SMA Solar Stock S92.DE
SMA Solar Technology develops, manufactures, and sells solar inverters, energy storage systems, and energy management solutions for residential, commercial, and utility-scale applications. SMA Solar stock (S92.DE): Quarterly and annual results since 2023 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. SMA Solar stock (S92.DE): listed on Xetra, index SDAX, WKN A0DJ6J. NadirAlpha has evaluated 14 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q2 2026: EUR 346 million (-3% year on year). Latest reported (Q2 2026): Shareholders' equity as of June 30, 2026, Gross cash flow. Latest reading: Net income turned positive, Order intake, Margin expanding, Guidance raised.
Net income turned positive Order intake Margin expanding Guidance raised
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SMA Solar Current Status
Summary of the most recent reporting period of SMA Solar (Q2 2026): core figures, drivers and management statements, every figure with a source number. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
SMA Solar Technology reported second-quarter 2026 revenue of 345.7 million, with operating income of 49.1 million and net income of 74.4 million, or 2.14 per diluted share, returning to profitability following loss-making prior-year periods 116. H1 2026 gross margin improved significantly to 30.4% from 18.2% in H1 2025, driven by cost of sales reductions and the reversal of prior-year inventory impairments 14. SMA Solar raised its full-year sales guidance to €1,625 to €1,725 million and EBITDA guidance to €180 to €230 million, with EBIT guidance set at €130 to €180 million 14.
Management commentary on the 2026-Q1 results (IR-Quarter, 2026-05-13):
“With our global presence and our comprehensive product and solutions portfolio for both divisions (Home & Business Solutions and Large Scale & Project Solutions), we can benefit from the development of the global solar and storage markets.”
Revenue · 2026-Q2346€ million−3.2 % vs. 2025-Q2
Net profit · 2026-Q274€ million+255.3 % vs. 2025-Q2
EPS · 2026-Q22.14€+255.1 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, SMA Solar guides Revenue 1,625 to 1,725 € million (raised); EBITDA 180 to 230 € million (raised); EBIT 130 to 180 € million (raised). 14
ProfitabilitySMA Solar delivered Q2 2026 operating income of 49.1 million and net income of 74.4 million 116, materially supported by US customs duty refunds and the reversal of previously written-down Home & Business Solutions inventories totaling €148.2 million 14. H1 2026 EBITDA improved significantly to €88.3 million from €9.1 million in H1 2025, benefiting from these one-off items alongside structural cost reductions 14. Free cash flow for Q2 reached 96.1 million on operating cash flow of 104.4 million and capital expenditure of 8.3 million 116.
LeverageSMA Solar held cash of 212.7 million as of June 30, 2026, representing a net cash position of 212.7 million 116, up from €176.4 million net cash at year-end 2025 14. SMA Solar fully repaid all outstanding drawings on its revolving credit facility, reducing borrowings to €0.0 million compared to €70.0 million utilized in H1 2025 14. Warrant valuations contributed negatively by €0.7 million to earnings as of June 30, 2026, compared to a positive €0.6 million contribution at year-end 2025 14.
Management viewThe order backlog grew to €1,754.4 million from €1,161.4 million, primarily in the Large Scale & Project Solutions division, signaling continued demand for utility-scale projects 14. SMA Solar's restructuring and transformation program, ongoing since September 2024, continued to reduce headcount, reaching 3,653 as of period-end compared to 3,878 in the year-ago period 14. SMA Solar launched or completed seven new hardware products across storage and inverter categories during H1 2026, broadening its portfolio for residential, commercial, and utility-scale customers 14.
ChangeSMA Solar's Q2 2026 revenue of 345.7 million was lower than the prior-year second quarter's 357.1 million 116, reflecting broad softness in global PV end markets where newly installed capacity in H1 2026 was significantly below prior year 14. Cash flow from operating activities in H1 2026 declined to €82.3 million from €89.6 million in H1 2025 14. Commercial PV installations contracted during the period, with the Chinese commercial market declining to approximately one-third of its prior-year level 14.
Risks (current)The US government has appealed the customs duty reimbursement that benefited SMA Solar's H1 2026 profitability, creating a €42.6 million contingent liability for potential reclamation 14. Financial covenants on the revolving credit facility were renegotiated following their breach at year-end 2025 and were met as of June 30, 2026 14. Chinese government remuneration term changes effective mid-2025 are expected to significantly lower solar capacity additions, while the ongoing Middle East conflict continues to contribute to higher energy prices and supply chain disruptions across multiple regions 14.
New this reporting periodSMA Solar launched the Sunny Tripower Hybrid X three-phase hybrid inverter in June 2026 and completed development of the SMA Storage M modular storage system and the SMA Backup solution for the Sunny Tripower Hybrid X during H1 2026 14. SMA Solar also finalized the SMA Storage XL Package for commercial applications, the Sunny Central Storage UP-S battery inverter, and a 40-foot Medium Voltage Power Station during H1 2026 14. SMA Solar additionally completed the SMA Large Scale Stability Enhanced DC-Coupled Hybrid Solution for utility-scale applications in H1 2026 14.
SMA Solar Stock: Key Figures (€ million)
Revenue, margin, earnings and EPS of SMA Solar per fiscal year, half-year and quarter in € million, as of Q2 2026, as reported in the filing; restatements show the most recent filing version. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue (€ million) · annual basis, as reported
Net income (€ million) · annual basis, as reported
EPS (€) · annual basis, as reported
Operating cash flow (€ million) · annual basis, as reported
Revenue (€ million) · quarterly basis, as reported
Net income (€ million) · quarterly basis, as reported
EPS (€) · quarterly basis, as reported
Operating cash flow (€ million) · quarterly basis, as reported
Cash (€ million) · annual basis, as reported
Debt (€ million) · annual basis, as reported
Net Debt (€ million) · annual basis, as reported
Capex (€ million) · annual basis, as reported
Cash (€ million) · quarterly basis, as reported
Debt (€ million) · quarterly basis, as reported
Net Debt (€ million) · quarterly basis, as reported
Capex (€ million) · quarterly basis, as reported
FCF (€ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2022 is on record.
Fiscal years
Amounts in € million · EPS in € per share · as reported
| Period | Revenue | Op. income | Net income | EPS (€) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 1,516 | -188.2 | -181.1 | -5.22 | 143 | 114 |
| FY2024 | 1,530 | -93.1 | -117.7 | -3.39 | -124.8~ | 8 |
| FY2023 | 1,904.1 | 269.5 | 225.7 | 6.50 | 140.8 | 5 |
Quarters
Amounts in € million · EPS in € per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS (€) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-13 | 345.7 | 49.1~ | 74.4 | 2.14 | 96.1 | 212.7 | -212.7 | 116 |
| 2026-Q1* | 2026-05-13 | 340.9 | 13.3 | -1.6 | -0.05 | -28.5 | 116.5 | -148.2~ | 115 |
| 2025-Q4* | 2026-03-26 | 381.3 | -65 | -36.6 | -1.06*≈ | – | 190.8 | -176.4~ | 114 |
| 2025-Q3* | 2025-11-03 | 449.9 | -104.2 | -102.1 | -2.94 | 45 | 219.7 | -180.4~ | 112 |
| 2025-Q2* | 2025-08-07 | 357.1 | -30.4~ | -47.9 | -1.38 | -34.4 | 174 | -176.4~ | 11 |
| 2025-Q1* | 2025-05-08 | 327.7 | 11.4 | 5.5 | 0.16 | 43.9 | – | -176.4 | 9 |
| 2024-Q4* | 2025-03-13 | 470.3 | -139.1 | -152.4 | -4.39*≈ | -312.2 | 195.8 | -84.2~ | 8 |
| 2024-Q3* | 2025-11-03 | 300.4 | -10.2 | -9.4 | -0.27 | 294.2 | – | -84.2 | 10 |
| 2024-Q2* | 2024-08-08 | 397.5 | 17.9 | 15.6 | 0.45 | – | 155.1 | -84.2~ | 7 |
| 2024-Q1 | 2024-05-08 | 361.8 | 38.2 | 28.5 | 0.82 | – | 211.7 | -84.2 | 107 |
| 2023-Q4* | 2024-03-06 | 566.7 | 67.9 | 45.2 | 1.30*≈ | -25.8 | 219.4 | -283.3 | 105 |
| 2023-Q3* | 2023-11-09 | 558.5 | 95.5 | 76.9 | 2.22 | -5.9 | 242.1 | -302.8 | 104 |
| 2023-Q2* | 2023-08-10 | 411.7 | 55.7 | 51.8 | 1.49 | 29.4 | 219.4~ | -283.3~ | 3 |
| 2023-Q1* | 2023-05-11 | 367.2 | 50.4 | 51.7 | 1.49 | 48 | – | -270 | 2 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj. (not reported in any source for these periods).
