Analyst / Investor Presentation: Financial Results Q1 2024 (1 MB)

SMA SOLAR TECHNOLOGY AG

Analyst / Investor Presentation Financial Results Q1 2024

Presented by Barbara Gregor, CFO

May 8, 2024

Disclaimer

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.

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SMA Solar Technology

2

Review Q1 2024

Q1 2024

Sales
	Free-Cash-Flow

€362m		€-46m
Q1 2023: €367m		Q1 2023: €+50m
Order backlog
	EBITDA

€50m	€1,468m
Q1 2023: €60m	Q1 2023: €2,468m

4

Sales on prior year level with strong revenue growth in Large Scale segment as expected

Sales per region (in € million)

GW

3.2

4.3

Sales by segment (in € million)

products			Q1 2023
services1
			Q1 2024

367

Americas 22%

EMEA 73%

APAC 5%

Q1 2023

-1%

362

30%

56%

14%

Q1 2024

Home Solutions	161	2	163
	59		3	63

Commercial &	79		2	80
Industrial Solutions	70			71
1

Large Scale &	101		23	124
Project Solutions					14 229
	214

SMA Solar Technology	5
1.	Services include commissioning, extended warranties, service and maintenance contracts, operational management, remote system monitoring and digital energy services.

Profitability decreased compared to Q1 2023 mainly due to change in product mix and high customer stocks in Home Solutions and C&I Solutions

	EBITDA (in € million)		EBIT by Segment2 (in € million)
Margin		16%	14%			Q1 2023
						Q1 2024
		-17%
		60
			50	Home Solutions		50
					-4
				Commercial &	-1
				Industrial Solutions
				-18
		Q1 2023	Q1 2024
One-Offs		0	221	Large Scale &	2
				Project Solutions
Depreciation/				41
10	12
Amortization

SMA Solar Technology	6
1. a	2024 profitability includes positive one-time effect in other income from sales of elexon (€19m) and a cancellation fee (€3m).
2.	Segment Corporate reported in Q1 2024 an EBIT of €19m from sales of elexon.

Net Cash and debt-equity ratio remain on a robust level

	NWC | Net Cash (in € million)		Group Balance Sheet (in € million)
NWC	21%	24%			2023/12/31	2024/03/31		Change
Non-current assets	428	438		2%

		392	464
		559	686
		277
					224
				-304						-290
	-141			-157
Dec. 31, 2023		Mar. 31, 2024
Inventories		Trade receivables		Trade payables			Advanced Payments

Net Cash

-15%

283242

Dec. 31, 2023

Mar. 31, 2024

Working capital	837	910	9%
Other assets1	74	66	-9%
Total cash	283	242	-15%
Shareholder's	686	715	4%
equity
Provisions2	201	208	3%
Trade payables	304	290	-5%
Financial liabilities3	0	0	0%
Other liabilities2,4	431	443	3%
TOTAL	1,622	1,656	2%

	1.	Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assets held for sale
SMA Solar Technology	2.	Not interest-bearing	7
	3.	w/o not interest-bearing derivatives: €0.8m (2023: €0.0m) and IFRS 16 Leases of €24.5m (2023: €25.4m)
	4.	Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities and customer bonuses

Positive Gross Cash Flow from operating profits while free cash flow is affected by higher NWC

Cash Flow (in € million)

	Q1 2023	Q1 2024
Net Income
52	28
Gross Cash Flow	76	51
Cash Flow from Operating Activities	65	-44
Net Capex	-15	-20
Cash inflow from divestments	0	181
Free Cash Flow2	50	-46

SMA Solar Technology	8
1.	cash inflow of €18m from sale of the shares in elexon
2.	w/o Net Investments from Securities and Other Financial Assets

Net sales in line with Q1 2023, driven primarily by the Large Scale segment, while Home and C&I Solutions are affected by high customer stock levels

Sales per segment (in €m)

Profitability per segment (in €m)

		559	566
		159	94
	412		145
367			362
	164	140		63
163				71
80	114		327
	260
			229
124	134
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

EBITDA

60

65

	50				56
		50				43
									8
					2								7
										-2
EBIT			-1
					-1
Q1 2023	Q2 2023

106		80		50
96
					68
	44
		11
								7			38
	9
39		57		41
												19
		4
						-7					-4
									-18
Q3 2023	Q4 2023	Q1 2024

Home Solutions Commercial & Industrial Solutions Large Scale & Project Solutions Reconciliation

SMA Solar Technology

9

Outlook 2024