SMA Solar (S92) Q2 2026 earnings summary

Executive summary

• H1 2026 delivered stable sales at €686.6 million, with EBITDA surging to €88.3 million (H1 2025: €9.1 million) due to operational improvements, US customs duty refunds, and reversal of inventory write-downs.

• Net income reached €72.8 million, a turnaround from a €42.4 million loss in H1 2025; EPS at €2.10.

• Order backlog hit a record €1.8 billion as of June 30, 2026, up from €1.2 billion a year earlier, reflecting strong demand, especially in Large Scale & Project Solutions.

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

• Record order intake in Q2, especially in Large Scale, and strong demand in Home & Business Solutions.

Financial highlights

• Group EBITDA before one-offs at €65.9 million (H1 2025: €50.3 million); including one-offs, EBITDA at €88.3 million.

• Free cash flow increased to €71.8 million (H1 2025: €65.5 million); net cash position rose to €244.6 million, supported by working capital optimization and tariff refunds.

• Equity ratio improved to 31.7% (Dec 2025: 28.0%), with shareholder equity up 21%.

• Gross margin increased to 30.4% (H1 2025: 18.2%) due to lower cost of sales and positive one-time effects.

• Investments dropped to €14.6 million (H1 2025: €80.1 million), reflecting lower capital expenditure 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 order backlog, new product launches, and cost reductions.

• Large Scale & Project Solutions to see higher sales but stable EBIT due to increased costs and lower R&D capitalization.

• Home & Business Solutions to remain loss-making in 2026 but with significant improvement; break-even targeted for 2027 at €350–400 million sales.

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