simulation-based training in academic institutions through our
SmartSimulator solution. For instance, at Fundación Davante, Spain – a national leader in higher vocational training for
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
108
radiographers, with multiple centers across the country – students are now better prepared to enter the workforce with hands-
on experience and confidence in delivering patient care.
The expected outcome is increased access to healthcare workforce education, ultimately leading to a more skilled and
knowledgeable healthcare workforce that is capable of delivering high-quality care. These actions have an ongoing timeline and
are expected to continue evolving to meet the dynamic needs of the healthcare sector.
Targets
Siemens Healthineers has set three targets to manage the material positive impact related to healthcare access, with the first two
targets aimed at the higher goal of expanding our patient touchpoints.
Our positive impact in terms of expanding access to quality healthcare for underserved populations worldwide, and specifically in
low- and middle-income countries, is directly linked to the sustainability strategy of Siemens Healthineers and the topic of
healthcare access therein. Siemens Healthineers pursues this positive impact with two targets related to patient touchpoints. The
third target aims to enhance the skills and capabilities of healthcare professionals worldwide. These commitments are rooted in
our sustainability strategy, which was developed in an extensive stakeholder consultation process.
The targets include:
Growth in patient touchpoints: This target is a direct reflection of the company’s policy objective to improve healthcare
accessibility worldwide with a special focus on underserved regions where healthcare infrastructure is lacking, supporting them
to achieve their SDGs. Therefore, Siemens Healthineers has defined a target to reach 3.3 billion patient touchpoints worldwide
by 2030, therein 1.25 billion patient touchpoints in low- and middle-income countries.
The scope of this target includes activities in the downstream value chains of Siemens Healthineers. These activities cover a
global geographical range, particularly focusing on low- and middle-income countries, as defined by the World Bank (the fiscal
year 2023 World Bank list was used as reference). Our strategy aligns with international policy goals and our commitment to
improving healthcare access is key to our contributions to SDG 3 of the United Nations.
Definition and calculation of patient touchpoints: Patient touchpoints are defined as the number of times patients get in
contact with our products and solutions from our entire portfolio.
• For our Imaging, Advanced Therapies and Varian businesses, we calculate touchpoints from
> the installed base of Imaging, Advanced Therapies, and Varian equipment, and the usage of these systems, applying
considerations of modality (e.g. MRI, CT) and geography (low and middle income/high income).
> the number of workflows, solutions, and software (e.g. for patient footfall at various facilities, and active users on
treatment systems)
• For Diagnostics, we count the number of laboratory and point of care tests sold, applying considerations of testing discipline
(e.g. blood gas analysis or hematology) and geography-specific averages of the number of tests per examination.
The calculations are currently based on a set of assumptions such as the usage rate, which is an annualized rate derived by
region and modality, or the estimated shares of productive diagnostic tests. These assumptions rely on a combination of
available data from connected systems and expert inputs on approximate actual usage patterns. While this approach enables
consistent measurement across various modalities and geographies, it also introduces material uncertainties regarding the
extent of actual utilization in a given region or modality.
To maintain robustness of the methodologies, these calculations are revisited annually with the key stakeholders to revalidate
the assumptions, and in cases of material deviations, calculations will be adjusted and transparently communicated. As data
availability from connected systems improves over time, this approach enables us to progressively incorporate actual usage data
while reducing reliance on assumptions and material uncertainties. Business teams and the relevant functional team then use
this information for further monitoring, action, and strategic decision-making.
Healthcare workforce education and training: This target supports the company’s policy objective of enhancing the skills and
capabilities of healthcare professionals worldwide, contributing to better patient outcomes and more efficient healthcare
delivery. Siemens Healthineers has set a target of 6 million hours of healthcare workforce education and training. The scope of
this target includes training across all segments of Siemens Healthineers and covers a variety of training formats.
We measure the number of training hours conducted or facilitated for external healthcare professionals through various training
formats. Training formats across regions and business are: application training provided onsite or remotely; self-paced online
learning; training events provided virtually or face-to-face; and simulation-based training (focused on equipment or clinical
procedure simulation). The Healthcare Workforce target group includes clinical, technical, and operational roles that contribute
to the delivery of high-quality patient care and the smooth operation of healthcare facilities.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
109
Performance against these targets is monitored closely, with quarterly progress reports issued to track developments. Detailed
updates are incorporated into the annual Sustainability Report, which assesses whether targets remain on track and highlights
any significant changes.
Targets for healthcare access
Unit
Base
year
Value in
base
year
FY 2025
FY 2024
Target
year
Target
value
Progress in
line to
achieve
target
million patient
touchpoints worldwide
2024
2,680
3,006
2,680
2030
3,300
Yes
Patient Impact
million patient
touchpoints in low- and
middle-income countries
2024
974
1,129
974
2030
1,250
Yes
Healthcare Workforce Education and Training
million hours of training
2024
4
5
4
2030
6
Yes
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
110
A.6.4 Governance information
A.6.4.1 Business conduct
A.6.4.1.1 Compliance and integrity
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact and risk,
focusing on corporate culture and corruption and bribery.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Corporate culture
Positive impact
A set of ethical corporate values and behaviors (e.g. mutual respect,
fostering inclusive culture) that is anchored by the Siemens Healthineers
Business Conduct Guidelines, ensures high integrity among employees
when conducting business with corporate and government customers, and
suppliers. These guidelines and values are reinforced with colleagues
through required training, and other communication tools.
• • •
A
n/a
Business Conduct Guidelines
Global Compliance Directive
Corruption and bribery
Risk
Risk that a violation of compliance relevant laws and regulations, including
anti-corruption, antitrust, data privacy, human rights, anti-money
laundering, and export control laws exposes Siemens Healthineers to fines,
debarment, legal fees, financial losses, contract revocation, produces
adverse media coverage, damages the company brand and reputation,
erodes stakeholder trust and loyalty, disrupts employee engagement, and
limits progress in company innovation strategies.
• • •
n/a •
Business Conduct Guidelines
Global Compliance Directive
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
High-integrity standards when conducting business with our partners and within our company have been a core measure of the
corporate strategy of Siemens Healthineers for many years. The identification of the corporate culture impact therefore did not
change our strategy but rather originated from it and from our activities.
Being aware of the abovementioned risk of corruption and bribery, the strategy of Siemens Healthineers had always been
focused on maximum compliance across the value chain in order to mitigate this risk.
The identified material impact and risk related to corporate culture and corruption and bribery are crucial for the strategy and
business model of Siemens Healthineers. By implementing strict anti-corruption and anti-bribery policies, Siemens Healthineers
ensures compliance with international healthcare regulations, maintains its reputation, and fosters trust among healthcare
partners. Promoting a positive corporate culture enhances employee satisfaction, retention, and productivity, which is vital for
driving innovation in medical diagnostics and therapeutic solutions.
Siemens Healthineers has implemented a compliance system composed of the three pillars: Prevent, Detect, and Respond.
Siemens Healthineers focuses on preventive measures like information, regular training, and clear regulations that are valid for
everybody. Essential business activities are reviewed thoroughly with regard to compliance risks prior to execution.
The compliance management system and the BCG of Siemens Healthineers enhance the resilience of our strategy by mitigating
risks and fostering ethical conduct across the company. They ensure regulatory adherence, which stabilizes long-term planning
and include preventive risk management procedures for swift responses. Strong compliance attracts customers and partners,
improving operational efficiency and encouraging innovation. Adhering to regulations opens new market opportunities. The
adaptability of Siemens Healthineers to changing conditions builds stakeholder trust and supports sustainable growth. Siemens
Healthineers has not conducted a dedicated resilience analysis on topics related to business conduct. The risk mitigation and
resilience strategy also applies to our cooperation with suppliers, as well as to the company’s political engagements.
The compliance management system of Siemens Healthineers is adapted to business-specific risks and applicable laws. Siemens
Healthineers uses the findings of the compliance risk assessment, investigations, compliance controls, and audits to derive
measures for further enhancement of the compliance management system. Early detection of compliance risks, particularly
those related to anti-corruption, anti-money laundering, antitrust, data privacy, export controls, and human rights and ethics,
enables Siemens Healthineers to make informed decisions on the best ways to avoid or mitigate them. Bottom-up and top-down
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
111
activities, business processes, and tools are designed and integrated to quickly and consistently identify and respond to potential
risk scenarios. A mandatory compliance risk assessment is conducted globally, with assessments scheduled to occur at least every
three years. One pillar of the compliance risk assessment is ethical risk assessments, which enable ethical risks to be identified
and mitigated. Identified risks are addressed by both local and central measures and, where appropriate, reported in the ERM
program. Siemens Healthineers implemented an advanced risk-tracking solution allowing for global insights, trends, and
continuous risk monitoring. Throughout the fiscal year, Siemens Healthineers carries out antitrust risk assessments for countries
that have been identified through a risk-based approach by the Chief Compliance Officer and the responsible Heads of Legal and
Compliance.
It is the responsibility of the management to review and evaluate the effectiveness of the compliance management system on a
regular basis. This is done in a systematic form by the Compliance Review Board (CRB) meeting. The CRB is established at
corporate level for Siemens Healthineers AG as well as for zones and shall meet each quarter of the company’s fiscal year. The
CRB shall be governed by a CRB Charter and be held in the form of an in-person meeting or virtual meeting with the mandatory
participants. Mandatory participants are:
• At the corporate level: The members of the Managing Board, the Head of Legal and the Chief Compliance Officer.
• At the zone level: The Head of the zone, the Head of Finance of the zone, the Head of Legal and the Head of Compliance of
the zone.
The CRB Charter may determine further mandatory participants.
Furthermore, the compliance mechanisms of Siemens Healthineers are designed to account for any new developments, such as
compliance risks associated with new digital business models or unexpected significant events.
Siemens Healthineers has set up a central team for processing and reviewing complaints within the Compliance department. The
employees of the Compliance department are bound to special confidentiality, are professionally trained and independent in the
performance of their duties, and specifically are separate from the chain of management involved in the matter.
At the end of every quarter, the Compliance organization analyzes the compliance cases registered in the Compliance Case Tool
and reports key data to the Chief Compliance Officer, who informs the Managing Board of Siemens Healthineers AG and the
Audit Committee of the Supervisory Board. The independent auditors and the functions Accounting and Controlling, Taxes, and
Assurance will be informed on a quarterly basis.
The Compliance organization is responsible for communication and training and to support the executive management and all
managers in their obligation to ensure compliance with the stipulations of the respective compliance policy. Company-wide
regulations of Siemens Healthineers (e.g. major regulations such as Directives) are published and available for all employees on
an intranet database and are actively communicated throughout the entire organization. The heads of all units must ensure that
employees are informed about all relevant laws, regulations, processes, and tools in the area of compliance and that this
information is kept up to date. The heads of these units are also responsible for establishing continuous and adequate
communication with appropriate outreach at all organizational levels through the tone from the top and the tone from the
middle. The Compliance organization provides the relevant content and support. The responsibility of our Corporate
Communications department for relations with external media on compliance topics in alignment with Compliance remains
unaffected.
Policies
The BCG and the Global Compliance Directive address the identified impact and risk associated with corporate culture and
corruption and bribery. The BCG were developed by a global company workgroup that included the company’s main
stakeholders. For details on the policies, please refer to Policy glossary.
At Siemens Healthineers, our culture is rooted in our purpose, values, and practices that are developed in collaboration with the
company’s employees. This collaborative approach ensures that our culture represents the company’s collective ethos. The
People and Leadership Practices of Siemens Healthineers further embed these values, particularly through the Live Siemens
Healthineers Culture practice, which emphasizes the importance of trust, safety, and ethical behavior as outlined in the BCG.
Managers at Siemens Healthineers play a crucial role in fostering a supportive and ethical work environment. They are
responsible for creating a trusting atmosphere in which employees feel comfortable discussing their concerns. By setting a
positive example and ensuring adherence to the BCG, managers help maintain a culture of integrity and respect. The
commitment to ethical conduct is a fundamental aspect of the company’s corporate culture.
To promote its culture, Siemens Healthineers has implemented various educational initiatives, including training on Siemens
Healthineers Performance System and other Core Methods. These programs provide employees with tools to align strategy, solve
problems, and develop professionally. Our HEART program makes it easy for Siemens Healthineers to recognize and appreciate
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
112
other employees who are living the company’s culture during key moments. Additionally, the company integrates its values into
key employee experiences such as interviewing, coaching, and performance management.
Siemens Healthineers continually evaluates its cultural journey through mechanisms such as the Siemens Healthineers Forum
and self-identification surveys, with which it gathers feedback from its employees to ensure that its values are lived and
experienced throughout the organization. These tools provide insights into how employees perceive and experience our culture,
guiding future priorities and continued development of teams at Siemens Healthineers. Regular Culture@work dialogues engage
both new and existing employees in discussions about the company’s purpose and values. Enabler kits support these dialogues,
helping teams internalize and discuss the cultural evolution of Siemens Healthineers. Through self-evaluations, manager
evaluations, and performance dialogues, the company ensures that its purpose and values are consistently reflected in its daily
operations and interactions.
Siemens Healthineers is committed to fostering a culture of sustainability through employee engagement and global
partnerships. Siemens Healthineers colleagues share a strong passion for healthcare access, climate action, and diversity,
inclusion, and belonging. They actively demonstrate this by creating impact for patients, the planet, and communities through
volunteering and employee-led initiatives. Additionally, Siemens Healthineers builds global and regional partnerships to help
jointly address healthcare and environmental challenges and amplify impact.
Siemens Healthineers expects employees and external third parties to report possible violations of the BCG in order to identify
and eliminate misconduct and grievances and protect the company and its employees from risks or damages that may result.
Circumstances that indicate a violation of the BCG can be reported to a variety of reporting channels. The secure Let Us Know
global reporting system, which is hosted by a third party on our behalf, and an independent ombudsperson are available to all
employees and external third parties. Both reporting channels are available on our publicly accessible corporate website. In
addition, employees may report possible violations or misconduct to the following: managers – who shall advise on how to
further report to Legal and Compliance or to alternative reporting channels listed hereinafter – the Chief Compliance Officer,
Legal and Compliance employees, the Human Rights Officer, Human Resources employees, or employee representatives.
Information on possible violations of the BCG can be provided confidentially and anonymously if desired. Siemens Healthineers
examines all reports and takes appropriate measures. Siemens Healthineers does not tolerate any retaliation against
complainants or reporters. Violations of this prohibition of retaliation will be treated as compliance violations. All allegations of
possible violations of the BCG are responded to in accordance with formal company-wide processes. These processes take into
account the presumption of innocence and the participation rights of employee representatives where required by local policy.
All reports will either be handled by the Compliance organization itself or forwarded to the relevant specialist department for
further action. Siemens Healthineers will take appropriate disciplinary action in the event of demonstrable violations. Siemens
Healthineers will apply the same principles to allegations of wrongdoing brought by third parties, to the extent legally
permissible. The receipt of a complaint will be acknowledged promptly, in no more than seven days, to whistleblowers in an
appropriate form. Siemens Healthineers will remain in contact with the whistleblowers in an appropriate manner to address their
concerns or to facilitate further investigation of their complaint. For further information on how incidents of corruption and
bribery are addressed, please refer to Impacts, risks, and opportunities.
To embed compliance and integrity within the organization, all employees, no matter if part-time or full-time, are required to
undergo targeted, risk-based compliance training. This includes mandatory in-person and web-based training on key compliance
topics such as anti-corruption and bribery, anti-money laundering, antitrust, data protection, and human rights. New hires must
complete mandatory training on the BCG, which is tailored to meet our company’s specific needs and covers all relevant general
compliance topics, as well as those unique to our company. In addition to regular standard and mandatory training, the company
also provides targeted training materials that are available on the global learning platform and/or intranet pages on the
respective compliance-related topics, including anti-corruption and bribery. Training measures are planned and executed in
accordance with regional requirements. Compliance with mandatory training for defined and regionally determined target
groups is tracked through a learning management system, and the status of employee training implementation is regularly
reported to the management of each unit at CRB meetings. Managers must ensure that employees participate in mandatory
training sessions in time. However, the Compliance organization can always be approached and can provide additional training
whenever necessary.
Siemens Healthineers identifies potential functions-at-risk on the level of individual employees and groups. Functions-at-risk
refers to those roles considered vulnerable to corruption and bribery due to their tasks and responsibilities. Siemens Healthineers
generally considers all office employees as the functions that are most at risk. Since all employees are trained on the BCG, all
office employees and therefore all functions-at-risk are included in the target group. Office employees are defined as the group
of all employees who have active access to the internal learning management system, an email address of Siemens Healthineers,
and access to a device.
Furthermore, the Compliance organization trains the Managing Board and Supervisory Board of Siemens Healthineers AG on
compliance topics customized to their function.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
113
Actions
Siemens Healthineers has defined the following ongoing actions and initiatives with the purpose of delivering positive impacts
regarding compliance and integrity. If not stated otherwise, the activities apply globally. For details on additional actions to
strengthen our business culture, please refer to A.6.3.1 Own workforce.
To fulfill our role as a responsible and trusted partner of society, we have established a compliance management system that is
based on law, the codes of the industry associations to which we have committed ourselves, our BCG, and our compliance
policies. It is designed to ensure that our business practices comply with internal and external rules including business ethics, and
is based on the three pillars: Prevent, Detect, and Respond. To ensure global implementation of the compliance management
system in line with our requirements, the Internal Audit organization of Siemens Healthineers conducts continuous compliance
checks and audits. The global compliance structure of Siemens Healthineers combines strong governance with trained
compliance officers. Managers uphold our commitment to compliance by ensuring that business decisions and actions within
their areas of responsibility consistently align with applicable laws and with our own policies and principles.
Embedded in the compliance management system, our compliance training program is a key element in creating a strong
compliance culture, raising awareness, and preventing violations. We continually modernize and enhance our compliance
training program to ensure that relevant topics, information, and training reach employees at the right time. Whenever possible,
we integrate ethical dilemmas into real-life training scenarios that require employees to weigh their decisions in a compliant and
ethical way. Furthermore, all employees are asked to attend the annual Global Compliance Days, which provide a thorough
overview of current compliance and ethical issues. For further information regarding training, please refer to Policies.
To advance the fight against corruption, promote fair competition, and achieve global sustainable development, a collective
effort from multiple stakeholders is essential. Siemens Healthineers works with various interest groups and possible partners to
create fair and equitable market conditions for all marketplace participants and to eliminate the temptation of corruption for all
concerned. Collective Action at Siemens Healthineers aims to bring more opportunities to cooperate with alliances in the
healthcare industry, to improve the compliance environment, and to benefit everyone – not just market players, but also
healthcare professionals and patients.
Siemens Healthineers and the Compliance organization continue to promote integrity, ethical behavior, and the fight against
misconduct by continuing our strong membership participation in national and international industry associations that have
developed codes of conduct to regulate all aspects of the industry’s relationship with healthcare professionals and healthcare
organizations. Siemens Healthineers adheres to both compulsory and voluntary restrictions, such as the ban of direct
sponsorships, and is highly engaged in code-related activities.
To support the continuous efforts to go beyond traditional compliance, Siemens Healthineers set up a global topic group within
the Compliance organization that is dedicated to ethics, sustainability, human rights, and collective action. This initiative aims to
empower compliance professionals to serve as trusted partners in promoting ethics throughout the company.
The actions of the Compliance organization at Siemens Healthineers include further evaluating and automating current
processes and continuing to closely monitor capabilities and rapid developments in the field of AI. We strive to provide our global
compliance team, as well as our employees, with education and support for the compliance-related and ethical questions
surrounding AI that Siemens Healthineers will face in the future.
Targets
Our compliance management system, the implemented policies, and ongoing actions address the identified actual positive
impact of corporate culture as well as the identified corruption and bribery risk. Hence, no specific targets have been set for fiscal
year 2025 to address these. Siemens Healthineers constantly reviews the processes and measures of the compliance
management system, analyses whether the measures are appropriate and effective, and adapts them if necessary. CRB meetings
are a mechanism to evaluate this. Decisions that impact the compliance management system are taken by the designated
management team or the decision board. Preventive measures include compliance risk management, the preparation of topic-
specific guidelines and procedures, and comprehensive training and consultation for our employees. Reporting mechanisms,
such as the Let Us Know global reporting system and the Ombudsperson, along with thorough and impartial internal
investigations, are crucial for detecting and responding to misconduct. Clear procedures and consequences address violations
and correct any weaknesses. Our policies set mandatory training for various target groups of employees. The effectiveness of
these policies is tracked through the tracking of timely participation in these training sessions. No additional quantitative
indicators of progress are established, as these training courses are mandatory and cannot be ignored by employees. Our training
programs are continuously updated to reflect lessons learned. Furthermore, the effectiveness of the policies and actions is also
tracked through the compliance cases registered in the Compliance Case Tool (for details, please refer to Impacts, risks, and
opportunities). By tracking the total number of convictions for violations of anti-corruption and anti-bribery laws and the number
of fines resulting from such convictions, Siemens Healthineers continuously evaluates the performance of implemented
measures.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
114
The effectiveness of the compliance management system is also tested as part of the Risk and Internal Control framework that
defines compliance-related control requirements.
To continually develop our compliance management system and learn from our employees’ views, Siemens Healthineers seeks
their feedback through the Healthineers Forum (for more details, please refer to Policies) to determine, among other things,
whether employees believe that the company takes appropriate steps to address wrongdoing.
Metrics
Functions-at-risk covered by training programs
Training is a fundamental measure to ensure broad awareness of responsible business conduct. The positive impact on corporate
culture and the proactive management of compliance risks through regular training and company-wide communication is
evaluated by continuous tracking of the coverage of compliance training. Completed training sessions serve as preventive
measures. The data is collected via a learning management system. For further information regarding training, please refer to
Policies.
In fiscal year 2025, the completion rate of the abovementioned mandatory training on the BCG for new hires, including
functions-at-risk at Siemens Healthineers, was 90%. Newly hired employees are given a specified time to complete the training.
Therefore, the completion rate might differ every year, depending on the number of recently hired employees toward the end of
the fiscal year.
Incidents of corruption and bribery
According to published definitions under the ESRS, convictions are defined as follows: Total first-instance convictions by a
criminal court in the reported fiscal year against individuals (Siemens Healthineers Group governing body members or
employees) for corruption, money laundering, or bribery, if known by Siemens Healthineers. They are recorded if the offense
occurred during the period of and in connection with the position on the governing body or the employment relationship, and
must be entered into the criminal record once final. Includes convictions of Siemens Healthineers Group legal entities for the
same offenses. The terms anti-corruption and anti-bribery are based on the definition in the BCG. The data is collected centrally
through the Compliance department and based on the convictions described before as well as on fines paid by Siemens
Healthineers Group and/or individuals (members of governing bodies of Siemens Healthineers Group or employees of Siemens
Healthineers if Siemens Healthineers Group has direct knowledge of the first-instance conviction) in the reported fiscal year as a
result of a conviction for acts of corruption, money laundering, or bribery.
In fiscal year 2025, no convictions and no fines related to violations of anti-corruption and anti-bribery laws have been recorded.
Therefore, no actions were taken to address breaches in anti-corruption and anti-bribery procedures and standards. For details on
how Siemens Healthineers in general prevents and detects corruption and bribery, please refer to Impacts, risks, and
opportunities.
A.6.4.1.2 Management of relationships with suppliers, including payment practices
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact focusing on
the management of relationships with suppliers, including payment practices.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Management of relationships with suppliers,
including payment practices
Positive impact
Considering ESG criteria when selecting suppliers and promoting close
cooperation with suppliers in these areas, has a positive impact on social
and environmental conditions along the global supply chain.
•
A
n/a
Principles of Correct Purchasing
Directive
Siemens Code of Conduct for
Suppliers and Third-Party
Intermediaries
Responsible Minerals Sourcing Policy
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
Siemens Healthineers has a positive impact on social and environmental conditions along the global supply chain thanks to an
ESG-focused supplier selection. This impact also grows out of the company’s strategic focus on minimizing its environmental
footprint: Siemens Healthineers has identified several impacts, risks, and opportunities in relation to the environmental topics
(for details, please refer to A.6.2 Environmental information) that are linked to a stable and safe environment, as the protection of
the planet is a core intrinsic motivation for Siemens Healthineers. This positive impact originates directly from its activities.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
115
Fair and transparent supplier relationships ensure a reliable and ethical supply chain. Timely and fair payment practices build
trust and collaboration, which are crucial for the consistent delivery of resources and components for healthcare products of
Siemens Healthineers.
For information about the resilience of our strategy and business model regarding business-conduct impacts, risks, and
opportunities, please refer to A.6.4.1.1 Compliance and integrity.
Identifying risks and potential impacts and deriving effective measures are core elements of implementing due diligence related
to human rights and the environment. Siemens Healthineers understands the fulfillment of this responsibility as a continuous
improvement process. The company strives to systematically operationalize risks related to human rights and the environment by
using a company-wide due diligence approach. The early identification of risks related to human rights and the environment
plays a key role in an effective risk management system. Siemens Healthineers therefore ensures that sufficient financial and
human resources are available for monitoring the supply chain. Effective risk management enables Siemens Healthineers to deal
more comprehensively and at an earlier stage with the assessment of human rights and environmental risks in its operating
business and to integrate the main risk areas. This includes results from the annual Environment, Health, and Safety Risk
workshops; risk analyses in the areas of project security, property protection, and executive and event protection; results from
the supply chain risk management system; Siemens Healthineers experience in dealing with critical/controversial business
activities; expertise of external human rights experts; and insights from dialogues with investors, Siemens shareholders, NGOs,
and peer groups.
Identifying and mitigating all procurement-related risks (including concerns regarding human rights and environmental issues
according to the Supply Chain Due Diligence Act) at an early stage is one of the goals of the supplier qualification and auditing
processes. Siemens Healthineers also expects its suppliers to share the company’s values and comply with all applicable laws as
established in the Supplier CoC.
If a newly registered supplier is acting as a business partner (e.g. as a customs agent or business consultant) a Business Partner
Compliance due diligence has to be executed by the requesting unit in close cooperation with Procurement in the Business
Partner Compliance Tool.
As a general preventive measure, Siemens Healthineers conducts ESA of direct suppliers, including a review of risk mitigation in
the indirect supply chain. In addition, Siemens Healthineers has implemented numerous measures such as:
• Developing and implementing appropriate sourcing strategies and purchasing practices (including contractually binding
suppliers of Siemens Healthineers to the Supplier CoC)
• Implementing risk-based control measures
• Assisting the supplier in risk prevention and mitigation, introducing Supplier CoC training
Policies
The Principles of Correct Purchasing Directive, the Supplier CoC, and the Responsible Minerals Sourcing Policy address the
identified impact associated with the management of relationships with suppliers, including payment practices. The policies refer
to internationally recognized instruments and standards, and ensure adherence to widely accepted norms and stakeholder
interests. For details on the policies, please refer to Policy glossary.
The Principles of Correct Purchasing Directive states that the mandated purchasing units must ensure that the Conditions of
Purchase specify the optimized payment terms permitted under the applicable local laws. In addition, all units are obliged to
comply with contractually agreed conditions and applicable local laws. These regulations are applicable for all business
transactions of Siemens Healthineers, disregarding the size of the counterparty, and therefore also including small and medium-
sized enterprises (SMEs).
Actions
Siemens Healthineers has defined the following ongoing actions and initiatives with the purpose of delivering a positive impact
regarding our management of relationships with suppliers, including payment practices. If not stated otherwise, the activities
apply globally.
Cooperation with business partners: Ensuring the integrity of our business partners is a key aspect of our operations and
essential to protecting us from liability and reputational risks. We consistently evaluate, manage, and monitor these relationships
throughout their life cycle. Business partners and suppliers both agree to follow the Supplier CoC. The management is fully
responsible for the proper selection, onboarding, and monitoring of business partners on an ongoing basis and owns the
business partner relationship. Once due diligence is completed, the ongoing monitoring of business partners is carried out by the
relevant business unit, utilizing a comprehensive tool-based auditing and monitoring system.
Responsible Mineral Sourcing Program (RMS): Siemens Healthineers, as a subsidiary of Siemens AG, is a member of the
Responsible Minerals Initiative (RMI), which offers auditing programs for smelting. We utilize their Conflict Minerals Reporting
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
116
Template to survey relevant suppliers and gather information about smelters involved in the production of tin, tantalum,
tungsten, and gold (3TG). Beyond 3TG, Siemens Healthineers extends its risk assessment to evaluate additional minerals using
risk definitions from the European Commission, focusing on areas of “armed conflict”, “areas witnessing weak or non-existent
governance and security”, and “areas with widespread and systematic violations of international law, including human rights
abuses”. Beyond that, cobalt and mica are also part of our due diligence process, following the RMI’s development of the
Extended Minerals Reporting Template, which provides auditing standards and reporting specifications for these minerals. The
effectiveness of this process is ensured through the RMS audit, and suppliers are required to submit information annually using
both the Conflict Minerals Reporting Template and the Extended Minerals Reporting Template.
Targets
Our implemented policies, processes, and actions set the precondition for guiding supplier selection and ongoing collaboration,
and address the identified actual positive impact. Hence, no specific targets are set to measure the effectiveness of our
management of relationships with suppliers, including payment practices.
Metrics
The standard payment terms are the conditions and parameters of payment for an item or service, defined by Siemens
Healthineers for the respective supplier. Within Siemens Healthineers, there are no supplier-group-specific payment terms. The
terms and conditions used for payments to third party suppliers bear a significant impact on liquidity and capital efficiency. Thus,
the mandated purchasing units ensure that local Conditions of Purchase from Siemens Healthineers specify the optimized
payment terms permitted under the applicable local laws. Beyond that, the mandated purchasing units have the target to
achieve a minimum of 90 days net as the average term for payments to external suppliers over all relevant procurement
contracts. The terms for payments agreed in each procurement contract must comply with the applicable local law. The
disclosures required under ESRS G1-6, 33b, relating the actual standard payment terms are provided in the relevant, clearly
marked section of Note 26 Financial risk management in the notes to the consolidated financial statements. These disclosures
form an integral part of this Sustainability Report.
In fiscal year 2025, Siemens Healthineers paid 93% of payments in alignment with the described standard payment terms. The
payment rate is calculated by dividing the number of invoices paid within standard payment terms, excluding immediate
payments, by the total number of invoices. The average time it took to pay an invoice at Siemens Healthineers was 51 days. The
data collection and data evaluation are centrally managed and based on a database including invoice and payment data. Siemens
Healthineers entities not connected to the standard reporting framework (e.g. recently integrated entities) are not included.
Their overall relevance is limited, and they do not exert a material influence on the reported metrics.
At the end of fiscal year 2025, Siemens Healthineers has no legal proceedings outstanding regarding late payments. The data is
collected from our businesses and regions, consolidated by the legal departments of Siemens Healthineers.
A.6.4.1.3 Political engagement and lobbying
Impacts, risks, and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following impact focusing on
our political engagement and lobbying.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Political engagement and lobbying
Positive impact
Siemens Healthineers main political engagement and advocacy activities
are following the aim of expanding access to healthcare and driving better
outcomes in healthcare, thus leading to a positive impact on people.
• • •
P •
Business Conduct Guidelines
Global Compliance Directive
Principles for Sponsoring Activities,
Donations, Charitable Contributions,
Educational Grants and Memberships
Directive
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
The above mentioned impact originates from the company’s strategy and activities, since it has a core strategic interest in
improving access to care. Ethical political engagement and lobbying have the power to shape healthcare policies that enhance
patient outcomes or directly benefit patients. Accordingly, Siemens Healthineers focuses its political activities on expanding
access to healthcare and improving patient outcomes, supporting its strategic objectives of tackling the most threatening
diseases and strengthening healthcare systems worldwide.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
117
For information about the resilience of our strategy and business model regarding business conduct impacts, risks, and
opportunities, please refer to A.6.4.1.1 Compliance and integrity.
Policies
The BCG, the Global Compliance Directive and the Principles for Sponsoring Activities, Donations, Charitable Contributions,
Educational Grants and Memberships Directive address the identified impact of political engagement and lobbying. These
policies are supplemented by local policies and frameworks for political engagement. The BCG were developed by a global
company workgroup that included the company’s main stakeholders. For details on the policies, please refer to Policy glossary.
Actions
Siemens Healthineers has defined ongoing actions with the purpose of delivering a positive impact regarding political
engagement and lobbying.
The compliance management system of Siemens Healthineers is based on law, the codes of the industry associations to which
we belong, our BCG, and our compliance policies. It is designed to ensure that our business practices comply with internal and
external rules including business ethics. All newly hired employees of Siemens Healthineers must complete a mandatory training
on the BCG, which covers all relevant general compliance topics. For details on our compliance management system and
compliance trainings, please refer to A.6.4.1.1 Compliance and integrity.
Targets
The compliance management system and the BCG of Siemens Healthineers (for details, please refer to A.6.4.1.1 Compliance and
integrity) foster ethical conduct across the company and ensure regulatory adherence, and our political engagement and lobbying
activities are firmly embedded in this system. By publicly reporting information on our political positions in relevant transparency
registers, we provide accountability for our political interactions. These are our defined levels of ambition to address the
potential positive impact of political engagement and lobbying and how we track the effectiveness of our policies and actions.
Additionally, no specific targets are set in the current fiscal year to quantify the effectiveness of our policies and actions.
Metrics
The Managing Board of Siemens Healthineers has overall responsibility for managing the dialogue with policymakers and
government officials; it has tasked the Government Affairs departments with coordinating the dialogue with policymakers in
close cooperation with the Managing Board. Within the company, the respective business head is responsible for maintaining a
coordinated dialogue.
Siemens Healthineers is a politically neutral company. As a result, any direct political contributions supporting activities related to
political purposes or the representation of political interests (such as elections or political campaigns) are strictly prohibited.
Therefore, Siemens Healthineers focuses on the worldwide monitoring of potential indirect political contributions – both
financial and in-kind – made through intermediary organizations linked to or supporting particular political parties or causes. We
identify these intermediary organizations from all lobbying contracts and memberships in lobbying organizations that have an
annual membership fee above the materiality threshold of €5 thousand. In the current reporting period, Siemens Healthineers
has made no direct or indirect financial or in-kind contributions to political parties, elected representatives, or persons seeking
political office.
Siemens Healthineers focuses its advocacy on priority regions where shaping policy is essential to advancing healthcare, trade,
sustainability, and digital innovation. We operate at the local, national, and international levels, maintaining strong stakeholder
engagement and actively participating in policy processes that drive the evolution of healthcare.
On the global stage, Siemens Healthineers engaged in several platforms during fiscal year 2025, including the World Economic
Forum, and convened discussions on the margins of the World Health Assembly and the UN General Assembly, to drive its
priorities in international debates. Our efforts emphasize expanding access to healthcare and improving patient outcomes,
guided by our double materiality assessment to maximize positive impacts through political engagement and advocacy.
During fiscal year 2025, we have focused on fostering a regulatory and administrative environment that enhances the sector’s
competitiveness, while simultaneously highlighting the critical role of innovative medical technologies in strengthening national
healthcare systems. Furthermore, we continue to promote the importance of public investment in building a sustainable and
resilient health system and we support transparent, balanced, and reliable global trade conditions in the medical technology
sector. In addition, we are working to strengthen supply chain resilience by ensuring that procurement policies reflect the
complexity of global medical device manufacturing. Finally, we are advancing sustainability initiatives – such as securing the U.S.
Energy Star Certification in medical imaging – so that they take into account original manufacturers’ considerations and do not
create additional barriers to market entry.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
118
Lobbying activities initiated by Siemens Healthineers followed strict requirements (e.g. registration as lobbyists) to enhance
transparency. The following table presents transparency registers in which Siemens Healthineers is listed in member states of the
European Union.
Country
Name of transparency register
Identification number of Siemens Healthineers
Germany
Lobbyregister für die Interessenvertretung gegenüber dem
Deutschen Bundestag und der Bundesregierung
R002236 / R001325
EU
EU Transparency Register
982823533509-58
France
Le répertoire des représentants d’intérêts
No identification number
Austria
Lobbying- und Interessenvertretungsregister
LIVR-01021
No members of the Managing Board or Supervisory Board of Siemens Healthineers appointed during the current reporting period
held a comparable position in public administration in the two years preceding their appointment.
A.6.4.2 Cybersecurity and data privacy
Impacts, risks and opportunities
Based on the results of our double materiality assessment, Siemens Healthineers has identified the following risks, focusing on
cybersecurity and data privacy.
Type of IROs and description
Value
chain1
Impact
type2
Time
horizon3
Policy
u
o
d
A/P
s
m
l
Cybersecurity and data privacy
Risk
Without sufficient Cybersecurity and Data Privacy standards implemented
in products, solutions and services, there is a risk of non-compliance with
regulatory requirements and industry standards for cybersecurity and data
privacy, which could result in legal penalties, financial losses, and damage
to the reputation of Siemens Healthineers. Ensuring robust cybersecurity
and data privacy measures is essential to maintaining trust and reliability in
Siemens Healthineers products, solutions and services.
•
n/a •
Cybersecurity Directive
Data Privacy Directive
Risk
With insufficient Cybersecurity and Data Privacy capabilities of Siemens
Healthineers' employees or insufficient standards implemented in Siemens
Healthineers' processes or tools, the operations would be at risk. That
would potentially negatively affect market access and stakeholder trust as
well as result in liabilities or fines.
• •
n/a •
Cybersecurity Directive
Data Privacy Directive
1 Value chain: upstream (u), own operations (o), downstream (d).
2 Impact type: actual (A), potential (P).
3 Time horizon: short-term (s), medium-term (m), long-term (l).
The healthcare sector plays a crucial role in safeguarding the health and well-being of people and is an indispensable pillar of
societies and their further development. With advancing digitalization and technologies like AI, cyber and information security as
well as data protection become ever-more crucial for our stakeholders and our business success. Siemens Healthineers is
committed to continuously improving cyber resilience and data privacy measures, all in pursuit of supporting our customers in
delivering secure healthcare products, solutions, and services for patients. Ransomware and other cyberattacks potentially
disrupt availability and access to healthcare or result in a breach of sensitive patient data and may therefore significantly
jeopardize patient care. Devices used in healthcare connect increasingly with a high number of interfaces, through which threat
actors might succeed in accessing either a single device or a complete network. Cybersecurity not only has a trust-building
impact but is also demanded by customers purchasing our products, solutions, and services. As the healthcare industry is
considered part of the important infrastructure in many countries, international and national laws and regulations demand
cybersecurity from manufacturers and providers in the healthcare industry. Failing to meet regulatory requirements and industry
standards could lead to legal repercussions, financial losses, and damage to the reputation of Siemens Healthineers. Moreover,
inadequate cybersecurity and data privacy capabilities among our employees or insufficient standards implemented in our
processes could jeopardize our operations, negatively affecting market access and stakeholder trust while exposing Siemens
Healthineers to potential liabilities or fines. Consequently, Siemens Healthineers focuses on the implementation of robust
cybersecurity and data privacy measures to prevent risks to and maintain trust in our operations and our portfolio.
Data privacy: Siemens Healthineers has established a global data privacy organization with a corporate data privacy team. The
Head of Data Privacy and Group Data Protection Officer is supported by Data Privacy Coordinators and local Data Privacy Officers
for our legal entities in the countries worldwide, and reports regularly to the Managing Board of Siemens Healthineers AG. The
corporate data privacy team oversees and manages the policies and standards for data privacy in collaboration with Data Privacy
Ambassadors of the responsible business units and countries. Siemens Healthineers expects all employees to handle personal
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
119
data carefully, responsibly, and confidentially, and to process personal data only in compliance with applicable laws, regulations,
and internal requirements. These requirements are also contained in our BCG, which are binding for all our employees
worldwide. Our employees must regularly participate in data privacy trainings. Participation is monitored across the organization.
Further data privacy trainings are offered and tailored to specific employee roles and responsibilities. All company processing
activities of personal data are documented and reviewed within a central tool. Our data privacy management system comprises a
framework of controls to ensure the operational implementation across the entire Siemens Healthineers Group. To strive for
continuous improvement of our data privacy management system, Siemens Healthineers conducts a yearly data privacy self-
assessment in all business units and legal entities focused on compliance with key elements of our data privacy management
system. If instances of deficiencies are uncovered, they are subject to remediation measures without undue delay. Furthermore,
Siemens Healthineers conducts regular and ad-hoc audits on data-privacy-related topics. Our suppliers and partners are selected
carefully and monitored for their data privacy requirements. Siemens Healthineers has embedded privacy by design and default
in the development cycle and related processes. Additionally, a global process has been implemented that provides a central,
secure, and, if necessary, anonymous reporting channel that aims to effectively stop and remedy deficiencies and to provide
timely notification to authorities and affected parties, if required.
Cybersecurity: Cybersecurity is a dedicated Governance Area appointed by the Managing Board, with a centralized organization
and regular reporting to the senior management and the Managing Board directly. The strategy of Siemens Healthineers embeds
resources within our businesses and geographical regions, standardizing processes to continuously enhance security by design in
our products and solutions, and our supporting organization. To ensure effectiveness, our compliance risk management system
is tailored to address business-specific risks and various local legal requirements. Siemens Healthineers has implemented
cybersecurity and data privacy management systems that are applicable to the global organization. These are independently
certified under ISO/IEC 27001:2022 and extended with ISO/IEC 27701:2019 with the scope of Governance and Assurance for
Cybersecurity and Data Privacy. Our BCG, which every employee is obligated to comply with, contains cybersecurity
requirements. Additionally, all employees are required to participate in an annual cybersecurity awareness training, which covers
essential cyber topics. Siemens Healthineers monitors training completion and takes steps to address any overdue training. In
addition, regular phishing simulations and role-based training are offered throughout the year. Siemens Healthineers leverages a
multifaceted cybersecurity awareness campaign that fosters engagement through interactive in-person events, newsletters, and
webinars. Siemens Healthineers continually engages with customers, regulators, and industry partners to listen, learn, and
further shape cybersecurity standards. This is exemplified by our active participation in several key industry organizations like the
Health Information Sharing and Analysis Center and various initiatives. In parallel, our involvement in working groups such as
CISO DAX40 enables us to collaborate with information security leaders from different industries to share best practices and
develop robust cybersecurity measures. These partnerships ensure that our practices meet the highest standards of protection
and resilience. To stay ahead of the evolving threat landscape, Siemens Healthineers is committed to continuously improving the
security and resilience of our portfolio. Cybersecurity is an amplifier for sustainability because it maintains the continuity of
healthcare services, safeguarding patient data, and promoting long-term operational stability. Our commitment to cybersecurity
supports not only our business objectives but also the broader goal of creating a sustainable, safe, and trusted healthcare
ecosystem.
