SMA Solar (S92) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales rose 4.0% year-over-year to €340.9 million, driven by growth in Home & Business Solutions, with inverter output up 7.9% to 4,448 MW.

• EBITDA increased to €26.1 million (7.7% margin), up from €24.6 million (7.5%) in Q1 2025, despite restructuring-related expenses and one-time effects.

• Order backlog reached €1,414.5 million, with strong contributions from both Home & Business Solutions and Large Scale & Project Solutions.

• Net income fell to -€1.6 million from €5.5 million year-over-year, mainly due to deferred tax expenses.

• Negative free cash flow of €-27 million, mainly due to restructuring and higher net working capital.

Financial highlights

• Gross margin improved to 25.7% from 24.2% year-over-year.

• Operating profit (EBIT) rose to €13.3 million (3.9% margin) from €11.4 million (3.5%).

• Net cash position at €148.2 million, down from €176.4 million at year-end 2025.

• Equity ratio slightly increased to 28.4% from 28.0% at year-end 2025.

• Capital expenditure dropped sharply to €6.3 million from €65.7 million in Q1 2025.

Outlook and guidance

• FY 2026 sales and EBITDA expected in the upper third of €1,475–1,675 million and €50–180 million guidance, respectively.

• Home & Business Solutions division forecasted to see significant sales growth but remain loss-making, with improved EBIT.

• Large Scale & Project Solutions division expected to see slightly higher sales but lower EBIT due to higher costs.

• Guidance includes potential refunds from IEEPA tariffs deemed unlawful.

• Forecast subject to changes in trade restrictions, geopolitical tensions, tariffs, and currency effects.