西门子能源拟分拆工业转型部门，聚焦电气化业务

Diversified/Conglomerates Planned deconsolidation of Ti Gael de-Bray,CFA Research Analyst+33-1-4495-6562Nabil Najeeb Siemens Energy announced that it is starting preparations for the legal andoperational separation of its Transformation of Industry division (TI).Thebusinesswill berunasastandaloneentity,withthecompanyexploringvariousoptions,rangingfrombringinginexternalinvestorstoapotentialioorspin-off.The objectiveistodeconsolidatethebusiness,whileretainingaminoritystaketosupport itsdevelopment.ThisstrategicdecisionwillallowSiemensEnergytofully refocus onelectrificationmarkets,eliminate its Oil&Gas/petrochemicalexposure,andmechanicallyimproveitsmedium-termmarginprofile(weestimatebyatleast+5obps).Itwill alsosimplifythegroup's reportingstructureandmakeitsprofileevenmorecomparabletothatofGEV,potentiallyreducingthesignificantgapbetweenthetwocompanies'valuationmultiples(2027eP/Eof23x, vs 39x for GEV). Research Analyst+44-20-754-17410JohnKim Research Analyst+44-20-754-18699 SeetharamanRamakrishnaResearch Associate Potential upside to TI margins and valuationWebelieve theTibusinesswillhavemore opportunities togrow as a standalone companyasitscapexandR&DplanswouldnolongerfacecompetitioninternallywithSiemensEnergy's Gas and Griddivisions.In ourcurrentscenario,weforecastrevenues of 7.3bn with an adjusted EBITA of 1bn in FY30 (margin of 13.8%),fora valuation of nearly 12bn.More optimistic scenarios,assuming additionalinvestmentsfromnewowners,couldleadtohigherprofitability,witheachpointofincrementalmarginadding900mofvalue. TI division overviewTI reportedsalesof5.7bn withanEBITAmarginof11.3%inFY25,andtargetsmid-/ high-single-digit revenue growthby2028 witha margin range of 12-14%.It servesenergy-intensive industrial customers who seek to optimize the output of theirassets,electrify operations,improve energy efficiencyand reduce carbonemissions.The offeringincludes products,integrated systems,solutions,andservices for process industries (e.g.,oil and gas,chemicals,petrochemicals,mining,steel,pulpandpaper,data center),foroffshoreandmaritimeapplicationsand for the production and transport of green hydrogen and clean fuels.Theportfolio regroups electrolyzers, industrial steam turbines and generators,turboand reciprocating compressors,drive systems,batteries,fuel cells,as well asserviceand digitalofferingsacross the portfolio.The services areparticularlyaimedatextendingthe lifespan and availabilityof products,especiallyofsteamturbinesandcompressors(withaninstalled baseof>85kunits).Inaddition,Tlisworkingon Diversified/ConglomeratesSiemens Energy energystorage,and specializedhydrogenandCO2compressorsforCcUs TI consists of four segments, each with distinct business models and growth dynamics. In our view, these could also be sold or combined with other playersseparately,potentially unlocking even highervalue. transport and store gases); competitors include Baker Hughes, Burckhardt, AtlasCopco,Everllence. 2/Industrial steam turbines&generators (E1.7bnrevenue,#1globally-providingprocess steam and converting heat to electricity); competitors include Triveni,Baker Hughes, Everllence, TGM, MHI. Electrification,automation and digitalization solutions((1.4bn，#2playerglobally-electrifying industrialprocesses and maritimeapplications);competitorsinclude ABB, GEV,Emerson,Schneider, Honeywell. 4/Electrolyzers (E0.2bn,#1player inPEM-providing clean hydrogen at scale toindustrial processes, with >1GW projects under execution or in operations;competitors include Nel, ITM, Cummins, etc. Diversified/ConglomeratesSiemens Energy Siemens EnergyReuters: ENR1n.DE Siemens Energy is a world leader in energy infrastructure, with a comprehensive portfolio along the entire energyconversion value chain, including conventional andrenewable power generation as well as power transmission,storage and electrolyzer offerings. Services account foraround one-third of revenues. CashFlow (EURm)Cash flow from operations MarginTrends30 - Balance Sheet (EURm) Key Company Metrics Gael de-Bray,CFA+33 1 4495-6562gael.de-bray@db.com Diversified/ConglomeratesSiemens Energy Appendix 1 *Otherinformationavailableuponreguest information is sourced from Deutsche Bank, subject comsubjectofthisresearch,please see themostrecentlypublishedcompanyreportorvisit ourglobaldisclosurelook-uppageonourwebsiteathttps:/ressurespertainingtorecommendationsorestimatesmadeonsecuritiesotherthantheprimaryEquityResearchDisclosures.Aside from within this report, important risk andconflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Investors Important Disclosures Required by U.S. RegulatorsDisclosures marked with an asteriskmay alsobe requiredby at least one jurisdiction inadditionto the United States.See 2.DeutscheBankand/oritsaffiliate(s)mayactasamarketmakerorliquidityproviderinthefinancialinstrumentsissued bythiscompany8.servicesfromthiscompanyinthenextthreemonths.14.Deutsche Bank and/or its affiliate(s) has received