SMA Solar Technology : Annual Financial Report SMA Group 2025

About this update from Sma Solar Technology Ag

‌Annual Report 2025 SMA Solar Technology AG ‌SMA Solar Technology AG at a glance SMA Group 2025 2024 2023 2022 2021 Sales € million 1,516.0 1,530.0 1,904.1 1,065.9 983.4 Export ratio % 79.8 78.8 63.4 74.9 74.9 Inverter output sold MW 19,852 19,524 20,454 12,225 13,584 Capital expenditure 1 € million 105.7 119.8 95.1 65.8 56.4 Depreciation € million 122.8 77.1 41.5 38.1 41.7 EBITDA € million −65.4 −16.0 311.0 70.0 8.5 EBITDA margin % −4.3 −1.0 16.3 6.6 0.9 Net income € million −181.1 −117.7 225.7 55.8 −23.2 Earnings per share 2 € −5.22 −3.39 6.50 1.61 −0.67 Employees 3 3,674 4,282 4,377 3,635 3,510 in Germany 2,697 3,174 3,039 2,610 2,506 abroad 977 1,108 1,338 1,025 1,004 SMA Group 2025/12/31 2024/12/31 2023/12/31 2022/12/31 2021/12/31 Total assets € million 1,306.0 1,541.2 1,621.9 1,110.0 1,053.7 Equity € million 365.5 28.0 553.3 686.2 463.5 408.0 Equity ratio % 35.9 42.3 41.8 38.7 Net working capital 4 € million 212.6 473.0 392.1 238.5 257.5 Net working capital ratio 5 % 14.0 30.9 20.6 22.4 26.2 Net cash 6 € million 176.4 84.2 283.3 220.1 221.7 1 Investments including additions of rights of use in accordance with IFRS 16. 2 Converted to 34,700,000 shares. 3 Reporting date; including trainees and learners; excluding contingent labor. 4 Inventories and trade receivables minus trade payables and liabilities from advanced payments received for orders. 5 Relating to the last twelve months (LTM). 6 Total cash minus interest-bearing financial liabilities to banks. ENERGY THAT CHANGES ‌As a leading global specialist in intelligent photovoltaic and storage solutions, the SMA Group is setting the standards today for the decentralized and renewable energy supply of tomorrow. With approximately 3,500 employees in 19 countries across 6 continents, we serve customers in more than 190 nations all over the world, from Alaska to the desert. Our solutions for renewable energy help people and businesses worldwide to generate, store and use their own electric current and, in doing so, to save money and enjoy greater independence. In collaboration with our partners and customers, we are helping the world transition to a digital, decentralized and renewable energy supply. Our energy inspires the world's most important customer. Our future. ‌Company Combined Management Report Consolidated Financial Statements Other Information FOREWORD BY THE MANAGING BOARD Dear Shareholders, 2025 was another very challenging year - but also one in which we implemented some crucial structural changes and made progress. Despite a persistently difficult market environment, we were able to close the fiscal year solidly. Sales amounted to approximately €1,516.0 million (2024: €1,530.0 million), particularly driven by the positive development of our Large Scale Solutions division. Operating earnings (EBITDA) excluding one-otfs came to €106.6 million (2024: €147.5 million), and we significantly increased our net liquidity to €176.4 million (2024: €84.2 million). These results show that SMA is staying resilient even in the face of challenging conditions and that the measures that we have taken to improve our efficiency are having an impact. Like the entire solar and battery storage industry, we faced a hugely complex situation comprising volatile markets, geopolitical uncertainty and politically driven debates, which had a negative impact on investment willingness in all customer segments, especially in the US and Europe. Many regulatory debates were not concluded in 2025, making planning and price certainty more difficult. The solar industry is once again going through a phase of heightened volatility, in which overcapacity, falling prices, intensified competition and national industrial policy accents are shaping the framework conditions. ‌Our Large Scale & Projects Solutions (LS) division gave an excellent account of itself amid all these factors. Global demand for stable, grid-supporting energy and storage solutions is continuing to rise. Issues such as grid stability, supply security and cybersecurity are ingrained fixtures of the debate surrounding energy policy, and our solutions address these requirements precisely. The increasing importance of large-scale infrastructure solutions has led this business field to dependable growth again in 2025 and making a significant contribution to our corporate performance. The situation in the Home & Business Solutions (HBS) division was rather ditferent. Falling electricity prices and the decline in government subsidies in many markets a negatively etfected on global demand in this market segment and led to a tense market situation. This means that revenue in the HBS division was not yet able to recover in 2025 despite a solid positioning in the core markets. Nevertheless, we are convinced that this market will remain essential in the long term. That is why we worked consistently in 2025 on restructuring HBS, tightening the focus of the product portfolio and making the organization more efficient. We have thoroughly reviewed products and services, streamlined processes and set clear priorities. We are well on the way to giving the division long-term stability and putting it in a position to return to profitable growth. One key milestone in this re-alignment involved adopting a more international approach to development, production and services. To enhance our innovative strength, scalability, and cost efficiency in the long-term, we have systematically further developed our global organizational structure. In expanding our software development operation at our Global Competence Center in India, we are gaining access to a larger talent pool and allowing for faster and more efficient product development. The setup of additional final assembly capacity at our site in Kraków has made our supply chain more robust and cut our response times. With the new Multi Shared Service Center, also located in Kraków, we are establishing a key resource for efficient and internationally integrated support and administration processes. All these measures increase our operational etfectiveness and laying the groundwork for more flexibility in an increasingly global competitive landscape. At the same time, we are staying true to our core principles, with sustainability remaining an integral part of our company strategy. The impacts of climate change are being felt worldwide, and the energy transition requires stable and reliable technologies. With the solutions we provide at SMA, we are making a significant contribution to decarbonization, and we are continuously working on expanding environmental and social standards more widely throughout our value chain. Sustainability, supply security and technological integrity are not mere side issues for us; instead, they are essential elements of our business model. Not least because our customers expect the very highest standards from us in this regard. After a year marked by restructuring, cost reductions, and stabilization, we are now firmly focused on 2026. Over the coming year, we intend to reap the benefits of the changes that we have initiated, and unambiguously realign SMA's focus to stability, growth and competitiveness. That includes consolidating our new structures, strengthening our operational processes and more consistently aligning our product portfolio with the needs of our customers. At HBS in particular, we are aiming to stay on course and gradually return the business back onto a growth trajectory. At the same time, we will focus on continued profitable growth at Large Scale and continue to expand our position in international future markets. We would like to express our gratitude to all our employees worldwide for their hard work, their resilience and their willingness to play an active role in shaping change. The transformation process is demanding a lot from all of us, but it is also opening up new opportunities for the future of our company. Finally, we would like to thank you, our shareholders, for placing your trust in us and for lending us your support during another challenging year. Dr.-Ing. Jürgen Reinert Chief Executive Officer SMA Solar Technology ‌CONTENTS The Managing Board Team 6 Supervisory Board Report 9 FINANCIAL STATEMENTS COMBINED MANAGEMENT REPORT Notes SMA Group Responsibility Statement 175 227 Basic Information about the Group 16 Independent Auditor's Report 228 Fiscal Year 2025 31 Note about the Audit of the Group Sustainability Statement 240 Risks and Opportunities 50 Financial Statement SMA Group 171 Forecast Report 73 Corporate Governance 82 Consolidated Sustainability Statement 94 SMA Solar Technology AG // Annual Report 2025 REMUNERATION Remuneration Report 245 Report of the Independent Auditor on the Audit of the Remuneration Report in accordance with Section 162 (3) German Stock Corporation Act (AkTG) 259 OTHER INFORMATION Financial Glossary 262 Registered Trademarks 265 Disclaimer 265 Financial Calendar 265 Publication Information 265 Contact 265 5 ‌THE MANAGING BOARD TEAM DR.-ING. JÜRGEN REINERT Chief Executive Officer After studying electrical engineering in South Africa, Dr.-Ing. Jürgen Reinert (b. 1968) received his doctorate at the Institute for Power Electronics and Electrical Drives (ISEA) at RWTH Aachen, Germany, and began his career as senior engineer there. From 1999 to 2011, he worked for Emotron AB in Sweden, where, in his last position as General Manager, he was responsible for Technology and Operations. From 2011 to 2014, as Executive Vice President, he was responsible for the division Power Plant Solutions at SMA. Under his leadership, SMA successfully expanded its worldwide project business and developed turnkey system solutions for large-scale PV power plants. Since April 2014, Dr. Reinert has been a member of the Managing Board. He was appointed as Chief Executive Officer in October 2018. With the extension of his contract in July 2023, the Supervisory Board appointed him as Chairman of the Managing Board. Dr. Reinert is currently responsible for Strategy, Research & Development, the divisions Home and Business Solutions and Large Scale & Project Solutions as well as Sales & Service, Communication & Sustainability, and also serves as Labor Director at SMA. From 2015 to 2025, he was a member of the supervisory board of Danfoss A/S. SMA Solar Technology AG // Annual Report 2025 6 ‌Olaf Heyden Board Member for Transformation and Operations Olaf Heyden (b. 1963) holds a degree in business administration and business informatics. His career began in 1986 at Dornier GmbH/DASA (now Airbus SE). After holding positions at T-Mobile and Electronic Data Systems (EDS), Olaf Heyden was Senior Vice President Billing & Collection at Deutsche Telekom AG from 2000 to 2004, where he was responsible for group-wide billing and collection processes in the Shared Service Center. Until 2011, he was Chief ICTO Officer and member of the Board of Management of T-Systems, where he was responsible for the outsourcing business of data centers, workplace systems, telecommunications networks and business processes. After holding positions as CEO of Freudenberg IT GmbH &Co. KG and member of the Board of Management of Wincor Nixdorf AG, he joined Diebold Nixdorf Inc. in 2016 as Senior Vice President Service. There, he consolidated and led the global service business following the acquisition of Wincor Nixdorf by Diebold Inc. Until 2023, Olaf Heyden was responsible for the operational functions of operations, supply chain, service, software delivery, R&D, procurement and IT as COO and Executive Vice President. Since 2024, he has been leading SMA's group-wide transformation and restructuring program, doing so as a member of the Board since February 2025. Olaf Heyden's role on the Managing Board also includes being responsible for the Operations, Human Resources and Digitalization/ IT departments. SMA Solar Technology AG // Annual Report 2025 ‌Company Combined Management Report Consolidated Financial Statements Other Information Dr. Kaveh Rouhi Board Member for Finance and Legal Dr. Kaveh Rouhi (b. 1979) holds a degree in mathematics from TU Darmstadt and earned a PhD in quantitative marketing from FU Berlin. He began his career as a consultant at Roland Berger Strategy Consultants in 2006. After seven years, he switched to the operational business in the international finance and services