Siemens Energy Limited — full event log

Siemens Energy AS reported progress toward its target of 25% female leaders, with the proportion of female leaders increasing from 22.8% to 23.5% during FY2025, alongside growth in female engineer representation from 13.4% to 14.8%.

sustainability_report p.4

Siemens Energy AS innovates diesel-electric and all-electric propulsion systems for ships and ferries at its digitalized Trondheim factory, aimed at reducing fuel consumption and emissions in the maritime sector. It participates in government-backed projects (ZeroKyst, DCX, SHIP-AH2OY) developing zero-emission powertrains combining batteries, hydrogen fuel cells (PEMFC) and liquid organic hydrogen carriers (LOHC) for fishing, aquaculture and offshore service vessels, targeting up to 50% emissions reduction from fishing/aquaculture vessels by 2030.

sustainability_report p.32

Siemens Energy is developing technically clean-air alternatives to sulphur hexafluoride (SF6), a potent greenhouse gas used in electrical switchgear, ahead of a mandatory EU phase-out requirement starting in 2030, addressing embedded emissions in customers' grid infrastructure.

sustainability_report p.1

The Group is developing alternative, environmentally friendly fuels such as hydrogen for its turbines, positioned as a crucial factor in unlocking new opportunities in the challenging oil and gas rotating-equipment market, supporting customer decarbonisation of upstream operations.

sustainability_report p.2

Siemens Energy restates its goal to achieve climate neutrality in its own operations by 2030, as part of its broader sustainability strategy referenced in the Norway subsidiary's annual report.

sustainability_report p.1

Siemens Energy's stated goal is to achieve climate neutrality in its own operations globally by 2030, with 100% renewable electricity sourcing achieved as one component (met FY2023). No further Norway-specific operational levers (e.g. fleet electrification, building energy efficiency) are broken out numerically in this report.

sustainability_report p.1

In FY2025, Siemens Energy AG implemented a new directive governing salary determination and adjustments aimed at ensuring transparent and standardized processes globally, designed to prevent pay discrimination and promote equal pay for equal work.

sustainability_report p.4

A new Managing Director assumed the role at Siemens Energy AS on January 1, 2025, succeeding the outgoing MD who served through December 31, 2024.

sustainability_report p.18

Siemens Energy AS Norway develops and delivers emission-reducing solutions for the oil & gas and power sectors, including electrification, electrified shipping, digitalization, hydrogen-ready turbines, diesel-electric and all-electric ship propulsion systems produced at its Trondheim factory, and SF6-free switchgear ('technically clean air') ahead of the EU's 2030 statutory SF6 phase-out. These technologies primarily reduce customers' downstream/use-of-sold emissions rather than the company's own footprint.

sustainability_report p.1

In FY2025, Siemens Energy AG implemented a new directive governing salary determination and adjustments, aimed at ensuring transparent and standardized processes across the global organization to prevent pay discrimination and promote equal conditions for equal work.

sustainability_report p.4

A DCF-based impairment test in September 2025 found the equity value of the SGRE investment lower than its carrying amount, resulting in an impairment of NOK 38.8 million. SGRE reported a projected FY2026 total equity of NOK -54.0 million and earnings before tax of NOK -238.2 million, indicating continued financial deterioration at the subsidiary.

sustainability_report p.22

The FY2025 goodwill impairment test showed the discounted value in use for the Gas Services cash-generating unit was below its carrying amount, resulting in a goodwill write-down of NOK -13.6 million, driven by sensitivity to oil price and future demand for the unit's products.

sustainability_report p.19

In FY2025, Siemens Energy AG implemented a new directive governing salary determination and adjustments, aimed at ensuring transparent and standardized processes across the global organization to prevent pay discrimination and promote equal conditions for equal work.

sustainability_report p.4

The Company produces diesel-electric and all-electric propulsion and advanced battery systems for ships and ferries at its fully digitalized factory in Trondheim, aimed at reducing fuel consumption and emissions for maritime customers in both Norwegian and global markets.

sustainability_report p.2

Siemens Energy AS offers digital solutions to improve management of critical electricity grid infrastructure and is developing technology to replace the potent greenhouse gas SF6 with 'technically clean air' in grid equipment, anticipating an EU statutory requirement from 2030. The Company has secured major framework agreements to support grid upgrades driven by electrification of society.

sustainability_report p.1

Siemens Energy AS is investing in digital solutions—including remote platform control from land—designed to streamline operations and minimize emissions from offshore installations and vessels, with plans to scale these solutions to global markets.

sustainability_report p.2

Siemens Energy Group's stated goal is to achieve climate neutrality in its operations by 2030, reaffirmed in the FY2025 report as a core sustainability commitment applicable across the organization including Norway.

sustainability_report p.1

The Group is developing alternative, environmentally friendly fuels such as hydrogen for its turbines, alongside e-fuels, positioning these technologies as foundational to next-generation low-emission energy solutions in both Norwegian and global markets.

sustainability_report p.2

Siemens Energy's stated goal is to achieve climate neutrality in its own operations by 2030, underpinned by having already achieved 100% renewable electricity consumption globally in FY2023. The Norway entity notes it has no direct pollution to air, water or soil and uses low-polluting chemicals in production.

sustainability_report p.1

Siemens Energy AS is investing in digital solutions and automation equipment packages for offshore installations, including remote platform control from land, designed to streamline operations and minimize emissions from both installations and vessels in offshore oil & gas operations, with plans for global rollout.

sustainability_report p.2

Siemens Energy achieved 100% renewable electricity consumption group-wide in fiscal year 2024, with Siemens Gamesa completing its conversion to 100% renewable electricity generation during the year. This builds on the SBTi-validated commitment (excluding SG) to reach 100% renewable electricity from fiscal year 2023 onwards, which was achieved in both FY2023 and FY2024.

sustainability_report p.51

Across all businesses, Siemens Energy focuses on digitalization -- e.g., remote operations and remote services -- to improve performance throughout the product and equipment life cycle and enable more efficient operation with lower emissions at customer sites, although resulting emissions reductions from service upgrades are not currently included in the company's reported Scope 3 footprint.

sustainability_report p.50

Starting FY2024, Siemens Energy specified more precisely the definition of Special items relating to strategic portfolio decisions, now explicitly including significant expenses/income from the acquisition, disposal or discontinuation of businesses, affecting year-on-year comparability of Profit before Special Items.

sustainability_report p.12

Siemens Energy entered a joint development agreement with Saudi Aramco to build a Direct Air Capture (DAC) demonstration unit, delivered in FY2024 and to be commissioned in Dhahran, Saudi Arabia in Q1 FY2025, with a further FEED study for a larger DAC pilot facility planned for FY2025. The company also lists 'emission removal technologies, e.g. carbon capture and storage' as one of its key GHG reduction levers for its product portfolio, though it does not yet disclose specific removal volumes or distinguish removals from offsets.

sustainability_report p.11

Siemens Energy (excluding Siemens Gamesa) achieved 100% renewable electricity sourcing across all its facilities globally in fiscal year 2023 and maintained this in FY2024. In fiscal year 2024, Siemens Gamesa also converted its electricity generation to 100% renewable energies, extending the renewable electricity commitment group-wide. This renewable electricity share was one of the strongest levers behind achieving a 55% reduction in Scope 1+2 emissions versus the 2019 baseline. Renewable electricity remains ~49% of total energy consumption group-wide (rest is fuels for testing/manufacturing processes).