SMA Solar Balance Sheet & Cash Flow (€ million)
Point-in-time balance sheet items of SMA Solar (cash, financial debt) and cash flow items per fiscal year, half-year and quarter, derived values with their formula in the popover. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
Amounts in € million · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-03-26 | 190.8 | 140 | -176.4~ | – | 143 | 105.7 | – | 114 |
| FY2024 | 2025-03-13 | 195.8 | 196.2 | -84.2~ | 77.1 | -124.8~ | 119.8 | -244.6~ | 8 |
| FY2023 | 2024-03-06 | 219.4 | 31.9 | -283.3 | 41.5 | 140.8 | 95.1 | 45.7 | 5 |
Quarters
Amounts in € million · as reported
| Period | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-13 | 212.7 | 0 | -212.7 | 104.4 | 8.3 | 96.1 | 116 |
| 2026-Q1 | 2026-05-13 | 116.5 | 94.1 | -148.2~ | -22.2 | 6.3 | -28.5 | 115 |
| 2025-Q4 | 2026-03-26 | 190.8 | 140 | -176.4~ | -6.2 | 11.1 | – | 114 |
| 2025-Q3 | 2025-11-03 | 219.7 | 165.1 | -180.4~ | 59.5 | 14.5 | 45 | 112 |
| 2025-Q2 | 2026-08-13 | 174 | 168.4 | -176.4~ | -20 | 14.4 | -34.4 | 116 |
| 2025-Q1 | 2025-05-08 | – | – | -176.4 | 109.6 | 65.7 | 43.9 | 9 |
| 2024-Q4 | 2025-11-03 | 195.8 | 196.2 | -84.2~ | -273.9 | 38.3 | -312.2 | 10 |
| 2024-Q3 | 2025-11-03 | – | – | -84.2 | 322.6 | 28.4 | 294.2 | 10 |
| 2024-Q2 | 2024-08-08 | 155.1 | 154.5 | -84.2~ | -129.9 | 31.2 | – | 7 |
| 2024-Q1 | 2024-05-08 | 211.7 | – | -84.2 | -43.6 | 21.9 | – | 107 |
| 2023-Q4 | 2024-03-06 | 219.4 | 31.9 | -283.3 | 11.3 | 37.1 | -25.8 | 105 |
| 2023-Q3 | 2023-11-09 | 242.1 | – | -302.8 | 16.6 | 22.5 | -5.9 | 104 |
| 2023-Q2 | 2023-08-10 | 219.4~ | 29.6 | -283.3~ | 47.8 | 18.4 | 29.4 | 3 |
| 2023-Q1 | 2023-05-11 | – | – | -270 | 65.1 | 17.1 | 48 | 2 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
SMA Solar Guidance Tracking (latest per metric/period · 15/29)
NadirAlpha records 29 guidance statements of SMA Solar neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology
Actuals: revenue in €m
Direction: confirmedcutinitiatedraised Verdict: beatin linemisspending
| For period | Guided on | Metric | Guided | Actual | Verdict | Direction | Source |
|---|---|---|---|---|---|---|---|
| FY2026 | 2026-08-13 | Revenue | 1,625–1,725 | – | 14 | ||
| FY2026 | 2026-08-13 | EBITDA | 180–230 | – | 14 | ||
| FY2026 | 2026-08-13 | EBIT | 130–180 | – | 14 | ||
| FY2026 | 2026-05-13 | Inverter output sold | 19–22 | – | 13 | ||
| FY2026 | 2026-05-13 | Net working capital | 13–16% | – | 13 | ||
| FY2026 | 2026-03-26 | Capex | ~50 | – | 13 | ||
| FY2026 | 2026-03-26 | Net cash | ~175 | – | 13 | ||
| FY2025 | 2026-03-26 ° | Revenue | 1,500–1,650 | 1,516 | 12 | ||
| FY2025 | 2025-11-03 | Capex | ~105 | 105.7 | 10 | ||
| FY2025 | 2025-11-03 | Inverter output sold | 19–21 | – | – | 10 | |
| FY2025 | 2025-11-03 | Net working capital | 16–19 | – | – | – | 10 |
| FY2025 | 2025-11-03 | Net cash | ~150 | – | – | 10 | |
| FY2025 | 2025-08-07 | EBITDA | 70–80 | -65.4 | 12 | ||
| FY2025 | 2025-05-08 | EBIT | 0–50 | -188.2 | – | 12 | |
| FY2025 | 2025-05-08 | Net working capital ratio | 23–27 | – | – | 9 | |
| FY2024 | 2024-08-08 | Revenue | 1,550–1,700 | 1,530 | 7 | ||
| FY2024 | 2024-08-08 | EBITDA | 80–130 | -16 | 7 | ||
| FY2024 | 2024-08-08 | EBIT | 20–85 | -93.1 | 7 | ||
| FY2024 | 2024-08-08 | Inverter output sold | 17–19 | – | – | 7 | |
| FY2024 | 2024-08-08 | Net working capital | 27–30 | – | – | 7 | |
| FY2024 | 2024-08-08 | Net cash | ~100 | – | – | 7 | |
| FY2024 | 2024-05-08 | Capex | ~200 | 119.8 | 7 | ||
| FY2023 | 2023-11-09 | Inverter output sold | 18–19 | – | – | 5 | |
| FY2023 | 2023-08-10 | Net cash | ~275 | – | – | 4 | |
| FY2023 | 2023-08-10 | Net working capital | 19–23 | – | – | 3 | |
| FY2023 | 2023-05-11 | Revenue | 1,450–1,600 | 1,904.1 | 5 | ||
| FY2023 | 2023-05-11 | Capex | ~85 | 95.1 | 4 | ||
| FY2023 | 2023-05-11 | EBITDA | 135–175 | 311 | 5 | ||
| FY2023 | 2023-05-11 | EBIT | 90–130 | 269.5 | 5 |
SMA Solar Stock: Price & Chart
Chart and key figure trend of SMA Solar stock: the TradingView chart starts only on click, the key figure chart comes from the core tables up to Q2 2026. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
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SMA Solar Event Timeline
NadirAlpha sorts 65 events of SMA Solar by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
Overview: one dot per event · click jumps to the period
2026 · 10 events
Net income turned positive 2026-08-13
H1 2026 net income swung to a profit of €72.8 million from a loss of €42.4 million in H1 2025, driven by US customs duty refunds and reversal of prior-year inventory write-downs 14
H1 2026 net income swung to a profit of €72.8 million from a loss of €42.4 million in H1 2025, driven by US customs duty refunds and reversal of prior-year inventory write-downs 14
Margin expanding 2026-08-13
H1 2026 gross margin reached 30.4% versus 18.2% in H1 2025, primarily from cost of sales reductions and reversal of prior-year inventory impairments totaling €148.2 million in Home & Business Solutions 14
H1 2026 gross margin reached 30.4% versus 18.2% in H1 2025, primarily from cost of sales reductions and reversal of prior-year inventory impairments totaling €148.2 million in Home & Business Solutions 14
Guidance raised 2026-08-13
Full-year guidance raised: sales to €1,625-€1,725 million from prior €1,608-€1,675 million, EBITDA to €180-€230 million, EBIT to €130-€180 million 14
Full-year guidance raised: sales to €1,625-€1,725 million from prior €1,608-€1,675 million, EBITDA to €180-€230 million, EBIT to €130-€180 million 14
Order intake 2026-08-13
Order intake / order book: order backlog EUR 1,754.4m; order backlog 2025 EUR 1,161.4m 14
Order intake / order book: order backlog EUR 1,754.4m; order backlog 2025 EUR 1,161.4m 14
earnings 2026-05-13
Net income declined from €5.5 million in Q1 2025 to a loss of €1.6 million in Q1 2026, primarily due to deferred tax expenses 13
Net income declined from €5.5 million in Q1 2025 to a loss of €1.6 million in Q1 2026, primarily due to deferred tax expenses 13
Guidance raised 2026-05-13
Management narrowed 2026 guidance to upper third of previously stated ranges, citing improved conditions and favorable USD exchange rates 13
Management narrowed 2026 guidance to upper third of previously stated ranges, citing improved conditions and favorable USD exchange rates 13
Regulation 2026-05-13
US Supreme Court ruled that tariffs imposed under emergency procedure were not legally valid, potentially affecting customs reimbursement claims 13
US Supreme Court ruled that tariffs imposed under emergency procedure were not legally valid, potentially affecting customs reimbursement claims 13
Operating income turned positive 2026-05-13
Operating income turned positive for the first time after 2 negative periods (-65.0 to +EUR 13.3 million). 115
Operating income turned positive for the first time after 2 negative periods (-65.0 to +EUR 13.3 million). 115
EBITDA turned positive 2026-05-13
EBITDA turned positive for the first time after 2 negative periods (-48.5 to +EUR 26.1 million). 115
EBITDA turned positive for the first time after 2 negative periods (-48.5 to +EUR 26.1 million). 115
2025 · 18 events
“Despite a persistently difficult market environment, we were able to close the fiscal year solidly.”
