Analyst / Investor Presentation Financial Results 2025

SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2025

Presented by Kaveh Rouhi, CFO March 26, 2026

Review FY 2025

Fiscal Year 2025

SMA Solar Technology

4

Sales slightly below prior year with revenue growth in Large Scale & Project

Solutions and weak sales in HBS as expected

GW

Sales per region (in € million)

19.5

19.9

1,530

1,516

Americas

EMEA

APAC

FY 2024

FY 2025

12%

12%

Sales by division (in € million)

products

services1

FY 2024

FY 2025

Home & Business

Solutions

354

247

Large Scale &

Project Solutions

1,176

1,269

SMA Solar Technology

1. Services include commissioning, extended warranties, service and maintenance contracts, operational management, remote system monitoring and digital energy services. 5

Profitability driven by Large Scale division while HBS significantly negative due to lower

EBITDA (in € million)

Margin

-1%

-4%

-164

-172

-16

FY 2024

Operating EBITDA (before One-Offs)

One-Offs1

-65

FY 2025

Depreciation/ Amortization

77

123

sales volume and resulting lower fixed cost degression as well as significant one-offs

SMA Solar Technology

EBIT by division3 (in € million)

-315 -144

Home &

Business Solutions

-376

-224

-19

246

227

Large Scale &

Project Solutions

-1

212

211

FY 2024 Operating EBIT (before One-Offs)

FY 2025 Operating EBIT (before One-Offs) One-Offs2

1. For the one-off effects accounted for in EBITDA, please refer to the Annual Report 2025 on pages 33. 6

2. For the one-off effects accounted for in EBIT, please refer to the Annual Report 2025 on page 34 for HBS and page 35 for LSPS.

3. Due to one-off effects in the Corporate division, the sum of the divisions does not equal the total for the Group.

NWC reduction measures taking effect driving recovery of cash which

NWC | Net Cash (in € million)

NWC

31%

14%

473

213

FY 2024

Inventories excl. paymt. in adv. Advance payments on Inventories

FY 2025

Trade receivables

Trade payables

Adv. cust. payments

Net Cash

+110%

84

176

FY 2024

FY 2025

Group Balance Sheet (in € million)

supported the reduction of financial liabilities to credit institutions by €100m

SMA Solar Technology

1. Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assets held for sale.

   Non-current assets	479	492	3%
   Working capital	780	541	-31%
   Other assets1	53	52	-2%
   Total cash	229	222	-3%
   Shareholder's equity	553	366	-34%
   Provisions2	231	237	2%
   Trade payables	147	159	8%
   Financial liabilities3	145	45	-69%
   Other liabilities 2, 4	464	499	8%
   TOTAL	1,541	1,306	-15%

2. Not interest-bearing 7

3. w/o not interest-bearing derivatives: 0.1m€ (2024: 0.0m€) and IFRS 16 Leases of 87.8m€ (2024: 44.3m€).

4. Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities and customer bonuses.

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

1. Incl. impairments for R&D and fixed assets (71m€ in 2025; 27 m€ in 2024)

2. Incl. non-cash tax and interest expenses (16m€ in 2025; 11m€ in 2024), provisions on inventories (133m€ in 2025; 115m€ in 2024), provisions for doubtful receivables (12m€ in 2025; 4m€ in 2024), Change in provisions due to warranty related movements (long/short) and the increase/decrease in provisions for future restructuring payments (5m€ in 2025; 30m€ in 2024)

3. Incl. non-cash income from deferred tax assets (-35m€ in 2025), interest paid, interest received and taxes paid (-28m€ in 2025; -12m€ in 2024) and cash inflow from the sale of project companies reassigned to cash inflow from divestments (-16m€ in 2025; -31m€ in 2024)

4. Incl. capitalized R&D project costs

5. Incl. Cash inflow of 18m€ from the sale of the shares in elexon and an amount in the low-double-digit million range from the sale of a Battery Storage Project Company of Altenso; 2024 reorganized for the purposes of a uniform, comparable presentation

   SMA Solar Technology

   8

6. Incl. Cash inflows of a low-single-digit million euro amount from the sale of coneva, as well as a low-double-digit million euro amount from the sale of two Battery Storage Project Companies of Altenso

7. W/o Net Investments from Securities and Other Financial Assets

Order Backlog on previous year's level with product order backlog of €1 bn

Order backlog by segment (in €m) and region (in %)

Total order backlog: €1,352m (December 31, 2025)

Home & Business Solutions3

Large Scale & Project Solutions3

Service

334

43

975

Product order backlog by regions (in%)

EMEA

Americas APAC

18%

41%

41%

SMA Solar Technology

1. Adjustments due to rounding

   Order backlog development (in €m)

   1,356

   1,282

   1,352

   9

2. Order backlog attributable to the former segment "Service", which will be recognized over a period of 5 to 10 years.

3. w/o "Service"

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)

470

450

381

328

357

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Profitability per segment (in €m)

50

7

-46

86

2

-10

11

-54

-23

-193

-20

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Home & Business Solutions Large Scale & Project Solutions Reconciliation & Corporate

SMA Solar Technology 10

Business Update

Home & Business Solutions | Transformation journey on track as planned

Portfolio

Development

Supply Chain Management

HBS POST TRANSFORMATION

Production

Sales & Service

Market-ready solutions with focus on interoperability, usability, and smart energy management for recurring revenues.

