Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — Q2 2026 Earnings Presentation
18 slides from Sma Solar Technology's earnings presentation, Aug 13, 2026
Slide 1: Analyst / Investor Presentation Financial Results H1 2026
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2026 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 13, 2026 SMA Solar Technology 1
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 2026
Review H1 2026 SMA Solar Technology 3
Slide 4: H1 2026 Sales, EBITDA, Free Cash Flow, Order backlog
H1 2026 Sales Free-Cash-Flow €687m € +72m H1 2025: H1 2025: €685m € +66m EBITDA1,2 Order backlog €88m €1,754m H1 2025: H1 2025: €9m €1,161m 1. H1 2026 profitability includes positive effects from ~€22m€ in write-offs of inventory provisions (HBS), ~€3 millions release of restructuring provisions (un
Slide 5: H1 2026 sales in Large Scale & Project Solutions slightly below previous year level
H1 2026 sales in Large Scale & Project Solutions slightly below previous year level and HBS with sales growth as expected Sales per region (in € million) Sales by division (in € million) H1 2025 GW 8.3 9.0 products services1 H1 2026 685 687 109 8 116 Americas 33% 35% Home & Business Solutions 137 8
Slide 6: Profitability impacted by two effects: IEEPA tariff refund and inventory write-down reversal
Profitability impacted by two effects: Earlier-than-expected refund of IEEPA tariffs in Q2 2026 and reversal of inventory write-downs as a result of a targeted sales initiative EBITDA (in € million) EBIT by division (in € million) Margin 1% 13% 88 -129 -80 -49 Home & 9 66 Business Solutions -22 -44
Slide 7: Lower NWC driven by higher trade payables resulting from strong sales in Q2 2026
Lower NWC driven by higher trade payables resulting from strong sales in Q2 2026 NWC | Net Cash (in € million) Group Balance Sheet (in € million) 2025 Dec. 2026 June Change NWC 14% 12% Non-current assets 492 513 4% 213 178 Working capital 541 563 4% 322 337 1 35 33 Other assets 52 70 36% 184 192 -15
Slide 8: Free cash flow in H1 2026 above last year mainly driven by positive net income
Free cash flow in H1 2026 above last year mainly driven by positive net income incl. tariff refunds as well as continued NWC improvements Cash Flow (in € million) H1 2025 H1 2026 Net Income -42 73 Depreciation and Amortization 28 26 Non-cash P&L effects & changes in provisions1 (incl. one-off effect
Slide 9: Order Backlog well above previous year's level with product order backlog of €1.4bn
Order Backlog well above previous year’s level with product order backlog of €1.4bn Order backlog development (in €m) Order backlog by segment (in €m) and region (in %) Total Order Backlog: €1.754 (June 30, 2026) 1,754 100 HBS Products HBS Service 1,356 1,352 111 11 314 LS Products LS Service 1,429
Slide 10: Q2 2026 sales remained stable versus Q1 2026 while EBITDA further improved
Q2 2026 sales remained stable versus Q1 2026 driven by higher sales in HBS, while EBITDA (incl. one-off effects) further improved quarter-over-quarter Sales per segment (in €m) Profitability per segment2 (in €m) 450 EBITDA -16 -26 -49 26 62 65 EBIT -30 -104 -65 13 49 381 357 345 66 341 68 86 61 83 6
Slide 11: Transformation & Business Update
Transformation & Business Update SMA Solar Technology 11
Slide 12: After successful restructuring program, now focus on strategic transformation of the business
After successful implementation of restructuring program, now focus on strategic transformation of the business EBIT improvement need (ambition for EBIT improvement need (ambition for run-rate 2027): +100 €m run-rate 2027): 150 - 200 €m ✓ Initial measures started in 2024, fully implemented in 2025 ✓
Slide 13: Expanding SMA's integrated energy solutions portfolio
Expanding SMA's integrated energy solutions portfolio Home & Business Solutions: Large Scale & Project Solutions: New Integrated Energy Solution Stability Enhanced DC-Coupled Hybrid Solution • Launched the Sunny Tripower Hybrid X, SMA Storage M, SMA • Introduced a DC-coupled hybrid solution combinin
Slide 14: Regulatory attention shifting toward resilience and cybersecurity
Regulatory attention shifting toward resilience and cybersecurity Implementation of the Net Zero Industry Act U.S. Federal Communications Commission Cybersecurity and resilient infrastructure (FCC) (NZIA) • First NZIA-related tenders launched in Italy, • Cybersecurity increasingly shapes public • FC
Slide 15: Strengthening customer value through resilient Large Scale solutions
Strengthening customer value through resilient Large Scale solutions U.S. integration facility and local Data center solutions VDE FNN certification in progress partnerships • Opened a U.S.-based MVPS integration • AI and digital infrastructure investment is • Advancing certification for short-term
Slide 16: Outlook 2026
Outlook 2026 SMA Solar Technology 16
Slide 17: Sales and EBITDA guidance 2026 raised given improved market conditions
Sales and EBITDA guidance 2026 raised given overall improvement in market conditions and better operating performance in H2 Guidance 2026 (in €m) Management comments • Large Scale sales above the high level of previous year 1,625 – 1,725 with EBIT broadly in line with the prior-year level. 1,516 • H
Slide 18: Analyst / Investor Presentation Financial Results H1 2026
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2026 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 13, 2026 SMA Solar Technology 18