Analyst / Investor Presentation Financial Results H1 2025

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

SMA Solar Technology

4

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

Solutions and weakened sales in Home and Business Solutions as expected

Sales per region (in € million)

GW

9.1

8.3

-10%

759

685

Americas

EMEA

APAC

H1 2024

H1 2025

Sales by division (in € million)

products

services1

H1 2024

H1 2025

Home & Business Solutions

223

15 116

Large Scale & Project Solutions

536

569

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 strong performance in Large Scale & Project Solutions

EBITDA (in € million)

Margin

10,6%

1,3%

81

9

H1 20241

Operating EBITDA (before One-Offs) One-Offs

H1 20252

Depreciation/ Amortization

24

28

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

1. H1 2024 profitability includes positive one-time effect in other income from sale of elexon shares (19m€ reported in the Corporate segment).

2. 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 assets1

479

780

53

518

684

106

8%

-12%

102%

Total cash

229

205

-11%

Shareholder's equity

Provisions2

Trade payables Financial liabilities3 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

Net Cash

+60%

84

135

SMA Solar Technology

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

2. Not interest-bearing 7

3. w/o not interest-bearing derivatives: 0m€ (2024: 0.0m€) and IFRS 16 Leases of 56,0m€ (2024: 5.8m€).

4. 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)

SMA Solar Technology

1. Interest (paid/received), inventory provisions, taxes, deprecation and amortization, Deferred Tax Assets, contract Assets (IFRS15), receivables from currency derivates, rent deposits and pledges

2. Including capitalized R&D project costs

3. Cash inflow of €18m from sale of the shares in elexon 8

4. 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

Service2

313

322

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 Solutions1

Large Scale & Project Solutions1 Service

313

802

Product order backlog by regions (in%)

EMEA

Americas APAC

12%

47%

41%

1. w/o "Service" 9

2. 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

1. Q1 2025 profitability includes positive one-time effect from a claim settlement (~10m€ reported in the Corporate segment) 10

2. 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

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 / amortization2

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

1. Including approx. €40m for cap. R&D costs and approx. €10m for IFRS16 Leasing (leasing liabilities incl. payments over next 10+ years)

2. Including a low double-digit million Euro amount for unscheduled depreciation 15

3. 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

4. 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