SMA Solar Technology : Analyst / Investor Presentation Financial Results 2025

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SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 2025 Presented by Kaveh Rouhi, CFO March 26, 2026 Review FY 2025 Fiscal Year 2025 €1,516m FY 2024: €1,530m Sales €-65m FY 2024: €-16m EBITDA 1 €+110m FY 2024: €-184m Free-Cash-Flow €1,352m FY 2024: €1,356m Order backlog SMA Solar Technology 1. For the one-off effects accounted for in EBITDA, please refer to the Annual Report 2025 on page 33. 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% 46% 48% 42% 40% 335 233 1,096 1,168 Sales by division (in € million) products services 1 FY 2024 FY 2025 Home & Business Solutions 354 247 Large Scale & Project Solutions 1,176 1,269 101 80 14 19 SMA Solar Technology 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-Offs 1 -65 FY 2025 Depreciation/ Amortization 77 123 107 148 sales volume and resulting lower fixed cost degression as well as significant one-offs SMA Solar Technology EBIT by division 3 (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-Offs 2 -151 -171 For the one-off effects accounted for in EBITDA, please refer to the Annual Report 2025 on pages 33. 6 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. 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 Total cash 222 m€ - finance. liab. 3 45 m€ Group Balance Sheet (in € million) 550 322 217 14 184 35 -147 -159 -160 -169 supported the reduction of financial liabilities to credit institutions by €100m Year-end 2024 Year-end 2025 Change SMA Solar Technology 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 assets 1 53 52 -2% Total cash 229 222 -3% Shareholder's equity 553 366 -34% Provisions 2 231 237 2% Trade payables 147 159 8% Financial liabilities 3 145 45 -69% Other liabilities 2, 4 464 499 8% TOTAL 1,541 1,306 -15% Not interest-bearing 7 w/o not interest-bearing derivatives: 0.1m€ (2024: 0.0m€) and IFRS 16 Leases of 87.8m€ (2024: 44.3m€). 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 Cash Flow (in € million) FY 2024 FY 2025 Net Income -118 -181 Depreciation and Amortization 1 (incl. one-off effects) 77 123 Non-cash P&L effects & changes in provisions 2 (incl. one-off effects) 162 166 Non-P&L cash effects 3 (incl. one-off effects) -47 -80 Cash Flow from changes in NWC -199 115 Cash Flow from Operating Activities -125 143 Net Capex 4 -90 -49 Cash inflow from divestments 31 5 16 6 Free Cash Flow 7 -184 110 Incl. impairments for R&D and fixed assets (71m€ in 2025; 27 m€ in 2024) 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) 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) Incl. capitalized R&D project costs 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 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 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 Solutions 3 Large Scale & Project Solutions 3 Service 334 43 975 Product order backlog by regions (in%) EMEA Americas APAC 18% 41% 41% 1 1,034 950 1,018 322 332 334 12/31/2024 09/30/2025 12/31/2025 Products Service 2 SMA Solar Technology Adjustments due to rounding Order backlog development (in €m) 1,356 1,282 1,352 9 Order backlog attributable to the former segment "Service", which will be recognized over a period of 5 to 10 years. 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 280 289 315 48 68 66 385 412 65 59 EBITDA -100 25 -16 -26 -49 EBIT -139 11 -30 -104 -65 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 -83 -191 63 72 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 2025 2 2026e Sales EBITDA 2026 CapEx (incl. R&D & leasing) 1 approx. €50m Depreciation / amortization approx. €50m Including approx. €5m for cap. R&D costs and approx. €10m for IFRS16 Leasing 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 Attention : This is an excerpt of the original content. 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