Analyst / Investor Presentation: Quarterly Statement / January to March 2021

SMA SOLAR TECHNOLOGY AG

Analyst / Investor Presentation

Quarterly Statement: January to March 2021

Presented by Ulrich Hadding, CFO

May 12, 2021

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.

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 other than 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.

SMA Solar Technology

2

Review Q1 2021

Profitability increased significantly in Q1 2021 despite lower sales, which is largely a result of an extraordinary project which was completed in Q1 2020

Key financials (in € million)

	Q1 2020	Q1 2021	Change
MW sold	4,367	3,360	-23%
Sales	288	240	-17%
Home Solutions	71	76	6%
Business Solutions	79	61	-22%
Large Scale &	138	103	-25%
Project Solutions
Gross margin	17%	22%
EBITDA	12	20	63%
Depreciation	11	10	-1%
EBIT	2	10	533%
Net result	0	8	n.m.
Free cash flow (Adj.)	-58	7	n.m.
Net CapEx (incl. R&D)	7	9	31%

	2020/12/31	2021/03/31	Change
Net cash	226	227	0%
Total assets	1,051	1,077	2%
NWC ratio (in %)1	21%	24%

		2020/2021
	Q2	Q3	Q4	Q1
Sales	226	259	254	240
Home Solutions	68	65	61	76
Business Solutions	79	67	68	61
Large Scale &	79	127	125	103
Project Solutions
Gross margin	22%	20%	7%2	22%
EBITDA	12	17	302	20

SMA Solar Technology

1. Net Working Capital ratio: inventory + trade receivables - trade payables (advance payments included); as of last twelve months sales

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2. Q4 2020 gross margin and profitability affected by one-time effects including inventory provisions, warranty accruals and other income related to compensation from a supplier

Q1 2021 revenues in line with expectations, the decline compared to Q1 2020 is mainly related to the extraordinary project completed in Q1 last year

Sales (in € million)

GW

14.4

4.4

3.4

1,027

Americas 31%

EMEA	48%						-17%
			288		240
				43%
APAC						36%
21%
	42%
						52%
					15%
								12%
		2020		Q1 2020				Q1 2021

Sales by segment1 (in € million)

			products		services	1		Q1 2020
					Q1 2021
69					71
		2
Home Solutions						76
		72				4

Business Solutions		78					79
				61	1
60
		1
Large Scale &	126			12	138
Project Solutions
	90						13 103

SMA Solar Technology

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

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