Earnings Release Q2 2013

January 1 to March 31, 2013

Munich, Germany, May 2, 2013

Mixed Picture, Focus on Execution

Lower Revenue & Total Sectors profit

Double-digit order growth, EPS up 17%

Double-digit order growth, book to bill above 1

While macroeconomic conditions remained challenging in the second quarter, Siemens won major long-cycle contracts for wind power and trains that drove a 20% increase in orders year-over-year. In contrast, revenue came in 7% lower compared to the prior-year period. On a comparable basis, excluding currency translation and portfolio effects, revenue was 6% lower. The book-to-bill ratio for Siemens was 1.19, the order backlog (defined as the sum of the order backlogs of the Sectors) increased to €101 billion.

Broad-based revenue decline

Weaker investment sentiment in recent quarters was evident in second-quarter revenue, which declined in all Sectors and reporting regions. On a regional basis, revenue declined significantly in the Americas and moderately in the region comprising Europe, the Commonwealth of Independent States, Africa and the Middle East (Europe/CAME) and in the Asia, Australia region. Emerging markets on a global basis declined 4% year-over-year, and accounted for €5.938 billion, or 33%, of total revenue for the second quarter.

Orders climb on large contract wins in Europe

The Energy and Infrastructure & Cities Sectors both won a pair of major orders in Europe/CAME that drove their double-digit order increases compared to the prior-year period. Healthcare showed moderate order growth year-over-year, while orders fell at Industry on weaker demand for its short-cycle businesses and renewable energy offerings. On a geographic basis, Europe/CAME and the Americas showed double-digit increases due to higher volumes from large orders. Emerging markets on a global basis grew faster than orders overall, at 24% year-over-year, and accounted for €6.795 billion, or 32%, of total orders for the quarter.

Profit declines at Industry, Infrastructure & Cities

Total Sectors profit declined to €1.374 billion from €1.929 billion in the second quarter a year earlier. Industry profit declined to €350 million from €662  million a year earlier, due mainly to more challenging market conditions for its short-cycle businesses. Profit in Infrastructure & Cities fell to €27 million from €270  million a year earlier, due largely to charges of €161 million related to high-speed rail projects. Energy delivered €551 million in profit, down 4% compared to the prior-year period. Charges related to grid connection projects totaled €84 million in the second quarter compared to €278 million a year earlier. Healthcare contributed €445 million in profit, up 5% year-over-year.

Total Sectors profit included charges of €104  million for the “Siemens 2014” productivity improvement program: €49 million in Industry, €23  million in Infrastructure & Cities, €20 million in Energy, and €13 million in Healthcare. The program is expected to generate substantially higher charges in the second half of the fiscal year.

Stable income from

continuing operations

Income from continuing operations of €982 million was slightly above the prior-year level, as lower Total Sectors profit was offset by improvements outside the Sectors. Above all, Equity Investments posted a profit of €8 million in the current quarter compared to a loss of €594 million a year earlier. Basic EPS from continuing operations rose to €1.14 from €1.08 a year earlier, benefiting from share buybacks between the periods under review.

Discontinued operations turns positive

Second-quarter net income was up 10%, at €1.030 billion. Corresponding EPS rose 17%, to €1.20 from €1.03 in the prior-year period, due to share buybacks as mentioned above. The increase in net income was due primarily to discontinued operations, which contributed €48 million in the current period. A year earlier, discontinued operations posted a loss of €41 million, due mainly to a burden of €142 million (pretax) from a settlement related to Greece. Income from discontinued operations related to Siemens IT Solutions and Services in the current period was a negative €9 million compared to a positive €42 million a year earlier. Income from discontinued operations related to OSRAM rose to €57 million, up from €25  million a year ago. OSRAM reported a 3% decline in revenue compared to the second quarter a year ago (0% decline on an organic basis). Additional information regarding OSRAM is on page 13.

Strong improvement in Free cash flow

Free cash flow from continuing operations was €1.375 billion, up strongly from €532  million in the same period a year ago, due primarily to an improved cash performance at the Sector level. The main component of Free cash flow from continuing operations in the second quarter was Income from continuing operations. Cash inflows related to the decrease in operating net working capital were €0.4 billion, including customer payments received particularly in Energy.