To ensure the resilience of our strategy and business model, regular risk analyses and evaluations are conducted, including risk
workshops as part of our Enterprise Risk Management processes, together with internal audits and management reviews. These
processes, combined with measures based on security or privacy incidents and new regulatory requirements, form the
foundation of our continuous improvement process. This approach is aligned with the PDCA cycle, ensuring that our
management system adapts to emerging risks and opportunities in a proactive and structured manner. Moreover, Siemens
Healthineers has established a robust Cybersecurity Third Party Management Framework in cooperation with procurement and
supplier management processes, to mitigate cybersecurity-related supply chain risks. This includes a structured supplier
evaluation and classification during onboarding, consideration of existing certifications or assurance reports, contractual
safeguards, identification of associated risks, and regular monitoring of supplier relationships in appropriate review cycles.
Cybersecurity and data privacy are seen as entity-specific topics that are not covered by a topical ESRS.
Policies
Siemens Healthineers has implemented the Cybersecurity Directive and the Data Privacy Directive, both of which set uniform and
appropriate global standards and address the identified material risks associated with this entity-specific topic. The policies take
into account the requirements of ISO/IEC 27001:2022, extended with ISO/IEC 27701:2019, whereby the consideration of
stakeholder needs and expectations is an integral element. For details on the policies, please refer to Policy glossary.
Actions
Cybersecurity and data privacy are fundamental to our business operations and the trust we uphold with our stakeholders. Our
global, ongoing efforts to mitigate cybersecurity and data privacy risks – as outlined above – span our operations and portfolio,
strengthening resilience across the value chain. These continuous improvements enable us to adapt to evolving cyber threats
while maintaining compliance with regulatory requirements and industry standards.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
120
The Siemens Healthineers cybersecurity and data privacy management systems outline the principles, measures, responsibilities,
processes, and controls designed to support our business activities in achieving and maintaining compliance with applicable
laws, regulations, and internal commitments to cybersecurity and data privacy within the Group. This systematic approach
provides the necessary resources and controls to maintain business continuity and operational stability while enabling effective
risk management. Additionally, the cybersecurity and data privacy management systems are certified under internationally
recognized standards, validating the effectiveness and ensuring ongoing alignment with global best practices. To maintain high
security standards, regular audits are conducted to assess their performance, identify areas for improvement, and confirm
adherence to all relevant security and data privacy requirements. We also continually evolve our comprehensive employee
training programs and role-specific learning initiatives to address changes to the regulatory environment, emerging threats and
industry trends. This fosters a proactive cybersecurity and data privacy culture while embedding risk awareness throughout the
organization.
Siemens Healthineers believes that the existing processes are both effective and sufficient in managing potential cybersecurity
and data privacy risks, and that the current framework is robust and capable of safeguarding the security and integrity of our
business operations and portfolio in relation to cybersecurity and data privacy. This sustainable quality approach prioritizes
continual improvement and aligns with our broader organizational objectives to enhance protection, reinforcing stakeholder
confidence in our commitment to cybersecurity and data privacy.
Targets
Siemens Healthineers has not set measurable targets for external reporting, as our management system is fundamentally
designed around continuous improvement, which is embedded as its core principle and level of ambition. This ensures that it
continually adapts to emerging risks, evolving best practices, and changing regulatory requirements. Furthermore, it is
independently certified under ISO/IEC 27001:2022 and extended with ISO/IEC 27701:2019, demonstrating its adherence to
recognized standards. This external certification provides assurance that the system is effectively managing risks and achieving
its intended outcomes. Given the ongoing nature of this improvement process, our system remains robust and adaptable,
continuously strengthening its effectiveness in an evolving cybersecurity and data privacy landscape.
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
121
A.6.5 Notes to the Sustainability Report
Disclosure requirements content index
Disclosure requirement
Chapter
Start page
ESRS 2 – General disclosures
BP-1
General basis for preparation of sustainability statements
Basis for preparation of the Sustainability Report
38
BP-2
Disclosures in relation to specific circumstances
Basis for preparation of the Sustainability Report
38
SBM-1
Strategy, business model and value chain
Sustainability strategy
39
SBM-2
Interests and views of stakeholders
Sustainability strategy
43
Material sustainability matters
53
SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
Topic-specific and entity-specific chapters
67; 76; 78;
84; 95; 100;
103; 106;
110; 114;
116; 118
Sustainability governance and organization
49
IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities
Material sustainability matters
49
Material sustainability matters
53
IRO-2
Disclosure requirements in ESRS covered by the undertaking’s
sustainability statement
Notes to the Sustainability Report
124
GOV-1
The role of the administrative, management and supervisory bodies Sustainability governance and organization
45
GOV-2
Information provided to and sustainability matters addressed by the
undertaking’s administrative, management and supervisory bodies
Sustainability governance and organization
47; 47
GOV-3
Integration of sustainability-related performance in incentive
schemes
Sustainability governance and organization
48
GOV-4
Statement on due diligence
Sustainability governance and organization
48
GOV-5
Risk management and internal controls over sustainability reporting Sustainability governance and organization
49
MDR-P
Policies adopted to manage material sustainability matters
Policy glossary
55
Topic-specific and entity-specific chapters
68; 76; 79;
85; 96; 101;
103; 106;
111; 115;
117; 119
MDR-A
Actions and resources in relation to material sustainability matters
Topic-specific and entity-specific chapters
68; 77; 79;
87; 97; 102;
105; 107;
113; 115;
117; 119
MDR-T
Tracking effectiveness of policies and actions through targets
Topic-specific and entity-specific chapters
69; 77; 80;
90; 98; 102;
105; 108;
113; 116;
117; 120
MDR-M
Metrics in relation to material sustainability matters
Topic-specific and entity-specific chapters
72; 77; 81;
92; 99; 114;
116; 117
ESRS E1 – Climate change
E1.GOV-3
Integration of sustainability-related performance in incentive
schemes
Sustainability governance and organization
48
E1-1
Transition plan for climate change mitigation
Climate change
66
E1.SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
Climate change
67
E1.IRO-1
Description of the processes to identify and assess material climate-
related impacts, risks and opportunities
Material sustainability matters
51
E1-2
Policies related to climate change mitigation and adaptation
Climate change
68
Policy glossary
55
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
122
Disclosure requirement
Chapter
Start page
E1-3
Actions and resources in relation to climate change policies
Climate change
68
E1-4
Targets related to climate change mitigation and adaptation
Climate change
69
E1-5
Energy consumption and mix
Climate change
74
E1-6
Gross Scopes 1, 2, 3 and Total GHG emissions
Climate change
72
E1-7
GHG removals and GHG mitigation projects financed through
carbon credits
Climate change
75
E1-8
Internal carbon pricing
Climate change
75
ESRS E2 – Pollution
E2.IRO-1
Description of the processes to identify and assess material
pollution-related impacts, risks and opportunities
Material sustainability matters
52
Pollution
76
E2-1
Policies related to pollution
Policy glossary
55
E2-2
Actions and resources related to pollution
Pollution
77
E2-3
Targets related to pollution
Pollution
77
E2-5
Substances of concern and substances of very high concern
Pollution
77
ESRS E5 – Resource use and circular economy
E5.IRO-1
Description of the processes to identify and assess material
resource use and circular economy-related impacts, risks and
opportunities
Material sustainability matters
52
E5-1
Policies related to resource use and circular economy
Resource use and circular economy
79
Policy glossary
55
E5-2
Actions and resources related to resource use and circular economy Resource use and circular economy
79
E5-3
Targets related to resource use and circular economy
Resource use and circular economy
80
E5-4
Resource inflows
Resource use and circular economy
81
E5-5
Resource outflows
Resource use and circular economy
81
ESRS S1 – Own workforce
S1.SBM-2
Interests and views of stakeholders
Strategy
44
S1.SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
Own workforce – Working conditions, equal treatment and
opportunities for all
84
Own workforce – Health and safety
95
S1-1
Policies related to own workforce
Own workforce – Working conditions, equal treatment and
opportunities for all
85
Own workforce – Health and safety
96
Policy glossary
55
S1-2
Processes for engaging with own workers and workers’
representatives about impacts
Own workforce – Working conditions, equal treatment and
opportunities for all
86
Own workforce – Health and safety
96
S1-3
Processes to remediate negative impacts and channels for own
workers to raise concerns
Own workforce – Working conditions, equal treatment and
opportunities for all
87
Own workforce – Health and safety
97
S1-4
Own workforce – Working conditions, equal treatment and
opportunities for all
87
Taking action on material impacts on own workforce, and
approaches to mitigating material risks and pursuing material
opportunities related to own workforce, and effectiveness of those
actions
Own workforce – Health and safety
97
S1-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Own workforce – Working conditions, equal treatment and
opportunities for all
90
Own workforce – Health and safety
98
S1-6
Characteristics of the undertaking’s employees
Own workforce – Working conditions, equal treatment and
opportunities for all
92
S1-9
Diversity metrics
Own workforce – Working conditions, equal treatment and
opportunities for all
93
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
123
Disclosure requirement
Chapter
Start page
S1-10
Adequate wages
Own workforce – Working conditions, equal treatment and
opportunities for all
94
S1-13
Training and skills development metrics
Own workforce – Working conditions, equal treatment and
opportunities for all
94
S1-14
Health and safety metrics
Own workforce – Health and safety
99
S1-16
Compensation metrics (pay gap and total compensation)
Own workforce – Working conditions, equal treatment and
opportunities for all
95
S1-17
Incidents, complaints and severe human rights impacts
Own workforce – Working conditions, equal treatment and
opportunities for all
95
ESRS S2 – Workers in the value chain
S2.SBM-2
Interests and views of stakeholders
Strategy
44
S2.SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
Workers in the value chain
100
S2-1
Policies related to value chain workers
Workers in the value chain
101
Policy glossary
55
S2-2
Processes for engaging with value chain workers about impacts
Workers in the value chain
101
S2-3
Processes to remediate negative impacts and channels for value
chain workers to raise concerns
Workers in the value chain
101
S2-4
Taking action on material impacts on value chain workers, and
approaches to managing material risks and pursuing material
opportunities related to value chain workers, and effectiveness of
those actions
Workers in the value chain
102
S2-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Workers in the value chain
102
ESRS S4 – Consumers and end-users
S4.SBM-2
Interests and views of stakeholders
Strategy
44
S4.SBM-3
Material impacts, risks and opportunities and their interaction with
strategy and business model
Consumers and end-users
103
S4-1
Policies related to consumers and end-users
Consumers and end-users
103
Policy glossary
55
S4-2
Processes for engaging with consumers and end-users about
impacts
Consumers and end-users
104
S4-3
Processes to remediate negative impacts and channels for
consumers and end-users to raise concerns
Consumers and end-users
104
S4-4
Taking action on material impacts on consumers and end-users,
and approaches to managing material risks and pursuing material
opportunities related to consumers and end-users, and
effectiveness of those actions
Consumers and end-users
105
S4-5
Targets related to managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities
Consumers and end-users
105
ESRS G1 – Business conduct
G1.GOV-1
The role of the administrative, management, and supervisory
bodies
Sustainability governance and organization
45
G1.IRO-1
Description of the processes to identify and assess material
impacts, risks and opportunities
Material sustainability matters
52
G1-1
Corporate culture and business conduct policies
Business conduct – Compliance and integrity
111
Policy glossary
55
G1-2
Management of relationships with suppliers
Business conduct – Management of relationships with
suppliers, including payment practices
114
Policy glossary
55
G1-3
Prevention and detection of corruption or bribery
Business conduct – Compliance and integrity
110; 112;
114
Policy glossary
55
G1-4
Confirmed incidents of corruption or bribery
Business conduct – Compliance and integrity
114
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
124
Disclosure requirement
Chapter
Start page
G1-5
Political influence and lobbying activities
Business conduct – Political engagement and lobbying
117
Policy glossary
55
G1-6
Payment practices
Business conduct – Management of relationships with
suppliers, including payment practices
116
Disclosure requirements from entity-specific topics covered by the Sustainability Report
No.
Disclosure requirement
Chapter
Start page
Healthcare access
MDR-P
Policies adopted to manage material sustainability matters
Healthcare Access
106
Policy glossary
55
MDR-A
Actions and resources in relation to material sustainability matters
Healthcare Access
107
MDR-T
Tracking effectiveness of policies and actions through targets
Healthcare Access
108
Cybersecurity and data privacy
MDR-P
Policies adopted to manage material sustainability matters
Cybersecurity and data privacy
119
Policy glossary
55
MDR-A
Actions and resources in relation to material sustainability matters
Cybersecurity and data privacy
119
MDR-T
Tracking effectiveness of policies and actions through targets
Cybersecurity and data privacy
120
List of datapoints that derive from other EU legislation
Disclosure
requirement
Data
point
Topic of disclosure requirement
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU climate
law
reference
Materiality
Start page
ESRS 2 GOV-1
21d
Board's gender diversity
x
x
material
45
ESRS 2 GOV-1
21e
Percentage of board members who are
independent
x
material
45
ESRS 2 GOV-4
30
Statement on due diligence
x
material
48
ESRS 2 SBM-1
40d-i
Involvement in activities related to fossil
fuel activities
x
x
x
not material n/a
ESRS 2 SBM-1
40d-ii
Involvement in activities related to
chemical production
x
x
not material n/a
ESRS 2 SBM-1
40d-iii
Involvement in activities related to
controversial weapons
x
x
not material n/a
ESRS 2 SBM-1
40d-iv
Involvement in activities related to
cultivation and production of tobacco
x
not material n/a
E1-1
14
Transition plan to reach climate
neutrality by 2050
x
material
66
E1-1
16g
Undertakings excluded from Paris-
aligned benchmarks
x
x
material
66
E1-4
34
GHG emission reduction targets
x
x
x
material
69
E1-5
38
Energy consumption from fossil sources
disaggregated by sources (only high
climate impact sectors)
x
material
74
E1-5
37
Energy consumption and mix
x
material
74
E1-5
40-43
Energy intensity associated with
activities in high climate impact sectors
x
material
74
E1-6
44
Gross Scope 1, 2, 3 and total GHG
emissions
x
x
x
material
72
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
125
Disclosure
requirement
Data
point
Topic of disclosure requirement
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU climate
law
reference
Materiality
Start page
E1-6
53-55
Gross GHG emissions intensity
x
x
x
material
72
E1-7
56
GHG removals and carbon credits
x
material
75
E1-9
66
Exposure of the benchmark portfolio to
climate-related physical risks
x
material
phase-in,
not reported
E1-9
66a 66c Disaggregation of monetary amounts by
acute and chronic physical risk/Location
of significant assets at material physical
risk
x
material
phase-in,
not reported
E1-9
67c
Breakdown of the carrying value of its
real-estate assets by energy-efficiency
classes
x
material
phase-in,
not reported
E1-9
69
Degree of exposure of the portfolio to
climate-related opportunities
x
material
phase-in,
not reported
E2-4
28
Amount of each pollutant listed in
Annex II of the E-PRTR Regulation
(European Pollutant Release and
Transfer Register) emitted to air, water,
and soil
x
not material n/a
E3-1
9
Water and marine resources
x
not material n/a
E3-1
13
Dedicated policy
x
not material n/a
E3-1
14
Sustainable oceans and seas
x
not material n/a
E3-4
28c
Total water recycled and reused
x
not material n/a
E3-4
29
Total water consumption in m³ per net
revenue on own operations
x
not material n/a
ESRS 2 SBM-3 - E4
16a-i
x
not material n/a
ESRS 2 SBM-3 - E4
16b
x
not material n/a
ESRS 2 SBM-3 - E4
16c
x
not material n/a
E4-2
24b
Sustainable land/agriculture practices or
policies
x
not material n/a
E4-2
24c
Sustainable oceans/seas practices or
policies
x
not material n/a
E4-2
24d
Policies to address deforestation
x
not material n/a
E5-5
37d
Non-recycled waste
x
material
82
E5-5
39
Hazardous waste and radioactive waste
x
material
82
ESRS 2 SBM-3 - S1
14f
Risk of incidents of forced labour
x
material
85
ESRS 2 SBM-3 - S1
14g
Risk of incidents of child labour
x
material
85
S1-1
20
Human rights policy commitments
x
material
85
S1-1
21
Due diligence policies on issues
addressed by the fundamental
International Labour Organization
Conventions 1 to 8
x
material
85
S1-1
22
Processes and measures for preventing
trafficking in human beings
x
material
85
S1-1
23
Workplace accident prevention policy or
management system
x
material
55
S1-3
32c
Grievance/complaints handling
mechanisms
x
material
87
S1-14
88b 88c Number of fatalities and number and
rate of work-related accidents
x
x
material
99
S1-14
88e
Number of days lost to injuries,
accidents, fatalities or illness
x
material
phase-in,
not reported
S1-16
97a
Unadjusted gender pay gap
x
x
material
95
S1-16
97b
Excessive CEO pay ratio
x
material
95
Siemens Healthineers Annual Report 2025
Combined management report – Sustainability Report
126
Disclosure
requirement
Data
point
Topic of disclosure requirement
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
EU climate
law
reference
Materiality
Start page
S1-17
103a
Incidents of discrimination
x
material
95
S1-17
104a
Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines
x
x
material
95
ESRS 2 SBM-3 - S2
11b
Significant risk of child labour or forced
labour in the value chain
x
material
100
S2-1
17
Human rights policy commitments
x
material
101
S2-1
18
Policies related to value chain workers
x
material
101
S2-1
19
Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines
x
x
material
101
S2-1
19
Due diligence policies on issues
addressed by the fundamental
International Labour Organization
Conventions 1 to 8
x
material
101
S2-4
36
Human rights issues and incidents
connected to its upstream and
downstream value chain
x
material
102
S3-1
16
Human rights policy commitments
x
not material n/a
S3-1
17
Non-respect of UNGPs on Business and
Human Rights, ILO principles, or OECD
Guidelines
x
x
not material n/a
S3-4
36
Human rights issues and incidents
x
not material n/a
S4-1
16
Policies related to consumers and end-
users
x
material
104
S4-1
17
Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines
x
x
material
104
S4-4
35
Human rights issues and incidents
x
material
104
G1-1
10b
United Nations Convention against
Corruption
x
material
55
G1-1
10d
Protection of whistleblowers
x
not material n/a
G1-4
24a
Fines for violation of anti-corruption and
anti-bribery laws
x
x
material
114
G1-4
24b
Standards of anti-corruption and anti-
bribery
x
material
114
Siemens Healthineers Annual Report 2025
Combined management report – Siemens Healthineers AG
127
A.7 Siemens Healthineers AG
The Annual Financial Statements of Siemens Healthineers AG were prepared in accordance with the provisions of the German
Commercial Code (“Handelsgesetzbuch”) and the German Stock Corporation Act (“Aktiengesetz”).
Siemens Healthineers AG is the parent company of Siemens Healthineers. It acts as a management holding company providing
administration and intra-group financing services. It also holds significant R&D and production sites of the Group as well as sales
functions. Siemens Healthineers AG generates most of its revenue from the sale of products, solutions, and services, primarily
from the Imaging and Advanced Therapies segments to affiliated companies, which are mainly composed of the worldwide sales
subsidiaries of Siemens Healthineers. In addition, revenue is generated on sales of products, solutions, and services to customers
primarily domiciled in Germany and from the provision of management services to Siemens Healthineers companies. Siemens
Healthineers AG, which has its registered office in Munich, maintains two central sites for administration, production, and
development in Forchheim and Erlangen. It also operates smaller sites and various regional sales offices in Germany. Siemens
Healthineers AG had 14,754 employees as of September 30, 2025.
The developments described in the chapters A.3.1 Market development and A.3.2 Results of operations influence the business
activities of Siemens Healthineers AG and its direct and indirect subsidiaries. The business performance of Siemens Healthineers
AG is significantly influenced by its directly or indirectly owned subsidiaries and is therefore directly or indirectly subject to the
same risks and opportunities as the Group. Due to these interrelationships between Siemens Healthineers AG and its subsidiaries,
the outlook of the Group also reflects our expectations for Siemens Healthineers AG. For this reason, the above-mentioned
comments for Siemens Healthineers also apply to Siemens Healthineers AG, and no dedicated key performance indicators have
been defined for Siemens Healthineers AG. In addition, Siemens Healthineers AG is exposed to the risk of impairments of its
equity investments in subsidiaries. The impairment tests of the equity investments held in subsidiaries are generally based on a
discounted cash flow model. The results of the impairment tests are influenced by the development and success of the
subsidiaries and the companies in which equity interests are held. Consequently, adverse effects on subsidiaries or companies in
which equity interests are indirectly held may lead to an impairment of equity investments in the Annual Financial Statements of
Siemens Healthineers AG. Impairments would reduce the net income that can be distributed to owners. Given that equity
investments in subsidiaries represent 78% of total assets, which is a significant proportion, this risk is of great importance for
Siemens Healthineers AG. Net income/loss from equity investments significantly influences the net income of Siemens
Healthineers AG.
The breakdown of revenue by areas of business has been adapted compared to the prior year. To allow a more accurate
assessment of the economic situation, the intra-group services are now shown as a separate category. For the presentation of
the development in revenue, the prior-year revenue has also been broken down in a comparable manner.
A dividend payout of around €1,117 million is proposed for fiscal year 2025. This corresponds to a dividend per share of €1.00.
Siemens Healthineers Annual Report 2025
Combined management report – Siemens Healthineers AG
128
A.7.1 Results of operations
The income statement of Siemens Healthineers AG drawn up in accordance with the accounting regulations of the German
Commercial Code (abridged version) is presented in the table below:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Revenue
9,156
8,678
Cost of sales
−7,500
−7,316
Gross profit
1,656
1,362
Research and development expenses
−242
−236
Selling expenses
−484
−455
General administrative expenses
−273
−296
Other operating income/expenses, net
1
602
Financial income/expenses, net
1,130
561
Therein: income/loss from equity investment, net
1,431
1,006
Income from business activity
1,788
1,539
Income taxes
−328
−209
Income after taxes/net income
1,461
1,330
Profit carried forward
580
315
Unappropriated net income
2,040
1,645
Revenue rose by 6% or €478 million from the prior year to €9,156 million.
Revenue in the Imaging segment rose by 5% to €6,747 million, representing 74% of total revenue. Computed Tomography
achieved significant growth. The slightly positive revenue growth for Magnetic Resonance and sharp revenue growth in intra-
group prefabrication also contributed to this increase. Geographically, the Americas region generated significant revenue
growth, while revenue growth was slight in the EMEA region and moderate in the Asia Pacific Japan region.
With revenue of €1,466 million, the Advanced Therapies segment accounted for 16% of total revenue, achieving a 4% revenue
increase. From a geographic perspective, growth was significant in the Americas region. A significant revenue increase in the
Asia Pacific Japan region was almost offset by a moderate decline in revenue in the EMEA region.
Revenue from intra-group services increased by 20% to €525 million, accounting for 6% of total revenue. The Americas and
EMEA regions contributed to this increase with sharp revenue growth.
The Varian segment showed revenue growth of 5%, contributing €137 million to total revenue. Revenue growth was significant
in the Americas region and very strong in the EMEA region, partially offset by a sharp decline in revenue in the Asia, Pacific,
Japan region.
On a geographic basis, revenue generated in the EMEA region showed growth of 2% to €4,100 million. Revenue from intra-
group services showed sharp growth and the Imaging segment showed slight growth, while the Advanced Therapies segment
experienced a moderate decline in revenue. In Germany, Siemens Healthineers AG generated moderate revenue growth, with
Imaging showing moderate growth and intra-group services showing sharp growth.
In the Americas region, revenue growth of 14% resulted in revenue of €3,064 million. This was primarily thanks to a significant
increase in revenue in the Imaging segment. Advanced Therapies experienced significant revenue growth in the region and there
was sharp growth in revenue from intra-group services.
Revenue in the Asia Pacific Japan region increased by 4% from the prior year to reach €1,040 million. This development was
mainly driven by a moderate revenue increase in the Imaging segment and a significant revenue increase in the Advanced
Therapies segment.
Revenue generated in the China region declined slightly by 1% to €952 million, mainly due to a slight reduction in revenue in the
Imaging segment.
Gross profit increased by 22% or €294 million from the prior year to €1,656 million, resulting primarily from a favorable product
and country mix, in addition to revenue growth.
Siemens Healthineers Annual Report 2025
Combined management report – Siemens Healthineers AG
129
Siemens Healthineers AG employed on average 3,400 people in R&D, a majority of whom provided R&D services for other
Siemens Healthineers companies. The charges for services rendered are shown in the cost of sales. R&D expenses were 3%
higher than the prior year. As a result, research and development intensity (R&D expenses as a percentage of revenue) was
unchanged from the prior year at 3% (2024: 3%). The R&D activities of Siemens Healthineers AG carried out for its own purposes
were primarily related to the Imaging segment and included the main areas described in chapter A.1.1 Business description.
Net other operating income/expenses fell by €601 million. In the prior year, this figure included income of €582 million resulting
from a spin-off and takeover agreement between Siemens Healthineers AG and Siemens Healthcare GmbH.
The approximate doubling of net financial income/expenses by €568 million compared to the prior year resulted mainly from a
€424 million increase in net income from equity investments. The result from profit transfer agreements increased by
€682 million. Countervailing effects included a €203 million reduction in income from equity investments from various
subsidiaries and a €67 million increase in impairments on equity investments. There was also a €78 million increase in the net
interest result due to significantly lower average utilization of the multicurrency credit facility to finance Group-wide net working
capital. There was also a drop in the interest rate level. The €66 million increase in other net financial income/expenses was
mainly due to the sale of securities in the course of strategic restructuring within the trust assets into an alternative form of
investment.
Income taxes rose by €119 million from the prior year and included only current income taxes from corporate income tax and
trade tax, because the excess of deferred tax assets was not recognized due to the exercise of the option allowed by
Section 274 para. 1 sentence 2 of the German Commercial Code. Income taxes were related to the consolidated income tax
group of Siemens Healthineers AG.
A.7.2 Net assets and financial position
The balance sheet of Siemens Healthineers AG drawn up in accordance with the accounting regulations of the German
Commercial Code (abridged version) comprises the following line items:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Non-current assets
37,351
37,294
Intangible assets
183
208
Property, plant and equipment
659
599
Financial assets
36,509
36,486
Current assets
7,005
6,228
Inventories (less advance payments received)
1,150
1,131
Receivables and other assets
5,835
5,080
Cash and cash equivalents
20
17
Prepaid expenses
60
44
Assets arising from the overfunding of pensions and similar obligations
16
17
Total assets
44,432
43,583
Shareholders' equity
19,236
18,934
Special reserve with an equity portion
1
1
Provisions
2,360
2,119
Provisions for pensions and similar obligations
1,709
1,657
Provisions for taxes
179
‐
Other provisions
471
462
Liabilities
22,622
22,321
Liabilities to banks
0
3
Trade payables
630
604
Liabilities to affiliated companies
21,736
21,466
Other miscellaneous liabilities
256
247
Deferred income
214
208
Total shareholders' equity and liabilities
44,432
43,583
Siemens Healthineers Annual Report 2025
Combined management report – Siemens Healthineers AG
130
Current assets
The €755 million increase in receivables and other assets from the prior-year figure resulted mainly from line item receivables
from affiliated companies, which rose by €874 million to €5,327 million, due in particular to a €682 million increase in
receivables from profit transfer agreements. A further increase resulted from cash pooling receivables and loans including
interest receivables granted by the in-house bank of the Group. The change in these figures resulted from income and
expenditures related to operating activities and the short-term investment of cash and cash equivalents. At the same time, the
remaining receivables and other assets fell by €164 million to €192 million, mainly due to refunds of corporate income tax and
trade tax for prior years.
Shareholders’ equity
The dividend for fiscal year 2024 distributed in the current fiscal year reduced the unappropriated net income by €1,066 million.
This effect was comfortably offset by fiscal year net income of €1,461 million. The issuance of treasury shares under share-based
payments and employee share programs led to a €205 million increase in the capital reserve in fiscal year 2025. An amount of
€296 million was also taken from other retained earnings for the buy-back of treasury shares in the fiscal year.
For information about the purchases and issuance of treasury shares pursuant to Section 160 para. 1 No. 2 of the German Stock
Corporation Act, please see Note 13 Shareholders’ equity in the Annual Financial Statements of Siemens Healthineers AG as of
September 30, 2025.
At 43%, the equity ratio was unchanged from the prior-year figure.
Provisions
In fiscal year 2025, provisions for taxes were made in the amount of €179 million, predominantly with respect to corporate
income tax and trade tax for the current fiscal year.
Liabilities
Liabilities to affiliated companies increased by €270 million from the prior year. The increase resulted mainly from the increase in
cash pooling liabilities, which changed by income and expenditures related to the Group's operating activities as well as by the
short-term raising of liquid funds. A variable-interest loan in the total amount of €700 million, and a fixed-interest loan, in the
amount of €500 million, both from the Siemens Group, were repaid in fiscal year 2025 in accordance with the respective
applicable contractual agreements. Both loans were refinanced by means of cash pooling.
Therefore, the following significant loan liabilities were recognized as of September 30, 2025: Multiple U.S. dollar-denominated
loans totaling US$7,900 million and maturing in fiscal years 2026 to 2041 were in effect between Siemens Healthineers AG and
the Siemens Group. These loans were mainly taken out in connection with the acquisition of Varian. They bear fixed contractual
interest rates of between 1.4% and 3.0%. The nominal amounts of these loans and the corresponding interest payments are
hedged by forward exchange contracts. Other, euro-denominated loans totaling €4,900 million and maturing in fiscal years
2026 to 2032 were in effect with the Siemens Group. These loans bear interest at fixed contractual rates of between 3.0% and
3.8%. They gave rise to total loan liabilities, including interest liabilities, of €11,600 million as of September 30, 2025
(September 30, 2024: €12,806 million).
Additional information on the currency hedging of all U.S. dollar-denominated loans can be found in Note 24 Derivative financial
instruments and valuation units in the Annual Financial Statements of Siemens Healthineers AG as of September 30, 2025. For
further information about the loans mentioned above, please see A.3.3.1 Net assets and capital structure.
In addition, cash pooling liabilities and various short-term loans in different currencies, including interest liabilities, totaling
€10,025 million (September 30, 2024: €8,549 million) were included in the line item liabilities to affiliated companies.
Liabilities to affiliated companies totaling €11,953 million (September 30, 2024: €9,923 million) were due in up to one year.
Multicurrency revolving credit facilities are in effect with Siemens AG, totaling €4.5 billion (September 30, 2024: €4.5 billion)
and with terms lasting until fiscal year 2026. These serve to finance net working capital and as a backup facility. As of September
30, 2025, they have been utilized in the amount of €451 million (September 30, 2024: no utilization). Short-term liquidity needs
of Siemens Healthineers AG are mainly covered by these multicurrency revolving credit facilities.
The short-term investments and drawdowns under short-term loans with Siemens AG, as well as the cash pooling receivables
and liabilities, bear interest at the prevailing market interest rate applicable for the corresponding currency and tenor, adjusted
for a corporate spread and a small margin, respectively. The interest rate for the cash pooling is fixed for each month in advance
and additionally adjusted in case of significant moves in the market interest rate.
For information about special loan terms and conditions that could lead to accelerated repayment of the existing loans, please
refer to A.8 Takeover-relevant information and explanatory report.
Siemens Healthineers Annual Report 2025
Combined management report – Siemens Healthineers AG
131
A.7.3 Corporate Governance Statement
The Corporate Governance Statement pursuant to Sections 289f and 315d of the German Commercial Code will be made publicly
accessible on our website at https://www.siemens-healthineers.com/investor-relations/corporate-governance simultaneously with the
combined management report. Furthermore, it is included in C.4 Corporate Governance Statement of the Annual Report 2025.
A.7.4 Report on relationships with affiliated companies
The Managing Board of Siemens Healthineers AG has submitted to the Supervisory Board the report required by Section 312 of
the German Stock Corporation Act for fiscal year 2025 and issued the following concluding declaration:
“We declare that, in the legal transactions and other measures in Fiscal Year 2025 outlined in the Report on Relationships with
Affiliated Companies, based on the circumstances of which we were aware at the point in time when the legal transactions were
entered into, or the measures were taken or refrained from, the Company received adequate consideration in each legal
transaction and did not suffer any disadvantage by taking or refraining from taking the measures.”
Siemens Healthineers Annual Report 2025
Combined management report – Takeover-relevant information and explanatory report (pursuant to Sections 289a and 315a of the German
Commercial Code)
132
A.8 Takeover-relevant information and
explanatory report (pursuant to Sections
289a and 315a of the German Commercial
Code)
A.8.1 Composition of issued capital
As of September 30, 2025, the issued capital of Siemens Healthineers AG totaled €1,128,000,000. The issued capital is divided
into 1,128,000,000 ordinary registered shares with no-par value (“auf den Namen lautende Stückaktien”), each of which is
notionally equal to €1 in value. The shares are fully paid in. All shares confer the same rights and obligations. Details of the
shareholders’ rights and obligations are governed by the provisions of the German Stock Corporation Act, in particular Sections
12, 53a et seq., 118 et seq. and 186.
A.8.2 Restrictions on voting rights or transfer of shares
At the Shareholders’ Meeting, each share grants one vote and reflects the shareholder’s stake in Siemens Healthineers AG’s net
income. An exception to this rule applies to treasury shares held by Siemens Healthineers AG, which do not entitle it to any rights
pursuant to Section 71b of the German Stock Corporation Act. In accordance with Section 136 of the German Stock Corporation
Act, the voting rights of these shares are excluded by law.
Share programs are in place under which certain employees are or will be granted Siemens Healthineers AG shares. These share
programs were continued in fiscal year 2025. Such shares are not subject to any block on sale, except as provided under local
law.
Furthermore, in connection with Article 19 (11) of Regulation (EU) No. 596/2014 (Market Abuse Regulation) and on the basis of
internal requirements, members of the Managing Board and Supervisory Board of Siemens Healthineers AG are subject to certain
trading prohibitions with regard to the purchase and sale of Siemens Healthineers AG shares in temporal connection with the
publication of quarterly financial results.
The von Siemens-Vermögensverwaltung GmbH (vSV) has permanent powers of attorney allowing it to exercise the voting rights
for 549,457 shares (as of September 30, 2025) on behalf of members of the Siemens family. These shares are part of the total
number of shares held by the family’s members. The powers of attorney are based on an agreement between the vSV and,
among others, members of the Siemens family. The shares are voted together by vSV, taking into account the suggestions of a
family partnership established by the family’s members or of one of this partnership’s governing bodies.
A.8.3 Legislation and provisions of the articles of association applicable to the
appointment and removal of members of the Managing Board and
governing the amendment to the articles of association
The appointment and removal of members of the Managing Board is subject to the provisions of Sections 84 and 85 of the
German Stock Corporation Act. In accordance with Article 5 (1) of the articles of association, the Managing Board comprises
several members. Their exact number is determined by the Supervisory Board. The Managing Board of Siemens Healthineers AG
currently comprises the CEO and three other members. Managing Board members may be appointed for a maximum period of
five years. They may be reappointed or have their term of office extended for one or more terms of up to a maximum of five
years each. Pursuant to Section 119 para. 1 No. 6 and Section 179 of the German Stock Corporation Act, any amendment to the
articles of association is subject to a resolution of the Shareholders’ Meeting. The authority to adopt non-substantive editorial
amendments to the articles of association was transferred to the Supervisory Board under Article 9 para. 4 of those articles. This
Siemens Healthineers Annual Report 2025
Combined management report – Takeover-relevant information and explanatory report (pursuant to Sections 289a and 315a of the German
Commercial Code)
133
also includes an amendment of Article 4 of the articles of association in accordance with the utilization of the respective
authorized and contingent capital, and after expiry of the respective authorization or utilization period.
Resolutions of the Shareholders’ Meeting are adopted by a simple majority vote, unless a larger majority is required by law or by
the articles of association. In accordance with Section 179 para. 2 of the German Stock Corporation Act, amendments to the
articles of association require a majority of at least three-quarters of the issued capital represented at the Shareholders’ Meeting
at the time of the vote, unless another capital majority is prescribed by the articles of association.
A.8.4 Powers of the Managing Board to issue and repurchase shares
Based on a resolution of Siemens Healthineers AG’s Annual Shareholders’ Meeting on February 15, 2022, the Managing Board
was authorized, subject to the Supervisory Board’s consent, to increase Siemens Healthineers AG’s issued capital on one or more
occasions until February 14, 2027, by up to €564 million by issuing up to 564,000,000 new ordinary registered shares with no-
par value in return for cash and/or contributions in kind (Authorized Capital 2022). As of September 30, 2025, Siemens
Healthineers AG had not made use of the Authorized Capital 2022.
By resolution of the Annual Shareholders’ Meeting on February 15, 2022, the share capital of Siemens Healthineers AG was
conditionally increased until February 14, 2027, by up to €112.8 million by issuance of up to 112,800,000 new ordinary
registered shares with no-par value (Contingent Capital 2022). A capital increase utilizing Contingent Capital 2022 may be
implemented to grant shares only in cases when holders and / or creditors of convertible bonds or of option warrants from option
bonds issued by Siemens Healthineers AG or an affiliate exercise their conversion / option rights, or perform their
conversion / option obligations, or if shares are delivered, and only to the extent that no other forms of servicing are used.
The Managing Board is authorized to issue bearer or registered bonds in an aggregate principal amount of up to €6.0 billion with
conversion or option rights attached, or a combination of these instruments, entitling the holders / creditors to subscribe for up to
112,800,000 new ordinary registered shares with no-par value of Siemens Healthineers AG. As of September 30, 2025,
Siemens Healthineers AG had not made use of its option to issue bonds under this authorization.
The new shares under the Authorized Capital 2022 and the bonds under the aforementioned authorization are to be issued in
return for contributions in cash and/or in kind. They are normally to be offered to shareholders for subscription. Subject to the
approval of the Supervisory Board, the Managing Board is authorized to exclude shareholders’ preemptive rights in the event of
contributions in kind. In the event of capital increases in return for contributions in cash, the Managing Board is authorized,
subject to the approval of the Supervisory Board, to exclude the shareholders’ preemptive rights in the following cases:
• The exclusion is required to grant new shares to members of the Managing Board of Siemens Healthineers AG, members of
the representative body of an affiliate of Siemens Healthineers AG or employees of Siemens Healthineers AG and its affiliates
under share-based payment programs or other share-based programs. To the extent permitted by law, the new shares may
also be issued in such a manner that the contribution to be paid on such shares is covered by that part of the annual net
income that the Managing Board and the Supervisory Board may allocate to other retained earnings under Section 58 para.2
of the German Stock Corporation Act. To the extent that members of the Managing Board of Siemens Healthineers AG are to
be granted shares, the Supervisory Board of Siemens Healthineers AG decides thereon.
• The exclusion is necessary for fractional amounts resulting from the subscription ratio.
• The exclusion is required to compensate holders of conversion or option bonds for the effects of dilution.
• The issue price of the new shares / bonds is not significantly lower than the stock market price of Siemens Healthineers AG
shares already listed or the theoretical market price of the bonds computed in accordance with generally accepted actuarial
methods (exclusion of preemptive rights limited to 10% of the issued capital in accordance with or under corresponding
application of Section 186 para. 3 sentence 4 of the German Stock Corporation Act).
Siemens Healthineers AG cannot repurchase its own shares unless authorized to do so by a resolution of the Shareholders’
Meeting or under the limited circumstances explicitly set forth in the German Stock Corporation Act. On February 15, 2022, the
Annual Shareholders’ Meeting resolved to rescind the authorization of February 12, 2021, for the repurchase and use of treasury
shares and to re-authorize the Managing Board to repurchase Siemens Healthineers AG shares until February 14, 2027, for any
permissible purpose, up to a limit of 10% of its issued capital as of the date of the resolution or as of the date on which the
authorization is exercised, if the latter value is lower. The aggregate of Siemens Healthineers AG shares repurchased under this
authorization and any other of Siemens Healthineers AG shares previously acquired and still held in treasury by it or attributable
to it pursuant to Sections 71d and 71e of the German Stock Corporation Act may at no time exceed 10% of the issued capital
then in existence. Any repurchase of Siemens Healthineers AG shares is to be accomplished at the discretion of the Managing
Board, either by acquisition in the stock market or through a public share repurchase offer.
Siemens Healthineers Annual Report 2025
Combined management report – Takeover-relevant information and explanatory report (pursuant to Sections 289a and 315a of the German
Commercial Code)
134
In addition to selling via the stock exchange or by means of an offer to all shareholders proportionately according to their
shareholding, the Managing Board was also authorized by resolution of the Annual Shareholders’ Meeting on February 15, 2022,
to use the Siemens Healthineers AG shares repurchased on the basis of this or previous authorizations for any permissible
purpose. In particular, these shares may be
• cancelled without requiring an additional resolution by the Shareholders’ Meeting for such cancellation or its implementation,
• used in connection with share-based compensation programs and / or employee share programs of Siemens Healthineers AG
or its affiliated companies and may be issued to individuals currently or formerly employed by Siemens Healthineers AG or any
of its affiliated companies, as well as to members of corporate bodies of affiliated companies of Siemens Healthineers AG,
• offered and transferred, subject to the approval of the Supervisory Board, to third parties in return for contributions in kind,
especially in connection with business combinations or for the direct or indirect acquisition of companies, businesses, parts of
companies, investments or other assets or claims to the acquisition of assets, including claims against Siemens
Healthineers AG or its affiliates,
• sold, subject to the approval of the Supervisory Board, in return for payment in cash if the price at which a
Siemens Healthineers AG share is sold is not significantly lower than the stock-exchange price of Siemens Healthineers AG
shares (exclusion of preemptive rights limited to 10% of the issued capital under a mutatis mutandis application of Section
186 (3) sentence 4 of the German Stock Corporation Act) or
• used to service or secure obligations or rights to acquire Siemens Healthineers AG shares arising particularly from and in
connection with convertible bonds/ warrant bonds issued by Siemens Healthineers AG or its affiliated companies (exclusion of
preemptive rights limited to 10% of the issued capital under a mutatis mutandis application of Section 186 para. 3 sentence 4
of the German Stock Corporation Act).
Furthermore, the Supervisory Board is authorized to use treasury shares acquired on the basis of this or previous authorizations
to meet obligations or rights to acquire Siemens Healthineers AG shares that have been or will be agreed upon with members of
the Managing Board under the rules governing Managing Board compensation.
