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SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025
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2SMA Solar Technology IMPORTANT LEGAL NOTICE This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for, underwrite or otherwise acquire, any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it or any part of it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. All information contained herein has been carefully prepared. Nevertheless, we do not guarantee its accuracy or completeness and nothing herein shall be construed to be a representation of such guarantee. The Company shall assume no liability for errors contained in this document, unless damages are caused intentionally or through gross negligence by the Company. Furthermore, the Company shall assume no liability for effects of activities that evolve from the basis of data and information provided by this presentation. The information contained in this presentation is subject to amendment, revision and updating, which does not underlie any prior announcement by the Company. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on the management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those in such statements as a result of, among others, factors, changing business or other market conditions and the prospects for growth anticipated by the management of the Company. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements which speak only as of the date of this presentation. This presentation is for information purposes only and may not be further distributed or passed on to any party which is not the addressee of this presentation solely after prior consent of the Company. No part of this presentation must be copied, reproduced or cited by the addressees hereof otherthan for the purpose for which it has been provided to the addressee. The content of this presentation, meaning all texts, pictures and sounds, are protected by copyright. The contained information of the presentation is property of the Company. This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933 as amended. Disclaimer
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3SMA Solar Technology Review H1 2025
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4SMA Solar Technology €685m H1 2024: €759m Sales EBITDA €9m1 H1 2024: €81m2 Order backlog €1,161m H1 2024 : €1,349m Free-Cash-Flow € +66m H1 2024: €-203m H1 2025 1. H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ (under Corporate segment) and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions for Doubtful Receivables ~7m € 2. H1 2024 profitability includes positive one-time effect in other income from sale of elexon shares (19m€ reported in the Corporate segment)
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5SMA Solar Technology 41% 50% 9% H1 2024 33% 49% 19% H1 2025 Americas EMEA APAC 759 685 -10% GW 205 101 494 523 42 47 18 15 223 116 536 569 1 Large Scale & Project Solutions products8.3 Sales by division(in € million)Sales per region (in € million) services Sales below prior year level with revenue growth in Large Scale & Project Solutions and weakened sales in Home and Business Solutions as expected 1. Services include commissioning, extended warranties, service and maintenance contracts, operational management, remote systemmonitoring and digital energy services. 9.1 H1 2024 H1 2025 Home & Business Solutions
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6SMA Solar Technology Profitability driven by strong performance in Large Scale & Project Solutions with Home and Business Solutions negative as expected EBIT by division(in € million) 19 55 62 -46 H1 20241 H1 20252 81 9 -67 101 -129 113 Home & Business Solutions Large Scale & Project Solutions Margin Depreciation/ Amortization 1,3% a 28 H1 2024 H1 2025 EBITDA (in € million) 1. H1 2024 profitability includes positive one-time effect in other income from sale of elexon shares (19m€ reported in the Corporate segment). 2. H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ (under Corporate segment) and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions for Doubtful Receivables ~7m €. 24 10,6% Operating EBITDA (before One-Offs) One-Offs
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7SMA Solar Technology Net working capital reduction measures taking effect and driving recovery of cash through trade receivables collections & increased trade payable timelines NWC | Net Cash (in € million) 84 135 12/31/2024 6/30/2025 +60% Net Cash 217 564 533 -232-147-160 12/31/2024 150 -168 6/30/2025 473 283 Inventories Trade receivables Trade payables Adv. cust. payments NWC Group Balance Sheet (in € million) 1. Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assetsheld for sale 2. Not interest-bearing 3. w/o not interest-bearing derivatives: 0m€ (2024: 0.0m€) and IFRS 16 Leases of 56,0m€ (2024: 5.8m€). 4. Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities and customer bonuses 31% 19% Total cash 205 m€ – finance. liab.3 70 m€ 12/31/2024 Non-current assets 479 Working capital 780 518 8% 684 -12% Other assets 53 Total cash 229 106 102% 205 -11% <leer> <leer> Shareholder‘s equity 553 <leer> <leer> 505 -9% Provisions 231 Trade payables 147 179 -23% 232 58% Financial liabilities 145 Other liabilities 464 70 -52% 526 13% TOTAL 1.541 1.513 -2% 6/30/2025 Change 1 2 3 2, 4
