#112 MARCH 2020 FISCAL YEAR 2019 PRESENTATION FOR INVESTORS, ANALYSTS, MEDIA MEYER BURGER#2AGENDA MEYER BURGER Business Review New CEO Financial Statements FY 2019 ▪ Q&A Dr Hans Brändle, CEO Dr Remo Lütolf, Chairman of the Board of Directors Manfred Häner, CFO Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 15 August 2019 2 Meyer Burger#3Dr Hans Brändle, CEO BUSINESS REVIEW Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 3 O Meyer Burger#4RESULTS 2019 IMPACTED BY LOW ORDER INTAKE Incoming Orders 327 -78 -24% MEYER BURGER Order Backlog Net Sales -45% -22% -49 -70 407 192 337 262 105 241 249 188 2018 divested 2018 adj. 2019 and FX 2018 divested 2018 adj. 2019 and FX 2018 divested. 2018 adj. 2019 and FX EBITDA Net Result Cash 27 2018 restated -13 2019 62 -40 26 -59 90 Restricted cash 36 2018 Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 2019 2018 2019 all figures in MCHF 4 Meyer Burger#5Dr Hans Brändle, CEO END-MARKET GROWTH Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 5 Meyer Burger#6END-MARKET GROWS WITH AN EXPECTED CAGR OF 10% End-installed solar module capacity per year in GW 300 GW CAGR +10% 250 200 180 169 158 144 150 125 100 50 0 2016 2017 2018 2019 2020e 2021e 2022e 2023e Source: Solar Power Europe 5/2019, IHS 17/2020 low scenario high scenario Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 6 Meyer Burger#7Dr Hans Brändle, CEO BUSINESS CASE HJT/SMARTWIRE: PROOF OF CONCEPT MEYER BURGER 7 Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 O Meyer Burger#8PROOF OF CONCEPT DEMONSTRATED WITH SUCCESSFUL LAUNCH OF REC'S ALPHA MODULE 2018 Feb 2018 REC buys first SmartWire test equipment "Alpha" module (60 cells) launched 2019 Jun 2019 Aug 2019 MOU on expansion, profit sharing & exclusivity de- pending on cooper- ation partners 2020 Feb 2020 Production kick-off "Alpha" 72 cells module PROOF OF Meyer Burger receives 600MW order for HJT/ SmartWire equip. TECHNOLOGY Dec 2018 Start of mass production for "Alpha" module on first 100MW line Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 Oct 2019 Completion of ramp-up to 600MW Q2 2020 MEYER BURGER 600 MW order (74 mCHF) from Dec 2018: Fair pricing slightly below targeted gross profit margin could be achieved ~ ▪ Unfavorable payment terms - cash-in back-loaded; 40% cash received by Dec. 19; -55% by March 2020 ■ Proof of technology established - full potential of technology, both on cost and product performance: JDA with very demanding KPIs well on track ■ With Alpha REC catapulted themselves into top league of premium module manufacturers ■ Execution MOU delayed - Meyer Burger continues to work with REC on GW-scale expansion in Europe and/or Singapore 8 Meyer Burger#9STEVE O'NEIL CEO REC GROUP MEYER BURGER " Meyer Burger's technology offers the highest power at competitive costs. The Heterojunction cell technology combined with SmartWire and integrated by REC into our new Alpha panel is underpinning our leadership in the global PV market. This as well as the strong performance of the product in terms of world leading panel efficiency for a 60 cell panel and best in class power output of 380 Wp which is significantly higher than conventional panels is propelling REC years ahead of competition. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 9 Meyer Burger#10MARKET SEGMENTATION Residential Commercial Power Plant (Utility) Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 Residential & Small Commercial Value drivers: ■ High efficiency due to limited space. Aesthetics ◉ Brand recognition ✓ Good quality track record ✓ Reliability etc. Large Commercial & Power Plant MEYER BURGER Value drivers: Lowest LCOE (= levelized cost of electricity) ■ Bankability 10 © Meyer Burger#11IBC MB HJT HIGH EFFICIENCY MODULES ACHIEVE HIGH PREMIUM IN RESIDENTIAL Maximum module efficiencies of various technologies in % SUNPOWER REC LG Panasonic HIT Life's Good Phoovitale Module $60.0 24% 21.7% 22% 20% 18% Sunpower LG REC Panasonic HJT competition GS Solar Sunpreme CIE Power Jinergy REC Topcon mono PERC ASP in $cts/Wp $40.0 ASP premium ~ 25-30 $cts/Wp $20.0 