SMA Group publishes preliminary, non-audited figures for 2025 as a whole and issues guidance for the 2026 fiscal year

SMA Group publishes preliminary, non-audited figures for 2025 as a whole and issues guidance for the 2026 fiscal year

• Sales decline slightly by 0.9% to €1,516.0 million (2024: €1,530.0 million)
• Operating EBITDA before one-time items reaches €106.6 million (2024: €147.5 million); EBITDA including one-time items at –€65.4 million[1] (2024: −€16.0 million[2])
• Earnings significantly impacted by impairments, provisions and restructuring expenses
• At €1,352.0 million, order backlog close to previous year’s level (2024: €1,355.6 million)
• Guidance for 2026: sales of €1,475 million to €1,675 million; positive EBITDA of €50 million to €180 million

Niestetal, March 3, 2026 – SMA Solar Technology AG (SMA/ISIN: DE000A0DJ6J9/FWB: S92) has presented preliminary, non-audited figures for 2025 as a whole. On a year-over-year basis, the SMA Group’s sales fell slightly by 0.9% to €1,516.0 million (2024: €1,530.0 million).

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) before one-time items amounted to €106.6 million (2024: €147.5 million). Including one-time items, EBITDA was −€65.4 million¹ and therefore down significantly on the previous year (2024: −€16.0 million²). This equates to an EBITDA margin of –4.3% (2024: −1.0%). This was due to the lower sales volume and the resulting lower fixed cost degression in the Home & Business Solutions (HBS) division, as well as various one-time items. These included impairment losses and scrappage on inventories (€122.6 million in the HBS division), allocations to provisions for purchase commitments (€35.8 million in the HBS division) and provisions in connection with the restructuring and transformation program (€24.1 million). Furthermore, impairment on receivables in the US amounting to €7.5 million had a negative impact on earnings in the Large Scale & Project Solutions division. This was offset by positive special effects totaling €18.0 million.

Due to the reduced sales level and the revised market growth expectations in the Home & Business Solutions division, impairments on capitalized development projects (€40.2 million) and on machinery and production equipment (€30.3 million) were also recorded.

The Group’s earnings before interest and taxes (EBIT) therefore fell to −€188.2 million (EBIT margin in 2025: −12.4%) from −€93.1 million in the 2024 fiscal year (EBIT margin in 2024: −6.1%). Operating EBIT before one-time items reached €54.3 million (2024: €76.8 million). Inverter output sold in 2025 as a whole rose slightly to 19.9 GW (2024: 19.5 GW).

As a result of persistently low demand coupled with high competitive pressure, sales in the HBS division were significantly lower than the previous year at €247.2 million (2024: €354.1 million). EBIT in the HBS division likewise deteriorated considerably to −€375.6 million (2024: −€315.0 million) due to the decline in sales and the aforementioned one-time items. This put the EBIT margin at −151.9% (2024: −89.0%).

The Large Scale & Project Solutions division increased sales to €1,268.8 million (2024: €1,175.8 million), influenced to a considerable extent by the expansion of SMA Altenso GmbH’s business with grid stabilization projects and the large order backlog at the start of the year. EBIT was €210.8 million (2024: €227.0 million). Reasons behind the downward trend in earnings relative to the previous year included increased warranty provisions and impairment on receivables in the US (€7.5 million). The reversal of a provision for legal disputes in a mid-single-digit million figure had a positive impact, as did the good earnings achieved by Altenso GmbH. Impairments on inventories (€19.3 million) had a negative impact on the previous year. The EBIT margin was 16.6% (2024: 19.3%).

Notwithstanding the ongoing geopolitical uncertainty, which hit incoming orders in the second quarter, the order backlog almost reached the previous year’s level at €1,352.0 million (2024: €1,355.6 million). Of this amount, €1,018.1 million was attributable to product business (December 31, 2024: €1,033.3 million).

Net income decreased to −€181.1 million (2024: −€117.7 million). Earnings per share fell to −€5.22 (2024: − €3.39) accordingly. At €176.4 million, net cash was considerably higher than in the previous year (December 31, 2024: €84.2 million).