Utilizing the authorization granted by the Annual Shareholders’ Meeting on February 15, 2022, in March 2025, the Managing
Board of Siemens Healthineers AG approved a share buyback lasting until January 16, 2026, with a volume of up to €350 million
and a maximum of 14,000,000 ordinary shares. The buyback commenced on March 24, 2025. Under this share buyback
6,477,152 of its own shares were repurchased at a total purchase price of €302,410,120.46 (excluding incidental acquisition
costs) by September 30, 2025.
The primary purpose of the buybacks is the issuance of shares to Siemens Healthineers employees and certain board members of
Siemens Healthineers AG or its affiliated companies, particularly under share programs. To the extent that the repurchased
shares are not required for that purpose, they may be used for other purposes permitted by law. In each case, the shares were
repurchased via the stock exchange. As of September 30, 2025, Siemens Healthineers AG held 11,196,059 treasury shares.
Siemens Healthineers Annual Report 2025
Combined management report – Takeover-relevant information and explanatory report (pursuant to Sections 289a and 315a of the German
Commercial Code)
135
A.8.5 Significant agreements which take effect, alter or terminate upon a change
of control following a takeover bid
Material agreements between the Siemens Group and Siemens Healthineers AG are in place. Most of these agreements contain
change-of-control provisions.
Treasury and financing agreements
As of September 30, 2025, Siemens Healthineers AG is the borrower under multiple loan agreements with different terms and
outstanding loan amounts totaling approximately US$7.9 billion and €4.9 billion at the report date:
Current liabilities¹
Non-current liabilities
(Carrying amounts in millions of €)
Maturity
(fiscal year)
Contractual
interest rate
Sept 30, 2025
Sept 30, 2024
Sept 30, 2025
Sept 30, 2024
Loan (US$1,742 million)
2026
1.38%
1,484
‐
‐
1,556
Loan (US$1,689 million)
2027
2.51%
‐
‐
1,438
1,508
Loan (US$1,243 million)
2028
1.87%
‐
‐
1,059
1,110
Loan (US$1,740 million)
2031
2.30%
‐
‐
1,482
1,554
Loan (US$1,486 million)
2041
3.03%
‐
‐
1,266
1,327
Loan (€300 million)
2026
3.70%
300
‐
‐
300
Loan (€500 million)
2028
2.96%
‐
‐
500
500
Loan (€850 million)
2029
3.58%
‐
‐
850
850
Loan (€600 million)
2029
3.20%
‐
‐
600
600
Loan (€700 million)
2030
3.59%
‐
‐
700
700
Loan (€500 million)
2030
3.21%
‐
‐
500
500
Loan (€700 million)
2032
3.80%
‐
‐
700
700
Loan (€750 million)
2032
3.40%
‐
‐
750
750
1 Excluding interest payables.
As of September 30, 2025, moreover, Siemens Healthineers AG has revolving multicurrency credit lines in the total amount of
€4.5 billion. All these agreements provide for a right of termination by the respective lender if the borrower ceases to be an
affiliate of Siemens AG. An affiliated company is defined as a company in which Siemens AG (directly or indirectly) holds a
majority of shares or voting rights.
The framework agreements entered into by Siemens Healthineers AG in accordance with the rules of the International Swaps and
Derivatives Association Inc. (ISDA), grant Siemens AG and its U.S. subsidiary a right of termination if Siemens AG either ceases to
(directly or indirectly) hold the majority of the shares or voting rights in the relevant counterparty and/or if the relevant
counterparty ceases to be a fully consolidated subsidiary of Siemens AG. Such agreements also grant a right of termination if
Siemens Healthineers AG or its relevant subsidiary, as the counterparty, is consolidated by, merges into or transfers substantially
all of its assets to a third party. However, the latter right of termination applies only if the resulting company’s creditworthiness is
materially weaker than the relevant counterparty’s creditworthiness immediately prior to such an event or the resulting company
does not simultaneously assume the relevant counterparty’s obligations under the ISDA master agreements.
As of September 30, 2025, Siemens Healthineers receives contractually specified cash management services from Siemens AG.
Among such services are the provision of payment infrastructure, including the use of the Siemens Group’s bank accounts for
incoming and outgoing external payment transactions, provision of internal accounts with credit lines (the latter only under
separate agreements), participation in the Siemens Group’s cash pools, and settlement of intra-group transactions between the
Siemens Group on the one hand and Siemens Healthineers on the other hand. As of September 30, 2025, moreover, Siemens
Healthineers uses the central IT application for finance management in its Treasury Department, which is provided by a
subsidiary of Siemens AG. The contractual agreements on which these services and rights of use are based can be terminated by
Siemens AG or its subsidiary if Siemens AG ceases to control Siemens Healthineers AG, with control defined as the majority
ownership of shares and / or voting rights.
Siemens Healthineers Annual Report 2025
Combined management report – Takeover-relevant information and explanatory report (pursuant to Sections 289a and 315a of the German
Commercial Code)
136
Further agreements
Siemens Healthineers AG and some of its subsidiaries also have various service agreements, some of which are long-term, with
companies of the Siemens Group. Services covered by such agreements include, but are not limited to, IT, human resources,
procurement, consulting and business support services, accounting, and tax-related services. In the event of any change of
control in Siemens Healthineers AG or a subsidiary that is a service recipient – i.e., in the event that Siemens AG no longer
(directly or indirectly) holds a majority of the voting rights in Siemens Healthineers AG or the respective subsidiary, or loses the
right to appoint the majority of the members of the Managing Board or to exercise comparable control rights – the service
provider may terminate the relevant agreement.
Siemens AG has entered into trademark and name-use licensing agreements with Siemens Healthineers AG and some of its
subsidiaries. Under such agreements, Siemens AG grants the respective licensee the right to use, in particular, the designations
“Siemens” and “Siemens Healthineers” as a product brand, corporate brand and part of the company name, business designation
and domain name, among other purposes. The respective agreements will automatically expire after a transitional period if
Siemens Healthineers AG or the respective subsidiary ceases to be a company over which Siemens AG has direct or indirect
management power by contract or otherwise, or through ownership of voting rights entitling Siemens AG to (directly or
indirectly) appoint the majority of the members of the managing body.
A.8.6 Other takeover-relevant information
We are not aware, nor were we notified during the last fiscal year, of any shareholder holding (directly or indirectly) interests in
Siemens Healthineers AG’s issued capital that entitle it to 10% or more of the voting rights, except for Siemens AG,
headquartered in Berlin and Munich, Germany, which as of September 30, 2025 directly and indirectly held 774,986,983 shares
(equaling 68.70% of all shares), carrying 774,986,983 voting rights. There are no shares with special rights conferring powers of
control. Shares granted by Siemens Healthineers AG or its subsidiaries to employees under their employee share programs
and / or as share-based compensation are transferred directly to the employees. The beneficiary employees may directly exercise
their shareholder rights resulting from the shares in the same way as any other shareholder, in accordance with applicable laws
and the articles of association.
B.
Consolidated
financial statements
Annual Report
2025
Page 138
B.1
Consolidated statements
of income
Page 139
B.2
Consolidated statements
of comprehensive
income
Page 140
B.3
Consolidated
statements of
financial position
Page 141
B.4
Consolidated
statements of
cash flow
Page 142
B.5
Consolidated
statements of
changes in equity
Page 143
B.6
Notes to consolidated
financial statements
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Consolidated statements of income
138
B.1 Consolidated statements of income
Fiscal year
Fiscal year
(in millions of €, earnings per share in €)
Note
2025
2024
Revenue
29, 30
23,375
22,363
Cost of sales
9
−14,345
−13,895
Gross profit
9,030
8,468
Research and development expenses
−1,958
−1,918
Selling and general administrative expenses
−3,887
−3,681
Other operating income
12
19
Other operating expenses
−33
−79
Income from investments accounted for using the equity method, net
−10
−2
Earnings before interest and taxes
3,154
2,807
Interest income
25
99
119
Interest expenses
15, 25
−425
−476
Other financial income, net
15, 25
25
74
Income before income taxes
2,853
2,523
Income tax expenses
4
−686
−564
Net income
2,168
1,959
Thereof attributable to:
Non-controlling interests
23
17
Shareholders of Siemens Healthineers AG
2,144
1,942
Basic earnings per share
5
1.91
1.74
Diluted earnings per share
5
1.91
1.73
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Consolidated statements of comprehensive income
139
B.2 Consolidated statements of
comprehensive income
Fiscal year
Fiscal year
(in millions of €)
Note
2025
2024
Net income
2,168
1,959
Remeasurements of defined benefit plans
21
−2
−89
Therein: Income tax effects
−30
39
Remeasurements of equity instruments
25
6
−2
Therein: Income tax effects
−1
‐
Other comprehensive income that will not be reclassified to profit or loss
4
−90
Currency translation differences
11, 12
−1,169
−985
Cash flow hedges
25
−12
−15
Therein: Income tax effects
5
7
Cost/Income from hedging
25
19
138
Therein: Income tax effects
−8
−59
Other comprehensive income that may be reclassified subsequently to profit or loss
−1,162
−861
Other comprehensive income, net of taxes
−1,158
−952
Comprehensive income
1,009
1,007
Thereof attributable to:
Non-controlling interests
21
15
Shareholders of Siemens Healthineers AG
988
993
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Consolidated statements of
financial position
140
B.3 Consolidated statements of
financial position
Sept 30,
Sept 30,
(in millions of €)
Note
2025
2024
Cash and cash equivalents
25
2,175
2,683
Trade and other receivables
6
4,681
4,478
Other current financial assets
7, 25
344
229
Current receivables from the Siemens Group
25, 31
9
38
Contract assets
8
1,869
1,891
Inventories
9
4,135
4,179
Current income tax assets
4
126
260
Other current assets
10
760
684
Total current assets
14,098
14,443
Goodwill
3, 11
17,124
17,662
Other intangible assets
3, 12
6,505
7,062
Property, plant and equipment
12
4,713
4,476
Investments accounted for using the equity method
19
30
Other non-current financial assets
13, 25
956
1,375
Deferred tax assets
4
410
476
Other non-current assets
14
543
530
Total non-current assets
30,272
31,612
Total assets
44,370
46,055
Short-term financial debt and current maturities of long-term financial debt
15, 25
268
268
Trade payables
25
2,296
2,126
Other current financial liabilities
17, 25
245
242
Current liabilities to the Siemens Group
25, 31
3,192
2,510
Contract liabilities
18
3,641
3,628
Current provisions
19
411
413
Current income tax liabilities
4
675
391
Other current liabilities
20
1,916
1,995
Total current liabilities
12,644
11,573
Long-term financial debt
15, 25
487
514
Provisions for pensions and similar obligations
21
488
592
Deferred tax liabilities
4
1,150
1,510
Non-current provisions
19
151
176
Other non-current financial liabilities
25
22
34
Other non-current liabilities
22
483
469
Non-current liabilities to the Siemens Group
15, 25, 31
10,855
12,941
Total non-current liabilities
13,635
16,234
Total liabilities
26,279
27,806
Issued capital
1,128
1,128
Capital reserve
15,888
15,872
Retained earnings
3,240
2,154
Other components of equity
−1,676
−521
Treasury shares
−539
−433
Total equity attributable to shareholders of Siemens Healthineers AG
23
18,040
18,199
Non-controlling interests
51
49
Total equity
18,091
18,248
Total liabilities and equity
44,370
46,055
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Consolidated statements of cash flows
141
B.4 Consolidated statements of cash flows
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Net income
2,168
1,959
Adjustments to reconcile net income to cash flows from operating activities:
Amortization, depreciation and impairments
1,296
1,223
Income tax expenses
686
564
Interest income/expenses, net
326
358
Income/loss related to investing activities
−30
−34
Other non-cash income/expenses, net
184
139
Change in operating net working capital
Contract assets
−39
−292
Inventories
−76
39
Trade and other receivables
−378
−151
Receivables from and payables to the Siemens Group from operating activities
7
21
Trade payables
229
−62
Contract liabilities
164
88
Change in other assets and liabilities
−175
16
Additions to equipment leased to others in operating leases
−313
−264
Income taxes paid
−577
−845
Dividends received
‐
2
Interest received
61
65
Cash flows from operating activities
3,532
2,826
Additions to intangible assets and property, plant and equipment
−818
−696
Purchase of investments and financial assets for investment purposes
−2
−4
Acquisitions of businesses, net of cash acquired
−216
−46
Disposal of investments, intangible assets and property, plant and equipment
128
80
Disposal of businesses, net of cash disposed
3
‐
Cash flows from investing activities
−906
−666
Purchase of treasury shares
−301
‐
Other transactions with owners
−13
−11
Repayment of long-term debt (including current maturities of long-term debt)
−188
−195
Change in short-term financial debt and other financing activities
3
52
Interest paid
−48
−41
Dividends paid to shareholders of Siemens Healthineers AG
−1,066
−1,063
Dividends paid to non-controlling interests
−13
−16
Interest paid to the Siemens Group
−401
−316
Other transactions/financing with the Siemens Group
Issuance of long-term debt
61
‐
Repayment of long-term debt (including current maturities of long-term debt)
−5
−21
Change in short-term financial debt and other financing activities
−1,068
−47
Cash flows from financing activities
−3,038
−1,657
Effect of changes in exchange rates on cash and cash equivalents
−97
−66
Change in cash and cash equivalents
−508
437
Cash and cash equivalents at beginning of period
2,683
2,247
Cash and cash equivalents at end of period
2,175
2,683
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Consolidated statements of changes in equity
142
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
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
404
−30
74
−108
−607
18,081
52
18,133
Net income
‐
‐
1,942
‐
‐
‐
‐
‐
1,942
17
1,959
Other comprehensive income, net of taxes
‐
‐
−89
−982
−2
−15
138
‐
−949
−2
−952
Dividends
‐
‐
−1,063
‐
‐
‐
‐
‐
−1,063
−16
−1,079
Share-based payment
‐
28
−2
‐
‐
‐
‐
‐
26
‐
26
Purchase of treasury shares
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
Reissuance of treasury shares
‐
5
‐
‐
‐
‐
‐
174
178
‐
178
Other changes in equity
‐
‐
−16
‐
‐
‐
‐
‐
−16
−2
−18
Balance as of September 30, 2024
1,128
15,872
2,154
−578
−32
58
30
−433
18,199
49
18,248
Balance as of October 1, 2024
1,128
15,872
2,154
−578
−32
58
30
−433
18,199
49
18,248
Net income
‐
‐
2,144
‐
‐
‐
‐
‐
2,144
23
2,168
Other comprehensive income, net of taxes
‐
‐
−2
−1,167
6
−12
19
‐
−1,157
−2
−1,158
Dividends
‐
‐
−1,066
‐
‐
‐
‐
‐
−1,066
−13
−1,079
Share-based payment
‐
11
‐
‐
‐
‐
‐
‐
11
‐
11
Purchase of treasury shares
‐
‐
‐
‐
‐
‐
‐
−302
−302
‐
−302
Reissuance of treasury shares
‐
5
−1
‐
‐
‐
‐
196
200
‐
200
Other changes in equity
‐
‐
11
‐
‐
‐
‐
‐
11
−7
4
Balance as of September 30, 2025
1,128
15,888
3,240
−1,745
−26
46
49
−539
18,040
51
18,091
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
143
B.6 Notes to consolidated financial
statements
Note 1 Basis of presentation
The consolidated financial statements as of September 30, 2025, present the operations of Siemens Healthineers AG, registered
in Munich, Germany (Munich Local Court, commercial register number HRB 237558, Germany), and its subsidiaries (hereinafter,
collectively, “Group” or “Siemens Healthineers”). Siemens Healthineers is a global provider of healthcare products, solutions and
services, with activities in numerous countries around the world. The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board
(IASB) and adopted by the European Union (EU), as well as with the additional requirements set forth in Section 315 e para. 1 of
the German Commercial Code (“Handelsgesetzbuch“). On November 19, 2025, the Managing Board of Siemens Healthineers AG
authorized the consolidated financial statements for issue.
Siemens Healthineers AG itself prepares consolidated financial statements for the smallest group of consolidated companies to
which it belongs. Pursuant to Section 290 para. 1 of the German Commercial Code, it is also included in the consolidated
financial statements of its parent company, Siemens AG (registered offices in Munich and Berlin, Munich Local Court HRB 6684
and Berlin Charlottenburg Local Court HRB 12300, Germany), as the largest group of consolidated companies, which will be filed
with the operator of the German Company Register and published in the German Company Register.
Siemens Healthineers prepared and published the consolidated financial statements in euros (€). Due to rounding, numbers may
not add up precisely to the totals provided.
Note 2 Accounting policies
The below-mentioned accounting policies, unless stated otherwise, have been applied consistently for all presented periods.
Accounting estimates and judgments
In certain cases, accounting estimates and judgments are necessary. These involve complex and subjective assessments and the
use of assumptions, some of which may be for matters that are inherently uncertain and susceptible to change. Accounting
estimates and judgments could change from period to period and could have a material impact on net assets, financial position
and results of operations. In addition, Siemens Healthineers could reasonably have made accounting estimates differently in the
same accounting period. Siemens Healthineers cautions that future events often vary from forecasts and that estimates routinely
require adjustments. Estimates and assumptions are reviewed on an ongoing basis. Changes in estimates and assumptions are
recognized in the period in which the changes occur and in future periods impacted by the changes.
In connection with the war in Ukraine, there were no material adjustments to the carrying amounts of the recognized assets and
liabilities in fiscal year 2025. Siemens Healthineers has no production sites in Ukraine or Russia. The business activities of the
sales and service units could continue to be influenced by geopolitical and macroeconomic factors such as trade restrictions and
cannot be reliably estimated. The associated risks are monitored on an ongoing basis.
For information on disaggregation of revenue and on segment information, please see disclosures in the respective notes to the
consolidated financial statements and in the group management report.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
144
Basis of consolidation
The consolidated financial statements include the accounts of Siemens Healthineers AG and the subsidiaries over which control is
exercised. Siemens Healthineers AG controls an investee if it has direct or indirect power over the investee, exposure or rights to
variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of
the investor’s returns.
Business combinations
The costs of an acquisition are measured at the fair value of the assets given and the liabilities incurred or assumed at the
acquisition date. Identifiable assets acquired and liabilities assumed (including contingent liabilities) in a business combination
are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interests. Non-
controlling interests are measured at the proportional fair value of assets acquired and liabilities assumed (partial goodwill
method). The accounting for business combinations requires significant accounting estimates and judgments, for example when
estimating the fair values of identifiable assets acquired and liabilities assumed, in assessing whether an intangible asset is
identifiable and should therefore be recognized separately from goodwill, and in estimating the expected useful lives.
The non-controlling interests participate in comprehensive income. Transactions resulting in changes in the proportion of equity
held by non-controlling interests that do not result in the loss of control by the Group are accounted for as equity transactions
not affecting profit or loss. At the date control is lost, the entity concerned is deconsolidated and any remaining equity interests
of the Group are remeasured to fair value through profit or loss.
As a writer of a put option on non-controlling interests, Siemens Healthineers assesses whether the prerequisites for the transfer
of present ownership interests are fulfilled at the balance sheet date. If Siemens Healthineers is not the beneficial owner of the
shares underlying the put option, the exercise of the put option will be assumed at each balance sheet date and treated as a
transaction between shareholders with the corresponding recognition of a purchase liability at the respective exercise price. The
non-controlling interests participate in profits and losses during the reporting period.
Foreign currency translation
Assets and liabilities of foreign subsidiaries, where the functional currency is not the euro, are translated using the spot exchange
rate at the end of the reporting period, while income and expenses are translated using monthly average exchange rates.
Differences arising from such translations are recognized within equity and reclassified to profit or loss when the gain or loss on
disposal of the foreign operation is recognized. The items within the consolidated statements of cash flows are translated at
monthly average exchange rates, whereas cash and cash equivalents are translated at the spot exchange rate at the end of the
reporting period.
Hyperinflationary accounting
Financial statements of foreign subsidiaries, where the functional currency is the currency of a hyperinflationary economy, are
adjusted to reflect changes in general purchasing power. In such instances, all items which are recognized on the statements of
financial position and the statements of income are translated using the exchange rate at closing. Each non-monetary item on
the statements of financial position, which is carried at cost or amortized cost, and each transaction in the statements of income
are restated by applying a general price index from the date of acquisition or initial incurrence of these items. The rules of IAS 29,
Financial Reporting in Hyperinflationary Economies, are applied for Argentina, which became hyperinflationary effective
July 1, 2018, requiring retrospective implementation of hyperinflationary accounting as of October 1, 2017, and for Türkiye,
which became hyperinflationary effective April 1, 2022, requiring retrospective implementation of hyperinflationary accounting
as of October 1, 2021. The cumulative effects of the indexation of non-monetary items on the statements of financial position
are recognized as retained earnings the first time that the rules for hyperinflationary accounting are applied. In subsequent
periods the effects from current indexation are recognized in the line item other financial income, net in the consolidated
statements of income.
Foreign currency transactions
Transactions in a currency other than the functional currency of an entity are recorded, on initial recognition, in that functional
currency, by applying the spot exchange rate at the date of the transaction. At the end of each reporting period, foreign
currency-denominated monetary items are translated applying the spot exchange rate prevailing on that date. Gains and losses
arising from these foreign currency revaluations are recognized in profit or loss. Foreign currency-denominated non-monetary
items are subsequently translated using the historical spot exchange rate.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
145
Revenue recognition
Siemens Healthineers recognizes revenue when, or as, control over distinct goods or services is transferred to the customer. This
requires, among other conditions, that a contract with enforceable rights and obligations exists, the customer is committed to its
contractual obligations, and collectability of consideration is probable, taking the customer’s creditworthiness into account.
Revenue is the transaction price Siemens Healthineers expects to be entitled to. Variable consideration is included in the
transaction price if it is highly probable that no significant reversal of revenue will occur once associated uncertainties are
resolved. Accounting estimates are involved in determining the amount of variable consideration, which is calculated by using
either the expected value or the most likely amount depending on which is expected to better predict the amount of variable
consideration. If Siemens Healthineers receives consideration from a customer and expects to refund some or all of the
consideration to the customer, a refund liability is recognized, which is reported in contract liabilities. Consideration is adjusted
for the time value of money if the period between the transfer of goods or services and the receipt of payment exceeds twelve
months and there is a significant financing benefit to either the customer or Siemens Healthineers. If a contract contains more
than one distinct good or service, the transaction price is allocated to each performance obligation based on relative stand-alone
selling prices. If stand-alone selling prices are not directly observable, Siemens Healthineers reasonably estimates them, primarily
by using historical reference values. Revenue is recognized for each performance obligation either at a point in time or over time.
Revenue from the sale of goods: Revenue is recognized at a point in time when control of the goods (especially equipment,
reagents and consumables) passes to the customer, usually upon delivery of the goods. Payment terms typically do not exceed
90 days after customer acceptance.
Revenue from services: Revenue is recognized over time on a straight-line basis or, if the performance pattern is other than
straight-line, as services are provided. Service contracts can also include extended warranties, which cover periods beyond the
statutory or customary warranty period and for which revenue is recognized straight-line over the extended warranty period.
Customer payments are typically received on a monthly or quarterly basis over the contract term.
Revenue from construction-type contracts: Revenues are recognized over time based on measuring progress. Siemens Healthineers
determines the progress using an input method that considers the percentage of costs incurred to date compared to total
estimated costs. An expected loss on the contract is recognized as an expense immediately. Within contracts, customer payments
are agreed on the basis of quantified performance indicators or the achievement of specific events or milestones, usually due no
later than 90 days after invoicing. When measuring progress using an input method, estimating the progress of the transfer of
control to the customer is particularly important and may involve estimates on the scope of deliveries and services required to
fulfill the contractually defined obligations. Estimates include total estimated costs, total estimated revenues, and contract risks
including technical, political and regulatory risks. As a result, changes in estimates may increase or decrease revenue for the
period. In addition, it is necessary to assess whether the most likely scenario for a contract is its continuation or its termination.
For this assessment, all relevant facts and circumstances relating to the contract are considered on an individual basis.
Contract assets, contract liabilities and receivables: When either party to a contract with a customer has performed its contractual
obligations, Siemens Healthineers presents a contract asset or a contract liability depending on the relationship between
Siemens Healthineers’ performance and the customer’s payment. Contract assets primarily relate to the sale of goods for which
transfer of control to the customer occurs before Siemens Healthineers has an unconditional right to consideration. Contract
liabilities result mainly from customer advances on services and from prepayments for goods not yet shipped. Contract assets
and contract liabilities are presented net at the contract level and as current because they arise in the course of the regular
operating cycle. Receivables are recognized when the right to receive the consideration becomes unconditional. Valuation
allowances for credit risks are set up for contract assets and receivables according to the accounting policy for financial assets
measured at amortized cost.
Functional costs
In general, operating expenses by types are assigned to functional areas according to their profit and cost centers. Amortization,
depreciation and impairment of intangible assets and property, plant and equipment are included in functional costs depending
on the use of the assets.
Research and development expenses
Expenditures on research activities and collaborations are recognized immediately as expenses. Expenditures on development
activities are expensed and capitalized only when the recognition criteria in IAS 38, Intangible Assets, are met. To assess the
fulfillment of these criteria, assumptions must be made about technical development risks and market developments, among
other factors. Capitalized development expenses are measured at cost less accumulated amortization and impairment losses,
with an amortization period of generally three to 25 years.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
146
Income taxes
Recognition and measurement of tax positions are determined according to respective local tax laws and applicable tax
authorities’ regulations. These can be complex and may be interpreted differently by taxpayers and local tax authorities. Thus,
subsequent current tax payments or refunds for prior years are possible. These uncertainties are taken into account based on the
judgement of management.
Deferred tax assets and liabilities for temporary differences between the accounting book value and the tax base for assets and
liabilities, as well as deferred tax assets for tax loss carryforwards, are measured using the liability method at the tax rates that
are expected to apply when the asset is realized, or the liability is settled. The gradual reduction of the corporate income tax rate
in Germany, enacted to take effect with an one percentage point decrease per year from fiscal year 2028 through fiscal year
2032, has been taken into account. Deferred tax assets are recognized if sufficient taxable profit is projected for the periods in
which the underlying temporary differences are reversed. The projection includes, in particular, future results from operating
activities, reversals of taxable temporary differences and substantiated tax planning opportunities. At each reporting date,
Siemens Healthineers reassesses the recoverability of deferred tax assets based on the projected taxable profit. Because future
business developments are uncertain and partly beyond the control of Siemens Healthineers, assumptions are necessary to
estimate future taxable profit as well as the period in which deferred tax assets will be recovered. Estimates are updated on a
regular basis and resulting adjustments are made in the respective period. Deferred tax assets and liabilities are offset if they
relate to income taxes levied by the same tax authority and there is a legal right to set off current tax assets against liabilities. Tax
consequences arising from the application of the global minimum taxation (Pillar Two) are not considered for the calculation of
deferred tax assets and liabilities.
Earnings per share
Basic earnings per share are computed by dividing net income attributable to the shareholders of Siemens Healthineers AG by
the weighted average number of shares of Siemens Healthineers AG outstanding during the fiscal year. Diluted earnings per
share are calculated by assuming conversion or exercise of all potentially dilutive share-based payment plans.
Inventories
Inventories are valued at the lower of acquisition or production costs and net realizable value. Acquisition or production costs are
generally determined on the basis of an average value or the first-in, first-out method. The determination of the net realizable
value includes assumptions with respect to quantity risks, risks of technical obsolescence and price risks.
Goodwill
Goodwill is carried at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a
business combination is allocated to the cash-generating unit or the group of cash-generating units that is expected to benefit
from the synergies of the business combination and represents the lowest level at which goodwill is monitored for internal
management purposes. At Siemens Healthineers, the goodwill impairment test is performed at the level of the segments (please
also see Note 29 Segment information). The allocation of goodwill requires judgment.
Goodwill is tested annually for impairment and whenever an indication arises (triggering event) that the carrying amount may
not be recoverable. Siemens Healthineers performs the annual impairment test in the quarter ending September 30. For the
purpose of impairment testing, the segment’s recoverable amount is determined as the higher of the segment’s fair value less
costs of disposal and its value in use. If either of these values exceeds the carrying amount, it is not necessary to determine both
values. If the carrying amount of the segment to which the goodwill is allocated exceeds its recoverable amount, an impairment
loss on goodwill allocated to this segment is recognized. Impairment losses on goodwill are not reversed in future periods.
The segment’s recoverable amount is based on discounted cash flow calculations and involves the use of accounting estimates.
The amount is influenced by, for example, the market launch of new goods and services, the successful integration of
acquisitions, volatility of capital markets, interest rate developments, exchange rate fluctuations and the outlook on economic
trends. At Siemens Healthineers, the recoverable amount is generally determined based on the fair value less costs of disposal.
For the purpose of estimating a segment’s fair value less costs of disposal, cash flows are projected for the next five years (in
exceptional cases up to ten years) based on past experience, actual operating results and management’s best estimate about
future developments as well as market assumptions. Cash flows after the detailed planning period are extrapolated using
individual growth rates. The determined fair value of a segment is assigned to level 3 of the fair value hierarchy. Key assumptions
for determining fair value less costs of disposal include estimated terminal value growth rates and discount rates, in addition to
the assumptions relevant for determining the cash flows in the detailed planning period. Both assumptions are determined
individually for each segment. The discount rates correspond to the segment’s weighted average cost of capital and are
calculated based on a risk-free interest rate and a market risk premium. In addition, the discount rates reflect the current market
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
147
assessment of the risks specific to each segment taking into account specific peer group information on beta factors, leverage
and cost of debt. The parameters for calculating the discount rates are based on external sources of information. The peer groups
undergo an annual review and are adjusted, if necessary. Terminal value growth rates consider external macroeconomic data
and industry-specific trends. The accounting estimates, including the methodology applied, can have a material impact on the
respective values and ultimately the amount of any goodwill impairment. Additionally, the outcome of goodwill impairment tests
may depend on the allocation of goodwill to the segments.
Other intangible assets
Siemens Healthineers amortizes purchased intangible assets with a finite useful life on a straight-line basis over their respective
estimated useful lives. The estimated useful life of purchased patents, licenses and similar rights generally ranges from three to
14 years. Self-developed intangible assets with a finite useful life are amortized on a straight-line basis over their respective
estimated useful lives, which range from three to 25 years. In addition, there are intangible assets acquired in business
combinations, especially customer relationships, trademarks, technologies, and order backlog. The following useful lives are
assumed:
Customer relationships and trademarks
two to 30 years
Technologies
two to 22 years
Order backlog
up to ten years
Property, plant and equipment
Property, plant and equipment are valued at acquisition or production costs less accumulated depreciation and impairment
losses. Depreciation is recognized on a straight-line basis. The following useful lives are assumed:
Factory and office buildings
20 to 50 years
Other buildings
five to ten years
Technical machinery and equipment
generally ten years
Office and other equipment
generally five years
Equipment leased to others
generally eight to nine years
Impairment of other intangible assets and property, plant and equipment
Siemens Healthineers reviews other intangible assets and property, plant and equipment for impairment whenever an indication
(triggering event) arises that the carrying amount of an asset may not be recoverable. In addition, intangible assets not yet
available for use are subject to an annual impairment test. If the recoverable amount of an individual asset cannot be
determined, the impairment test is performed at the level of the cash-generating unit. A cash-generating unit is the smallest
identifiable group of assets that includes the asset to be tested for impairment and that generates cash inflows, which are largely
independent of the cash inflows from other assets or groups of assets. When determining the relevant cash-generating unit,
various factors need to be considered, including how management monitors operations or makes decisions about continuing or
disposing of assets and operations. Therefore, the identification of the relevant cash-generating unit involves judgment. In
addition, impairment testing of other intangible assets and property, plant and equipment involves the use of accounting
estimates in determining the recoverable amount of the assets or cash-generating units. These estimates can have a material
impact on the respective values and ultimately the amount of any impairment.
Leases
Siemens Healthineers as lessor rents equipment to its customers. If substantially all risks and rewards incidental to the ownership
of the rented equipment are transferred to the customer, the lease is classified as a finance lease, otherwise as an operating
lease. Under finance leases, revenue is recognized at the time the equipment is made available for use by the customer. At the
same time, a receivable from finance leases is recognized at an amount equal to the net investment in the lease. In the following
periods, interest income is realized using the effective interest method, reflecting a constant periodic rate of return of the net
investment. Under operating leases, the rented equipment is recognized as property, plant and equipment and is depreciated on
a straight-line basis over its useful life. Income from operating leases is recognized on a straight-line basis over the respective
lease term.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
148
Siemens Healthineers as lessee does not apply the right-of-use model for leases with a term of twelve months or less or for low-
value assets. In these cases, the lease payments are instead expensed over the lease term. The accounting policy choice for the
non-separation of lease components and non-lease components is used, with the exception of vehicle leases, and all
components are accounted for as lease components. Right-of-use assets are measured at acquisition costs less accumulated
depreciation and impairment losses and are depreciated under the straight-line method over the shorter of the lease term or the
useful life of the underlying asset. Lease liabilities are measured at the present value of the lease payments payable over the
lease term, generally discounted using the incremental borrowing rate. Subsequently, they are measured using the effective
interest method. Lease liabilities are remeasured in case of lease modifications (due to renegotiations) or index changes
triggering price-adjustments, and as a result of required reassessments of existing contract conditions. The remeasurement of
the lease liabilities leads to a respective adjustment of the right-of-use assets.
For further information on leases, please refer to Note 6 Trade and other receivables,
Note 12 Other intangible assets and property, plant and equipment, Note 15 Financial debt, Note 24 Other financial obligations and
Note 26 Financial risk management.
Provisions
Siemens Healthineers accounts for a provision if all the recognition conditions of IAS 37 are met. If the effect is material,
provisions are recognized at present value by discounting the expected future cash flows at a pretax interest rate that
corresponds to the risk-free market interest rate.
Discretionary assessment is required to determine provisions. In particular, the determination of provisions related to asset
retirement obligations, as well as provisions related to legal and regulatory proceedings and governmental investigations
(hereinafter, collectively, “legal proceedings”) requires significant accounting estimates. Siemens Healthineers recognizes a
provision for onerous contracts with customers when the estimated unavoidable costs of outstanding goods and services exceed
the expected outstanding revenue. Legal proceedings often involve complex legal issues and are subject to substantial
uncertainties. Accordingly, considerable judgment is required to determine whether it is probable that there is a present
obligation at the end of the reporting period as a result of a past event, whether a future outflow of resources is probable, and
whether the amount of the obligation can be estimated reliably. Internal and external counsels are generally part of the
determination process for legal proceedings. Due to new developments, it may be necessary to recognize a provision for an
ongoing legal proceeding or to adjust the amount of a previously recognized provision. Upon resolution of a legal proceeding,
Siemens Healthineers may incur charges in excess of the provision recognized for the matter concerned. Legal proceedings may
have a material effect on net assets, financial position and results of operations.
Defined benefit plans
Siemens Healthineers measures entitlements from defined benefit plans by applying the projected unit credit method. Thereby,
the obligation from defined benefit plans reflects an actuarially calculated present value of the future entitlement for services
already rendered (defined benefit obligation, DBO). Actuarial valuations rely on key assumptions including discount rates,
expected compensation increases and pension progression and mortality rates. Discount rates used are determined by reference
to yields on high-quality corporate bonds (corporate bonds with very low risk of default) of appropriate duration and currency at
the end of the reporting period. In such case that yields are not available, discount rates are based on government bond yields.
For significant plans, individual spot rates from a full yield curve approach are applied in general. Due to changing market,
economic and social conditions, the underlying actuarial assumptions may differ from actual developments.
For funded plans, Siemens Healthineers offsets the fair value of the plan assets with the defined benefit obligation. The net
amount is presented, after adjustments for any effects relating to asset ceiling.
Current and past service cost, settlement gains and losses for pensions and similar obligations and administration costs unrelated
to the management of plan assets are allocated to functional costs. Thereby, past service cost and settlement gains and losses
are recognized immediately in net income. Current service cost and interest income and expenses are determined based on the
assumptions used for the calculation of the defined benefit obligation as of the reporting date of the prior fiscal year and
recognized in profit or loss. Net interest is thus calculated by multiplying the discount rate for the respective fiscal year by the net
defined benefit asset or liability from defined benefit plans as of the reporting date of the prior fiscal year. As of the reporting
date, remeasurements are recognized in other comprehensive income. These comprise actuarial gains and losses as well as the
difference between the return on plan assets and the interest income on plan assets, which is included in net interest.
Entitlements resulting from plans based on investment returns of underlying assets are generally measured at the fair value of
the underlying assets as of the reporting date. If the performance of the underlying assets is lower than a guaranteed return, the
DBO is measured by projecting forward the contributions at the guaranteed fixed return and discounting back to a present value.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
149
Termination benefits
Termination benefits are provided when Siemens Healthineers either offers an employee the option to voluntarily resign from
employment before the normal retirement date or decides to terminate the employment. Termination benefits in accordance
with IAS 19, Employee Benefits, are recognized as liabilities and expenses when the offer of those benefits can no longer be
withdrawn.
Financial instruments
Initially, financial instruments are generally recognized at their fair value. Regular-way purchases or sales of financial assets are
recognized on the trade date.
Financial assets and liabilities measured at fair value through profit or loss: Debt instruments are measured at fair value through
profit or loss if the business model they are held in is neither a hold-to-collect nor a hold-and-sell business model or if their
contractual cash flows do not solely represent payments of principal and interest. For some debt instruments, the assessment of
the contractual cash flows may involve judgment. Equity instruments are measured at fair value through profit or loss unless the
option to measure them at fair value through other comprehensive income was elected. Derivatives are measured at fair value
through profit or loss unless they are designated as hedging instruments. Financial liabilities measured at fair value through
profit or loss include contingent consideration recognized in a business combination. Siemens Healthineers does not use the
option to designate financial assets or financial liabilities at fair value through profit or loss at initial recognition (fair value
option).
Financial assets measured at fair value through other comprehensive income: Siemens Healthineers irrevocably elected to present
changes in the fair value of its investment in Medical Systems S.p.A. in other comprehensive income to avoid earnings volatility.
Accordingly, unrealized gains and losses as well as gains and losses on the subsequent sale of the investment are recognized in
other comprehensive income.
Financial assets measured at amortized cost: Loans, receivables and other debt instruments held in a hold-to-collect business
model, and whose contractual cash flows solely represent payments of principal and interest, are measured at amortized cost.
Interest income is calculated using the effective interest method.
Valuation allowances are set up for expected credit losses, representing a forward-looking estimate of future credit losses and
involving significant judgment. Expected credit losses are calculated based on the gross carrying amount of the financial asset
less collateral, multiplied by a factor reflecting the probability of default and the loss in the event of default. Probabilities of
default and losses in the event of default are derived mainly from customer-specific rating grades provided by Siemens Financial
Services. For trade receivables, lease receivables and contract assets, Siemens Healthineers uses the simplified impairment model
to measure valuation allowances at an amount equal to the lifetime expected credit losses.
Financial assets are considered in default if the obligor is unwilling or unable to pay its credit obligations. A range of internally
defined events, including the opening of bankruptcy proceedings or a default rating by an external rating agency, can trigger a
default rating. Financial assets are written off as uncollectible when it appears unlikely that they will be recovered. Generally, this
applies after the statutory limitation period has expired, when bankruptcy proceedings have been closed, or when a receivable is
no longer pursued due to its insignificance.
Financial liabilities measured at amortized cost: Siemens Healthineers measures financial liabilities, except for derivatives,
contingent consideration recognized in a business combination, and written put options on non-controlling interests, at
amortized cost using the effective interest method.
Cash and cash equivalents: Cash and cash equivalents are measured at amortized cost. Siemens Healthineers considers as cash
equivalents all highly liquid investments with a maturity of three months or less from the date of acquisition. This also includes
credit balances on cash-pooling accounts and short-term deposits of up to three months with the Siemens Group because they
are held for the purpose of meeting short-term cash commitments and are subject to only an insignificant risk of changes in
value. Cash-pooling liabilities are not included as a component of cash and cash equivalents but are presented as financing
activities. Most transactions with the Siemens Group are non-cash transactions that are settled by debiting or crediting liabilities
to the Siemens Group. This concerns, for example, the issuance and repayment of loans as well as the settlement of derivatives.
For additional information about transactions with the Siemens Group please refer to Note 31 Related party transactions.
Cash flow hedges: The effective portion of changes in the fair value of derivatives designated as hedging instruments in cash flow
hedges is recognized in other comprehensive income. Amounts accumulated in the cash flow hedge reserve are reclassified into
net income in the same periods in which the hedged item affects net income. For certain time-period-related cash flow hedges,
Siemens Healthineers designates only the change in the fair value of the spot element of forward exchange contracts as a
hedging instrument. Changes in the fair value of the forward element are recognized in other comprehensive income and are
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
150
accumulated separately in a cost of hedging reserve. The value of the forward element at the time of designation is amortized
into profit or loss on a straight-line basis over the hedging period.
Share-based payment
Share-based payment awards may be settled in shares of Siemens Healthineers AG or Siemens AG, depending on which shares
are the basis, or in cash. Share-based payment awards based on Siemens Healthineers AG shares are classified predominately as
equity-settled. Share-based payment awards based on Siemens AG shares are classified as cash-settled to fulfill the specific
requirements for share-based payment transactions among group entities, because Siemens Healthineers AG is controlled by
Siemens AG.
The fair value of equity instruments for equity-settled plans and of liabilities for cash-settled plans is measured at the grant date
and recognized as an expense over the vesting period. For cash-settled plans, the fair value is reassessed each quarter. The fair
value is based on the market price of Siemens Healthineers AG shares or Siemens AG shares considering the present value of
dividends to which the beneficiaries are not entitled during the vesting period as well as market and non-vesting conditions, if
applicable. Therefore, the fair value is based on market parameters, assumptions and estimates. Changes in any of these could
necessitate material adjustments to the carrying amount of the liabilities.
Prior-year information
Certain prior-year information has been reclassified to conform to the current presentation.
Recently adopted accounting pronouncements
The IASB amended IAS 7, Statement of Cash Flows, and IFRS 7, Financial Instruments: Disclosures. Disclosure requirements on
supplier finance arrangements were added. Siemens Healthineers adopted the amendments in fiscal year 2025 in accordance
with transitional provisions.
Recent accounting pronouncements, not yet adopted
In April 2024, the IASB issued IFRS 18, Presentation and Disclosures in Financial Statements. IFRS 18 requires additional, defined
subtotals in the income statement, disclosures about management-defined performance measures, adds new principles for
aggregation and disaggregation of information, and provides limited amendments to IAS 7, Statement of Cash Flows. IFRS 18
replaces IAS 1, Presentation of Financial Statements. The new standard is effective for fiscal years beginning on or after
January 1, 2027. The standard needs to be applied retrospectively. The potential impact of the initial application of IFRS 18 on
the consolidated financial statements of Siemens Healthineers is currently being assessed.
