Analyst / Investor Presentation: virtual Roadshow

SMA SOLAR TECHNOLOGY AG

Analyst / Investor Presentation: virtual Roadshow

Presented by Ulrich Hadding, CFO

November 11 & 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-Q3 2021

Profitability increased significantly in 2021 compared to the first three quarters

of 2020; Sales below last year's level as a result of material shortages

Key financials (in € million)

	Q1-Q3 2020	Q1-Q3 2021	Change
MW sold	10,651	10,279	-4%
Sales	774	745	-4%
Home Solutions	204	214	5%
Business Solutions	225	176	-22%
Large Scale &	345	355	3%
Project Solutions
Gross margin	19%	21%
EBITDA	41	53	28%
Depreciation	32	32	0%
EBIT	10	21	122%
Net result	9	15	66%
Free cash flow (Adj.)	-107	-7	n.m.
Net CapEx (incl. R&D)	24	29	20%

	2020/12/31	2021/09/30	Change
Net cash	226	169	-25%
Total assets	1,051	1,036	-1%
NWC ratio (in %)1	21%	28%

		2020/2021
	Q4	Q1	Q2	Q3
Sales	254	240	248	257
Home Solutions	61	76	72	66
Business Solutions	68	61	55	60
Large Scale &	125	103	121	131
Project Solutions
Gross margin	7%2	22%	22%	20%
EBITDA	302	20	18	15

SMA Solar Technology	1.	Net Working Capital ratio: inventory + trade receivables - trade payables (advance payments included); as of last twelve months sales	4
	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

Revenues slightly below prior year mainly due to lower sales in our Business Solutions segment which is affected by Covid-19 and material shortages

Sales (in € million)

GW	14.4	10.7	10.3
		1,027
Americas	31%			-4%
774	745
			32%	34%
EMEA	48%
			49%	50%
APAC	21%	19%	16%
		2020	Q1-Q3 2020	Q1-Q3 2021

Sales by segment (in € million)

			products		services1		Q1-Q3 2020
					Q1-Q3 2021
195				204
		9
Home Solutions					214
	202			12

Business Solutions	224				225
			2
	175
			176
	1
						345
Large Scale &	306					39
Project Solutions							355
311					44

SMA Solar Technology

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

5