Meyer Burger publishes Annual Report 2023 after a strategic shift in a year of market distortions; largest customer DESRI intends to participate alongside Sentis in the upcoming capital increase

Meyer Burger Technology AG / Key word(s): Annual Results Meyer Burger publishes Annual Report 2023 after a strategic shift in a year of market distortions; largest customer DESRI intends to participate alongside Sentis in the upcoming capital increase 14-March-2024 / 06:40 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Art. 53 LR Thun, March 14, 2024

Meyer Burger publishes Annual Report 2023 after a strategic shift in a year of market distortions; largest customer DESRI intends to participate alongside Sentis in the upcoming capital increase

Meyer Burger Technology AG strengthens its position as a leading manufacturer of premium solar modules and cells in a challenging environment. Severe price undercutting in the European solar market has prevented Meyer Burger from achieving the targeted customer sales volumes. Consequently, and as published on January 17, 2024, the results for fiscal year 2023 were significantly impacted. The strategic decision to make substantial investments to shift the business focus to the United States further impacted the results. Furthermore, Meyer Burger's largest shareholder Sentis Capital Cell 3 PC (Sentis Capital) and its largest customer D.E. Shaw Renewable Investment (DESRI) intend to invest in the upcoming capital increase.

Running on its nameplate capacity of 1.4 gigawatts by the end of 2023, the volume of solar modules produced rose to 650 megawatts. The market distortions in the European market did not allow for production at full capacity that would have unlocked economies of scale. Further, module inventories increased significantly to approximately 365 megawatts. Sales in fiscal year 2023 amounted to CHF 135.0 million (2022: CHF 147.2 million).

Due to unfair market conditions and consequently the announcement on the preparation of the closure of the Freiberg site, the Company had to recognize impairments on fixed assets of the solar cell and module production in Germany as well as inventories. The impairments on inventory are based on market prices as of the end of last year and together with the impairments on fixed assets have no cash implications. The company therefore reported a total loss of CHF -291.9 million in the reporting period (2022: CHF -69.9 million). Nearly half of the loss is the consequence of one-off effects.