The SMA Group achieves sales and earnings growth in the first half of 2026

The SMA Group achieves sales and earnings growth in the first half of 2026

• Sales of €686.6 million at previous year’s level (H1 2025: €684.9 million)
• EBITDA before one-time effects reached €65.9 million (H1 2025: €50.3 million); EBITDA including one-time effects at €88.3 million (H1 2025: €9.1 million)
• High order backlog as of June 30, 2026: €1.8 billion (June 30, 2025: €1.2 billion)
• Large Scale & Project Solutions below the previous year’s level as planned
• Home & Business Solutions significantly increased sales and earnings
• Managing Board raises full-year guidance on July 16, 2026: Sales of €1,625 million to €1,725 million; EBITDA of €180 million to €230 million

Niestetal, Germany, August 13, 2026 – The SMA Solar Technology AG (SMA/ISIN: DE000A0DJ6J9/FWB: S92) Group sales amounted to €686.6 million in the first half of 2026, remaining roughly at the level of the previous year (H1 2025: €684.9 million). This figure includes, among other things, the reducing effect of US customs duty reimbursements totaling €22.3 million. Excluding this customs duty effect, sales reached €708.9 million.[1]

The Large Scale & Project Solutions division recorded sales of €542.1 million, a decline of 4.7% (H1 2025: €568.8 million). The primary reason for this is the aforementioned US customs duty reimbursements, which have a negative effect on sales because the reimbursement of duties previously passed on to customers is recorded as a reduction in sales. In addition, a higher level of project realization is also expected in the second half of the year compared to the first half, particularly in the EMEA region, driven by a stronger project pipeline.

Sales in the Home & Business Solutions division rose by 24.5% to €144.5 million (H1 2025: €116.1 million) due to higher demand.

Operating earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €65.9 million before the following effects, which are primarily attributable to the Home & Business Solutions division (H1 2025: €50.3 million). Positive earnings effects amounting to €22.4 million resulted from the utilization of previously written-down inventories. Contrary to initial expectations, various buyers – including on the secondary market – were found as part of a targeted sales initiative. In addition, the reversal of personnel provisions in connection with the restructuring program resulted in a positive earnings effect of €3.1 million. Conversely, expenses of €3.1 million for external sales commissions associated with the successful sales initiative impacted the result.

The previous year was positively impacted by a compensation payment in the high single-digit millions, as well as the reversal of provisions for legal disputes – amounting to a mid-single-digit million figure – in connection with the winding up of an O&M contract in North America. These effects were offset by impairment losses on inventories resulting from impairment tests conducted at the end of the first half of 2025 (€46.8 million), an addition to provisions for purchase obligations (€3.5 million), and a write-down on receivables in the USA due to a customer’s filing for bankruptcy (€7.5 million).

Taking into account the above listed positive earnings effects (€22.4 million) as well as the US customs duty reimbursements of €18.6 million recognized in the income statement, the EBITDA for the reporting period rose to €88.3 million (EBITDA margin: 12.9%; H1 2025: €9.1 million, EBITDA margin: 1.3%).

Earnings before interest and taxes (EBIT) rose to €62.4 million (H1 2025: −€19.0 million), driven, among other factors, by positive earnings effects and US customs duty reimbursements recognized in the income statement. This corresponds to an EBIT margin of 9.1% (H1 2025: −2.8%).

EBIT for the Large Scale & Project Solutions division decreased to €78.3 million (H1 2025: €113.4 million). Contributing factors included, among others, higher scheduled depreciation and amortization of capitalized development projects, and increased expenses related to scrapping. The US customs duty reimbursements, which are primarily attributable to the Large Scale & Project Solutions division, are included here with a positive effect. The EBIT margin was 14.4% (H1 2025: 19.9%). The previous year’s result was negatively impacted by impairment losses on inventories (€1.1 million) and a write-down on receivables in the USA (€7.5 million). Conversely, the reversal of the provision for legal disputes – arising from the winding-up of an O&M contract in North America and amounting to a mid-single-digit million figure – impacted the result.

Taking into account the positive earnings effects described above, EBIT in the Home & Business Solutions division improved significantly to −€21.5 million (H1 2025: −€129.2 million). The previous year was affected by inventory impairments amounting to €45.7 million due to a lack of recoverability, as well as by additions to provisions for purchase commitments amounting to €3.5 million. This resulted in an EBIT margin of −14.9% (H1 2025: −111.3%). Operatively, EBIT improved significantly to €40.0 million during the reporting period (H1 2025: €22.2 million) due to higher sales and the cost reductions achieved as part of the restructuring and transformation program.

