𝗦𝗶𝗲𝗺𝗲𝗻𝘀 𝗘𝗻𝗲𝗿𝗴𝘆: 𝗔𝗜 𝗜𝘀 𝗕𝗲𝗰𝗼𝗺𝗶𝗻𝗴 𝗮 𝗠𝗮𝗷𝗼𝗿 𝗚𝗿𝗼𝘄𝘁𝗵 𝗗𝗿𝗶𝘃𝗲𝗿 𝗠𝗮𝘆 𝟭𝟮, 𝟮𝟬𝟮𝟲 The quarterly results from Siemens Energy confirm a strong market trend: the surge in energy demand driven by artificial intelligence and data centers is directly benefiting global power infrastructure companies. 𝗧𝗵𝗲 𝗴𝗿𝗼𝘂𝗽 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝗲𝗱 𝗮 𝗽𝗮𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝗿𝗹𝘆 𝘀𝘁𝗿𝗼𝗻𝗴 𝗾𝘂𝗮𝗿𝘁𝗲𝗿: • Net profit: €835M (+66% year-over-year) • Revenue: €10.3B • Record order intake: €17.7B • Full-year outlook: around €4B in profit The most profitable divisions remain: • Gas Services • Grid Technologies Two businesses directly exposed to the modernization of electrical grids and the rising global demand for electricity. Another important point: subsidiary Siemens Gamesa, long seen as the group’s main weakness, is finally moving closer to profitability with a significantly reduced loss. Regarding geopolitics, management stated that the conflict involving Iran has had only a limited impact so far. Siemens Energy’s infrastructure in the Middle East continues to operate normally, and regional orders remain stable. After gaining more than 45% since the beginning of the year, the market now appears to be pricing in a long-term growth scenario driven by: • AI, • electrification, • power grid expansion, • and the global energy transition. Key point to watch: the group’s ability to maintain this momentum while sustainably improving Gamesa’s profitability. romainroth.com $NSDQ100 $SPX500 $AL2SI.PA $ENR.DE $MU ⚠️ Risk Warnings: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘤𝘩𝘰𝘰𝘴𝘦 𝘵𝘰 𝘶𝘴𝘦 𝘪𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘰𝘸𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.