sustainability_report p.31

Siemens Energy identifies high impact on SDGs 5 (Gender Equality), 7 (Affordable and Clean Energy), 8 (Decent Work and Economic Growth), 9 (Industry, Innovation and Infrastructure), and 13 (Climate Action), and acknowledges medium impact on SDGs 3, 4, 6, 11, 12, 14, and 17.

sustainability_report p.14

Siemens Energy and grid operator TenneT partnered to reduce emissions from their shared grid infrastructure supply chain by 30% by 2030, using recycled/greener copper, steel and aluminum. Supplying transformers with 100% recycled copper windings is projected to save ~6,500 tons of emissions from a single action, with potential savings of up to 14 million metric tons of GHG emissions if scaled to all power transformers needed for global grid expansion by 2040.

sustainability_report p.6

In fiscal year 2024, Siemens Energy included fleet fuel consumption in its primary energy data consolidation for the first time, since this consumption is part of vehicles controlled by the organization, increasing the comprehensiveness (and reported total) of energy consumption and Scope 1 emissions data.

sustainability_report p.32

In July 2024, Siemens Energy and European grid operator TenneT entered a partnership to reduce emissions from their shared grid-infrastructure supply chain by 30% by 2030, including measures such as using 100% recycled copper in transformers (saving ~6,500 tons of emissions from one action alone) and greener steel/aluminum.

sustainability_report p.6

Siemens Energy's CDP Climate Change disclosure rating improved to 'A' (scale A to D) from a 'B' rating in 2022, reflecting stronger climate disclosure and management practices as assessed by CDP Disclosure Insight Action.

sustainability_report p.16

Siemens Gamesa targets 100% recyclable wind turbines by 2040 via its RecyclableBlade technology (first fully recyclable commercial wind blade, installed at Kaskasi and other offshore farms, >300 sold) and GreenerTower technology, which lowers the CO2 footprint of tower steel production by more than 63% compared to conventional production.

sustainability_report p.23

Siemens Energy has set an ambitious goal of sending no waste to landfill and achieving a recycling rate higher than 90% of all waste (excluding remediation and construction waste) by 2030. FY2024 recycling share stood at 87% (excluding construction/other waste).

sustainability_report p.44

Siemens Energy/Siemens Gamesa aims to produce 100% recyclable wind turbines by 2040, driven by pioneering RecyclableBlade technology (first installed 2021) and GreenerTower (>63% lower CO2 footprint steel production). Over 300 RecyclableBlades have been sold to projects in UK, Denmark, Germany, France and the Netherlands.

sustainability_report p.8

In fiscal year 2024, Siemens Energy developed a global life-event policy granting all employees worldwide a minimum number of days off for childbirth/adoption, death of a close family member, and caregiving for a family member with serious medical needs. Implemented in Central/South America and Middle East in FY2024, with global rollout by end of FY2025.

sustainability_report p.67

Since June 2024, the Siemens Energy Compliance Handbook has superseded the Siemens Gamesa compliance handbook, fully integrating Siemens Gamesa into Siemens Energy's compliance system with a few minor exceptions.

sustainability_report p.59

Siemens Energy's Grid Technologies Business Area targets a 60% reduction in SF6 emissions by 2030 vs. 2019, achieving 72% reduction in FY2024 through the SF6/F-gas-free 'Blue Portfolio' based on air-insulation and vacuum switching technology, alongside improved technical standards and data transparency.

sustainability_report p.32

Siemens Energy (excl. Siemens Gamesa) achieved 100% renewable electricity across its global operations in FY2023, an SBTi-validated target, and maintained it in FY2024; Siemens Gamesa also converted its electricity generation to 100% renewable energy in FY2024. The company increased electricity produced at its own sites and uses biomethane (Denmark sites minimum 100%, Finspång 14.0% share, Montreal 38.2% share) to reduce the carbon footprint of combustion test sites and heating.

sustainability_report p.31

Siemens Energy targets a 30% reduction in relative Scope 3 GHG emissions from purchased goods/services and transportation by 2030 vs. 2018, via the Carbon Reduction@Suppliers Program and decarbonization due diligence assessments (DDA), which in FY2024 covered suppliers representing over 75% of the supply chain carbon footprint (>3,400 suppliers encouraged to report emissions-reduction measures).

sustainability_report p.34

Siemens Energy is developing emission removal technologies as a long-term (beyond 2030) lever for Scope 3 downstream decarbonization, including a Direct Air Capture (DAC) demonstration unit agreement with Saudi Aramco intended to capture over 1,000 tons of CO2 per year and lay groundwork for a larger pilot plant. In parallel, the 'Forests of Siemens Energy and Siemens Gamesa' program has planted ~168,000 trees across 36 forests in 16 countries since FY2021, contributing to the removal of 23,900 metric tons of CO2 (nature-based, not distinguished from durable removals in company disclosure).

sustainability_report p.17

Siemens Energy partners with customers and industry players to decarbonize shared value chains, including a joint declaration with grid operator TenneT to cut combined grid-business supply chain CO2 footprint by 30% by 2030 (e.g., 100% recycled-copper transformers), and a joint venture with Air Liquide operating the Gigawatt Electrolyzer Factory to scale green hydrogen production for customers.

sustainability_report p.6

Siemens Energy targets climate neutrality in its own operations (Scope 1+2) by 2030, having already achieved a 55% reduction vs. the 2019 baseline in FY2024 (SBTi target: -46% by 2025). Key levers include renewable electricity, energy efficiency/electrification projects (heat pumps, LED lighting, transformer drying process improvements), SF6 emissions reduction, biomethane use, and new mobility concepts targeting 100% CO2-neutral benefit cars by 2030.

sustainability_report p.31

Over 99% of Siemens Energy's GHG footprint stems from customer use of sold products (gas turbines, transformers, etc.). The company targets a 28% absolute reduction by 2030 vs. 2019 (SBTi validated), pursuing efficiency gains via digitalization, hydrogen co-firing (up to 100% by 2030), GHG-free products, carbon capture and storage maturation, and the November 2020 coal-exit decision.

sustainability_report p.8

Siemens Energy identifies 'expansion of new emission removal technologies' (e.g., carbon capture and storage, BECCS, DAC) as one of its biggest levers for reducing Scope 3 downstream emissions beyond 2030. The company has signed an agreement with Saudi Aramco to build a Direct Air Capture (DAC) demonstration unit intended to lay groundwork for a larger pilot plant capable of capturing over 1,000 tons of CO2 per year. Separately, its 'Forests of Siemens Energy and Siemens Gamesa' societal program has planted ~168,000 trees across 36 forests in 16 countries since FY2021, contributing to the removal of 23,900 metric tons of CO2, including a balsa tree forest expansion in Ecuador (21,375 new trees in FY2024).

sustainability_report p.17

Siemens Energy reports alignment with UN SDG 8 'Decent Work and Economic Growth', which the company has defined as one of its priority SDGs in the context of respecting human rights and responsible business conduct.