Siemens again took advantage of extraordinarily favorable conditions to raise new long-term debt. The total amount raised was €3.5 billion, denominated in both euros and the U.S. dollar, with maturities ranging from 2018 to 2028. The new debt raised was partly offset by the redemption of bonds totaling €2 billion. Another major cash outflow during the second quarter was €2.5 billion for dividend payments. All these cash flows were financing activities and therefore not part of Free cash flow.

Pension plan underfunding

remains largely unchanged

The estimated underfunding of Siemens’ pension plans as of March 31, 2013 amounted to €9.0 billion, compared to an underfunding of €8.9 billion at the end of the first quarter.

Profit near prior-year level,

double-digit order growth

Energy reported second-quarter profit of €551  million, down 4% year-over-year due mainly to lower revenue. Power Transmission narrowed its loss due largely to substantially reduced project charges. Fossil Power Generation contributed lower earnings than a year earlier, but still accounted for most of the Sector’s profit and was the highest profit performer among all Siemens Divisions. Profit at Wind Power fell compared to the strong second quarter a year ago, while earnings at Oil & Gas came in close to the prior-year level. Siemens’ solar business was reclassified from discontinued operations during the second quarter, and its results are reported within Energy. The business posted a loss of €21 million, nearly unchanged from the second quarter a year earlier. Additional information regarding the solar business is on page 13. Energy recorded €20 million in charges under the “Siemens 2014” productivity program.

Second-quarter revenue declined 9%, including lower revenue at Fossil Power Generation and Wind Power. On a geographic basis, lower revenue in the current period was due primarily to the Americas region, where Wind Power orders were strongly influenced in the second half of calendar 2012 by uncertainties in the U.S. market.

Orders for the quarter jumped 46% year-over-year, due mainly to two large offshore wind-farm orders at Wind Power. Order intake remained close to prior-year levels at Fossil Power Generation and Oil & Gas, while lower orders at Power Transmission were influenced by more selective order intake. On a regional basis, orders rose sharply in Europe/CAME and the Americas but fell in Asia, Australia. The book-to-bill ratio for Energy was 1.35, and its order backlog was €58 billion at the end of the quarter.

Lower revenue reduces profit contribution

Second-quarter profit at Fossil Power Generation came in at €431 million, including a strong contribution from the service business. The main factor in the Division’s profit decline year-over-year was significantly lower revenue, resulting mainly from declining order intake for turnkey projects in prior quarters. Orders for the current period were up 4% year-over-year, with increases in the Americas and Europe/CAME more than offsetting lower orders in Asia, Australia.

Sharp order growth, revenue and profit down

Second-quarter profit at Wind Power was €53  million, down from €130  million in a particularly strong quarter for revenue-driven profit a year earlier. Key factors in the change included lower revenue and a less favorable revenue mix. Revenue declined 19% due to the onshore wind farm business, where the U.S is the largest national market for Wind Power. New projects in the U.S. were halted or postponed in late 2012 due to uncertainty regarding continuation of production tax incentives. The resulting order gap led to a steep drop in second-quarter revenue in the Americas region compared to a year earlier. In contrast, orders in the current period climbed sharply due mainly to the off-shore wind farm business, which typically has longer lead times between orders and revenue recognition. The Europe/CAME region posted the two large orders mentioned above as well as a major service contract in Germany, and led strong order growth for all three reporting regions.

Stable profit contribution

Second-quarter profit at Oil & Gas was €125 million, compared to €131  million in the same period a year earlier. Revenue and orders for the Division were close to prior-year levels.

Grid connection charges fall, though challenges remain

Power Transmission reported a loss of €49  million, compared to a loss of €169 million in the same quarter a year earlier. The improvement is due primarily to substantially lower charges related mainly to grid connections to offshore-wind farms, totaling €84 million in the current period. A year earlier, these charges totaled €278  million, partly offset by the release

of a provision of €64 million related to a successful project completion. Second-quarter revenue for the Division was close to the prior-year level, while orders came in 9% lower in part due to more selective order intake in Europe/CAME. The Division expects continuing challenges in coming quarters, including the transport and installation of platforms for grid connections to certain offshore wind farms.