Note 3 Acquisitions
Acquisition of Advanced Accelerator Applications Molecular Imaging
On December 2, 2024, Siemens Healthineers gained control over the business of Advanced Accelerator Applications Molecular
Imaging. The acquisition comprised six share deals for 100% of the shares in Advanced Accelerator Applications Germany GmbH,
Eifel Property GmbH, Advanced Accelerator Applications 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-based distribution
business of Advanced Accelerator Applications International SA. The acquisitions comprised a European production and
distribution network for diagnostic radiopharmaceuticals for positron emission tomography (PET) scans. The acquisitions
expanded the existing PETNET network, which previously 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 Alzheimer’s disease. The business has
been integrated into the Imaging segment.
The purchase price allocation, which was still preliminary as of March 31, 2025, was reviewed in accordance with the provisions
of IFRS 3, Business Combinations, within the one-year measurement period and finalized in the fourth quarter of fiscal year
2025.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
151
The total consideration transferred amounted to €182 million. The 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.
The following table presents the assets and liabilities of the preliminary and final purchase price allocation:
(in millions of €)
Final
purchase price
allocation
Preliminary
purchase price
allocation
Trade and other receivables
25
25
Goodwill
92
86
Other intangible assets
29
29
Property, plant and equipment
65
64
Miscellaneous assets
26
27
Total assets
237
231
Trade payables
11
11
Deferred tax liabilities
10
10
Miscellaneous liabilities
33
28
Total liabilities
55
49
Note 4 Income taxes
Income taxes broke down as follows:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Current tax
987
768
Deferred tax
−301
−204
Income tax expenses recognized in the consolidated statements of income
686
564
Effective tax rate
24.0%
22.4%
Income tax effects recognized in other comprehensive income or directly in equity
36
13
Total income taxes included in the consolidated statements of comprehensive income or directly recognized in
equity
722
577
In fiscal year 2025, current taxes included expenses of €175 million (2024: income of €6 million) for adjustments of taxes from
prior fiscal years. Deferred taxes included income of €285 million (2024: €181 million) from the origination and reversal of
temporary differences.
In fiscal year 2025, the calculation of taxes in Germany was based on a combined tax rate of 29.5% (2024: 29.4%), consisting of
the corporate tax rate of 15.0% (2024: 15.0%), the solidarity surcharge thereon of 5.5% (2024: 5.5%) and an average trade tax
rate of 13.7% (2024: 13.6%). For foreign subsidiaries, taxes were calculated based on local tax law and applicable tax rates in the
individual countries.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
152
In fiscal year 2025, income tax expenses differed from the expected income tax expenses based on the combined German tax
rate of 29.5% (2024: 29.4%) as follows:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Expected income tax expenses
842
742
Nondeductible expenses
138
126
Tax-free income
−53
−63
Taxes for prior years
1
−13
Change in realizability of deferred tax assets and tax credits
−24
−26
Domestic and foreign tax rate differential
−194
−199
Change in tax rates
−27
−1
Other
3
−2
Total income tax expenses
686
564
Deferred tax assets and liabilities (–) related to the following items:
Deferred tax
assets
Deferred tax
liabilities
Deferred tax
assets
Deferred tax
liabilities
Sept 30,
Sept 30,
Sept 30,
Sept 30,
(in millions of €)
2025
2025
2024
2024
Deferred taxes on temporary differences
733
−1,585
830
−1,992
Thereof:
Current assets and liabilities
407
−103
421
−171
Intangible assets
11
−1,360
12
−1,574
Provisions for pensions and similar obligations
162
−12
191
−13
Other non-current assets and liabilities
153
−110
206
−235
Deferred taxes on tax loss carryforwards
95
‐
110
‐
Deferred taxes on tax credits
17
‐
18
‐
Netting
−435
435
−483
483
Total deferred tax assets and liabilities, net
410
−1,150
476
−1,510
Deferred tax assets and liabilities, net, developed as follows:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Balance at beginning of fiscal year
−1,033
−1,247
Changes recognized in the consolidated statements of income
301
204
Changes recognized in other comprehensive income
−34
−13
Additions from acquisitions directly recognized in equity
−7
‐
Other¹
33
23
Balance at fiscal year-end
−740
−1,033
1 Includes mainly foreign currency translation effects recognized in other comprehensive income.
Deferred tax assets have not been recognized with respect to the following items:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Deductible temporary differences
825
786
Tax loss carryforwards
667
693
Total items (gross amounts) for which no deferred tax assets have been recognized
1,492
1,479
A partial amount in deductible temporary differences without recognition of deferred tax assets results from a goodwill in the
amount of €788 million (September 30, 2024: €754 million), which was recognized in the tax balance sheet of a subsidiary due
to the exercise of an option. A formal requirement for the recoverability of deferred tax assets in the consolidated balance sheet
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
153
is missing as of reporting date, the fulfillment of which is expected for the future. The possible tax deduction of goodwill will not
be subject to the full national tax rate.
€88 million of the tax loss carryforwards not recognized as of September 30, 2025 will expire in the periods up to 2030
(September 30, 2024: €114 million expiring by 2030). As of September 30, 2025, no deferred tax liabilities were recognized for
temporary differences in connection with shares in subsidiaries amounting to €4,409 million (September 30, 2024:
€4,356 million), because Siemens Healthineers can control their reversal and it is probable that these differences will not dissolve
in the foreseeable future.
Uncertainties in the interpretation of a tax regulation in the context of an enacted foreign tax reform in former years may result
in future tax payments of a mid double-digit million amount. Due to the low probability of such an occurrence, no current
income tax liability was recognized. For uncertain tax positions, including those related to corporate integration measures,
current income tax liabilities in the low triple-digit million range are recognized. To determine the uncertain tax position, the best
estimate was derived from a range of possible outcomes.
Siemens Healthineers, as a partially-owned parent entity, is subject to the top-up tax beginning with fiscal year 2025 and
accounted for an income tax expense in the amount of €3 million due to the apportionment of the ultimate parent entity
pursuant to Section 3 para. 6 of the Minimum Tax Act. Siemens AG is the ultimate parent entity of the minimum tax group in
Germany in accordance with Section 3 para. 3 of the Minimum Tax Act. Rules concerning Qualified Domestic Minimum Top-up
Tax (QDMTT) of other jurisdictions are applied as of their respective date of first time application.
Note 5 Earnings per share
Fiscal year
Fiscal year
(in millions of €, number of shares in thousands, earnings per share in €)
2025
2024
Net income
2,168
1,959
Portion attributable to non-controlling interests
−23
−17
Net income attributable to shareholders of Siemens Healthineers AG
2,144
1,942
Weighted average shares outstanding during fiscal year (basic)
1,119,828
1,118,129
Effect of dilutive share-based payment
4,911
5,318
Weighted average shares outstanding during fiscal year (diluted)
1,124,739
1,123,447
Basic earnings per share
1.91
1.74
Diluted earnings per share
1.91
1.73
Note 6 Trade and other receivables
Sept 30,
Sept 30,
Oct 1,
(in millions of €)
2025
2024
2023
Receivables from the sale of goods and services
4,603
4,405
4,420
Receivables from finance leases
78
73
72
Total trade and other receivables
4,681
4,478
4,492
Receivables from finance leases related particularly to customer leasing of imaging equipment in the Imaging segment. The
corresponding long-term portion is reported in the line item other non-current financial assets and amounted to €303 million as
of the reporting date (September 30, 2024: €306 million).
In the following table, the undiscounted future minimum lease payments are reconciled to the net investment in finance leases:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Future minimum lease payments
459
459
Unearned finance income
−72
−72
Net investment in finance leases
387
387
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
154
The future minimum lease payments to be received were due as follows:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Within one year
100
99
Between one and two years
93
85
Between two and three years
75
80
Between three and four years
61
63
Between four and five years
49
48
More than five years
81
84
Total
459
459
Note 7 Other current financial assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Receivables from employees
55
70
Derivatives
216
66
Other
73
92
Total other current financial assets
344
229
The line item derivatives was particularly impacted by the reclassification of fair values of forward contracts from other non-
current financial assets. These forward contracts were mainly used for hedging foreign currency liabilities from financing
activities. For further details, please refer to Note 15 Financial debt and to Note 25 Financial instruments and hedging activities.
Note 8 Contract assets
As of the reporting date, contract assets amounted to €1,869 million (September 30, 2024: €1,891 million; October 1, 2023:
€1,629 million). Thereof, contract assets amounting to €304 million (September 30, 2024: €273 million) had a remaining term
of more than twelve months.
Note 9 Inventories
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Raw materials and supplies
1,338
1,308
Work in progress
1,105
1,147
Finished goods and products held for resale
1,643
1,688
Advances to suppliers
49
36
Total inventories
4,135
4,179
In fiscal year 2025, cost of sales included inventories recognized as expenses in the amount of €14,147 million (2024:
€13,538 million). Write-offs of inventories increased by €8 million (2024: decrease by €28 million) compared to the prior year.
Note 10 Other current assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Miscellaneous tax receivables
525
468
Prepaid expenses
185
180
Other
50
36
Total other current assets
760
684
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
155
As of September 30, 2025, miscellaneous tax receivables mainly consisted of sales tax receivables amounting to €481 million
(September 30, 2024: €454 million).
Note 11 Goodwill
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Cost
Balance at beginning of fiscal year
18,951
19,462
Currency translation differences and other
−675
−581
Acquisitions and purchase accounting adjustments
92
71
Balance at fiscal year-end
18,369
18,951
Accumulated impairment losses
Balance at beginning of fiscal year
−1,289
−1,344
Currency translation differences
45
55
Balance at fiscal year-end
−1,244
−1,289
Carrying amount
Balance at beginning of fiscal year
17,662
18,118
Balance at fiscal year-end
17,124
17,662
Impairment testing of goodwill at segment level resulted in no need for impairment. The allocation of goodwill to the segments
as well as the key assumptions for the calculation of the segments’ fair value less costs of disposal were as follows:
Goodwill
Terminal value growth rate
After-tax discount rate
Sept 30,
Sept 30,
Sept 30,
Sept 30,
Sept 30,
Sept 30,
(in millions of €)
2025
2024
2025
2024
2025
2024
Imaging
6,461
6,600
1.9%
1.9%
8.0%
8.0%
Diagnostics
1,632
1,690
1.9%
1.9%
8.0%
8.0%
Varian
7,438
7,720
1.9%
1.9%
9.0%
9.0%
Advanced Therapies
1,595
1,652
1.9%
1.9%
8.0%
8.0%
Total goodwill
17,124
17,662
Revenue figures in the five-year detailed planning period for the Imaging, Diagnostics and Advanced Therapies segments
included average revenue growth rates (excluding portfolio effects) of 2.9% to 7.0% (2024: 4.5% to 7.6%). The steady state of
Varian will be achieved at a later date in line with the expected disproportionate growth due to an expected increase in new
cancer cases and the ongoing technical integration. Therefore, for the Varian segment a ten-year detailed planning period with
an average revenue growth rate (excluding portfolio effects) of 9.5% (2024: 7.8%) was used.
Siemens Healthineers performed sensitivity analyses based on a 10% reduction in after-tax future cash flows, a one percentage
point increase in after-tax discount rates, or a one percentage point decrease in the terminal value growth rate. None of these
scenarios resulted in the need for a goodwill impairment.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
156
Note 12 Other intangible assets and property, plant and equipment
(in millions of €)
Gross carrying
amount at
beginning of
fiscal year
2025
Currency
translation
differences
Additions
through
business
combinations
Additions
Reclassifi-
cations
Retirements
Gross carrying
amount at end
of fiscal year
2025
Accumulated
amortization,
depreciation
and
impairment
Carrying
amount at end
of fiscal year
2025
Amortization,
depreciation
and impair-
ments in fiscal
year 2025
Internally generated technology
2,360
−83
‐
119
‐
−5
2,391
−1,030
1,361
−110
Acquired technology including patents, licenses and similar rights
3,581
−148
9
50
‐
−17
3,475
−1,318
2,157
−193
Customer relationships and trademarks
4,459
−167
43
‐
‐
−102
4,234
−1,246
2,987
−201
Total other intangible assets
10,400
−398
52
169
‐
−124
10,099
−3,594
6,505
−504
Land and buildings
2,214
−69
15
64
30
−11
2,244
−957
1,286
−101
Technical machinery and equipment
1,277
−51
19
76
87
−70
1,339
−833
506
−103
Office and other equipment
1,461
−58
5
193
26
−154
1,472
−1,058
414
−184
Equipment leased to others
2,108
−59
‐
313
3
−235
2,130
−1,136
994
−181
Advances to suppliers and construction in progress
608
−29
22
344
−146
−1
798
−10
788
−10
Right-of-use assets for land and buildings
1,080
−40
3
134
‐
−98
1,080
−518
561
−126
Right-of-use assets for other property, plant and equipment
327
−11
‐
106
‐
−51
371
−207
163
−86
Total property, plant and equipment
9,076
−318
65
1,231
‐
−621
9,433
−4,720
4,713
−792
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
157
(in millions of €)
Gross carrying
amount at
beginning of
fiscal year
2024
Currency
translation
differences
Additions
through
business
combinations
Additions
Reclassifi-
cations
Retirements
Gross carrying
amount at end
of fiscal year
2024
Accumulated
amortization,
depreciation
and
impairment
Carrying
amount at end
of fiscal year
2024
Amortization,
depreciation
and impair-
ments in fiscal
year 2024
Internally generated technology
2,359
−91
‐
152
‐
−59
2,360
−946
1,414
−88
Acquired technology including patents, licenses and similar rights
3,764
−175
16
18
‐
−42
3,581
−1,192
2,389
−192
Customer relationships and trademarks
4,632
−126
−411
‐
‐
−6
4,459
−1,199
3,259
−212
Total other intangible assets
10,755
−392
−25
170
‐
−107
10,400
−3,338
7,062
−492
Land and buildings
2,179
−58
‐
62
37
−7
2,214
−892
1,321
−85
Technical machinery and equipment
1,185
−33
‐
65
87
−27
1,277
−818
460
−88
Office and other equipment
1,374
−29
2
167
32
−85
1,461
−1,068
393
−172
Equipment leased to others
2,060
−32
‐
264
3
−187
2,108
−1,164
944
−179
Advances to suppliers and construction in progress
505
−13
‐
277
−158
−3
608
‐
608
‐
Right-of-use assets for land and buildings
948
−32
7
216
‐
−58
1,080
−489
592
−133
Right-of-use assets for other property, plant and equipment
253
−8
1
123
‐
−41
327
−169
158
75
Total property, plant and equipment
8,504
−205
9
1,174
‐
−407
9,076
−4,599
4,476
−731
1 Value includes adjustments from purchase price allocations in connection with the acquisition of Block Imaging according to IFRS 3, which took place within the twelve-months measurement period and finalized in the fourth quarter of fiscal year 2024.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
158
In fiscal year 2025, an impairment loss was recognized in the amount of €64 million. Thereof, €31 million are allocated to other
intangible assets and €34 million to property, plant and equipment. The impairment loss is mainly recognized in cost of sales and
research and development expenses. Most of the impairment loss was attributable to a product line within the Diagnostics
segment, that is being wind-down in connection with the transformation program. In fiscal year 2025, an impairment test was
performed for the product line. The recoverable amount of the cash-generating unit amounted to €−54 million and is its fair
value less cost of disposal. The fair value less cost of disposal is derived from a discounted cash flow valuation (level 3). An after-
tax discount rate of 10% was used.
Siemens Healthineers as lessor
The line item equipment leased to others predominately comprised diagnostic instruments that were leased out under operating
leases in the Diagnostics segment.
Future minimum lease payments to be received under operating leases were due as follows:
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Within one year
66
56
Between one and two years
60
53
Between two and three years
47
41
Between three and four years
34
34
Between four and five years
26
25
More than five years
41
42
Total
274
252
In fiscal year 2025, income from operating leases in the amount of €187 million (2024: €168 million) was realized. Included
therein were variable lease payments in the amount of €76 million (2024: €74 million). Before Siemens Healthineers concludes
contracts with the customer for the sale of reagents and consumables by providing a diagnostic instrument, the order volumes
forecasted by the customer are analyzed and verified. Based on realistic sales volumes, individual prices for reagents are
calculated, including a price offset for the diagnostic instrument. The average term of customer contracts covers the useful life of
the diagnostic instruments.
Siemens Healthineers as lessee
The total cash outflows from leases amounted to €287 million in fiscal year 2025 (2024: €272 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
159
Note 13 Other non-current financial assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Receivables from finance leases
303
306
Derivatives
520
861
Equity instruments and fund shares
93
164
Other
41
44
Total other non-current financial assets
956
1,375
The decrease in the line item derivatives resulted from a decrease in the fair value of forwards for hedging foreign currency
liabilities from financing activities. Furthermore, the line item decreased due to the reclassification of the fair value of forward
contracts to other current financial assets. The decrease of the line item equity instruments and fund shares is due to the disposal
of an investment and market value adjustments of existing investments. For further details, please refer to Note 15 Financial
debt and to Note 25 Financial instruments and hedging activities.
Note 14 Other non-current assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Deferred compensation assets
336
327
Prepaid expenses
113
121
Other
94
82
Total other non-current assets
543
530
Deferred compensation assets related to deferred compensation plans in the United States. Please refer to Note 22 Other non-
current liabilities for the corresponding deferred compensation liabilities.
Note 15 Financial debt
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Short-term financial debt and current maturities of long-term financial debt
268
268
Therein:
Loans from banks
93
95
Lease liabilities
176
172
Current liabilities to the Siemens Group from financing activities
3,183
2,485
Therein: Lease liabilities
11
12
Total current financial debt
3,452
2,754
Long-term financial debt
487
514
Therein: Lease liabilities
487
513
Non-current liabilities to the Siemens Group from financing activities
10,855
12,941
Therein: Lease liabilities
18
20
Total non-current financial debt
11,342
13,455
Total financial debt
14,793
16,208
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
160
Credit facilities
As of September 30, 2025, financing arrangements with Siemens AG consisted of a multicurrency revolving credit facility of up
to €2.5 billion (September 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 of €451 million (September 30, 2024: €0 million) was drawn from these facilities.
Loans
In fiscal year 2025, two loans from the Siemens Group in a total amount of €1.2 billion were settled. Overall, loans with the
Siemens Group were mainly denominated in U.S. dollars and euros. As of September 30, 2025 and 2024, the structure of the
loans was as follows:
Current liabilities¹
Non-current liabilities
(Carrying amounts in millions of €)
Maturity
(fiscal year)
Contractual
interest rate
Sept 30, 2025
Sept 30, 2024
Sept 30, 2025
Sept 30, 2024
Loan (US$1,742 million)
2026
1.38%
1,484
‐
‐
1,556
Loan (US$1,689 million)
2027
2.51%
‐
‐
1,438
1,508
Loan (US$1,243 million)
2028
1.87%
‐
‐
1,059
1,110
Loan (US$1,740 million)
2031
2.30%
‐
‐
1,482
1,554
Loan (US$1,486 million)
2041
3.03%
‐
‐
1,266
1,327
Loan (US$990 million)
2046
3.44%
‐
‐
843
884
Loan (€700 million)
2025
0.46%+EURIBOR 1M
‐
700
‐
‐
Loan (€500 million)
2025
3.73%
‐
500
‐
‐
Loan (€300 million)
2026
3.70%
300
‐
‐
300
Loan (€500 million)
2028
2.96%
‐
‐
500
500
Loan (€850 million)
2029
3.58%
‐
‐
850
850
Loan (€600 million)
2029
3.20%
‐
‐
600
600
Loan (€700 million)
2030
3.59%
‐
‐
700
700
Loan (€500 million)
2030
3.21%
‐
‐
500
500
Loan (€700 million)
2032
3.80%
‐
‐
700
700
Loan (€750 million)
2032
3.40%
‐
‐
750
750
Other loans
135
164
149
81
Total liabilities to the Siemens Group
from loans
1,919
1,364
10,837
12,921
1 Excluding interest payables.
Except for the loan maturing in fiscal year 2046, which is held by Siemens Medical Solutions USA, Inc., the U.S. dollar-
denominated loans were hedged by forward exchange contracts. As a result, the loans were effectively converted into synthetic
euro-denominated loans and actual interest expenses decreased due to positive forward elements of the forward exchange
contracts. In total, the actual volume-weighted average interest rate of these loans currently amounts to approximately 0.5%. For
further information about hedging activities, please refer to Note 25 Financial instruments and hedging activities.
In fiscal year 2025, interest expenses from financing arrangements with the Siemens Group amounted to €335 million
(2024: €356 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
161
Changes in liabilities arising from financing activities
The following tables show the sources of changes in total financial debt and total liabilities from financing activities:
(in millions of €)
Balance at
beginning of
fiscal year 2025
Cash flows from
financing
activities¹
Acquisitions
Effects from
changes in
foreign
exchange rates
Fair value
changes
Other²
Balance at end
of fiscal year
2025
Loans from banks
95
4
‐
−8
‐
1
93
Lease liabilities
718
−188
3
−22
‐
180
691
Other financial indebtedness
1
−1
‐
‐
‐
‐
‐
Liabilities to the Siemens
Group from financing
activities³
15,394
−1,012
‐
−401
‐
28
14,009
Total financial debt
16,208
−1,196
3
−431
‐
209
14,793
Fair value of forwards for
hedging of foreign currency
liabilities from financing
activities
−877
‐
‐
‐
227
18
−632
Total liabilities from financing
activities
15,331
−1,196
3
−431
227
227
14,161
1 Reported in the following line items of the consolidated statements of cash flows: Repayment of long-term debt (including current maturities of long-term debt), change in short-term financial debt and other financing
activities and other transactions/financing with Siemens Group.
2 Including interest accruals and payments, as well as non-cash transactions with the Siemens Group that were settled by debiting or crediting liabilities to the Siemens Group. Interest payments with regard to loans
from the Siemens Group amounted to €401 million and interest payments with regard to lease liabilities amounted to €28 million.
3 Excluding separately disclosed lease liabilities.
(in millions of €)
Balance at
beginning of
fiscal year 2024
Cash flows from
financing
activities¹
Acquisitions
Effects from
changes in
foreign
exchange rates
Fair value
changes
Other²
Balance at end
of fiscal year
2024
Loans from banks
41
57
‐
−3
‐
‐
95
Lease liabilities
628
−195
7
−19
‐
297
718
Other financial indebtedness
2
−1
‐
‐
‐
‐
1
Liabilities to the Siemens
Group from financing
activities³
15,981
−68
‐
−591
‐
71
15,394
Total financial debt
16,653
−208
7
−612
‐
368
16,208
Fair value of forwards for
hedging of foreign currency
liabilities from financing
activities
−1,260
‐
‐
−1
269
115
−877
Total liabilities from financing
activities
15,393
−208
7
−613
269
483
15,331
1 Reported in the following line items of the consolidated statements of cash flows: Repayment of long-term debt (including current maturities of long-term debt), change in short-term financial debt and other financing
activities and other transactions/financing with Siemens Group.
2 Including interest accruals and payments. Interest payments with regard to loans from the Siemens Group amounted to €316 million and interest payments with regard to lease liabilities amounted to €25 million.
3 Excluding separately disclosed lease liabilities.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
162
Note 16 Additional capital management disclosures
Siemens Healthineers generates consistent liquid funds from recurring revenue, supporting a strong cash position. Capital
management aims to maintain ready access to international capital markets, and thereby to financing through various debt
instruments, as well as to sustain the ability to repay and service financial debt over time. For this purpose, Siemens Healthineers
actively manages net debt (including pensions) and the ratio of net debt (including pensions) to EBITDA. This ratio indicates the
approximate number of years needed to cover net debt (including pensions) with continuing income, without considering
interest, taxes, depreciation and amortization. Net debt (including pensions) and the ratio of net debt (including pensions) to
EBITDA are managed with a long-term outlook and with the intention that Siemens Healthineers would qualify for at least a
stable investment grade rating.
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Short-term financial debt and current maturities of long-term financial debt
268
268
Long-term financial debt
487
514
Current liabilities to the Siemens Group from financing activities
3,183
2,485
Non-current liabilities to the Siemens Group from financing activities
10,855
12,941
Fair value of forwards for hedging of foreign currency liabilities from financing activities
−632
−877
Current receivables from the Siemens Group from non-operating activities
−2
−5
Cash and cash equivalents
−2,175
−2,683
Net debt
11,985
12,643
Provisions for pensions and similar obligations
488
592
Net debt (including pensions)
12,472
13,235
Income before income taxes
2,853
2,523
Interest income, interest expenses and other financial income, net
301
283
Amortization, depreciation and impairments
1,296
1,223
EBITDA
4,450
4,030
Net debt (including pensions)/EBITDA
2.8
3.3
Note 17 Other current financial liabilities
As of the reporting date, other current financial liabilities amounted to €245 million (September 30, 2024: €242 million). This
included, in particular liabilities from written put options on non-controlling interests amounting to €65 million
(September 30, 2024: €68 million).
Note 18 Contract liabilities
As of September 30, 2025, contract liabilities amounted to €3,641 million (September 30, 2024: €3,628 million;
October 1, 2023: €3,627 million). Included therein were contract liabilities of €871 million (September 30, 2024: €908 million)
with a remaining term of more than twelve months. In fiscal year 2025, an amount of €2,323 million (2024: €2,309 million)
included in contract liabilities at the beginning of the period was recognized as revenue.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
163
Note 19 Provisions
(in millions of €)
Warranties
Order-related
losses
and risks
Other
Total
Balance at beginning of fiscal year 2025
254
85
250
588
Therein: Non-current
25
29
121
176
Additions
196
23
61
281
Usage
−167
−36
−35
−237
Reversals
−37
−13
−20
−70
Currency translation differences
−5
−8
−6
−19
Other
‐
1
18
19
Balance at end of fiscal year 2025
241
51
269
561
Therein: Non-current
17
32
102
151
Siemens Healthineers generally expects that the majority of provisions will result in cash outflows within the next five years.
Provisions for warranties relate to goods sold. Provisions for order-related losses and risks were recognized primarily for contracts
in which the unavoidable costs of meeting the obligations under the contracts exceeded expected outstanding revenue. Other
provisions included provisions for legal proceedings or asset retirement obligations related to certain items of property, plant and
equipment, among others.
In the ordinary course of business, Siemens Healthineers is involved in legal proceedings in various jurisdictions. At present, the
Group does not expect any material effects on net assets, financial position and results of operations from these legal
proceedings.
Note 20 Other current liabilities
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Wage and salary obligations and other liabilities to employees
947
1,035
Employee-related accruals
392
402
Miscellaneous tax liabilities
427
399
Other
150
158
Total other current liabilities
1,916
1,995
The line item Wage and salary obligations and other liabilities to employees included, in addition to liabilities from performance-
related compensation, in particular outstanding wage and salary payments to employees. Employee-related accruals primarily
included accruals for vacation and overtime entitlements. As of the reporting date, miscellaneous tax liabilities mainly comprised
sales tax liabilities of €316 million (September 30, 2024: €294 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
164
Note 21 Provisions for pensions and similar obligations
Siemens Healthineers provides post-employment benefit plans for almost all its employees hired in Germany and the majority of
its employees hired abroad. These plans are accounted for as either defined benefit plans or defined contribution plans.
Defined benefit plans
The defined benefit plans cover around 58,000 participants. These are divided into 37,000 active employees for whom current
service cost is recognized, 8,000 active and former employees with vested benefits for whom no more current service cost is
recognized, and 13,000 retirees and surviving dependents who receive benefits. The defined benefit plans are to a certain extent
affected by longevity, inflation and compensation increases and consider country-specific differences. Major plans are funded
with assets in external, segregated benefit trusts. In accordance with local laws, these plans are managed in the interest of the
beneficiaries through trust agreements with the respective benefit trusts. The defined benefit plans open to new entrants are
predominantly based on contributions made by Siemens Healthineers. The majority of the provisions for pensions derives from
defined benefit plans in the following four countries:
Germany
In Germany, Siemens Healthineers provides pension benefits through the Siemens Healthineers BSAV (“Beitragsorientierte
Siemens Altersversorgung”), frozen legacy plans, and deferred compensation plans. The majority of active employees
participates in the Siemens Healthineers BSAV. The benefits provided under this plan are predominantly based on notional
contributions by the company and the investment returns on the corresponding assets of this plan, with a minimum return
guaranteed by the company. The frozen plans expose Siemens Healthineers to investment risk, interest rate risk, inflation risk
and longevity risk. The effect of compensation increases is substantially eliminated. The pension plans are funded via a
contractual trust arrangement (CTA). No legal or regulatory minimum funding requirements apply in Germany.
United States
In the United States, defined benefit plans which have been frozen to new entrants and future benefit accruals, except for
interest credits on cash balance accounts, are sponsored by Siemens Healthineers. The plans’ assets are held in trusts. The
trustees of the trusts are responsible for the administration of the assets. They take directions from an investment committee to
which Siemens Healthineers has delegated supervision of the investment of plan assets. The plans are subject to funding
requirements under the Employee Retirement Income Security Act of 1974 (ERISA) as amended. There is a regulatory
requirement to maintain a minimum funding level of 80% in the defined benefit plans to avoid benefit restrictions. Annual
contributions are calculated by independent actuaries. Siemens Healthineers may, at its discretion, contribute in excess of this
regulatory requirement.
United Kingdom
In the United Kingdom, Siemens Healthineers provides defined benefit pension plan benefits mainly through the Siemens
Healthineers Benefit Scheme which is frozen to new entrants and future benefit accruals and for which an inflation adjustment
of the majority of accrued defined benefits is mandatory until the start of retirement. The required funding is determined by a so-
called funding valuation carried out every third year according to legal requirements.
Switzerland
Following the Swiss Law of Occupational Benefits (“Berufliches Vorsorgegesetz”, BVG), each employer must grant post-
employment benefits to qualifying employees. Accordingly, Siemens Healthineers sponsors a cash balance plan in Switzerland.
This plan is administered by an external foundation. The board of the foundation is composed of an equal number of employer
and employee representatives of the plan sponsors. The board of the foundation is responsible for the investment policy and the
management of plan assets as well as for any changes in the plan rules and the determination of contributions to finance the
benefits. Siemens Healthineers is required to make total contributions at least as high as the sum of the employee contributions
set out in the plan rules. In case of an underfunded plan, Siemens Healthineers together with the employees may be required to
pay supplementary contributions according to a defined framework of recovery measures.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
165
Defined benefit
obligation (I)
Fair value of
plan assets (II)
Effects of
asset ceiling (III)
Net defined
benefit balance (I-II+III)
Fiscal year
Fiscal year
Fiscal year
Fiscal year
(in millions of €)
2025
2024
2025
2024
2025
2024
2025
2024
Balance at beginning of fiscal year
3,493
3,163
3,042
2,790
47
50
498
422
Current service cost
88
75
‐
‐
88
75
Interest expenses
121
143
‐
‐
‐
121
143
Interest on asset ceiling and IFRIC 14
‐
‐
1
1
1
1
Interest income
‐
106
126
‐
−106
−126
Other¹
‐
−5
−5
−5
‐
6
‐
Defined benefit cost recognized in the
consolidated statements of income
210
213
101
121
1
1
110
93
Return on plan assets
(excluding amounts included in net interest
income and net interest expenses)
‐
−13
199
‐
13
−199
Actuarial gains (–) and losses
−57
332
‐
‐
−57
332
Effects of asset ceiling
‐
‐
16
−5
16
−5
Remeasurements recognized in the
consolidated statements of comprehensive
income
−57
332
−13
199
16
−5
−29
129
Employer contributions
‐
108
81
‐
−108
−81
Plan participants’ contributions
20
19
20
19
‐
‐
‐
Benefits paid
−202
−201
−143
−147
‐
−60
−54
Currency translation differences
−52
−34
−46
−21
‐
1
−7
−11
Other reconciliation items
−235
−216
−60
−68
‐
1
−175
−146
Balance at fiscal year-end
3,411
3,493
3,070
3,042
64
47
404
498
Thereof:
Germany
1,774
1,784
1,499
1,418
‐
‐
276
366
United States
716
776
653
702
‐
‐
63
74
United Kingdom
244
282
291
335
9
12
−38
−41
Switzerland
431
399
483
434
53
35
1
1
Other countries
246
251
145
153
2
1
103
98
Thereof:
Provisions for pensions and similar obligations
488
592
Net defined benefit assets²
84
94
1 Included past service cost, settlement gains and losses as well as liability management costs for funded plans.
2 Presented in the line item other non-current assets.
Net interest expenses related to provisions for pensions and similar obligations amounted to €21 million in fiscal year 2025
(2024: €25 million). The defined benefit obligation was attributable to active employees 46% (2024: 45%), to active and former
employees with vested benefits for whom no more current service cost is recognized 10% (2024: 10%), and to retirees and
surviving dependents 44% (2024: 44%).
The actuarial gains (–) and losses included in the remeasurements resulted from:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Changes in demographic assumptions
13
−6
Changes in financial assumptions
−104
296
Experience gains and losses (mainly inflation-related adjustments)
35
43
Total actuarial gains (–) and losses
−57
332
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
166
Actuarial assumptions
The weighted-average discount rate was as follows:
Sept 30,
Sept 30,
(in %)
2025
2024
Discount rate
4.1
3.8
Euro
4.1
3.5
U.S. dollar
5.1
4.8
British pound
5.9
5.1
Swiss franc
1.1
1.1
Mortality tables applied1 were:
Sept 30,
Sept 30,
2025
2024
Germany
Siemens-specific tables (Siemens Bio 2017/2025)
Siemens-specific tables (Siemens Bio 2017/2024)
United States
Pri-2012 generational projection from the U.S. Social
Security Administration’s Long Range Demographic
Assumptions
Pri-2012 generational projection from the U.S. Social
Security Administration’s Long Range Demographic
Assumptions
United Kingdom
SAPS S3 Standard mortality tables for Self-Administered
Pension Schemes with allowance for future mortality
improvements
SAPS S3 Standard mortality tables for Self-Administered
Pension Schemes with allowance for future mortality
improvements
Switzerland
BVG 2020 G
BVG 2020 G
1 The table shows the applied mortality tables to material plans.
Compensation increases and pension progression for countries in which these assumptions have a significant effect are shown in
the following table. If applicable, inflation effects were considered.
Sept 30,
Sept 30,
(in %)
2025
2024
Compensation increase
United Kingdom
3.0
3.0
Switzerland
1.5
1.5
Pension progression
Germany
2.0¹
2.0²
United Kingdom
2.8
2.8
1 For the adjustment dates April 1, 2026, April 1, 2027 and April 1, 2028, the actual development of the consumer price index from the respective start of the adjustment period up to and including August 2025 was
reflected, resulting in an average pension increase of 2.0% for the calculation of the provision for pensions.
2 For the adjustment dates April 1, 2025, April 1, 2026 and April 1, 2027, the actual development of the consumer price index from the respective start of the adjustment period up to and including August 2024 was
reflected, resulting in an average pension increase of 2.1% for the calculation of the provision for pensions.
Sensitivity analysis
A change of half a percentage point in the above-mentioned assumptions would affect the defined benefit obligation as follows:
Effect on defined
benefit obligation due to a change of half a percentage point
Sept 30, 2025
Sept 30, 2025
Sept 30, 2024
Sept 30, 2024
(in millions of €)
Increase
Decrease
Increase
Decrease
Discount rate
−144
162
−160
181
Compensation increase
14
−13
13
−13
Pension progression
91
−73
90
−79
The effect on the defined benefit obligation of a 10% reduction in mortality rates for all beneficiaries would be an increase of
€67 million as of September 30, 2025 (September 30, 2024: €76 million).
Sensitivity determinations applied the same methodology used for the determination of the post-employment benefit obligation.
Sensitivities reflect changes in the defined benefit obligation solely for the assumption changed.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
167
Asset liability management strategies
A decline in the pension plans’ funded status, due to an adverse development of plan assets or the defined benefit obligation, is
considered as a significant risk. The funded status can be affected by changes in actuarial assumptions, primarily the discount
rate, and by movements in financial markets. Accordingly, Siemens Healthineers implemented an investment strategy aligned
with the defined benefit obligation (liability-driven investment approach). The management of the risks is based on a defined risk
measure (Value at Risk, VaR), which considers both plan assets and the defined benefit obligation. The above-mentioned risks
and the asset development are monitored on an ongoing basis and, if necessary, the investment strategy is adjusted accordingly.
Independent asset managers are selected based on quantitative and qualitative analyses, which include their performance and
risk preference. Derivatives are used to reduce risks as part of risk management.
Disaggregation of plan assets
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Equity securities
811
500
Fixed income securities
1,554
1,393
Thereof:
Government bonds
684
144
Corporate bonds
870
1,249
Alternative investments
158
333
Multi-strategy funds
172
335
Derivatives
66
166
Insurance contracts
187
183
Cash and cash equivalents
112
118
Other
11
14
Total plan assets
3,070
3,042
Almost all equity securities had quoted prices in an active market. The fair value of fixed income securities was based on prices
provided by price service agencies. The fixed income securities were mainly traded on an active market and almost all were rated
as investment grade. In fiscal year 2025, asset classes categorized under alternative investments (hedge funds) and multi-
strategy funds were disinvested with the proceeds invested in fixed income securities and equity securities. Alternative
investments mostly included investments in real estate investments. Derivatives predominantly consisted of financial
instruments for hedging interest rate risk. Insurance contracts included mainly reinsurance contracts for benefits due to
members.
Future cash flows
As of the reporting date, the expected employer contributions to defined benefit plans for fiscal year 2026 amounted to
€88 million (2025: €90 million). Over the next ten fiscal years, average annual benefit payments of €232 million were expected
(September 30, 2024: €232 million). The weighted average duration of the defined benefit obligation for Siemens Healthineers’
defined benefit plans was nine years (September 30, 2024: ten years).
Defined contribution plans
The amount recognized as an expense for defined contribution plans amounted to €713 million in fiscal year 2025 (2024:
€691 million). Therein, contributions to state plans of €486 million (2024: €464 million) were included.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
168
Note 22 Other non-current liabilities
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Deferred compensation liabilities
290
291
Employee-related accruals
159
147
Other
34
30
Total other non-current liabilities
483
469
Deferred compensation liabilities related to deferred compensation plans in the United States. Please refer to Note 14 Other non-
current assets for the corresponding deferred compensation assets. Employee-related accruals primarily included accruals for
anniversary expenses and expenses for partial retirement in Germany.
Note 23 Equity
Resolutions of the Shareholders’ Meeting
By resolution of the Shareholders’ Meeting on February 15, 2022 the Managing Board was authorized to increase the issued
capital, with the approval of the Supervisory Board, on one or more occasions, in one total sum or in installments, during the
period until February 14, 2027, by up to €564 million by issuing up to 564,000,000 new ordinary registered shares with no-par
value against contributions in cash and/or in kind (Authorized Capital 2022). Furthermore, the Managing Board was authorized
to exclude the subscription rights of the shareholders with the approval of the Supervisory Board.
By resolution of the Shareholders’ Meeting on February 15, 2022 the issued capital was conditionally increased until
February 14, 2027 by up to €112.8 million (112,800,000 shares, Conditional Capital 2022), and the authorization of the
Managing Board to issue convertible bonds and/or warrant bonds was renewed. The Conditional Capital 2022 serves to grant
shares to holders or creditors of bonds issued by Siemens Healthineers AG or one of its affiliated companies. Furthermore, the
Managing Board was authorized to exclude the subscription rights of the shareholders with the approval of the Supervisory
Board.
The Managing Board was authorized by resolution of the Shareholders’ Meeting on February 15, 2022 to acquire treasury shares
until February 14, 2027 for any permissible purpose in an aggregate amount of up to 10% of the issued capital existing at the
time the resolution is adopted or, if this amount is lower, of the issued capital existing at the time the authorization is exercised.
Further disclosures
Issued capital: As of September 30, 2025 and 2024, the issued capital of Siemens Healthineers AG was divided into
1,128,000,000 ordinary registered shares with no-par value and a notional value of €1.00 per share. The shares are fully paid in.
Each share has one vote and accounts for the shareholder’s proportionate share in the net income. All shares confer the same
rights and obligations.
Authorized capital: As of September 30, 2025, the authorized capital of Siemens Healthineers AG was €564 million
(September 30, 2024: €564 million), issuable on one or more occasions, in one total sum or in installments, until
February 14, 2027, by issuing up to 564,000,000 (September 30, 2024: 564,000,000) new ordinary registered shares with no-
par value in return for contributions in cash and/or in kind. In addition, as of September 30, 2025, the conditional capital of
Siemens Healthineers AG was €112.8 million or 112,800,000 shares (September 30, 2024: €112.8 million or
112,800,000 shares). It can be used for servicing convertible bonds and/or warrant bonds.
Capital reserve: In fiscal year 2025, expenses for share-based payment based on Siemens Healthineers AG shares increased the
capital reserve by €135 million (2024: €126 million). In connection with the settlement of these share-based payment awards,
Siemens Healthineers AG shares, held as treasury shares, were transferred to employees at cost of €119 million (2024:
€99 million), leading to a decrease in the capital reserve of €119 million (2024: €97 million) and in retained earnings of
€0 million (2024: €2 million).
Treasury shares: In fiscal year 2025, Siemens Healthineers repurchased 6,477,152 shares (2024: 0) using the authorization
granted by the Shareholders’ Meeting held on February 15, 2022. 4,011,049 treasury shares were transferred to employees
(2024: 3,481,930). As of the reporting date, the number of treasury shares amounted to 11,196,059 (September 30, 2024:
8,729,956).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
169
Dividends: In fiscal year 2025, a dividend of €0.95 per share entitled to the dividend was paid. The amount was calculated based
on the Group’s net income generated during the period from October 1, 2023, until September 30, 2024. For fiscal year 2025,
the Managing Board and the Supervisory Board propose to distribute a dividend of €1.00 per share entitled to the dividend, in
total representing approximately €1,117 million in expected payments. Payment of the proposed dividend is contingent upon
approval at the Shareholders’ Meeting on February 5, 2026.
Note 24 Other financial obligations
As of September 30, 2025, extension options, whose exercise was assessed not reasonably certain, existed for leases with
undiscounted lease payments in the amount of €437 million (September 30, 2024: €547 million).
Undiscounted lease payments for leases committed but not commenced amounted to €10 million as of September 30, 2025
(September 30, 2024: €33 million).
