)
Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
SMA Solar (S92) investor relations material
SMA Solar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Sales increased 7.1% year-over-year to €1,134.7 million for Q1–Q3 2025, driven by Large Scale & Project Solutions, while Home & Business Solutions (HBS) underperformed due to weak demand and competitive pressure.
EBITDA dropped sharply to €-17 million from €84 million in the prior year period, mainly due to significant one-off effects and impairments in HBS.
Free cash flow turned positive at €115 million, a substantial improvement from €-220 million in 9M 2024, supported by net working capital reduction and divestments.
Significant restructuring and transformation program expanded, targeting over €100 million in annual cost savings by 2027.
Strategic focus is shifting towards core European markets, with workforce reductions in Germany and non-core markets, and expansion in Poland and India.
Financial highlights
2025 sales are expected to be well below the previous year's level for the HBS division, while Large Scale & Project Solutions anticipates sales slightly above the high level of the previous year.
EBITDA and EBIT will be negatively impacted by lower sales and one-off restructuring costs, with EBITDA margin dropping to -1.5% from 7.9% year-over-year.
Net income for 9M 2025 was €-145 million, down from €35 million in 9M 2024.
One-off charges totaling €215–265 million are expected, with €45 million recognized in Q2 and €159 million in Q3.
Order backlog decreased to €1,282 million from €1,438 million year-over-year, with Large Scale order intake recovering in Q3.
Outlook and guidance
2025 sales guidance is €1,450–1,500 million, with EBITDA expected between minus €80 million and minus €30 million due to one-time effects and restructuring.
Management expects negative one-time effects totaling €170–220 million, including inventory devaluations, impairments, and restructuring accruals.
Further restructuring provisions will be added in Q4, mainly for severance payments estimated at €30–40 million.
No expectation of breakeven for HBS in 2025; breakeven post-restructuring requires at least €300 million in sales.
Large Scale order intake in Q4 expected to be €300–400 million, lower than Q3 but still solid.
HBS: Detail market exits and product range adjustments
Future capex allocation: R&D vs production
How to counter HBS market demand and competition
HBS breakeven sales level post-restructuring?
LSPS margin outlook for next year?
US commercial inverter manufacturing plans?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next SMA Solar earnings date
Q4 202526 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage