Independent Auditor’s Report (Siemens AG) Independent auditor´s report To Siemens Aktiengesellschaft, Berlin and Munich Report on the audit of the annual financial statements and of the management report Opinions We have audited the annual financial statements of Siemens Aktiengesellschaft, Berlin and Munich, (the Company) which comprise the income statement for the fiscal year from October 1, 2022 to September 30, 2023, the balance sheet as of September 30, 2023 and notes to the financial statements, including the recognition and measurement policies presented therein. In addition, we have audited the management report of Siemens Aktiengesellschaft, which is combined with the group management report, for the fiscal year from October 1, 2022 to September 30, 2023. In accordance with the German legal requirements, we have not audited chapter 11 “EU Taxonomy disclosure” of the combined management report, the sections “8.5.1 Internal Control System (ICS) and ERM” and “8.5.2 Compliance Management System (CMS)” in chapter 8.5 of the combined management report as well as the content of the Corporate Governance Statement which is published on the website stated in the combined management report. In our opinion, on the basis of the knowledge obtained in the audit, • the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law applicable to business corporations and give a true and fair view of the assets, liabilities and financial position of the Company as of September 30, 2023 and of its financial performance for the fiscal year from October 1, 2022 to September 30, 2023 in compliance with German legally required accounting principles, and • the accompanying management report as a whole provides an appropriate view of the Company’s position. In all material respects, this management report is consistent with the annual financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our opinion on the management report does not cover chapter 11 “EU Taxonomy disclosure” of the combined management report, the sections “8.5.1 Internal Control System (ICS) and ERM” and “8.5.2 Compliance Management System (CMS)” in chapter 8.5 of the combined management report and the content of the Corporate Governance Statement. Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report. Basis for the opinions We conducted our audit of the annual financial statements and of the management report in accordance with Sec. 317 HGB and the EU Audit Regulation (No 537/2014, referred to subsequently as “EU Audit Regulation”) and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). In conducting the audit of the annual financial statements we also complied with International Standards on Auditing (ISA). Our responsibilities under those requirements, principles and standards are further described in the “Auditor’s responsibilities for the audit of the annual financial statements and of the management report” section of our auditor’s report. 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. In addition, in accordance with Art. 10 (2) f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the annual financial statements and on the management report. Key audit matters in the audit of the annual financial statements Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual financial statements for the fiscal year from October 1, 2022 to September 30, 2023. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our opinion thereon; we do not provide a separate opinion on these matters. Below, we describe what we consider to be the key audit matters: Valuation of non-current financial assets Reasons why the matter was determined to be a key audit matter: The impairment test and the assessment regarding the need for a reversal of impairment of non-current financial assets was a key audit matter, as in particular shares in affiliated companies and investments entail a higher risk of material misstatement due to the materiality of these assets as well as the estimation uncertainties and judgments involved in assessing whether there is objective evidence to indicate a lower net realizable value and permanent impairment or a reversal of impairment, and the determination of the fair values. The determination of the fair values of non-current financial assets also depends to a large extent on the assessment of future cash inflows and the discount rate applied. In case of the investment in Siemens Energy AG, in which 21,0% are held directly, the market capitalization during fiscal 2023 was on average above the book value sometimes significantly. As of September 30, 2023, a reversal of impairment to the stock market price has been recorded, following an impairment as of September 30, 2022. Auditor’s response: With regards to the net realizable values calculated by management and its assessment as to whether an impairment or reversal of impairment is expected to be permanent, we examined the underlying processes related to the planning of future cash flows 2