Sma Solar Technology Ag · XETR:S92
Sma Solar Technology — FY2025 Earnings Presentation
18 slides from Sma Solar Technology's earnings presentation, Mar 26, 2026
Slide 1: Analyst / Investor Presentation Financial Results 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2025 Presented by Kaveh Rouhi, CFO March 26, 2026
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 FY 2025
Review FY 2025 SMA Solar Technology 3
Slide 4: Fiscal Year 2025
Fiscal Year 2025 Sales Free-Cash-Flow €1,516m €+110m FY 2024: FY 2024: €1,530m €-184m EBITDA1 Order backlog €-65m €1,352m FY 2024: FY 2024: €-16m €1,356m SMA 1. ForSolar Technology the one-off effects accounted for in EBITDA, please refer to the Annual Report 2025 on page 33. 4
Slide 5: Sales slightly below prior year with revenue growth in Large Scale & Project Solutions
Sales slightly below prior year with revenue growth in Large Scale & Project Solutions and weak sales in HBS as expected Sales per region (in € million) Sales by division (in € million) FY 2024 GW 19.5 19.9 products services1 FY 2025 1,530 1,516 335 19 354 Americas 40% Home & Business 42% Solutions
Slide 6: Profitability driven by Large Scale division while HBS significantly negative due to lower sales
Profitability driven by Large Scale division while HBS significantly negative due to lower sales volume and resulting lower fixed cost degression as well as significant one-offs EBITDA (in € million) EBIT by division3 (in € million) Margin -1% -4% -315 -144 -171 Home & 148 Business Solutions 107 -37
Slide 7: NWC reduction measures taking effect driving recovery of cash
NWC reduction measures taking effect driving recovery of cash which supported the reduction of financial liabilities to credit institutions by €100m NWC | Net Cash (in € million) Group Balance Sheet (in € million) Year-end 2024 Year-end 2025 Change NWC 31% 14% Non-current assets 479 492 3% 473 Worki
Slide 8: Free cash flow well above prior year
Free cash flow well above prior year, mainly driven by positive cash gains from operating profits as well as effective net working capital reduction measures Cash Flow (in € million) FY 2024 FY 2025 Net Income -118 -181 Depreciation and Amortization1 (incl. one-off effects) 77 123 Non-cash P&L effec
Slide 9: Order Backlog on previous year's level with product order backlog of €1 bn
Order Backlog on previous year’s level with product order backlog of €1 bn Order backlog development (in €m) Order backlog by segment (in €m) and region (in %) Total order backlog: €1,352m (December 31, 2025) 1,356 1,352 1,282 43 62 Home & Business Solutions3 334 111 Large Scale & Project Solutions3
Slide 10: Q4 2025 sales below prior year. Profitability affected by lower sales volume
Q4 2025 sales below prior year. Profitability affected by lower sales volume and resulting lower fixed cost degression in HBS as well as one-time effects Sales per segment (in €m) Profitability per segment (in €m) 470 EBITDA -100 25 -16 -26 -49 450 59 65 EBIT -139 11 -30 -104 -65 381 357 328 66 72 8
Slide 11: Business Update
Business Update SMA Solar Technology 11
Slide 12: Home & Business Solutions | Transformation journey on track as planned
Home & Business Solutions | Transformation journey on track as planned Portfolio Development Supply Chain Management Production Sales & Service HBS POST TRANSFORMATION Market-ready solutions Hardware developed with Lean and efficient SCM Partner-led hardware Strategic focus on Europe, with focus on
Slide 13: Large Scale & Project Solutions | Shift in BESS customer base
Large Scale & Project Solutions | Shift in BESS customer base past now 2025-2030 IPP IPP SMA’s large-scale business is transitioning from a ESS transaction-driven integrator model toward a more asset-owner-driven model with IPPs and storage players, which should fundamentally change both BESS INT ES
Slide 14: Large Scale & Project Solutions | Exploring future growth opportunities
Large Scale & Project Solutions | Exploring future growth opportunities AI Data Centers DC Coupling Bild Data Center einfügen! AI Data Centers: Next generation of DC coupling: High power density combined with very demanding load Value creation through lower cost, higher reliability & profiles, futur
Slide 15: Outlook 2026
Outlook 2026 SMA Solar Technology 15
Slide 16: Changes in the global political landscape will play a significant role
Changes in the global political landscape will play a significant role United States Europe Australia ▪ The Supreme Court ruling restricts executive ▪ The Industry Accelerator Act intensifies “Made in ▪ Regulatory and permitting delays remain a tariff authority significantly; the White House now Eur
Slide 17: Sales and EBITDA guidance range reflects persistent uncertainty
Sales and EBITDA guidance range reflects persistent uncertainty due to trade barriers, geopolitical conflicts and potential impacts from the new EEG legislation Guidance 2026 (in €m) Management comments • Expected Large Scale sales slightly above the high 1,475 – 1,675 level of previous year. EBIT b
Slide 18: Analyst / Investor Presentation Financial Results 2025
SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2025 Presented by Kaveh Rouhi, CFO March 26, 2026 SMA Solar Technology 18