SMA Group kicks off 2024 fiscal year with sales and profitability in line
with expectations

EQS-News: SMA Solar Technology AG / Key word(s): Quarter Results
SMA Group kicks off 2024 fiscal year with sales and profitability in line
with expectations

08.05.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

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SMA Group kicks off 2024 fiscal year with sales and profitability in line
with expectations

  * Sales of EUR361.8 million at same level as previous year (Q1 2023: EUR367.2
    million)

* EBITDA of EUR49.9 million (Q1 2023: EUR60.0 million)

* Solid order backlog of EUR1.5 billion (March 31, 2023: EUR2.5 billion)

* Equity ratio rose to 43.2% (December 31, 2023: 42.3%)

  * Managing Board confirms 2024 guidance from February 29: sales of between
    EUR1,950 million and EUR2,220 million; EBITDA of between EUR220 million and
    EUR290 million

Niestetal, May 8, 2024 - SMA Solar Technology AG (SMA/ISIN:
DE000A0DJ6J9/FWB: S92) completed the first quarter of 2024 in line with
expectations. Group sales totaled EUR361.8 million and were thus at the same
level as the previous year (Q1 2023: EUR367.2 million).

As expected, sales in the Home Solutions and Commercial & Industrial
Solutions segments in the first quarter of 2024 were significantly
influenced by the normalized demand situation, coupled with high inventory
levels at distributors and installers. Against this backdrop, sales in the
Home Solutions segment amounted to EUR62.6 million (Q1 2023: EUR163.3 million)
and in the Commercial & Industrial Solutions segment to EUR70.5 million, after
EUR80.2 million in the first quarter of 2023. As planned, the Large Scale &
Project Solutions segment posted significant sales growth of EUR123.7 million
in the same quarter of the previous year to EUR228.7 million in the first
quarter of 2024.

Earnings before interest, taxes, depreciation and amortization (EBITDA),
including the one-off income of EUR19.1 million from the sale of the shares in
elexon GmbH, reached EUR49.9 million compared with EUR60.0 million in the same
quarter of the previous year. This corresponds to an EBITDA margin of 13.8%
(Q1 2023: 16.3%). The main reasons for the change compared with the previous
year were the change in the product mix and an increase in the Group's cost
base. Earnings before interest and taxes (EBIT) amounted to EUR38.2 million
and were less than in the same period of the previous year (Q1 2023: EUR50.4
million). This corresponds to an EBIT margin of 10.6% (Q1 2023: 13.7%).

The Large Scale & Project Solutions segment significantly improved its
profitability compared with the same quarter of the previous year thanks to
the high level of sales and associated increase in productivity, achieving
EBIT of EUR41.3 million (Q1 2023: EUR2.3 million). EBIT in the Home Solutions
segment fell to -EUR3.6 million (Q1 2023: EUR50.3 million) as a result of the
decline in sales. The Commercial & Industrial Solutions segment was also
down on the previous year at -EUR18.2 million (Q1 2023: -EUR1.2 million) due to
the lower level of sales and higher fixed costs overall.

"We had a good start to the fiscal year in terms of sales, despite the
decline in the Home and C&I segments which we believe is only a temporary
effect because end customer demand remains fundamentally robust worldwide,"
said Jürgen Reinert, CEO of SMA." We also expect positive stimuli in Germany
following the recently agreed Solar Package I. The installation, expansion
and modernization of solar and battery systems will become much more
attractive, especially for companies and tradespeople. But Solar Package I
also creates better conditions for roof-mounted installations, tenant
electricity models and solar solutions in the agricultural sector."

"The first quarter of 2024 is going according to plan and in line with our
expectations," said Barbara Gregor, CFO of SMA. "As expected, the Large
Scale & Project Solutions segments continued its extremely successful sales
and earnings performance. In the Home Solutions and C&I segments, operating
performance continues to be significantly influenced by the high inventory
levels at distributors and installers and the associated shift in incoming
orders and sales. We therefore do not expect a significant increase in sales
in the two segments and the associated earnings contributions until the
second half of the year."

Net income amounted to EUR28.5 million (Q1 2023: EUR51.7 million). Earnings per
share thus amounted to EUR0.82 (Q1 2023: EUR1.49).

After EUR50.0 million in the previous year, free cash flow in the SMA Group
fell to -EUR45.7 million due to the higher net current assets. At EUR241.6
million, net cash on March 31, 2024, was below the level at the end of the
previous year (December 31, 2023: EUR283.3 million). With an equity ratio of
43.2% (December 31, 2023: 42.3%), SMA continues to have a solid equity
capital base.

At EUR1,467.8 million (March 31, 2023: EUR2,468.2 million), the order backlog on
March 31, 2024, remained solid. At EUR1,102.3 million, more than
three-quarters of this is attributable to product business (March 31, 2023:
EUR2,097.2 million). Consequently, the product-related order backlog decreased
only marginally compared with December 31, 2023 (EUR1,329.8 million), thanks
to the stable order intake in the Large Scale & Project Solutions segment.

The SMA Managing Board confirms its sales and earnings guidance for the 2024
fiscal year as published on February 29, 2024, which forecasts sales of
between EUR1,950 million and EUR2,220 million (2023: EUR1,904.1 million) and
EBITDA of between EUR220 million and EUR290 million (2023: EUR311 million). In
view of the currently still high inventory levels on the customer side in
the Home Solutions and Commercial & Industrial Solutions segments, the
Management Board expects a stronger second half of 2024.

Additional information

The quarterly statement for January to March 2024 can be found at
www.sma.de/en/investor-relations/publications. SMA will discuss its business
development during a conference call for analysts and investors at 1:30 p.m.
on May 8, 2024. An overview of analyst estimates (consensus) is available at
Analyst Coverage & Consensus | SMA Solar.

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
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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08.05.2024 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:       http://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:    1897939

End of News EQS News Service
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1897939 08.05.2024 CET/CEST