EQS-News: SMA Group reports extraordinarily strong 2023

EQS-News: SMA Solar Technology AG / Key word(s): Annual Results
SMA Group reports extraordinarily strong 2023

27.03.2024 / 06:57 CET/CEST
The issuer is solely responsible for the content of this announcement.


SMA Group reports extraordinarily strong 2023

* Group sales grew by 79% to €1,904.1 million

* EBITDA increased to €311.0 million; EBITDA margin significantly widened
to 16%

* Extraordinary operating performance in all segments

* Guidance for fiscal year 2024 confirmed: Sales of between €1,950 million
and €2,200 million and EBITDA of between €220 million and €290 million

Niestetal, March 27, 2024 – SMA Solar Technology AG (SMA/ISIN:
DE000A0DJ6J9/FWB: S92) has confirmed the provisional figures for 2023 as a
whole and the guidance for 2024 published on February 29, 2024. In the2023
fiscal year, consolidated sales increased by 78.6% to €1,904.1 million
(2022: €1,065.9 million). The gross margin was up significantly year on year
at 29.4% (2022: 21.0%), driven in particular by increased profitability in
the Home Solutions segment.

EBITDA increased significantly from €70.0 million in the 2022 fiscal year to
€311.0 million. This corresponds to an EBITDA margin of 16.3% (2022: 6.6%).
This positive performance was driven both by persistently high demand for
SMA products and by an improvement in production capacity utilization and
the associated fixed cost degression as a result of the increased sales
volume. EBIT climbed from €31.9 million in the 2022 fiscal year to €269.5
million (EBIT margin 2023: 14.2%; 2022: 3.0%).

Net income more than quadrupled to €225.7 million (2022: €55.8 million),
driven by the positive operating performance. Inverter output sold in 2023
as a whole was 20.5 GW (2022: 12.2 GW).

At €283.3 million, net cash was significantly above the previous year‘s
level (December 31, 2022: €220.1 million). The equity ratio rose to 42.3%
(December 31, 2022: 41.8%).

Extraordinary sales and earnings in all segments

Sales in the Home Solutions segment rose by 73.2% to €580.2 million (2022:
€335.0 million). The share of total sales thus amounted to 30.5% (2022:
31.4%). The EMEA region continued to account for the highest share of sales
at 96.9% (2022: 86.7%). A share of 2.0% was attributable to the Americas
region (2022: 8.3%) and 1.1% to the APAC region (2022: 5.0%). EBIT increased
to €148.0 million (2022: €53.8 million) due to the sales growth, the
associated fixed cost degression and a high-margin product mix. This
corresponds to an EBIT margin of 25.5% (2022: 16.1%).

The Commercial & Industrial (C&I) Solutions segment also posted a
significant sales increase of 65.0% to €478.9 million (2022: €290.3
million). Its share of the SMA Group’s total sales was 25.1% (2022: 27.2%).
Regionally, the EMEA region accounted for 80.8% of segment sales, the
Americas region for 11.7% and the APAC region for 7.5% (2022: 79.4% EMEA,
11.5% Americas, 9.1% APAC). EBIT improved to €22.7 million (2022:
–€26.0 million) with an EBIT margin of 4.7% (2022: –9.0%).

The Large Scale & Project Solutions segment posted the largest sales growth
of 91.8% to €845.0 million (2022: €440.6 million). Sales again increased
considerably in the fourth quarter of 2023 in particular. The segment’s
share of total sales was 44.4% (2022: 41.4%). 48.6% of segment sales were
attributable to the Americas region (2022: 45.3%), 10.5% to the APAC region
(2022: 21.5%) and 40.9% to the EMEA region (2022: 33.2%). EBIT increased
significantly to €103.8 million (2022: −€13.5 million) as a result of the
sales increases and thus improved production capacity utilization with
associated fixed cost degression. The EBIT margin was 12.3% (2022: −3.1%).

Order backlog remains at a high level

At €1,705.0 million, the SMA Group’s order backlog as of December 31, 2023,
remained at a high level and was much higher than the pre-pandemic level,
but, as expected, lower than the order backlog at the end of the previous
year (December 31, 2022: €2,077.4 million). Incoming orders declined as
anticipated in the second half of the year compared with the first two
quarters of 2023, as the majority of orders for 2023 in the Home Solutions
and C&I Solutions segments had already been placed by the end of the first
quarter. Thanks to improved delivery capacity and good production capacity
utilization, the order backlog was also continuously reduced. €1,329.8
million (December 31, 2022: €1,700.7 million) was attributable to product

Persistently strong demand was seen in the Large Scale & Project Solutions
segment, with the order backlog rising to €914 million (December 31, 2022:
€603 million), followed by C&I with €238 million and the Home Solutions
segment with €177 million (December 31, 2022: C&I: €508 million; Home €589

The Managing Board has confirmed the full-year guidance from February 29,
2024, with sales of between €1,950 million and €2,220 million and EBITDA of
between €220 million and €290 million.

Additional information

SMA published its audited Consolidated Financial Statements and the Annual
Report for 2023 today and will explain the business development during a
virtual 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 installed
throughout the world within the last 20 years with a total output of
approximately 132 GW help avoid the emission of more than 70 million tons of
CO2 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

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal


Press Contact:

Dagmar Buth-Parvaresh

Tel. +49 561 9522-421414


Investor Relations Contact:

Viona Brandt

Tel. +49 175 93 93 320



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

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.


27.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info@sma.de
Internet: www.sma.de
Indices: MDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1867969

End of News EQS News Service

1867969 27.03.2024 CET/CEST