earnings 2026-03-26
Full-year EBITDA turned negative at -€65.4 million; net income was -€181.1 million versus -€117.7 million in 2024, impacted by €122.6 million inventory impairments and scrappage, €40.2 million development project impairments, and €29.7 million machinery impairments in Home & Business Solutions (12)
Full-year EBITDA turned negative at -€65.4 million; net income was -€181.1 million versus -€117.7 million in 2024, impacted by €122.6 million inventory impairments and scrappage, €40.2 million development project impairments, and €29.7 million machinery impairments in Home & Business Solutions (12)
Revenue decelerating 2026-03-26
Home & Business Solutions sales declined 30.2% to €247.2 million due to weak demand and pricing pressure; Large Scale & Project Solutions grew 7.9% to €1,268.8 million, accounting for 83.7% of group sales; full-year group sales edged down 0.9% to €1,516.0 million (12)
Home & Business Solutions sales declined 30.2% to €247.2 million due to weak demand and pricing pressure; Large Scale & Project Solutions grew 7.9% to €1,268.8 million, accounting for 83.7% of group sales; full-year group sales edged down 0.9% to €1,516.0 million (12)
Strategic pivot 2026-03-26
Restructuring and transformation program targeting ~€150 million in annual cost savings by end of 2027 with €124 million achieved in 2025; Strategy 2030 development initiated; Global Competence Center established in India for software development; strategic partnership entered with Create Energy for U.S. contract manufacturing (12)
Restructuring and transformation program targeting ~€150 million in annual cost savings by end of 2027 with €124 million achieved in 2025; Strategy 2030 development initiated; Global Competence Center established in India for software development; strategic partnership entered with Create Energy for U.S. contract manufacturing (12)
EBITDA turned negative 2025-11-03
Nine-month EBITDA fell to -€16.9 million from +€83.5 million in the prior-year period, reflecting €121.4 million inventory write-downs, €36.2 million impairment losses on development projects, and €29.2 million impairment on machinery concentrated in Home & Business Solutions (10)
Nine-month EBITDA fell to -€16.9 million from +€83.5 million in the prior-year period, reflecting €121.4 million inventory write-downs, €36.2 million impairment losses on development projects, and €29.2 million impairment on machinery concentrated in Home & Business Solutions (10)
Guidance cut 2025-11-03
FY2025 guidance revised downward on September 1, 2025: sales lowered to €1,450-€1,500 million (prior €1,500-€1,550 million) and EBITDA to -€80 to -€30 million (prior +€70-€80 million) due to continued weakness in Home & Business Solutions (10)
FY2025 guidance revised downward on September 1, 2025: sales lowered to €1,450-€1,500 million (prior €1,500-€1,550 million) and EBITDA to -€80 to -€30 million (prior +€70-€80 million) due to continued weakness in Home & Business Solutions (10)
Strategic pivot 2025-11-03
Restructuring program expanded with target to reduce annual costs by more than €100 million by end of 2027; additional 300 jobs in Germany and 50 abroad to be eliminated by end of 2026 (10)
Restructuring program expanded with target to reduce annual costs by more than €100 million by end of 2027; additional 300 jobs in Germany and 50 abroad to be eliminated by end of 2026 (10)
Net income turned negative 2025-08-07
H1 net income turned to -€42.4 million from +€44.1 million in H1 2024, driven by €46.8 million inventory write-offs in Home & Business Solutions and reduced fixed cost degression on lower sales (11)
H1 net income turned to -€42.4 million from +€44.1 million in H1 2024, driven by €46.8 million inventory write-offs in Home & Business Solutions and reduced fixed cost degression on lower sales (11)
Guidance cut 2025-08-07
FY2025 guidance narrowed to the bottom third of the prior range: €1,500-€1,550 million sales and €70-€80 million EBITDA, citing macroeconomic deterioration and U.S. tariff uncertainties (11)
FY2025 guidance narrowed to the bottom third of the prior range: €1,500-€1,550 million sales and €70-€80 million EBITDA, citing macroeconomic deterioration and U.S. tariff uncertainties (11)
Strategic pivot 2025-08-07
Home Solutions and Commercial & Industrial Solutions segments merged into Home & Business Solutions division effective May 1, 2025, as part of company-wide restructuring; workforce reduced by 716 employees (15.6% decline) to 3,878 by June 30, 2025 (11)
Home Solutions and Commercial & Industrial Solutions segments merged into Home & Business Solutions division effective May 1, 2025, as part of company-wide restructuring; workforce reduced by 716 employees (15.6% decline) to 3,878 by June 30, 2025 (11)
Revenue decelerating 2025-05-08
Q1 sales fell 9.4% YoY to €327.7 million on weak demand in Home Solutions and Commercial & Industrial Solutions segments, partially offset by Large Scale & Project Solutions growth of 22.2% to €279.5 million (9)
Q1 sales fell 9.4% YoY to €327.7 million on weak demand in Home Solutions and Commercial & Industrial Solutions segments, partially offset by Large Scale & Project Solutions growth of 22.2% to €279.5 million (9)
Guidance initiated 2025-05-08
FY2025 guidance set at €1,500-€1,650 million sales and €70-€110 million EBITDA, with management noting results expected in the lower third of the range due to macroeconomic deterioration (9)
FY2025 guidance set at €1,500-€1,650 million sales and €70-€110 million EBITDA, with management noting results expected in the lower third of the range due to macroeconomic deterioration (9)
Operating income turned positive 2025-05-08
Operating income turned positive for the first time after 2 negative periods (-139.1 to +EUR 11.4 million). 115
Operating income turned positive for the first time after 2 negative periods (-139.1 to +EUR 11.4 million). 115
Net income turned positive 2025-05-08
Net income turned positive for the first time after 2 negative periods (-152.4 to +EUR 5.5 million). 115
Net income turned positive for the first time after 2 negative periods (-152.4 to +EUR 5.5 million). 115
Operating income halved 2025-05-08
Operating income more than halved YoY (38.2 to EUR 11.4 million, -70%). 115
Operating income more than halved YoY (38.2 to EUR 11.4 million, -70%). 115
Net cash build 2025-05-08
Net cash position expanded to EUR 176.4 million from EUR 84.2 million in 2024-Q3 (+110%, derived from reported financial debt minus cash). 115
Net cash position expanded to EUR 176.4 million from EUR 84.2 million in 2024-Q3 (+110%, derived from reported financial debt minus cash). 115
Segment divergence 2025-05-08
Large Scale & Project Solutions revenue grew +22.2% to EUR 279.5 million in 2025-Q1 (85% of group revenue) while group revenue changed -9.4%. 9
Large Scale & Project Solutions revenue grew +22.2% to EUR 279.5 million in 2025-Q1 (85% of group revenue) while group revenue changed -9.4%. 9
2024 · 22 events
“We now have to take decisive countermeasures to continue on our growth trajectory”
Operating cash flow turned positive 2025-11-03
Operating cash flow turned positive on a half-year basis (2024-H1: -173.5 to 2024-H2: +EUR 48.7 million, aggregated from reported quarters where needed). 114
Operating cash flow turned positive on a half-year basis (2024-H1: -173.5 to 2024-H2: +EUR 48.7 million, aggregated from reported quarters where needed). 114
EBITDA turned negative 2025-03-13
FY2024 EBITDA fell to -€16.0M (margin: -1.0%) from €311.0M (16.3%), with Q4 alone recording an operating loss of -€139.1M; charges included €113.4M inventory impairments and €33.4M restructuring provisions recognized in December 2024 8
FY2024 EBITDA fell to -€16.0M (margin: -1.0%) from €311.0M (16.3%), with Q4 alone recording an operating loss of -€139.1M; charges included €113.4M inventory impairments and €33.4M restructuring provisions recognized in December 2024 8