As of the reporting date, contractual commitments for purchases of property, plant and equipment amounted to €196 million
(September 30, 2024: €175 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
170
Note 25 Financial instruments and hedging activities
Financial instruments
The following tables show the carrying amounts and measurement details of each category of financial assets and liabilities:
Carrying amounts as of Sept 30, 2025
In scope of IFRS 9
Category of
financial assets
Measured at fair value
(in millions of €)
and liabilities
(IFRS 9)¹
Measured at
amortized cost
Level 1
Level 2
Level 3
Not in scope
of IFRS 9
Total
Cash and cash equivalents
AC
2,175
‐
‐
‐
‐
2,175
Trade receivables²
AC
4,603
‐
‐
‐
‐
4,603
Receivables from finance leases³
n.a.
‐
‐
‐
‐
380
380
Receivables from the Siemens Group
AC
9
‐
‐
‐
‐
9
Other financial assets²
Derivatives included in hedge accounting
n.a.
‐
‐
687
‐
‐
687
Derivatives not included in hedge accounting
FVtPL
‐
‐
49
‐
‐
49
Equity instruments and fund shares measured at fair
value through profit or loss
FVtPL
‐
7
‐
35
‐
42
Equity instruments measured at fair value through other
comprehensive income
FVtOCI
‐
‐
‐
51
‐
51
Debt instruments measured at fair value through profit
or loss
FVtPL
‐
‐
‐
30
‐
30
Other
AC
139
‐
‐
‐
‐
139
Total financial assets
6,926
7
736
116
380
8,164
Short-term and current maturities of long-term financial
debt as well as long-term financial debt⁴
AC
93
‐
‐
‐
‐
93
Trade payables
AC
2,296
‐
‐
‐
‐
2,296
Lease liabilities⁵
n.a.
‐
‐
‐
‐
691
691
Liabilities to the Siemens Group⁴
AC
14,018
‐
‐
‐
‐
14,018
Other financial liabilities
Derivatives included in hedge accounting
n.a.
‐
‐
6
‐
‐
6
Derivatives not included in hedge accounting
FVtPL
‐
‐
41
‐
‐
41
Contingent considerations from business combinations
FVtPL
‐
‐
‐
5
‐
5
Liabilities from written put options on non-controlling
interests
n.a.
‐
‐
‐
‐
65
65
Other
AC
150
‐
‐
‐
‐
150
Total financial liabilities
16,556
‐
47
5
757
17,365
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 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 disclosed 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.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
171
Carrying amounts as of Sept 30, 2024
In scope of IFRS 9
Category of
financial assets
Measured at fair value
(in millions of €)
and liabilities
(IFRS 9)¹
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 receivables²
AC
4,405
‐
‐
‐
‐
4,405
Receivables from finance leases³
n.a.
‐
‐
‐
‐
379
379
Receivables from the Siemens Group
AC
38
‐
‐
‐
‐
38
Other financial assets²
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
Equity 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 as long-term financial debt⁴
AC
96
‐
‐
‐
‐
96
Trade payables
AC
2,126
‐
‐
‐
‐
2,126
Lease liabilities⁵
n.a.
‐
‐
‐
‐
718
718
Liabilities to the Siemens Group⁴
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 considerations 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 Profit 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 disclosed 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 amounts of the items cash and cash equivalents, short-term and current maturities of long-term financial debt,
trade payables, current liabilities to the Siemens Group and other current financial assets and other current financial liabilities
measured at amortized cost approximated their fair value due to the short-term maturities of these instruments.
• Trade receivables, receivables from finance leases, receivables from the Siemens Group and other non-current financial assets
measured at amortized cost were evaluated considering various parameters, such as interest rates, country-specific risks and
the individual creditworthiness of the debtors. Based on this evaluation, valuation allowances for these items were
recognized. The carrying amounts of the items net of valuation allowances approximated their fair values.
• The carrying amount of liabilities to the Siemens Group from U.S. dollar- and euro-denominated long-term fixed-rate loans
was €10,688 million as of September 30, 2025 (September 30, 2024: €12,840 million). The fair value of these liabilities
amounted to €10,190 million as of September 30, 2025 (September 30, 2024: €12,156 million) and was estimated by
discounting future cash flows using rates currently available for debt of similar terms and remaining maturities, which were
adjusted to reflect the credit risk of Siemens Healthineers (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 fair values of forward exchange contracts and foreign exchange swaps were based on forward exchange rates (level 2).
• Except for publicly listed investments for which 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 values of equity
instruments measured through other comprehensive income were derived from a discounted cash flow valuation (level 3).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
172
Expected cash flows are subject to future market and business developments as well as price volatility. The discount rates
applied take into account respective risk-adjusted capital costs. In fiscal year 2025, total gains and losses from equity
instruments measured at fair value through profit or loss amounted to €45 million (2024: €74 million). The gains and losses
were recognized in other financial income and resulted mainly from the realized gain of €86 million for an investment that
was sold during the fiscal year. In addition, unrealized gains and losses from level 3 equity instruments amounted to €−44
million (2024: €10 million).
• Debt instruments measured at fair value 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 repayment is either directly or
indirectly linked to the commercial success of the centers. The fair values of the bonds and loans are primarily based on the
individual creditworthiness of the debtor, considering the risk characteristics and operating performance of the financed
project (level 3). Where appropriate, a probability weighted expected return model is used, utilizing management's
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 will generally result in an increased fair
value of the loan receivable. As of September 30, 2025, the carrying amounts of financings provided by Siemens Healthineers
and measured at fair value through profit or loss were €19 million (September 30, 2024: €21 million), while the total
undiscounted amount, including accrued interest, amounted to €194 million (September 30, 2024: €188 million). The
carrying amounts represent the maximum exposure to loss.
• The fair values of contingent consideration were derived from probability-weighted future payments, which mainly depend on
the achievement of technical and commercial milestones as well as on the achievement of revenue targets during the earn-
out period (level 3).
• 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 generally 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 considerations from
business combinations
Fiscal year
Fiscal year
Fiscal year
(in millions of €)
2025
2024
2025
2024
2025
2024
Balance at beginning of fiscal year
161
161
30
35
17
25
Gains and losses recognized in profit or loss
41
17
‐
−1
1
−2
Gains and losses recognized in other
comprehensive income
7
−2
‐
‐
‐
‐
Additions
‐
3
2
3
‐
‐
Disposals and settlements
−118
−10
−1
−6
−13
−6
Currency translation differences
−4
−8
−1
−1
‐
−1
Balance at end of fiscal year
86
161
30
30
5
17
The following table shows the net gains or losses on financial instruments:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Financial assets measured at amortized cost
−66
−62
Financial liabilities measured at amortized cost
293
520
Financial assets and financial liabilities measured at fair value through profit or loss
70
74
Equity instruments measured at fair value through other comprehensive income
7
−2
Net gains or losses on financial assets measured at amortized cost consisted of foreign currency revaluation gains and losses,
changes in valuation allowances and gains and losses on derecognition. Net gains or losses on financial liabilities measured at
amortized cost included foreign currency revaluation gains and losses. Net gains or losses on financial assets and liabilities
measured at fair value through profit or loss resulted from the remeasurement of equity and debt instruments as well as from
changes in the fair value of derivatives, which were not designated as hedging instruments. Net gains or losses on equity
instruments measured at fair value through other comprehensive income included remeasurement gains and losses.
In fiscal year 2025, interest expenses on financial liabilities not measured at fair value through profit or loss amounted to
€501 million (2024: €529 million) and interest income on financial assets not measured at fair value through profit or loss
amounted to €93 million (2024: €97 million). Foreign currency revaluation differences recognized in profit or loss on financial
assets and liabilities not measured at fair value amounted to €265 million (2024: €491 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
173
Valuation allowances for expected credit losses
Impairments for expected credit losses were generally recorded in the line item selling and general administrative expenses in
the consolidated statements of income. Valuation allowances on current and non-current receivables, included in the line items
trade and other receivables, other current financial assets and other non-current financial assets, represent lifetime expected
credit losses. These changed as follows:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Valuation allowances at beginning of fiscal year
121
119
Change in valuation allowances recorded in the consolidated statements of income
35
29
Write-offs charged against allowances
−24
−25
Currency translation differences
−5
−5
Other
‐
4
Valuation allowances at fiscal year-end
127
121
The change in valuation allowances recorded in the consolidated statements of income related to an increase in the valuation
allowances on receivables from the sale of goods and services in fiscal year 2025 by €35 million (2024: increase by €27 million).
As part of the acquisition of Varian, Siemens Healthineers had purchased credit-impaired receivables that were related to the
financing of a proton therapy center, which has since ceased operations. As of September 30, 2025, the gross carrying amount
of these receivables was €0 million (September 30, 2024: €0 million), while the undiscounted contractual amount was €77
million (September 30, 2024: €77 million). There have been no changes in lifetime expected credit losses since initial
recognition.
Offsetting
Siemens Healthineers has entered into master netting agreements and similar agreements for most derivatives. As of
September 30, 2025, the gross amounts of such derivatives amounted to €719 million (September 30, 2024: €919 million) for
derivatives with positive fair values and €22 million (September 30, 2024: €21 million) for derivatives with negative fair values.
Thereof, €21 million (September 30, 2024: €18 million) were subject to a master netting agreement but were not offset in the
consolidated statements of financial position because the offsetting requirements were not met.
Hedging activities
As part of Siemens Healthineers’ risk management approach (please also see Note 26 Financial risk management), derivatives
were used to reduce the risks resulting primarily from fluctuations in exchange rates. In particular, Siemens Healthineers entered
into forward exchange contracts and foreign exchange swaps to reduce the risk of variability of future cash flows resulting from
forecast sales and purchases, acquisitions, firm commitments and loans denominated in foreign currencies.
In fiscal years 2025 and 2024, Siemens Healthineers did not hold any material derivatives relating to interest rate risk or
commodity price risk.
Cash flow hedges
Siemens Healthineers applied hedge accounting for certain significant forecast transactions, firm commitments and loans
denominated in foreign currencies as well as for the corresponding hedging instruments. The main characteristics of the forward
exchange contracts and foreign exchange swaps designated as hedging instruments matched the underlying hedged items (e.g.
nominal amount, maturity).
The nominal amounts of forward exchange contracts and foreign exchange swaps designated as hedging instruments by
maturity were as follows:
(in millions of €)
Sept 30, 2025
Sept 30, 2024
Within one year
3,096
1,566
More than one year
6,016
8,024
Total
9,112
9,590
As of the reporting date, forward exchange contracts with a nominal amount of €7,624 million (September 30, 2024:
€8,151 million) were used to hedge exchange rate risks arising from U.S. dollar-denominated loans with maturities until fiscal
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
174
year 2041. The weighted average hedging rate was 1.3892 US$/€ (September 30, 2024: 1.3864 US$/€). For these hedges, only
the changes in the value of the spot element of the forward exchange contracts and the foreign exchange swaps were
designated as hedging instruments.
The fair values of forward exchange contracts and foreign exchange swaps designated as hedging instruments were as follows:
(in millions of €)
Sept 30, 2025
Sept 30, 2024
Assets¹
687
901
Liabilities²
6
5
1 Reported in the line items other current financial assets and other non-current financial assets.
2 Reported in the line items other current financial liabilities and other non-current financial liabilities.
In fiscal year 2025, the changes in fair value of the hedging instruments used for measuring hedge ineffectiveness amounted to
€−301 million (2024: €−588 million). The changes in value of the hedged items amounted to €301 million (2024: €588 million).
There was no material impact on profit or loss resulting from ineffectiveness.
The cash flow hedge reserve and the cost of hedging reserve related to the hedging of exchange rate risks and reconcile as
follows:
Cash flow hedges reserve
Cost of hedging reserve
Fiscal year
Fiscal year
Fiscal year
Fiscal year
(in millions of €)
2025
2024
2025
2024
Balance at beginning of fiscal year
58
74
30
−108
Changes in the fair value of hedging instruments
−301
−588
143
362
Amounts reclassified into revenue (hedging of forecast sales)
−1
−1
‐
‐
Amounts reclassified into cost of sales (hedging of forecast purchases and
intragroup transactions)
−38
12
‐
‐
Amounts reclassified into other financial income
(hedging of financial debt denominated in foreign currency)
328
564
‐
−38
Amounts reclassified into interest expenses
−5
−11
−116
−126
Income tax effects
5
7
−8
−59
Balance at end of fiscal year
46
58
49
30
Hyperinflationary accounting
As of September 30, 2025, the consumer price index in Argentina was 9,359 (September 30, 2024: 7,104) and in Türkiye 3,367
(September 30, 2024: 2,526). The loss on the net monetary position amounted to €10 million (2024: €25 million).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
175
Note 26 Financial risk management
Siemens Healthineers is managed centrally by the Managing Board. The Managing Board is responsible for the operating
business and manages and controls financial risks in accordance with its risk management policy. The Siemens Group acts as a
service provider with respect to certain financial risk management activities.
Market risks
Increasing market fluctuations may result in significant earnings and cash flow volatility risks. The worldwide operating business
as well as the investing and financing activities are affected particularly by changes in exchange rates and interest rates. In order
to optimize the allocation of financial resources across its segments and entities as well as to achieve its aims, Siemens
Healthineers identifies, analyzes and manages the relevant market risks. Siemens Healthineers seeks to manage and control
market risks primarily through its regular operating and financing activities and uses derivatives when it is appropriate.
Management of market risks is a priority for the Managing Board. The chief financial officer has specific responsibility for this part
of the overall risk management system. This responsibility is delegated to corporate treasury. For practical business purposes,
Siemens Healthineers has entered into service agreements with the Siemens Group to receive support in the management of
market risks.
Financial instruments, including equity and interest-bearing investments, held by Siemens Healthineers’ pension plans are not
included in the following quantitative and qualitative disclosures.
Exchange rate risk
Transaction risk
Each entity whose business leads to future cash flows denominated in a currency other than its functional currency is exposed to
risks from changes in exchange rates. In the ordinary course of business, entities are particularly exposed to exchange rate
fluctuations between the U.S. dollar and the euro.
Siemens Healthineers defines exchange rate risk as the sum of the net amount of foreign-currency-denominated monetary items
and firm commitments as well as planned sales and purchases in a foreign currency. The exchange rate risk is determined based
on the respective functional currencies of the exposed entities.
The exchange rate risk from cash inflows in foreign currency is partly offset by purchasing goods, commodities and services in
the respective currencies as well as by production activities and other contributions along the value chain in the local markets.
Entities are bound by an exchange rate risk management system established within the Group. Each entity is responsible for
recording, assessing and monitoring its transaction-related exchange rate risk. The mandatory guideline for the treatment of
exchange rate risks within Siemens Healthineers describes the procedure for identifying and determining the single net foreign
currency positions. It commits sales entities that use the central treasury management software of Siemens Healthineers to
hedge at least 75% but no more than 100% of their foreign-currency-denominated monetary items and contracted exposure. For
manufacturing and other entities, a modified approach is applied under which the minimum hedging level is based on the tenor
of the forecasted cash flows, considering up to twelve months (layered hedging approach). Generally, the operating units
conclude their hedging activities internally with the corporate treasury of Siemens Healthineers, which itself hedges foreign
exchange rate risks with external counterparties.
Entities that have not yet adopted the central treasury management software must generally hedge at least 75% of their foreign-
currency-denominated monetary items, firm commitments and cash flows from planned sales and purchases for the following
three months.
Entities are prohibited from borrowing or investing in foreign currencies on a speculative basis. New financing from the Siemens
Group or investments by operating entities are preferably carried out in their functional currency. In case an entity is financed in
a currency other than its functional currency, the respective foreign currency risk must be hedged 100% with matching
maturities. Exchange rate risks in connection with the acquisition or sale of businesses are hedged on an individual basis.
The following table shows how reasonably possible appreciations and depreciations of the U.S. dollar and the euro against all
other currencies would have affected Siemens Healthineers’ income before income taxes and equity. The impact on income
results from the foreign currency measurement of monetary assets and liabilities that are not denominated in the functional
currency of the respective entity. In addition, it includes effects from derivatives for which hedge accounting is not applied or for
which the spot element was designated as a hedging instrument to hedge foreign currency debt. In contrast, the impact on
equity results from derivatives which are designated in a cash flow hedge and used to hedge expected purchases or sales in
foreign currency, and from changes in the value of the forward element of derivatives which are recognized in the cost of
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
176
hedging reserve. The sensitivity analysis considers neither expected transactions nor effects from the translation of the financial
statements of the foreign entities into the reporting currency of Siemens Healthineers.
Effect on income before taxes
Effect on equity
Sept 30,
Sept 30,
Sept 30,
Sept 30,
(in millions of €)
Sensitivity
2025
2024
2025
2024
U.S. dollar
+10%
−54
−9
−43
−5
U.S. dollar
−10%
54
9
43
5
Euro
+10%
18
1
48
29
Euro
−10%
−18
−1
−48
−29
The sensitivity analysis assumes that all other variables remain constant. Due to dependencies between the sensitivities of
different currencies, it is not appropriate to add up the individual amounts.
Translation risk
Many entities of Siemens Healthineers are located outside the euro zone. Because the financial reporting currency of Siemens
Healthineers is the euro, the financial statements of these entities are translated into euros for preparation of the consolidated
financial statements. To take account of effects of foreign currency translation in risk management, the general assumption is
that investments in foreign entities are permanent and that reinvestment is continuous. Effects from exchange rate fluctuations
on the translation of net asset amounts into euros are reflected in the line item other components of equity.
Interest rate risk
Interest rate risk is the risk that the fair value of a financial instrument or its future cash flows will fluctuate because of changes in
market interest rates. Siemens Healthineers’ exposure to the risk of fluctuations in future cash flows and interest income or
expenses relates, among other things, to short-term bank loans as well as money market borrowings and investments at the
Siemens Group. Long-term liabilities to the Siemens Group generally have fixed interest rates to reduce the risk of fluctuations in
interest income and expenses from changes in interest rates.
In order to quantify the interest rate risk, a sensitivity analysis was prepared, which was based on net receivables and liabilities
with variable interest rates. As of September 30, 2025, a parallel shift of the interest rate curve for all currencies by +100 basis
points would have resulted in a decrease in income before income taxes by €−1 million (September 30, 2024: increase by
€2 million). In contrast, a parallel shift by −100 basis points would have resulted in an increase in income before income taxes by
€1 million (September 30, 2024: decrease by €−2 million). In fiscal years 2025 and 2024, Siemens Healthineers did not use any
interest derivatives that could have had an impact on income or equity. The reasonably possible changes in interest rates are
based on the currently observable market environment. Additional interest rate risk may result from the refinancing and
reinvestment of maturing fixed-rate borrowings and investments, respectively.
Interest rate risks of fluctuations in the fair values of assets and liabilities with fixed interest rates are currently not actively
managed because the assets and liabilities are measured at amortized cost and, consequently, no material effects on income are
expected to occur.
Liquidity risk
Liquidity risks relate to Siemens Healthineers’ ability to meet its financial obligations. As of September 30, 2025, Siemens
Healthineers’ reserve of cash and cash equivalents amounted to €2,175 million (September 30, 2024: €2,683 million).
In the periods presented, Siemens Healthineers was financed largely by the Siemens Group and invested excess liquidity using
the Siemens Group’s cash pooling and cash management systems. By now, most entities that were acquired as part of the
acquisition of Varian, have also been connected to the cash pooling and cash management systems. However, cash pooling is
not yet used entirely by these entities. For details about financing arrangements with the Siemens Group, please refer to Note
15 Financial debt.
The following tables reflect the contractually fixed payoffs for repayments and interest. The disclosed expected undiscounted
cash flows from derivative financial liabilities were determined individually for each payment date of an instrument based on the
earliest date on which Siemens Healthineers could be required to pay. In addition, most of the financing agreements with the
Siemens Group include change-of-control clauses that may result in early maturity (please also see A.8.5 Significant agreements
which take effect, alter or terminate upon a change of control following a takeover bid). Cash outflows for financial liabilities without fixed
amount are based on the conditions existing as of September 30, 2025 and 2024.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
177
Maturity analysis as of Sept 30, 2025
(in millions of €)
Fiscal year
2026
Fiscal year
2027
Fiscal years
2028 to 2030
Fiscal years
2031 and
thereafter
Non-derivative financial liabilities
6,243
2,098
5,158
6,233
Thereof:
Loans from banks
94
‐
‐
‐
Lease liabilities
205
147
231
198
Trade payables
2,277
9
8
6
Other financial liabilities
210
10
1
‐
Liabilities to the Siemens Group¹
3,457
1,932
4,918
6,029
Derivative financial liabilities
55
1
‐
‐
Thereof: Derivatives with gross settlement
Cash outflows
1,582
27
10
‐
Cash inflows
−1,552
−26
−10
‐
Thereof: Derivatives with net settlement
Cash outflows
25
‐
‐
‐
1 Excluding separately disclosed lease liabilities.
Maturity analysis as of Sept 30, 2024
(in millions of €)
Fiscal year
2025
Fiscal year
2026
Fiscal years
2027 to 2029
Fiscal years
2030 and
thereafter
Non-derivative financial liabilities
5,463
2,396
5,726
7,860
Thereof:
Loans from banks
97
‐
‐
‐
Lease liabilities
206
156
239
212
Trade payables
2,124
2
‐
‐
Other financial liabilities
195
31
2
1
Liabilities to the Siemens Group¹
2,842
2,207
5,486
7,646
Derivative financial liabilities
45
1
5
‐
Thereof: Derivatives with gross settlement
Cash outflows
1,374
30
56
3
Cash inflows
−1,340
−30
−51
−2
Thereof: Derivatives with net settlement
Cash outflows
11
‐
‐
‐
1 Excluding separately disclosed lease liabilities.
Trade payables and other financial liabilities, including lease liabilities, originate mainly from the financing of assets used in the
ongoing operations of Siemens Healthineers, such as property, plant, equipment and investments in working capital. These
assets are considered in Siemens Healthineers’ overall liquidity risk management. Thus, Siemens Healthineers mitigates liquidity
risk through the implementation of effective working capital management and cash management. To monitor existing financial
assets and liabilities and to enable effective control of emerging risks, Siemens Healthineers uses a comprehensive risk reporting
system, which covers its worldwide business entities.
As of September 30, 2025, trade payables amounting to €160 million (September 30, 2024: €202 million) were subject to
supplier finance arrangements. Under these arrangements, suppliers can sell their receivables from participating Siemens
Healthineers companies to a financial service provider before they become due. The Siemens Healthineers companies pay the
invoice amount to the financial service provider on the applicable original due date. The participation of suppliers in supplier
finance arrangements is independent of the corresponding procurement contracts and conditions negotiated with Siemens
Healthineers. As of September 30, 2025, participating suppliers have already received payments from the financial service
provider for trade payables amounting to €112 million.
Trade payables in connection with supplier finance arrangements mainly had payment terms between 45 and 180 days.
Comparable liabilities that were not part of such arrangements mainly had payment terms between 30 and 120 days [ESRS G1-6,
33b].
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
178
Credit risk
Credit risk is defined as an unexpected loss from financial instruments if a counterparty is unable to pay its obligations in due
time or if the value of collateral declines. The effective monitoring and controlling of credit risk through credit evaluations and
ratings is a core competence of Siemens Healthineers’ risk management system. Accordingly, binding credit policy guidelines
have been implemented. In principle, each entity is responsible for managing credit risk in its own operating activities.
Ratings and individually defined credit limits are based mainly on generally accepted rating methodologies, with input consisting
of information obtained from customers, external rating agencies, data service providers and credit default experiences. Ratings
consider appropriate forward-looking information significant for the specific financial instrument, such as expected changes in
the obligor’s financial position, as well as broader forward-looking information, such as expected macroeconomic, industry-
related and competitive developments. In addition, ratings also consider a country-specific risk component derived from external
country ratings. Ratings and credit limits are carefully considered in determining the conditions under which direct or indirect
financing will be offered to customers by Siemens Healthineers.
Siemens Healthineers applies various systems and processes to analyze and monitor credit risk. A central IT application is
available that provides rating and default information. Together with data from operating entities, this information is used as a
basis for individual bad debt allowances. In addition to this automated process, qualitative information is considered especially to
incorporate latest developments.
In general, deposits are held, and external hedging transactions are entered into, only with contracting parties that have an
investment-grade rating.
There were no significant concentrations of customer credit risk as of September 30, 2025 and 2024. The maximum exposure to
credit risk for financial assets, without taking account of any collateral, is represented by their carrying amount. As of
September 30, 2025, collateral and other credit enhancements held for financial assets measured at amortized cost amounted to
€52 million (September 30, 2024: €69 million), mainly in the form of letters of credit and guarantees. For derivatives,
€21 million (September 30, 2024: €18 million) were subject to a master netting agreement in case of a counterparty’s
insolvency. Positive market values from derivatives were largely related to forward exchange contracts, which had been
concluded to hedge U.S. dollar-denominated loans, with the Siemens Group as the counterparty (please also see Note 31
Related party transactions).
As of September 30, 2025, the gross carrying amount of receivables from the sale of goods and services amounted to
€4,720 million (September 30, 2024: €4,515 million). Based on rating information from Siemens Financial Services, 48%
(September 30, 2024: 40%) of the receivables were rated with an investment-grade rating and 52% (September 30, 2024: 60%)
with a non-investment-grade rating. Receivables from finance leases with a gross carrying amount of €387 million
(September 30, 2024: €387 million) and contract assets with a gross carrying amount of €1,882 million (September 30, 2024:
€1,903 million) generally share similar risk characteristics.
As of the reporting date, there were no material loan commitments or financial guarantee contracts.
Note 27 Share-based payment
As of September 30, 2025, the carrying amount of liabilities from share-based payment amounted to €49 million
(September 30, 2024: €40 million). In fiscal year 2025, expenses for equity-settled share-based payment amounted to €135
million (2024: €126 million). Expenses for share-based payment amounted to €152 million (2024: €143 million).
Share-based payment awards granted in fiscal year 2025, including Siemens Healthineers’ stock awards and the Share Matching
program, were based on Siemens Healthineers AG shares. In addition, employees continued to participate in existing share-based
payment plans of the Siemens Group based on Siemens AG shares, mainly in the Jubilee Share program.
Siemens Healthineers’ Stock awards
Siemens Healthineers grants stock awards to members of the Managing Board, members of senior management and other
eligible employees. These entitle beneficiaries to receive Siemens Healthineers AG shares without payment of consideration after
expiry of the respective vesting period (Siemens Healthineers’ stock awards). The major portion of the Siemens Healthineers’
stock awards granted to members of senior management and other eligible employees depends solely on fulfillment of the
employee’s respective service condition (not subject to performance conditions). In addition, Siemens Healthineers grants stock
awards to members of the Managing Board and eligible members of senior management that are tied to performance criteria
(subject to performance conditions).
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
179
Changes in stock awards held by members of the Managing Board, members of senior management and other eligible
employees were as follows:
Fiscal year
Fiscal year
2025
2024
Non-vested at beginning of fiscal year
5,353,758
4,599,364
Granted
2,264,947
2,425,853
Vested and fulfilled
−1,580,206
−1,344,122
Forfeited
−385,424
−307,238
Settled
−10,082
−4,613
Adjustment in number of stock awards¹
−16,887
−15,486
Non-vested at fiscal year-end
5,626,106
5,353,758
1 Adjustments resulting from changes in the estimate of the target attainment of the ESG target.
In fiscal year 2025, as in prior year, for eligible members of senior management, 80% of the target amount of granted stock
awards subject to performance conditions is linked to the development of total shareholder return, as compared to two equally
weighted external indices during the vesting period (TSR target). The remaining 20% of the target amount is linked to an internal
sustainability target which considers environmental, social and governance targets (ESG target). For the members of the
Managing Board, as in prior year, 75% of the target amount is linked to the TSR target. The remaining 25% of the target amount
is linked to the ESG target. The following tables summarize the information for the Siemens Healthineers’ stock awards of the
2025 and 2024 tranches.
Siemens Healthineers’ stock awards
Tranche 2025
Stock awards subject to performance conditions
Stock awards not
subject to performance
conditions
Performance condition
TSR target
ESG target
n.a.
Target attainment
0 - 200%
n.a.
Vesting period
About four years
About one to
about four years
Beneficiaries
Members of the Managing Board and eligible members of senior management
Members of senior
management and other
eligible employees
Classification
Equity-settled share-based payment
Number of granted stock awards
570,631¹
1,694,316
Fair Value at the grant date
€18 million
€83 million
Determination of the fair value
Valuation model
Share price less present value of expected dividends
Share price less present
value of expected
dividends
Inputs to the valuation model
for the following beneficiaries
Members of the
Managing Board
Members of senior
management
Members of the
Managing Board
Members of senior
management
Members of senior
management and other
eligible employees
Expected weighted volatility of
Siemens Healthineers AG share²
25.88%
n.a.
n.a.
n.a.
Share price per Siemens
Healthineers AG share
€51.82
Expected dividend yield
1.83%
n.a.
n.a.
n.a.
Risk-free interest rate
2.03%
n.a.
n.a.
n.a.
1 Based on a target attainment of 200%.
2 Expected volatility and assumptions concerning share price correlations were determined by reference to historical volatilities and historical correlations, respectively.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
180
Siemens Healthineers’ stock awards
Tranche 2024
Stock awards subject to performance conditions
Stock awards not
subject to performance
conditions
Performance condition
TSR target
ESG target
n.a.
Target attainment
0 - 200%
n.a.
Vesting period
About four years
About one to
about four years
Beneficiaries
Members of the Managing Board and eligible members of senior management
Members of senior
management and other
eligible employees
Classification
Equity-settled share-based payment
Number of granted stock awards
594,973¹
1,830,880
Fair Value at the grant date
€19 million
€93 million
Determination of the fair value
Valuation model
Share price less present value of expected dividends
Share price less present
value of expected
dividends
Inputs to the valuation model
for the following beneficiaries
Members of the
Managing Board
Members of senior
management
Members of the
Managing Board
Members of senior
management
Members of senior
management and other
eligible employees
Expected weighted volatility of
Siemens Healthineers AG share²
26.74%
26.69%
n.a.
n.a.
n.a.
Share price per Siemens
Healthineers AG share
€51.30
€53.16
€51.30
€53.16
€53.16
Expected dividend yield
1.85%
1.78%
n.a.
n.a.
n.a.
Risk-free interest rate
3.09%
2.92%
n.a.
n.a.
n.a.
1 Based on a target attainment of 200%.
2 Expected volatility and assumptions concerning share price correlations were determined by reference to historical volatilities and historical correlations, respectively.
Share Matching program and its underlying plans
Under the Share Matching program, Siemens Healthineers offers plans that entitle beneficiaries to receive Siemens
Healthineers AG shares. These plans are classified as equity-settled share-based payment. The weighted average fair value of the
Siemens Healthineers’ matching shares granted in fiscal year 2025 was €45.49per share (2024: €43.69 per share). It was derived
from the share price less the present value of expected dividends and taking into account non-vesting conditions.
The development of outstanding matching shares from plans of the Share Matching program described below was as follows:
Fiscal year
Fiscal year
2025
2024
Non-vested at beginning of fiscal year
1,036,777
888,634
Granted
528,282
509,127
Vested and fulfilled
−440,729
−289,717
Forfeited
−49,537
−50,900
Settled
−22,392
−20,366
Non-vested at fiscal year-end
1,052,401
1,036,777
Share matching plan
Under the share matching plan, members of senior management can invest a part of their variable compensation in shares
(investment shares). The shares are purchased at the market price at a predetermined date in the second quarter of each fiscal
year. For every three investment shares held over the vesting period of about three years, plan participants have the right to
receive one share without payment of consideration (matching share), provided the plan participant is continually employed by
the Siemens Group, including Siemens Healthineers, until the end of the vesting period.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
181
Monthly investment plan
Under the monthly investment plan, employees other than members of senior management can monthly invest a part of their
compensation in shares over a period of twelve months. The shares are purchased at market price at a predetermined date once
a month. If the Managing Board decides that shares acquired under the monthly investment plan are transferred to the share
matching plan, plan participants have the right to receive matching shares under the same conditions applying to the share
matching plan described above but with a vesting period of about two years. The Managing Board of Siemens Healthineers AG
decided to transfer the shares acquired under the 2024 tranche to the share matching plan in February 2025.
Base share program
Under the base share program, employees of participating entities can invest a fixed amount of their compensation in shares,
which is then matched by Siemens Healthineers. The shares are purchased at market price at a predetermined date in the second
quarter of each fiscal year and grant the right to receive matching shares under the same conditions applying to the share
matching plan described above.
Jubilee Share program
For their 25th, 40th and 50th service anniversaries, eligible employees in Germany receive jubilee shares in form of Siemens AG
shares. The Jubilee Share program is classified as cash-settled share-based payment. As of September 30, 2025, 606,254
entitlements to jubilee shares were outstanding for Siemens Healthineers’ employees (September 30, 2024: 601,069).
Note 28 Personnel expenses and employees
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Wages and salaries
6,799
6,572
Statutory social welfare contributions and expenses for optional support
1,089
1,018
Expenses relating to post-employment benefits
322
305
Total personnel expenses
8,209
7,895
Wages and salaries in fiscal year 2025 included severance charges of €88 million (2024: €104 million), thereof expenses of
€33 million (2024: €47 million) were attributable to the transformation of the Diagnostics business.
Employees were engaged in the following functions (averages):
Fiscal Year
Fiscal Year
(in thousands)
2025
2024
Manufacturing and services
40
39
Sales
13
13
Research and development
13
13
Administration and general services
7
7
Total employees
73
72
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
182
Note 29 Segment information
Adjusted external
revenue¹
Intersegment revenue
Total adjusted revenue¹
Adjusted EBIT²
Assets³
Free cash flow
Additions to other
intangible assets and
property, plant and
equipment⁴
Amortization,
depreciation and
impairments
Fiscal year
Fiscal year
Fiscal year
Fiscal year
Sept 30,
Fiscal year
Fiscal year
Fiscal year
(in millions of €)
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
2025
2024
Imaging
12,677
11,829
506
439
13,182
12,267
2,732
2,584
9,073
8,962
2,491
2,310
504
338
204
183
Diagnostics
4,346
4,417
1
‐
4,347
4,417
333
235
5,601
5,742
79
81
513
446
387
341
Varian
4,080
3,864
1
2
4,081
3,866
703
639
12,858
13,768
728
530
90
74
49
42
Advanced Therapies
2,125
2,072
3
3
2,128
2,075
327
338
1,881
1,884
270
252
38
24
21
20
Total Segments
23,228
22,181
510
444
23,738
22,625
4,095
3,797
29,414
30,356
3,568
3,174
1,145
882
661
586
Reconciliation to Consolidated
Financial Statements⁵
147
181
−510
−444
−363
−262
−1,242
−1,273
14,956
15,699
−854
−1,044
372
445
635
637
Siemens Healthineers
23,375
22,363
‐
‐
23,375
22,363
2,853
2,523
44,370
46,055
2,714
2,130
1,517
1,327
1,296
1,223
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 from amortization, depreciation and other effects from IFRS 3 purchase price allocations.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
183
Reportable segments
Siemens Healthineers has the following four reportable segments, which are differentiated according to the nature of goods and
services:
• Imaging offers imaging products, services and solutions as well as digital offerings. The most important products within this
segment are devices for magnetic resonance, computed tomography, X-ray, molecular imaging and ultrasound.
• Diagnostics offers in-vitro diagnostic products and services that are offered to healthcare providers in the field of general
laboratory, specialty laboratory, and point-of-care diagnostics.
• Varian provides innovative technologies and professional clinical services for cancer care based on integrated equipment for
high-precision, image-guided radiotherapy, along with solutions and services to oncology departments in hospitals and clinics
globally.
• Advanced Therapies is a supplier of highly integrated products, solutions and services across multiple clinical fields, which are
provided to therapy departments of healthcare providers.
Starting with fiscal year 2026, there will be a change in resource allocation and internal management by the entity’s chief
operating decision maker, and therefore, beginning in fiscal year 2026, three reportable segments will be disclosed: Imaging,
Precision Therapy, and Diagnostics.
Measurement and reconciliations
Accounting policies for segment information are generally the same as those summarized in Note 2 Accounting policies. Any
exceptions or supplements are outlined below or become apparent in the reconciliations. For internal and segment reporting
purposes, intercompany lease transactions are classified as operating leases by the lessor and are accounted for off-balance sheet
by the lessee.
Adjusted revenue
At the segment level, revenue is defined as total revenue and corresponds to the sum of external and intersegment revenue.
Total adjusted revenue of the segments is additionally adjusted for effects in line with revaluation of contract liabilities from
IFRS 3, Business Combinations, purchase price allocations.
Revenue includes revenue from contracts with customers and revenue from leasing activities. In fiscal year 2025, income from
leases amounted to €276 million (2024: €274 million).
For each of the segments, revenue results mainly from performance obligations satisfied at a point in time, especially in the case
of the sale of goods, including reagents and consumables. Performance obligations related to maintenance contracts for
equipment sold, however, are generally satisfied over time, with revenue recognized on a straight-line basis.
As of the reporting date, the aggregate amount of transaction prices allocated to performance obligations that were unsatisfied
or partially unsatisfied (order backlog) amounted to €36 billion (September 30, 2024: €35 billion). Thereof, €11 billion
(September 30, 2024: €11 billion) are expected to be recognized as revenue in the next twelve months.
Intersegment revenue is based on market prices.
Adjusted EBIT
Adjusted EBIT margin is used to manage the operating performance of our segments. Adjusted EBIT margin is defined as the
adjusted EBIT of the particular segment concerned, divided by its total adjusted revenue. Adjusted EBIT is the underlying earnings
indicator and is defined as income before income taxes, interest income and expenses and other financial income, net, adjusted
for the following items:
• expenses for mergers, acquisitions, disposals and other portfolio-related measures, in particular
> amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments,
> transaction, integration, retention and carve-out costs,
> gains and losses from divestments,
• severance charges,
• other expenses in connection with restructuring measures within the meaning of IAS 37, and
• centrally carried pension service and administration expenses.
Income tax expenses are excluded from the segments’ adjusted EBIT because income taxes are subject to legal structures, which
typically do not correspond to the segment’s structure. Financial income, net, comprises other financing income, net, and any
interest income or expenses. Financing income, net, is excluded from the segments’ adjusted EBIT because decision-making
regarding financing is typically made at the Group level. Expenses for mergers, acquisitions, disposals and other portfolio-related
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
184
measures, severance charges and other expenses in connection with restructuring measures within the meaning of IAS 37 are
not part of adjusted EBIT because they do not affect the operating performance of the segments. Decisions on essential pension
items are made centrally. Accordingly, the segments’ adjusted EBIT includes amounts related primarily to service costs of pension
plans, while other regularly recurring pension related expenses (“centrally carried pension service and administration expenses”)
are excluded. Certain items that are not indicative of the segments’ performance are also excluded from adjusted EBIT, such as
items that have a corporate or central character or refer to more than one reportable segment, to corporate treasury or to
Siemens Healthineers Real Estate. Costs for support functions are allocated predominantly to the segments according to the
budget.
In fiscal year 2025, increased trade tariffs had a negative impact on adjusted EBIT across all segments. In the Imaging segment,
the increased trade tariffs had a negative effect on adjusted EBIT in a low three-digit million range, while in the other segments
the impact was in the low two-digit million range.
The reconciliation of total segments’ adjusted EBIT to Siemens Healthineers’ income before income taxes is given in the table
below:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Total segments' adjusted EBIT
4,095
3,797
Centrally carried pension service and administration expenses
1
6
Amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments
−357
−375
Transaction, integration, retention and carve-out costs
−47
−24
Gains and losses from divestments
0
−1
Severance charges
−88
−104
Expenses for other portfolio-related measures
‐
‐
Other restructuring expenses
−209
−199
Financial income, net
−301
−283
Corporate Items
−254
−243
Corporate treasury, Siemens Healthineers Real Estate, eliminations and other items
12
−50
Total reconciliation to consolidated financial statements
−1,242
−1,273
Siemens Healthineers income before income taxes
2,853
2,523
1 Siemens Healthineers Real Estate manages Siemens Healthineers’ entire real estate business portfolio, operates the properties and is responsible for building projects and for the purchase and sale of real estate.
Year over year, the line item amortization, depreciation and other effects from IFRS 3 purchase price allocation adjustments fell
by €17 million to €357 million.
The personnel restructuring expenses of €88 million were below the prior-year level, mainly as a result of lower personnel
restructuring expenses in the Diagnostics segment.
Other restructuring expenses rose by €10 million to €209 million. As in the previous year, these expenses were mainly related to
the transformation of the Diagnostics business.
The line item Corporate items includes corporate costs, such as costs of Group management and corporate projects as well as
business activities and special topics that were not allocated directly to the segments.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
185
Assets
Siemens Healthineers uses segments’ assets, defined as net capital employed, as a measure to assess the segments’ capital
intensity. Segments’ assets are based on total assets presented in the consolidated statements of financial position (i.e. including
intangible assets acquired in business combinations), which are allocated to the segments, primarily excluding receivables from
the Siemens Group from financing activities and tax-related assets, because the corresponding income and expenses are also
excluded from the segments’ adjusted EBIT. Moreover, the remaining assets are reduced by non-interest-bearing liabilities (e.g.
trade payables, contract liabilities and other current liabilities) other than tax-related liabilities.
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Total segments' assets
29,414
30,356
Asset-based adjustments
5,942
6,738
Therein:
Positive fair value of forwards for hedging of foreign currency liabilities from financing activities
691
904
Assets corporate treasury
2,355
2,808
Assets Siemens Healthineers Real Estate
2,094
1,987
Receivables from the Siemens Group from non-operating activities
3
9
Current income tax assets and deferred tax assets
537
736
Liability-based adjustments
9,014
8,961
Total Reconciliation to consolidated financial statements
14,956
15,699
Siemens Healthineers' total assets
44,370
46,055
Free cash flow
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. As with the segments’ adjusted EBIT, the segments’ free cash flow
excludes payments related to income taxes, corporate items and certain other payments.
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Total segments‘ free cash flow
3,568
3,174
Tax-related cash flows
−577
−845
Corporate items and other
−277
−198
Total Reconciliation to consolidated financial statements
−854
−1,044
Siemens Healthineers’ free cash flow
2,714
2,130
Amortization, depreciation and impairments
Amortization, depreciation and impairments include depreciation and impairments of property, plant and equipment as well as
amortization and impairments of intangible assets (similarly to segments’ adjusted EBIT excluding intangible assets acquired in
business combinations), each net of reversals of impairment losses.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
186
Note 30 Information about geographies
The following tables disclose revenue by location of the customer and entity, and the location of non-current assets.
