Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — H1 2025 Earnings Presentation
16 slides from Sma Solar Technology's earnings presentation, Aug 7, 2025
Slide 1: Analyst / Investor Presentation Financial Results H1 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025
Slide 2: Disclaimer
Disclaimer IMPORTANT LEGAL NOTICE This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Comp
Slide 3: Review H1 2025
Review H1 2025 SMA Solar Technology 3
Slide 4: H1 2025 Sales, EBITDA, Free Cash Flow, Order backlog
H1 2025 Sales Free-Cash-Flow €685m € +66m H1 2024: H1 2024: €759m €-203m EBITDA Order backlog €9m1 €1,161m H1 2024: H1 2024 : €81m2 €1,349m SMA Solar Technology 1. H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ (under Corporate segment) and negative effects fro
Slide 5: Sales below prior year level with revenue growth in Large Scale & Project Solutions
Sales below prior year level with revenue growth in Large Scale & Project Solutions and weakened sales in Home and Business Solutions as expected Sales per region (in € million) Sales by division (in € million) H1 2024 GW 9.1 8.3 products services 1 H1 2025 -10% 759 685 205 18 223 Americas 41% Home
Slide 6: Profitability driven by strong performance in Large Scale & Project Solutions
Profitability driven by strong performance in Large Scale & Project Solutions with Home and Business Solutions negative as expected EBITDA (in € million) EBIT by division (in € million) Margin 10,6% 1,3% H1 2024 H1 2025 81 9 62 Home & -67 55 Business Solutions 19 -129 -46 Large Scale & 101 H1 20241
Slide 7: Net working capital reduction measures taking effect and driving recovery of cash
Net working capital reduction measures taking effect and driving recovery of cash through trade receivables collections & increased trade payable timelines NWC | Net Cash (in € million) Group Balance Sheet (in € million) 12/31/2024 6/30/2025 Change NWC 31% 19% Non-current assets 479 518 8% 473 283 W
Slide 8: Positive free cash flow mainly driven by effective net working capital reduction measures
Positive free cash flow mainly driven by effective net working capital reduction measures Cash Flow (in € million) H1 2024 H1 2025 Net Income 44 -42 Cash Flow from changes in NWC -202 130 Change in other net assets/Cash and non-cash effects1 -16 2 Cash Flow from Operating Activities -174 90 Net Cape
Slide 9: Order Backlog reflects current market demand with Home Business Solutions soft
Product Order Backlog reflects current market demand with Home Business Solutions soft and Large Scale impacted by softer order intake in US Order backlog development (in €m) Order backlog by division (in €m) and region (in %) Total order backlog: €1.161m (June 30, 2025) 1.349 1.356 1.161 46 62 313
Slide 10: Q2 2025 sales and profitability per segment
Q1 2025 sales less than the average quarter of FY 2024 but primarily due to high Large Scale sales in Q4 2024. Profitability back in the black after negative one-time effects in Q4 2024 Sales per segment (in €m) Profitability per segment (in €m) 470 EBITDA 31 3 -100 25 -16 59 398 EBIT 18 -10 -139 11
Slide 11: Restructuring Program & Current Developments
Restructuring Program & Current Developments SMA Solar Technology 11
Slide 12: We are on track to achieve more than half of our original EBIT improvement
We are on track to achieve more than half of our original EBIT improvement ambition already this year which is above plan EBIT improvement need (ambition for run-rate 2027): 150 – 200 €m Material costs OPEX Personnel costs Exemplary measures • Renegotiate supplier contracts • Reduce spend for ext. s
Slide 13: SMA's New Technology Milestones Fueling the Energy Transition
SMA´s New Technology Milestones Fueling the Energy Transition Reliable On & Off-Grid Systems New Technology boosts Large-Scale Storage and Grid Stability • Featuring SiC MOSFET technology, SCS • Sunny Island X: resilient, renewable • SMA solutions contribute to stabilizing UP-S offers superior power
Slide 14: Outlook 2025
Outlook 2025 SMA Solar Technology 14
Slide 15: Sales and EBITDA at lower third of the guidance range due to soft HBS demand
Sales and EBITDA at lower third of the guidance range due to soft HBS demand and higher uncertainty (tariff policies, OBBBA) Guidance 2025 lower third of range Management comments (in €m) • Group: Restructuring program underway and overall 1.500 – 1.550 savings target for 2025 to be overachieved. 1.
Slide 16: Analyst / Investor Presentation Financial Results H1 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025 SMA Solar Technology 16