financials 2025-03-13
Year-end net position shifted to net debt of €0.4M (cash €195.8M vs. gross financial liabilities of €196.2M) from net cash of €283.3M at end-2023, following €145M credit line drawdown and FY operating cash outflow of -€112.8M 8
Year-end net position shifted to net debt of €0.4M (cash €195.8M vs. gross financial liabilities of €196.2M) from net cash of €283.3M at end-2023, following €145M credit line drawdown and FY operating cash outflow of -€112.8M 8
Strategic pivot 2025-03-13
Restructuring program announced merger of Home Solutions and Commercial & Industrial Solutions into new Home & Business Solutions division planned for H1 2025; restructuring provisions of €33.4M recognized in December 2024 8
Restructuring program announced merger of Home Solutions and Commercial & Industrial Solutions into new Home & Business Solutions division planned for H1 2025; restructuring provisions of €33.4M recognized in December 2024 8
Operating income turned negative 2025-11-03
Q3 operating income turned negative at -€10.2M and net income at -€9.4M, the first loss-making quarter of 2024, as revenue fell to €300.4M 10
Q3 operating income turned negative at -€10.2M and net income at -€9.4M, the first loss-making quarter of 2024, as revenue fell to €300.4M 10
Cash flow inflection 2025-11-03
Operating cash flow reached EUR 322.6 million vs EUR 16.6 million in 2023-Q3 (×19.4). 10
Operating cash flow reached EUR 322.6 million vs EUR 16.6 million in 2023-Q3 (×19.4). 10
Strategic pivot 2025-03-13
Managing Board initiated group-wide restructuring and transformation program in September 2024 to address persistent market challenges in the Home Solutions and Commercial & Industrial Solutions segments 8
Managing Board initiated group-wide restructuring and transformation program in September 2024 to address persistent market challenges in the Home Solutions and Commercial & Industrial Solutions segments 8
Revenue decelerating 2024-08-08
Home Solutions segment declined 66.4% and Commercial & Industrial Solutions declined 41.5% in H1, reducing total H1 revenue to €759.3M from €778.9M despite continued large-scale segment growth 7
Home Solutions segment declined 66.4% and Commercial & Industrial Solutions declined 41.5% in H1, reducing total H1 revenue to €759.3M from €778.9M despite continued large-scale segment growth 7
Margin compressing 2024-08-08
H1 2024 EBITDA margin compressed to 10.6% from 16.1% in H1 2023, with EBITDA declining 35.7% to €80.6M; Home Solutions declined 66.4% and Commercial & Industrial Solutions declined 41.5% in H1 7
H1 2024 EBITDA margin compressed to 10.6% from 16.1% in H1 2023, with EBITDA declining 35.7% to €80.6M; Home Solutions declined 66.4% and Commercial & Industrial Solutions declined 41.5% in H1 7
Guidance cut 2024-08-08
FY2024 revenue guidance cut to €1,550-1,700M from €1,950-2,220M; EBITDA guidance cut to €80-130M from €220-290M, reflecting weak demand in the Home Solutions and Commercial & Industrial Solutions segments and high distributor inventories 7
FY2024 revenue guidance cut to €1,550-1,700M from €1,950-2,220M; EBITDA guidance cut to €80-130M from €220-290M, reflecting weak demand in the Home Solutions and Commercial & Industrial Solutions segments and high distributor inventories 7
Operating income halved 2024-08-08
Operating income more than halved YoY (55.7 to EUR 17.9 million, -68%). 113
Operating income more than halved YoY (55.7 to EUR 17.9 million, -68%). 113
“SMA is ideally positioned in this growth market.”
revenue 2024-05-08
Large Scale & Project Solutions segment grew 84.9% to €228.7M in Q1, rising to 63.2% of total sales as large-scale project demand strengthened while overall group revenue remained roughly flat at €361.8M 6
Large Scale & Project Solutions segment grew 84.9% to €228.7M in Q1, rising to 63.2% of total sales as large-scale project demand strengthened while overall group revenue remained roughly flat at €361.8M 6
Segment divergence 2024-05-08
Large Scale & Project Solutions revenue grew +84.9% to EUR 228.7 million in 2024-Q1 (63% of group revenue) while group revenue changed -1.5%. 6
Large Scale & Project Solutions revenue grew +84.9% to EUR 228.7 million in 2024-Q1 (63% of group revenue) while group revenue changed -1.5%. 6
Margin compressing 2024-05-08
Q1 gross margin compressed to 26.2% from 31.1% in Q1 2023, driven by product mix shift toward lower-margin large-scale inverters and planned personnel cost increases 6
Q1 gross margin compressed to 26.2% from 31.1% in Q1 2023, driven by product mix shift toward lower-margin large-scale inverters and planned personnel cost increases 6
Strategic pivot 2024-05-08
2024 capex guidance raised to approximately €200M (vs. €95.1M in 2023), primarily to fund GIGAWATT FACTORY construction at the Niestetal site targeting capacity of nearly 40 GW 6
2024 capex guidance raised to approximately €200M (vs. €95.1M in 2023), primarily to fund GIGAWATT FACTORY construction at the Niestetal site targeting capacity of nearly 40 GW 6
revenue 2024-03-06
Full-year revenue +78.5% to €1,904.1M, exceeding all revised guidance ranges; inverter output sold +67.2% to 20,454 MW 5
Full-year revenue +78.5% to €1,904.1M, exceeding all revised guidance ranges; inverter output sold +67.2% to 20,454 MW 5
Margin expanding 2024-03-06
EBITDA margin expanded to 16.3% from 6.6% in 2022; EBIT improved from €31.9M to €269.5M 5
EBITDA margin expanded to 16.3% from 6.6% in 2022; EBIT improved from €31.9M to €269.5M 5
New market 2024-03-06
GIGAWATT FACTORY groundbreaking held April 2023 to double production capacity from ~21 GW to 40 GW, operational from 2025; North America 3.5 GW capacity planned for 2025 5
GIGAWATT FACTORY groundbreaking held April 2023 to double production capacity from ~21 GW to 40 GW, operational from 2025; North America 3.5 GW capacity planned for 2025 5
Guidance initiated 2024-03-06
FY2024 guidance initiated: sales €1,950 to 2,220M, EBITDA €220 to 290M; capex planned ~€200M vs €95.1M in 2023 5
FY2024 guidance initiated: sales €1,950 to 2,220M, EBITDA €220 to 290M; capex planned ~€200M vs €95.1M in 2023 5
2023 · 15 events
Operating income doubled 2024-03-06
Operating income more than doubled YoY (10.1 to EUR 67.9 million, +572%). 105
Operating income more than doubled YoY (10.1 to EUR 67.9 million, +572%). 105
earnings 2023-11-09
Nine-month EBITDA +360.6% to €231.2M; margin improved to 17.3% from 6.9% in prior-year period 4
Nine-month EBITDA +360.6% to €231.2M; margin improved to 17.3% from 6.9% in prior-year period 4
Guidance raised 2023-11-09
FY2023 guidance raised a third time to sales €1,800 to 1,900M and EBITDA €285 to 325M 4
FY2023 guidance raised a third time to sales €1,800 to 1,900M and EBITDA €285 to 325M 4
Operating income doubled 2023-11-09
Operating income more than doubled YoY (24.5 to EUR 95.5 million, +290%). 104
Operating income more than doubled YoY (24.5 to EUR 95.5 million, +290%). 104
Net income doubled 2023-11-09
Net income more than doubled YoY (21.6 to EUR 76.9 million, +256%). 104
Net income more than doubled YoY (21.6 to EUR 76.9 million, +256%). 104
earnings 2023-08-10
H1 EBIT swung to +€106.1M from a loss of €2.8M in H1 2022, with EBITDA margin expanding to 16.1% from 3.4% 3
H1 EBIT swung to +€106.1M from a loss of €2.8M in H1 2022, with EBITDA margin expanding to 16.1% from 3.4% 3
Guidance raised 2023-08-10
FY2023 guidance raised again to sales €1,700 to 1,850M and EBITDA €230 to 270M 3
FY2023 guidance raised again to sales €1,700 to 1,850M and EBITDA €230 to 270M 3
Strategic pivot 2023-08-10
Management decided to withdraw completely from the North American O&M business due to inability to achieve targeted profit margins 3
Management decided to withdraw completely from the North American O&M business due to inability to achieve targeted profit margins 3
“After completely overcoming the shortage of components, the Managing Board sees excellent growth prospects for the SMA group.”