sustainability_report p.55

The ratings table shows Siemens Energy's current MSCI ESG Research rating as BBB (scale AAA to CCC), down from an A rating in 2023, indicating a deterioration in this third-party ESG assessment.

sustainability_report p.16

Siemens Energy reports high impact alignment with SDGs 5 (Gender Equality), 7 (Affordable and Clean Energy), 8 (Decent Work and Economic Growth), 9 (Industry, Innovation and Infrastructure), and 13 (Climate Action), and acknowledges medium impact on SDGs 3, 4, 6, 11, 12, 14, and 17.

sustainability_report p.15

In fiscal year 2024, Siemens Energy AS acquired 100% ownership of Siemens Gamesa Renewable Energy AS (SGRE), the Norway wind power business, through a contribution in kind from parent entity Siemens Energy Holding B.V. This significantly increased investments in subsidiaries and consolidated balance sheet exposure.

sustainability_report p.21

One year prior to the FY2025 equal-pay directive (i.e., FY2024), Siemens Energy adopted the Mercer Job Library as an external benchmarking tool, used in the annual merit process and for salary determinations in promotion cases to ensure standardized and transparent practices.

sustainability_report p.4

Since June 2024, the Siemens Energy Compliance Handbook has superseded that of Siemens Gamesa, meaning the Siemens Energy compliance system now applies to Siemens Gamesa (with minor exceptions), improving governance consistency across the group.

sustainability_report p.59

Siemens Energy sold an 18% stake in Siemens Limited, India to Siemens AG for €2,081 million (closed Dec 8, 2023), realizing a gain of €1,728 million and contributing to balance sheet strengthening amid Federal Guarantee arrangements.

sustainability_report p.100

Siemens Energy signed an agreement on August 27, 2024 to sell its 49% investment in Ethos Energy Group Limited to a subsidiary of One Equity Partners LLC; classified as 'held for disposal' as of September 30, 2024, with closing expected in H1 FY2025.

sustainability_report p.99

Effective March 1, 2024, the Supervisory Board established a Remuneration Committee responsible for Executive Board compensation matters, chaired by Dr. Hubert Lienhard, taking over duties previously held by the Presiding Committee.

sustainability_report p.157

Grid Technologies is accelerating development of its SF6 (sulfur hexafluoride)-free 'Blue' portfolio and high-voltage direct current (HVDC) transmission and grid-stabilization technologies to support integration of renewable energy and resilient, decarbonized grids.

sustainability_report p.11

Siemens Energy (excluding SG) committed to increasing global electricity consumption from renewable sources to 100% by fiscal year 2023 onward and achieved this target in FY2023 and FY2024. In FY2024, Siemens Gamesa also converted its electricity generation to 100% renewable energies, extending the achievement to the full Group and reducing Scope 1+2 own-operations emissions.

sustainability_report p.50

On September 30, 2024, Siemens Energy, Inc. pleaded guilty in the U.S. to a felony related to 2019 misconduct involving improper sharing of confidential competitor pricing during a gas turbine project, agreeing to pay US$104 million pending court approval.

sustainability_report p.118

As of August 1, 2024, Siemens Energy internally placed Siemens Gamesa as its fourth Business Area under the name Wind Power, led by Vinod Philip, with finance and reporting structures integrated into central Corporate Finance, as part of the continuing strategic development and integration of Siemens Energy.

sustainability_report p.17

Siemens Energy signed an agreement to sell its 49% investment in Ethos Energy Group Limited to OEP Emerald BidCo Limited; the joint venture was classified as held for disposal as of September 30, 2024, with closing expected in H1 fiscal year 2025.

sustainability_report p.99

In fiscal year 2024, Siemens Gamesa (SG) also converted its electricity generation to 100% renewable energies, extending the Group's 100% renewable electricity achievement to include the wind power business area, which was previously outside the achieved target scope.

sustainability_report p.50

Siemens Energy (via Siemens Gamesa) aims to produce 100% recyclable wind turbines by 2040, advancing this through RecyclableBlade (first commercial recycling solution for blades, >300 sold) and GreenerTower (steel towers with >63% lower CO2 footprint) technologies.

sustainability_report p.8

Siemens Energy developed a global life-event policy in fiscal year 2024 granting all employees worldwide a minimum number of days off for childbirth/adoption, death of a close family member, or a family member requiring care. Implemented in Central/South America and the Middle East in FY2024, with remaining countries to follow by end of FY2025.

sustainability_report p.67

Siemens Energy is piloting industrial process-heat decarbonization with partner AES via a 7.5MW molten-salt heater intended to validate conversion of a 500MW AES coal power plant to 100% green electricity, alongside the Saudi Aramco DAC joint development, reflecting a dependent, partnership-based route to decarbonizing customer and joint-venture assets.

sustainability_report p.11

Key levers to reach climate neutrality in own operations by FY2030 include reducing energy consumption via substitution and efficiency measures, sourcing 100% renewable electricity, reducing SF6 emissions, and adopting new mobility concepts.

sustainability_report p.51

Siemens Energy sold an 18% stake in Siemens Limited, India to Siemens AG for €2,081 million, resulting in a gain of €1,728 million, as part of accelerated portfolio transformation and strengthening the balance sheet ahead of the Federal Guarantee.

sustainability_report p.100

In July 2024, Siemens Energy and TenneT entered a partnership to reduce emissions from their shared grid technology supply chain by 30% by 2030, including measures like using 100% recycled copper in transformers.

sustainability_report p.6

Siemens Energy runs a Carbon Reduction@Suppliers Program with an external service provider, targeting a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation & distribution per procurement volume (€ spent) by FY2030 versus a 2018 baseline. In FY2024, more than 3,400 suppliers covering over 75% of the supply chain carbon footprint were encouraged to participate in a Decarbonization Due Diligence Assessment.

sustainability_report p.51

Siemens Energy entered a joint development agreement with Saudi Aramco to build a Direct Air Capture (DAC) demonstration unit, delivered in FY2024 and to be commissioned in Dhahran, Saudi Arabia in Q1 FY2025; a FEED study for a larger DAC pilot facility is planned for FY2025. Within Gas Services, carbon capture applications for gas turbines are also being addressed via partnerships with key technology partners, distinct from offsetting activity.

sustainability_report p.11

Siemens Energy and the German government agreed a counter-guarantee in December 2023 to secure bank guarantee facilities; a condition prohibits variable compensation for Executive Board members during fiscal years in which guarantees are drawn, resulting in members waiving their bonus and long-term equity compensation for fiscal year 2024.

sustainability_report p.178

Since use of sold products makes up >99% of Siemens Energy's GHG footprint, the company targets a 28% absolute reduction by 2030 vs 2019 (SBTi validated) via efficiency gains and digitalization, offering GHG-free/hydrogen-ready products (targeting 100% H2 co-firing in gas turbines by 2030), enabling carbon capture and storage technologies, and having stopped bidding on new coal-fired projects since November 2020.

sustainability_report p.8

In fiscal year 2024, Siemens Energy included fleet fuel consumption in its primary energy data consolidation, since this consumption is part of vehicles controlled by the organization, broadening the scope of reported energy and emissions data.

