Table of contents Combined Management Report 3 1. Organization of the Siemens Group and basis of presentation 4 2. Financial performance system 4 2.1 Revenue growth 4 2.2 Profitability and capital efficiency 4 2.3 Capital structure 4 2.4 Liquidity and dividend 5 2.5 Calculations of EPS pre PPA and ROCE 6 3. Segment information 6 3.1 Overall economic conditions 6 3.2 Digital Industries 8 3.3 Smart Infrastructure 9 3.4 Mobility 10 3.5 Siemens Healthineers 11 3.6 Siemens Financial Services 12 3.7 Portfolio Companies 13 3.8 Reconciliation to Consolidated Financial Statements 14 4. Results of operations 14 4.1 Orders and revenue by region 15 4.2 Income 15 4.3 Research and development 16 5. Net assets position 17 6. Financial position 17 6.1 Capital structure 18 6.2 Cash flows 20 7. Overall assessment of the economic position 22 8. Report on expected developments and associated material opportunities and risks 22 8.1 Report on expected developments 23 8.2 Risk management 25 8.3 Risks 29 8.4 Opportunities 30 8.5 Significant characteristics of the internal control and risk management system 33 9. Siemens AG 33 9.1 Results of operations 34 9.2 Net assets and financial position 34 9.3 Corporate Governance statement 35 10. Takeover-relevant information (pursuant to Sections 289a and 315a of the German Commercial Code) and explanatory report 35 10.1 Composition of common stock 35 10.2 Restrictions on voting rights or transfer of shares 35 10.3 Legislation and provisions of the Articles of Association applicable to the appointment and removal of members of the Managing Board and governing amendment to the Articles of Association 35 10.4 Powers of the Managing Board to issue and repurchase shares 37 10.5 Significant agreements which take effect, alter or terminate upon a change of control of the Company following a takeover bid 37 10.6 Compensation agreements with members of the Managing Board or employees in the event of a takeover bid 37 10.7 Other takeover-relevant information 38 11. EU Taxonomy disclosure