EQS-News: SMA Group publishes preliminary, non-audited figures for 2025 as a whole and issues guidance for the 2026 fiscal year

EQS-News: SMA Solar Technology AG / Key word(s): Preliminary Results
SMA Group publishes preliminary, non-audited figures for 2025 as a whole and
issues guidance for the 2026 fiscal year

03.03.2026 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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SMA Group publishes preliminary, non-audited figures for 2025 as a whole and
issues guidance for the 2026 fiscal year

* Sales decline slightly by 0.9% to €1,516.0 million (2024: €1,530.0
million)

* Operating EBITDA before one-time items reaches €106.6 million (2024:
€147.5 million); EBITDA including one-time items at –€65.4 million [1]
(2024: −€16.0 million [2])

* Earnings significantly impacted by impairments, provisions and
restructuring expenses

* At €1,352.0 million, order backlog close to previous year’s level (2024:
€1,355.6 million)

* Guidance for 2026: sales of €1,475 million to €1,675 million; positive
EBITDA of €50 million to €180 million

Niestetal, March 3, 2026 – SMA Solar Technology AG (SMA/ISIN:
DE000A0DJ6J9/FWB: S92) has presented preliminary, non-audited figures for
2025 as a whole. On a year-over-year basis, the SMA Group’s sales fell
slightly by 0.9% to €1,516.0 million (2024: €1,530.0 million).

Operating earnings before interest, taxes, depreciation and amortization
(EBITDA) before one-time items amounted to €106.6 million (2024: €147.5
million). Including one-time items, EBITDA was −€65.4 million1 and therefore
down significantly on the previous year (2024: −€16.0 million2). This
equates to an EBITDA margin of –4.3% (2024: −1.0%). This was due to the
lower sales volume and the resulting lower fixed cost degression in the Home
& Business Solutions (HBS) division, as well as various one-time items.
These included impairment losses and scrappage on inventories (€122.6
million in the HBS division), allocations to provisions for purchase
commitments (€35.8 million in the HBS division) and provisions in connection
with the restructuring and transformation program (€24.1 million).
Furthermore, impairment on receivables in the US amounting to €7.5 million
had a negative impact on earnings in the Large Scale & Project Solutions
division. This was offset by positive special effects totaling €18.0
million.

Due to the reduced sales level and the revised market growth expectations in
the Home & Business Solutions division, impairments on capitalized
development projects (€40.2 million) and on machinery and production
equipment (€30.3 million) were also recorded.

The Group’s earnings before interest and taxes (EBIT) therefore fell to
−€188.2 million (EBIT margin in 2025: −12.4%) from −€93.1 million in the
2024 fiscal year (EBIT margin in 2024: −6.1%). Operating EBIT before
one-time items reached €54.3 million (2024: €76.8 million). Inverter output
sold in 2025 as a whole rose slightly to 19.9 GW (2024: 19.5 GW).

As a result of persistently low demand coupled with high competitive
pressure, sales in the HBS division were significantly lower than the
previous year at €247.2 million (2024: €354.1 million). EBIT in the HBS
division likewise deteriorated considerably to −€375.6 million (2024:
−€315.0 million) due to the decline in sales and the aforementioned one-time
items. This put the EBIT margin at −151.9% (2024: −89.0%).

The Large Scale & Project Solutions division increased sales to €1,268.8
million (2024: €1,175.8 million), influenced to a considerable extent by the
expansion of SMA Altenso GmbH’s business with grid stabilization projects
and the large order backlog at the start of the year. EBIT was €210.8
million (2024: €227.0 million). Reasons behind the downward trend in
earnings relative to the previous year included increased warranty
provisions and impairment on receivables in the US (€7.5 million). The
reversal of a provision for legal disputes in a mid-single-digit million
figure had a positive impact, as did the good earnings achieved by Altenso
GmbH. Impairments on inventories (€19.3 million) had a negative impact on
the previous year. The EBIT margin was 16.6% (2024: 19.3%).

Notwithstanding the ongoing geopolitical uncertainty, which hit incoming
orders in the second quarter, the order backlog almost reached the previous
year’s level at €1,352.0 million (2024: €1,355.6 million). Of this amount,
€1,018.1 million was attributable to product business (December 31, 2024:
€1,033.3 million).

Net income decreased to −€181.1 million (2024: −€117.7 million). Earnings
per share fell to −€5.22 (2024: − €3.39) accordingly. At €176.4 million, net
cash was considerably higher than in the previous year (December 31, 2024:
€84.2 million).