sustainability_report p.32

Siemens Gamesa is developing next-generation onshore and offshore wind turbines, including the SG14-236 (30% more power than its predecessor), to reduce the Levelized Cost of Energy and enable seamless grid integration, while remediating quality issues on the 4.X/5.X onshore platforms.

sustainability_report p.11

Siemens Energy reports alignment with UN Sustainable Development Goal 8 'Decent Work and Economic Growth', which it has defined as one of its priority SDGs in respect of human rights and labor commitments.

sustainability_report p.55

Starting with fiscal year 2024, Siemens Energy specified the definition of Special items relating to strategic portfolio decisions more precisely, so that they now include significant expenses and income in connection with acquisition, disposal or discontinuation of businesses.

sustainability_report p.12

Siemens Energy's key levers for achieving climate neutrality in its own operations by FY2030 are reducing energy consumption via substitution and efficiency measures, sourcing 100% renewable electricity, reducing SF6 emissions, and adopting new mobility concepts for its vehicle fleet.

sustainability_report p.51

Siemens Energy signed an agreement in October 2023 and closed (economic transfer April 1, 2024) the sale of the Trench Group (high-voltage grid components) from the Grid Technologies segment to Triton Investment Advisers, generating an expense of €25 million.

sustainability_report p.99

Siemens Energy targets climate neutrality in its own operations by 2030 through four main levers: using 100% renewable electricity (achieved), reducing energy consumption and increasing electrification (heat pumps, LED lighting, vapor phase ovens), reducing SF6 emissions by 60% by 2030 (72% achieved in FY2024 vs 2019), and transitioning to new mobility concepts including 100% CO2-neutral benefit cars by 2030.

sustainability_report p.31

In FY2024, Siemens Energy AS acquired 100% ownership of Siemens Gamesa Renewable Energy AS (wind power O&M business in Norway) via a contribution in kind from parent entity Siemens Energy Holding B.V. No specific climate-trajectory rationale was cited for the transaction beyond consolidating the wind business.

sustainability_report p.21

Siemens Energy sold Trench Group, a high-voltage grid components business within Grid Technologies, to a subsidiary of Triton Investment Advisers for a preliminary purchase price of €401 million; disposal completed with economic transfer on April 1, 2024.

sustainability_report p.99

Siemens Energy completed the integration of Siemens Gamesa in stages through FY2024 (central functions integrated Jan/Jun 2024, SG Board dissolved Jul 1 2024), establishing Wind Power as the fourth Business Area effective Aug 1, 2024 under Vinod Philip, targeting ~€300m annual cost synergies within three years of full integration.

sustainability_report p.16

One year prior to the FY2025 equal pay directive, Siemens Energy adopted the Mercer Job Library as an external benchmarking tool for job classification and grouping, used in annual merit processes and salary determinations, standardising and improving comparability of gender pay gap reporting.

sustainability_report p.4

KPMG AG Wirtschaftsprüfungsgesellschaft was elected as group auditor at the February 26, 2024 Annual Shareholders' Meeting and has served as group auditor without interruption since fiscal year 2024, signing for the first time via Dr. Stephanie Dietz and Martin Schmitt.

sustainability_report p.161

In fiscal year 2024, Siemens Energy AS acquired 100% ownership of Siemens Gamesa Renewable Energy AS through a contribution in kind from parent entity Siemens Energy Holding B.V., adding the Wind Power business to Siemens Energy AS's Norwegian operations. The investment was subsequently impaired by NOK 38.8 million in FY2025.

sustainability_report p.21

Quality issues in SG's 4.X and 5.X onshore turbine platforms, first identified in FY2023, continued to affect FY2024 results; warranty provisions for SG rose to €2,636m (2023: €1,961m) and order-related onerous contract provisions reached €1,200m; the 4.X platform was relaunched to market in September 2024.

sustainability_report p.17

The SBTi verified emissions reduction targets in place at Siemens Gamesa; these targets will be integrated into overall Siemens Energy targets, broadening the consolidated reporting boundary for climate targets.

sustainability_report p.28

As use of sold products accounts for over 99% of Siemens Energy's overall GHG footprint, the company's primary decarbonization lever is transforming its product portfolio: hydrogen-capable gas turbines (up to 75% hydrogen, with a 100% hydrogen pilot demonstrated in 2023), an SF6-free 'Blue Portfolio' for grid equipment, electrolyzers and heat pumps, and coal exit (no new pure coal-fired power plant tenders since Nov 2020).

sustainability_report p.9

Gas Services is expanding hydrogen-burning capability in its gas turbine portfolio (individual turbines approved for up to 75% hydrogen; 100% renewable hydrogen combustion demonstrated in a 2023 pilot plant) and developing carbon-neutral products and services, addressing the dominant Scope 3 use-of-sold-products category.

sustainability_report p.9

Siemens Energy runs a Carbon Reduction@Suppliers Program with an external service provider using spend-based input/output modeling; in FY2024 it encouraged more than 3,400 suppliers covering over 75% of its supply-chain carbon footprint to complete a Decarbonization Due Diligence Assessment. The company targets a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation per procurement euro spent by FY2030, from a 2018 baseline.

sustainability_report p.50

In December 2023, Siemens Energy and the German Federal Government agreed a counter-guarantee (Federal Guarantee) partially securing bank guarantee facilities; conditions preclude variable Executive Board compensation for fiscal years in which guarantees are drawn (FY2024-2026), resulting in a 100% fixed-pay compensation structure for FY2024.

sustainability_report p.178

The Transformation of Industry Business Area focuses on reducing energy consumption and GHG emissions in industrial processes, supporting customers in oil & gas, chemicals, petrochemicals and shipping to reach individual decarbonization targets via electrolyzers, industrial heat pumps and Power-to-X solutions. Siemens Energy and Air Liquide opened a gigawatt-scale electrolyzer manufacturing facility in Berlin (production began H2 2023), targeting at least 3 GW of annual electrolysis capacity by 2025.

sustainability_report p.10

Siemens Energy's CDP Climate Change rating improved to A (scale A to D), up from a B rating in 2022, as shown in the company's ESG ratings table.

sustainability_report p.16

Following introduction of a new business structure at the beginning of FY2023, Siemens Energy AS's cash-generating units (previously one single CGU) were redefined as three business areas (Transformation of Industry, Grid Technologies, Gas Services) for goodwill impairment testing purposes. This structure remains unchanged in FY2025.

sustainability_report p.19

In fiscal year 2023, Siemens Energy Group reported it successfully met its target of powering 100% of its global electricity consumption with renewable sources, a milestone supporting its 2030 climate neutrality goal.

sustainability_report p.1

From 2023, self-assessment of sustainability and human rights was included in all supplier qualifications globally, whereas previously this was only required for high-risk countries, broadening the scope of Siemens Energy's human rights due diligence under the Norwegian Transparency Act (Åpenhetsloven) and German LkSG.

sustainability_report p.5

Siemens Energy Group achieved its target of powering 100% of global electricity consumption with renewable sources in fiscal year 2023. This renewable electricity procurement underpins the Group's broader ambition of achieving climate neutrality in its own operations by 2030, with the Norway subsidiary benefiting from Group-level renewable sourcing arrangements.