Order growth, continued strong profit performance

Second-quarter profit in the Healthcare Sector rose to €445 million, due to improvements in cost position resulting from the Sector’s ongoing Agenda 2013 initiative as well as lower charges associated with this initiative. These charges totaled €13  million in the current period compared to €38 million in the prior-year period. Profit development improved despite lower revenue and an excise tax on medical devices sold in the U.S., which was introduced on January 1, 2013 and affected most businesses in the Sector.

Profit at Diagnostics rose to €84 million from €67  million in the prior-year period. The increase was due in part to Agenda 2013, including both improvements in cost position and lower charges associated with the initiative compared to the prior-year period. These charges declined to €8 million from €20  million a year ago. Purchase price allocation (PPA) effects related to past acquisitions at Diagnostics were €42 million in the second quarter. A year earlier, Diagnostics recorded €43 million in PPA effects.

Second-quarter revenue for Healthcare was down 2% year-over-year, on declines at most businesses. Orders were up 3%, driven by the Sector’s imaging businesses. On a regional basis, slight growth in Asia, Australia did not offset lower revenue in Europe/CAME and the Americas. Significant order growth in the region Asia, Australia was highlighted by double-digit increases in China. The book-to-bill ratio for the Sector was 1.02, and Healthcare’s order backlog was €7 billion at the end of the second quarter.

The Diagnostics business saw a slight revenue decline to €963 million from €976  million a year earlier. On a regional basis, Diagnostics revenue followed the same pattern as the Sector.

Challenging market conditions continue

Industry continued to face more challenging market conditions compared to the prior year, affecting results for both short-cycle businesses and renewable energy offerings. Due mainly to lower capacity utilization and a less favorable business mix, profit at Industry declined to €350  million in the second quarter, well below €662 million a year earlier. Profit was also burdened by €49 million in charges under the “Siemens 2014” productivity program, with the majority of the charges coming at Drive Technologies.

Revenue and orders were down 9% and 10% respectively on declines in both Divisions and in the metals technologies business. On a geographic basis, revenue was lower in all three regions including double-digit declines in Asia, Australia and the Americas. The decline in orders was spread more evenly among the regions but was particularly evident in the important Chinese and German markets. The Sector’s book-to-bill ratio was 1.00 and its order backlog at the end of the quarter was €11 billion.

Lower revenue, M&A and mix

effects take profit lower

Profit at Industry Automation declined sharply year-over-year, to €201  million, as lower sales reduced capacity utilization and resulted in a less favorable revenue mix compared to the prior-year period. Profit also included PPA effects associated with the integration of LMS International NV (LMS) beginning in the current quarter. Revenue and orders both fell 7% including declines in most of the Division’s businesses. A notable exception was the Division’s industrial IT and software business, which benefited from recent acquisitions including LMS. PPA effects related to the acquisition of UGS Corp. in fiscal 2007 were €38 million in the current quarter, compared to €36 million a year earlier. PPA effects related to long-lived assets from the acquisition of LMS were €11 million in the current quarter. Effects from deferred revenue adjustments and inventory step-ups related to LMS totaled an additional €14 million. Based on current assumptions, similar amounts are expected in the final two quarters of fiscal 2013.

Short-cycle businesses

burden profit

Second-quarter profit at Drive Technologies fell to €147  million, due mainly to profit declines in the Division’s higher-margin short-cycle businesses and offerings for renewable energy. Both saw double-digit declines in revenue year-over-year. For the Division overall, second-quarter revenue was down 10% from the prior-year level, including double-digit declines in the Americas and Asia, Australia. Orders came in 11% lower, due mainly to weaker demand in Europe/CAME.

Profit falls on project charges, weaker revenue

Profit at Infrastructure & Cities declined to €27 million in the second quarter from €270 million in the same period a year earlier. The Sector recorded project charges of €161 million related to high-speed trains, and took charges of €23 million related to the “Siemens 2014” productivity program. Profit development was held back also by a 5% decline in revenue compared to the prior-year period. Both Europe/CAME and the Americas

posted lower revenue year-over-year, more than offsetting higher sales in the Asia, Australia region. In contrast, orders rose substantially year-over-year, driven by major orders in Europe/CAME. The Sector’s book-to-bill ratio was 1.28 and its order backlog at the end of the quarter was €25 billion.

