Ad hoc: Q-Cells SE: Q-Cells publishes Report as of 30 September 2008:

Q-Cells SE / Interim report / Ad hoc: Q-Cells publishes Report as of
30 September 2008:

Ad hoc announcement according to §15 WpHG processed and transmitted
by Hugin. The issuer is solely responsible for the content of this
announcement.

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- Sales up 61 % and EBIT up 32 %
- Income in Q3 affected by delivery cutbacks
- Forecast confirmed
- Growth in production volume for 2009 and 2010 of approximately 70 %
p.a. secured

Bitterfeld-Wolfen, 13 November 2008 - Q-Cells SE (QCE; ISIN
DE0005558662) published its Q3 report as of 30 September 2008.
Production increased in the first nine months by 63 % to
417.0 Megawatt peak (MWp) (9M 2007: 256.6 MWp). At comparable
production capacity, production volume in Q3 stood at 153.5 MWp,
slightly up on Q2 (146.5 MWp).

Sales for the first three quarters increased by 61 % to ¤ 931.9
million (9M 2007: ¤ 577.1 million). For Q3 this means sales growth of
approximately 14 % compared with the previous quarter. In the first
nine months, Q-Cells SE achieved an EBIT of ¤ 189.1 million - not
taking into account the start-up costs of new technologies. Taking
these start up losses into account, Group EBIT amounted to
¤ 172.9 million (increase by 32% compared to previous year). EBIT for
the third quarter amounted to ¤ 59.2 million not including start-up
costs and ¤ 53.8 million when taking them into consideration. The
main reason for the reduction of operating income in Q3 was
considerable wafer delivery cutbacks by the biggest supplier, REC. As
a consequence, expensive spot volumes had to be bought in the
short-term.

EBIT margin in the first nine months for the core business amounted
to around 21 % (Group: 18 %) and to approx. 17 % (Group: 15 %) in Q3.
Without the effect of lower deliveries, the EBIT margin in Q3 would
have been stable at approx. 22 % for the core business and 20 % for
the Group.

Net income for the reporting period (after minorities) amounted to
¤ 155.7 million (9M 2007: ¤ 111.2 million) or to ¤ 124.7 million when
not taking the effects of the stake in REC into account (9M 2007:
¤ 84.2 million). This corresponds to an increase of 40 % and 48 %
respectively compared with the same period in the previous year. Net
income for Q3 amounted to ¤ 73.5 million, up by 166 % compared with
Q2. Without the REC effects, the company achieved net income for the
period totalling ¤ 49.9 million (up 32 % on the previous quarter).

Outlook for the full year 2008 and the following years
For the ongoing year, Q-Cells SE confirms the goal of a production
volume in the core business of approximately 585 MWp (plus production
volume of all thin-film subsidiaries from 10 MWp to 20 MWp). As a
result of the positive development of the project business Q-Cells
International, the company is slightly raising its forecast for Group
sales to approximately ¤ 1.35 billion (previously ¤ 1.325 billion).
Despite reduced wafer deliveries in Q3, the company confirms the goal
for EBIT totalling approximately ¤ 260 million for 2008. The Group's
net income should now amount to approximately ¤ 215 million
(previously ¤ 200 million), particularly due to the increased REC
income contribution (¤ 36 million instead of the previous
¤ 23 million).

Q-Cells SE expects to generate a production volume of more than 1 GWp
throughout the Group in 2009. Furthermore, Q-Cells SE confirms its
sales forecast for 2009 totalling approx. ¤ 2.25 billion. Additional
to that, phases of expansion allowing a production volume totalling
approx. 1.8 GWp in 2010 are financed at this point. Therefore, an
average growth of the production volume of approximately 70 % p.a.
has already been secured for the two following years. A higher
production volume (including thin-film companies) of approx. 2.5 GWp
for 2010 is possible, once additional funds can be raised.

The nine-month report and a current company presentation can be
downloaded from the Investor Relations section of the Q-Cells SE's
website (www.q-cells.com).

Contact information:
Q-Cells SE
OT Thalheim
Guardianstraße 16
06766 Bitterfeld-Wolfen, Germany

Investor Relations:
Stefan Lissner
Phone: +49 - (0)3494 - 6699 10101
investor@q-cells.com

Public Relations:
Stefan Dietrich
Phone: +49 - (0)3494 - 6699 10111
presse@q-cells.com

--- End of Message ---

Q-Cells SE
OT Thalheim, Guardianstr. 16 Bitterfeld-Wolfen
Germany

WKN: 555866; ISIN: DE0005558662; Index: CDAX, GEX, Prime All Share,
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