sector. In his roles at Union Investment, Concardis and BearingPoint, he led the strategic and operational group controlling units as well. Dr. Rouhi joined SMA in July 2024 and was in charge of Finance & Controlling from then until April 2025. In September 2024, he also took on joint responsibility for the development and implementation of the ongoing restructuring and transformation program. Dr. Rouhi is currently responsible for Accounting & Tax, Finance & Controlling, Real Estate Management (CREM), Investor Relations, Legal, Governance, Compliance, Risk Management and Internal Audit. ‌SUPERVISORY BOARD REPORT Dear Shareholders, The year 2025 was marked by an asymmetrical business development. In the Large Scale segment, profitable growth continued unchanged, while the market for the Home Solutions and Commercial & Industrial Solutions segments continued to decline compared to the previous year. As a result, sales in the Home & Business Solutions divisions declined and a significantly negative result was generated, which was countered with further restructuring measures. In this economically difficult reporting year, collaboration within the Supervisory Board and between the Supervisory Board and Managing Board was also characterized by openness, intensity and constructiveness. The Supervisory Board assisted the Managing Board in an advisory capacity and continuously monitored the Managing Board with regard to the management of the company in accordance with the law, Articles of Incorporation and Rules of Procedure. For its part, the Managing Board involved the Supervisory Board and its committees early on in all decisions of fundamental importance to the SMA Group. Furthermore, the Supervisory Board was kept informed, both in writing and verbally, of all strategic issues relevant to the company, the market and competitive situation and business developments. The Managing Board also regularly updated the Supervisory Board on the SMA Group's sales, earnings and general situation. In addition, the Managing Board presented detailed information on proposed business policies and other important questions concerning corporate planning - particularly financial, investment, production and personnel planning - as well as significant business transactions to the Supervisory Board. Deviations in how events actually transpired in comparison with planned projects or objectives were provided, including reasons for the variances. Additionally, the Supervisory Board was informed about the SMA Group's profitability, above all the return on equity, risk and opportunity management, risk status and compliance. The Supervisory Board closely scrutinized and discussed business transactions requiring the approval of the Supervisory Board as well as instances where business performance deviated from corporate planning. Even beyond the regular Supervisory Board and Audit Committee meetings, the Chair of the Supervisory Board and the Deputy Chair, as well as the Audit Committee Chair, were in regular contact with the Managing Board and discussed subjects concerning strategy, planning, business development, position of risk, risk management and compliance, as well as significant business transactions and upcoming decisions. The Supervisory Board members took general and specialized training necessary for their tasks of their own accord, and in doing so, they received appropriate support from the company, when needed. No Supervisory Board or Managing Board members reported any conflicts of interest to the Supervisory Board. ‌Focus of Supervisory Board consultations The Supervisory Board examined all material events and discussed them with the Managing Board at seven meetings and adopted necessary resolutions in accordance with the law, Articles of Incorporation and Rules of Procedure. Before leaving the Supervisory Board etfective June 3, 2025, Kim Fausing, Johannes Häde and Alexa Siebert attended three meetings and Yvonne Siebert took part in two meetings. Dr. Ralph Lässig, Dr. Frank Possel-Dölken, Lidia Thelemann and Jörg Wienand attended four meetings following their election to the Supervisory Board on June 3, 2025. Constanze Hufenbecher took part in six meetings. The other Supervisory Board members participated in all seven meetings. In preparation for the meetings, the Supervisory Board received timely written reports from the Managing Board on a regular basis. At each regular meeting, the subject matter of the deliberations included current business developments, the evolution of markets of particular importance to the SMA Group and corporate planning. Members of the Managing Board always participated in the meetings of the Supervisory Board and the Audit Committee. The Supervisory Board and the Audit Committee consulted discussions of items on the agenda, particularly in matters relating to the Supervisory Board or Managing Board itself, even when the Managing Board was not present. At its meeting on February 6, 2025, the Supervisory Board dealt with the progress of the company's transformation and restructuring program, the Corporate Governance Report included in the 2024 Annual Report, the Remuneration Report and the Supervisory Board report for 2024. In addition, the Supervisory Board discussed the contents of the Consolidated Sustainability Statement presented by the Managing Board and possible proposals to the General Meeting on profit appropriation. The composition of the Managing Board and the skills and expertise profile of the Supervisory Board were also the subject of deliberations and discussions. Finally, the Supervisory Board evaluated the achievement of objectives by the Managing Board members in 2024 and approved the Managing Board's objectives for 2025. At its meeting convened to adopt the accounts on March 20, 2025, the Supervisory Board acknowledged the 2024 Annual Financial Statement, approved the 2024 Consolidated Financial Statements after in-depth consultation and also passed the proposal to the General Meeting on profit appropriation for 2024, the Corporate Governance Report, the Supervisory Board Report, the Consolidated Sustainability Statement and the Remuneration Report. Additionally, the Supervisory Board passed the proposal for selection of the auditors of the Financial Statements and the Consolidated Financial Statements for 2025. The ongoing transformation and restructuring program was also the subject of deliberations and discussions, as were changes to the assignment of responsibilities on the Managing Board. At its meeting on June 2, 2025, the Supervisory Board discussed developments on the markets relevant to the company and the risks associated with rising taritfs in particular. When the newly elected Supervisory Board convened on June 3, 2025, it appointed a Chair, a Deputy Chair and the members of the Supervisory Board committees. The Audit Committee also assigned the audit engagement to the auditors for 2025. The special meeting on September 4 and the scheduled meeting on September 30, 2025, focused on the Managing Board's plans for the necessary expansion in the restructuring and transformation of the company. In addition, the Supervisory Board was informed about innovations in the company's range of products and services as well as the status of the review of project handling and about the financial developments of SMA Solar Technology AG's subsidiaries. ‌The discussion at the meeting on December 4, 2025, focused on progress in designing the company's restructuring and transformation measures. The Supervisory Board was also informed of the nature of the company's equity and debt financing and dealt in depth with the budget for the 2026 fiscal year submitted by the Managing Board. In addition, the Managing Board and Supervisory Board adopted a new Declaration of Conformity pursuant to Section 161 (1) sentence 1 of the German Stock Corporation Act (AktG) regarding compliance with the recommendations of the German Corporate Governance Code. Focus of committee meetings To improve the efficiency of the work carried out by the Supervisory Board, the Supervisory Board maintains four permanent committees: the Presidial Committee, Audit Committee, Nomination Committee and Mediation Committee. You will find the names of the persons appointed to these committees on our corporate website as well as in the Corporate Governance Statement 2025. The committees prepare the topics and resolutions for review by the entire Supervisory Board, and, within their assigned areas of responsibility, they independently resolve those matters delegated to them. The content of the committee meetings is reported on by the committee chair at the subsequent plenary session of the Supervisory Board. All members of the Supervisory Board receive the content and resolutions of the committees in writing. The Presidial Committee met three times in 2024. The committee's work focused in particular on dealing with matters relating to the Managing Board and setting the financial and non-financial objectives for the Managing Board, as well as preparing the efficiency check on the Supervisory Board. The members participated in all meetings of the committee. The Audit Committee met eight times in 2025 - four of them in person. The meetings focused on the company's business and liquidity development and cost efficiency, as well as the Quarterly Statements and the Half-Yearly Financial Report. In addition, the committee was informed about the auditor's priorities and findings on the 2024 Annual Financial Statement and confirmed the auditor's independence. The Audit Committee also dealt with tax issues. Another focus of the committee's work was reviewing the internal monitoring system (Internal Control System, Internal Risk Management System, internal auditing department and Compliance), and the committee members received detailed information about the methods and etfectiveness of this system. In addition, the committee dealt with the internal auditing department's half-yearly report and the compliance report, neither of which revealed any material irregularities in business processes, as well as the contents of the company's Consolidated Sustainability Statement pursuant to Section 289c of the German Commercial Code (HGB) and the extended auditors' report. The Audit Committee also dealt with the recommendation to the full Supervisory Board on the appropriation of profit and the election of the auditor for 2025 as well as on the assignment of the audit engagement for financial and non-financial reporting. Finally, the implementation of legal requirements in the area of the company's non-financial issues as well as risk management, accounting and auditing were the subject of the deliberations and resolutions. The committee members participated in all meetings. The Nomination Committee voted on the proposal to the General Meeting for the election of shareholder representatives to the Supervisory Board in 2025. All committee members took part in the vote. The Mediation Committee was not convened in 2025. ‌Corporate Governance In the reporting year, the Supervisory Board dealt with the contents of the German Corporate Governance Code, which had been adopted in June 2022. For the reporting year, the Supervisory Board and the Managing Board issued a Declaration of Conformity pursuant to Section 161 of AktG regarding compliance with the recommendations of the German Corporate Governance Code. The joint report issued by the Supervisory Board and the Managing Board on compliance with the rules of the German Corporate Governance Code pursuant to clause 23 of the German Corporate Governance Code (Corporate Governance Report) has been made permanently available on our corporate website . Moreover, the Corporate Governance Report is presented in the "Corporate Governance" section in the Combined Management Report. This is also where you will find statements on conflicts of interest and how they are handled. Annual Financial Statements and Consolidated Financial Statements The Annual Financial Statement prepared by the Managing Board as of December 31, 2025, the Combined Management Report of SMA AG for the 2025 fiscal year, the Consolidated Financial Statements as of December 31, 2025, and the Combined Management Report of the SMA Group for the 2025 fiscal year were audited by the accounting firm BDO AG Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, Germany. The Supervisory Board