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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
SMA Solar
SMA Solar (S92) investor relations material
SMA Solar Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M sales reached €1,160.7m, up 2.3% YoY; reported EBITDA was €146.3m versus -€16.9m, and net income was €98.9m versus -€144.5m.
Total backlog rose to €1,857.6m from €1,281.7m YoY; FY26 sales and EBITDA guidance narrowed to the upper half of prior ranges.
HBS recovery progressed, while Large Scale demand remained strong; strategic developments included data-center power infrastructure and the opening of the Niestetal Gigawatt Factory.
Financial highlights
9M sales were €1,160.7m versus €1,134.7m YoY; US customs duty reimbursements reduced reported sales by €22.3m, while €18.6m of refunds were recognized in EBITDA.
Reported EBITDA was €146.3m, with a 12.6% margin; EBITDA before specified effects was €109.6m. EBIT was €107.4m and net income €98.9m.
Free cash flow rose to €135.8m from €114.5m; operating cash flow was €149.4m. Net cash reached €301.6m at September-end, versus €176.4m at year-end 2025.
Total backlog was €1,857.6m, comprising €1,517.5m product backlog and €340.1m service backlog.
Gross profit rose to €340.8m from €86.2m; cost of sales fell to €819.9m from €1,048.5m, including inventory write-down reversals and tariff-refund effects.
Outlook and guidance
FY26 sales guidance is €1,675m–€1,725m and EBITDA €205m–€230m, narrowed from prior ranges of €1,625m–€1,725m and €180m–€230m; results are expected in the upper halves.
Q4 is expected to deliver the year's highest sales and earnings contribution; FY26 depreciation and amortization is forecast at ~€50m.
HBS is expected to remain loss-making in FY26 but improve significantly YoY; Large Scale EBIT is expected slightly below 2025 in one outlook, and close to prior-year levels in another.
FY26 capital expenditure, including development and leasing investments, is expected at ~€30m; net cash guidance is ~€375m.
Data-center revenue is expected in the mid- to high-double-digit millions of euros in 2027; significant order intake is expected in 2027, with revenue largely in 2028 depending on project timing.
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Latest events from SMA Solar
- Profitability and order backlog surged in H1 2026, prompting a raised full-year outlook.S92
Q2 2026 - Q1 2026 delivered higher sales, improved EBITDA, and a strong order backlog despite market risks.S92Q1 2026
- 2025 revenue was flat, losses deepened on one-offs, but cash flow and 2026 outlook improved.S92Q4 2025
- Large Scale growth offset by HBS losses and major restructuring; outlook remains challenging.S92Q3 2025
- Sales and margins fell in H1 2025, but cash flow and restructuring efforts improved outlook.S92Q2 2025
- Sharp sales and earnings drop, major restructuring, but Large Scale segment outperforms.S92Q3 2024
- Large Scale growth offsets Home and C&I declines; cash flow and outlook remain pressured.S92Q2 2024
- Large Scale growth offset weak Home and C&I, with cautious outlook amid tariff and market risks.S92Q1 2025
- 2024 sales and EBITDA declined, but restructuring aims for recovery and EBIT improvement in 2025.S92Q4 2024
Next SMA Solar earnings date
Q4 20264 Mar, 2027
SMA Solar
Next SMA Solar earnings date
Q4 20264 Mar, 2027
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Frequently asked questions
SMA Solar Technology AG is a global market leader and innovative pioneer in the design and production of electrical systems for the conversion and supply of solar, wind, hydro, and other forms of renewable energy. The company's product range includes inverters for photovoltaic systems, medium-voltage products for solar applications as well as high-voltage and high-power electrical components for wind turbines, hydroelectric plants, and conventional power stations. SMA Solar Technology AG was founded in 1981 and is headquartered in Niestetal, Germany.