Rolling stock charges burden profitability

Transportation & Logistics posted a loss of €156 million compared to profit of €75 million a year earlier. This decline was due mainly to the €161 million in charges mentioned above, which primarily involve delays related to receiving certification for new trains. In addition, Transportation & Logistics’ business mix was less favorable due to lower margins associated

with large long-term contracts from prior periods and revenue declined 7% year-over-year. Order intake in the current period rose sharply, benefiting from two major rolling stock orders in Europe/CAME. The Transportation & Logistics business expects continuing challenges in coming quarters, related to fulfillment of contracts for high-speed rail projects.

After the end of the second quarter of fiscal 2013, the European Commission authorized Siemens’ acquisition of Invensys Rail. The transaction is expected to close in the third quarter, at the beginning of May.

Stable profit and revenue

Power Grid Solutions & Products posted €98 million in second-quarter profit, near the prior-year level. While earnings from the smart grid solutions business rose on a more favorable business mix, profit from the low and medium voltage business declined compared to the prior-year period. Revenue came in slightly below the prior-year level, with revenue growth in the Americas partly offsetting a decline in Europe/CAME. Orders were down 6% year-over-year, including lower demand in the Americas and Europe/CAME.

Profit falls on lower revenue

Second-quarter profit at Building Technologies declined to €59 million from €77 million a year earlier, driven mainly by a 5% decline in revenue. Orders for the second quarter were nearly level year-over-year. On a geographic basis, revenue was lower in all three reporting regions. Orders in the Americas region rose, including a large order for an energy efficiency project in the U.S. while orders in Asia, Australia were lower year-over-year.

Profit from Equity Investments in the second quarter was €8  million compared to a loss of €594 million a year earlier. This improvement was due mainly to a substantially smaller loss related to Siemens’ share in Nokia Siemens Networks B.V. (NSN). The loss was €62 million in the current quarter compared to a loss of €640 million in the prior-year quarter. NSN reported to

Siemens that in the current quarter it took €129 million in restructuring charges and other associated items, including net charges related to country and contract exits. Restructuring charges and other associated items totaled €772  million in the second quarter a year earlier. Results from equity investments are expected to be volatile in coming quarters.

Sharp profit increase at Financial Services

Financial Services (SFS) continued to execute its growth strategy. Higher total assets year-over-year helped generate a higher interest result compared to the second quarter a year ago. For comparison, the prior-year period included burdens on profit related to certain activities in the U.S.

As a result, profit (defined as income before income taxes) rose to €113 million from €74 million in the prior-year period. Total assets rose to €17.872 billion, a moderate increase from the level at the beginning of the fiscal year.

Corporate Activities

Corporate items and pensions

Corporate items and pensions reported a loss of €153 million in the second quarter compared to a positive €12 million in the same period a year earlier. The loss at Corporate items was €46 million, compared to a positive €101 million in the same quarter a year earlier. The prior-year period included positive effects totaling €95 million related to legal and regulatory matters. Centrally carried pension expense totaled €106  million in the second quarter, compared to €89 million in the prior-year period.

Solar business

Solar business reclassified

as continuing operations

At the end of the second quarter of fiscal 2013, Siemens’ solar business no longer fulfilled the conditions to be classified as discontinued operations according to IFRS. The business therefore was reclassified to continuing operations and is reported within the Energy Sector. Prior-period results are presented on a comparable basis.

In fiscal 2012, orders and revenue of the business were €50 million and €199  million, respectively; it posted a pre-tax loss of €259 million. In the first quarter of fiscal 2013, the business recorded a pre-tax loss of €157  million, which included an impairment charge of €115 million. In the second quarter of fiscal 2013, the pre-tax loss amounted to €21 million.

Siemens still intends to exit the solar business, and expects a total negative impact on income from continuing operations of approximately €0.3 billion from this portfolio matter in fiscal 2013.

