Presented by Kaveh Rouhi, CFO November 13th, 2025
Review 9M 2025
9M 2025
€1,135m
9M 2024:
€1,060m
Sales
€-17m
9M 2024:
€84m
EBITDA1
€+115m
9M 2024:
€-220m
Free-Cash-Flow
€1,282m
9M 2024:
€1,438m
Order backlog
SMA Solar Technology
1. For the one-off effects accounted for in EBITDA, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4.
4
Sales above prior year level with revenue growth in Large Scale & Project
Solutions and weak sales in Home and Business Solutions as expected
GW
Sales per region (in € million)
13.0
13.6
1,060
1,135
Americas
EMEA
APAC
9M 2024
9M 2025
9%
13%
50%
47%
41%
40%
280
170
716
872
Sales by division (in € million)
products
services1
9M 2024
9M 2025
Home & Business
Solutions
296
181
Large Scale &
Project Solutions
764
954
82
48
11
16
SMA Solar Technology
Services include commissioning, extended warranties, service and maintenance contracts, operational management, remote system monitoring and digital energy services. 5
Profitability driven by strong performance in Large Scale & Project Solutions
EBITDA (in € million)
Margin
8%
-1,5%
-17
84
65
19
-136
9M 20241
9M 20252
Operating EBITDA (before One-Offs)
One-Offs1
Depreciation/ Amortization
38
106
119
while Home and Business Solutions significantly negative due to one-offs
SMA Solar Technology
EBIT by division (in € million)
-124
Home &
Business Solutions
-322
-210
154
Large Scale &
Project Solutions
-1
200
9M 2025 Operating EBIT (before One-Offs)
9M 2025 One-Offs2
9M 2024 EBIT
-112
For the one-off effects accounted for in EBITDA, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4. 6
For the one-off effects accounted for in EBIT, please refer to the Quarterly Statement January to September 2025 on page 5 for HBS and page 6 for LSPS.
NWC reduction measures taking effect driving recovery of cash through faster trade receivables collections
550 | ||||
366 21 | ||||
217 14 | 211 | |||
-147 | -197 | |||
-160 | -150 | |||
& increased trade payables and also inventory write downs & scrapping (-121m Euro) decrease NWC
12/31/2024 | 9/30/2025 | Change |
SMA Solar Technology
Other assets include financial receivables, income tax assets, value added tax receivables, other financial assets and assets held for sale
NWC | Net Cash (in € million)NWC
31%
19%
473
252
12/31/2024
Inventories excl. paymt. in adv. Advance payments on Inventories
09/30/2025
Trade receivables
Trade payables
Adv. cust. payments
Net Cash
+114%
84
180
12/31/2024
09/30/2025
Total cash 251 m€ -
finance. liab.3 70 m€
Group Balance Sheet (in € million)
Non-current assets | 479 | 465 | -3% |
Working capital | 780 | 599 | -23% |
Other assets1 | 53 | 76 | 44% |
Total cash | 229 | 251 | 9% |
Shareholder's equity | 553 | 402 | -27% |
Provisions2 | 231 | 200 | -14% |
Trade payables | 147 | 197 | 34% |
Financial liabilities3 | 145 | 70 | -52% |
Other liabilities 2, 4 | 464 | 520 | 12% |
TOTAL | 1.541 | 1.390 | -10% |
Not interest-bearing 7
w/o not interest-bearing derivatives: 0.1m€ (2024: 0.0m€) and IFRS 16 Leases of 56.5m€ (2024: 9.4m€).
Other liabilities include advanced customer payments, deferred income from extended guarantees and service & maintenance contracts, personnel-related liabilities and customer bonuses
Positive free cash flow mainly driven by positive cash gains from operating
profits as well as effective net working capital reduction measures
Cash Flow (in € million)9M 2024 | 9M 2025 | |
Net Income | 35 | -145 |
Cash Flow from changes in NWC | -200 | 10 |
Change in other net assets/Cash and non-cash effects1 | -2 | 284 |
Cash Flow from Operating Activities | -167 | 149 |
Net Capex2 | -72 | -38 |
Cash inflow from divestments 183 44
Free Cash Flow5 -220 115
SMA Solar Technology
Interest (paid/received), inventory provisions, taxes, deprecation and amortization, Deferred Tax Assets, contract Assets (IFRS15), receivables from currency derivates, rent deposits and pledges
Including capitalized R&D project costs
Cash inflow of €18m from sale of the shares in elexon 8
Cash inflow of €4m from sale of coneva
w/o Net Investments from Securities and Other Financial Assets
Product Order Backlog reflects current market demand with HBS soft and Large
Order backlog development (in €m)1,438
1,356
1,282
Scale order intake picking up again in Q3
SMA Solar Technology
Order backlog by division (in €m) and region (in %)Total order backlog: €1.282m (September 30, 2025)
Home & Business Solutions3
Large Scale & Project Solutions3 Service
332
43
906
Product order backlog by regions (in%)
EMEA
Americas APAC
15%
41%
44%
9
1,0981 | 1,0341 | 950 | ||
340 | 322 | 332 | ||
09/30/2024 | 12/31/2024 | 09/30/2025 | ||
Products Service2 |
Adjustments due to rounding
Order backlog attributable to the former segment "Service", which will be recognized over a period of 5 to 10 years
w/o "Service"
Q3 2025 sales increased significantly due to high Large Scale sales.