sustainability_report p.1

From FY2023 onward, Siemens Energy applies a new expected lifetime for gas turbines in Scope 3 category 11 calculations, reflecting that turbines sold will not operate on unabated fossil fuels after 2050 given customer net-zero commitments. Expected lifetime was reduced from 30 years (base year) to 26 years for FY2024 calculations, not affecting the FY2019 baseline itself but impacting FY2024 reported figures.

sustainability_report p.30

Total energy consumption and resulting Scope 1 and Scope 2 figures for fiscal year 2023 were adjusted to correct individual location-specific input errors and to reflect updated calculation and coverage of fleet data. Renewable energy share for FY2023 was also changed due to deviations in data calculation.

sustainability_report p.33

In December 2023, Siemens Energy was certified by the Fair Pay Institute (fpi), granting the company Fair Pay Analyst status in recognition of its gender pay equity analysis and reduction efforts.

sustainability_report p.64

Following a May 2022 tender offer that concluded December 2022 (reaching ~98% ownership), minority shareholders approved a capital reduction in June 2023, giving Siemens Energy 100% ownership of Siemens Gamesa and full integration into the group.

sustainability_report p.5

Former Gas and Power (GP) segment Divisions were restructured into Gas Services (GS), Grid Technologies (GT), and Transformation of Industry (TI), which together with Siemens Gamesa now form four Business Areas — affecting comparability of segment-level and consolidated reporting.

sustainability_report p.5

Siemens Energy focuses its Sustainability Program activities on SDG 5 (Gender Equality), SDG 7 (Affordable and Clean Energy), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 13 (Climate Action).

sustainability_report p.6

Siemens Energy (excluding Siemens Gamesa) has committed via the Science Based Targets initiative to a 28% reduction of GHG emissions from the use of sold products by 2030, versus a 2019 base year. Status as of FY2023 was 27% progress toward the target.

sustainability_report p.7

Target to reduce relative Scope 3 GHG emissions in the supply chain by 30% by 2030 (kg CO2e/€ PVO spent, base year 2018). Status as of FY2023 was 19% progress toward the target.

sustainability_report p.7

Siemens Energy achieved a 59% reduction in Scope 1+2 GHG emissions versus 2019 in FY2023, exceeding its interim target of 46% reduction by 2025 — reaching the 2025 milestone two years ahead of schedule.

sustainability_report p.3

Siemens Energy's Grid Technologies Business Area is transitioning to an SF6-free Blue Portfolio, targeting a 60% reduction in SF6-related emissions by 2030 versus 2019. In FY2023, a 57% reduction was achieved versus the base year (an 11% reduction versus FY2022).

sustainability_report p.4

Siemens Energy received certification and earned top ratings in the 2023 HRC Equidad MX: Programa Global de Equidad Laboral report, based on its Proud2bMe strategy promoting LGBTQIA+ inclusion in Mexico.

sustainability_report p.12

Siemens Energy Brazil (excluding Siemens Gamesa) partnered with the Childhood Foundation to tackle sexual abuse and exploitation of children and adolescents near major construction sites, including human rights impact assessments and action plans.

sustainability_report p.12

Siemens Energy achieved its target of sourcing 100% of its global electricity consumption from renewable sources in fiscal year 2023 (up from 90% in FY2022), a key lever of its Climate Neutral Program. The switch to green power required global collaboration across Business Areas, countries of operation, real estate, and procurement divisions. On-site generation is also part of the approach, exemplified by a flexible photovoltaic façade system at the Nuremberg transformer factory and a PV system covering ~30% of electricity demand at the Linz, Austria site.

sustainability_report p.3

Grid Technologies faces a particular challenge from sulphur hexafluoride (SF6) leakage, a gas with 23,500x the GWP of CO2 that makes up over 50% of Scope 1+2 emissions. Siemens Energy is transitioning to an SF6-free Blue Portfolio based on technical air insulation and vacuum switching technology, targeting a 60% reduction in SF6-related emissions by 2030 vs. 2019; 57% was achieved by FY2023.

sustainability_report p.4

Siemens Energy reduced primary energy consumption by 15% in FY2023 through reduced gas turbine testing, energy efficiency measures, and consolidation of locations. Site-level projects include process electrification (e.g., power-to-heat at the Linz factory replacing natural gas), LED lighting conversion, and optimized ventilation scheduling.

sustainability_report p.3

Siemens Energy is implementing a global car policy aiming for 100% CO2-neutral benefit cars by 2030, addressing fleet-related emissions which made up a notable share of Scope 1 emissions (25,000 tCO2e in FY2023, down from 32,000 in FY2022).

sustainability_report p.3

Siemens Energy targets a 30% relative reduction in Scope 3 supply-chain GHG emissions by 2030 (vs. 2018 baseline), with 19% progress achieved. In China, procurement teams engaged over 300 suppliers, requesting at least 70% green electricity coverage; about 52% of suppliers had implemented decarbonization measures by FY2023, supported by negotiated I-REC pricing and training for ~130 suppliers.

sustainability_report p.12

Siemens Energy has an SBTi-committed target to reduce GHG emissions from the use of sold products by 28% by 2030 (2019 baseline), with 27% progress achieved. This is pursued through technology innovation such as hydrogen co-firing in gas turbines, 100% bio-methanol turbine fuel trials, and green-steel-enabling substations for electric arc furnaces.

sustainability_report p.7

Siemens Energy states that in fiscal year 2023 it successfully met its target of powering 100% of its global electricity consumption with renewable sources. This is a group-wide achievement cited in the Norwegian subsidiary's annual report as evidence of the parent company's broader sustainability commitment; no Norway-specific renewable electricity sourcing mechanism (e.g. PPA, REC) is detailed in this filing.

sustainability_report p.1

Siemens Energy Group states it successfully met its target of powering 100% of its global electricity consumption with renewable sources in fiscal year 2023, a group-wide (not Norway-specific) achievement referenced in this subsidiary report.

sustainability_report p.1

From 2023, self-assessment of sustainability and human rights was included in all supplier qualifications globally, expanding beyond the previous requirement that only applied to high-risk countries, improving supply-chain human rights due diligence coverage.

sustainability_report p.5

Siemens Energy's Group non-financial statement for FY2023 was subject to a voluntary limited assurance engagement performed by Ernst & Young in accordance with ISAE 3000 (Revised).

sustainability_report p.152

From 2023, self-assessment of sustainability and human rights was included in all supplier qualifications globally, whereas previously this was only a requirement for suppliers in high-risk countries. This broadens the scope of human-rights due diligence across the supply chain.

sustainability_report p.5

Quality issues identified in fiscal year 2023 with Siemens Gamesa's 4.X and 5.X onshore wind turbine platforms led to substantial warranty provisions (€2,636 million as of Sept 2024) and order-related onerous contract provisions (€1,200 million), with remediation and a restructuring 'Masterplan' continuing through fiscal year 2024.

sustainability_report p.17

In fiscal year 2023, Siemens Energy successfully met its target of powering 100% of its global electricity consumption with renewable sources, a Group-wide (not Norway-specific) achievement.