OSRAM

OSRAM spin-off

At the Annual Shareholders’ Meeting of Siemens AG on January 23, 2013, Siemens’ shareholders approved the previously proposed spin-off of OSRAM. Siemens plans to retain a 17.0% stake in OSRAM after the spin-off and will additionally contribute a 2.5% stake to the Siemens Pension Trust e.V. Based on the shareholders’ approval Siemens recognized a spin-off liability amounting to €2.6 billion. The spin-off liability reflects 80.5% of the fair value of OSRAM and reduces retained earnings at the same amount.

During the second quarter of fiscal 2013, an action for annulment and voidance was brought against the OSRAM spin-off resolution of the Annual Shareholders’ Meeting, blocking its registration into the German Commercial registers in Berlin and Munich. As part of a so-called judicial release procedure, Siemens filed a motion with the Munich Higher Regional Court to remove the blocking. After the end of the second quarter, the Court approved Siemens’ motion. The Company is continuing to take appropriate steps to complete the spin-off as approved and expects a public listing of OSRAM Licht AG in July 2013.

Outlook

In fiscal 2013, Siemens is implementing “Siemens 2014,” a company-wide program supporting our One Siemens framework for sustainable value creation. The goal of the program is to raise our Total Sectors profit margin to at least 12% by fiscal 2014.

For fiscal 2013, we confirm our expectations of moderate organic order growth. With continuing challenges for our businesses whose results react strongly to short-term changes in the economic environment, we now anticipate a moderate decline in revenue on an organic basis compared to the prior year. Charges associated with the Siemens 2014 program in the Sectors are expected to total up to €0.9 billion

for the full fiscal year. Given these developments and financial results for the first half, we expect income from continuing operations in fiscal 2013 to approach the low end of our original expectation, €4.5 billion, before impacts related to legal and regulatory matters and significant portfolio effects which we expect to burden income by up to €0.5 billion due primarily to the solar business.

All figures are preliminary and unaudited.

Financial Publications are available for download at: www.siemens.com/ir g Publications & Events.

This document includes supplemental financial measures that are or may be non-GAAP financial measures. Orders and order backlog; adjusted or organic growth rates of revenue and orders; book-to-bill ratio; Total Sectors profit; return on equity (after tax), or ROE (after tax); return on capital employed (adjusted), or ROCE (adjusted); Free cash flow, or FCF; cash conversion rate, or CCR; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins, earnings effects from purchase price allocation, or PPA effects; net debt and adjusted industrial net debt are or may be such non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation as alternatives to measures of Siemens’ financial condition, results of operations or cash flows as presented in accordance with IFRS in its Consolidated Financial Statements.

Other companies that report or describe similarly titled financial measures may calculate them differently. Definitions of these supplemental financial measures, a discussion of the most directly comparable IFRS financial measures, information regarding the usefulness of Siemens’ supplemental financial measures, the limitations associated with these measures and reconciliations to the most comparable IFRS financial measures are available on Siemens’ Investor Relations website at www.siemens.com/nonGAAP. For additional information, see supplemental financial measures and the related discussion in Siemens’ most recent annual report on Form 20-F, which can be found on our Investor Relations website or via the EDGAR system on the website of the United States Securities and Exchange Commission.

Beginning today at 09:00 a.m. CEST, the press conference at which CEO Peter Löscher and CFO Joe Kaeser discuss the financial figures for the second quarter of fiscal year 2013 will be broadcast live at www.siemens.com/conferencecall. Recordings of the press conference and the analysts and investors conference will subsequently be made available as well.

Starting at 10:30 a.m. CEST, Peter Löscher and Joe Kaeser will hold an analyst conference in English, which can be followed live at www.siemens.com/analystconference.

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to stockholders 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 and certain assumptions of Siemens’ management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Siemens’ control, affect Siemens’ operations, performance, business strategy and results and could cause the actual results, performance or achievements of Siemens to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends. These factors include in particular, but are not limited to, the matters described in Item 3: Key information—Risk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter “Risks” of our most recent annual report prepared in accordance with the German Commercial Code, and in the chapter “Report on risks and opportunities” of our most recent interim report.

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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.