Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — Q3 2025 Earnings Presentation
17 slides from Sma Solar Technology's earnings presentation, Nov 13, 2025
Slide 1: Analyst / Investor Presentation Financial Results 9M 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 9M 2025 Presented by Kaveh Rouhi, CFO November 13th, 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 9M 2025
Review 9M 2025 SMA Solar Technology 3
Slide 4: 9M 2025 Sales, EBITDA, Free Cash Flow, Order backlog
9M 2025 Sales Free-Cash-Flow €1,135m €+115m 9M 2024: 9M 2024: €1,060m €-220m EBITDA1 Order backlog €-17m €1,282m 9M 2024: 9M 2024: €84m €1,438m SMA Solar Technology 1. For the one-off effects accounted for in EBITDA, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4.
Slide 5: Sales above prior year level with revenue growth in Large Scale & Project Solutions
Sales above prior year level with revenue growth in Large Scale & Project Solutions and weak sales in Home and Business Solutions as expected Sales per region (in € million) Sales by division (in € million) 9M 2024 GW 13.0 13.6 products services1 9M 2025 1,135 1,060 280 16 296 40% Home & Business Am
Slide 6: Profitability driven by strong performance in Large Scale & Project Solutions
Profitability driven by strong performance in Large Scale & Project Solutions while Home and Business Solutions significantly negative due to one-offs EBITDA (in € million) EBIT by division (in € million) Margin 8% -1,5% -17 -124 84 Home & 119 Business Solutions 65 -322 -210 -112 19 154 -136 Large S
Slide 7: NWC reduction measures taking effect
NWC reduction measures taking effect driving recovery of cash through faster trade receivables collections & increased trade payables and also inventory write downs & scrapping (-121m Euro) decrease NWC NWC | Net Cash (in € million) Group Balance Sheet (in € million) 12/31/2024 9/30/2025 Change NWC
Slide 8: Positive free cash flow mainly driven by operating profits
Positive free cash flow mainly driven by positive cash gains from operating profits as well as effective net working capital reduction measures Cash Flow (in € million) 9M 2024 9M 2025 Net Income 35 -145 Cash Flow from changes in NWC -200 10 Change in other net assets/Cash and non-cash effects1 -2 2
Slide 9: Product Order Backlog reflects current market demand
Product Order Backlog reflects current market demand with HBS soft and Large Scale order intake picking up again in Q3 Order backlog development (in €m) Order backlog by division (in €m) and region (in %) Total order backlog: €1.282m (September 30, 2025) 1,438 1,356 1,282 43 62 332 111 Home & Busine
Slide 10: Q3 2025 sales increased significantly due to high Large Scale sales
Q3 2025 sales increased significantly due to high Large Scale sales. Profitability affected by one-time effects in Q4 2024, Q2 and Q3 2025 Sales per segment (in €m) Profitability1 per segment (in €m) 470 EBITDA 3 -100 25 -16 -26 450 59 65 EBIT -10 -139 11 -30 -104 357 328 72 86 300 68 54 50 63 48 7
Slide 11: Restructuring Program & Current Developments
Restructuring Program & Current Developments SMA Solar Technology 11
Slide 12: Extending the restructuring program to achieve another 100€m of savings
In addition to the ongoing restructuring program, we are extending the measures to achieve another 100€m of savings EBIT improvement need (ambition for run-rate 2027): 150 - 200 €m EBIT improvement need (ambition for run-rate 2027): +100 €m extended program / Transformation previous program / Restru
Slide 13: HBS | Today to Tomorrow: Transformation across the value chain
HBS | Today to Tomorrow: Transformation across the value chain Portfolio Development Supply Chain Management Production Sales & Service Today... Today... Today... Today... Today... Overly broad component portfolio A mix of SMA and partner Global presence and broad portfolio Mixed component sourcing
Slide 14: Large Scale | Building on our excellent market positioning
Large Scale | Building on our excellent market positioning Grid Stability for Europe Hydrogen on a larger scale Solutions in high demand Inauguration of first grid forming BESS Commissioning of a 100% off-grid Delivering the first Sunny Central FLEX to in continental Europe (Föhren) hydrogen plant i
Slide 15: Outlook 2025
Outlook 2025 SMA Solar Technology 15
Slide 16: Lower Sales and EBITDA guidance due to soft HBS business
Lower Sales and EBITDA guidance due to soft HBS business and related one-time effects. Restructuring measures to be broadened and extended. Guidance 2025 (in €m) Management comments • Sales and earnings guidance adjustment on 1.450 – 1.500 September 1, 2025 1.530 • Reasons: Anticipated sales perform
Slide 17: Analyst / Investor Presentation Financial Results 9M 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 9M 2025 Presented by Kaveh Rouhi, CFO November 13th, 2025