assigned the audit engagement in accordance with the resolution adopted by the General Meeting on June 3, 2025. The Audit Committee also monitored the independence of the auditor. The company's Consolidated Financial Statements were prepared in line with Section 315a of the German Commercial Code (HGB) on the basis of the International Financial Reporting Standards (IFRS) as applicable in the EU. The auditor granted an unqualified audit opinion for the Annual Financial Statement and the Combined Management Report of SMA AG as well as for the Consolidated Financial Statements and the Combined Management Report of the SMA Group. The reporting documents, including the company's Consolidated Sustainability Statement, and the Managing Board's proposal on the appropriation of profit as well as the audit reports were made available to the Supervisory Board in good time. These were first discussed by the Audit Committee at its meetings on February 4 and March 18, 2026, together with the auditors and then by the Supervisory Board at its meeting on March 19, 2026, on each occasion in the presence of the auditor's representatives. The auditor's representatives reported on the audit findings and provided detailed explanations of the net assets, financial position and results of operations of the company and the Group. The questions posed by the Supervisory Board were answered and the reporting documents were reviewed in detail with the auditor's representatives and discussed and examined by the Supervisory Board. The Supervisory Board raised no objections after concluding its examination. Thereafter, the findings of the audit were approved. Accordingly, the Supervisory Board approved the financial statements prepared by the Managing Board and the related Combined Management Report for the 2025 fiscal year at its meeting convened to adopt the accounts on March 19, 2026. Hence, the company's Annual Financial Statement has been approved as set out in Section 172 of AktG. ‌Finally, at its meeting held on March 19, 2026, the Supervisory Board approved the Managing Board's proposal for the appropriation of the net loss. In this respect, the Supervisory Board discussed the company's liquidity position, the financing of planned investments and estimated business development. In doing so, the Supervisory Board came to the conclusion that the proposal was in the interests of the company and the shareholders. Changes to the Managing Board and Supervisory Board During the reporting year, Olaf Heyden was appointed to the Managing Board etfective February 14, 2025, and Dr. Kaveh Rouhi was appointed etfective May 1, 2025. Barbara Gregor left the Managing Board on April 30, 2025. The Supervisory Board would like to thank Ms. Gregor for her hard work on behalf of the company and her contributions to the cause of renewable energies, and wishes Mr. Heyden and Dr. Rouhi all the best in their endeavors for the company. The close of the General Meeting on June 3, 2025, marked the end of the term of office of the Supervisory Board in place at that time. The elections held among the workforce and the General Meeting appointed eight individuals who were already members of the previous Supervisory Board plus new members Dr. Ralph Lässig and Dr. Frank Possel-Dölken, representing the shareholders, and Lidia Thelemann and Jörg Wienand, representing the workforce. After long periods of service on the Supervisory Board, Alexa Siebert and Kim Fausing did not put themselves forward for election on this occasion. Long-standing employee representatives Yvonne Siebert and Johannes Häde are also no longer members of the company's Supervisory Board. The departing members were enormously influential on the company's culture both as people and in terms of their professional contributions to the Supervisory Board, and they helped to shape the company's character as a business looking to the future while remaining dedicated to its employees. Their vision acted as a vital source of inspiration for SMA in good times and bad. The Supervisory Board would like to express its immense gratitude for everything they have done for the good of the company. The Supervisory Board would like to thank the Managing Board and all employees for their dedicated work and their strong commitment in leading the SMA Group and the cause of renewable energies to a successful future. Niestetal, March 19, 2026 The Supervisory Board Dr. Ralf Lässig Chairman ‌Supervisory Board of SMA Solar Technology AG Martin Breul Employee Representative Oliver Dietzel Employee Representative Constanze Hufenbecher Shareholder Representative Uwe Kleinkauf Shareholder Representative (Deputy Chairman) Dr. Ralph Lässig Shareholder Representative (Chairman) Ilonka Nußbaumer Shareholder Representative Dr. Frank Possel-Dölken Shareholder Representative Romy Siegert Employee Representative Jan-Henrik Supady Shareholder Representative Lidia Thelemann Employee Representative Dr. Matthias Victor Employee Representative Jörg Wienand Employee Representative Basic Information Risks and Opportunities Forecast Report Consolidated Sustainability about the Group Principles of the internal control system 50 Preamble 73 Statement Business activity and organization 16 Description of the internal control system 52 The general economic situation 73 Strategy, business model and value chain 97 Business model 17 Strategy 19 Enterprise management 25 Research and development 27 Fiscal Year 2025 General economic conditions and economic conditions in the sector 31 Results of operations 32 Financial position 38 Net assets 41 SMA Solar Technology AG (notes based on the German Commercial Code HGB) 42 Managing Board statement on the business trends in 2025 46 Key features of the internal control system in relation to the (Group) accounting process 53 Principles of the risk and opportunity management 55 Description of the main features of the early risk detection system 55 Description of the sustainability-related risk and opportunity management 58 Description of the other risk and opportunity management 58 Overall statement on the internal control and risk management system 59 Risks and opportunities report 59 Overall statement on the Group's risk and opportunity situation 72 Future general economic conditions in the photovoltaics sector 74 Overall statement from the Managing Board of SMA Solar Technology AG on expected development of the SMA Group 77 Corporate Governance Corporate Governance Report 82 Information concerning takeovers required by HGB sections 289a and 315a 92 Materiality assessment 98 Environmental 113 Social 135 Business conduct 150 List of material Disclosure Requirements 154 Datapoints that derive from other EU legislation 157 Key Performance Indicators EU Taxonomy 164 COMBINED MANAGEMENT REPORT 15 ‌BASIC INFORMATION ABOUT THE GROUP‌ Business activity and organization SMA Solar Technology AG and its subsidiaries (SMA Group) develop, produce and sell systems and solutions for the efficient and sustainable generation, storage and use of solar energy. These include PV and battery inverters, monitoring systems for PV systems, charging solutions for electric vehicles as well as intelligent energy management systems and digital services for the future energy supply. Extensive services, along with medium-voltage technology and power supplies for hydrogen production, round otf the product range. In recent years, the subsidiary company Altenso has expanded its business model along the value chain and is now also involved as a general contractor (EPC contractor) in the (co-) development of battery energy storage system (BESS) projects and the turnkey delivery of BESS systems. With its products and services, the SMA Group is actively contributing to creating a sustainable, secure and cost-etfective energy supply across the world. Organizational structure Legal structure of the Group As the parent company of the SMA Group, SMA Solar Technology AG, headquartered in Niestetal near Kassel, Germany, takes over all of the functions required for its operating business. The parent company holds, either directly or indirectly, 100% of the shares of all the operating companies that belong to the SMA Group. The Combined Management Report includes information regarding the parent company and all 28 group companies (2024: 30), including 5 domestic companies and 23 companies based abroad. Furthermore, the Australian company AE Development Holding 2023 Trust is treated as a joint venture, as is Finland-based Altenso & Infinergies Holding Oy. The SMA Group holds a 50% stake in each of the two joint ventures in the field of solar energy and battery storage projects through SMA Altenso GmbH. Organizational and reporting structure Until April 30, 2025, the SMA Group was organized under a functional matrix organization. In this organization, the Home Solutions, Commercial & Industrial (C&I) Solutions and Large Scale & Project Solutions segments managed development, operational service and sales as well as production and procurement/logistics. On May 1, 2025, the two segments Home Solutions and Commercial & Industrial Solutions were merged to form the new Home & Business Solutions division as part of the standardization of reporting structures. The consolidation is part of a company-wide organizational adjustment with a new management model. The aim of the merger is to standardize operational structures, integrate the technological development of both areas more closely, and promote a holistic approach to market development. The merger will leverage synergies resulting from structural similarities, particularly in terms of product platforms, production processes, the consolidation of business processes, and the virtually identical sales channels via distributors and installers. As part of the integration, existing solutions for homeowners and businesses will be further developed in a targeted manner and more closely integrated with each other. ‌Reporting structure‌ SMA Group Home & Business Solutions division Large Scale & Project Solutions division Management and control In accordance with the German Stock Corporation Act, the executive bodies consist of the Annual General Meeting, the Managing Board and the Supervisory Board. The Managing Board manages the company. The Supervisory Board appoints, supervises and advises the Managing Board. The Annual General Meeting elects shareholder representatives to the Supervisory Board and grants or refuses discharge to the Managing Board and the Supervisory Board. Composition of the Managing Board Since May 1, 2025, the Managing Board of SMA Solar Technology AG has comprised the following members: Dr.-Ing. Jürgen Reinert (Chief Executive Officer and Board Member for Strategy, Research & Development, the Home & Business Solutions and Large Scale & Project Solutions divisions, Sales & Service, Communication & Sustainability), Dr. Kaveh Rouhi (Board Member for Finance & Controlling, Accounting & Tax, and Real Estate Management (CREM), Investor Relations, Legal, Governance, Compliance, Risk Management and Internal Audit) and Olaf Heyden (Board Member for Operations, Human Resources and Digitalization/IT). Composition of the Supervisory Board The Supervisory Board of SMA Solar Technology AG, which represents shareholders and employees in equal measure, consists of Constanze Hufenbecher, Uwe Kleinkauf (Deputy Chairman), Dr. Ralph Lässig (Chairman), Ilonka Nußbaumer, Dr. Frank Possel-Dölken and Jan-Henrik Supady as shareholder representatives. The employees are represented on the Supervisory Board by Martin Breul, Oliver Dietzel, Romy Siegert, Lidia Thelemann, Dr. Matthias Victor and Jörg Wienand. Business model 1 [ESRS2 SBM-1 40a iii] With 3,674 employees in the EMEA (3,207 employees), Americas (290 employees) and APAC (177 employees) regions as of December 31, 2025, the SMA Group develops, produces and globally sells systems and solutions consisting of hardware, software and services that allow energy to be generated and stored efficiently and monitored, managed and used intelligently. Furthermore, the SMA Group operates successfully as a system integrator for complex power plant solutions, and is involved in the development of battery energy storage systems (BESS), as well as the turnkey delivery of BESS projects as a general EPC (engineering, procurement, and construction) contractor. 