SMA Solar (S92) AGM 2025 Presentation summary

Opening remarks and agenda

• CEO expressed gratitude to employees, customers, partners, and shareholders for their support in 2024, emphasizing a collective commitment to a strong, sustainable, and digital future.

Financial performance review

• 2024 saw significant revenue decline to €1.53B from €1.904B in 2023, with EBITDA dropping to -€16M from €311M.

• Free cash flow turned negative at -€184M, compared to +€57M in 2023.

• Order backlog decreased to €1.356B from €1.705B in 2023.

• Q1 2025 revenue at €327.7M and EBITDA at €24.6M, both down from Q1 2024; 2025 full-year revenue and EBITDA expected at lower end of guidance.

Key challenges and risks discussed

• 2024 described as a challenging year due to industry-wide downturn, high interest rates, inventory levels, rising logistics and material costs, and strained supply chains.

• Increasing global competition and the need for manufacturing capacity in Europe and North America highlighted as critical.

• Political and regulatory uncertainties, especially in Germany, are impeding growth despite stable delivery performance.