Profitability1 per segment (in
€m)
86
2
-57
-7
50
7
-46
-10
-193
Q3 2024
-20
Q4 2024
Q1 2025
Q2 2025
Q3 2025
-83
-191
54
63
72
Profitability affected by one-time effects in Q4 2024, Q2 and Q3 2025
Sales per segment (in €m)
470
450
357
300
328
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
228
280
289
72
48
68
385
412
65
59
EBITDA | 3 | -100 | 25 | -16 | -26 |
EBIT | -10 | -139 | 11 | -30 | -104 |
SMA Solar Technology
For the 9M consolidated one-off effects, please refer to the Quarterly Statement January to September 2025 on pages 3 and 4, on page 5 for HBS and page 6 for LSPS. 10
In addition to the ongoing restructuring program, we are extending the measures
to achieve another 100€m of savings
EBIT improvement need (ambition for run-rate 2027): 150 - 200 €m
EBIT improvement need (ambition for run-rate 2027): +100 €m
previous program / Restruction
Achievements of more than 150m€ cost savings
extended program / Transformation
with an ambition of further €100 million in potential savings results in 250 €m ambition for run-rate 2027
SMA Solar Technology 12
HBS | Today to Tomorrow: Transformation across the value chain
Portfolio
Development
Supply Chain Management
Production
Sales & Service
Today...
Overly broad component portfolio with a narrow focus on PV, lacking large hybrid and storage solutions.
Today...
A mix of SMA and partner development leads to long and costly development cycles.
Today...
Global presence and broad portfolio cause complex supply chains, excess inventory, and low stock transparency.
Today...
Mixed component sourcing from SMA and partners results in production costs too high for competitive market pricing.
Today...
Presence in diverse markets with varying profitability levels, including loss-making service operations.
HBS AFTER TRANSFORMATIONMarket-ready solutions with focus on interoperability, usability, and smart energy management for recurring revenues.
Hardware developed with partners according to SMA specifications, secure software built in-house, and strategic use of GCC India for talent and cost efficiency.
Lean and efficient SCM operations with full transparency and fast response times for effective stock management.
Partner-led hardware production and final assembly in Krakow enable competitive pricing while preserving SMA's premium market positioning.
Strategic focus on Europe, service excellence as USP, cost-efficient operations via MSSC Poland, and evaluation of USA/Australia presence by 2026.
SMA Solar Technology 13
Large Scale | Building on our excellent market positioning
Grid Stability for Europe
Hydrogen on a larger scale
Solutions in high demand
Inauguration of first grid forming BESS in continental Europe (Föhren)
Commissioning of a 100% off-grid hydrogen plant in Namibia by Altenso
Delivering the first Sunny Central FLEX to our U.S. customer
SMA Solar Technology 14
Outlook 2025
Lower Sales and EBITDA guidance due to soft HBS business and related one-time
effects. Restructuring measures to be broadened and extended.
Guidance 2025 (in €m)1.450 - 1.500
1.530
-16 -80 - -30
2024 2025e
2024 3 2025e 4
Sales EBITDA
2025
CapEx (incl. R&D & leasing)1 approx. €105m
Depreciation / amortization2
approx. €115m
Management commentsSales and earnings guidance adjustment on
September 1, 2025
Reasons: Anticipated sales performance for 2025 and the following years in HBS has further deteriorated significantly during the course of Q3
HBS related assets affected by additional one-time effects (inventory devaluations, impairments of capitalized R&D projects and fixed assets). Also, accruals for restructuring measures are expected
In total: negative one-time effects of about €170 to
€220 million (incl. non-EBITDA related neg. one-time
effects of approx. €65 million) plus €45 million in Q2
SMA Solar Technology
Including approx. €30m for cap. R&D costs and approx. €55m for IFRS16 Leasing (leasing liabilities incl. payments over next 10+ years; thereof €10m cash relevant)
Including approx. €50-65m for unscheduled depreciation 16
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
Including approx. €30m positive effects from a claim settlement in Q1 2025, other income from the sale of battery storage projects by Altenso and from the sale of coneva as well as triple-digit negative one-time effects
Presented by Kaveh Rouhi, CFO November 13th, 2025
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SMA Solar Technology AG published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 06:05 UTC.