sustainability_report p.1

Siemens Energy Group began reporting under the German Supply Chain Due Diligence Act (LkSG), effective from the beginning of 2023, publishing a structured BAFA Report covering strategy, risk analysis, violation identification, complaints procedure, and risk management review, applicable also to Siemens Energy AS in Norway.

sustainability_report p.5

Siemens Energy (excluding SG) achieved its 100% renewable electricity consumption target in fiscal year 2023 and continued to meet it in fiscal year 2024.

sustainability_report p.50

Siemens Energy states that in fiscal year 2023 it successfully met its target of powering 100% of its global electricity consumption with renewable sources, as part of its broader goal to achieve climate neutrality in operations by 2030. No specific mechanism (PPA, RECs, on-site generation) is disclosed in this Norway-focused report; the claim applies at the global Group level.

sustainability_report p.1

From fiscal year 2023 onward, Siemens Energy applies a new expected lifetime assumption for gas turbines (26 years vs. original 30 years), assuming turbines sold will not run on unabated fossil fuels after 2050, reflecting customer markets' net zero commitments. Does not affect the 2019 baseline but impacts reported FY2024 figures.

sustainability_report p.30

The total energy consumption and resulting Scope 1 and Scope 2 figures for fiscal year 2023 were adjusted to correct individual location-specific input errors and to reflect the calculation and coverage of fleet data. Deviations were identified in the fleet emissions calculations.

sustainability_report p.33

Siemens Energy revised its accounting policy on separating embedded foreign currency derivatives from operating host contracts to better reflect the economics of cross-border contracts. Comparative FY2022 figures were restated: revenue +€8m, cost of sales -€93m, net income -€65m lower, equity impacts to retained earnings and non-controlling interests.

sustainability_report p.91

Siemens Energy shortened the assumed operating lifetime for gas/steam turbines used to calculate Scope 3 category 11 emissions (30 years to 28 years in FY2022, then to 27 years in FY2023) and for the first time assumed turbines will not run on unabated fossil fuels after 2050, reflecting customer net-zero commitments; combined with lower sold capacity and reduced operating hours from renewables penetration, this contributed to a 27% reduction in reported Scope 3 use-of-sold emissions versus the 2019 baseline.

sustainability_report p.53

Siemens Energy (excluding Siemens Gamesa) committed to reduce absolute Scope 1 and 2 GHG emissions by at least 46% by fiscal year 2025 from a 2019 base year, more ambitious than the original 2030 target year, validated by the Science Based Targets initiative.

sustainability_report p.51

As part of its SBTi science-based target, Siemens Energy (excluding Siemens Gamesa) committed to increase annual sourcing of renewable electricity to 100% by fiscal year 2023 and achieved this target, up from 90% in FY2022.

sustainability_report p.51

SBTi verified that Siemens Gamesa's GHG emission reduction targets (Scope 1 and 2) are aligned to meet the Paris Climate Agreement goal of limiting global warming to 1.5°C.

sustainability_report p.52

Siemens Energy intends to reduce relative Scope 3 GHG emissions from purchased goods and services and transportation/distribution by 30% per procurement volume (€ spent) by 2030, from a 2018 base year.

sustainability_report p.52

Siemens Gamesa commits that 30% of its suppliers by spend (covering purchased goods & services and transportation & distribution) will have science-based targets validated by SBTi by 2025.

sustainability_report p.52

Effective January 1, 2023, the Executive Board appointed Group Compliance Officer Dr. Anita Schieffer to the newly created position of Human Rights Officer, responsible for monitoring and reporting on human rights compliance to the Executive Board.

sustainability_report p.56

In FY2023, Siemens Energy expanded its Code of Conduct for Suppliers and Third-Party Intermediaries to cover all aspects of the German Supply Chain Due Diligence Act, adding topics on impact on communities, security forces, and protection of natural resources.

sustainability_report p.56

Siemens Energy (excluding Siemens Gamesa) targets 25% women in top leadership positions by Sept 30, 2025 and 30% by Sept 30, 2030; Siemens Gamesa targets 25% women in headcount and leadership positions by Sept 30, 2025 and 30% by Sept 30, 2030.

sustainability_report p.54

In FY2023, Siemens Energy reported for the first time to the full extent on taxonomy-aligned (not just taxonomy-eligible) shares of revenue, capex and opex for climate change mitigation and adaptation objectives, and applied for the first time the complementary delegated act on natural gas and nuclear energy activities.

sustainability_report p.58

Effective the beginning of fiscal year 2023, Siemens Energy introduced a new corporate and reporting structure, reassigning the former Gas and Power segment into three Business Areas (Gas Services, Grid Technologies, Transformation of Industry), with Siemens Gamesa continuing as a fourth Business Area; prior-year figures and goodwill allocations were adjusted, affecting comparability.

sustainability_report p.9

Siemens Energy completed the acquisition of all outstanding shares in Siemens Gamesa Renewable Energy, S.A. during FY2023 via tender offer and squeeze-out capital reduction, delisting the company effective February 14, 2023 and reaching 100% ownership by July 12, 2023 (renamed Siemens Gamesa Renewable Energy S.A.U. from September 7, 2023); total purchase price including transaction costs was €4,083 million.

sustainability_report p.100

In November 2023 (subsequent event), the German government agreed to counter-guarantee €7.5 billion of a total €12 billion guarantee facility for Siemens Energy, provided alongside a bank consortium, to support the company's growing need for guarantees on long-term project orders amid strong order-intake growth.

sustainability_report p.133

Siemens Energy lists direct air capture (DAC) alongside offshore hydrogen and e-chemicals/fuels as one of its five fields of action under 'Power-to-X', part of its R&D strategy for energy landscape transformation and decarbonization. This reflects a product/technology-development orientation toward carbon removal solutions primarily for customers rather than large-scale purchase of removal credits for the company's own footprint; no quantified removal volumes, vintages, or credit purchases are disclosed.

sustainability_report p.51

Because Scope 3 downstream emissions (dominated by use of sold products) represent more than 99% of Siemens Energy's carbon footprint, its primary decarbonization lever is transforming its product portfolio around three pillars: low-/zero-emission power generation (hydrogen-capable gas turbines, up to 75% hydrogen co-firing currently, carbon-separation partnerships targeting up to 100% emissions cuts), transport and storage of electricity (SF6-free grid technology, hydrogen infrastructure), and reducing GHG footprint in industrial processes. Scope 3 use-of-sold-product emissions fell 27% versus the 2019 baseline to 1.1 billion tCO2e in FY2023.

sustainability_report p.9

Through its Carbon Reduction@Suppliers Program, Siemens Energy encouraged more than 3,000 suppliers—covering over 75% of its supply-chain carbon footprint—to complete a Decarbonization Due Diligence Assessment and report on their decarbonization measures in FY2023. The company targets a 30% reduction in relative Scope 3 emissions from purchased goods/services and transportation/distribution per unit of procurement spend by 2030 (vs. 2018 baseline); Siemens Gamesa separately commits that 30% of its suppliers by spend will have SBTi-validated targets by 2025.