Revenue by customer location
Revenue by entity location
Fiscal Year
Fiscal Year
Fiscal Year
Fiscal Year
(in millions of €)
2025
2024
2025
2024
Europe, C.I.S., Africa, Middle East (EMEA)
7,555
7,440
7,912
7,763
Americas
10,283
9,428
10,283
9,499
Asia Pacific Japan
3,055
2,944
2,845
2,702
China
2,482
2,550
2,335
2,398
Total:
23,375
22,363
23,375
22,363
Thereof:
Germany
1,215
1,150
1,753
1,692
Foreign countries
22,160
21,213
21,622
20,670
Therein: United States
8,904
8,040
9,096
8,317
Location of non-current assets¹
Sept 30,
Sept 30,
(in millions of €)
2025
2024
Europe, C.I.S., Africa, Middle East (EMEA)
10,076
9,784
Americas
14,751
15,607
Asia Pacific, Japan
2,296
2,508
China
1,220
1,303
Total
28,343
29,201
Thereof:
Germany
2,599
2,509
Foreign countries
25,744
26,692
Therein: United States
14,255
15,084
1 Non-current assets consisted of property, plant and equipment, goodwill and other intangible assets.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
187
Note 31 Related party transactions
Siemens Healthineers maintained business relations with the Siemens Group and with joint ventures and associates of both the
Siemens Group and Siemens Healthineers. The Siemens Group is a related party, as Siemens AG controls Siemens
Healthineers AG.
Transactions with the Siemens Group
Sales of goods and services and
other income
Purchases of goods and services
and other expenses
Fiscal year
Fiscal year
Fiscal year
Fiscal year
(in millions of €)
2025
2024
2025
2024
Siemens AG
3
3
265
260
Other Siemens Group entities
297
324
168
184
Total
300
328
433
443
Between Siemens Healthineers and the Siemens Group there existed supply and service agreements:
• In fiscal year 2025, Siemens Healthineers obtained support services from the Siemens Group for central corporate services
such as IT, procurement, human resources, accounting, or tax with a total value of €286 million (2024: €298 million). For
certain services, there were fixed payment obligations over a non-cancelable contract term. As of September 30, 2025, the
resulting commitment amounted to €135 million (September 30, 2024: €94 million).
• Siemens Healthineers has entered into leasing transactions with the Siemens Group and related benefit trusts that fund
pension obligations, mainly for real estate. As of September 30, 2025, total lease liabilities amounted to €57 million
(September 30, 2024: €63 million).
Receivables from and liabilities to the Siemens Group
Receivables from the
Siemens Group
Liabilities to the Siemens Group
Sept 30,
Sept 30,
Sept 30,
Sept 30,
(in millions of €)
2025
2024
2025
2024
Siemens AG
1
3
2,115
2,688
Other Siemens Group entities
7
34
11,932
12,763
Total
9
38
14,047
15,451
Receivables from and liabilities to the Siemens Group resulted mainly from financing activities.
• The liabilities to other Siemens Group entities decreased on the one hand due to effects from foreign currency revaluation. On
the other hand, a matured loan amounting to €0.5 billion was settled.
• Liabilities to Siemens AG decreased due to the settlement of a matured loan amounting to €0.7 billion.
As of September 30, 2025, financing arrangements of Siemens Healthineers with Siemens AG consisted of a multicurrency
revolving credit facility of up to €2.5 billion (September 30, 2024: €2.5 billion). This 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 of €451 million
(September 30, 2024: €0 million) was drawn from these facilities.
In fiscal year 2025, interest expenses from financing arrangements with Siemens AG amounted to €113 million
(2024: €161 million); interest expenses from financing arrangements with other Siemens Group entities amounted to
€222 million (2024: €195 million). These included positive effects from the hedging of exchange rate risks of U.S. dollar-
denominated loans.
In fiscal year 2025, interest income from financing arrangements with Siemens AG amounted to €31 million (2024: €34 million);
interest income from financing arrangements with other Siemens Group entities amounted to €2 million (2024: €2 million).
For further information regarding financing arrangements with the Siemens Group, please refer to Note 15 Financial debt.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
188
Other material relationships with the Siemens Group
Cash and cash equivalents
Credit balances on cash-pooling accounts and short-term deposits of up to three months with the Siemens Group are shown as
cash and cash equivalents and amounted to €948 million as of September 30, 2025 (September 30, 2024: €1,365 million).
Hedging
Some of the hedging activities of Siemens Healthineers were carried out with the corporate treasury of the Siemens Group as
counterparty. As of September 30, 2025, related other financial assets and other financial liabilities amounted to €637 million
(September 30, 2024: €882 million) and €1 million (September 30, 2024: €6 million), respectively.
For further details, please refer to Note 14 Other non-current assets, Note 15 Financial debt and to Note 25 Financial instruments
and hedging activities.
Guarantees and letters of support
The Siemens Group issued guarantees for or on behalf of Siemens Healthineers in connection with the operating activities of the
Group. As of September 30, 2025, the guarantees issued by Siemens AG and other Siemens Group entities amounted to
€5 million (September 30, 2024: €12 million) and €61 million (September 30, 2024: €77 million), respectively.
In addition, Siemens AG provided letters of support to banks and insurance companies, for example in connection with securing
guarantee credit lines and overdraft facilities of the Group. As of September 30, 2025, the obligations secured by letters of
support amounted to €509 million (September 30, 2024: €509 million).
Share-based payment plans
Siemens Healthineers’ employees continued to participate in existing share-based payment plans of the Siemens Group based on
Siemens AG shares, mainly in the Jubilee Share program. For further details, please refer to Note 27 Share-based payment.
Siemens AG delivered the corresponding shares on behalf of Siemens Healthineers and was reimbursed by Siemens Healthineers.
Joint ventures and associat es
In fiscal year 2025, Siemens Healthineers purchased goods and services from its joint ventures and associates in an amount of
€48 million (2024: €48 million).
Benefit trusts
Information regarding the funding of post-employment benefit plans can be found in Note 21 Provisions for pensions and similar
obligations.
Related individuals
In fiscal year 2025, the members of the Managing Board received short-term employee benefits totaling €7.7 million
(2024: €7.9 million). Service costs for post-employment benefits (Siemens Healthineers BSAV) amounted to €1.2 million
(2024: €1.0 million). Expenses related to share-based payment amounted to €7.7 million in fiscal year 2025 (2024: €7.0 million).
Thus, total compensation of the members of the Managing Board was €16.6 million (2024: €15.9 million).
Compensation attributable to members of the Supervisory Board comprised a base compensation and additional compensation
for committee work and amounted (including meeting fees) to €3.3 million in fiscal year 2025 (2024: €2.7 million).
The total remuneration of the members of the Managing Board within the meaning of Section 314 para. 1 No. 6 of the German
Commercial Code was €16.3 million (2024: €16.9 million). In addition to the short-term employee benefits described above, this
included in particular a fair value at grant date of share-based payment for fiscal year 2025 in the amount of €8.6 million
(2024: €9.0 million) for 284,606 stock awards (2024: 304,462). Former members of the Managing Board and their surviving
dependents received emoluments totaling €42 thousand (2024: €25 thousand). As of September 30, 2025, the defined benefit
obligation for pension commitments to former members of the Managing Board and their surviving dependents amounted to
€2.0 million (September 30, 2024: €1.9 million).
Information regarding the individual compensation of the members of the Managing Board and Supervisory Board of Siemens
Healthineers AG is disclosed in the Compensation Report.
In fiscal years 2025 and 2024, no other major transactions took place between Siemens Healthineers and the members of the
Managing Board and Supervisory Board. Some Managing Board and Supervisory Board members hold, or in the past year have
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
189
held, positions of significant responsibility with other entities. Siemens Healthineers has relationships with many of these entities
in the ordinary course of business.
Note 32 Principal accountant fees and services
PricewaterhouseCoopers (PwC) has been elected as auditor of Siemens Healthineers AG from fiscal year 2024. Holger Lutz has
been the responsible auditor since fiscal year 2024. Fees related to professional services rendered by the principal accountant
PwC were:
Fiscal year
Fiscal year
(in millions of €)
2025
2024
Audit services
10.2
10.0
Other attestation services
0.8
0.4
Total principal accountant fees
11.0
10.4
In fiscal year 2025, 32% (2024: 30%) of the total fees were attributable for audit services to PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft, Germany. Based on the total fees, 67% (2024: 57%) were attributable to
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Germany for other attestation services in fiscal year 2025. Audit
services related primarily to services provided by PwC for auditing the consolidated financial statements of Siemens Healthineers,
for auditing financial statements of Siemens Healthineers AG and its subsidiaries, for reviews of interim financial statements
being integrated into the audit, and for project-accompanying IT audits. Other attestation services mainly comprised the audit of
the sustainability report, the audit of the content of the compensation report, as well as other legally required attestations.
Note 33 Corporate Governance
The Managing Board and the Supervisory Board of Siemens Healthineers AG provided the declaration required by Section 161 of
the German Stock Corporation Act (“Aktiengesetz”) as of September 30, 2025. The declaration is available on the Group’s website
at www.siemens-healthineers.com/investor-relations/corporate-governance.
Note 34 Subsequent events
On November 12, 2025, Siemens AG announced that it intends to deconsolidate Siemens Healthineers and transfer 30% of the
Siemens Healthineers shares, preferably in the form of a direct spin-off, to the shareholders of Siemens AG.
In the event that Siemens AG's shares or voting rights in Siemens Healthineers AG are reduced to less than 50% plus one share,
various agreements between Siemens Healthineers AG and the Siemens Group provide for early termination rights for Siemens
AG or affiliated companies. This applies in particular to financing agreements, whereby a market value compensation has been
agreed for some of the loans in the event of early termination. All loans whose market value as of September 30, 2025 was
according to preliminary estimates significantly below the book value include this compensation clause. The currently estimated
one-off positive effect from this may be offset by correspondingly higher financing expenses in subsequent periods due to the
currently higher market interest rates.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
190
Note 35 List of subsidiaries, joint ventures and associates pursuant to Section
313 para. 2 of the German Commercial Code
Sept 30, 2025
Equity interest in %
Subsidiaries
Germany (23 companies)
Acuson GmbH, Erlangen
100 5
Advanced Accelerator Applications Germany GmbH, Bonn
100 7
BEFUND24 GmbH, Erlangen
85
Dade Behring Grundstücks GmbH, Kemnath
74
Eifel Property GmbH, Bonn
100
Khnoton I GmbH, Munich
100 5
Siemens Healthcare Diagnostics Products GmbH, Marburg
100 7
Siemens Healthcare GmbH, Munich
100 7
Siemens Healthineers Beteiligungen GmbH & Co. KG, Röttenbach
100 8
Siemens Healthineers Beteiligungen Verwaltungs-GmbH, Röttenbach
100 5
Siemens Healthineers Holding I GmbH, Munich
100 7
Siemens Healthineers Holding III GmbH, Munich
100 7
Siemens Healthineers Innovation GmbH & Co. KG, Röttenbach
100 8
Siemens Healthineers Innovation Verwaltungs-GmbH, Röttenbach
100 5
Siemens Real Estate GmbH & Co. KG, Kemnath
94 8
Siemens Real Estate Management GmbH, Kemnath
100 5
Varian Medical Systems Deutschland GmbH & Co. KG, Darmstadt
100 8, 9
Varian Medical Systems Haan GmbH, Haan
100 7
Varian Medical Systems München GmbH, Munich
100 7
Varian Medical Systems Particle Therapy GmbH & Co. KG, Troisdorf
100 8, 9
VMS Deutschland Holdings GmbH, Darmstadt
100 7
Zeleni Holding GmbH, Kemnath
100
Zeleni Real Estate GmbH & Co. KG, Kemnath
100 8
Europe (without Germany), C.I.S., Africa, Middle East (EMEA) (86 companies)
Acuson France SAS, Courbevoie / France
100 5
Acuson Italy S.r.l., Milan / Italy
100 5
Acuson Middle East FZ LLC, Dubai / United Arab Emirates
100 5
Acuson Österreich GmbH, Vienna / Austria
100 5
Acuson Slovakia s. r. o., Bratislava / Slovakia
100 5
Acuson United Kingdom Ltd., Camberley, Surrey / United Kingdom
100 5
ADVANCED ACCELERATOR APPLICATIONS (PORTUGAL), UNIPESSOAL LDA, Senhora da Hora / Portugal
100
Advanced Accelerator Applications Molecular Imaging France SAS, Saint-Genis-Pouilly / France
100
ADVANCED ACCELERATOR APPLICATIONS MOLECULAR IMAGING IBERICA S.L., Esplugues de Llobregat / Spain
100
ADVANCED ACCELERATOR APPLICATIONS MOLECULAR IMAGING ITALY S.R.L., Pozzilli / Italy
100
BLOCK IMAGING SAS, Weyersheim / France
100
CTSI (Mauritius), Ltd, Ebene / Mauritius
100
FTD Europe Ltd, Birkirkara / Malta
100
ITH icoserve technology for healthcare GmbH, Innsbruck / Austria
69
PETNET Solutions SAS, Lisses / France
100
Siemens Healthcare (Private) Limited, Lahore / Pakistan
100
Siemens Healthcare A/S, Ballerup / Denmark
100
Siemens Healthcare AB, Solna / Sweden
100
Siemens Healthcare AS, Oslo / Norway
100
Siemens Healthcare d.o.o., Ljubljana / Slovenia
100
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
191
Sept 30, 2025
Equity interest in %
Siemens Healthcare d.o.o., Zagreb / Croatia
100
Siemens Healthcare d.o.o. Beograd, Belgrade / Serbia
100
Siemens Healthcare Diagnostics GmbH, Vienna / Austria
100
Siemens Healthcare Diagnostics Ltd, Camberley, Surrey / United Kingdom
100
Siemens Healthcare Diagnostics Manufacturing Limited, Swords, County Dublin / Ireland
100
Siemens Healthcare Diagnostics Manufacturing Ltd, Camberley, Surrey / United Kingdom
100
Siemens Healthcare Diagnostics Products Ltd, Camberley, Surrey / United Kingdom
100
Siemens Healthcare Employee Share Ownership Trust, Midrand / South Africa
0 3
Siemens Healthcare EOOD, Sofia / Bulgaria
100
Siemens Healthcare FZ LLC, Dubai / United Arab Emirates
100
Siemens Healthcare Kft., Budapest / Hungary
100
Siemens Healthcare L.L.C., Dubai / United Arab Emirates
49 2
Siemens Healthcare Limited, Camberley, Surrey / United Kingdom
100
Siemens Healthcare Limited, Riyadh / Saudi Arabia
51
Siemens Healthcare Limited Liability Company, Kiev / Ukraine
100
Siemens Healthcare Limited Liability Company, Moscow / Russian Federation
100
Siemens Healthcare Limited Liability Partnership, Almaty / Kazakhstan
100
Siemens Healthcare Logistics LLC, Cairo / Egypt
100
Siemens HealthCare Ltd., Rosh Ha’ayin / Israel
100
Siemens Healthcare Medical Solutions Limited, Swords, County Dublin / Ireland
100
Siemens Healthcare NV, Groot-Bijgaarden / Belgium
100
Siemens Healthcare Oy, Espoo / Finland
100
Siemens Healthcare Proprietary Limited, Waterfall City / South Africa
90
Siemens Healthcare S.A.E., Cairo / Egypt
100
Siemens Healthcare S.r.l., Bucharest / Romania
100
Siemens Healthcare S.r.l., Milan / Italy
100
Siemens Healthcare s.r.o., Bratislava / Slovakia
100
Siemens Healthcare Saglik Anonim Sirketi, Istanbul / Türkiye
100
Siemens Healthcare SARL, Casablanca / Morocco
100
Siemens Healthcare SAS, Courbevoie / France
100
Siemens Healthcare Sp. z o.o., Warsaw / Poland
100
SIEMENS HEALTHCARE, S.L.U., Madrid / Spain
100
Siemens Healthcare, s.r.o., Prague / Czech Republic
100
SIEMENS HEALTHCARE, UNIPESSOAL, LDA, Amadora / Portugal
100
Siemens Healthineers Algeria E.U.R.L., Hydra / Algeria
100
Siemens Healthineers Cancer Care Mauritius Ltd., Ebene / Mauritius
100
Siemens Healthineers Diagnostics Ltd, Riyadh / Saudi Arabia
100
SIEMENS HEALTHINEERS HELLAS SINGLE MEMBER SOCIETE ANONYME, Marousi / Greece
100
Siemens Healthineers Holding I B.V., The Hague / Netherlands
100
Siemens Healthineers Holding III B.V., The Hague / Netherlands
100
Siemens Healthineers Holding IV B.V., The Hague / Netherlands
100
Siemens Healthineers Holding V B.V., The Hague / Netherlands
100
Siemens Healthineers International AG, Steinhausen / Switzerland
100
Siemens Healthineers Nederland B.V., The Hague / Netherlands
100
Siemens Healthineers Oncology Services Algeria E.U.R.L., Hydra / Algeria
100
Siemens Healthineers Radiopharma CH GmbH, Zurich / Switzerland
100
Siemens Healthineers Regional Headquarter, Riyadh / Saudi Arabia
100
Siemens Medicina d.o.o., Sarajevo / Bosnia and Herzegovina
100
Steiermärkische Medizinarchiv GesmbH, Graz / Austria
52
V.O.S.S. Varinak Onkoloji Sistemleri Satis Ve Servis Anonim Sirketi, Istanbul / Türkiye
100
Varian Medical Systems (RUS) Limited Liability Company, Moscow / Russian Federation
100
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
192
Sept 30, 2025
Equity interest in %
Varian Medical Systems Arabia Commercial Limited, Riyadh / Saudi Arabia
75
Varian Medical Systems Belgium NV, Groot-Bijgaarden / Belgium
100
Varian Medical Systems Finland OY, Helsinki / Finland
100
Varian Medical Systems France SARL, Le Plessis-Robinson / France
100
Varian Medical Systems Gesellschaft mbH, Brunn am Gebirge / Austria
100
Varian Medical Systems Hungary Kft., Budapest / Hungary
100
Varian Medical Systems Iberica SL, Madrid / Spain
100
Varian Medical Systems Imaging Laboratory GmbH, Dättwil / Switzerland
100
Varian Medical Systems Italia S.p.A., Milan / Italy
100
Varian Medical Systems Nederland B.V., Houten / Netherlands
100
Varian Medical Systems Poland Sp. z o.o., Warsaw / Poland
100
Varian Medical Systems UK Limited, Crawley, West Sussex / United Kingdom
100
Varinak Bulgaria EOOD, Sofia / Bulgaria
100
Varinak Europe SRL (Romania), Pantelimon / Romania
100
VMS Kenya, Ltd, Nairobi / Kenya
100
Americas (50 companies)
Acuson Brasil Ltda., Joinville / Brazil
100 5
Acuson Holding LLC, Wilmington, DE / United States
100 5
Acuson México, S. de R.L. de C.V., Mexico City / Mexico
100 5
Acuson, LLC, Wilmington, DE / United States
100 5
Alteriix, LLC, Wilmington, DE / United States
100
Associates in Medical Physics, LLC, Greenbelt, MD / United States
100
Block Imaging International, LLC, Wilmington, DE / United States
100
Block Imaging Parts & Service, LLC, Holt, MI / United States
100
D3 Oncology Inc., Wilmington, DE / United States
100
Dade Behring Hong Kong Holdings Corporation, Tortola / British Virgin Islands
100
ECG Acquisition, Inc., Wilmington, DE / United States
100
ECG TopCo Holdings, LLC, Wilmington, DE / United States
85
EPOCAL INC., Oakville / Canada
100
Executive Consulting Group, LLC, Wilmington, DE / United States
100
Healthcare Technology Management, LLC, Wilmington, DE / United States
78
J. Restrepo Equiphos S.A.S, Bogotá D.C. / Colombia
100
Keystone Physics Limited, Millersville, PA / United States
100
Mansfield Insurance Company, Jeffersonville, VT / United States
100
Medical Physics Holdings, LLC, Dover, DE / United States
100
P.E.T.NET Houston, LLC, Austin, TX / United States
51
Page Mill Corporation, Boston, MA / United States
100
PETNET Indiana, LLC, Indianapolis, IN / United States
50 1
PETNET Solutions Cleveland, LLC, Wilmington, DE / United States
63
PETNET Solutions, Inc., Knoxville, TN / United States
100
Radiation Management Associates, LLC, Greenbelt, MD / United States
100
Siemens Healthcare Diagnósticos Ltda., São Paulo / Brazil
100
Siemens Healthcare Diagnostics Inc., Los Angeles, CA / United States
100
Siemens Healthcare Diagnostics S.A., San José / Costa Rica
100
Siemens Healthcare Diagnostics, S. de R.L. de C.V., Mexico City / Mexico
100
Siemens Healthcare Equipos Médicos Sociedad por Acciones, Santiago de Chile / Chile
100
Siemens Healthcare Laboratory, LLC, Wilmington, DE / United States
100
Siemens Healthcare Limited, Oakville / Canada
100
Siemens Healthcare S.A., Buenos Aires / Argentina
100
Siemens Healthcare S.A.C., Surquillo / Peru
100
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
193
Sept 30, 2025
Equity interest in %
Siemens Healthcare S.A.S., Bogotá D.C. / Colombia
100
Siemens Healthcare, Sociedad Anonima, Antiguo Cuscatlán / El Salvador
100
Siemens Healthineers Cancer Care Africa, Inc., Wilmington, DE / United States
100
Siemens Healthineers Cancer Care BioSynergy, Inc., Wilmington, DE / United States
100
Siemens Healthineers Cancer Care International, Inc., Wilmington, DE / United States
100
Siemens Healthineers Cancer Care Latin America Ltd., Wilmington, DE / United States
100
Siemens Healthineers Endovascular Robotics, Inc., Wilmington, DE / United States
100
Siemens Healthineers Holdings, LLC, Wilmington, DE / United States
100
Siemens Medical Solutions USA, Inc., Wilmington, DE / United States
100
Siemens S.A., Montevideo / Uruguay
100
Siemens-Healthcare Cia. Ltda., Quito / Ecuador
100
Varian Medical Systems Brasil Ltda., Jundiaí / Brazil
100
Varian Medical Systems India Private Limited, Wilmington, DE / United States
100
Varian Medical Systems Pacific, Inc., Wilmington, DE / United States
100
Varian Medical Systems Puerto Rico, LLC, Guaynabo / Puerto Rico
100
Varian Medical Systems, Inc., Wilmington, DE / United States
100
Asia, Australia (51 companies)
Acrorad Co., Ltd., Okinawa / Japan
100
Acuson (Shanghai) Co., Ltd., Shanghai / China
100 5
Acuson Japan K.K., Tokyo / Japan
100 5
Acuson Korea Ltd., Seongnam-si / Korea
100 5
Acuson Singapore Pte. Ltd., Singapore / Singapore
100 5
American Institute of Pathology and Laboratory Sciences Private Limited, Hyderabad / India
100
Artmed Healthcare Private Limited, Hyderabad / India
100
Cancer Treatment Services Hyderabad Private Limited, Hyderabad / India
100
Fang Zhi Health Management Co., Ltd., Taipei / Taiwan
100
Hangzhou Alicon Pharm Sci & Tec Co., Ltd., Hangzhou / China
100
Hong Tai Health Management Co. Ltd., Taipei / Taiwan
100
New Century Technology Co. Ltd., Taipei / Taiwan
100
PETNET Radiopharmaceutical Solutions Pvt. Ltd., Mumbai / India
100
PT Siemens Healthineers Indonesia, Jakarta / Indonesia
100
Scion Medical Limited, Hong Kong / Hong Kong
100
Scion Medical Technologies (Shanghai) Ltd., Shanghai / China
100
Siemens Healthcare Diagnostics K.K., Tokyo / Japan
100
Siemens Healthcare Diagnostics Manufacturing Ltd., Shanghai, Shanghai / China
100
Siemens Healthcare Inc., Manila / Philippines
100
Siemens Healthcare K.K., Tokyo / Japan
100
Siemens Healthcare Limited, Auckland / New Zealand
100
Siemens Healthcare Limited, Bangkok / Thailand
100
Siemens Healthcare Limited, Ho Chi Minh City / Viet Nam
100
Siemens Healthcare Limited, Hong Kong / Hong Kong
100
Siemens Healthcare Limited, Taipei / Taiwan
100
Siemens HealthCare Ltd., Dhaka / Bangladesh
100
Siemens Healthcare Private Limited, Mumbai / India
100
Siemens Healthcare Pte. Ltd., Singapore / Singapore
100
Siemens Healthcare Pty. Ltd., Hawthorn East / Australia
100
Siemens Healthcare Sdn. Bhd., Kuala Lumpur / Malaysia
100
Siemens Healthineers Diagnostics (Shanghai) Co., Ltd., Shanghai / China
100
Siemens Healthineers Digital Technology (Shanghai) Co., Ltd., Shanghai / China
100
Siemens Healthineers India LLP, Bangalore / India
100
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
194
Sept 30, 2025
Equity interest in %
SIEMENS HEALTHINEERS INDIA MANUFACTURING PRIVATE LIMITED, Mumbai / India
100 5
Siemens Healthineers Ltd., Seoul / Korea
100
Siemens Healthineers Ltd., Shanghai / China
100
Siemens Shanghai Medical Equipment Ltd., Shanghai / China
100
Siemens Shenzhen Magnetic Resonance Ltd., Shenzhen / China
100
Siemens Technology Development Co., Ltd. of Beijing, Beijing / China
90
Siemens X-Ray Vacuum Technology Ltd., Wuxi, Wuxi / China
100
Varian Medical Systems Australasia Pty Ltd., Macquarie Park / Australia
100
Varian Medical Systems China Co., Ltd., Beijing / China
100
Varian Medical Systems International (India) Private Limited, Mumbai / India
100
Varian Medical Systems K.K., Tokyo / Japan
100
Varian Medical Systems Korea, Inc., Seoul / Korea
100
Varian Medical Systems Malaysia Sdn Bhd, Kuala Lumpur / Malaysia
100
Varian Medical Systems Philippines, Inc., City of Pasig / Philippines
100
Varian Medical Systems Taiwan Co., Ltd., Taipei / Taiwan
100
Varian Medical Systems Trading (Beijing) Co., Ltd., Beijing / China
100
Varian Medical Systems Vietnam Co Ltd, Ho Chi Minh City / Viet Nam
100
Vertice Investment Limited, Hong Kong / Hong Kong
100
Associated companies and joint ventures
Europe (without Germany), C.I.S., Africa, Middle East (EMEA) (2 companies)
TRIXELL, Moirans / France
25
VARIAN MEDICAL SYSTEMS ALGERIA SPA, Hydra / Algeria
49 6
Americas (1 company)
PhSiTh LLC, New Castle, DE / United States
33
Asia, Australia (3 companies)
Asiri A O I Cancer Centre (Private) Limited, Colombo / Sri Lanka
50 6
Chengdu Wayin Zhiyun Medical Technology Co., Ltd., Chengdu / China
49 6
Xi’An X-Ray Target Ltd., Xi'an / China
43 6
Sept 30, 2025
Equity interest
in %
Net income
in millions of €¹
Equity
in millions of €¹
Other investments
Europe (without Germany), C.I.S., Africa, Middle East (EMEA) (1 company)
Medical Systems S.p.A., Genoa / Italy ¹⁰
45 4
6
140
Americas (2 companies)
Babson Diagnostics, Inc., Dover, DE / United States
20 4
n/a 11
n/a 11
COTA, Inc., Wilmington, DE / United States
19
n/a 11
n/a 11
¹ Control due to a majority of voting rights.
² Control due to rights to appoint, reassign or remove members of the key management personnel.
³ Control due to contractual arrangements to determine the direction of the relevant activities.
⁴ No significant influence due to contractual arrangements or legal circumstances
⁵ Not consolidated due to immateriality.
⁶ Not accounted for using the equity method due to immateriality.
⁷ Exemption pursuant to Section 264 para. 3 of the German Commercial Code
⁸ Exemption pursuant to Section 264 b of the German Commercial Code
⁹ A consolidated affiliated company of Siemens Healthineers AG is a shareholder with unlimited liability of this company.
¹⁰ Values according to the latest available local GAAP financial statements; the underlying fiscal year may differs from the Siemens Healthineers fiscal year.
¹¹ No disclosure pursuant to Section 313 para. 3 sentence 5 of the German Commercial Code.
Siemens Healthineers Annual Report 2025
Consolidated financial statements – Notes to consolidated financial statements
195
Munich, November 19, 2025
Siemens Healthineers AG
The Managing Board
Dr. Bernhard Montag
Darleen Caron
Dr. Jochen Schmitz
Elisabeth Staudinger-Leibrecht
C.
Additional
information
Annual Report
2025
Page 197
C.1
Responsibility
statement
Page 198
C.2
Auditor’s reports
Page 207
C.3
Report of the
Supervisory board
Page 214
C.4
Corporate governance
statement
Page 229
C.5
Notes and
forward-looking
statements
Siemens Healthineers Annual Report 2025
Additional information – Responsibility statement
197
C.1 Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements
give a true and fair view of the net assets, financial position and results of operations of the Group, and the Group’s management
report, which has been combined with the management report for Siemens Healthineers AG, 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 Group.
Munich, November 19, 2025
Siemens Healthineers AG
The Managing Board
Dr. Bernhard Montag
Darleen Caron
Dr. Jochen Schmitz
Elisabeth Staudinger-Leibrecht
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
198
C.2 Auditor’s Reports
C.2.1 Independent auditor’s report
To Siemens Healthineers AG, Munich
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE GROUP
MANAGEMENT REPORT
Audit Opinions
We have audited the consolidated financial statements of Siemens Healthineers AG, Munich, and its subsidiaries (the Group),
which comprise the consolidated statement of financial position as at September 30, 2025, and the consolidated statement of
comprehensive income, consolidated statement of profit or loss, consolidated statement of changes in equity and consolidated
statement of cash flows for the financial year from October 1, 2024 to September 30, 2025, and notes to the consolidated
financial statements, including material accounting policy information. In addition, we have audited the group management
report of Siemens Healthineers AG, which is combined with the Company’s management report, for the financial year from
October 1, 2024 to September 30, 2025. In accordance with the German legal requirements, we have not audited sections
"A.5.4.1 Internal Control and Risk Management System" and "A.5.4.2 Compliance Management System" in chapter "A.5.4
Significant characteristics of the internal control and risk management system" as well as chapter "A.6 Sustainability Report" of
the group management report.
In our opinion, on the basis of the knowledge obtained in the audit,
• the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting Standards
issued by the International Accounting Standards Board (IASB) (the "IFRS Accounting Standards") as adopted by the EU, and
the additional requirements of German commercial law pursuant to § [Article] 315e Abs. [paragraph] 1 HGB
[Handelsgesetzbuch: German Commercial Code] and, in compliance with these requirements, give a true and fair view of the
assets, liabilities, and financial position of the Group as at September 30, 2025, and of its financial performance for the
financial year from October 1, 2024 to September 30, 2025, and
• the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all material
respects, this group management report is consistent with the consolidated financial statements, complies with German legal
requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the group
management report does not cover the content of sections "A.5.4.1 Internal Control and Risk Management System" and
"A.5.4.2 Compliance Management System" in chapter "A.5.4 Significant characteristics of the internal control and risk
management system" as well as chapter "A.6 Sustainability Report" of the group management report.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal
compliance of the consolidated financial statements and of the group management report.
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the group management report in accordance with
§ 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as "EU Audit Regulation") in compliance with
German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute
of Public Auditors in Germany] (IDW). We performed the audit of the consolidated financial statements in supplementary
compliance with the International Standards on Auditing (ISAs). Our responsibilities under those requirements, principles and
standards are further described in the "Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the
Group Management Report" section of our auditor’s report. We are independent of the group entities in accordance with the
requirements of European law and German commercial and professional law, and we have fulfilled our other German
professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the
EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
199
Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions on the consolidated financial statements and on the group management report.
Key Audit Matters in the Audit of the Consolidated Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements for the financial year from October 1, 2024 to September 30, 2025. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our audit opinion thereon; we do not
provide a separate audit opinion on these matters.
In our view, the matter of most significance in our audit was as follows:
❶
Recoverability of goodwill
Our presentation of this key audit matter has been structured as follows:
①
Matter and issue
②
Audit approach and findings
③
Reference to further information
Hereinafter we present the key audit matter:
❶
Recoverability of goodwill
①
In the Company's consolidated financial statements goodwill amounting in total to EUR 17,124 million (95% of Group
equity) is reported under the "Goodwill" balance sheet item. Goodwill is tested for impairment by the Company once a year
or when there are indications of impairment to determine any possible need for write-downs. The impairment test is
carried out at the level of the groups of cash-generating units to which the relevant goodwill is allocated. The carrying
amount of the relevant cash-generating units, including goodwill, is compared with the corresponding recoverable amount
in the context of the impairment test. The recoverable amount is generally determined on the basis of the fair value less
costs of disposal. The present value of the future cash flows from the respective group of cash-generating units normally
serves as the basis of valuation. Present values are calculated using discounted cash flow models. For this purpose, the
adopted medium-term business plan of the Group forms the starting point which is extrapolated based on assumptions
about long-term rates of growth. Expectations relating to future market developments and assumptions about the
development of macroeconomic factors affecting the business activities of the Group are also taken into account. The
discount rate used is the weighted average cost of capital for the respective group of cash-generating units. The
impairment test determined that no write-downs were necessary.
The outcome of this valuation is dependent to a large extent on the estimates made by the executive directors with respect
to the future cash flows from the respective group of cash-generating units, the discount rate used, the rate of growth and
other assumptions, and is therefore subject to considerable uncertainty. Against this background and due to the complex
nature of the valuation, this matter was of particular significance in the context of our audit.
②
As part of our audit, we assessed the methodology used for the purposes of performing the impairment test, among other
things. After matching the future cash flows used for the calculation against the adopted medium-term business plan of
the Group, we assessed the appropriateness of the calculation, in particular by reconciling it with general and sector-
specific market expectations. In addition, we assessed the appropriate consideration of the costs of Group functions. In the
knowledge that even relatively small changes in the discount rate applied can have a material impact on the value of the
entity calculated in this way, we focused our testing in particular on the parameters used to determine the discount rate
applied, and assessed the calculation model. In order to reflect the uncertainty inherent in the projections, we evaluated
the sensitivity analyses performed by the Company. Taking into account the information available, we determined that the
carrying amounts of the cash-generating units, including the allocated goodwill, were adequately covered by the
discounted future cash flows.
Overall, the valuation parameters and assumptions used by the executive directors are in line with our expectations and are
also within the ranges considered by us to be reasonable.
③
The Company's disclosures on goodwill are contained in note 11 "Goodwill" and in note 2 "Accounting policies” of the notes
to the consolidated financial statements.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
200
Other Information
The executive directors are responsible for the other information.
The other information comprises the sections "A.5.4.1 Internal Control and Risk Management System" and "A.5.4.2 Compliance-
Management System" in chapter"A.5.4 Significant characteristics of the internal control and risk management system" as well as
chapter "A.6 Sustainability Report" as non-audited parts of the group management report.
The other information comprises further:
• the statement on corporate governance pursuant to § 289f HGB and § 315d HGB
• all remaining parts of the annual report – excluding cross-references to external information – with the exception of the
audited consolidated financial statements, the audited group management report and our auditor’s report.
Our audit opinions on the consolidated financial statements and on the group management report do not cover the other
information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned above and, in so doing, to consider
whether the other information
• is materially inconsistent with the consolidated financial statements, with the group management report disclosures audited
in terms of content or with our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated
Financial Statements and the Group Management Report
The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all material
respects, with IFRS Accounting Standards as adopted by the EU and the additional requirements of German commercial law
pursuant to § 315e Abs. 1 HGB and that the consolidated financial statements, in compliance with these requirements, give a
true and fair view of the assets, liabilities, financial position, and financial performance of the Group. In addition the executive
directors are responsible for such internal control as they have determined necessary to enable the preparation of consolidated
financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and
misappropriation of assets) or error.
In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group’s ability to
continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In
addition, they are responsible for financial reporting based on the going concern basis of accounting unless there is an intention
to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the group management report that, as a whole,
provides an appropriate view of the Group’s position and is, in all material respects, consistent with the consolidated financial
statements, complies with German legal requirements, and appropriately presents the opportunities and risks of future
development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have
considered necessary to enable the preparation of a group management report that is in accordance with the applicable German
legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the group management report.
The supervisory board is responsible for overseeing the Group’s financial reporting process for the preparation of the
consolidated financial statements and of the group management report.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of the Group
Management Report
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and whether the group management report as a whole provides an
appropriate view of the Group’s position and, in all material respects, is consistent with the consolidated financial statements and
the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities
and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the consolidated
financial statements and on the group management report.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
201
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB
and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer (IDW) and supplementary compliance with the ISAs will always detect a
material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements and this group management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial statements and of the group management
report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of
arrangements and measures (systems) relevant to the audit of the group management report in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the
effectiveness of the internal control and these arrangements and measures (systems), respectively.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made
by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in the auditor’s report to the related disclosures in the consolidated financial statements and in the group
management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements present the underlying transactions and events in a manner that the
consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial
performance of the Group in compliance with IFRS Accounting Standards as adopted by the EU and the additional
requirements of German commercial law pursuant to § 315e Abs. 1 HGB.
• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business units within the Group as a basis for forming audit opinions on the consolidated financial statements and
on the group management report. We are responsible for the direction, supervision and review of the audit work performed
for purposes of the group audit. We remain solely responsible for our audit opinions.
• Evaluate the consistency of the group management report with the consolidated financial statements, its conformity with
German law, and the view of the Group’s position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the group management
report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the
executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective
information from these assumptions. We do not express a separate audit opinion on the prospective information and on the
assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the
prospective information.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the relevant independence
requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
202
OTHER LEGAL AND REGULATORY REQUIREMENTS
Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the
Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance as to whether the
rendering of the consolidated financial statements and the group management report (hereinafter the "ESEF documents")
contained in the electronic file siemenshealthineers_KA-2025-09-30-1-de.zip and prepared for publication purposes complies in
all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format ("ESEF format"). In
accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in
the consolidated financial statements and the group management report into the ESEF format and therefore relates neither to
the information contained within these renderings nor to any other information contained in the electronic file identified above.
In our opinion, the rendering of the consolidated financial statements and the group management report contained in the
electronic file identified above and prepared for publication purposes complies in all material respects with the requirements of §
328 Abs. 1 HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying
consolidated financial statements and the accompanying group management report for the financial year from October 1, 2024
to September 30, 2025 contained in the "Report on the Audit of the Consolidated Financial Statements and of the Group
Management Report" above, we do not express any assurance opinion on the information contained within these renderings or
on the other information contained in the electronic file identified above.
Basis for the Assurance Opinion
We conducted our assurance work on the rendering of the consolidated financial statements and the group management report
contained in the electronic file identified above in accordance with § 317 Abs. 3a HGB and the IDW Assurance Standard:
Assurance Work on the Electronic Rendering of Financial Statements and Management Reports, Prepared for Publication
Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (06.2022)) and the International Standard on Assurance
Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the "Group Auditor’s
Responsibilities for the Assurance Work on the ESEF Documents" section. Our audit firm applies the IDW Standard on Quality
Management: Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic
rendering of the consolidated financial statements and the group management report in accordance with § 328 Abs. 1 Satz 4 Nr.
[number] 1 HGB and for the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr. 2 HGB.
In addition, the executive directors of the Company are responsible for such internal control as they have considered necessary to
enable the preparation of ESEF documents that are free from material non-compliance with the requirements of § 328 Abs. 1
HGB for the electronic reporting format, whether due to fraud or error.
The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial
reporting process.
Group Auditor’s Responsibilities for the Assurance Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material non-compliance with
the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain
professional skepticism throughout the assurance work. We also:
• Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or
error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and
appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance work on the ESEF documents in order to design
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion
on the effectiveness of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents meets
the requirements of the Delegated Regulation (EU) 2019/815 in the version in force at the date of the consolidated financial
statements on the technical specification for this electronic file.
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited consolidated
financial statements and to the audited group management report.
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the
requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, in the version in force at the date of the
consolidated financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML
rendering.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
203
Further Information pursuant to Article 10 of the EU Audit Regulation
We were elected as group auditor by the annual general meeting on February 18, 2025. We were engaged by the supervisory
board on March 27, 2025. We have been the group auditor of the Siemens Healthineers AG, Munich without interruption since
the financial year 2024.
We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit
committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report).
REFERENCE TO AN OTHER MATTER – USE OF THE AUDITOR’S REPORT
Our auditor’s report must always be read together with the audited consolidated financial statements and the audited group
management report as well as the assured ESEF documents. The consolidated financial statements and the group management
report converted to the ESEF format – including the versions to be filed in the company register – are merely electronic
renderings of the audited consolidated financial statements and the audited group management report and do not take their
place. In particular, the "Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements and the
Group Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB" and our assurance opinion
contained therein are to be used solely together with the assured ESEF documents made available in electronic form.
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Holger Lutz.
Munich, November 19, 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Bernd Roese
Holger Lutz
Wirtschaftsprüfer
Wirtschaftsprüfer
[German Public Auditor]
[German Public Auditor]
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
204
C.2.2 Assurance report of the Independent German Public Auditor on a limited
Assurance Engagement in relation to the Group Sustainability Report
To Siemens Healthineers AG, Munich
Assurance Conclusion
We have conducted a limited assurance engagement on the group sustainability report of Siemens Healthineers AG, Munich,
(hereinafter the „Company“) included in section "Sustainability Statement" of the group management report, which is combined
with the Company's management report, for the financial year from 1 October 2024 to 30 September 2025 (hereinafter the
"Group Sustainability Report"). The Group Sustainability Report has been prepared to fulfil the requirements of Directive (EU)
2022/2464 of the European Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive,
CSRD) and Article 8 of Regulation (EU) 2020/852 as well as §§ [Articles] 289b to 289e HGB [Handelsgesetzbuch: German
Commercial Code] and §§ 315b to 315c HGB to prepare a combined non-financial statement.
Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that
the accompanying Group Sustainability Report is not prepared, in all material respects, in accordance with the requirements of
the CSRD and Article 8 of Regulation (EU) 2020/852, § 315c in conjunction with §§ 289c to 289e HGB to prepare a combined
non-financial statement as well as with the supplementary criteria presented by the executive directors of the Company. This
assurance conclusion includes that no matters have come to our attention that cause us to believe:
• that the accompanying Group Sustainability Report does not comply, in all material respects, with the European Sustainability
Reporting Standards (ESRS), including that the process carried out by the Company to identify the information to be included
in the Group Sustainability Report (hereinafter the “materiality assessment”) is not, in all material respects, in accordance with
the description set out in section "Material sustainability matters" of the Group Sustainability Report, or
• that the disclosures set out in section "EU-Taxonomy" of the Group Sustainability Report do not comply, in all material
respects, with Article 8 of Regulation (EU) 2020/852.