“The market environment in the first half of the year continued to be characterized by intense competition and geopolitical uncertainties. With sales of around €709 million before customs duty reimbursements and an order backlog of €1.75 billion, we have performed well in this environment. At the same time, the drivers behind growth in our industry set a clear direction: With the rising share of renewable energies, flexibility and grid stability are moving into the spotlight. The combination of photovoltaics and battery storage systems does exactly that, and it is becoming the norm. Driven not least by data centers and AI applications, electricity consumption is rising, thus increasing the global demand for reliable, sustainable energy. As a system and solution provider, we are addressing precisely these requirements and will continue to benefit from these developments,” says Jürgen Reinert, CEO of SMA.

“Our cost-cutting measures also had a positive impact in the first half of 2026. At the same time, several significant risks have decreased substantially since the beginning of the fiscal year, with positives including the early refund of the IEEPA tariffs deemed unlawful in the second quarter, and the currently more favorable trend in the US dollar exchange rate. We also anticipate a stronger second half of the year in terms of operations for the Large Scale & Project Solutions division. In the Home & Business Solutions division, we also expect an improved sales performance in the second half of the year, driven by a higher order intake in the second quarter of 2026. The Group result will be positively impacted by an improved operating performance and cost base, as well as further planned reversals of inventory write-downs resulting from targeted sales measures in the second half of the year,” adds Kaveh Rouhi, CFO of SMA.

The Group’s net result rose significantly to €72.8 million (H1 2025: −€42.4 million). Earnings per share were therefore €2.10 (H1 2025: −€1.22).

At 11.7%, the net working capital ratio was below the figure for the end of the previous year (December 31, 2025: 14.0%) and thus below the management’s target range of 13% to 16%.

Free cash flow rose to €71.8 million in the first half of 2026, up from €65.5 million in the same period of the previous year. Key drivers included the improved net result – which benefited, among other things, from customs duty reimbursements – as well as further improvements in net working capital. Net cash rose to €244.6 million as of June 30, 2026, thus significantly exceeding the level at the end of 2025 (December 31, 2025: €176.4 million). The equity ratio increased to 31.7% (December 31, 2025: 28.0%).

SMA achieved record order intake in its Large Scale & Project Solutions division during the second quarter. As a result, the order backlog increased significantly to €1,754.4 million as of June 30, 2026 (June 30, 2025: €1,161.4 million). The backlog mainly relates to the Large Scale & Project Solutions division, including BESS-projects attributable to Altenso GmbH. At €1,429.4 million, three quarters of this is attributable to the product business (June 30, 2025: €848.3 million).

Fiscal year 2026 guidance increased

The SMA Managing Board raised its sales and earnings guidance for the 2026 fiscal year in an ad hoc announcement on July 16, 2026. The new guidance ranges are now €1,625 million to €1,725 million for sales (2025: €1,516.0 million) and €180 million to €230 million for EBITDA (2025: −€65.4 million). This upward revision of the guidance reflects both the reduction in significant risks present at the start of the fiscal year and the improved operating conditions in both divisions at the present time.

The guidance takes into account the current trade and geopolitical conditions. Future changes to these framework conditions and developments, in particular a tightening of existing trade restrictions or geopolitical tensions, such as those caused by the Iran conflict, as well as changes in tariffs and currency effects, may lead to an adjustment of the underlying assumptions and thus to deviations in the refined guidance.

Additional information

The Half-Yearly Financial Report covering January to June 2026 is available on our website at www.sma.de/en/investor-relations/publications. SMA will discuss the course of business on a conference call for analysts and investors at 1:30 p.m. on August 13, 2026 (CEST). An overview of the analyst consensus is available at www.SMA.de/en/investor-relations/analyst-coverage-consensus.

About SMA

As a leading global specialist in photovoltaics and storage system technology, the SMA Group is setting the standards of 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 PV 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. Since 2008, the Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and is listed on the SDAX and TecDAX indices.

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal

Germany

Press Contact:

Nina McDonagh

Tel. +49 561 9522425911

Presse@SMA.de

Investor Relations Contact:

Viona Brandt

Tel. +49 151 2776 5825

Investor.Relations@SMA.de

Disclaimer:

This corporate news serves only as information and does not constitute an offer or invitation to subscribe for, acquire, 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, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever.

This corporate news may contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented 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 corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.

^[1]For further information, please refer to the H1 Report in the notes section under “Accounting and valuation principles”