1 The following section is an integral part of the non-financial statement contained in the section "Consolidated Sustainability Statement" and is not a mandatory component of the Combined Management Report within the meaning of Sections 289, 315 HGB in conjunction with GAS 20. ‌[ESRS2 SBM-1 40a ii] The most important markets for the SMA Group in the reporting period were Germany, the USA, the UK and Australia. [ESRS2 SBM-1 40a i, ESRS2 SBM-1 42b] The Home & Business Solutions division serves nearly all global markets for PV arrays with and without energy management, battery storage and vehicle charging solutions for both homes and businesses. The SMA Home Energy Solution comprises systems for the efficient generation and storage, as well as management and optimized use of solar energy in households. The combination of high-quality equipment, intelligent energy management and comprehensive services atfords customers access to a complete system from a single source. In addition to the classic supply of low-cost solar power, this also comprises use for heating or charging purposes and a dynamic electricity taritf. The PV inverters from the Sunny Boy and Sunny Tripower product lines provide solar power for domestic use and feed the remaining unused solar power into the power distribution grid. When combined with the modular SMA Home Storage battery and compatible batteries from other manufacturers, the battery inverters from the Sunny Island product line enable flexible solar power use at any time. The hybrid inverters of the Sunny Boy Smart Energy and Sunny Tripower Smart Energy product lines combine the functions of solar and battery inverters. E-vehicles can be charged quickly and easily with the SMA eCharger. The Sunny Home Manager 2.0 ensures efficient and cost-saving energy use through intelligent energy management. It is powered by the ennexOS energy management platform, which interconnects the various energy sectors and provides the basis for linking the sectors for more efficiency and functionality. Accessories, warranties, spare parts, and modernization services (repowering) that increase system performance and service life, along with digital energy services, complete the extensive otfering in the Home Solutions market segment. [ESRS2 SBM-1 40a i, ESRS2 SBM-1 42b] The SMA Commercial Energy Solution, featuring ideally matched hardware, software, tools and services, gives energy-intensive industries, commercial enterprises and the real estate industry the option of producing, storing and selling solar power themselves, organizing their companies' energy flows in a transparent and cost-efficient way, as well as charging and managing electric vehicle fleets efficiently and sustainably. The solar power generation product range comprises the three-phase PV inverters from the Sunny Tripower product family with capacities ranging from 12 kW to 125 kW. With the Sunny Tripower X 60, a new generation of devices for medium-sized commercial systems in the higher output range was presented during the reporting year. The Sunny Tripower 125, which was launched in France last year for larger commercial systems, is now also available on other European markets. Sales of the SMA Commercial Storage Solution with the SMA Commercial Storage battery system were discontinued in December 2025. It is to be replaced by the Storage XL Package in the coming year. Island applications with the Sunny Island battery inverters enable reliable supply, even without connecting to the power distribution grid. The Sunny Island X, introduced to the market in 2025, can be used not only for otf-grid but also for grid-connected storage applications in the commercial sector. With the SMA EV Charger Business, commercial charging infrastructure for single-point or multi-point charging stations can be implemented quickly and easily. The product otfering in the Commercial market segment is rounded otf by integrated energy management solutions for commercial integrated energy based on the SMA Data Manager M, as well as comprehensive services and digital otferings throughout the product life cycle, starting with the planning of a custom energy solution, and including the commissioning of the systems and operational system management, right through to system repowering and expansion. With the sale of coneva GmbH in the reporting year, the digital services it otfers for commercial enterprises are no longer part of the otfering. [ESRS2 SBM-1 40a ii] The Home & Business Solutions division sells its products and solutions to end customers in the home market segment using a three-tier distribution model. The SMA Group's direct customers in this segment are wholesalers and installers. The SMA Group sells its products and solutions in the business market segment directly to companies in energy-intensive industries. Sales to commercial enterprises and the real estate industry are made both through direct sales and as part of three-tier distribution via wholesalers and installers. ‌ [ESRS2 SBM-1 40a i, ESRS2 SBM-1 42b] With the SMA Large Scale Energy Solution, the Large Scale & Project Solutions division otfers products, systems and solutions around the globe for solar, storage, and hydrogen projects on a power plant scale, as well as for the transition of power grids toward a higher share of renewable energy. Grid stability and grid reliability are becoming increasingly important as the energy mix transitions from conventional energies to renewables. The Large Scale & Project Solutions division is addressing these challenges with grid-forming solutions in combination with large-scale storage systems. These systems provide grid service and monitoring functions, and they enable several additional services such as energy arbitrage, "black start," frequency control, synthetic inertia ("virtual inertia") and other applications in the field of grid stability. In terms of solar power plants, the complete solutions including turnkey medium-voltage stations are based on the central inverters of the Sunny Central UP product line and the string inverters of the Sunny Highpower PEAK3 product line. Battery inverters from the Sunny Central Storage UP product line are utilized for storage projects, while the SMA Electrolyzer Converter is used within the scope of hydrogen projects. The innovative Sunny Central Storage UP-S was launched on the market in 2025. The high-performance battery inverter based on silicon carbide (SiC) MOSFET technology is characterized by excellent energy conversion efficiency and innovative grid-forming capabilities. The otfer of the Large Scale & Project Solutions division is completed by consulting services in the field of grid simulations, system design and repowering, as well as market-based optimization of hybrid power plants and comprehensive after-sales service otfers in the operating phase.‌ [ESRS2 SBM-1 40a i, ESRS2 SBM-1 42b] As an international system integrator, SMA Altenso GmbH otfers holistic solutions with a focus on the integration of complex energy systems. Alongside large-scale battery storage systems, this also comprises hydrogen applications, as well as stand-alone and hybrid solutions for otf-grid or grid-connected energy supply. In addition, SMA Altenso GmbH is involved in the (co-)development of large BESS projects and the turnkey delivery of BESS systems as an EPC contractor. [ESRS2 SBM-1 40a ii] The Large Scale & Project Solutions division serves a diverse customer base through direct sales, including electric utility companies, independent power producers, project developers and institutional investors, EPCs, system integrators and grid operators as well as energy-intensive industries, particularly for hydrogen applications. Strategy [ESRS2 SBM-3 48a] Climate change is one of the most important social, political and economic challenges of our time. The negative consequences of the climate crisis are being felt more and more around the world. The crisis will be contained only by consistently expanding renewable energy. We have committed ourselves to this goal and anchored it within our purpose: "Our energy inspires the most important customer in the world. Our future." Our products and solutions for renewable energies contribute directly to mitigating climate change and thus have a positive impact on climate change. The positive impact on climate change through the use of the solar inverters produced by us can be measured both in terms of CO 2 e emissions avoided, as well as in monetary terms. Based on an assumed average device lifetime of 20 years and an average level of electricity generation, the cumulative solar inverter capacity of approximately 156 GW sold ‌by the SMA Group since 2006 contributed in the reporting year to avoiding in excess of 69 million tons of CO 2 e. This corresponds to avoided environmental costs of approximately €21 billion. 2, 3 Simultaneously, our purpose expresses that the SMA Group stands for sustainability in all its manifestations: we think long-term and protect the environment, keeping future generations in mind. Since its founding, the SMA Group has been driven by a commitment to foster a climate-friendly, fair and diverse society, while being dedicated to creating a livable and sustainable future for generations to come. This also applies to our vision, which defines the SMA Group's image of the future and the standards we set ourselves: "Pioneering access to clean energy." With our experience, our innovative strength and our knowledge of system technology, we want to make renewable energy accessible worldwide in a convenient, uncomplicated and sustainable way. We describe in detail in the Group Sustainability Statement how we deal with the additional sustainability-related impacts that result from our strategy and business model and that we address as part of our sustainability management. [ESRS2 SBM-1 40g] Strategic fields of action We have aligned our business model with the global transformation in the field of energy supply. In order to continue advancing our positioning as an innovative and sustainable "energy transition company", our strategic fields of action place a clear focus on the growth markets of energy storage solutions, e-mobility, power-to-gas and energy market integration, in addition to our core photovoltaic business. The megatrends of digitalization, decentralization and decarbonization, are what tie all these topics together. In the Home & Business Solutions and Large Scale & Project Solutions divisions, the SMA Group otfers suitable solutions for key areas of future energy supply, and is continuously developing these further. We are leveraging our systems expertise to develop complete, future-proof solutions of high customer benefit in close collaboration with our strong partners and to tap into new business fields. The products, solutions and services from the SMA Group are described in detail in the "Business model" section. The Managing Board of SMA Solar Technology AG is responsible for implementing the corporate strategy. Expanding PV is extremely important to combat the climate crisis. PV arrays generate electricity from sunlight and, therefore, play a significant role in reducing CO₂ emissions in power generation. Roof-top and ground-based PV systems enable a decentralized energy supply while reducing dependence on central conventional power plants and energy losses due to long transport routes. The expansion of PV also creates jobs in installation, maintenance and research, while costs for components and systems have already fallen such that PV is one of the most cost-etfective ways of generating power in large parts of the world. The photovoltaics market is showing solid growth rates and promising prospects for the future. The global photovoltaics market is expected to grow from a cumulative generation capacity of 2.6 terawatts in 2025 to 16.4 terawatts in 2050. (Source: SMA market model, DNV Energy Transition Outlook 2024). The combination with battery storage systems will 2 To calculate avoided emissions, we elected to use the World Resource Institute's methodology "Estimating and Reporting the Comparative Emissions Impacts of Products" as listed in the GHG Protocol. In accordance with this methodology, we then compared the CO 2 e emissions per kWh of photovoltaic electricity of 0g with the CO 2 e emissions per kWh of the respective fuel mix in the countries where our PV inverters are installed. To calculate the avoided environmental costs, we multiplied the avoided CO 2 e emissions by the environmental costs incurred by each ton of CO 2 e, as published by Germany's Federal Environment Agency. 