EQS-News: SMA Group concludes the 2023 fiscal year extremely successfully with strong fourth quarter in the Large Scale & Project Solutions segment

EQS-News: SMA Solar Technology AG / Key word(s): Preliminary Results
SMA Group concludes the 2023 fiscal year extremely successfully with strong
fourth quarter in the Large Scale & Project Solutions segment

29.02.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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SMA Group concludes the 2023 fiscal year extremely successfully with strong
fourth quarter in the Large Scale & Project Solutions segment

SMA Group publishes preliminary, non-audited figures for 2023 as a whole and
issues guidance for the 2024 fiscal year

* Sales increase by 78.6% to €1,904.1 million (2022: €1,065.9 million)

* EBITDA improves from €70.0 million to €311.0 million

* High demand and normalized delivery situation result in positive
development

* Changed market conditions increase volatility in the current fiscal year

* Guidance for 2024: sales of €1,950 million to €2,220 million; EBITDA
between €220 million and €290 million

Niestetal, February 29, 2024 – SMA Solar Technology AG (SMA/ISIN:
DE000A0DJ6J9/FWB: S92) has presented preliminary, non-audited figures for
2023 as a whole. The figures report that the SMA Group’s sales significantly
rose by 78.6% year on year to €1,904.1 million (2022: €1,065.9 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA)
increased even sharply to €311.0 million from €70.0 million in the 2022
fiscal year. This corresponds to an EBITDA margin of 16.3% (2022: 6.6%). The
persistently high demand for SMA products and the delivery situation which
has been normalized since the beginning of the year were both contributing
factors to this positive performance. Earnings before interest and taxes
(EBIT) rose from €31.9 million in the 2022 fiscal year to €269.5 million
(EBIT margin in 2023: 14.2%; 2022: 3.0%). Inverter output sold in 2023 as a
whole was 20.5 GW (2022: 12.2 GW).

All three segments could significantly improve their sales and earnings in
2023 and contributed to the positive result. The Home Solutions segment
increased its sales to €580.2 million (2022: €335.0 million) with an EBIT of
€148.0 million (2022: €53.8 million); in the Commercial & Industrial
Solutions segment, sales rose to €478.9 million (2022: €290.3 million) with
an EBIT amounting to €22.7 million (2022: −€26.0 million); the Large Scale &
Project Solutions segment increased its sales to €845.0 million (2022:
€440.6 million) and achieved an EBIT of €103.8 million (2022: −€13.5
million).

At €1,705.0 million, the order backlog as of December 31, 2023, remains at a
high level and, as expected, below the order backlog at the end of the
previous year (December 31, 2022: €2,077.4 million). Of this amount,
€1,329.8 million was attributable to product business (December 31, 2022:
€1,700.7 million). Incoming orders declined, as anticipated, in the second
half of the year compared to the first two quarters of 2023, as, on the one
hand, the majority of orders in the Home Solutions and Commercial &
Industrial Solutions segments had already been placed by the end of the
first quarter. On the other hand, incoming orders have slowed down in
particular in the fourth quarter due to the changed market conditions.

Net income rose to €225.7 million (2022: €55.8 million) and earnings per
share increased accordingly to €6.50 (2022: €1.61). At €283.3 million, net
cash was considerably higher than in the previous year (December 31, 2022:
€220.1 million).

The preliminary figures are still subject to the auditor’s review.

“In the fourth quarter of 2023, we once again significantly increased sales
in the Large Scale & Project Solutions segment and even exceeded the upper
end of our sales forecast,” said SMA CEO Jürgen Reinert. “Overall, we can
look back on a successful 2023 and are extremely satisfied with our
operating performance. The high demand for our products and solutions, good
production capacity utilization and our ability to deliver have resulted in
an exceptional performance in all three segments. Our segment-specific
platform strategy, which we have been consistently driving forward since
2018, will enable us to respond even more quickly and efficiently to
changing customer requirements and market changes in the future.”

“We are also optimistic for the 2024 fiscal year,” said SMA CFO Barbara
Gregor. “Despite the changed market conditions and the associated higher
volatility compared with the previous year, we intend to continue our
profitable growth overall. In the Large Scale & Project Solutions segment in
particular, we expect further sales and earnings growth as a result of the
high order backlog and the level of incoming orders. In the Home Solutions
and Commercial & Industrial Solutions segments, we do not anticipate an
increase in the order intake before the second quarter. Due to this seasonal
development and our increased future investments in new products and
solutions, we therefore expect a decline in sales and earnings in the Home
Solutions segment compared with 2023. However, in the Commercial &
Industrial Solutions segment, we are planning further slight sales growth
with earnings development at around the same level as in the previous year.”

Against this backdrop, the Managing Board expects the SMA Group to generate
sales of between €1,950 million and €2,220 million and EBITDA1) of between
€220 million and €290 million in the current fiscal year 2024.

1) Including €19 million positive one-time effect from the sale of shares in
elexon GmbH


Additional information

SMA will publish its audited Consolidated Financial Statements and the
Annual Report for 2023 on March 27, 2024, and will explain the contents at
the virtual annual press conference at 10:00 a.m. and a conference call for
analysts and investors at 1:30 p.m.

About SMA

As a leading global specialist in photovoltaic and storage system
technology, the SMA Group is setting the standards today for the
decentralized and renewable energy supply of tomorrow. SMA’s portfolio
contains a wide range of efficient PV and battery inverters, holistic system
solutions for PV and battery-storage systems of all power classes,
intelligent energy management systems and charging solutions for electric
vehicles and power-to-gas applications. Digital energy services as well as
extensive services up to and including operation and maintenance services
for PV power plants round off SMA’s range. SMA inverters with a total output
of more than 145 gigawatts have been installed in more than 200 countries
worldwide. They help avoid the emission of around 63 million tons of CO2e
annually. SMA’s multi-award-winning technology is protected by more than
1,600 patents and utility models. Since 2008, the Group’s parent company,
SMA Solar Technology AG, has been listed on the Prime Standard of the
Frankfurt Stock Exchange (S92) and is listed onin the MDAX index and TecDAX
index.

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal

Germany

Press Contact:

Dagmar Buth-Parvaresh

Tel. +49 561 9522-421414

Presse@SMA.de

Investor Relations Contact:

Viona Brandt

Tel. +49 175 93 93 320

Investor.Relations@SMA.de

Disclaimer:

This press release serves only as information and does not constitute an
offer or invitation to subscribe for, acquire, hold or sell 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 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. 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.

This press release can contain future-oriented statements. Future-oriented
statements are statements which do not describe facts of the past. They also
include statements about our assumptions and expectations. These statements
are based on plans, estimations and forecasts which the Managing Board of
SMA Solar Technology AG (SMA or company) has available at this time.
Future-oriented statements are therefore only valid on the day on which they
are made. Future-oriented statements by nature contain risks and elements of
uncertainty. Various known and unknown risks, uncertainties and other
factors can lead to considerable differences between the actual results, the
financial position, the development or the performance of the corporation
and the estimates given here. These factors include those which SMA has
discussed in published reports. These reports are available on the SMA
website at www.SMA.de. The company accepts no obligation whatsoever to
update these future-oriented statements or to adjust them to future events
or developments.


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29.02.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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The issuer is solely responsible for the content of this announcement.

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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Germany
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info@sma.de
Internet: www.sma.de
ISIN: DE000A0DJ6J9
WKN: A0DJ6J
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1847773



End of News EQS News Service
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1847773 29.02.2024 CET/CEST