SMA Solar Technology : Analyst / Investor Presentation Financial Results H1 2025

About this update from Sma Solar Technology Ag

SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025 Review H1 2025 H1 2025 €685m H1 2024: €759m Sales €9m 1 H1 2024: €81m 2 EBITDA € +66m H1 2024: €-203m Free-Cash-Flow €1,161m H1 2024 : €1,349m Order backlog SMA Solar Technology H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ (under Corporate segment) and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions for Doubtful Receivables ~7m € H1 2024 profitability includes positive one-time effect in other income from sale of elexon shares (19m€ reported in the Corporate segment) 4 Sales below prior year level with revenue growth in Large Scale & Project Solutions and weakened sales in Home and Business Solutions as expected 19% 9% Sales per region (in € million) GW 9.1 8.3 -10% 759 685 Americas EMEA APAC H1 2024 H1 2025 50% 49% 33% 41% Sales by division (in € million) products services 1 H1 2024 H1 2025 Home & Business Solutions 223 15 116 Large Scale & Project Solutions 536 569 47 523 42 494 101 18 205 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 10,6% 1,3% 81 9 H1 2024 1 Operating EBITDA (before One-Offs) One-Offs H1 2025 2 Depreciation/ Amortization 24 28 -46 19 55 62 with Home and Business Solutions negative as expected SMA Solar Technology EBIT by division (in € million) H1 2024 H1 2025 Home & Business Solutions -67 -129 Large Scale & Project Solutions 101 113 H1 2024 profitability includes positive one-time effect in other income from sale of elexon shares (19m€ reported in the Corporate segment). H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ (under Corporate segment) and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions 6 for Doubtful Receivables ~7m €. Net working capital reduction measures taking effect and driving recovery of cash Group Balance Sheet (in € million) Non-current assets Working capital Other assets 1 479 780 53 518 684 106 8% -12% 102% Total cash 229 205 -11% Shareholder's equity Provisions 2 Trade payables Financial liabilities 3 Other liabilities 2, 4 TOTAL 553 231 147 145 464 1.541 505 179 232 70 526 1.513 -9% -23% 58% -52% 13% -2% through trade receivables collections & increased trade payable timelines NWC | Net Cash (in € million) NWC 31% 19% 473 564 283 533 217 -160 -147 Trade receivables Trade payables Adv. cust. payments 150 -168 -232 12/31/2024 6/30/2025 Inventories 12/31/2024 6/30/2025 Total cash 205 m€ - finance. liab. 3 70 m€ Net Cash +60% 84 135 12/31/2024 6/30/2025 Change SMA Solar Technology Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assets held for sale Not interest-bearing 7 w/o not interest-bearing derivatives: 0m€ (2024: 0.0m€) and IFRS 16 Leases of 56,0m€ (2024: 5.8m€). 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 effective net working capital reduction measures Cash Flow (in € million) H1 2024 H1 2025 Net Income 44 -42 Cash Flow from changes in NWC -202 130 Change in other net assets/Cash and non-cash effects 1 -16 2 Cash Flow from Operating Activities -174 90 Net Capex 2 -47 -24 Cash inflow from divestments 18 3 0 Free Cash Flow 4 -203 66 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 w/o Net Investments from Securities and Other Financial Assets Product Order Backlog reflects current market demand with Home Business Order backlog development (in €m) 1.349 1.356 1.161 06/30/2024 12/31/2024 06/30/2025 Products Service 2 313 322 361 848 1.033 988 Solutions soft and Large Scale impacted by softer order intake in US SMA Solar Technology Order backlog by division (in €m) and region (in %) Total order backlog: €1.161m (June 30, 2025) 46 Home & Business Solutions 1 Large Scale & Project Solutions 1 Service 313 802 Product order backlog by regions (in%) EMEA Americas APAC 12% 47% 41% w/o "Service" 9 Order backlog attributable to the former segment "Service", which will be recognized over a period of 5 to 10 years Q1 2025 sales less than the average quarter of FY 2024 but primarily due to high Large Scale sales in Q4 2024. Profitability back in the black after negative one-time effects in Q4 2024 Sales per segment (in €m) 470 398 59 90 300 72 328 48 357 68 412 307 289 228 280 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Profitability per segment (in €m) EBITDA 31 3 -100 25 -16 EBIT 18 -10 -139 11 -30 59 4 -45 54 72 50 7 -46 63 -57 -7 -191 -83 -10 -30 Q2 2024 Q3 2024 -20 Q4 2024 Q1 2025 Q2 2025 SMA Solar Technology Home & Business Solutions Large Scale & Project Solutions Reconciliation & Corporate Q1 2025 profitability includes positive one-time effect from a claim settlement (~10m€ reported in the Corporate segment) 10 Q2 2025 profitability includes negative effects from Inventory provisions ~47m €, R&D Impairment ~1m €, and Bad Debt provisions ~7m €. Restructuring Program & Current Developments We are on track to achieve more than half of our original EBIT improvement ambition already this year which is above plan EBIT improvement need (ambition for run-rate 2027): 150 - 200 €m Material costs OPEX Personnel costs Exemplary measures Renegotiate supplier contracts in process-driven negotiations Leverage supply markets to reallocate material sourcing Simplify structures e.g., consolidate Home & C&I to one division (HBS) Right-size entire organization to expected revenue levels Reduce spend for ext. service providers Reduce indirect costs , e.g., fleet, IT licenses and office supplies Current status Implementation above planning All Measures on track Implementation above planning SMA Solar Technology 12 SMA ´ s New Technology Milestones Fueling the Energy Transition Reliable On & Off-Grid Systems Sunny Island X: resilient, renewable independence made in Germany Sunny Design 6.0 meets advanced customer needs New Technology boosts Large-Scale Featuring SiC MOSFET technology, SCS UP-S offers superior power conversion efficiency and grid-forming capabilities Storage and Grid Stability SMA solutions contribute to stabilizing the grids around the world All the energy solutions shown above reflect SMA's technological excellence and forward-thinking strategy. SMA Solar Technology 13 Outlook 2025 Sales and EBITDA at lower third of the guidance range due to soft HBS demand and higher uncertainty (tariff policies, OBBBA) Guidance 2025 lower third of range (in €m) 1.500 - 1.550 1.530 70 - 80 -16 2024 2025e Sales CapEx (incl. R&D & leasing) 1 2024 3 2025e 4 EBITDA 2025 approx. €115m Depreciation / amortization 2 approx. €65m Management comments Group: Restructuring program underway and overall savings target for 2025 to be overachieved. Challenging macroeconomic environment and increased uncertainty due to volatile tariff policies and effects from OBBBA LSPS division: A good start in H1 and solid order backlog HBS division: Difficult market conditions, subdued demand, slow de-stocking by distributors and inventory write-downs. Risk of further deterioration remains SMA Solar Technology Including approx. €40m for cap. R&D costs and approx. €10m for IFRS16 Leasing (leasing liabilities incl. payments over next 10+ years) Including a low double-digit million Euro amount for unscheduled depreciation 15 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 H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions for Doubtful Receivables ~7m €. . SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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