Hardware developed with partners according to SMA specifications, secure software built in-house, and strategic use of GCC India for talent and cost efficiency.

Lean and efficient SCM operations with full transparency and fast response times for effective stock management.

Partner-led hardware production and final assembly in Krakow enable competitive pricing while preserving SMA's premium market positioning.

Strategic focus on Europe, service excellence USP, cost-efficient operations.

• Sunny Tripower X 60 launched in Jan 26

  • 3ph Hybrid launch planned for summer

  • Battery solution for USA via

    partnership model

    Build-up of GCC India:

• Target of 30 FTEs in 2025 achieved,

  • additional 20 FTE planned for

    2026

  • R&D transformation for more flexibility and efficiency

• Established new AIS-focused procurement setup structure

  • Optimization of warehouse capacity in progress, warehouse BRA closed

• SOP for HBS products achieved in February 2026

• Country Exit Sales LATAM & APAC implemented in 2025

• Sales Exit AUS decided & implemented in Q1 2026

• Reduction of service

partner costs

SMA Solar Technology 12

Large Scale & Project Solutions | Shift in BESS customer base

past now 2025-2030

ESS

INT

BESS

INT

Markets

IPP

ESS

IPP

SMA's large-scale business is transitioning from a transaction-driven integrator model toward a more asset-owner-driven model with IPPs and storage players, which should fundamentally change both margin structure and competitive positioning.

The effect will be longer sales cycles, higher technical requirements, but also potentially more recurring service and software revenue.

INT

INT = Integrators | IPP = Independent Power producers | ESS = Energy Storage Systems

SMA Solar Technology 13

Bild Data Center einfügen!

Large Scale & Project Solutions | Exploring future growth opportunities

AI Data Centers

DC Coupling

AI Data Centers:

High power density combined with very demanding load profiles, future generations powered directly by DC voltages

Next generation of DC coupling:

Value creation through lower cost, higher reliability & uptime and greater system flexibility

SMA Solar Technology 14

Outlook 2026

Changes in the global political landscape will play a significant role

United States Europe Australia

• The Supreme Court ruling restricts executive tariff authority significantly; the White House now needs the support of the Congress for any new tariffs

• A temporary 10% global tariff for 150 days applied immediately, but under no legal structure

• EU announced acceptance of maximum 15% tariffs laid out in existing trade deal

• Existing tariffs on aluminum, steel, copper and special Chinese goods remain enforced

• FEOC reinforces the importance of trusted system technologies

• Currency exposure from high revenue share in USD can lead to negative or positive FX-effects

• The Industry Accelerator Act intensifies "Made in Europe" Industrial policy; inverters and batteries are among the benefiting technology's

  Germany

• The "Netzpaket" creates uncertainty on the expansion of battery storage in Germany

• The first leak of the "EEG" revision shows some HBS barriers but also accelerates the market integration in favor of HBS

• Additional demand for Large Scale & Project Solutions capacity until 2035

  • Regulatory and permitting delays remain a major bottleneck

  • Grid connection delays and infrastructure

    constraints remain

  • Government decided to expand the Capacity Investment Scheme (CIS), which contains a strong policy push for storage and system integration

  • Government decided on a national coordination of

priority projects (incl. transmission and storage)

SMA Solar Technology 16

Sales and EBITDA guidance range reflects persistent uncertainty due to trade

barriers, geopolitical conflicts and potential impacts from the new EEG legislation

SMA Solar Technology

Management comments

• Expected Large Scale sales slightly above the high

  level of previous year. EBIT below last year due to higher costs for service expansion to cover growing installed base, currency effects and less capitalized R&D projects.

• Expected HBS sales above previous year with EBIT also above last year due to restructuring and transformation program, but still not back in black.

• Additional headwinds may result from changes in legislation, uncertainties about potential refunds of

tariffs in the US and FX development

Guidance 2026 (in €m)

1,475 - 1,675

1,516

50 - 180

-65

2025 2026e

20252 2026e

Sales EBITDA

2026

CapEx (incl. R&D & leasing)1 approx. €50m

Depreciation / amortization

approx. €50m

1. Including approx. €5m for cap. R&D costs and approx. €10m for IFRS16 Leasing

2. For the one-off effects accounted for in EBITDA, please refer to the Annual Report 2025 on page 33. 17

SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2025

Presented by Kaveh Rouhi, CFO March 26, 2026