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

“2025 was another extremely challenging fiscal year. The solar industry
operated in a challenging environment characterized by highly volatile
markets, geopolitical uncertainty and politically driven debates. This
resulted in lower investment confidence in the US and Europe in particular.
At the same time, though, we implemented some crucial structural changes for
the future with our restructuring and transformation program and made vital
progress in 2025. One key milestone is the increased internationalization of
development, production and services. In expanding our software development
operation at our Global Competence Center in India, we are allowing for
faster and more efficient product development. At our site in Kraków, we
have set up additional final assembly capacity for HBS and opened a new
Multi Shared Service Center to enable efficient and internationally
integrated support and administration processes. All these measures are
increasing our operational effectiveness and laying the groundwork for more
flexibility in an increasingly global competitive landscape,” commented SMA
CEO Jürgen Reinert.

“All things considered, we delivered solid performance in the 2025 fiscal
year despite a persistently difficult market environment in the segment for
residential and commercial systems and the one-time items associated with
the restructuring and transformation program. We have already achieved cost
savings of €124 million thanks to the measures defined in 2024. By expanding
these measures, as announced in September 2025, we are planning additional
cost savings of approximately €100 million, which will be fully reflected in
earnings from 2027 onward. For 2026, we are expecting slight sales growth in
the Large Scale & Project Solutions division and lower earnings than the
previous year due to greater investment in the expansion of the service
business, lower capitalization of development costs and foreign currency
effects. We are anticipating sales growth and improved earnings for the HBS
division. However, we will not yet reach the break-even point in the HBS
division this fiscal year,” said SMA CFO Kaveh Rouhi.

Against this backdrop, the Managing Board expects the SMA Group to generate
sales of between €1,475 million and €1,675 million and positive EBITDA of
€50 million to €180 million in the 2026 fiscal year. The guidance is based
on the trade and geopolitical conditions known at the reporting date.
Further changes, particularly an intensification of trade barriers or
geopolitical conflicts, may require adjustments to our assumptions,
potentially resulting in deviations from the current guidance.

Additional information

SMA will publish its audited Consolidated Financial Statements and the
Annual Report for 2025 on March 26, 2026, and will explain the contents on a
conference call for analysts and investors at 1:30 p.m. An overview of
analyst estimates (consensus) is available at
www.sma.de/en/investor-relations/analyst-coverage-consensus.

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 round off SMA’s range. The SMA solar inverters sold
around the world since 2006, with a total output of approximately 156 GW,
have helped to avoid greenhouse gas emissions of more than 69 million metric
tons of CO2e. This corresponds to avoided environmental costs of
approximately €21 billion. SMA’s multi-award-winning technology is protected
by more than 1,600 patents and utility models. The Group’s parent company,
SMA Solar Technology AG, has been listed on the Prime Standard of the
Frankfurt Stock Exchange (S92) since 2008 and is listed on the SDAX and the
TecDAX index.

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal

Germany

Press Contact:

Nina McDonagh

Tel. +49 561 9522-4215911

Presse@SMA.de

Investor Relations Contact:

Viona Brandt

Tel. +49 151 277 658 25

Investor.Relations@SMA.de

Disclaimer:

This Corporate News update serves only as information and does not
constitute an offer or invitation to purchase, 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 any contract to purchase or sell any securities
of the Company or any member of the SMA Group.

This Corporate News update may contain forward-looking statements.
Forward-looking statements are statements that do not describe historical
facts. They also include statements about our assumptions and expectations.
These statements are based on plans, estimates and forecasts that the
management of SMA Solar Technology AG (SMA or Company) has available at this
time. Forward-looking statements are therefore valid only on the day on
which they are made. Forward-looking 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
Company and the estimates given here. These factors include those that SMA
has discussed in published reports. These reports are available on the SMA
website at www.SMA.de/en. The company accepts no obligation whatsoever to
update these forward-looking statements or to adjust them to future events
or developments.

[1] Including positive one-time item from the sale of coneva GmbH (low
single-digit million euro amount).

[2] Including €19.1 million positive one-time item from the sale of shares
in elexon GmbH and negative one-time items in connection with the
restructuring and transformation program.


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03.03.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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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: SDAX,
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Dusseldorf, Munich,
Stuttgart, Tradegate BSX
EQS News ID: 2284182



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2284182 03.03.2026 CET/CEST