Basis for the Assurance Conclusion
We conducted our limited assurance engagement in accordance with the International Standard on Assurance Engagements
(ISAE) 3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information, issued by the
International Auditing and Assurance Standards Board (IAASB).
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable
assurance engagement. Consequently, the level of assurance obtained is substantially lower than the assurance that would have
been obtained had a reasonable assurance engagement been performed.
Our responsibilities under ISAE 3000 (Revised) are further described in the "German Public Auditor's Responsibilities for the
Assurance Engagement on the Group Sustainability Report" section.
We are independent of the Company in accordance with the requirements of European law and German commercial and
professional law, and we have fulfilled our other German professional responsibilities in accordance with these requirements.
Our audit firm has complied with the quality management system requirements of the IDW Standard on Quality Management:
Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)) issued by the Institut der Wirtschaftsprüfer
(Institute of Public Auditors in Germany; IDW). We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our assurance conclusion.
Responsibility of the Executive Directors and the Supervisory Board for the Group Sustainability
Report
The executive directors are responsible for the preparation of the Group Sustainability Report in accordance with the
requirements of the CSRD and the relevant German legal and other European regulations as well as with the supplementary
criteria presented by the executive directors of the Company. They are also responsible for the design, implementation and
maintenance of such internal controls that they have considered necessary to enable the preparation of a Group Sustainability
Report in accordance with these regulations that is free from material misstatement, whether due to fraud (i.e., manipulation of
the Group Sustainability Report) or error.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
205
This responsibility of the executive directors includes establishing and maintaining the materiality assessment process, selecting
and applying appropriate reporting policies for preparing the Group Sustainability Report, as well as making assumptions and
estimates and ascertaining forward-looking information for individual sustainability-related disclosures.
The supervisory board is responsible for overseeing the process for the preparation of the Group Sustainability Report.
Inherent Limitations in the Preparation of the Group Sustainability Report
The CSRD and the relevant German statutory and other European regulations contain wording and terms that are still subject to
considerable interpretation uncertainties and for which no authoritative, comprehensive interpretations have yet been
published. As such wording and terms may be interpreted differently by regulators or courts, the legal conformity of
measurements or evaluations of sustainability matters based on these interpretations is uncertain.
These inherent limitations also affect the assurance engagement on the Group Sustainability Report.
German Public Auditor's Responsibilities for the Assurance Engagement on the Group
Sustainability Report
Our objective is to express a limited assurance conclusion, based on the assurance engagement we have conducted, on whether
any matters have come to our attention that cause us to believe that the Group Sustainability Report has not been prepared, in
all material respects, in accordance with the CSRD and the relevant German legal and other European regulations as well as with
the supplementary criteria presented by the executive directors of the Company, and to issue an assurance report that includes
our assurance conclusion on the Group Sustainability Report.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment and
maintain professional skepticism. We also:
• obtain an understanding of the process to prepare the Group Sustainability Report, including the materiality assessment
process carried out by the Company to identify the information to be included in the Group Sustainability Report.
• identify disclosures where a material misstatement due to fraud or error is likely to arise, design and perform procedures to
address these disclosures and obtain limited assurance to support the assurance conclusion. The risk of not detecting a
material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misleading representations, or the override of internal
controls. In addition, the risk of not detecting a material misstatement within value chain information from sources not under
the control of the company (value chain information) is generally higher than the risk of not detecting a material
misstatement of value chain information from sources under the control of the company, as both the executive directors of
the Company and we, as assurance practitioners, are ordinarily subject to limitations on direct access to the sources of value
chain information.
• consider the forward-looking information, including the appropriateness of the underlying assumptions. There is a substantial
unavoidable risk that future events will differ materially from the forward-looking information.
Summary of the Procedures Performed by the German Public Auditor
A limited assurance engagement involves the performance of procedures to obtain evidence about the sustainability
information. The nature, timing and extent of the selected procedures are subject to our professional judgement.
In conducting our limited assurance engagement, we have, amongst other things:
• evaluated the suitability of the criteria as a whole presented by the executive directors in the Group Sustainability Report.
• inquired of the executive directors and relevant employees involved in the preparation of the Group Sustainability Report
about the preparation process, including the materiality assessment process carried out by the company to identify the
information to be included in the Group Sustainability Report, and about the internal controls relating to this process.
• evaluated the reporting policies used by the executive directors to prepare the Group Sustainability Report.
• evaluated the reasonableness of the estimates and the related disclosures provided by the executive directors. If, in
accordance with the ESRS, the executive directors estimate the value chain information to be reported for a case in which the
executive directors are unable to obtain the information from the value chain despite making reasonable efforts, our
assurance engagement is limited to evaluating whether the executive directors have undertaken these estimates in
accordance with the ESRS and assessing the reasonableness of these estimates, but does not include identifying information
in the value chain that the executive directors have been unable to obtain.
• performed analytical procedures and made inquiries in relation to selected information in the Group Sustainability Report.
• performed site visits.
Siemens Healthineers Annual Report 2025
Additional information – Auditor’s Reports
206
• considered the presentation of the information in the Group Sustainability Report.
• considered the process for identifying taxonomy-eligible and taxonomy-aligned economic activities and the corresponding
disclosures in the Group Sustainability Report.
Restriction of Use
We draw attention to the fact that the assurance engagement was conducted for the Company’s purposes and that the report is
intended solely to inform the Company about the result of the assurance engagement. Accordingly, the report is not intended to
be used by third parties for making (financial) decisions based on it. Our responsibility is solely towards the Company. We do not
accept any responsibility, duty of care or liability towards third parties.
Munich, 19 November 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
sgd. Holger Lutz
sgd. Hendrik Fink
Wirtschaftsprüfer
Wirtschaftsprüfer
[German Public Auditor]
[German Public Auditor]
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
207
C.3 Report of the Supervisory Board
Dear Shareholders,
In fiscal year 2025, Siemens Healthineers once again achieved the ambitious goals that the company had set itself. In doing so, it
again proved itself to be a stable and responsible partner: for its customers and their patients, its shareholders, its employees,
and for the societies in which it operates.
On behalf of the Supervisory Board, I would like to thank the 73,000 Siemens Healthineers employees in over 70 countries for
another very successful fiscal year. This success is particularly commendable, given that the global political and macroeconomic
environment continues to be extremely challenging. In this context, I would also like to thank our investors for their continued
and encouraging trust in the capabilities of our company.
The company’s ambition is to make global healthcare a little better every day. Unfortunately, import tariffs – including on
medtech devices – can make it noticeably more difficult to achieve this goal, as they hinder access to innovations. Against the
backdrop of these crisis-ridden times, the shared purpose of the company, We pioneer breakthroughs in healthcare. For
everyone. Everywhere. Sustainably., is proving to be a unifying force that transcends national borders and cultural differences.
This purpose is especially visible in the ambitious sustainability targets. One of these is to increase so-called patient touchpoints
from 2.6 billion in 2024 to 3.3 billion in 2030. This means that, in future, more and more people will come into contact with the
company’s products and solutions: for instance, with linear accelerators in cancer therapy, with imaging and laboratory
diagnostics during diagnosis, and during minimally invasive procedures.
The very successful close of fiscal year 2025 also marked the planned end of the New Ambition medium-term strategy phase.
During this phase, Siemens Healthineers defined ambitious business goals for fiscal years 2022 to 2025 and achieved them by
the end of the reporting period. The COVID-19 pandemic, an unexpected global health crisis, occurred during this phase.
Siemens Healthineers made crucial contributions to stabilizing healthcare systems and to making encounters between people
safer through antigen tests. During this time, the company also carried out the integration of Varian, the global market leader in
cancer therapy, which it acquired in April 2021. At the start of fiscal year 2026, Siemens Healthineers is entering the next phase
of its strategy, known as Elevating, which will run until the end of fiscal year 2030.
In fiscal year 2025, the Managing Board team once again steered the company very successfully through major global
challenges. I am delighted that, in March of the reporting period, Dr. Bernd Montag and Dr. Jochen Schmitz agreed ahead of
schedule to extend their mandates until February 2031, following a unanimous decision by the Supervisory Board.
It continues to be a great pleasure and honor for me to serve as Chair of the Supervisory Board of Siemens Healthineers AG.
Cooperation of the Supervisory Board and the Managing Board
The Supervisory Board continuously supervised the work of the Managing Board and advised it on all matters of importance for
the company. Audit measures of the kind set forth in Section 111 para. 2 sentence 1 of the German Stock Corporation Act
(“Aktiengesetz”) were not required at any time.
The Managing Board promptly and directly consulted the Supervisory Board on all important business events and decisions of
fundamental importance to the company. The Managing Board’s reports were discussed in detail in the meetings of the
Supervisory Board. The Managing Board completely fulfilled its reporting obligations to the Supervisory Board by means of both
oral and written communications. In all respects, the cooperation with the Managing Board was characterized by purposeful,
responsible action to promote the successful development of Siemens Healthineers.
Between meetings, the Chair of the Supervisory Board remained in regular contact with the Chair of the Managing Board, and
the Managing Board promptly provided extensive information to the Supervisory Board concerning all important events in the
Group. In preparation for the Supervisory Board meetings, the shareholder representatives and employee representatives held
separate preliminary talks on a regular basis.
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
208
Focal points of deliberations in the full Supervisory Board
The Supervisory Board held six regular meetings in fiscal year 2025 and adopted one resolution by written procedure. Regular
topics of discussion in the full Supervisory Board included the company’s net assets, financial position, and results of operations,
the strategic progress made by the company, sustainability-related topics, personnel matters of the Managing Board, and the
long-term succession planning for the Managing Board. In each meeting of the full Supervisory Board following the committee
meetings, the committee chairs reported on the respective committees’ work. In all its meetings, the Supervisory Board also held
closed sessions without the Managing Board on agenda items that related directly to the Managing Board itself or concerned
internal matters of the Supervisory Board.
At our meeting on November 5, 2024, we discussed the key financial data for the fourth fiscal quarter and fiscal year 2024 and
dealt with the finalized budget for fiscal year 2025 submitted for approval. The payout amounts for the short-term variable
compensation of the Managing Board members for fiscal year 2024 were determined, based on the established target
achievement. Furthermore, we set the targets for the Managing Board’s short-term variable compensation for fiscal year 2025.
With respect to the long-term variable compensation, we set the targets for the 2025 tranche of shares to be newly allocated. We
delegated the final calculation and determination of the number of shares to be transferred to the respective Managing Board
members, and the corresponding approval and authorization of the transfer for the target achievement of the 2021 tranche, to
the Compensation Committee, taking into account the achievement of the ESG goals determined by the Supervisory Board. We
adopted the qualification matrix for the Supervisory Board and received information on the Annual Shareholders’ Meeting 2025.
At our meeting on November 25, 2024, we dealt with the financial statements and the combined management report for
Siemens Healthineers AG and the Group as of September 30, 2024; the Report on relationships with affiliated companies as of
September 30, 2024, pursuant to Section 312 of the German Stock Corporation Act; the Sustainability Report 2024 and the
Annual Report 2024, including the Report of the Supervisory Board and the Corporate Governance Statement; and the
Compensation Report. Further topics were the capital market’s valuation of the company; the resolution on the convening of and
the agenda for the ordinary Annual Shareholders’ Meeting on February 18, 2025; talent development activities for managers as
part of the long-term succession planning for the Managing Board; and the company’s pension plan.
At the meeting on February 5, 2025, the Managing Board reported on the company’s net assets, financial position, and results of
operations after the close of the first fiscal quarter. We also approved the budget increase, falling within the Supervisory Board’s
area of responsibility, for the construction of a magnetic resonance factory in Oxford, U.K., addressed the sustainability-related
activities of Siemens Healthineers, and discussed the re-appointment of and contract extensions for Dr. Bernd Montag and Dr.
Jochen Schmitz. The Chair of the Supervisory Board provided us with a report on his talks with investors and corporate
governance experts at investment firms on current corporate governance topics, particularly in connection with the two-day
Corporate Governance Roadshow on December 11 and 12, 2024, and an additional update on the Annual Shareholders’ Meeting
on February 18, 2025.
On March 10, 2025, the Supervisory Board adopted, in a written voting procedure, resolutions on the re-appointment of and
contract extensions for Dr. Bernd Montag as Chief Executive Officer and Dr. Jochen Schmitz as Chief Financial Officer.
At the Supervisory Board meeting on May 6, 2025, the Managing Board reported on the company’s net assets, financial position,
and results of operations after the close of the second fiscal quarter and presented an outlook on the development of the
medium-term company strategy and explained how the corresponding project would be conceived and set up. The Managing
Board gave an update on the current geopolitical challenges and on talent development activities for managers as part of the
long-term succession planning for the Managing Board, including an overview of the new U.S. executive orders on diversity,
equity, and inclusion (DE&I) to be considered in the context of the country-specific compliance approach. We received an update
on the capital market’s valuation of the company, discussed the results of the questionnaire-based self-evaluation of the
Supervisory Board, and adopted a resolution on the engagement of the independent auditor for the formal and substantive audit
of the Compensation Report.
At the meeting on July 29, 2025, the Managing Board reported on the company’s net assets, financial position, and results of
operations after the close of the third fiscal quarter, including an update on geopolitical challenges. With a focus on the new
strategy phase, currently in development, we received reports on China and the global footprint. We elected Lars-Christian
Dinglinger to the Compensation Committee, and Volker Lang to the Strategy, Innovation and Sustainability Committee as
successors to Harry Blunk, who resigned from the Supervisory Board on June 30, 2025. For the sustainability target of “improving
gender balance”, which is part of the long-term variable compensation for the Managing Board, we confirmed the country-
specific regulatory compliance approach with due consideration of the new U.S. executive orders on DE&I.
The meeting on September 30, 2025, centered around the presentation and discussion of the budget for 2025 and on the newly
developed strategic focus of the company and its individual business areas, in particular from the perspective of the strategic
topics identified for the new strategy phase. The Managing Board informed the Supervisory Board of the application of the
financial framework, and the Supervisory Board discussed and resolved the extension of a financing contract, as well as various
aspects of corporate governance, in particular the latest Declaration of Conformity with the GCGC pursuant to Section 161 of the
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
209
German Stock Corporation Act, and the compensation packages of the Managing Board members and adjustments to individual
annexes to the sample service agreement for Managing Board members.
Training and professional development
The members of the Supervisory Board take responsibility for undertaking any training or professional development measures
necessary to fulfill their duties. They stay informed about the latest requirements for their supervisory duties and are
appropriately supported by the company in these efforts. In this context, the company continually considers the question of
which issues of fundamental importance or current interest should be studied and offers informational events to the Supervisory
Board members as needed, with ample opportunities for questions and discussions. The purpose of these events is to give the
Supervisory Board members a better understanding of the company’s business, including strategy and structures. The documents
and recordings of the internal informational events held since fiscal year 2022 are permanently retained for the Supervisory
Board members. They are also available to the new members of the Supervisory Board and now cover all main onboarding areas.
A total of five informational events were held in the reporting period, covering the topics of pensions and taxes, digitalization,
data, and artificial intelligence, corporate governance (including an outside-in review), regulatory, compliance and data
protection, sector-specific features of selected markets, and, multiple times, the CSR Directive. In addition, an informational
event was held for employee representatives on the entrepreneurial status of Supervisory Board members in connection with
value-added tax.
During the meetings on May 5 and 6, 2025, the Supervisory Board was given a practical presentation about the areas of
application and methods of intelligent imaging in the clinical value chain at the Experience Center in Forchheim. In the context
of the meeting on September 30, 2025, we visited Siemens Healthineers in Oxford, United Kingdom and saw the existing facility
for developing and manufacturing magnets, as well as a second facility currently being built. These practical insights into the
various Siemens Healthineers business areas, as well as its innovative manufacturing methods and product enhancements, are to
be continued in the coming year, as are the well-established internal informational events.
Work in the Supervisory Board committees
In order to perform our duties efficiently, we have established seven committees that prepare proposals for resolutions and
issues to be dealt with at the Supervisory Board’s plenary meetings. The Supervisory Board’s decision-making powers have been
transferred to the committees to the legally permissible extent. The tasks and members of the committees are presented in detail
in C.4.4.2 Composition and working methods of the Supervisory Board of the Annual Report 2025.
The Chairperson’s Committee held seven meetings in the reporting period, including one extraordinary meeting. It also adopted a
resolution by written procedure. Between meetings, the Chair of the Supervisory Board discussed topics of major importance
with the members of the Chairperson’s Committee. The Chairperson’s Committee was given reports from the CEO on major
developments in the respective quarter. It dealt with preparations for the subsequent plenary meeting and, in particular, with
personnel-related matters, including the contract extension for and re-appointment of Dr. Bernd Montag and Dr. Jochen Schmitz.
It also dealt with the long-term succession planning for the Managing Board, changes in various leadership functions in the
company, geopolitical challenges, preparations for discussing the results of the self-evaluation of the Supervisory Board and
other corporate-governance topics, in particular the latest Declaration of Conformity with the GCGC pursuant to Section 161 of
the German Stock Corporation Act, the appointment of replacements for committee positions, and total shareholder return and
capital allocation.
The Compensation Committee held six regular meetings in the reporting period and adopted one resolution by written procedure.
It assessed the Managing Board’s target achievement and prepared the corresponding Supervisory Board resolutions. On the
basis of the authorization granted to it by the full Supervisory Board, it calculated and specified the number of shares to be
transferred to the relevant Managing Board members, and correspondingly approved and authorized the transfer relating to the
target achievement for the 2021 tranche, taking account of the ESG target achievement determined by the Supervisory Board. It
also assessed the process for setting the targets and for determining the achievement of these targets, and recommended that
the Supervisory Board adopt a resolution clarifying that, in setting the sustainability target of “improving gender balance” within
the long-term variable compensation for the Managing Board, the company’s country-specific regulatory compliance approach
should be confirmed, taking due account of the new U.S. Executive Orders on DE&I. The Compensation Committee arranged
appropriateness assessments of the compensation of both the Managing Board and the Supervisory Board and prepared the
Supervisory Board resolutions on the compensation packages for the Managing Board members, the determination of short- and
long-term targets for the variable Managing Board compensation, the engagement for the formal and material audit of the
Compensation Report, and the preparation of the report itself. It also assessed compliance with the share ownership
requirements for Managing Board members.
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
210
The Audit Committee held five regular meetings in the reporting period. In the presence of the independent auditor, the
Managing Board members, the General Counsel, the head of Accounting and Controlling, the head of Compliance, the head of
Taxes, and the head of Assurance, it discussed the annual financial statements, the consolidated financial statements, and the
combined management report for Siemens Healthineers AG and the Group for fiscal year 2024, as well as the half-year financial
report and the quarterly reports for fiscal year 2025, with the Managing Board and the independent auditor. In the presence of
the independent auditor, the Audit Committee discussed the audit reports on the annual financial statements, the consolidated
financial statements, and the combined management report, and the report on the auditor’s review of the Group’s half-year
consolidated financial statements and the interim Group management report. During the preparation and the execution of the
audit, the Audit Committee communicated regularly with the independent auditor without the Managing Board being present.
The Audit Committee also met regularly without the Managing Board and/or the independent auditor being present. The Audit
Committee recommended to the Supervisory Board that PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC),
Frankfurt am Main, be proposed to the Annual Shareholders’ Meeting as auditor and Group auditor for fiscal year 2025, and drew
up the recommendation for the precautionary proposal by the Supervisory Board to the Annual Shareholders’ Meeting to elect
PwC as auditor for the Sustainability Report. The committee engaged the independent auditor elected by the Annual
Shareholders’ Meeting to audit the separate and consolidated financial statements for fiscal year 2025, to review the interim
financial statements and financial information, and to audit the Sustainability Report, and specified the key audit matters and set
the auditor’s fee.
The Audit Committee monitored the selection, independence, qualification, rotation, and efficiency of the independent auditor.
In this context, it also evaluated the quality of the audit of the financial statements. The committee also dealt with the company’s
accounting and accounting process, the suitability and effectiveness of the risk management and internal control system, and
the effectiveness, resources, findings, and audit plan for the internal audit, as well as reports on compliance, regulatory
compliance, and potential and pending legal disputes. The committee also discussed the implementation of the CSRD and the
double materiality assessment that the company carried out as part of its sustainability reporting.
The Audit Committee obtained information not only from the Managing Board, but also directly from the persons responsible for
legal and compliance, accounting and controlling, quality, taxes, assurance and the internal control and risk management
system. Through the Chair of the Audit Committee, every member of the committee is entitled to request information directly
from the heads of the corporate functions responsible for the financial reporting process, the internal control system, the risk
management system, the internal audit system, and the audit of financial statements.
The Strategy, Innovation and Sustainability Committee held four regular meetings in the reporting period. It focused primarily on
the company’s innovation and sustainability strategy. In addition to receiving quarterly reports on sustainability-related
developments within the company and on the progress made in implementing the strategy in the individual business areas, the
committee also discussed focus topics of particular current interest. In the past fiscal year, these topics included the integration
of Advanced Accelerator Applications Molecular Imaging SA, a radiopharmaceutical business for diagnostic molecular imaging;
the Diagnostics business area; methods and areas of application of digitalization and artificial intelligence in diagnostic imaging;
key topics related to the new company strategy under development; and an in-depth insight into the field of neurodegenerative
diseases. Other items of business handled in the meetings were approvals in the scope of the committee’s responsibilities
relating to a budget increase for the construction of the factory for photon-counting sensors in Forchheim, and the divestment
with of a 6% stake in a company held by Varian in its venture capital portfolio. The committee also dealt with the double
materiality analysis carried out by the company as part of its sustainability reporting.
The Nomination Committee held one meeting in the reporting period and discussed the long-term succession planning for the
Supervisory Board.
The Related-Party Transactions Committee did not meet in the reporting period.
There was no need for a meeting of the Mediation Committee.
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
211
Disclosure of the individual Supervisory Board members’ attendance rates
The regular meetings of the Supervisory Board and its committees were held in person, with virtual attendance being possible in
individual cases. The extraordinary meeting of the Chairperson’s Committee on March 12, 2025, was held as a virtual meeting by
video conference.
The overall participation rate of all members in meetings of the Supervisory Board and its committees in the past fiscal year was
100%. The attendance records of the individual members of the Supervisory Board and its committees are disclosed below.
Supervisory
Board
(plenary
meetings)
Chairperson’s
Committee
Compensation
Committee
Audit
Committee
Strategy,
Innovation
and
Sustainability
Committee
Nomination
Committee
Related-Party
Transactions
Committee
(Number of meetings/participation in %)
No.
in %
No.
in %
No.
in %
No.
in %
No.
in %
No.
in %
No.
in %
Prof. Dr. Ralf P. Thomas
6/6
100
7/7
100
6/6
100
5/5
100
4/4
100
1/1
100
Chair
Dorothea Simon¹
6/6
100
7/7
100
6/6
100
4/4
100
(Deputy Chair)
Karl-Heinz Streibich
6/6
100
7/7
100
(Further Deputy Chair)
Vanessa Barth¹
6/6
100
5/5
100
Veronika Bienert
6/6
100
5/5
100
Harry Blunk¹
4/4
100
4/4
100
3/3
100
(until June 30, 2025)
Stephan Büttner¹
6/6
100
5/5
100
Dr. Roland Busch
6/6
100
4/4
100
Lars-Christian Dinglinger¹
6/6
100
1/1
100
Dr. Andrea Fehrmann¹
6/6
100
7/7
100
6/6
100
4/4
100
Nick Heindl¹
6/6
100
Dr. Marion Helmes
6/6
100
5/5
100
Dr. Peter Körte
6/6
100
1/1
100
Sarena Lin
6/6
100
6/6
100
Volker Lang¹
2/2
100
(since July 1, 2025)
Axel Patze¹
6/6
100
Astrid Ploß¹
6/6
100
Peer M. Schatz
6/6
100
6/6
100
4/4
100
Dr. Nathalie von Siemens
6/6
100
1/1
100
Harald Tretter¹
6/6
100
5/5
100
4/4
100
Dow R. Wilson
6/6
100
4/4
100
1/1
100
100
100
100
100
100
100
1 Employee representative.
Corporate Governance
We monitor the application and further development of the corporate governance guidelines on a regular basis. Detailed
information on corporate governance at Siemens Healthineers, including the composition of the Supervisory Board, is provided
in the Corporate Governance Statement C.4 Corporate Governance Statement of the Annual Report 2025.
The Declaration of Conformity with the GCGC adopted on September 30, 2025, has been made permanently available to
shareholders on the company’s website. It is also reproduced in C.4.1 Declaration of conformity with the German Corporate
Governance Code of the Annual Report 2025.
The members of the Supervisory Board of Siemens Healthineers AG are required to immediately disclose to the Chair of the
Supervisory Board any conflicts of interest, particularly those that could arise from performing an advisory or governing body role
for customers, suppliers, lenders, or other third parties or major competitors. No such disclosures were made in the past fiscal
year.
Every year, prior to the Annual Shareholders’ Meeting, the Chair of the Supervisory Board holds talks with investors and corporate
governance experts at investment firms on Supervisory Board-specific topics. In the past fiscal year, these talks dealt with topics
such as the upcoming Annual Shareholders’ Meeting, potential implications of sustainability reporting in line with the CSRD, the
independence of individual Supervisory Board members, the ESG element in the Managing Board compensation, the extension of
individual contracts such as that of Elisabeth Staudinger-Leibrecht in 2024, and questions regarding the strategic plans of
Siemens AG with respect to its share in Siemens Healthineers AG, as well as the future of the Diagnostics segment.
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
212
Detailed discussion of the audit of the annual and consolidated financial statements
The independent auditor, PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (Frankfurt, Germany), audited the
annual financial statements of Siemens Healthineers AG, the consolidated financial statements of Siemens Healthineers, and the
combined management report for Siemens Healthineers AG and the Group for fiscal year 2025 and issued an unqualified
opinion. The annual financial statements of Siemens Healthineers AG and the combined management report for
Siemens Healthineers AG and the Group were prepared in accordance with the requirements of German law. The consolidated
financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the
International Accounting Standards Board (IASB) and adopted by the European Union (EU), as well as with the additional
requirements set forth in Section 315e para. 1 of the German Commercial Code (“Handelsgesetzbuch“). The auditor conducted its
audit in accordance with Section 317 of the German Commercial Code, the EU Audit Regulation, and the German generally
accepted standards for the auditing of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and in
supplementary compliance with the International Standards on Auditing (ISA). The aforementioned documents, as well as the
Managing Board’s proposal for the appropriation of net income, were submitted to us in advance by the Managing Board. The
Audit Committee discussed the dividend proposal in detail at its meeting on November 3, 2025. It discussed the annual financial
statements, the consolidated financial statements, and the combined management report in detail at its meeting on
November 25, 2025. In this context, the Audit Committee concerned itself particularly with the key audit matters described in
the independent auditor’s’ report, including the audit procedures implemented.
The auditor’s reports were presented to the members of the full Supervisory Board and were comprehensively discussed in the
presence of the independent auditor at the Supervisory Board meeting on November 25, 2025. The independent auditor
reported on the scope, focal points, and main findings of their audit, particularly addressing the key audit matters and audit
procedures implemented. No major weaknesses in the risk management and internal control system were reported. At the same
meeting, the Managing Board explained the financial statements of Siemens Healthineers AG and the Group, as well as the risk
management system. Another topic addressed at this meeting was the evaluation of the quality of the audit of the financial
statements. The Audit Committee performed an evaluation on the basis of previously determined audit quality indicators.
The Supervisory Board concurs with the results of the audit. Based on the definitive results of the Audit Committee’s preliminary
examination and our own examination, we have no objections to raise. The Managing Board prepared the annual financial
statements and consolidated financial statements. We approved the annual financial statements and consolidated financial
statements. In view of our approval, the annual financial statements of Siemens Healthineers AG are adopted as submitted. The
Managing Board has proposed that the net income available for distribution be used to pay out a dividend of €1.00 per share
entitled to a dividend and that the amount of net income attributable to shares of stock not entitled to receive a dividend for the
past fiscal year be carried forward to new account. We have endorsed this proposal.
The Compensation Report was audited separately by the auditor. Besides the legally required formal audit pursuant to
Section 162 paras. 1 and 2 of the German Stock Corporation Act, the contents of the Compensation Report were also audited.
The auditor was engaged to perform these tasks in the context of the meetings held on May 5 and 6, 2025.
Details on the Compensation Report can be found on the company’s website at www.siemens-healthineers.com/investor-
relations/corporate-governance.
The Sustainability Report for fiscal year 2025 and the disclosures on the EU taxonomy in the Combined Management Report for
Siemens Healthineers AG and the Group for the 2025 fiscal year, as well as the independent auditor's related reports were
reviewed by the Audit Committee and the Supervisory Board at their meetings on November 25, 2025.
Siemens Healthineers Annual Report 2025
Additional information – Report of the Supervisory Board
213
Review of the Managing Board’s Report on relationships with affiliated companies
As of the end of the fiscal year, Siemens AG both directly and indirectly held just under 69% of the issued capital of
Siemens Healthineers AG. Siemens Healthineers AG is included as a fully consolidated subsidiary in the consolidated financial
statements of Siemens AG.
For that reason, the Managing Board of Siemens Healthineers AG prepared a Report on relationships with affiliated companies
(Dependent Companies Report) for fiscal year 2025 in accordance with Section 312 of the German Stock Corporation Act and
submitted it in due time to the Supervisory Board. The Report on relationships with affiliated Companies was audited by the
independent auditor. As no objections were raised to the final results of the audit, the independent auditor issued the following
audit opinion pursuant to Section 313 para. 3 of the German Stock Corporation Act: “Based on our audit and assessment, which
were carried out in accordance with professional standards, we confirm that (1) the factual statements made in the report are
correct, (2) the payments made by the company in connection with legal transactions detailed in the report were not
unreasonably high, (3) there are no circumstances that would require a materially different assessment of the measures listed in
the report than that provided by the Managing Board.”
The Report on relationships with affiliated companies and the independent auditor’s audit report were submitted to the Audit
Committee and the Supervisory Board and reviewed by them. The review led to no objections. On the basis of the definitive
results of the preliminary review by the Audit Committee and of our own review, the Supervisory Board has no objections to the
Managing Board’s Declaration on relationships with affiliated companies pursuant to Section 312 para. 3 sentence 1 of the
German Stock Corporation Act. The Supervisory Board concurs with the results of the independent auditor’s audit of the Report
on relationships with affiliated companies.
Changes in the composition of the Supervisory Board and Managing Board
The following changes occurred in the reporting period:
Supervisory Board
Harry Blunk resigned from his Supervisory Board position effective June 30, 2025. We thank him for his constructive cooperation
and his contribution to the company’s success. Volker Lang was appointed as his successor effective July 1, 2025.
The terms of office of all current Supervisory Board members and the expiration dates of the terms of office of the shareholder
representatives are set out in the qualification matrix in chapter C.4.7 Profile of skills and expertise and diversity concept; further
requirements for the composition of the Supervisory Board of the Annual Report 2025.
Managing Board
There were no changes in the composition of the Managing Board in the past fiscal year. By resolution of the Supervisory Board
of March 10, 2025, Dr. Bernd Montag was appointed Chief Executive Officer of Siemens Healthineers AG with effect as of
March 1, 2026, for a further term of office lasting until February 28, 2031, and Dr. Jochen Schmitz was appointed Chief Financial
Officer of Siemens Healthineers AG, with effect as of March 1, 2026, for a further term of office lasting until February 28, 2031.
Their Managing Board service contracts were extended accordingly.
On behalf of the Supervisory Board, I wish to thank all employees of Siemens Healthineers for their extraordinary dedication in
the past fiscal year, which was marked by a difficult economic and geopolitical situation. I also want to express my gratitude to
the members of the Managing Board, who successfully led the company through another demanding year. And I would
especially like to thank you, our shareholders, for the trust you have placed in our company and its management, employees,
and technologies over the past fiscal year.
Munich, November 25, 2025
For the Supervisory Board
Prof. Dr. Ralf P. Thomas
Chair
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
214
C.4 Corporate Governance Statement in
accordance with Sections 289f and 315d
of the German Commercial Code
In this Corporate Governance Statement pursuant to Sections 289f, 315d of the German Commercial Code
(“Handelsgesetzbuch”) and according to Principle 23 of the German Corporate Governance Code ( “GCGC”), the Managing Board
and the Supervisory Board report on the corporate governance of the company and the Group in the fiscal year from
October 1, 2024, to September 30, 2025. There are no overriding statutory regulations stating that the recommendations or
suggestions of the GCGC were not applicable to Siemens Healthineers AG.
Further information on the subject of corporate governance – including the bylaws for the Managing Board, the bylaws for the
Supervisory Board and the Corporate Governance Statements from prior fiscal years – can be found on our website at
www.siemens-healthineers.com/investor-relations/corporate-governance.
C.4.1 Declaration of conformity with the German Corporate Governance Code
Declaration of Conformity with the German Corporate Governance Code by the Managing Board and the Supervisory
Board of Siemens Healthineers AG in accordance with Section 161 of the German Stock Corporation Act
Since the issuance of the last Declaration of Conformity dated September 30, 2024, Siemens Healthineers AG (“the Company”)
has fully complied with the recommendations of the German Corporate Governance Code as amended on April 28, 2022 (valid
from June 27, 2022, “GCGC 2022”). In addition, the Managing Board and Supervisory Board declare that the Company will
continue to comply with all recommendations of the GCGC 2022 in the future.
Munich, September 30, 2025
Siemens Healthineers AG
C.4.2 Information on corporate management practices
Suggestions of the German Corporate Governance Code
In addition to recommendations, the GCGC also makes suggestions for the good and responsible management and supervision
of an enterprise. Siemens Healthineers AG has complied with all the suggestions of the GCGC since September 30, 2024.
Business Conduct Guidelines
Further corporate governance practices applied beyond the legal requirements are described in the company’s Business Conduct
Guidelines, which are publicly available at www.siemens-healthineers.com/company/compliance.
The Business Conduct Guidelines establish the ethical and legal framework governing the company’s activities. They define the
fundamental principles and rules for the conduct of all Siemens Healthineers employees within the company and in relation to
our external partners and the public, and are an expression of our corporate purpose We pioneer breakthroughs in healthcare.
For everyone. Everywhere. Sustainably.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
215
C.4.3 Compensation report/compensation system
The Compensation Report and the independent auditor’s report pursuant to Section 162 para. 3 of the German Stock Corporation
Act (“Aktiengesetz”), the compensation system for the members of the Managing Board pursuant to Section 87a para. 1 and 2
sentence 1 of the German Stock Corporation Act, and the resolution of the Annual Shareholders’ Meeting on the compensation
of the members of the Supervisory Board pursuant to Section 113 para. 3 of the German Stock Corporation Act are publicly
available at www.siemens-healthineers.com/investor-relations/corporate-governance.
C.4.4 Description of the working methods of the Managing Board and the
Supervisory Board and the composition and working methods of their
committees
Siemens Healthineers AG is subject to the regulations of German stock corporation law. It therefore has a two-tier board
structure, with a Managing Board and a Supervisory Board that are separate in terms of both personnel and functions. Both
governing bodies cooperate closely in the best interest of the company.
The tasks, authorities, and requirements applicable to the working methods and composition of the Managing Board and the
Supervisory Board are primarily derived from the German Stock Corporation Act and the Articles of Association of Siemens
Healthineers AG, as well as the bylaws of the two bodies. The Articles of Association of Siemens Healthineers AG, the bylaws for
the Managing Board and the bylaws for the Supervisory Board are available on our website at www.siemens-
healthineers.com/investor-relations/corporate-governance/bylaws. The German Corporate Governance Code also contains principles,
recommendations and suggestions for the Managing Board and the Supervisory Board that are meant to ensure that the
company is managed in its own best interest.
C.4.4.1
Composition and working methods of the Managing Board
The Managing Board was composed of the following members in fiscal year 2025:
Memberships in supervisory boards whose establishment is
required by law or in comparable domestic or foreign controlling
bodies of business enterprises
Name
Year of birth
First appointed
Term expires
External positions
(as of September 30, 2025)
Group company positions
(as of September 30, 2025)
Dr. Bernhard Montag
1969
2018
2031
None
None
Chief Executive Officer
Darleen Caron
1964
2021
2027
None
None
Chief Human Resources Officer
Dr. Jochen Schmitz
1966
2018
2031
German positions:
None
Chief Financial Officer
• Universitätsklinikum
Augsburg
Elisabeth Staudinger-Leibrecht
1970
2021
2029
Positions outside Germany:
Positions outside Germany:
Member of the Managing Board
• Siemens Ltd., China
• Siemens Healthineers Ltd.,
China
The curricula vitae of Managing Board members are available on the company’s website at www.siemens-
healthineers.com/company/management.
As the company’s top management body, the Managing Board is committed to serving the company’s interests and achieving
sustainable growth in the company’s value. The members of the Managing Board are jointly responsible for the entire
management of the company and decide on fundamental principles of business policy and corporate strategy – including the
sustainability strategy – and the company’s annual and multi-year planning. The Managing Board ensures that risks and
opportunities connected with social and environmental factors are identified and assessed. The corporate strategy gives
appropriate consideration to both long-term financial objectives and sustainability-related objectives. Details on the ambitious
social and environmental commitments contained in the company’s sustainability program can be found in the Sustainability
Report. Further details on sustainability can be found on the website at www.siemens-healthineers.com/company/sustainability.
The Managing Board is responsible for preparing the quarterly statements and the half-year financial report, the annual financial
statements of Siemens Healthineers AG, the consolidated financial statements of the Group, and the combined management
report of Siemens Healthineers AG and the Group. Together with the Supervisory Board, the Managing Board prepares the
Compensation Report. The Managing Board has established an appropriate and effective internal control system and risk
management system, which also cover sustainability-related aspects. In addition, the Managing Board ensures that all legal
provisions, government regulations, and internal company guidelines are complied with, and works to ensure that Group
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
216
companies observe them (compliance). The Managing Board has established a comprehensive compliance management system
aligned with the risk situation of the company. Details are available on the website at www.siemens-
healthineers.com/company/compliance.
The Supervisory Board has issued bylaws for the Managing Board, which contain an assignment of responsibilities and rules for
cooperation both within the Managing Board and between the Managing Board and the Supervisory Board. The Chair of the
Managing Board is responsible for coordinating the work in all areas of assigned responsibilities within the Managing Board. The
Managing Board members are generally individually responsible for managing their assigned areas of responsibility. Because,
however, the Managing Board members bear joint responsibility for the overall management of the company, the Managing
Board members regularly inform each other of important measures and events in their assigned areas of responsibility. Measures
and transactions in one area of responsibility that are unusually important to the company as a whole or entail an unusual
economic risk require the prior consent of the full Managing Board. Such prior consent is also required for measures and
transactions for which the Chair or another member of the Managing Board demands a prior Managing Board decision. The
Managing Board did not have any committees in the reporting period. Further details can be found in the bylaws for the
Managing Board at www.siemens-healthineers.com/investor-relations/corporate-governance/bylaws.
Managing Board members are subject to a comprehensive prohibition on competitive activity for the period of their service on
the Managing Board. They are committed to serving the interest of the company and may not be guided by personal interests,
nor may they exploit for their own advantage business opportunities offered to the company when making their decisions. They
are permitted to engage in secondary activities, particularly supervisory board mandates with companies that are not affiliated
with the Siemens Healthineers Group, only with the consent of the Supervisory Board. Every Managing Board member is required
to promptly disclose any conflicts of interest to the Chair of the Supervisory Board and inform the other Managing Board
members of such conflict.
The Managing Board and the Supervisory Board work together closely in the best interest of the company. The Managing Board
informs the Supervisory Board regularly, comprehensively, and without delay about all issues of importance to the company
regarding strategy, including the company’s sustainability strategy, planning, business development, risk situation, risk
management, internal control system, and compliance, and regularly discusses the status of strategy implementation with the
Supervisory Board. Personnel decisions, in particular when filling managerial positions are made on the basis of performance;
within this context, the Managing Board takes diversity into consideration and, in particular, aims for an appropriate gender
representation.
Further information about the Managing Board can be found on the company’s website:
Information about the compensation system for the Managing Board pursuant to Section 87a German Stock Corporation Act is
available at www.siemens-healthineers.com/investor-relations/corporate-governance/managing-board-compensation.
The Compensation Report 2025, including the auditor’s report, pursuant to Section 162 German Stock Corporation Act is
available at www.siemens-healthineers.com/investor-relations/corporate-governance.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
217
C.4.4.2
Composition and working methods of the Supervisory Board
The Supervisory Board was composed of the following members in fiscal year 2025:
Name
Occupation
(as of September 30, 2025)
Year of birth
Member since
Memberships in other supervisory boards whose
establishment is required by law or in comparable domestic
or foreign controlling bodies of business enterprises (as of
September 30, 2025)
Prof. Dr. Ralf P. Thomas
Member of the
1961
2018
German positions:
Chair
Managing Board of
• Allianz SE²
Siemens Aktiengesellschaft
Positions outside Germany:
(Chief Financial Officer)
• Siemens Proprietary Ltd., South Africa
Dorothea Simon¹
Chair of the
1969
2024
German positions:
(Deputy Chair)
Central Works Council
• Siemens AG²
of Siemens Healthineers AG
Karl-Heinz Streibich
Honorary Chairman of
1952
2018
German positions:
(Further Deputy Chair)
acatech Senate –
• Deutsche Telekom AG²
Deutsche Akademie der
Technikwissenschaften
Vanessa Barth¹
Head of Policy Principles
1969
2024
German positions:
of IG Metall
• Bilfinger SE²
Veronika Bienert
Chief Executive Officer
1973
2023
German positions:
Siemens Financial Services and
• Siemens Bank GmbH (Chair)
Member of the Managing Board
Positions outside Germany:
of Siemens Aktiengesellschaft
• Siemens AG, Austria (Chair)
Harry Blunk¹
Member of the
1961
2024
None
(until June 30, 2025)
Central Works Council
(as June 30, 2025)
of Siemens Healthineers AG
Stephan Büttner¹
Chairman of the Works Council
1978
2024
None
of Siemens Healthineers AG
Erlangen/Forchheim
Dr. Roland Busch
President and
1964
2020
German positions:
Chief Executive Officer of
• Siemens Mobility GmbH (Chair)
Siemens Aktiengesellschaft
• Münchener Rückversicherungs-Gesellschaft AG²
Lars-Christian Dinglinger¹
Portfolio Solution Manager
1981
2024
None
X-Ray Products in NORD
of Siemens Healthineers AG
Dr. Andrea Fehrmann¹
IG Metall Regional Office
1970
2024
German positions:
for Bavaria - Industrial Policy
• Siemens AG²
• Siemens Energy AG²
• Siemens Energy Management GmbH
Nick Heindl¹
1st authorized representative
1985
2024
German positions:
and Managing Director of
• Framatome GmbH
IG Metall Erlangen
Dr. Marion Helmes
Supervisory board member
1965
2018
Positions outside Germany:
of various companies
• Heineken N.V., The Netherlands²
• Lonza Group AG, Switzerland²
Dr. Peter Körte
Chief Technology and
1975
2023
None
Chief Strategy Officer of
Siemens Aktiengesellschaft
Volker Lang¹
Member of the Works Council
1979
2025
None
(as of July 1, 2025)
of Siemens Healthineers AG
Erlangen/Forchheim
Sarena Lin
Chief Transformation Officer and
1971
2023
Positions outside Germany:
Member of Board of Management of
• Bergman Clinics Holdco B.V., The Netherlands
the Hong Kong Jockey Club Ltd.