3 The information on the avoided CO 2 e emissions and avoided environmental costs are an integral part of the non-financial statement contained in the section "Consolidated Sustainability Statement" and is not a mandatory component of the Combined Management Report within the meaning of Sections 289, 315 HGB in conjunction with GAS 20. ‌play an ever-greater role here. Progress in photovoltaic technology, such as more efficient PV cells and innovative installation methods (e.g., floating PV), also plays a role in market growth. Energy storage solutions are of high importance for the ongoing expansion of renewable energies, as they make their integration and use considerably more efficient. The production of renewable energy fluctuates depending on weather conditions and the time of day. This is where storage technologies come into play, making it possible to store unused energy and utilize it at a later time when the energy is needed and production is low. This also supports the stability of the power distribution grids. The expansion of storage capacities is, therefore, seen as an important part of the energy transition. Experts anticipate a significant increase in globally installed battery storage capacity to 24.5 terawatt hours by 2050 (source: DNV Energy Transition Outlook 2024). Additional battery storage technologies, such as pumped storage power plants and hydrogen accumulators, are used and developed to further boost energy system flexibility. The further development of and investment in battery storage technologies are important for achieving energy transition goals and securing a sustainable energy supply for the future. E-mobility plays a pivotal role in the energy transition as it creates a direct link between the mobility and electricity sectors. Electric vehicles render a significant contribution to reducing CO 2 emissions if they are powered by electricity from renewable energy sources. If the right conditions are in place, these vehicles can be used not only as a means of transportation, but also as mobile energy storage units that store surplus electricity from PV generators so that it can be used later or provided again. This increases the efficiency and flexibility of the entire energy system. The number of registered electric vehicles is growing rapidly, and it is expected that there will be more than 1 billion electric cars on the roads worldwide by 2050 (source: DNV Energy Transition Outlook 2024). One crucial aspect of e-mobility is the charging infrastructure, especially EV chargers. Intelligent charging systems make it possible to charge electric vehicles in a cost-etfective and environmentally friendly way. Power-to-gas is a key technology in the energy transition because it otfers an efficient option to convert excess electricity from renewable energies into storable gases such as hydrogen or methane. These gases can be stored in existing gas infrastructures, transported and converted back into electricity when required. This enables the flexible use of renewable energies and helps to stabilize the power distribution grid by better balancing supply and demand. The relevance of power-to-gas for the energy transition rests primarily in its ability to balance out seasonal fluctuations and enable long-term energy storage. With the growing importance of renewable energies and the increasing requirements to reduce CO 2 emissions, the demand for technologies for the storage and flexible use of energy will continue to rise. In a decarbonized future, industries will rely heavily on large quantities of green hydrogen being a key energy source. According to expert estimates, the installed capacity of electrolyzers on a global scale required for hydrogen production will, therefore, increase from roughly 5 GW today to over 70 GW in 2030 (source: iea Global Hydrogen Review 2025). Energy market integration - i.e. the integration of renewable energies into the power distribution grids and the energy market - is becoming increasingly important with the expansion of renewable generation capacities as part of the energy transition. Power generation from PV and other variable energy sources is rising, while the share of conventional power plants with synchronous machines is declining. Maintaining the stability of the future electricity system therefore will require grid management services provided by grid-forming storage power plants and grid-serving generation systems. The SMA Group has been otfering grid-forming inverters for more than 20 years. These have been adapted for utility grids to provide stability services and generate stand-alone systems. [ESRS2 SBM-3 48b] Strategy development Our purpose and vision form the basis of our corporate strategy. When developing strategic corporate objectives, we focus on the future viability and long-term success of the SMA Group. To this end, we evaluate a wide range of information to identify the most ‌important challenges and determine our strategic priorities. We analyze external factors as part of the SMA environment analysis, which comprises the SMA market model and SMA trend management. [ESRS2 IRO-1 E1 20c] The SMA market model is based on systematic market research with a medium-term time horizon of three years. Market forecasts and key challenges related to political developments and the regulatory environment are derived from extensive market data and interactions with relevant internal and external stakeholders. Important political instruments that increase market potential include tax breaks, such as the Investment Tax Credit under the Inflation Reduction Act (IRA) in the US, or remuneration systems for feed-in PV electricity, such as net metering. The elimination of these subsidies and the introduction or increase of taritfs on components could, in turn, lead to reluctance to build new PV systems. The aim of trend management is to identify innovative developments in order to derive potential for ditferentiation and diversification, set priorities and position the SMA Group for the future. We examine trends using the SMA Trend Radar, which we use to identify macro trends and evaluate them with the broad involvement of internal stakeholders. The results are summarized in the trend report. The prioritized macro trends are taken into account in the further development of the SMA Group's innovation fields. In the reporting year, we conducted a Holistic Environmental Scanning. This represents a further development of the SMA environment analysis. The aim is to bundle the numerous external information and analysis results available and to provide them to subsequent strategy development processes within a holistic approach. Consolidated results from the SMA market model and SMA trend management were used as a basis and supplemented with the results of more than 30 interviews conducted with experts in the SMA organization. The overall results from the Holistic Environmental Scanning were structured on the Business Model Canvas in the form of theses, challenges, opportunities and risks according to their respective impacts. The results will be used for the further development of the SMA Strategy 2030, which began in the reporting year. [ESRS2 SBM-1 40g, ESRS2 SBM-3 48f] As described in the previous sections, the SMA Group's business model is subject to external factors that atfect the company's resilience. While the Large Scale and Project Solutions Division, including the subsidiary Altenso GmbH, continues to demonstrate good resilience, we see a need for adjustment in the Home & Business Solutions Division, which we have already addressed in the reporting year with comprehensive restructuring measures. The core objective of Strategy 2030 is to significantly increase the resilience and robustness of the business model. This also includes the way in which value is created in the Home & Business Solutions division. In the future, we will rely even more heavily on partnerships for the provision of component hardware in order to focus our core competencies primarily on the development of software solutions for communication connectivity and integration into the energy market. This will enable us to otfer a broader range of solutions with competitive components, significantly shorten time-to-market, and focus on ditferentiating features that arise on the software side. [ESRS2 SBM-2 45a] Interests and views of stakeholders 4 The dialog we share with stakeholders is a top priority for us. Only by knowing and understanding the interests and views of our stakeholders can we give them adequate consideration in our strategy and business model. We define stakeholders as people or organizations that either influence our company or can be influenced by our company. 4 The following section is an integral part of the non-financial statement contained in the section "Consolidated Sustainability Statement" and is not a mandatory component of the Combined Management Report within the meaning of Sections 289, 315 HGB in conjunction with GAS 20. ‌We perform an annual internal stakeholder analysis to assess the interests of our stakeholders. It provides us with information about the stakeholders of the SMA Group and their interests. We analyze the data and prioritize the stakeholders and their expectations. The company's most important stakeholders are employees, customers, investors and analysts, policymakers and legislators, suppliers, service partners, and the media. We have listed the approaches for the involvement and expectations of those stakeholders deemed particularly relevant to the strategy and business model in the following table: Stakeholder group Engagement approach Expectations of the SMA Group Own workforce Politicians and legislators Customers Investors/analysts/rating agencies The SMA Group's workforce is involved in company processes through various channels - including site inspections and communication forums for occupational safety. Climate representatives collect the workforces' expectations and pass them on to the climate committee. Important information - particularly on sustainability and the transformation program currently being implemented - is communicated transparently via the intranet, videos, Q&A sessions and statf meetings. Strategy 2025 was developed together with the own workforce; they are also involved in Strategy 2030 through interviews, feedback rounds and a planned strategy group The SMA Group remains in regular contact with political institutions, authorities and legislators, including through committee work, consultations and association memberships. Our activities are geared toward the goal of the Paris Agreement to limit global warming to a maximum of 1.5 °C and support the spread of net-zero technologies and climate-neutral energy markets. In Europe, the USA and Australia, we contribute our expertise to legislative processes, in order to promote security of supply and cost reduction. These requirements are also incorporated into the development of Strategy 2030. Our customers are involved via personal communication and digital interfaces such as feedback formats. In the event of customer complaints, coordination with customers takes place on a case-by-case basis within the Q-Circle process. Sustainability requirements are taken into account through customer audits and the analysis of inquiries. As part of Strategy 2025, the objective "Greater proximity to the customer" was derived from this feedback. We are currently establishing a customer experience management (CXM) process that systematically records customer satisfaction at relevant contact points, and incorporates this into strategy development. Investors and analysts are involved through professional capital market communications. This includes financial reports, roadshows, conferences, one-on-one meetings, and virtual formats. The financial press is kept regularly informed, and analysts are given access to relevant information about business development and strategic direction. Participation in sustainability ratings such as CDP is also part of this engagement. In the reporting year, we also started stakeholder dialogue with Morningstar Sustainalytics as part of the Human Rights and Transition Stewardship Program. The workforce of the SMA Group expects strict compliance with all legal