SMA Solar (S92) Q3 2026 earnings summary

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.