SMA Solar (S92) investor relations material

Executive summary

• H1 2026 sales remained stable at €686.6–€687 million, with sharp profitability gains driven by operational improvements, US tariff refunds, and reversal of inventory write-downs.

• Net income improved to €72.8–€73 million from a loss of €42.4 million in H1 2025, with EPS at €2.10.

• Order backlog surged to €1.75–€1.8 billion, up from €1.16–€1.2 billion a year earlier, reflecting strong demand, especially in Large Scale & Project Solutions.

• Transformation and restructuring programs delivered over €150 million in cost savings, with further €100 million targeted by 2027.

• New product launches and integrated solutions in both divisions drove positive customer feedback and order intake.

Financial highlights

• EBITDA before one-offs rose to €65.9–€66 million (H1 2025: €50–€50.3 million); including one-offs, EBITDA reached €88–€88.3 million (H1 2025: €9–€9.1 million), with margin at 12.9% (H1 2025: 1.3%).

• Free cash flow increased to €71.8–€72 million (H1 2025: €65.5–€66 million), supported by tariff refunds and working capital improvements.

• Net cash position improved to €244.6–€245 million (Dec 2025: €176.4–€222 million).

• Equity ratio rose to 31.7–32% after a 21% increase in shareholder equity.

• Investments dropped to €14.6 million (H1 2025: €80.1 million), reflecting lower CapEx after major facility commissioning in 2025.

Outlook and guidance

• Full-year 2026 guidance raised: sales expected between €1,625–€1,725 million; EBITDA between €180–€230 million; EBIT €130–€180 million.

• Management anticipates a stronger H2, with Q4 planned as the strongest quarter, driven by robust backlog, new launches, and cost reductions.

• Large Scale to see higher sales but stable EBIT due to increased costs and lower R&D capitalization; HBS to remain loss-making in 2026 but with significant improvement, targeting break-even in 2027 at €350–€400 million sales.

• Investments for 2026 projected at approximately €40 million, significantly below 2025.

• Guidance reflects reduced risks and improved operating conditions, but future trade/geopolitical changes could impact results.