Revenue accelerating ◦ 2023-05-11
Q1 revenue +66.5% to €367.2M driven by improved delivery situation and strong demand across all segments 2
Q1 revenue +66.5% to €367.2M driven by improved delivery situation and strong demand across all segments 2
Guidance raised 2023-05-11
FY2023 sales guidance raised to €1,450 to 1,600M (prev. €1,350 to 1,500M) and EBITDA to €135 to 175M (prev. €100 to 140M) 2
FY2023 sales guidance raised to €1,450 to 1,600M (prev. €1,350 to 1,500M) and EBITDA to €135 to 175M (prev. €100 to 140M) 2
Operating income doubled 2023-05-11
Operating income more than doubled YoY (5.5 to EUR 50.4 million, +816%). 107
Operating income more than doubled YoY (5.5 to EUR 50.4 million, +816%). 107
Net income doubled 2023-05-11
Net income more than doubled YoY (3.0 to EUR 51.7 million, +1623%). 107
Net income more than doubled YoY (3.0 to EUR 51.7 million, +1623%). 107
SMA Solar Business Model
The SMA Solar business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology
SMA Solar Technology develops, manufactures, and sells solar inverters, energy storage systems, and energy management solutions for residential, commercial, and utility-scale applications. SMA Solar operates through two main divisions: Home & Business Solutions, which serves private households and small to mid-size commercial customers with products including string inverters, battery storage systems, and energy management systems; and Large Scale & Project Solutions, which addresses utility-scale solar farms and large commercial PV installations globally. Revenue is derived primarily from hardware product sales of inverters and storage systems, complemented by project-related and service revenues.
SMA Solar Stock: Share-Price Drivers
The drivers of SMA Solar stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
Return to profitability after a loss-making 2025, carried by the Large Scale & Project Solutions business
SMA swung back to an operating profit of EUR 49.1 million and net income of EUR 74.4 million on revenue of EUR 345.7 million in 2026-Q2, following successive quarterly losses through 2025 such as the operating loss of EUR 104.2 million in 2025-Q3 116.
SMA swung back to an operating profit of EUR 49.1 million and net income of EUR 74.4 million on revenue of EUR 345.7 million in 2026-Q2, following successive quarterly losses through 2025 such as the operating loss of EUR 104.2 million in 2025-Q3 116.
Large Scale & Project Solutions demand and margin
SMA reports Large Scale & Project Solutions as its largest revenue contributor with a positive segment margin, revenue roughly flat year on year; it is the volume anchor of the utility-scale inverter and storage business 13.
SMA reports Large Scale & Project Solutions as its largest revenue contributor with a positive segment margin, revenue roughly flat year on year; it is the volume anchor of the utility-scale inverter and storage business 13.
Home & Business Solutions recovery
SMA shows Home & Business Solutions revenue higher year on year with a strong segment margin, pointing to recovering residential and small-commercial demand after the 2025 inventory correction 13.
SMA shows Home & Business Solutions revenue higher year on year with a strong segment margin, pointing to recovering residential and small-commercial demand after the 2025 inventory correction 13.
New storage and hybrid-inverter product traction
SMA launched the Sunny Tripower Hybrid X three-phase hybrid inverter in June 2026 and completed the Sunny Central Storage UP-S, SMA Storage XL Package and SMA Storage M storage systems in H1 2026, broadening the storage and hybrid line 14.
SMA launched the Sunny Tripower Hybrid X three-phase hybrid inverter in June 2026 and completed the Sunny Central Storage UP-S, SMA Storage XL Package and SMA Storage M storage systems in H1 2026, broadening the storage and hybrid line 14.
GIGAWATT FACTORY capacity expansion at Niestetal/Kassel
SMA is ramping the GIGAWATT FACTORY and expanding production capacity from 21 GW toward roughly 40 GW; the facility is still in its operational ramp-up phase 14 3.
SMA is ramping the GIGAWATT FACTORY and expanding production capacity from 21 GW toward roughly 40 GW; the facility is still in its operational ramp-up phase 14 3.
Cash generation and net-cash position
SMA generated operating cash flow of EUR 104.4 million and free cash flow of EUR 96.1 million in 2026-Q2 against low capex of EUR 8.3 million, with a net cash position of EUR 212.7 million 116.
SMA generated operating cash flow of EUR 104.4 million and free cash flow of EUR 96.1 million in 2026-Q2 against low capex of EUR 8.3 million, with a net cash position of EUR 212.7 million 116.
Sector trend: Solar inverter and storage demand appears to be stabilising after the 2025 downturn, with SMA utilisation and segment margins recovering and management having raised guidance 116. Storage-linked product demand is the clearest growth area, while utility-scale project volumes are broadly steady 13 14.