sustainability_report p.52

During FY2023, Siemens Gamesa identified significant quality issues with 4.X and 5.X onshore wind turbine platforms (main bearings, rotor blades) and incurred ramp-up challenges/higher product costs in offshore activities, resulting in negative profit impacts of approximately €2.7 billion (excluding tax) and driving Siemens Energy Group to a net loss of €4,588 million; root cause analysis is ongoing and expected to complete in H1 FY2024, with potential for further adjustments to failure-rate assumptions.

sustainability_report p.19

On July 10, 2023, S&P Global Ratings downgraded Siemens Energy's long-term and short-term ratings from BBB/A-2 to BBB-/A-3 (stable outlook); at end of November 2023 the outlook on the long-term issuer rating was changed to negative, though the BBB- investment-grade rating remains unchanged.

sustainability_report p.31

Siemens Energy (excluding Siemens Gamesa) committed under its SBTi science-based target to source 100% renewable electricity annually by fiscal year 2023, achieving this milestone (up from 90% in FY2022). This underpins its Scope 1+2 target of cutting absolute emissions by at least 46% by FY2025 versus a 2019 baseline. Siemens Gamesa separately achieved carbon neutrality in its own operations in 2019, including offsetting of unavoidable emissions.

sustainability_report p.51

The strongest levers for reaching climate neutrality in Siemens Energy's own operations (excluding Siemens Gamesa) are reducing energy consumption via substitution and efficiency measures, sourcing renewable electricity (100% achieved in FY2023), reducing SF6 emissions, and adopting new mobility concepts. Total energy consumption fell 11% year-on-year to 5.2 million gigajoules in FY2023, and Scope 1+2 emissions fell to 182 thousand tCO2e, a 59% reduction versus the 2019 baseline.

sustainability_report p.52

2022 Scope 3 upstream emissions (purchased goods & services and transportation & distribution) were adjusted to include Siemens Gamesa; due to partially undefined material codes, ~10% of Siemens Gamesa's CO2e emissions were extrapolated, and in FY2023, 325 kilotons of the 9,230 kilotons were calculated using a consumption-based method.

sustainability_report p.13

FY2022 Scope 3 downstream (use of sold products) emissions were recalculated to reflect a reduction in expected lifetime for gas and steam turbines in power generation from 30 to 28 years and an H2 co-firing project undertaken in FY2022.

sustainability_report p.13

In 2022, Siemens Energy set a long-term ambition to reach net zero across the value chain. The Science Based Targets initiative (SBTi) validated absolute GHG reduction targets: Scope 1+2 emissions -46% by FY2025 (2019 base year, ahead of original 2030 target), and Scope 3 category 11 (use of sold products) -28% by 2030 (2019 base year). A company target (not SBTi-validated) of -30% relative Scope 3 upstream emissions per € spent by 2030 (2018 base) was also set. The 100% renewable electricity target was achieved in FY2023.

sustainability_report p.21

Siemens Energy (excluding SG) committed to reduce absolute Scope 1 and 2 GHG emissions by at least 46% by fiscal year 2025 from a 2019 baseline, validated by SBTi, as part of the goal to be climate neutral in own operations by FY2030.

sustainability_report p.50

In fiscal year 2021, SBTi validated Siemens Energy's absolute GHG reduction target for sold products (Scope 3 category 11: use of sold products), aiming to reduce absolute emissions by 28% by FY2030 from a 2019 base year, excluding Siemens Gamesa.

sustainability_report p.50

In 2021, SBTi validated Siemens Energy's absolute GHG reduction target for sold products (Scope 3 category 11): a 28% reduction by 2030 from a 2019 base year.

sustainability_report p.51

Amendments to the Norwegian Equality and Anti-Discrimination Act require companies with more than 50 employees to report on gender-based pay differences starting from the financial year 2021, forming the regulatory basis for Siemens Energy AS's gender pay gap disclosures.

sustainability_report p.3

In fiscal year 2021, the SBTi validated Siemens Energy's absolute GHG reduction target for sold products (Scope 3, category 11), aiming to reduce absolute Scope 3 emissions from use of sold products by 28% by fiscal year 2030 versus a 2019 base year (excluding Siemens Gamesa).

sustainability_report p.50

Amendments to the Norwegian Equality and Anti-Discrimination Act require companies with more than 50 employees to report on gender-based pay differences starting from financial year 2021; Siemens Energy AS has reported gender pay gap data since then, broken down by 11 job levels using the Mercer Job Library.

sustainability_report p.3

Amendments to the Norwegian Equality and Anti-Discrimination Act require companies with more than 50 employees to report on gender-based pay differences starting from financial year 2021, forming the basis for Siemens Energy AS's ongoing pay-gap disclosures.

sustainability_report p.3

Siemens Energy (excluding SG) committed to reducing absolute Scope 1+2 GHG emissions by at least 46% by FY2025 (vs 2019 baseline), validated by SBTi, and committed to increasing global electricity consumption from renewable sources to 100% by FY2023 onward.

sustainability_report p.50

The third lever of the Climate Neutral Program targets vehicle fleet emissions and fuel costs, with an appropriate car policy under development. SGRE is separately rolling out a Mobility and Transportation Policy country by country to make e-mobility the preferred option for internal transportation and to transition service vehicles to electric drivetrains.

sustainability_report p.26

As the first lever of its Climate Neutral Program targeting 2030 climate neutrality, Siemens Energy runs energy efficiency projects at its own sites, including LED lighting with dimmers and motion sensors, smart meters for consumption transparency, and building automation systems for heating, ventilation and air conditioning.

sustainability_report p.26

Siemens Energy's biggest lever to reduce value-chain GHG emissions is its product portfolio, clustered into three areas: Efficiency increase (improving conventional product efficiency), Fuel shift/Hybridization (transition to alternative fuels or combined renewable/conventional generation), and Full/Deep decarbonization (zero or negative emission technologies). This portfolio approach generated €19.3 billion of Environmental Portfolio revenue in FY2020, reducing customer annual GHG emissions by 35 million metric tons of new installations (522 million cumulative).

sustainability_report p.25

Siemens Energy is developing gas turbines with hydrogen combustion capability (current fleet burns 30-60% hydrogen blends, targeting 100% by 2030), green hydrogen electrolyzer systems for Power-to-X applications, and pilot projects such as the Salzgitter PEM electrolysis plant for hydrogen-based steelmaking and the Haßfurt H2/CO2-to-methanol pilot, aiming to decarbonize customers' use-of-sold-product emissions.

sustainability_report p.11

Siemens Energy aims to switch 100% of its own global electricity consumption to renewable sources by 2023, reporting 78% green electricity in FY2020, up from prior years, achieved by sourcing renewable power at operational sites. At the portfolio level, the company's majority stake (~67%) in Siemens Gamesa Renewable Energy (SGRE) makes it a global market leader in onshore and offshore wind power, with an installed capacity base exceeding 100 GW, complemented by the New Energy Business unit developing solar, storage, hydrogen and power-to-X solutions.

sustainability_report p.23

Based on an EU-identified risk assessment covering armed conflicts, weak governance and human rights abuses, Siemens Energy integrated cobalt into its responsible minerals due diligence processes in FY2020, in addition to existing 3TG (tin, tantalum, tungsten, gold) due diligence, focusing initially on battery suppliers.