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8SMA Solar Technology Positive free cash flow mainly driven by effective net working capital reduction measures Cash Flow (in € million) H1 2024 H1 2025 Net Income 44 -42 Cash Flow from changes in NWC -202 130 Change in other net assets/Cash and non-cash effects1 -16 2 Cash Flow from Operating Activities -174 90 Net Capex2 -47 -24 Cash inflow from divestments 183 0 Free Cash Flow4 -203 66 1. Interest (paid/received), inventory provisions, taxes, deprecation and amortization, Deferred Tax Assets, contract Assets (IFRS15), receivables from currency derivates, rent deposits and pledges 2. Including capitalized R&D project costs 3. Cash inflow of €18m from sale of the shares in elexon 4. w/o Net Investments from Securities and Other Financial Assets
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9SMA Solar Technology Product Order Backlog reflects current market demand with Home Business Solutions soft and Large Scale impacted by softer order intake in US 62 111 Order backlog development (in €m) 361 322 313 988 1.033 848 06/30/2024 12/31/2024 06/30/2025 1.349 1.356 1.161 Products Service2 1. w/o „Service“ 2. Order backlog attributable to the former segment „Service“, which will be recognized over a period of 5 to 10 years Product order backlog by regions (in%) 46 802 313Home & Business Solutions1 Large Scale & Project Solutions1 Service 47% 41% 12%EMEA Americas APAC Order backlog by division (in €m) and region (in %) Total order backlog: €1.161m (June 30, 2025)
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10SMA Solar Technology Q1 2025 sales less than the average quarter of FY 2024 but primarily due to high Large Scale sales in Q4 2024. Profitability back in the black after negative one-time effects in Q4 2024 Profitability per segment (in €m)Sales per segment (in €m) 307 228 412 280 289 90 72 59 48 68 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 398 300 470 328 357 54 72 6359 -57 -191 50 -83 -45 -46 4 Q2 2024 -7 Q3 2024 -20 Q4 2024 7 Q1 2025 -10 Q2 2025 -30 EBITDA -100 2531 3 -16 EBIT -30-139 Home & Business Solutions Large Scale & Project Solutions Reconciliation & Corporate -10 1118 1. Q1 2025 profitability includes positive one-time effect from a claim settlement (~10m€ reported in the Corporate segment) 2. Q2 2025 profitability includes negative effects fromInventory provisions ~47m €, R&D Impairment ~1m €, and Bad Debt provisions ~7m €.
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11SMA Solar Technology Restructuring Program & Current Developments
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12SMA Solar Technology We are on track to achieve more than half of our original EBIT improvement ambition already this year which is above plan EBIT improvement need (ambition for run-rate 2027): 150 – 200 €m • Renegotiate supplier contracts in process-driven negotiations • Leverage supply markets to reallocate material sourcing • Simplify structures e.g., consolidate Home & C&I to one division (HBS) • Right-size entire organization to expected revenue levels Exemplary measures ✓ Implementation above planning Current status ✓ All Measures on track Material costs Personnel costs • Reduce spend for ext. service providers • Reduce indirect costs, e.g., fleet, IT licenses and office supplies ✓ Implementation above planning OPEX
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13SMA Solar Technology Reliable On & Off-Grid Systems Storage and Grid Stability • Featuring SiC MOSFET technology, SCS UP-S offers superior power conversion efficiency and grid-forming capabilities New Technology boosts Large-Scale • SMA solutions contribute to stabilizing the grids around the world All the energy solutions shown above reflect SMA's technological excellence and forward-thinking strategy. SMA´s New Technology Milestones Fueling the Energy Transition • Sunny Island X: resilient, renewable independence made in Germany • Sunny Design 6.0 meets advanced customer needs
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14SMA Solar Technology Outlook 2025
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15SMA Solar Technology Guidance 2025 lower third of range (in €m) Sales and EBITDA at lower third of the guidance range due to soft HBS demand and higher uncertainty (tariff policies, OBBBA) 2025 CapEx (incl. R&D & leasing)1 approx. €115m Depreciation / amortization2 approx. €65m Management comments • Group: Restructuring program underway and overall savings target for 2025 to be overachieved. Challenging macroeconomic environment and increased uncertainty due to volatile tariff policies and effects from OBBBA • LSPS division: A good start in H1 and solid order backlog • HBS division: Difficult market conditions, subdued demand, slow de-stocking by distributors and inventory write-downs. Risk of further deterioration remains Sales EBITDA 1.530 1.500 – 1.550 70 – 80 -16 2024 2024 32025e 2025e 1. Including approx. €40m for cap. R&D costs and approx. €10m for IFRS16 Leasing (leasing liabilities incl. payments over next 10+ years) 2. Including a low double-digit million Euro amount for unscheduled depreciation 3. Including €19m positive one-time effect from the sale of shares in elexon and low double-digit million Euro amount from sale of battery storage project by Altenso 4. H1 2025 profitability includes positive one-time effect from a claim settlement ~10m€ and negative effects from Inventory and Purch. Obligation provisions~50m € and provisions for Doubtful Receivables ~7m €. . 4
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16SMA Solar Technology SMA SOLAR TECHNOLOGY AG Analyst / Investor Presentation Financial Results H1 2025 Presented by Kaveh Rouhi, CFO & Jürgen Reinert, CEO August 7th, 2025