SMA Solar Revenue by Type (as of 2026-Q2 · EUR million · 7/8)
The segments of SMA Solar in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|
| Period 2026-Q1 (3M) | |||||
| Large Scale & Project Solutions | 2022-Q1 | 279.5 | 0% | 12.1% | 13 |
| Home & Business Solutions | 2022-Q1 | 61.4 | 27.4% | 31.9% | 13 |
| Period FY2025 (12M) | |||||
| Germany | FY2025 | 304.7 | – | – | 12 |
| EMEA | 2023-H1 | 700.8 | – | – | 12 |
| Americas | 2023-H1 | 647.5 | – | – | 12 |
| APAC | 2023-H1 | 184.6 | – | – | 12 |
| Period 2025-Q1 (3M) | |||||
| Commercial & Industrial Solutions | 2022-Q1 | 26.3 | -62.8% | -100.4% | 9 |
| Period FY2024 (12M) | |||||
| C&I Solutions | FY2023 | 183.8 | – | – | 8 |
SMA Solar Products & announcements (29/58 active+recent)
Product announcements of SMA Solar from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunchedStableDiscontinued
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2030 | |||
| Elimination of 100% lead in electronics manufacturing | 2030 | 12 | |
| 2027 | |||
| NMC and NCA battery discontinuation | 2027 | 12 | |
| 2026 | |||
| Sunny Tripower Hybrid X three-phase hybrid inverter launch | 2026-06 | 14 | |
| SMA Storage M modular storage system development | 2026-06 | 14 | |
| SMA Large Scale Stability Enhanced DC-Coupled Hybrid Solution | 2026-06 | 14 | |
| SMA Backup solution for Sunny Tripower Hybrid X | 2026-06 | 14 | |
| LFP battery transition | 2026-06 | 12 | |
| 40-foot Medium Voltage Power Station development completion | 2026-06 | 14 | |
| Storage XL Package (2x) | 2026 | 14 | |
| SMA Medium Voltage Power Stations with SF6-free switchgear | 2026 | 11 | |
| 2025 | |||
| GIGAWATT FACTORY production facility operational ramp-up | 2025-12 | 11 | |
| Altenso 92.5 MW/231 MWh battery storage project EPC contract | 2025-09 | 8 | |
| SMA Home Energy Solution with StromWallet Dynamic Pro integration | 2025-06 | 11 | |
| SMA eCharger market launch | 2025-03 | 9 | |
| Production facility lease commencement | 2025-01 | 11 | |
| New production hall at Sandershäuser Berg | 2025-01 | 10 | |
| GIGAWATT FACTORY at Niestetal site (2x) | 2025-01 | 14 | |
| Altenso Australia Pty Ltd establishment | 2025-01 | 12 | |
| Sunny Tripower X 60 with integrated energy management | 2025 | 12 | |
| Sunny Tripower X 60 medium-sized commercial inverter (2x) | 2025 | 12 | |
| Sunny Central Storage UP-S (4×) | 2025 | 14 | |
| Sunny Central FLEX for PV and battery storage power plants | 2025 | 12 | |
| Production capacity expansion from 21 GW to approximately 40 GW at Niestetal/Kassel | 2025 | 3 | |
| North America production capacity establishment | 2025 | 5 | |
| Global Repair Center expansion to USA | 2025 | 12 | |
| Additional production facility in Poland | 2025 | 12 | |
| 2024 | |||
| Altenso GmbH battery storage projects (2×) | 2024-09 | 13 | |
| Sunny Central FLEX (2×) | 2024 | 12 | |
| 2023 | |||
| Sunny Island X (3×) | 2023-06 | 12 | |
| 2025 | |||
| SMA Commercial Storage Solution (2×) | 2025-12 | (2025-12) | 3 |
| Sunny Tripower 125 (3x) | 2025 | 7 | |
| 2024 | |||
| Sunny Tripower CORE 2 successor inverter (125 kW) | 2024-06 | 5 | |
| SMA eCharger market launch in Benelux, France and Germany | 2024-06 | 5 | |
| Grid-forming solutions with large-scale storage systems | 2024-03 | 6 | |
| GIGAWATT FACTORY (4×) | 2024-03 | 5 | |
| Sunny Data Manager M | 2024 | 8 | |
| Successor products for Home and C&I segments with LFP cell technology | 2024 | 8 | |
| Segment-specific platforms and products market launch | 2024 | 5 | |
| SMA home storage battery with cobalt-free LFP cells | 2024 | 8 | |
| SMA eCharger market launch in other European countries | 2024 | 7 | |
| SMA eCharger (2×) | 2024 | 7 | |
| SMA Commercial Storage system replacement with alternative cell technology | 2024 | 8 | |
| 2023 | |||
| SMA Commercial eMobility Solution with EV Charger Business | 2023-12 | 3 | |
| GHG quota marketing product for commercial customers | 2023-12 | 3 | |
| Grid stability services competence center (2×) | 2023-10 | 5 | |
| Production capacity expansion at headquarters in Niestetal/Kassel, Germany | 2023-09 | 4 | |
| STP-X inverter for U.S. market | 2023-06 | 3 | |
| New models in Sunny Tripower product family for global PV markets | 2023-06 | 3 | |
| SMA Energy System Business | 2023-03 | 4 | |
| Digital energy services platform | 2023-03 | 2 | |
| Battery-storage systems for EMEA region | 2023-03 | 2 | |
| Wallbox Home EV Charger eCharger | 2023 | 5 | |
| SMA Home Storage battery (3×) | 2023 | 7 | |
| SMA Energy System Home | 2023 | 6 | |
| Green hydrogen production solutions (2×) | 2023 | 2 | |
| Electrolyzer Converter for green hydrogen production | 2023 | 6 | |
| Sunny Boy Smart Energy inverter (7×) | 2023 | (2024-12) | 8 |
SMA Solar Transactions & Events (19)
All recorded acquisitions, divestitures and exits of SMA Solar, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions · 5Divestitures/exits · 14
Acquisitions by SMA Solar
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| Home & Business Solutions division formation | 2025-05 | Completed | 10 |
| Letter of Intent signed with Create Energy for local production of Sunny Highpower PEAK3 | 2025 | Announced | 12 |
| 2024 | |||
| Altenso first BESS project sale to strategic investor (2×) | 2024-09 | Completed | 8 |
| Altenso & Infinergies Holding Oy (7×) | 2024-04 | Completed | 8 |
| AE Development Holdings 2023 Trust acquisition (2×) | 2024-04 | Completed | 12 |
Divestitures and exits by SMA Solar
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| coneva GmbH | 2025-09 | Divested | 12 |
| Sale of coneva GmbH | 2025-09 | Divested | 12 |
| coneva GmbH share sale | 2025-08 | Divested | 12 |
| elexon GmbH contingent purchase price adjustment | 2025-06 | Divested | 11 |
| 2024 | |||
| elexon GmbH share sale | 2024-03 | Divested | 7 |
| Sale of 42% interest in elexon GmbH to VARO Energy Management AG | 2024-01 | Divested | 8 |
| elexon GmbH | 2024 | Divested | 8 |
| Sale of shares in elexon GmbH | 2024 | Divested | 8 |
| Sale of 100% limited partner shares in Altenso Batteriespeicher 001 GmbH & Co. KG | 2024 | Divested | 8 |
| Batteriespeicher 001 GmbH & Co. KG (4×) | 2024 | Divested | 12 |
| 2023 | |||
| Withdrawal from North American O&M business | 2023-06 | Divested | 3 |
| Sale of elexon GmbH stake | 2023-06 | Divested | 3 |
| Planned sale of shares in associated company | 2023 | Divested | 5 |
| Exit from long-term O&M contracts for PV power plants in Americas region | 2023 | Divested | 5 |
SMA Solar Risks (109 since the annual report of 2026-03-26, 229 tracked in total)
Which risks SMA Solar has named since the annual report, company-specific first, generic standard risks in the expandable part; first mention refers to the document base from 2023. NadirAlpha methodology
Category: FinancialLegalGeopoliticsMacroMarketRegulatoryCyberCustomersCompetitionSupply chainPeopleStrategyTechnology
| Risk | Category | Last reported |
|---|---|---|
| SMA Solar: first mention in IR-Quarter quarterly report of 2026-08-13 (2026-Q2), source 14 | ||
| Financial covenants on revolving credit facility newly negotiated; thresholds exceeded at end-2025 but met at June 30, 2026. | = | |
| US government appeal on customs duty reimbursement; €42.6 million contingent liability for potential reclamation | = | |
| Impairment testing shows significant losses only if prices fall >10% below planned levels | = | |
| Ongoing Middle East conflict contributing to higher energy prices, supply chain disruptions, and uncertain investment decisions. | = | |
| High energy prices dampening economic activity and investment in PV systems across multiple regions. | = | |
| Commercial PV installations declining; Chinese commercial market down to approximately one-third of prior-year level. | = | |
| Global PV market newly installed capacity in H1 2026 significantly below prior year due to Chinese market changes. | = | |
| Private small-scale system investments below prior year; reluctance due to funding environment and high prior expansion levels. | = | |
| Chinese government remuneration term changes effective mid-2025 expected to significantly lower solar capacity additions. | = | |
| IFRS 18 implementation project underway; mandatory for fiscal years beginning January 1, 2027 | = | |
| SMA Solar: first mention in IR-Annual annual report of 2026-03-26 (FY2025), source 12 | ||
| Product and cybersecurity risks increased due to isolated quality issues; ongoing secure development lifecycle certification per IEC 62443. | 2026-Q2 2026-08-13 14 | |
| SMA Solar: first mention in IR-Quarter quarterly report of 2025-11-03 (2025-Q3), source 10 | ||
