Siemens Energy AG Capital Market Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Jones - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thanks. Alex Jones, Bank of America. On a slightly similar topic, you showed this continued margin progression after 2028. I'm interested in how you see pricing as a driver of that? Or is it more driven by productivity? And I suppose I'm asking because the gas slides that you released earlier show a continued capacity expansion even after 2027, I think of another 35%. Do you expect that to lead in the market to some declining or moderating OE pricing as we get beyond the next three years, or do you remain confident?

Question: Alexander Jones - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Alex Jones, Bank of America. Just on gas capacity additions, could I get a more color on the cadence? You've already announced large gas goes to 50 units, medium goes to 80 by the end of '27, I think. But the slides would suggest you're not going beyond that. Is that gradual debottlenecking after '27? Or there are other major step-changes within capacity that you're hoping to make, going forward?