The preliminary figures are still subject to the auditor’s review.

“2025 was another extremely challenging fiscal year. The solar industry operated in a challenging environment characterized by highly volatile markets, geopolitical uncertainty and politically driven debates. This resulted in lower investment confidence in the US and Europe in particular. At the same time, though, we implemented some crucial structural changes for the future with our restructuring and transformation program and made vital progress in 2025. One key milestone is the increased internationalization of development, production and services. In expanding our software development operation at our Global Competence Center in India, we are allowing for faster and more efficient product development. At our site in Kraków, we have set up additional final assembly capacity for HBS and opened a new Multi Shared Service Center to enable efficient and internationally integrated support and administration processes. All these measures are increasing our operational effectiveness and laying the groundwork for more flexibility in an increasingly global competitive landscape,” commented SMA CEO Jürgen Reinert.

“All things considered, we delivered solid performance in the 2025 fiscal year despite a persistently difficult market environment in the segment for residential and commercial systems and the one-time items associated with the restructuring and transformation program. We have already achieved cost savings of €124 million thanks to the measures defined in 2024. By expanding these measures, as announced in September 2025, we are planning additional cost savings of approximately €100 million, which will be fully reflected in earnings from 2027 onward. For 2026, we are expecting slight sales growth in the Large Scale & Project Solutions division and lower earnings than the previous year due to greater investment in the expansion of the service business, lower capitalization of development costs and foreign currency effects. We are anticipating sales growth and improved earnings for the HBS division. However, we will not yet reach the break-even point in the HBS division this fiscal year,” said SMA CFO Kaveh Rouhi.

Against this backdrop, the Managing Board expects the SMA Group to generate sales of between €1,475 million and €1,675 million and positive EBITDA of €50 million to €180 million in the 2026 fiscal year. The guidance is based on the trade and geopolitical conditions known at the reporting date. Further changes, particularly an intensification of trade barriers or geopolitical conflicts, may require adjustments to our assumptions, potentially resulting in deviations from the current guidance.

Additional information

SMA will publish its audited Consolidated Financial Statements and the Annual Report for 2025 on March 26, 2026, and will explain the contents on a conference call for analysts and investors at 1:30 p.m. An overview of analyst estimates (consensus) is available at www.sma.de/en/investor-relations/analyst-coverage-consensus.

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 round off SMA’s range. The SMA solar inverters sold around the world since 2006, with a total output of approximately 156 GW, have helped to avoid greenhouse gas emissions of more than 69 million metric tons of CO₂e. This corresponds to avoided environmental costs of approximately €21 billion. SMA’s multi-award-winning technology is protected by more than 1,600 patents and utility models. The Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) since 2008 and is listed on the SDAX and the TecDAX index.

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal

Germany

Press Contact:

Nina McDonagh

Tel. +49 561 9522-4215911

Presse@SMA.de

Investor Relations Contact:

Viona Brandt

Tel. +49 151 277 658 25

Investor.Relations@SMA.de

Disclaimer:

This Corporate News update serves only as information and does not constitute an offer or invitation to purchase, 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 any contract to purchase or sell any securities of the Company or any member of the SMA Group.

This Corporate News update may contain forward-looking statements. Forward-looking statements are statements that do not describe historical facts. They also include statements about our assumptions and expectations. These statements are based on plans, estimates and forecasts that the management of SMA Solar Technology AG (SMA or Company) has available at this time. Forward-looking statements are therefore valid only on the day on which they are made. Forward-looking 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 Company and the estimates given here. These factors include those that SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de/en. The company accepts no obligation whatsoever to update these forward-looking statements or to adjust them to future events or developments.

^[1] Including positive one-time item from the sale of coneva GmbH (low single-digit million euro amount).

^[2] Including €19.1 million positive one-time item from the sale of shares in elexon GmbH and negative one-time items in connection with the restructuring and transformation program.