| US customs duties on PV components impacting pricing and supply chain; Supreme Court ruling on tariff legality resulted in refunds. | 2026-Q2 2026-08-13 14 | |
| SMA Solar: first mention in IR-Annual annual report of 2025-03-13 (FY2024), source 8 | ||
| Valuation adjustments on inventories totaling €197.1 million; risk of obsolescence over 36-month horizon | 2026-Q2 2026-08-13 14 | |
| SMA Solar: first mention in IR-Annual annual report of 2024-03-06 (FY2023), source 5 | ||
| Default risk increased attributable to customer ability to meet financial obligations. | 2026-Q2 2026-08-13 14 | |
| Large-scale systems segment revenue concentrated among key markets USA, Germany, UK, Australia. | 2026-Q2 2026-08-13 14 | |
| SMA Solar: first mention in IR-Quarter quarterly report of 2023-05-11 (2023-Q1), source 2 | ||
| Supply chain disruptions from geopolitical tensions; structured procurement processes prioritized due to volatile order environment. | 2026-Q2 2026-08-13 14 | |
| SMA Solar: first mention in IR-Quarter quarterly report of 2026-05-13 (2026-Q1), source 13 | ||
| Customs duties refunds from US government face uncertainties; repayment to customers or bad debt losses contingent on actual reimbursement. | = | |
| USA adjusted subsidies under Inflation Reduction Act during 2025, negatively impacting small private installations. | = | |
| EUR/USD exchange rate fluctuations impact earnings; originally planned for weaker dollar but appreciated since Middle East conflict. | = | |
| Tighter financing conditions and high volatility in financial markets affecting economic development. | = | |
| Global growth expected at 3.1% in 2026; eurozone at 1.1%; Chinese economy losing momentum at 4.4% growth. | = | |
| Middle East conflict disrupts energy infrastructure and increases uncertainty regarding global economic development. | = | |
| Installation of new PV capacity in European countries expected to remain flat or decline due to funding challenges. | = | |
| Global PV capacity additions projected to fall below prior year level due to reduced China expansion. | = | |
| German regulatory uncertainty regarding grid package adjustments and potential changes to Renewable Energy Sources Act (EEG). | = | |
| Continued price pressure in commercial and residential PV segments affecting profitability. | = | |
| SMA Solar: first mention in IR-Annual annual report of 2026-03-26 (FY2025), source 12 | ||
| Credit lines of €350 million contain change of control clauses enabling bank termination | = | |
| Financial covenants initially waived for period to December 31, 2025; terms amended in January 2026 | = | |
| Failure to meet renegotiated financial covenants on equity ratio and leverage could result in higher financing costs or credit line termination | = | |
| Impairments on deferred tax assets could result if planned taxable earnings 5-10% lower in future periods. | = | |
| Improper e-waste disposal and recycling poses environmental and reputational risk to SMA business. | = | |
| Sensitivity analysis shows potential further impairments in low seven figures if price assumptions 5% lower in Home & Business Solutions segment. | = | |
| Impairment in double-digit million range possible for Large Scale & Project Solutions intangible assets if market demand or achievable sales prices not met. | = | |
| Significant impairment losses on inventories of €228.3 million and capitalized development projects of €40.2 million. | = | |
| Negative EBITDA of -€65.4 million and EBIT of -€188.2 million substantially below original forecasts. | = | |
| Field failure rate increased to 1.5% in 2025, exceeding 1.0% target; risk of increased warranty/replacement costs. | = | |
| Risk of unavailable raw and production materials due to shortage or loss of individual strategic suppliers | = | |
| Weak demand in Home & Business Solutions division with order intake risks for 2026 fiscal year | = | |
| Sustained market weakness in residential and commercial sectors with increased pricing pressure and competition. | = | |
| Employee fluctuation increased to 19.6% in 2025 amid restructuring; workforce reduced by 608 employees year-over-year. | = | |
| Planned job cuts affecting several hundred full-time positions; risk that voluntary departures fall short of targets | = | |
| Risk that talented employees in key positions leave during restructuring; difficulty filling positions with required qualifications | = | |
| Restructuring and transformation program affecting employee stability and operational efficiency. | = | |
| Significant employee reductions during reporting year as part of restructuring and transformation program affecting multiple levels | = | |
| Investigations into PV arrays and fire incidents; risk of claims despite insurance coverage | = | |
| Provisions for purchase commitments increased to €45.7 million due to anticipated losses. | = | |
| Warranty provisions of €136.0 million reflect risks of device failures and potential customer claims during warranty periods. | = | |
| Increasing customer commitments to sustainability and supply chain transparency compliance requirements | = | |
| Home & Business Solutions division revenue declined 30.2%, indicating structural market challenges. | = | |
| Recoverability of €93.6 million capitalized development projects depends on technical and economic feasibility assessments | = | |
| Risk to data sovereignty from US cloud services subject to US CLOUD Act extraterritorial regulations | = | |
| Planned CapEx for climate transition actions dependent on future financial planning and budgeting decisions | = | |
| Financial liabilities decreased from €196,229 thousand to €140,026 thousand; restructuring program ongoing | = | |
| Currency risks from USD transactions and translation risks in foreign subsidiaries | = | |
| Risk of credit rating downgrade if cash holdings decline unexpectedly; supplier payment term adjustments possible | = | |
| €287.2 million in unrecognized deferred tax assets on loss carryforwards creates uncertainty regarding future realization. | = | |
| Falling electricity prices negatively impacting Home and Business Solutions segment | = | |
| Inability to achieve profitable growth in 2025 due to challenging market environment | = | |
| Estimation uncertainties in Scope 1/2 emissions projections due to budget and resource shifts. | = | |
| Geopolitical tensions and military conflicts in the Middle East may increase energy and transportation market volatility | = | |
| Geopolitical tensions and trade conflicts impacting global trade and energy prices | = | |
| High dependence on raw materials (aluminum, copper, steel) from depleting upstream deposits. | = | |
| Potential raw material and supply bottlenecks and cost increases due to geopolitical tensions. | = | |
| Upstream supply chain decarbonization dependent on supplier science-based target achievement | = | |
| Fossil energy use in upstream supply chain for component manufacturing (aluminum, steel, electronics) | = | |
| Weak industrial production and exports amid structural economic challenges in Germany | = | |
| Regulatory debates unresolved creating planning and pricing difficulties | = | |
| German electronics manufacturing highly dependent on imports with potential human rights violations in raw material supply chains | = | |
| Changes to US Inflation Reduction Act subsidy volumes and stricter requirements under Trump administration's One Big Beautiful Bill Act | = | |
| Risk that positions cannot be filled quickly enough with suitable employees causing project delays | = | |
| Industry overcapacity leading to falling prices and intensified competition | = | |
| Additional tariffs imposed under IEEPA in 2025 were declared unlawful by US Supreme Court on February 20, 2026 | = | |
| Internal control and risk management systems require ongoing monitoring for regulatory compliance. | = | |
| Import/export compliance risks for materials and finished products managed via IT monitoring system | = | |
| EU energy market restructuring and grid connection changes may pressure cost structures and supply chains | = | |
| Transition away from NMC batteries toward LFP technology planned for mid-2026 due to supply chain sustainability concerns | = | |
| Extended producer responsibility requirements under EU WEEE Directive require ongoing compliance reporting. | = | |
| Interpretation of CSRD and EU Taxonomy requirements remains partially open to interpretation | = | |
| SVHC limitations: cannot fully determine accuracy of supplier hazardous substance data across supply chain. | = | |