sustainability_report p.40

The reported 16.6% reduction in total energy consumption and roughly one-third (148,000 metric tons) reduction in Scope 1 and 2 emissions in FY2020 were driven partly by COVID-19-related impacts on global operations (reduced electricity demand, decreased business activity) rather than solely by structural decarbonization measures.

sustainability_report p.27

As a newly independent company, Siemens Energy commissioned Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft to perform its first independent limited assurance engagement on the Sustainability Report 2020, covering GRI-based disclosures and Environmental Portfolio KPIs.

sustainability_report p.78

Siemens Energy prioritizes five UN Sustainable Development Goals for maximum impact: SDG 5 (Gender Equality), SDG 7 (Affordable and Clean Energy), SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 13 (Climate Action), while contributing to all 17 SDGs.

sustainability_report p.6

Post balance-sheet-date event: Siemens Energy AG concluded agreements to take over staff from Siemens Gas and Power GmbH & Co. KG starting October 1, 2020 to carry out its holding activities, including assuming Executive Board remuneration obligations. Management states this will lead to a significant change in net assets, financial position and results of operations in the coming fiscal year (FY2021), reducing comparability with FY2020 figures.

sustainability_report p.15

On September 28, 2020, Siemens Energy AG began a share buyback with a volume of up to €393,000 thousand (announced September 9, 2020). By fiscal year-end, 9,242,660 treasury shares (1.27% of share capital) had been acquired for €200,000 thousand (average price €21.64/share), funded via a liability recognized in other liabilities (€38,033 thousand payable) and impacting cash and equity. Program expected to conclude by March 31, 2021 at the latest.

sustainability_report p.13

Siemens Energy AG shares were admitted to trading on September 25, 2020 and have been listed on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange since September 28, 2020, under ISIN DE000ENER6Y0. At the time of going public, the Siemens Group held 45% of share capital (35.10% direct/indirect Siemens Group + 9.90% Siemens Pension Trust e.V.). This first-time listing event is the reason market capitalisation and share-based metrics become available only from FY2020 onward.

sustainability_report p.8

Siemens AG and Siemens Beteiligungen Inland GmbH contributed their limited partnership interests in Siemens Gas and Power GmbH & Co. KG and shares in Siemens Gas and Power Management GmbH, together with the Group's 67.1% interest in listed Siemens Gamesa Renewable Energy S.A., to Siemens Energy AG via a combination of contributions in kind (32.98%+12.02%) and a spin-off under the German Transformation Act (remaining 55.0%), completed with effect from September 25, 2020. This created total acquisition costs of financial assets (shares in affiliated companies) of €13,021,313 thousand, transforming Siemens Energy AG from a dormant shell into the parent holding company of the Siemens Energy Group. This is a one-off structural event materially affecting comparability of FY2020 vs FY2019 balance sheet figures.

sustainability_report p.10

By resolution of the general shareholders' meeting dated April 1, 2020, the corporate name was changed from 'Kyros 52 Aktiengesellschaft' to 'Siemens Energy AG' and the corporate purpose was restated to reflect its future role as parent company of the Siemens Energy Group. Registered in the Commercial Register on April 3, 2020. Limits comparability of prior-year (FY2019) figures, which relate to the pre-incorporation shell entity.

sustainability_report p.8

Siemens Energy adopted its own binding Code of Conduct for Suppliers and Third-Party Intermediaries effective October 1, 2020, based on the Siemens Group Code of Conduct and UN Global Compact principles, covering human rights, labor practices, environmental protection, anti-corruption and responsible minerals sourcing.

sustainability_report p.38

Siemens Energy plans to switch its own global power consumption to 100% green electricity by 2023, up from 78% status reported in FY2020.

sustainability_report p.23

Since November 2020, Siemens Energy no longer bids on new coal-only power plant projects (while continuing to fulfill existing commitments), a key lever in the company's Scope 3 downstream decarbonization strategy.

sustainability_report p.8

Siemens Energy's approach to carbon offsetting is led by SGRE, which invested in the development of offset projects focused on renewable energy to balance its carbon footprint, notably the Bii Nee Stipa wind power project in Oaxaca, Mexico, registered as a Clean Development Mechanism (CDM) project under the UNFCCC. In FY2020 SGRE voluntarily cancelled Certified Emission Reductions (CERs) on behalf of this project where energy reduction or renewable sourcing was not otherwise possible. The report frames this as 'responsible CO2 offsetting' rather than durable removals (no DAC/BECCS/biochar mentioned), and does not explicitly distinguish offsets from removals.

sustainability_report p.28

To advance carbon neutrality across the value chain, Siemens Energy initiated a Carbon Reduction@Suppliers pilot project in 2020 with an external service provider to build an economic model identifying the CO2 footprint of suppliers, encouraging 35 global focus suppliers to share implemented and planned CO2 reduction measures (80% response rate). SGRE separately plans to engage key suppliers, particularly logistics providers, to reduce their Scope 1 and 2 emissions and move away from fossil fuels.

sustainability_report p.28

Siemens Energy decided to withdraw support for development of new purely coal-fired power plants, ceasing to offer components like steam turbines, generators and control technology for such new projects, while continuing service/support for existing commitments and highly efficient applications (CHP, biomass co-firing, waste heat recovery) during a transition period.

sustainability_report p.11

Siemens Energy set the goal to become climate neutral in its own operations by 2030 at the latest, as the cornerstone of its Climate Neutral Program covering energy efficiency, renewable electricity use, and new mobility concepts.

sustainability_report p.23

Siemens Energy AG became an independent company via spin-off from Siemens AG, with shares transferred to Siemens AG shareholders effective September 25, 2020 and trading commencing September 28, 2020 on the Frankfurt Stock Exchange. This is the first independent Sustainability Report prepared by Siemens Energy AG, affecting comparability of all disclosure categories versus prior Siemens AG-consolidated reporting.

sustainability_report p.68

Siemens Energy stated it will develop its own water strategy (building on Siemens AG's approach and the WBCSD Global Water Tool), taking into account water stress, water pollution and flooding factors at its sites.

sustainability_report p.31

Following the spin-off, Gas and Power and SGRE each established their own stand-alone compliance systems, tools and processes, and Siemens Energy released its own Business Conduct Guidelines effective October 1, 2020, replacing reliance on the Siemens AG system.

sustainability_report p.46

SGRE expanded its climate ambitions by incorporating a net-zero emissions target by 2050, including transition to renewable energy-based sources in more countries, on top of its existing 2019 carbon-neutral status.

sustainability_report p.26

Siemens Gamesa achieved carbon neutrality in its own operations in 2019, including offsetting of unavoidable emissions, referenced as background in the FY2023 report.

sustainability_report p.52

SGRE achieved carbon neutrality in its own operations back in fiscal year 2019 by reducing and/or offsetting unavoidable emissions through offset projects, disclosed as background context in the FY2020 report.

sustainability_report p.24

Siemens Energy's target of reducing absolute Scope 1 and 2 GHG emissions by at least 46% by 2025 (from 2019 base year) is described as 'an even greater ambition than our initial target year, which was originally 2030, as validated by the SBTi.' Achieved 55% reduction in FY2024.

sustainability_report p.31