and operational requirements by the company, as well as a safe workplace and fair remuneration. Transparent communication, clear responsibilities and fair involvement in business decisions are key concerns. Respectful interaction on an equal footing is particularly important - especially when it comes to changes in the company. The Works Council expects its proposals to be reviewed and, if necessary, implemented. Furthermore, there is a desire for access to further training opportunities and a transparent presentation and pursuing of employer values. Political institutions, authorities and legislative bodies expect the SMA Group to ensure strict compliance with all relevant legal and regulatory requirements. In addition, the SMA Group is expected to actively participate in the design of draft programs, particularly in the areas of renewable energies and industrial policy. Political stakeholders expect a willingness to invest in German, European and international locations, combined with transparency regarding expansions and business activities. One central concern pertains to consultation (and participation) in interest-mediating processes - for example, through memberships in associations, the collaborative design of market rules, technical standardization and public communication. Customers expect high-quality, reliable and sustainable products and services. They value transparent communication, fast problem-solving, high safety standards and collaboration based on partnership. They also expect compliance with legal and ethical standards, data protection, energy efficiency, fair prices and a long product service life. With regard to sustainability issues, the implementation of due diligence obligations in the supply chain is of particular relevance to our customers, who expect high quality sustainability information and prompt responses to inquiries. Investors and analysts expect a sustained increase in the company's value and, consequently, transparent, up-to-date and stringent communication on corporate strategy, the company's operational and financial development and sustainability issues. Within the scope of sustainability issues, the topic of human rights is particularly relevant for investors, analysts and rating agencies ‌[ESRS2 SBM-1 40g] Strategic corporate objectives The strategic corporate objectives form the basis for the future viability and long-term corporate success of the SMA Group. They define the further development of the company across all divisions as well as key success factors. We report on the implementation and progress of the objectives with a time horizon of 2025 in the following sections. Reporting on the objectives of Strategy 2030, the development of which began in the reporting year, will begin in the coming reporting year. Objective 1: Closer to the customer We inspire customer confidence with a high level of user-friendliness and solutions-oriented collaboration. The future success of the SMA Group and our contribution to mitigating the climate crisis depend crucially on aligning our actions even more consistently with the requirements of our customers-and thus with the needs of our most important stakeholders. Customer cen-tricity was, therefore, deliberately placed at the beginning of our Strategy 2025. With the SPIRIT program, we have aligned processes and structures with customer segments, in order to be able to deliver faster and in a more needs-oriented manner. Furthermore, a project was launched to introduce the Net Promoter Score (NPS) in order to systematically measure customer satisfaction and loyalty. In the reporting year, we conducted customer surveys at key touchpoints and derived measures - such as the establishment of a task force to facilitate service optimization. The results are regularly reported to the senior management of the SMA Group. In addition, divisionalization in the sense of division-specific customer orientation was further advanced in 2025. Objective 2: Profitable growth We are increasing our profitability through the further development of our core business and the targeted development of new business areas. Only through profitable growth can we etfectively increase our contribution to the decarbonization of the energy supply. We were unable to achieve this in 2025 in what was a very challenging market environment. The negative financial etfects of extremely weak demand for the Home & Business Solutions division's products and solutions could not be otfset by the positive development of the Large Scale & Project Solutions division. In order to return to profitable growth, we systematically implemented and expanded the company-wide restructuring and transformation program launched in 2024 in the reporting year. The aim is to optimize the cost structures of the SMA Group, improve the compa-ny's liquidity position and simplify the organizational structures. Part of the program also involves an analysis of the strategic positioning on the market. The program is designed to help the company to grow profitably again in the future, even in a market environment that remains volatile. [ESRS2 SBM-3 48b] Objective 3: Holistic sustainability We live sustainability in all areas of the company and take over a leading role in shaping a better future. Holistic sustainability in all areas of the company is at the heart of our Strategy 2025. The Managing Board is thereby not only underlining the considerable importance of the topic of sustainability within the SMA Group, but also taking account of the ever-increasing interest and expectations of major stakeholder groups. As part of our sustainability management approach, we closely examine the impact of our business activities on people and the environment, and we address the material topics identified in a targeted manner with ‌our sustainability strategy. Detailed information on the sustainability strategy, our targets and on development and progress within our sustainability areas of action in the reporting year can be found in the "Consolidated Sustainability Statement" section.‌ Objective 4: Shaping the future with innovations We use our expertise, experience and innovative strength to position SMA for the future in existing and new business areas. Our business environment is characterized by ever-faster innovation cycles, high complexity and accelerated technological change. Our innovative strength remains a key basis for setting us apart from the competition and serves as a prerequisite for the (further) development of technologies for the global energy transition. Subsequently, we systematically address future-centric topics, continue to promote digitalization, and further strengthen our capabilities in managing complexity. In this context, one focus in the reporting year was on further developing our expertise and customer solutions in the area of grid stabilization, including battery storage systems. In the context of future energy supply structures based on renewable energies, this represents an important building block for a secure supply. This includes, but is not limited to, ensuring a stable supply of battery systems for data centers using innovative technologies. Objective 5: Strong partnerships We develop a powerful partner network and take advantage of the opportunities it creates. Our systems and solutions business thrives on powerful partnerships. These are the key to holistic solutions with high customer benefits and broad application potential for the future renewable energy supply. To be successful in this area, our management processes are geared to the targeted integration of partners with whom we are shaping the energy supply of the future. The SMA Group benefits from new business opportunities and an expanded scope of action. By increasing our efficiency, productivity and competitiveness, we are also increasing our internal and external robustness. In the Home & Business Solutions division, this was particularly evident in the reporting year with the new partnerships initiated for the manufacture of hardware, which significantly improve the competitiveness of the products and allow us to focus on ditferentiating features in communication and energy market integration going forward. In the Large Scale & Project Solutions division, the Letter of Intent signed with Create Energy for the local production of the Sunny Highpower PEAK3 and the fully integrated Power Skid solution marks the beginning of a strategic collaboration to drive forward clean energy solutions for the US market together. Enterprise management Overview The SMA Group's corporate management is based on the leading indicators and financial management parameters outlined below. Corporate management also incorporates non-fi-nancial performance indicators. More information on this can be found in the "Forecast of the most significant non-financial performance indicators" section. Leading indicators To be able to respond to market changes in a timely manner, it is exceedingly important for the SMA Group to recognize opportunities and risks early on. To achieve this, we will have ongoing discussions about what are commonly referred to as operating leading indicators at both the Managing Board and divisional levels and the general managers of the SMA subsidiaries. Indicators relevant to the SMA Group include changes in politics, such ‌as in PV system incentive programs and their etfect on regional market potential, growth and competitiveness of the SMA Group in regional markets, customer acceptance of new products as well as market-related information stemming from discussions with customers, suppliers and associations. The myriad of influencing factors and the complex way they interact pose a challenge for producing a detailed long-term forecast. As part of annual and medium-term planning, the Managing Board specifically discusses opportunities and risks with regard to markets and sales volumes with the sales and division heads, and records the final assumptions for planning. In the reporting period, the Managing Board and division heads were informed on a monthly basis of the financial development of the entire SMA Group and the individual divisions. The information was continuously compared with planning assumptions. In the event of deviations or unforeseen events, short-term countermeasures could therefore be taken on the basis of intra-year forecasts. Financial management parameters In 2025, the SMA Group used the following key financial management parameters for its operating business as explained below. Compared with the previous year, there were no changes in the calculation of key figures or in the management system. Sales Sales include all the sales generated over the reporting period. We calculate sales at both the Group and division level. In addition, sales and the contribution margin are calculated at the product Group level on a monthly basis. Operating profit (EBIT)/EBIT margin In addition to sales and the cost of sales, operating profit includes functional costs and other operating expenses and income. We use this key figure to measure the profitability of the individual segments and the Group. To determine the operating earnings margin, we calculate operating profit in relation to total sales. We measure operating profit and operating earnings margin at both the Group and division level. Earnings before interest, income taxes, depreciation and amortization (EBITDA)/EBITDA margin We calculate operating earnings before interest, income taxes, depreciation and amortization (EBITDA) based on operating profit (EBIT), plus depreciation and amortization of fixed and intangible assets. To determine the EBITDA margin, we calculate the operating earnings before interest, income taxes, depreciation and amortization in relation to total sales. We use these key figures to measure profitability at Group level, excluding imputed depreciation of investments made. Net working capital/Net working capital ratio In addition to inventories, net working capital comprises trade receivables, trade payables, prepayments received from customers and prepayments made to suppliers. We regularly measure our customers' and suppliers' accounts receivables as well as product manufacturing inventories in relation to sales over the last 12 months. We measure and manage net working capital at the corporate Group and operating division level. ‌Capital expenditure‌ Capital expenditure