SMA Solar (S92) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales rose 4% year-over-year to €341 million, driven by strong growth in Home & Business Solutions (HBS) and stable performance in Large Scale & Project Solutions.

• EBITDA increased to €26.1 million (7.7% margin), up from €24.6 million (7.5%) in Q1 2025, with operating EBITDA before one-offs up 67%.

• Order backlog reached €1.41 billion, reflecting robust demand, especially in large-scale projects.

• Free cash flow turned negative at €-27 million, mainly due to increased receivables, restructuring, and higher working capital.

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

Financial highlights

• HBS division sales grew 27% to €61 million; Large Scale division sales remained stable at €280 million.

• EBIT for HBS improved to -€19.6 million from -€46 million, while Large Scale EBIT declined to €33.8 million from €50.3 million.

• EBITDA margin improved to 7.7% from 7.5% year-over-year.

• Net working capital ratio at 16%, with net working capital at €243 million.

• Net cash position decreased to €148 million, down from €176.4 million at year-end 2025.

Outlook and guidance

• FY 2026 sales guidance refined to €1,475–1,675 million, with EBITDA expected between €50–180 million, both anticipated in the upper third of the range.

• Large Scale sales expected slightly above last year, but EBIT to be lower due to higher operational costs and less R&D capitalization.

• HBS sales expected higher, with EBIT still negative but improving significantly year-over-year.

• Positive EBITDA impact anticipated from cost reductions, efficiency gains, potential tariff refunds, and favorable FX developments.

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