Residential & small Com. Large Commercial & Power Plant. ¢0.0 0 10 20 30 40 50 60 Total GW 70 80 90 100 110 120 Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 Jinko JA Solar GCL Trina Q Cells LONGI Distribution average sales prices (ASP) for 2020 in $cts per Wp First Solar CdTe Source: Sunpower, Nov 11, O 2019; 2020 forecast Source: Official product datasheets (best power bin), status March 2020 11 O Meyer Burger MEYER BURGER#12VALUE DRIVER FOR RESIDENTIAL: MODULE EFFICIENCY (MODULE POWER FOR A GIVEN SIZE) MEYER BURGER Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 12 O Meyer Burger#13MEYER BURGER'S HJT/SMARTWIRE: ENABLES ASP PREMIUM FOR RESIDENTIAL MARKET US-residential installer, roof with 25 modules Offer: total installation for 3.0 $/Wp 25 modules 25 Modules MEYER BURGER Module Power PERC Option 1 320 Wp MB HJT Option 2 360 Wp ASP 0.35 $/Wp 0.55 $/Wp Project size 8.0 kW Total price per Wp 3.0 $/Wp 9.0 kW 3.0 $/Wp Option 1: PERC (320 Wp) for: 0.35 $/Wp premium +0.20 Revenue ($) 24'000 27'000 $/W p 25 Modules ($) -2'800 -4'950 Installation labor ($) -13'700 -13'700 Option 2: HJT/SmartWire (360 Wp): 0.55 $/Wp Installation material -1'500 -1'500 (fix) ($) Installation material ($) -1'600 -1'800 Win-win-win for option 2: (variabel, 0.2 $/Wp) Gross Profit ($) 4'400 5'050 Customer: Installer: more kW better gross profit Gross Profit per Wp 0.55 $/Wp 0.56 $/Wp Module producer: premium on ASP Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 13 O Meyer Burger#14VALUE DRIVER FOR POWER PLANTS: LCOE (LEVELIZED COST OF ENERGY) MEYER BURGER Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 14 O Meyer Burger#15MEYER BURGER'S HJT/SMARTWIRE: ENABLES LARGE EXTRA PREMIUM IN ASP Premium ASP (1) of HJT vs. mono PERC assuming same LCOE (2) in $cts/Wp +12 cts/Wp ~25 cts/Wp ~2 mono PERC additional performance ~10 19.5% module eff. HJT competiton (3) superior performance of MB solution (4) (1) ASP: average sales price for modules in $cts/Wp (2) LCOE: levelized cost of electricity ~37 cts/W p HJT/SmartWire 21.2% module eff. Source: Meyer Burger estimates (3) Calculation based on data sheet of best-in-class standard HJT module (Panasonic N340HIT) (4) Calculation based on data sheet of REC Alpha module Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER Lowest possible LCOE (2) is key purchase criterion for utility providers. HJT has some inherent advantages over PERC: higher efficiency with more power (Watt) per m², higher energy yield (more kWh per installed kW) due to better temperature coefficient etc., less degradation over lifetime. Note: large scale manufacturers achieved significant efficiency gains. by implementing mono PERC and could decrease ASP advantage of existing HJT producers to only ~2 cts/Wp over time while HJT could not reap the benefits of large scale manufacturing so far. BUT: Meyer Burger's proprietary HJT/SmartWire offers substantial additional advantages vs HJT competition Additional reduction of degradation over lifetime due to proprietary technology Additional power per m² An ASP premium of up to 12 cts/Wp for same LCOE of HJT/SmartWire vs PERC modules is estimated by Meyer Burger 15 O Meyer Burger#16Dr Hans Brändle, CEO BUSINESS CASE HJT/SMARTWIRE: COST COMPETITIVE MEYER BURGER Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 16 O Meyer Burger#17MEYER BURGER'S ADVANCED HJT TECHNOLOGY: SIGNIFICANT COST ADVANTAGE IN CELL PRODUCTION Step cost in [$cts/Wp] 2020 2020 2023 Total ~33 - 29 Module ~11 -40% 1 Cell ~14 deprec ~8 Wafer -8 HJT competition Wafer Size: M2 Cell eff.: 23.0% Scale: Sub-GW Source: PV Info Link, Dec 10, 2019 < 25 -20% < 6 MB HJT/Smart/Wire M4 M6 24.0% Sub-GW 24.5% XGW Source: Meyer Burger estimates Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER Wafer: Heterojunction uses n-type wafer (vs p-type for mono. PERC). n-type wafers are superior in performance but >5% more expensive than p-type wafers HJT competition uses M2 wafer size; MB already converted. equipment to larger M4 wafer size. Cell conversion cost of MB technology are below 8 cts/Wp for M4 wafer size due to proprietary MB technology (e.g. much less silver). Of the 8 cts/Wp, ~20% is allocated to the depreciation of the cell equipment (< 2 cts/Wp) Module conversion: Due to missing economy of scale the proprietary SmartWire currently has a -20% higher cost than standard BB) technology but enables significant portion of the superior performance *) BusBar 17 O Meyer Burger#18MEYER BURGER'S ADVANCED HJT TECHNOLOGY: ENABLES PROFITABLE BUSINESS CASE Comparison of PERC and HJT module mono PERC 2020e (large GW scale) MEYER BURGER MB HJT/SmartWire Yearly (core) gross profit for module producer of 1 GW (sub-GW scale) 2020e 60 60 35-50 ASP premium [mUSD] 60-210 200 30 25-30 ~ 29 30 ~23 cts/Wp 2-7 cts/Wp 6-21 MB HJT/SmartWire vs mono PERC 3x 100 20-70 - 10 20+ $cts/Wp [USD cts/WP] 0 Cost (1) ASP Gross Profit Cost (2) ASP(3) Gross Profit (depending on addressed market segment) mono PERC MB HJT 60 60 2023e (large GW scale) (xGW scale) 2023e [mUSD] 50-200 30-45 200 5x 30 22-25 ~21 < 25 5-20 100 1-4 820+ $cts/Wp 10-40 0 Cost ASP Gross Profit Cost (2) ASP(3) Gross mono PERC MB HJT Profit Source: PV Info Link, PVTech, Meyer Burger estimates (1) new production line (2) on a like-for-like basis to mono PERC (3) depending on market segment even higher Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 18 O Meyer Burger#19Dr Hans Brändle, CEO MEYER BURGER BUSINESS CASE HJT/SMARTWIRE: LEADING-EDGE TECHNOLOGY Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 19 Meyer Burger#20HJT/SMARTWIRE IS THE LEADING CONCEPT FOR HIGH-EFFICIENCY SOLAR CELLS AND MODULES ines INSTITUT NATIONAL DE L'ENERGIE SOLAIRE JJA MEYER BURGER A first in class and outstanding milestone of a certified solar cell efficiency of 24.63% was achieved in January 2020. This result is exciting not only for the efficiency figures but also because it was obtained using 24/7 ready production equipment provided by our long term partner Meyer Burger. The process used is fully compatible with the very high throughputs required in this competitive solar industry. Heterojunction/SmartWire technology from Meyer Burger has emerged as the world's leading concept for highly efficient solar cells and modules. Hence, we believe in the competitiveness of gigawatt production using this technology in France and throughout Europe. Dr Anis Jouini Head of Department of Solar Energy at CEA and General Director of INES National Institute of Solar Energy, Chambéry/France Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 20 O Meyer Burger#21CONTINUED OFFERING OF HIGH QUALITY SERVICE AND PRODUCTS IN STANDARD PV BUSINESS MEYER BURGER pv magazine AWARD 2019 TOOLS MEYER BURGER In January 2020, Meyer Burger's CAIA product for depositing advanced passivation layers for TOPC on solar cells received the PV Magazine Award 2019 Meyer Burger continues to offer existing product solutions and services for standard PV applications (if profitability is favorable and IP ownership is respected) ■ MAIA product family for PERC solar cells as well as requested upgrades ■ CAIA solution for TOPCon solar cells ■WIS (wafer inspection systems) Cell and module testing solutions (Pasan products Highlight and Spotlight) Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 21 O Meyer Burger#22Dr Hans Brändle, CEO CONSOLIDATION OF FOOTPRINT Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 22 22 O Meyer Burger#23Thun, CH closed Minhang, CN Thun, CH closed sold Thun,CH TRANSFORMATION CLOSE TO COMPLETION: REDUCED ORGANIZATIONAL COMPLEXITY Cell Wafer Module Diamond wire Saws 2016 Wafer Inspection PERC/TOPCon HJT/Tandem Advanced HJT Cell Tester BB stringer Laminator Megaslate SmartWire Colorado Springs, US Thun, CH closed/sold sold Hennecke, Zülpich, DE close/move¹) Hohenstein, DE Hohenstein, DE Hauterive (NE), CH Pasan, Neuchatel,CH 2020 HJT/SmartWire Hohenstein, DE Hauterive (NE), CH Neuchatel, CH MEYER BURGER Hohenstein-Ernstthal, DE HJT/Tandem Advanced HJT Cell Tester SmartWire Thun, CH Thun, CH Neuchatel, CH Standard PV Module Tester Pasan, Neuchatel,CH PERC/TOPCon Hohenstein, DE Non-PV Saws Non-PV AIS, Software Thin Film PixDro Inkjet