is another key driver of liquidity planning. To manage capital expenditure, we formulate budgets as part of our annual planning, which the Managing Board approves over the course of the fiscal year. This applies particularly to large-scale capital expenditure projects, which are additionally evaluated with a profitability calculation. We manage capital expenditure at the corporate Group level. Net cash With net cash, we review our own financing possibilities for the ongoing business like net working capital and capital expenditure. It includes liquid funds and securities contained within working capital and cash on hand pledged as collateral less interest-bearing financial liabilities to banks. We manage net cash at the corporate Group level. Intragroup reporting and management Intragroup reporting The monthly reporting includes, among other information, detailed status reports on orders placed and order volumes, the amount of inverter output sold, sales figures, results of operation, cash flow statements, research and development activities, investments and net working capital. The aim is to compare changes in decisive items on the income statement and balance sheet both with the budget and figures of the previous month and to take any corrective measures necessary. Reporting is mapped using SAP Analytics Cloud (SAC), and SAP Business Warehouse, an electronic management information system, serves as the repository for the information. Intragroup management system In the reporting period, the basic elements of the intragroup management system included regular Managing Board and Supervisory Board meetings, as well as monthly discussions on results with the division heads. The implementation of the restructuring and transformation program was also discussed during regular business reviews with the divisions, target achievement was reviewed, and liquidity monitoring was implemented at Group level. In addition, the intragroup management system encompasses the regular Risks and Opportunities Report and the report prepared by the Internal Audit department. Research and development The SMA Group uses its systems expertise to develop holistic solutions comprising hardware, software and operational and digital services for ditferent applications in the fields of photovoltaics, battery storage systems and electric vehicle charging, as well as for comprehensive energy management across all market segments and sectors (power generators, household appliances, storage systems, heating, ventilation and air-conditioning, e-mobil-ity). To otfer our customers technically mature and economic system solutions in all market segments and regions, we selectively collaborate with strong partners. Through our ongoing research and our market and customer-focused development, we can further reduce the levelized cost of electricity, optimize the use of energy and decrease the complexity in the new, decentralized and digital energy world. We have created the basis for this in recent years. We employ modern development methods and frameworks to continuously enhance our efficiency, shorten development times and maximize value for our customers. ‌Forward-looking development approach With the growing importance of photovoltaics for the global power generation and the increasing integration of PV systems into complete systems, system technology demands on system integration, connectivity and the provision of grid services for a reliable energy supply are taking center stage. In this context, the SMA Group's development focus is on highly integrated and digitalized solutions that cover as many functions as possible (all-in-one solution). Focus areas of our research and development activities also include energy storage systems, e-mobility, energy market integration and hydrogen. The first products based on the platform architecture have been available on the market since the beginning of 2024. By standardizing the architecture of the core components and integrating key system functions, we are increasing the share of identical components and software modules across the entire portfolio while also reducing the number of components in the system in order to otfer our customers highly efficient solutions. Customization in line with ditferent markets and customer needs is implemented partly through the connection area and software as well as through ditferent power classes based on the platform. 5 The implementation of the platform strategy in the Large Scale & Project Solutions division will be made possible thanks to the new GIGAWATT FACTORY at the Niestetal site near Kassel, Germany. The new factory, which was handed over to SMA at the beginning of 2025 and went into operation during the second half of 2025, is enabling us to expand our production capacity. In doing so, we want to safeguard supply chains and become more independent of fluctuating trading conditions. In the 2025 fiscal year, as part of our restructuring and transformation program, we also began a process of bringing a significant proportion of the research and development activity of the Home & Business Solutions division under one roof at our Global Competence Center in India. This will allow us to make the most of access to highly skilled persons and speed up innovation processes while simultaneously making our global value chain more efficient in terms of costs. SMA Magnetics 5 This section is not a subject of the financial audit. in Poland is providing further support by deploying hardware development resources in connection with the inductive components manufactured at the site and thereby bolstering the Group-wide research and development structure. Niestetal remains home to selected software development and testing activities of the Home & Business Solutions division as well as the main development work of the Large Scale & Project Solutions division. SMA Solar Technology AG had 1,654 issued and registered patents and utility models worldwide at the end of the reporting period. Additionally, 470 other patent applications were still pending as of December 31, 2025. Furthermore, SMA Solar Technology AG holds the rights to 1,577 registered trademarks. In the reporting period, the focus of development was on the (further) development of solutions for the efficient generation, storage and use of solar energy, for electric vehicle charging and charging management, as well as for intelligent energy management across various sectors. The SMA Group was already involved in the implementation of related projects on several continents. Research and development expenses of the SMA Group in € million 2025 2024 2023 2022 2021 Research and development expenses 123.0 141.0 119.8 86.8 77.7 of which capitalized development projects 32.3 44.3 41.2 35.2 27.4 Depreciation on capitalized development projects (scheduled) 12.3 15.9 9.7 6.9 8.8 Research and development ratio in % in relation to sales 8.1 9.2 6.3 8.1 7.9 ‌Holistic solutions for the energy supply of the future 6 Home & Business Solutions: Expansion of integrated energy and system solutions The requirements of the latest version of European Directive 2014/53/EU (Radio Equipment Directive) were implemented at product and system level in the reporting year. Particularly relevant aspects of the updated directive include enhanced specifications for data protection and cybersecurity for radio equipment. The products and systems in question were also voluntarily certified in accordance with ETSI EN 303 645, which applies further security requirements. This means that the platforms meet current regulatory requirements concerning radio technology, interoperability and device security on the European market. Starting this fiscal year, the SMA Energy app now otfers users in Germany the option to integrate dynamic electricity taritfs directly into their energy management systems. This service is being provided in partnership with LichtBlick and is incorporated in the Sunny Home Manager 2.0 energy management system. The function takes variations in electricity prices over time into account and is available exclusively to the German market. The statutory requirements of Section 14a ENWG have been implemented for the German market in the Sunny Home Manager 2.0. This enables controllable appliances to be connected via a certified controller box and supports grid-focused power management by the grid operator. Configuration and documentation are carried out via the Sunny Portal. As of 2025, the 360° app otfers a significantly expanded commissioning assistant for complete systems. Instead of needing to set up individual devices, systems incorporating multiple devices and an ennexOS system manager can now be commissioned collectively via a single point of contact. Key parameters such as specifications for grid connections and for active and reactive power can be defined for the entire system. An additional inverter from the ennexOS family - the Sunny Tripower X 25 - is now supported as well, with further devices set to follow in 2026. New features were added to Sunny Design and Sunny Design Pro in the reporting year. The updates include improvements to project collaboration and documentation, as well as visual and three-dimensional system planning. The process of handling time series for projects with dynamic taritfs has also been enhanced. SMA Home Energy Solution For the Home customer segment, the Sunny Boy Smart Energy 8.0 and 9.9 single-phase hybrid inverters have been rolled out in Italy and Australia. These country-specific variants add to the range of services available for single-phase applications. Not only that, but the Sunny Boy Smart Energy has also been approved for operation with up to five SMA Home Storage battery modules. The backup box has been added for use with the Sunny Boy Smart Energy hybrid inverter. In the event of a grid outage, it safely disconnects the PV system from the public grid, thereby keeping the solar power that has been generated available for continued use within the home. This marks another upgrade to the Home range in the field of backup systems. SMA Commercial Energy Solution Following on from its initial launch last year, the Sunny Tripower 125 has now been made available for sale in other European countries. The device features twelve MPP trackers and, with an output of 125 kW, is designed for PV arrays of up to 7.5 MW. Meanwhile, a new generation of devices for medium-sized commercial systems in the upper power range has made its debut with the Sunny Tripower X 60. This device features integrated energy management and direct access to the Sunny Portal powered by ennexOS. 