Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — Q1 2026 Earnings Presentation
16 slides from Sma Solar Technology's earnings presentation, May 13, 2026
Slide 1: Analyst / Investor Presentation Financial Results Q1 2026
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results Q1 2026 Presented by Kaveh Rouhi, CFO May 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 Q1 2026
Review Q1 2026 SMA Solar Technology 3
Slide 4: Q1 2026 Sales, EBITDA, Free Cash Flow and Order Backlog
Q1 2026 Sales Free-Cash-Flow €341m €-27m Q1 2025: Q1 2025: €328m €96m EBITDA1 Order backlog €26m €1,414m Q1 2025: Q1 2025: €25m €1,294m SMA Solar 1. Q1 2025Technology profitability Includes positive one-time effect from a claim settlement (about €10 million reported in the Corporate segment). 4 2. Q
Slide 5: Q1 2026 sales in Large Scale & Project Solutions on previous year level
Q1 2026 sales in Large Scale & Project Solutions on previous year level and HBS with sales growth as expected Sales per region (in € million) Sales by division (in € million) Q1 2025 GW 4.12 4.45 products services1 Q1 2026 341 328 45 3 48 35% Home & Business Americas 35% Solutions 58 4 61 247 32 280
Slide 6: Profitability reflects improved cost base in HBS and lower EBIT in Large Scale
Profitability reflects improved cost base in HBS and lower EBIT in Large Scale due to tariffs and lower capitalization of development costs EBITDA (in € million) EBIT by division (in € million) Margin 7.5% 7.7% 26 25 -46 Home & Business Solutions 15 -20 -21 1 25 50 10 Large Scale & 1 Project Solutio
Slide 7: NWC increased in Q1 mainly driven by higher trade receivables
NWC increased in Q1 mainly driven by higher trade receivables resulting from the strong sales at the end of the quarter NWC | Net Cash (in € million) Group Balance Sheet (in € million) 2025 Dec. 2026 Mar. Change NWC 14% 16% Non-current assets 492 479 -3% 213 243 Working capital 541 602 11% 322 327 1
Slide 8: Negative free cash flow in Q1 2026 driven by restructuring and NWC build up
Negative free cash flow in Q1 2026 mainly driven by cash flows from the restructuring program and the NWC build up from increased trade receivables Cash Flow (in € million) Q1 2025 Q1 2026 Net Income 6 -2 Depreciation and Amortization 13 13 Non-cash P&L effects & changes in provisions1 (incl. one-of
Slide 9: Order Backlog above previous year's level with product order backlog of €1.1bn
Order Backlog above previous year’s level with product order backlog of €1.1bn Order backlog development (in €m) Order backlog by segment (in €m) and region (in %) Total Order Backlog: €1.414 (March 31, 2026) 1,414 1,356 1,352 49 62 HBS Products HBS Service 321 111 LS Products LS Service 11 1 1 1 1,
Slide 10: Q1 2026 sales above prior year driven by higher sales in HBS
Q1 2026 sales above prior year driven by higher sales in HBS Reported EBITDA (incl. one-off effects) stable on last year´s level Sales per segment (in €m) Profitability per segment (in €m) 450 EBITDA 25 -16 -26 -49 26 65 EBIT 11 -30 -104 -66 13 381 357 328 66 341 68 86 48 61 50 63 34 7 2 11 -20 -1 -
Slide 11: Business Update
Business Update SMA Solar Technology 11
Slide 12: Effects of the geopolitical tensions on SMA
Effects of the geopolitical tensions on SMA SUPPLY CHAIN ORDER INTAKE ENERGY POLICY SMA WELL POSITIONED RISING DEMANDS FOR HBS EU-COMMISSION FOCUS SHARPENED Currently not a limiting business Positive market signal, Strong strategic momentum factor; close monitoring and risk but no reliable for SMA’s
Slide 13: SMA Altenso to realize first 220MWh battery energy storage project in Finland
SMA Altenso to realize first 220MWh battery energy storage project in Finland SMA Altenso market entry Finland with Flagship Project BESS project: 95 MW / 220 MWh Battery Park Alapitkä, strengthening the European storage footprint. Investor-Ready Asset & Successful Transfer Ready-to-build project tr
Slide 14: Outlook 2026
Outlook 2026 SMA Solar Technology 14
Slide 15: Sales and EBITDA guidance refined but uncertainty remains
Sales and EBITDA guidance refined but uncertainty remains due to Middle East conflict, rising inflation and potential impacts from the new EEG legislation Guidance 2026 (in €m) Management comments • Large Scale sales slightly above the high level of previous 1,475 – 1,675 year. EBIT below last year
Slide 16: Analyst / Investor Presentation Financial Results Q1 2026
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results Q1 2026 Presented by Kaveh Rouhi, CFO May 13, 2026 SMA Solar Technology 16