Thun, CH sold Dresden, DE Wafer Inspection Hohenstein, DE Module Tester sold Neuchatel, CH Hauterive, CH Reichelsheim, DE Eindhoven, NL sold Non- PV Eindhoven, NL sold Muegge²) Reichelsheim, DE Tire Inspection Zülpich, DE sold Muegge (Microwave) Reichelsheim, DE 1) to Hohenstein 2) under review Real Estate Thun, CH sold Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 23 O Meyer Burger#24THANKS TO CONSISTENT RESTRUCTURING AND DIVESTMENTS: COST AT LOWEST LEVEL SINCE 2008 Yearly operating and personnel costs in m CHF MEYER BURGER 101 201 183 175 143 -113 MCHF (-56%) 88 нн 2008 2016 2017 2018 2019 2020B personnel expenses operating expenses Number of employees (FTEs) 630 Cost base for 2020 below CHF 90m, down 56% from 2016 (CHF 201m) Cost base 2020 below level 2008 Out of CHF 90m: CF 25m are allocated to R&D which focusses on HJT/SmartWire and next generation cell technologies Business portfolio streamlined and focused. 1'505 ◉ Majority of non-core businesses divested 1'276 1'191 -857 805 (-57%) 648 ☐ Organizational complexity substantially reduced ◉ Organization concentrated in Hohenstein-Ernstthal (DE) HF 2008 2016 2017 2018 2019 2020B Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 24 O Meyer Burger#25Dr Hans Brändle, CEO SUMMARY MEYER BURGER Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 25 Meyer Burger#26KEY TAKE-AWAYS 1 Current trading 2 Transformation (nearly) completed 3 Proof of concept established 4 Leading edge technology HJT/SmartWire as a strong business 5 case 6 BoD considers all strategic options 2019 financials disappointing and below expectations due to delays in expected orders Cost base reduced to < CHF 90m. Thereof CHF 25m allocated to powerful R&D. Streamlined business portfolio by divestment of non-core business. Streamlined organization. MB HJT/SmartWire enables highest average sales prices and at the same time. competitive manufacturing costs compared to mainstream mono PERC Expert opinion: "Heterojunction/SmartWire technology from Meyer Burger has emerged as the world's leading concept for highly efficient solar cells and modules." Meyer Burger's HJT/SmartWire offers superior value drivers for all market segments compared to mono PERC: high module efficiency for residential and superior LCOE for power plants/utilities. Prerequisities for a strategic repositioning towards a captive business model achieved. CEO succession planning completed, successor ready. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 26 O Meyer Burger#27CHANGE OF BUSINESS MODEL Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 27 27 Meyer Burger#28TIME TO GET A FAIR SHARE OF THE PROFIT POOL 1 2 Existing business model not sustainable Proof of concept for MB HJT/Smart- Wire established Meyer Burger's strategy is driving the technology roadmap of the PV industry. Providing leading-edge equipment does not allow to create sustainable shareholder value due to high R&D efforts needed, challenges in IP protection as well as industry-focus slanted towards CAPEX. Meyer Burger's HJT/SmartWire technology is leading-edge and enables a compelling business case for module manufacturers, with strong value drivers enabling premium ASP and at the same time competitive production cost. adjusting/changing business model BoD considers all strategic options, including: Cooperate with a number of trusted partners/existing customers (e.g. REC) to expand to GW scale in return of an attractive profit sharing. Start own large scale cell and module manufacturing in Europe (in particular Germany) in order to fully capture the unique advantages of the Meyer Burger HJT/SmartWire technology. