SMA Solar Technology : Analyst / Investor Presentation Financial Results 9M 2025

About this update from Sma Solar Technology Ag

SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 9M 2025 Presented by Kaveh Rouhi, CFO November 13th, 2025 Review 9M 2025 9M 2025 €1,135m 9M 2024: €1,060m Sales €-17m 9M 2024: €84m EBITDA 1 €+115m 9M 2024: €-220m Free-Cash-Flow €1,282m 9M 2024: €1,438m Order backlog 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. 4 Sales above prior year level with revenue growth in Large Scale & Project Solutions and weak sales in Home and Business Solutions as expected GW Sales per region (in € million) 13.0 13.6 1,060 1,135 Americas EMEA APAC 9M 2024 9M 2025 9% 13% 50% 47% 41% 40% 280 170 716 872 Sales by division (in € million) products services 1 9M 2024 9M 2025 Home & Business Solutions 296 181 Large Scale & Project Solutions 764 954 82 48 11 16 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 strong performance in Large Scale & Project Solutions EBITDA (in € million) Margin 8% -1,5% - 17 84 65 19 -136 9M 2024 1 9M 2025 2 Operating EBITDA (before One-Offs) One-Offs 1 Depreciation/ Amortization 38 106 119 while Home and Business Solutions significantly negative due to one-offs SMA Solar Technology EBIT by division (in € million) -124 Home & Business Solutions -322 -210 154 Large Scale & Project Solutions -1 200 9M 2025 Operating EBIT (before One-Offs) 9M 2025 One-Offs 2 9M 2024 EBIT -112 For the one-off effects accounted for in EBITDA, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4. 6 For the one-off effects accounted for in EBIT, please refer to the Quarterly Statement January to September 2025 on page 5 for HBS and page 6 for LSPS. NWC reduction measures taking effect driving recovery of cash through faster trade receivables collections 550 366 21 217 14 211 -147 -197 -160 -150 & increased trade payables and also inventory write downs & scrapping (-121m Euro) decrease NWC 12/31/2024 9/30/2025 Change SMA Solar Technology Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assets held for sale NWC | Net Cash (in € million) NWC 31% 19% 473 252 12/31/2024 Inventories excl. paymt. in adv. Advance payments on Inventories 09/30/2025 Trade receivables Trade payables Adv. cust. payments Net Cash +114% 84 180 12/31/2024 09/30/2025 Total cash 251 m€ - finance. liab. 3 70 m€ Group Balance Sheet (in € million) Non-current assets 479 465 -3% Working capital 780 599 -23% Other assets 1 53 76 44% Total cash 229 251 9% Shareholder's equity 553 402 -27% Provisions 2 231 200 -14% Trade payables 147 197 34% Financial liabilities 3 145 70 -52% Other liabilities 2, 4 464 520 12% TOTAL 1.541 1.390 -10% Not interest-bearing 7 w/o not interest-bearing derivatives: 0.1m€ (2024: 0.0m€) and IFRS 16 Leases of 56.5m€ (2024: 9.4m€). Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities and customer bonuses 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 effects 1 -2 284 Cash Flow from Operating Activities -167 149 Net Capex 2 -72 -38 Cash inflow from divestments 18 3 4 4 Free Cash Flow 5 -220 115 SMA Solar Technology Interest (paid/received), inventory provisions, taxes, deprecation and amortization, Deferred Tax Assets, contract Assets (IFRS15), receivables from currency derivates, rent deposits and pledges Including capitalized R&D project costs Cash inflow of €18m from sale of the shares in elexon 8 Cash inflow of €4m from sale of coneva w/o Net Investments from Securities and Other Financial Assets Product Order Backlog reflects current market demand with HBS soft and Large Order backlog development (in €m) 1,438 1,356 1,282 Scale order intake picking up again in Q3 SMA Solar Technology Order backlog by division (in €m) and region (in %) Total order backlog: €1.282m (September 30, 2025) Home & Business Solutions 3 Large Scale & Project Solutions 3 Service 332 43 906 Product order backlog by regions (in%) EMEA Americas APAC 15% 41% 44% 9 1,098 1 1,034 1 950 340 322 332 09/30/2024 12/31/2024 09/30/2025 Products Service 2 Adjustments due to rounding Order backlog attributable to the former segment "Service", which will be recognized over a period of 5 to 10 years w/o "Service" Q3 2025 sales increased significantly due to high Large Scale sales. Profitability 1 per segment (in €m) 86 2 -57 -7 50 7 -46 -10 -193 Q3 2024 -20 Q4 2024 Q1 2025 Q2 2025 Q3 2025 -83 -191 54 63 72 Profitability affected by one-time effects in Q4 2024, Q2 and Q3 2025 Sales per segment (in €m) 470 450 357 300 328 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 228 280 289 72 48 68 385 412 65 59 EBITDA 3 -100 25 -16 -26 EBIT -10 -139 11 -30 -104 SMA Solar Technology Home & Business Solutions Large Scale & Project Solutions Reconciliation & Corporate For the 9M consolidated one-off effects, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4, on page 5 for HBS and page 6 for LSPS. 10 Restructuring Program & Current Developments 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 previous program / Restruction Achievements of more than 150m€ cost savings extended program / Transformation with an ambition of further €100 million in potential savings results in 250 €m ambition for run-rate 2027 SMA Solar Technology 12 HBS | Today to Tomorrow: Transformation across the value chain Portfolio Development Supply Chain Management Production Sales & Service Today... Overly broad component portfolio with a narrow focus on PV, lacking large hybrid and storage solutions. Today... A mix of SMA and partner development leads to long and costly development cycles. Today... Global presence and broad portfolio cause complex supply chains, excess inventory, and low stock transparency. Today... Mixed component sourcing from SMA and partners results in production costs too high for competitive market pricing. Today... Presence in diverse markets with varying profitability levels, including loss-making service operations. HBS AFTER TRANSFORMATION 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 as USP, cost-efficient operations via MSSC Poland, and evaluation of USA/Australia presence by 2026. SMA Solar Technology 13 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 in continental Europe (Föhren) Commissioning of a 100% off-grid hydrogen plant in Namibia by Altenso Delivering the first Sunny Central FLEX to our U.S. customer SMA Solar Technology 14 Outlook 2025 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) 1.450 - 1.500 1.530 -16 -80 - -30 2024 2025e 2024 3 2025e 4 Sales EBITDA 2025 CapEx (incl. R&D & leasing) 1 approx. €105m Depreciation / amortization 2 approx. €115m Management comments Sales and earnings guidance adjustment on September 1, 2025 Reasons: Anticipated sales performance for 2025 and the following years in HBS has further deteriorated significantly during the course of Q3 HBS related assets affected by additional one-time effects (inventory devaluations, impairments of capitalized R&D projects and fixed assets). Also, accruals for restructuring measures are expected In total: negative one-time effects of about €170 to €220 million (incl. non-EBITDA related neg. one-time effects of approx. €65 million) plus €45 million in Q2 SMA Solar Technology Including approx. €30m for cap. R&D costs and approx. €55m for IFRS16 Leasing (leasing liabilities incl. payments over next 10+ years; thereof €10m cash relevant) Including approx. €50-65m for unscheduled depreciation 16 Including €19m positive one-time effect from the sale of shares in elexon and low double-digit million Euro amount from sale of battery storage project by Altenso Including approx. €30m positive effects from a claim settlement in Q1 2025, other income from the sale of battery storage projects by Altenso and from the sale of coneva as well as triple-digit negative one-time effects SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results 9M 2025 Presented by Kaveh Rouhi, CFO November 13th, 2025 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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