Earnings Release and Financial Results Q2 FY 2021

Outlook

Although we continue to anticipate a complex macroeconomic environment influenced by COVID-19, we expect our businesses to continue to deliver a strong performance in the second half of fiscal 2021. Furthermore, we realized substantial gains from portfolio transactions in the first half of the fiscal year. Therefore, we again raise our outlook for the fiscal year.

We continue to anticipate that negative currency effects will strongly burden both nominal growth rates in volume and Adjusted EBITA for our industrial businesses in fiscal 2021.

We now raise our expectation for comparable revenue, net of currency translation and portfolio effects, to growth of 9% to 11%, above the range of mid- to high-single-digit growth given in the Earnings Release for Q1 FY 2021. We continue to expect a book-to-bill ratio above 1.

Digital Industries now expects fiscal 2021 comparable revenue to grow in the range of 9% to 11% year-over-year. The expectation for Adjusted EBITA margin is now 20% to 21%, an increase of one percentage point.

Smart Infrastructure expects to achieve comparable revenue growth of 5% to 7% in fiscal 2021. The expectation for Adjusted EBITA margin is now 11% to 12%, an increase of half a percentage point.

Mobility continues to anticipate mid-single-digit comparable revenue growth and an Adjusted EBITA margin of 9.5% to 10.5% in fiscal 2021.

In line with the results already achieved during the first half of fiscal 2021 and the expectations described above, we raise our outlook for net income to the range from €5.7 to €6.2 billion, well above the previous expectation of net income in the range of €5.0 to €5.5 billion.

As previously, this outlook excludes burdens from legal and regulatory issues and effects in connection with Siemens Healthineers' acquisition of Varian Medical Systems, Inc.

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