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER 28 O Meyer Burger#29Dr Remo Lütolf, Chairman of the Board of Directors MEYER BURGER NEW CEO READY Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 29 Meyer Burger#30CEO SUCCESSION: DR GUNTER ERFURT MEYER BURGER Dr Gunter Erfurt (1973), German citizen, PhD in physics is an internationally recognized expert in the field of photovoltaics ■ Joined Meyer Burger in 2015 as Managing Director responsible for Hohenstein-Ernstthal site. Appointed Meyer Burger Group CTO and Member of the Executive Management Board in 2017 Developed heterojunction/SmartWire technology to today's GW scale maturity level Before joining Meyer Burger: Managing Director at SolarWorld for 12 years. Responsibilities included solar module product development, research and development and capacity. expansion of solar cell and module production in Germany and the USA. Combination of executive leadership experience and strong industry and technical background in photovoltaics production and technology. Best positioned to lead the execution of the envisaged business strategy of expanding the production technology at GW scale. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 30 O Meyer Burger#31Manfred Häner, CFO FINANCIAL STATEMENTS FY 2019 MEYER BURGER Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 31 O Meyer Burger#32ORDERS Incoming orders in MCHF -24% -74 -4 327 249 188 2018 Divestments FX 2018 adj. 2019 Order backlog in MCHF 241 -49 -45% 192 105 2018 Divestments 2018 adj. 2019 Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 MEYER BURGER Incoming orders 2019 ■ Incoming orders of CHF 188 million. ■ Decrease partly due to divestments and FX effects. ■ On comparable basis, order intake decreased by CHF 61 million (-24%). Order backlog 31 December 2019 ■ On comparable basis, order backlog decreased by CHF 87 million to CHF 105 million (-45%). 32 32 O Meyer Burger#33INCOME STATEMENT MEYER BURGER 6.6% Income Statement ■ Net sales decreased partially due to divestments. Increasing price pressure on standard PV equipment leads to lower net sales. ■ Other income includes CHF 30 million gains from sale of business Wafering and AIS. ■ Considerable efforts to reduce personnel and operating expenses: Total reduction of CHF 32 million achieved compared to 2018. ■ Efforts to reduce costs and safeguard margins are continued. ◉ ◉ Proportionate result from investment in associates in Oxford PV is CHF -3 million. Non-operating result of CHF 4 million from sale of building in Thun (investment property portion). in TCHF Net sales Other operating income 2019 in % 20181 262 013 100.0% 38 749 406 967 12 680 in % 100.0% Currency translation gains and losses on trade receivables and customer prepayments 2 059 3 938 Income 302 821 423 585 Changes in inventories and machines before acceptance -22 761 -35 169 Costs of products and work in process -152 286 -187 980 Capitalised goods and services 2 119 Operating income after costs of products and services2 129 893 49.6% Personnel expenses -104 364 Other operating expenses -39 000 EBITDA³ -13 471 -5.1% Depreciation and impairment on property, plant, equipment -10 087 Amortisation and impairment on intangible assets -5 077 1 404 201 841 -126 290 -48 766 26 784 -11 942 -12 404 49.6% EBIT4 -28 635 -10.9% 2 438 0.6% Financial result Result from investment in associates Operating result -7 914 -9 815 -2 971 -39 520 -15.1% -7 377 1.8% Non-operating result Earnings before taxes Taxes Net result 4 013 -35 507 -4 143 -39 650 -13.6% -7 377 -1.8% -15.1% -52 061 -59 437 -14.6% 12018 income statement figures throughout this presentation have been restated in line with the ruling of the arbitration court of the SIX Swiss Exchange 2"Operating income after costs of products and services" corresponds to total income including other operating income, e.g. gain from sale of group companies, less changes in inventories and machines before acceptance, cost of products and work in progress and capitalised goods and services. 3"EBITDA" corresponds to the operating result (EBIT) before depreciation on tangible fixed assets and amortization on intangible assets, the financial result, the result from investment in associates, the non-operating result and income taxes. 4"EBIT" corresponds to the operating result, before the financial result, the result from investment in associates, the non-operating result and income taxes. Meyer Burger Technology Ltd. Presentation for Investors, Analysts and Media, 12 March 2020 33 O Meyer Burger