Axel Patze¹
Member of the
1964
2024
None
Central Works Council
of Siemens Healthineers AG
Astrid Ploß¹
Head of Legal Advanced Therapies
1970
2024
None
& Technology Excellence
of Siemens Healthineers AG
Peer M. Schatz
Managing Director of
1965
2021
Positions outside Germany:
PS Capital Management
• Resolve BioSciences B.V., The Netherlands (Chair)
1 Employee representative.
2 Exchange-listed.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
218
Name
Occupation
(as of September 30, 2025)
Year of birth
Member since
Memberships in other supervisory boards whose
establishment is required by law or in comparable domestic
or foreign controlling bodies of business enterprises (as of
September 30, 2025)
Dr. Nathalie von Siemens
Supervisory board member
1971
2018
German positions:
of various companies
• Messer SE & Co. KGaA
• Siemens AG²
• TÜV SÜD AG
Positions outside Germany:
• EssilorLuxottica S.A., France²
Harald Tretter¹
Deputy Chairman of the
1979
2024
None
Central Works Council
of Siemens Healthineers AG
Dow R. Wilson
Member of the Board of Directors
1959
2023
Positions outside Germany:
of Agilent Technologies, Inc., USA
• Agilent Technologies, Inc., USA²
1 Employee representative.
2 Exchange-listed.
The Supervisory Board is composed of 20 members, half of whom are shareholder representatives and the other half employee
representatives in accordance with the German Co-Determination Act (“Mitbestimmungsgesetz”). The Supervisory Board
members representing the shareholders are elected by the Annual Shareholders’ Meeting. Elections to the Supervisory Board are
conducted, as a rule, on an individual basis. The Supervisory Board members representing the employees are generally elected in
accordance with the provisions of the German Co-Determination Act. The curricula vitae of the Supervisory Board members are
available on the company’s website at www.siemens-healthineers.com/investor-relations/supervisory-board.
Details on the activities of the Supervisory Board and its committees in the reporting period can be found in C.3 Report of the
Supervisory Board of the Annual Report 2025.
The Supervisory Board oversees and advises the Managing Board in its management of the company’s business. At regular
intervals, the Supervisory Board discusses business development, planning and strategy, including the sustainability strategy, and
strategy implementation. It reviews the annual financial statements of Siemens Healthineers AG, the consolidated financial
statements, and the combined management report, as well as the proposal for the appropriation of net income. It approves the
annual financial statements of Siemens Healthineers AG and the consolidated financial statements of the Group, based on the
results of the pre-examination conducted by the Audit Committee and taking into account the reports of the independent
auditor. The Supervisory Board decides on the Managing Board’s proposal for the appropriation of net income and the Report of
the Supervisory Board to the Annual Shareholders’ Meeting. The Supervisory Board prepares the Compensation Report jointly
with the Managing Board. In addition, the company’s adherence to statutory provisions, official regulations and internal
company policies (compliance) are monitored by the Supervisory Board and/or the Audit Committee. The Supervisory Board’s
oversight and advisory activities also encompass, sustainability-related topics in the environmental, social and governance (ESG)
area. In addition to the corresponding updates given in every meeting of the Strategy, Innovation and Sustainability Committee,
the Supervisory Board also regularly demands and receives information about the sustainability strategy of Siemens Healthineers
and the status of this strategy’s implementation. The Supervisory Board deals with the risks and opportunities for Siemens
Healthineers associated with social and environmental factors and the environmental and social impacts of the company’s
activities. The Supervisory Board deals with the sustainability reporting and demands and receives information on new
developments and the implementation status at Siemens Healthineers. The Supervisory Board is also responsible for appointing
and dismissing Managing Board members and specifying their areas of responsibility. Upon proposal by the Compensation
Committee, the Supervisory Board decides on the compensation system for the Managing Board members and reviews it
regularly. It determines the specific compensation details in accordance with this system and reviews the appropriateness of the
overall compensation. Based on the preparatory work done in the Compensation Committee, the Supervisory Board sets the
individual targets for the variable compensation and total compensation of each Managing Board member. Important Managing
Board decisions – such as those regarding major acquisitions, divestments, investments in property, plant, and equipment, or
financial measures – are subject to Supervisory Board approval, unless the bylaws for the Supervisory Board specify that such
authority is delegated to one of the Supervisory Board committees.
Separate preparatory meetings of the shareholder representatives and of the employee representatives are held regularly in
preparation for the Supervisory Board meetings. The Supervisory Board also meets regularly without the Managing Board in
attendance. The bylaws of the Supervisory Board set out not only its tasks and responsibilities, but also the procedure for holding
meetings, adopting resolutions, and dealing with conflicts of interest. See www.siemens-healthineers.com/investor-
relations/corporate-governance/bylaws. Details on the work of the Supervisory Board, in relation to official meetings and in relation to
the informational events offered additionally for the purpose of providing in-depth information on especially relevant topics, as
well as details on any conflicts of interest, are provided in the Report of the Supervisory Board C.3 Report of the Supervisory Board
of the Annual Report 2025.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
219
Committees of the Supervisory Board
The Supervisory Board has seven committees (the Chairperson’s Committee; the Audit Committee; the Strategy, Innovation and
Sustainability Committee; the Compensation Committee; the Nomination Committee; the Related-Party Transactions Committee;
and the Mediation Committee). The following sections consider, among other factors, selected disclosure requirements in line
with the ESRS, specifically [ESRS 2 GOV-1, 22a].
The committees were composed of the following persons as of September 30, 2025:
Committees
Members (as of September 30, 2025)
Chairperson’s Committee
• Prof. Dr. Ralf P. Thomas (Chair)
• Dorothea Simon¹
• Dr. Andrea Fehrmann¹
• Karl-Heinz Streibich
Nomination Committee
• Prof. Dr. Ralf P. Thomas (Chair)
• Dr. Peter Körte
• Dr. Nathalie von Siemens
• Dow R. Wilson
Compensation Committee
• Peer M. Schatz (Chair)
• Lars-Christian Dinglinger¹
• Dr. Andrea Fehrmann¹
• Sarena Lin
• Dorothea Simon¹
• Prof. Dr. Ralf P. Thomas
Audit Committee
• Dr. Marion Helmes (Chair)
• Vanessa Barth¹
• Veronika Bienert
• Stephan Büttner¹
• Prof. Dr. Ralf P. Thomas
• Harald Tretter¹
Strategy, Innovation and Sustainability Committee
• Dr. Roland Busch (Chair)
• Dr. Andrea Fehrmann¹
• Volker Lang¹
• Peer M. Schatz
• Dorothea Simon¹
• Prof. Dr. Ralf P. Thomas
• Harald Tretter¹
• Dow R. Wilson
Related-Party Transactions Committee
• Dr. Marion Helmes (Chair)
• Stephan Büttner¹
• Axel Patze¹
• Karl-Heinz Streibich
Mediation Committee
• Prof. Dr. Ralf P. Thomas (Chair)
• Dorothea Simon¹
• Dr. Andrea Fehrmann¹
• Sarena Lin
1 Employee representative.
The duties, responsibilities, and work procedures satisfy the requirements of the German Stock Corporation Act and the GCGC.
The chairs of these committees provide the Supervisory Board with regular reports on the committees’ activities.
The Chairperson’s Committee coordinates the work of the Supervisory Board and prepares the meetings of the Supervisory Board.
It prepares the self-assessment of the effectiveness of the Supervisory Board’s work and monitors the execution of the resolutions
taken by the Supervisory Board or its committees. In addition, it concerns itself with issues of corporate governance, including
the bylaws for the Supervisory Board and the Managing Board and the assignment of responsibilities, to the extent that the latter
is not governed by law, and provides recommendations on these subjects insofar as a Supervisory Board resolution is required.
The Chairperson’s Committee is responsible for preparing the resolution to be adopted on the Declaration of Conformity with the
GCGC, and on the approval of the Corporate Governance Statement and the Report of the Supervisory Board to the Annual
Shareholders’ Meeting.
The Chairperson’s Committee is responsible for long-term succession planning. It makes proposals to the Supervisory Board
concerning the appointment and dismissal of Managing Board members. In relation to the compensation system and the overall
compensation of each Managing Board member as resolved by the Supervisory Board, it is responsible for the conclusion,
amendment, renewal, and termination of service agreements with members of the Managing Board. When making
recommendations for the appointment of Managing Board members, the Chairperson’s Committee shall take note of the
relevant legal requirements and the profile of skills and expertise and diversity concept defined by the Supervisory Board, as well
as the age limit and, if applicable, the target for the nomination of women on the Managing Board. When making
recommendations for first-time appointments, it takes into account that the duration of these appointments should, as a rule,
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
220
not exceed three years. It decides on approving contracts and transactions with members of the Managing Board and their
related parties, whether individuals or entities.
The Chairperson’s Committee is also responsible for making proposals to the Supervisory Board concerning the composition of
the Supervisory Board committees. It also makes such proposals concerning the chairs of the Supervisory Board committees,
unless the Chair of the Supervisory Board is also the chair of the committee in question by virtue of the bylaws. The Chairperson’s
Committee, instead of the Supervisory Board, also decides on the approval of Managing Board proposals regarding the
appointment or dismissal of persons in certain management positions at the level immediately below the Managing Board.
In fiscal year 2025, the Chairperson’s Committee was composed of the following members: Prof. Dr. Ralf P. Thomas (Chair),
Dr. Andrea Fehrmann, Dorothea Simon and Karl-Heinz Streibich.
The Audit Committee oversees the auditing of the financial statements, particularly the selection, independence, and
qualifications of the independent auditor, and assesses the audit quality and the services of the independent auditor. It makes a
recommendation to the Supervisory Board concerning its proposal to the Annual Shareholders’ Meeting for the election of the
auditor and the Group auditor as well as the auditor for the condensed financial statements and the interim Group management
report (half-year financial report for the Group), to the extent that they are audited or reviewed by the independent auditor. It
issues the audit engagement to the independent auditor, establishes the key audit matters, negotiates the fee agreement,
prepares the audit of the annual financial statements and consolidated financial statements and the Managing Board’s proposal
for the appropriation of net income, and discusses the half-year financial report and quarterly reports with the Managing Board
before they are published. The Audit Committee is responsible for matters of accounting and risk management. This includes
monitoring the accounting process and the adequacy and effectiveness of the internal control system and risk management
system, including the coverage of sustainability-related objectives, as well as the effectiveness of the internal audit system and
the internal procedure for related-party transactions. It monitors compliance with legal requirements, official regulations, and
company-internal guidelines (compliance), and deals with non-financial matters, as well as any assignments of an outside
auditor pursuant to Section 111 para. 2 sentence 4 of the German Stock Corporation Act. In preparation for the implementation
of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No
537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, the Audit Committee also performed various
tasks in connection with the Sustainability Report.
In fiscal year 2025, the Audit Committee was composed of the following members: Dr. Marion Helmes (Chair), Vanessa Barth,
Veronika Bienert, Stephan Büttner, Prof. Dr. Ralf P. Thomas and Harald Tretter.
The Strategy, Innovation and Sustainability Committee has particular responsibility for discussions of the company’s innovation
strategy based on the company’s overall strategy, and for preparing negotiations and resolutions of the Supervisory Board on
investments in tangible assets and financial measures. In addition, the Strategy, Innovation and Sustainability Committee has
been authorized by the Supervisory Board to decide on the approval of certain transactions and measures that require
Supervisory Board approval and have a value of less than €300 million. Moreover, the Strategy, Innovation and Sustainability
Committee regularly deals with sustainability-related topics (ESG). In the context of Managing Board compensation, it may be
consulted by the Compensation Committee regarding sustainability-related targets.
In fiscal year 2025, the Strategy, Innovation and Sustainability Committee was composed of the following members as of
September 30, 2025: Dr. Roland Busch (Chair), Dr. Andrea Fehrmann, Volker Lang, Dorothea Simon, Peer M. Schatz, Prof. Dr. Ralf
P. Thomas, Harald Tretter and Dow R. Wilson. Harry Blunk resigned from his Supervisory Board position as of June 30, 2025;
Volker Lang was elected as his successor on the Strategy, Innovation and Sustainability Committee in the Supervisory Board
meeting on July 29, 2025.
The Compensation Committee is responsible for making proposals to the Supervisory Board for the setting and achievement of
targets for the variable compensation of the Supervisory Board, the assessment of the appropriateness of the overall
compensation of individual Managing Board members, and the preparation of the Compensation Report, including the
appointment of the independent auditor. It is also responsible for the preparation of resolutions to be adopted by the Supervisory
Board on the compensation system for the Managing Board and the Supervisory Board, including the implementation of this
system in the Managing Board contracts and the regular review of the system.
In fiscal year 2025, the Compensation Committee was composed of the following members as of September 30, 2025: Peer M.
Schatz (Chair), Lars C. Dinglinger, Dr. Andrea Fehrmann, Sarena Lin, Dorothea Simon and Prof. Dr. Ralf P. Thomas. Harry Blunk
resigned from his Supervisory Board position as of June 30, 2025; Lars C. Dinglinger was elected as his successor on the
Compensation Committee in the Supervisory Board meeting on July 29, 2025.
The Nomination Committee is composed exclusively of shareholder representatives. It suggests suitable candidates for election as
new shareholder representatives by the Annual Shareholders’ Meeting to the Supervisory Board. It thereby appropriately
considers the knowledge, skills, and professional experience required for the proposed candidate to fulfill the profile of skills and
expertise and the diversity concept, including independence requirements. Appropriate participation of women and men in
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
221
accordance with the legal requirements for gender quotas must be ensured and the Supervisory Board as a whole must be
familiar with the sector in which the company operates.
In fiscal year 2025, the Nomination Committee was composed of the following members: Prof. Dr. Ralf P. Thomas (Chair),
Dr. Peter Körte, Dr. Nathalie von Siemens and Dow R. Wilson.
The Related-Party Transactions Committee decides on the approval of related-party transactions within the meaning of
Sections 107 and 111a through 111c of the German Stock Corporation Act. The establishment of this committee creates the
conditions that allow the Supervisory Board to deal with related-party transactions independently of the related parties involved
in the transaction concerned. Within this scope, the committee’s responsibility for making decisions pertaining to related-party
transactions takes precedence over the decision-making authority of other committees.
The Related-Party Transactions Committee is composed exclusively of individuals for whom there are no concerns about conflicts
of interest from their relationship to a related party. In fiscal year 2025, the committee was composed of the following members:
Dr. Marion Helmes (Chair), Stephan Büttner, Axel Patze and Karl-Heinz Streibich.
The Mediation Committee is responsible for submitting proposals to the Supervisory Board concerning the appointment or
dismissal of Managing Board members if the required two-thirds majority of Supervisory Board members is not reached in the
first round of voting. In fiscal year 2025, the Mediation Committee was composed of the following members: Prof. Dr. Ralf P.
Thomas (Chair), Dr. Andrea Fehrmann, Sarena Lin and Dorothea Simon.
Self-assessment of the Supervisory Board’s work
The Supervisory Board and its committees regularly assess, either internally or with the help of external consultants, the degree
to which the Supervisory Board and its committees have performed their work effectively. Building on the self-assessments
performed in fiscal years 2020 to 2023, the Supervisory Board once again performed a comprehensive, tool-based self-
assessment in fiscal year 2025 to reflect on the work of the Supervisory Board. The evaluation of the self-assessment was carried
out in consultation with a renowned external expert. His comparative and stimulating perspective confirmed that the work of the
Supervisory Board is characterized by a professional, constructive collaboration both within the Supervisory Board and with the
Managing Board and is marked by a high degree of trust and openness. The evaluation also confirmed that meetings are
organized and implemented efficiently, and that the informational events are of a high quality. The new, co-determined
composition and structure of the Supervisory Board, including the committee structure and mechanisms, were evaluated as
effective and efficient. No general need for change was identified. Individual suggestions are also addressed during the year and
incorporated into the planning.
C.4.5 Fulfillment of the minimum requirements pursuant to Sections 96 para. 2
and 76 para. 3a of the German Stock Corporation Act; targets for the share
of women within the meaning of Section 76 para. 4 of the German Stock
Corporation Act
Since co-determination took effect on December 1, 2023, Siemens Healthineers AG is required by the German Stock Corporation
Act as a company whose Managing Board is composed of more than three persons to ensure that at least one woman and at least
one man are members of the Managing Board (minimum participation requirement). With a 50% share of women on the
Managing Board, Siemens Healthineers AG fulfilled this requirement in the reporting period.
In line with the requirements of the German Stock Corporation Act, the Managing Board also sets targets for the share of women
in Siemens Healthineers AG at the two levels of management below the Managing Board. In November 2023, a target of 29% was
set for the share of women in the first management level below the Managing Board and a target of 31% was set for the share of
women in the second management level below the Managing Board, both to be attained by September 30, 2026. Based on the
organisational structure in place at this time, these targets correspond to seven women out of a total of 24 employees working in
the first management level below the Managing Board, and 48 women out of a total of 155 employees working in the second
management level below the Managing Board at Siemens Healtineers AG.
The representation of men and women on the Supervisory Board fulfilled the legal requirement for a share of at least 30% women
in the reporting period, with 8/20 women (Vanessa Barth, Veronika Bienert, Dr. Andrea Fehrmann, Dr. Marion Helmes, Sarena
Lin, Astrid Ploß, Dr. Nathalie von Siemens, and Dorothea Simon). According to the profile of skills and expertise for the
Supervisory Board, moreover, at least one woman should be a member of the Nomination Committee. This requirement is
fulfilled with Dr. Nathalie von Siemens serving as a member of this committee.
Statutory provisions on the equal participation of men and women in management positions that may be applicable to Group
companies other than Siemens AG remain unaffected.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
222
C.4.6 Diversity concept and skills, long-term succession planning for the
Managing Board
When selecting members for the Managing Board, the Supervisory Board takes into account their personal suitability, integrity,
convincing leadership qualities, international experience, professional qualifications for the specific business responsibilities to
be assumed, a proven track record, knowledge of the company, and the ability to adapt business models and processes in a
constantly changing world. On this basis, diversity – including in relation to age, gender, and educational and professional
background – is considered when filling Managing Board positions.
Diversity concept for the Managing Board, professional and personal skills
The following sections consider, among other factors, selected disclosure requirements in line with the ESRS, specifically [ESRS 2
GOV-1, 21c].
In its proposals for the appointment of members to the Managing Board, the Chairperson’s Committee is guided by the objective
to ensure, as far as possible, that the composition of the Managing Board ensures strong leadership and is as diversified and
complementary as possible. The aim is for the Managing Board as a whole to have all the knowledge and experience that are
considered essential in view of the activities of Siemens Healthineers. For this reason, the Supervisory Board takes particular note
of the following criteria when selecting members of the Managing Board:
• In addition to the required specific technical skills and the management and leadership experience for the task in question,
Managing Board members should cover a wide range of knowledge and experience, as well as educational and professional
backgrounds that are as broad as possible.
• In view of the company’s international reach, it should be ensured that the composition of the Managing Board reflects
internationality by including different cultural backgrounds or international experience (for example, extended professional
experience abroad that is relevant to Siemens Healthineers or the management of foreign business activities).
• Collectively, the Managing Board should have experience of the lines of business important to Siemens Healthineers,
particularly (diagnostic) imaging, laboratory diagnostics, minimally invasive therapies, and cancer treatment.
• Collectively, the Managing Board should have many years of experience in medical and healthcare technology (including
information technology, digitalization and artificial intelligence), cybersecurity, transformation, entrepreneurship, purchasing
and production, sales and service, research and development, finance, human resources, and legal (including compliance and
co-determination).
• Since December 1, 2023, when the provisions of the German Co-Determination Act became applicable to the company, the
legal minimum participation requirement must be observed when filling Managing Board positions, meaning that a Managing
Board composed of more than three persons must have at least one woman and at least one man as members of the
Managing Board.
• It is regarded as useful to have different age groups represented on the Managing Board. In accordance with the
recommendation of the GCGC, the Supervisory Board has set a standard age limit for members of the Managing Board. In
general, an appointment or renewal of an appointment to the Managing Board was permitted only for persons who had not
yet reached the age of 63; at the close of fiscal year 2024, the standard age limit was raised to 67. The age of 67 is the
standard age limit for employees in Germany, and the average age of retirement in Germany is 64.4.
The decisive factor in filling a specific Managing Board position is always the company’s interest, taking into account all
circumstances of the individual case.
The diversity concept is implemented as part of the procedure for the Supervisory Board’s appointment of Managing Board
members. In selecting candidates, the Supervisory Board takes care to comply with the legal requirements and takes into account
the requirements set out in the profile of skills and expertise defined by the Supervisory Board along with the diversity concept
for the Managing Board.
In its current composition, the Managing Board fulfills all requirements of the profile of skills and expertise and the diversity
concept. The Managing Board members collectively possess a wide range of knowledge and expertise, as well as educational and
professional backgrounds, and possess international experience. The Managing Board collectively possesses all the knowledge
and experience considered essential in view of the activities of Siemens Healthineers. Different age groups are represented on
the Managing Board. The fixed standard age limit has not been reached by any Managing Board member. Information about the
Managing Board members can be found on the company’s website at www.siemens-healthineers.com/company/management.
Long-term succession planning for the Managing Board
With the support of the Chairperson’s Committee and in consultation with the Managing Board, the Supervisory Board performs
long-term succession planning for members of the Managing Board in compliance with the relevant legal provisions. To this end,
the Supervisory Board and the Chairperson’s Committee regularly discuss potential candidates for the Managing Board. The Chair
of the Managing Board and the Chief Human Resources Officer are involved, except in cases of their own succession. The specific
requirement profiles for future Managing Board members defined by the Supervisory Board are not static but are defined
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
223
individually at the start of every new succession-planning project, taking into account the current responsibility-specific needs
and concrete challenges. This planning work is to be performed with an appropriate lead time. In the event of a pending, specific
succession decision, the Chairperson’s Committee draws up a narrower selection of available candidates based on these profiles.
Structured interviews are conducted with these candidates, after which a recommendation is presented to the Supervisory Board
to be adopted in the form of a resolution. If necessary, the Supervisory Board and the Chairperson’s Committee are supported by
external consultants in the development of the requirement profile and the selection of candidates based on this profile. The
Supervisory Board and the Chairperson’s Committee ensure that the knowledge, abilities, and experience of all members of the
Managing Board are diverse and balanced. In addition, the Supervisory Board regularly requests and receives information on
succession planning at the level below the Managing Board and advises the Managing Board on such matters. The Supervisory
Board is also given an opportunity to review potential candidates itself. The appointment of the owners of certain executive
functions at the first level below the Managing Board requires the approval of the Chairperson’s Committee.
C.4.7 Profile of skills and expertise and diversity concept; further requirements
for the composition of the Supervisory Board
Within the framework of the selection process and the nomination of candidates for the Supervisory Board, the Supervisory
Board and the Nomination Committee of the Supervisory Board consider the requirements specified in the profile of skills and
expertise and in the diversity concept, and the targets for the composition of the Supervisory Board.
The following sections and the qualification matrix consider, among other factors, selected disclosure requirements in line with
the ESRS, specifically [ESRS 2 GOV-1, 21c]. The qualification matrix also includes additional information that addresses the
disclosure requirement set out in [ESRS 2 GOV-1, 23a].
Profile of skills and expertise
The composition of the Supervisory Board of Siemens Healthineers AG should be such that qualified oversight and advice to the
Managing Board by the Supervisory Board is assured and the Supervisory Board’s collective familiarity with the sector in which
the company operates is guaranteed.
The candidates proposed for election to the Supervisory Board should have the knowledge, skills, and experience that enable
them to perform the duties of a supervisory board member of an international enterprise and strengthen the public image of
Siemens Healthineers. The character, integrity, motivation, and professionalism of the persons proposed for election should be
given particular consideration.
The aim is for the Supervisory Board as a whole to have all the knowledge and experience considered essential in view of the
activities of Siemens Healthineers. This includes skills and experience in the fields of medical and healthcare technology
(including information technology, digitalization, and artificial intelligence), cybersecurity, transformation, entrepreneurship,
purchasing and production, sales and service, research and development, finance, human resources, legal (including compliance
and co-determination), and healthcare delivery. The Supervisory Board’s profile of skills and expertise should also include
expertise in sustainability issues relevant to the enterprise, particularly regarding access to healthcare. The Supervisory Board
should also have knowledge and experience of the lines of business important to Siemens Healthineers, particularly in the fields
of (diagnostic) imaging, laboratory diagnostics, minimally invasive therapy, and cancer care. In particular, the Supervisory Board
should also include persons who have management experience at a large international enterprise as a result of holding an
executive position at such an enterprise.
Pursuant to the Stock Corporation Act, at least one member of the Supervisory Board (Audit Committee) should have knowledge
of accounting and at least one further member should have knowledge of auditing financial statements. In addition, the
Supervisory Board members should collectively be familiar with the sector in which Siemens Healthineers operates. According to
the recommendation of the GCGC, expertise in the field of financial reporting should include particular knowledge and
experience in the application of financial reporting principles and internal control and risk management systems, and the
expertise in the auditing of financial statements should include particular knowledge and experience in the auditing of financial
statements. Expertise in financial reporting and the auditing of financial statements also includes the preparation and auditing of
sustainability reports.
Before filling a new position, the Supervisory Board should consider which required skills and expertise should be bolstered.
In its current composition, the Supervisory Board satisfies the profile of skills and expertise. The Supervisory Board members have
the professional and personal qualifications considered necessary. As a group, they are familiar with the sector in which the
company operates and have the knowledge, skills, and experience essential for Siemens Healthineers.
In the person of Prof. Dr. Ralf P. Thomas, the Supervisory Board and Audit Committee each have at least one member with special
knowledge of accounting. Relevant professional experience consists of: Chief Financial Officer at Siemens AG (since 2013),
Chairman of the Stock Exchange Committee of Experts (“Börsensachverständigenkommission”), which advises Germany’s Federal
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
224
Ministry of Finance (since July 2019), Chairman of the Administrative Board of the German Committee of Accounting Standards
(“Deutsches Rechnungslegungs Standards Committee e.V.”), (from 2011 to 2020), member of the Executive Committee and
Managing Board of the German Institute for Share Promotion (“Deutsches Aktieninstitut”) (since January 2014), and Treasurer
and member of the Executive Committee of the Max Plank Society (“Max-Planck-Gesellschaft e.V., MPG”) (since June 2014).
As regards the auditing of financial statements, the Supervisory Board and the Audit Committee each have at least one person
with the corresponding expertise in the person of Dr. Marion Helmes, Chair of the Audit Committee. Relevant professional
experience consists of: Chief Financial Officer at Celesio AG (from 2012 to 2014), Chief Financial Officer at Q-Cells SE (from 2010
to 2011), Chief Financial Officer at ThyssenKrupp Elevator AG (from 2006 to 2010), and Chief Financial Officer at ThyssenKrupp-
Stainless AG (from 2005 to 2006). Dr. Marion Helmes, the independent Chair of the Audit Committee, therefore satisfies the
GCGC recommendations for the chair of that committee.
In the view of the Supervisory Board, Audit Committee member Veronika Bienert also possesses particular expertise in the fields
of financial reporting and financial statements auditing.
The status of fulfillment of the professional skills requirements for the Supervisory Board is presented in the form of a
qualification matrix (presented below).
Diversity concept for the Supervisory Board
Pursuant to C.1 GCGC, sufficient diversity is expected in the composition of the Supervisory Board. In addition to an appropriate
gender ratio, this also includes diversity with regard to cultural origin, diversity of professional background, experience, and
mindset. When examining potential candidates for appointments to Supervisory Board positions, diversity should be considered
appropriately and at an early stage of the selection process and when nominating candidates. In the process of selecting and
nominating candidates for the Supervisory Board and within the scope of their competence, the Supervisory Board and the
Nomination Committee of the Supervisory Board take account of the targets for the composition and the requirements laid down
in the diversity concept. The status of fulfillment of the diversity concept is presented in the following qualification matrix.
International profile
In view of the company’s international reach, it should be ensured that the Supervisory Board has a sufficient number of
members with many years’ of international experience in companies with a global presence, especially in the markets that are
particularly relevant for Siemens Healthineers.
A considerable number of Supervisory Board members are engaged in international activities and/or have many years of
international experience. See the qualification matrix for details.
Age limit and length of membership
Observing the age limit laid down by the Supervisory Board in the bylaws, only persons who at the time of election or
appointment have not yet reached the age of 71 should usually be proposed for election or appointment as a member of the
Supervisory Board. Furthermore, a proposal for election by the Annual Shareholders’ Meeting should take into account the
standard limit of twelve years for membership in the Supervisory Board. The aim is to ensure an appropriate experience and age
structure in the Supervisory Board.
The age limit rule and the standard limit of twelve years for membership on the Supervisory Board were taken into account in the
election proposals to the Annual Shareholders’ Meeting on April 18, 2024. Karl-Heinz Streibich had already reached the age of 71
at the election date. In view of his many years of experience, particularly in the fields of information technology, digitalization,
and cybersecurity, the Supervisory Board considered his nomination essential to fulfill the profile of skills and expertise.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
225
Qualification matrix
Shareholder representatives
Prof. Dr. Ralf
P. Thomas¹
Karl-Heinz
Streibich²
Veronika
Bienert
Dr. Roland
Busch
Dr. Marion
Helmes
Dr. Peter
Körte
Sarena
Lin
Peer M.
Schatz
Dr. Nathalie
von Siemens
Dow R.
Wilson
Member since | Term of office 2018 | 3rd 2018 | 3rd 2023 | 2nd 2020| 2nd 2018 | 3rd 2023 | 2nd 2023 | 2nd 2021 | 2nd 2018 | 3rd 2023 | 2nd
End of term
ASM 2029 ASM 2027 ASM 2027 ASM 2029 ASM 2027 ASM 2027 ASM 2029 ASM 2029 ASM 2029 ASM 2029
Diversity
Age
(as of Nov. 26, 2025)
64
73
52
61
59
49
54
60
54
66
Gender
Male
Male
Female
Male
Female
Male
Female
Male
Female
Male
Nationality
DE
DE
DE
DE
DE
DE
US/Taiwan
CH/AT
DE
US
International Experience
Education Background
Business
Adminis-
tration
Enginee-
ring
Siemens AG
apprentice-
ship in
Business
Adminis-
tration
(Stamm-
hauslehre)
Physics
Business
Adminis-
tration
Business
Enginee-
ring
Business
Adminis-
tration,
Inter-
national
relations,
Computer
Science
Economics
and
Social
Sciences
Philo-
sophy
Business
Adminis-
tration
Independence
according to GCGC C.6
according to GCGC C.7
Areas of competence
Medical and healthcare
technology (incl.
Information technology,
digitalization, artificial
intelligence)
Cybersecurity
Sustainability
Operational
Strategic
Reporting
(incl. audit)
Transformation
Entrepreneurship
Purchasing and Production
Sales and Service
Research and Development
Finance and Legal
(incl. Compliance and
Co-determination)
Human Resources
Healthcare Delivery
(Diagnostic) Imaging
Laboratory diagnostics
Minimally Invasive Therapy
Cancer Care
Management experience at
a large international
enterprise (P&L
responsibility)
Accounting³
Auditing of
financial statements³
1 Chair.
2 Further Deputy Chair.
3 Financial expert according to Section 100 para. 5 of the German Stock Corporation Act and Recommendation D.3 of the GCGC.
Criterion met, based on a self-assessment by the Supervisory Board. A checkmark means at least “good knowledge” and thus the ability to understand the relevant issues well and make informed decisions on the basis
of existing qualifications, the knowledge and experience acquired in the course of the work as a member of the Supervisory Board (for example, many years of service on the Audit Committee) or the training measures
regularly attended by all members of the Supervisory Board.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
226
Qualification matrix
Shareholder representatives
Dorothea
Simon¹
Vanessa
Barth
Stephan
Büttner
Lars-
Christian
Dinglinger
Dr. Andrea
Fehrmann
Nick
Heindl
Volker
Lang
Axel
Patze
Astrid
Ploß
Harald
Tretter
Member since | Term of office 2024 | 1st 2024 | 1st 2024 | 1st 2024 | 1st 2024 | 1st 2024 | 1st 2025 | 1st 2024 | 1st 2024 | 1st 2024 | 1st
Diversity
Age
(as of Nov. 26, 2025)
56
56
46
44
55
40
45
61
55
46
Gender
Female
Female
Male
Male
Female
Male
Male
Male
Female
Male
Nationality
DE
DE
DE
DE
DE
DE
DE
DE
DE
DE
International Experience
Education Background
Law
Diploma
Sociology
Industrial
mechanics
Business
Admini-
stration,
Healthcare
Manage-
ment
Diploma
Sociology
Business
Admini-
stration
Computer
Science,
Political
Science
Glas
apparatus
makers
Law
Mechanical
engineering
technician
Areas of competence
Medical and healthcare
technology (incl.
Information technology,
digitalization, artificial
intelligence)
Cybersecurity
Sustainability
Operational
Strategic
Reporting
(incl. audit)
Transformation
Entrepreneurship
Purchasing and Production
Sales and Service
Research and Development
Finance and Legal
(incl. Compliance and
Co-determination)
Human Resources
Healthcare Delivery
(Diagnostic) Imaging
Laboratory diagnostics
Minimally Invasive Therapy
Cancer Care
Management experience at
a large international
enterprise (P&L
responsibility)
Accounting²
Auditing of
financial statements²
1 Deputy Chair.
2 Financial expert according to Section 100 para. 5 of the German Stock Corporation Act and Recommendation D.3 of the GCGC.
Criterion met, based on a self-assessment by the Supervisory Board. A checkmark means at least “good knowledge” and thus the ability to understand the relevant issues well and make informed decisions on the basis
of existing qualifications, the knowledge and experience acquired in the course of the work as a member of the Supervisory Board (for example, many years of service on the Audit Committee) or the training measures
regularly attended by all members of the Supervisory Board.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
227
Independence
In accordance with the GCGC, the Supervisory Board should include what it considers to be an appropriate number of
independent members from the group of shareholder representatives, thereby taking into account the shareholder structure.
Within the meaning of this recommendation of the GCGC, a Supervisory Board member is considered independent if he/she is
independent of the company and its Managing Board, and independent of any controlling shareholder. If the company has a
controlling shareholder, and the Supervisory Board comprises more than six members, the GCGC recommends that at least two
shareholder representatives should be independent of the controlling shareholder. A Supervisory Board member is considered
independent of the controlling shareholder if he/she, or a close family member, is neither a controlling shareholder nor a
member of the executive governing body of the controlling shareholder and does not have a personal or business relationship
with the controlling shareholder that could cause a substantial and not merely temporary conflict of interest.
More than half of the shareholder representatives should be independent of the company and the Managing Board. Supervisory
Board members are independent of the company and its Managing Board if they have no personal or business relationship with
the company or its Managing Board that could cause a substantial and not merely temporary conflict of interest.
In the opinion of the shareholder representatives and in accordance with the further requirements of the German Corporate
Governance Code, the Supervisory Board has an appropriate number of independent shareholder representatives. In the opinion
of the shareholder representatives, six shareholder representatives of the Supervisory Board are independent of the company, its
Managing Board, and the controlling shareholder, namely Dr. Marion Helmes, Sarena Lin, Peer M. Schatz, Dr. Nathalie von
Siemens, Karl-Heinz Streibich, and Dow R. Wilson.
All members of the Supervisory Board are currently independent of the company and its Managing Board. Some members of the
Supervisory Board hold high-ranking positions in other companies with which Siemens Healthineers maintains relationships in
the ordinary course of business. The Supervisory Board believes that none of these relationships should be considered material.
Availability
The members of the Supervisory Board must ensure that they have sufficient time to perform their duties so that they can carry
out their mandate with the necessary regularity and diligence. The legal limits on the number of positions, and the upper limit
recommended by the GCGC of two supervisory board positions for Managing Board members of publicly listed companies and
five supervisory board positions for other members, must be taken into consideration.
With regard to performing the tasks associated with such a position at Siemens Healthineers, it must be taken into account that
• at least six ordinary Supervisory Board meetings are held per year, which require adequate preparation,
• sufficient time must be planned for reviewing the documents relating to the annual and consolidated financial statements,
• attendance at the Annual Shareholders’ Meeting is mandatory,
• depending on membership in one or more of the currently seven Supervisory Board committees, additional time is required
for attending and adequately preparing for committee meetings; this applies especially to the Audit Committee, and
• additional extraordinary meetings of the Supervisory Board or a committee may become necessary to deal with special issues.
The upper limits recommended by the German Corporate Governance Code were met by all Supervisory Board members in the
reporting period; see the description in Chapter C.4.4.2 Composition and working methods of the Supervisory Board of the Annual
Report 2025.
C.4.8 Stock transactions of the Managing Board and the Supervisory Board
Pursuant to Article 19 Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market
abuse (Market Abuse Regulation), members of the Managing Board and the Supervisory Board are legally required to disclose
personal transactions with equity or debt instruments of Siemens Healthineers AG or related derivatives or other financial
instruments related to them if the total amount of the transactions conducted by the member or a person related to him or her
within a calendar year equals or exceeds the sum of €20,000. The transactions reported to Siemens Healthineers AG in the past
fiscal year were duly published and are available on the company’s website at: www.siemens-healthineers.com/investor-
relations/corporate-governance/directors-dealings.
Siemens Healthineers Annual Report 2025
Additional information – Corporate Governance Statement in accordance with Sections 289f and 315d of the German Commercial Code
228
C.4.9 Shareholders/Annual Shareholders’ Meeting
The shareholders exercise their membership rights, particularly their voting rights, at the Annual Shareholders’ Meeting. The
Annual Shareholders’ Meeting decides, among other things, on the appropriation of net income, the ratification of the actions of
the Managing Board and the Supervisory Board, and the election of the independent auditor. Amendments to the Articles of
Association and measures that change the company’s capital stock are approved by the Annual Shareholders’ Meeting and
implemented by the Managing Board. Each share of Siemens Healthineers AG grants one vote. The notice of meeting and
participation in the Annual Shareholders’ Meeting are governed by the requirements of law and the Articles of Association. The
shareholders are supported by the company in exercising their rights in the Annual Shareholders’ Meeting. The company enables
the shareholders to follow the entire Annual Shareholders’ Meeting via the internet. Shareholders may submit motions on
resolutions proposed by the Managing Board and the Supervisory Board and contest the resolutions of the Annual Shareholders’
Meeting. The reports, documents, and information required by law for the Annual Shareholders’ Meeting, including the annual
financial report, are available online, as are the agenda for the Annual Shareholders’ Meeting and any counter-motions or
election proposals of shareholders that require disclosure. For the election of shareholder representatives to the Supervisory
Board, a detailed curriculum vitae of every candidate is published.
By resolution of the Annual Shareholders’ Meeting of February 15, 2023, the Articles of Association were amended, and the
Managing Board was authorized to permit the Annual Shareholders’ Meeting to be held without the physical presence of the
shareholders or their proxies at the place of the Annual Shareholders’ Meeting (virtual Annual Shareholders’ Meeting). This
authorization applies to virtual Annual Shareholders’ Meetings until the close of February 14, 2028.
As part of the company’s investor relations activity, investors are comprehensively informed about developments within the
company. Siemens Healthineers also makes extensive use of the Internet for reporting purposes. In addition, quarterly reports,
half-year financial reports, annual reports, ad-hoc announcements, analyst presentations, press releases, and the financial
calendar for the current year which contains the publication dates of significant financial communications and the date of the
Annual Shareholders’ Meeting are published on the company’s website at www.siemens-healthineers.com/investor-relations. The
Chair of the Supervisory Board regularly speaks with investors and voting rights advisors about Supervisory Board-specific topics.
Details on the content of these discussions in the past year are provided in the Report of the Supervisory Board in chapter C.3
Report of the Supervisory Board of the Annual Report 2025.
Documents and information on the Annual Shareholders’ Meeting are available at www.siemens-healthineers.com/investor-
relations.
Siemens Healthineers Annual Report 2025
Additional information – Notes and forward-looking statements
229
C.5 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 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 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 developments, 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
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.
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 limitations 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 similarly 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 and the Notes to
consolidated financial statements, Note 29 Segment information.
If products or product features are described in this document, please note that they may not be available in all countries –
including the United States of America – through the Siemens Healthineers sales organization. Reasons for this may include
differing regulatory requirements, strategic decisions, regional sales restrictions, or varying launch timelines. If this document
contains general technical descriptions, these may not apply in every individual case and are subject to change.
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 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 the German document. In case of discrepancies, the German language
document is the sole authoritative and universally valid version.
To avoid redundancy, certain disclosures of the European Sustainability Reporting Standards (ESRS) refer to other sections of the
Annual Report. In such cases, the relevant ESRS requirement is clearly and transparently identified through explicit mention of
the corresponding standard reference (e.g., [ESRS 2, GOV-2]).
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.
Internet: www.siemens-healthineers.com
Press: www.siemens-healthineers.com/press
Investor Relations: www.siemens-healthineers.com/investor-relations
___________________________________________
Siemens Healthineers AG
Siemensstr. 3
91301 Forchheim, Germany
siemens-healthineers.com
Investor Relations
Phone: +49 (9131) 84-3385
Email: ir.team@siemens-healthineers.com
Press
Email: press.team@siemens-healthineers.com
© Siemens Healthineers AG, 2025