6 The following section is not a mandatory component of the Combined Management Report as defined in Sections 289, 315 HGB in conjunction with GAS 20 and therefore not a subject of the financial audit. ‌The Sunny Island X has been introduced as a new battery inverter and supports both grid-connected and otf-grid applications. Compatibility with a number of battery systems was enhanced during the reporting year, with more batteries currently undergoing certification. The Sunny Island X has an integrated energy management system and direct access to the Sunny Portal powered by ennexOS. Preparatory work is under way to add more features to the system solution. Project business: grid-forming solutions from SMA setting new standards for technology Development activity in the Large Scale & Project Solutions division during the reporting period continued to focus on the optimization of customer-specific PV and storage solutions with the goal of fulfilling ever more demanding global requirements for grid integration while setting new standards for technology at the same time. The Sunny Central Storage UP-S, based on SiC MOSFET semiconductor modules and boasting efficiency of more than 99%, was used in a host of storage projects worldwide in the reporting year. The reduced thermal stress at full load ensures high performance and makes the systems extremely reliable. The extra thermal margin also makes it possible to provide grid-related system services such as instantaneous reserve and frequency regulation even at peak load. The Sunny Central Storage UP-S received the pv magazine Award 2025 in the Inverters category in recognition of this technological accomplishment. The SMA Medium Voltage Power Stations are turnkey system solutions that combine PV or battery inverters with medium-voltage technology. The new generation of the SMA Medium Voltage Power Station 9200 was developed in the reporting period. This integrates two powerful inverters, two transformers and environmentally friendly, SF6-free medium-voltage switchgear. The system design with built-in redundancy ensures excellent system availability, lower operating costs and reliable yields, thereby making a lasting contribution to climate protection. The Sunny Central FLEX is a modular, retrofittable power conversion solution that combines AC-DC and DC-DC converters, a medium-voltage transformer and switchgear in one 40-foot "skidtainer." The system also features integrated plant control, with services available throughout the entire project life cycle, from project development to system operation. With UL certification granted for the PV variant on the US market, series production began in the fourth quarter of 2025. The Sunny Central FLEX allows for flexible coverage of current and future applications, including solar, storage, hybrid and power-to-gas solutions. The integration of renewable energies into power distribution grids poses a significant challenge for the future of energy supply. SMA is taking a leading role in the development of grid-forming solutions in this respect. In doing so, it is making a vital contribution to the stability of utility and transmission grids while expanding renewable energy sources at the same time. SMA's grid-forming technologies enable increasing amounts of renewable energy to be integrated reliably into grids as conventional generation capacities are gradually phased out. One key milestone has been achieved with the battery storage project in Föhren, Germany, where mainland Europe's first large-scale storage system with grid-forming technology has entered operation. The system, with output of 21 MVA and capacity of 55 MWh, is part of the SUREVIVE demonstrator project. SMA has supplied seven medium-voltage power stations with Sunny Central Storage UP-S battery inverters for the project, as well as an SMA Power Plant Manager for handling the complex system control requirements. Other priorities in the Large Scale & Project Solutions segment included sustainability and continued development work on sustainable products and solutions. With regulatory requirements growing ever stricter, SMA's project-specific engineering services help customers with approval processes and grid connection in particular. To ensure that it can cover these requirements across the board, SMA is continuing to invest in broadening its expertise in grid modeling and in advanced solutions and services. ‌FISCAL YEAR 2025‌ General economic conditions and economic conditions in the sector General economic conditions According to the International Monetary Fund (IMF), global economic growth in 2025 was stable at 3.3% after a figure of 3.3% in 2024 (IMF Outlook from January 19, 2026). In 2025, economic output in industrialized countries was at 1.7%, on a par with the previous year (2024: 1.7%). The eurozone achieved growth of 1.4% (2024: 0.8%). After two years of recession, Germany recorded slight growth of 0.2%, but continued to bring up the rear among countries in the eurozone. Factors stimulating growth included falling rates of inflation and the accompanying rise in purchasing power among private households, as well as government spending and investment programs. However, industrial production and exports remained weak in the face of structural challenges. In the US, gross domestic product decreased by a substantial 2.1%, down from 2.8% in the previous year. One of the main reasons behind this was a normalization in macroeconomic dynamics after an above-average previous year, particularly as a result of restrictive financing conditions. As stated by the IMF, growth in the economic output of developing and newly industrialized countries increased slightly to 4.4% in the reporting period (2024: 4.3%). This was driven by falling inflation, more relaxed monetary policy and robust foreign trade in particular. Economic conditions in the sector 7 Photovoltaics (PV) is now one of the most cost-etfective energy sources in most regions of the world. For example, large-scale solar projects in the Middle East are already generating solar power at less than $0.02 per kWh. This points the way to an environment in which the industry continues to grow even without subsidization. In the course of the transformation of global energy supply structures, current and future objectives include otfering holistic solutions, intelligently interlinking ditferent technologies, providing intermediate storage and management solutions for generated energy, and integrating users into the energy market. This is the basis for ensuring a reliable and cost-etfective power supply from renewable energies. 7 The estimated values (as of January 6, 2026) in the following section are not a mandatory component of the Combined Management Report as defined in Sections 289, 315 HGB in conjunction with GAS 20 and therefore not a subject of the financial audit. ‌Global PV market: increase in new installations in the fiscal year‌ Based on newly installed PV power of around 525 GW to 580 GW (2024: 531 GW), according to the SMA Managing Board's estimates, the global photovoltaic market was above the previous year's level in 2025. SMA estimates that global sales with PV and storage system technology, including batteries, increased to between €28.4 billion and €31.3 billion (2024: €29.2 billion). Growth was driven largely by the Chinese market. Demand for small residential systems down on previous year According to SMA estimates, investments in PV and storage system technology including battery storage systems in the small residential systems segment fell to between €8.5 billion and €9.3 billion (2024: €9.8 billion). The decline in investments is the result of a lower level of installations of 35 GW to 40 GW during this period (2024: 40 GW) and continued aggressive pricing level. The decline in installations, particularly in various European core markets, could not be compensated for by individual, slightly growing markets, such as France. Commercial system installations are decreasing According to SMA estimates, newly installed PV power in the field of commercial systems amounted to approximately 140 GW to 155 GW in the reporting period (2024: 166 GW). This corresponds to investments of €6.3 billion to €7.0 billion (2024: €7.3 billion) in PV and storage technology, including batteries. This declining market trend is attributable to major markets such as China and the US in particular, as well as to stagnation or even a reduction in installations in European markets. Large-scale PV systems: significant growth in strongest market segment Large-scale PV systems and PV power plants form the largest market segment. The SMA Managing Board estimates investments in PV and storage system technology of €13.6 billion to €15.0 billion in this segment for 2025 (2024: €12.1 billion). Newly installed PV power plants reached a capacity of 350 GW to 385 GW for the reporting period (2024: 325 GW). This development was driven primarily by enormous growth in China and India. Results of operations Sales and earnings Sales forecast achieved - earnings significantly impacted by special etfects and falling sales in the Home & Business Solutions division The SMA Group's sales declined slightly by 0.9% to €1,516.0 million in the reporting period (2024: €1,530.0 million). The year-on-year decrease in sales reflects the decline in business development in the Home & Business Solutions division. In the reporting period, the SMA Group sold PV inverters with a cumulative capacity of 19,852 MW. The inverter output sold was 1.7% above the previous year's level (2024: 19,524 MW). The Large Scale & Project Solutions division improved sales year on year. As a result, operating earnings before interest and taxes (EBIT) increased accordingly. Business in the Home & Business Solutions division declined year on year. ‌In the reporting period, the company generated 45.7% of external sales in European countries, the Middle East and Africa (EMEA), 42.2% in the North and South American (Americas) region, and 12.0% in the Asia-Pacific (APAC) region calculated before sales deductions (2024: 48.5% EMEA, 39.6% Americas, 11.9% APAC). The main markets for the SMA Group in the reporting period were Germany, the US, Australia and the UK. The Large Scale & Project Solutions division made by far the largest contribution to sales in 2025, accounting for 83.7% (2024: 76.9%). The Home & Business Solutions division generated 16.3% of the SMA Group's sales (2024: 23.1%). As of December 31, 2025, the SMA Group had an almost unchanged order backlog of €1,352.0 million (December 31, 2024: €1,355.6 million), applying mainly to the Large Scale & Project Solutions division. €1,018.1 million of the total volume was attributable to product business (December 31, 2024: €1,033.3 million), while the order backlog associated with the service business amounted to €333.9 million (December 31, 2024: €322.3 million). The order backlog in the service business arises in particular from extended warranties, which are paid over a period of five to ten years. Operating earnings before interest, taxes, depreciation and amortization (EBITDA 8 ) before the net impacts outlined below, which were attributable primarily to the Home & Business Solutions division, amounted to €106.6 million (2024: €147.5 million). During the reporting period, EBITDA fell to -€65.4 million (EBITDA margin: -4.3%; 2024: -€16.0 million, -1.0%). This was caused by factors including the lower sales volume, the resulting lower fixed cost reduction in the Home & Business Solutions division, impairment losses and scrappage on inventories of €122.6 million (2024: €113.4 million) as part of impairment tests, allocations to provisions for purchase commitments of €35.8 million (2024: €15.6 million) and provisions of €24.1 million set aside in connection with the restructuring program (2024: €33.4 million). Furthermore, impairment on receivables in the US amounting to €7.5 million had a negative impact on earnings. The following sections contain 8 For the definition of the above metric, we refer to the Financial Glossary contained in the Annual Report 2025. explanations regarding the sales and earnings trends witnessed in the divisions. In addition, earnings include positive special etfects totaling €18.0 million. This includes a compensation payment received from a claims settlement in the high seven figures, reversals of provisions for concluded legal disputes in connection with the settlement of an O&M contract in North America in the mid-seven figures and the sale of coneva GmbH for an amount in the low seven figures. The previous year was positively influenced by the sale of shares in elexon GmbH, amounting to €19.1 million. Due to the reduced sales level and the revised market growth expectations in the Home & Business Solutions division, impairment of €40.2 million on capitalized development projects (2024: €22.4 million) and €30.3 million on machinery and production equipment (2024: €4.2 million) was also recorded, with EBIT for the reporting period falling to -€188.2 million as a result (2024: -€93.1 million). This equates to an EBIT margin of -12.4% (2024: −6.1%). Net income came to −€181.1 million (2024: -€117.7 million). Earnings per share thus amounted to −€5.22 (2024: -€3.39). ‌Sales and EBIT 1,530 1,516 983 1,066 270 -33 32 -93 -188 3.0 14.2 -3.4 -6.1 -12.4 in € million 2021 Sales EBIT EBIT margin in % of sales 2022 1,904 2023 2024 2025 The Home & Business Solutions division serves the global markets for PV arrays with (and without) energy management, battery storage systems and vehicle charging solutions for both homes and commerce. External sales at the Home & Business Solutions division amounted to €247.2 million in 2025, down 30.2% on the previous year's figure (2024: €354.1 million). This was the result of falling prices due to intense competitive pressure and muted market demand amid challenging general macroeconomic circumstances. Furthermore, sales volumes for certain product lines fell below previous planning assumptions. As a result, impairment losses were recognized on capitalized development costs and development projects that had not yet been fully written ...

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