| Ongoing compliance requirements with UN Global Compact principles and OECD Guidelines across global supply chain. | = | |
| IFRS 18 adoption mandatory from January 1, 2027 will materially impact consolidated financial statements presentation. | = | |
| Elimination of PV system incentive subsidies could lead to reluctance to build new systems | = | |
| Changes in German and foreign tax laws and assessment rates could affect SMA's tax positions and effective tax rates. | = | |
| US tariffs on PV system components from EU and China present major risk | = | |
| Decline in government subsidies in many markets affecting demand | = | |
| Vehicle fleet electrification in USA/Australia delayed due to long distances and lack of charging infrastructure | = | |
| Chinese manufacturers expanded production capacity causing oversupply and fierce competition in residential/commercial systems | = | |
| Risk of competitors improving product quality, functionality, efficiency and offering more competitive turnkey solutions | = | |
| SMA Solar: first mention in IR-Half half-year report of 2025-08-07 (2025-H1), source 11 | ||
| Impairment on receivables in US amounting to €7.5 million due to customer insolvency filing. | FY2025 2026-03-26 12 | |
| Arbitration proceedings relating to customer claims for O&M contract settlement abroad resolved with fund outflows | = | |
| SMA Solar: first mention in IR-Annual annual report of 2025-03-13 (FY2024), source 8 | ||
| Significant impairment losses on inventories due to gloomy market prospects in Home & Business Solutions division | FY2025 2026-03-26 12 | |
| €122.6 million inventory impairment reflects risk of surplus raw materials and products with reduced marketability. | FY2025 2026-03-26 12 | |
| Particular hazards related to electrical current in commissioning and maintenance operations; arcing and fire hazards present serious injury risk | FY2025 2026-03-26 12 | |
| Restructuring provisions recorded with majority of outflows expected during 2026 fiscal year. | FY2025 2026-03-26 12 | |
| Material negative impact related to gender equality; adjusted gender pay gap identified particularly in higher salary bands | FY2025 2026-03-26 12 | |
| €24.1 million in personnel provisions for restructuring and transformation program indicate ongoing business adjustment. | FY2025 2026-03-26 12 | |
| Lower demand and resulting lower sales level forecast for planning period 2026-2028. | FY2025 2026-03-26 12 | |
| Volatile markets and geopolitical uncertainty affecting investment willingness | FY2025 2026-03-26 12 | |
| Risk of non-compliance with environmental regulations and manufacturer responsibility requirements leading to fines | FY2025 2026-03-26 12 | |
| Intense competitive pressure leading to continued aggressive pricing levels affecting margins | FY2025 2026-03-26 12 | |
| SMA Solar: first mention in IR-Half half-year report of 2024-08-08 (2024-H1), source 7 | ||
| Risk of further inventory write-downs given persistently high market volatility in Home & Business Solutions | FY2025 2026-03-26 12 | |
| Warranty provisions increased to €136.0 million due to warranty obligations from product families | FY2025 2026-03-26 12 | |
| Weak demand in Home & Business Solutions division, particularly in European core markets | FY2025 2026-03-26 12 | |
| SMA Solar: first mention in IR-Quarter quarterly report of 2024-05-08 (2024-Q1), source 6 | ||
| Discontinuation of SMA Commercial Storage Solution in December 2025 to be replaced by Storage XL Package in 2026. | FY2025 2026-03-26 12 | |
| SMA Solar: first mention in IR-Annual annual report of 2024-03-06 (FY2023), source 5 | ||
| Accounts receivable aging with €33.5 million impairments and €42.1 million overdue receivables create collection risks. | FY2025 2026-03-26 12 | |
| Two severe human rights incidents identified in upstream value chain; 14 cases of non-compliance with UN Guiding Principles and ILO standards reported | FY2025 2026-03-26 12 | |
| Equity ratio decline to 28.0% and dependence on credit facility draws raise leverage concerns. | FY2025 2026-03-26 12 | |
| GDPR requirements and data protection risks increased risk given resource reduction from job cuts | FY2025 2026-03-26 12 | |
| Cybercrime, email fraud and economic espionage present considerable risks; geopolitical crises intensifying threat scenarios | FY2025 2026-03-26 12 | |
= last mention identical with the first mention (same source)
SMA Solar Reported KPIs (as disclosed) (437)
Figures SMA Solar discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| KPI | Value / change | Source |
|---|---|---|
| SMA Solar, published 2026-08-13, period 2026-Q2 | ||
| total assets | 1,306.0 (EUR € million) | 14 |
| total assets | 1,390.9 (EUR € million) | 14 |
| order backlog | 1,161.4 (EUR € million) | 14 |
| order backlog | 1,754.4 (EUR € million) | 14 |
| net working capital ratio | 14.0 | 14 |
| net working capital ratio | 11.7 | 14 |
| inverter output sold | 19,852 | 14 |
| inverter output sold | 8,327 | 14 |
| inverter output sold | 8,985 | 14 |
| export ratio | 79.8 | 14 |
| export ratio | 79.6 | 14 |
| export ratio | 73.7 | 14 |
| equity ratio | 28.0 | 14 |
| equity ratio | 31.7 | 14 |
| equity | 365.5 (EUR € million) | 14 |
| equity | 441.4 (EUR € million) | 14 |
| EBITDA margin | -4.3 | 14 |
| EBITDA margin | 1.3 | 14 |
| EBITDA margin | 12.9 | 14 |
| Shareholders' equity as of June 30 | 441,408 | 14 |
| Gross cash flow | 87,602 (EUR in €'000) | 14 |
| SMA Solar, published 2026-05-13, period 2026-Q1 | ||
| Order backlog | 1,414.5 € million | 13 |
| Net working capital ratio | 15.9% | 13 |
| Net working capital | 242.9 € million | 13 |
| Inverter output sold | 4,448 MW | 13 |
| Export ratio | 74.2% | 13 |
| Equity ratio | 28.4% | 13 |
| EBITDA margin | 7.7% | 13 |
| SMA Solar, published 2026-03-26, period FY2025 | ||
| waste per million sales | 1.22 tons | 12 |
| waste per million sales | 1.27 tons | 12 |
| upstream transportation distribution emissions decline pct | 71.3% | 12 |
| total waste volume | 2,097 tons | 12 |
| Total Waste Volume | 2,526 tons | 12 |
| Total Gross Indirect Scope 3 GHG Emissions | 491,368 t CO₂e | 12 |
| Total GHG Emissions Market-Based | 493,723 t CO₂e | 12 |
| Total GHG Emissions Location-Based | 501,712 t CO₂e | 12 |
| Total Energy Consumption | 33.7 thousand MWh | 12 |
| total assets | 1,306.0 | 12 |
| Taxonomy OpEx | €79.6 million | 12 |
| Taxonomy Eligible Sales % | 89.9% | 12 |
| Taxonomy Capex | €105.6 million | 12 |
| Taxonomy Aligned Sales % | 74.8% | 12 |
| Taxonomy Aligned Sales | €1,134.1 million | 12 |
| Taxonomy Aligned OpEx % | 81.8% | 12 |
| Taxonomy Aligned OpEx | €65.2 million | 12 |
| Taxonomy Aligned Capex % | 89.6% | 12 |
| Taxonomy Aligned Capex | €94.6 million | 12 |
| Shares Outstanding | 34,700,000 | 12 |
| Share Capital | €34.7 million | 12 |
| Service Business Order Backlog | 333.9 | 12 |
| Secondary Materials Used | 12.3 thousand tons | 12 |
| Secondary Materials Used | 15.9 thousand tons | 12 |
| Secondary Materials Share | 22% | 12 |
| secondary materials share | 24% | 12 |
| scope 3 emissions decline pct | 32.5% | 12 |
| research and development ratio | 8.1 | 12 |
| research and development expenses | 123.0 | 12 |
| renewable energy consumption | 23.5 thousand MWh | 12 |
| registered trademarks | 1,577 | 12 |
| recycled waste pct | 99% | 12 |
| recycled waste pct | 96% | 12 |
| recycled waste | 2,079 tons | 12 |
| recycled waste | 2,435 tons | 12 |
| recyclable materials used | 45.3 thousand tons | 12 |
| recyclable materials used | 53.0 thousand tons | 12 |
| recyclable material rate | 82% | 12 |
| recyclable material rate | 82% | 12 |
| purchased goods services emissions decline pct | 34.8% | 12 |
| products technical materials purchased | 55.2 thousand tons | 12 |
| products technical materials purchased | 64.9 thousand tons | 12 |
| product business order backlog | 1,018.1 | 12 |
| pending patent applications | 470 | 12 |
| patents and utility models | 1,654 | 12 |
| order backlog | 1,352.0 | 12 |
| Non-Renewable Energy Consumption | 10.2 thousand MWh | 12 |
| Non-Recycled Waste % | 1% | 12 |
| Non-Recycled Waste % | 4% | 12 |
| Non-Recycled Waste | 18 tons | 12 |
| Non-Recycled Waste | 91 tons | 12 |
| net working capital ratio | 14.0 | 12 |
| Net Working Capital | 212.6 | 12 |
| Lead Used | 33.3 kg | 12 |
| Lead Used | 67.0 kg | 12 |
| inverter output sold | 19,852 | 12 |
| Hazardous Waste % | 20% | 12 |
| Hazardous Waste % | 14% | 12 |
| Hazardous Waste | 416 tons | 12 |
| Hazardous Waste | 344 tons | 12 |
| Gross Scope 1 GHG Emissions | 2,352 t CO₂e | 12 |
| Gross Scope 1 and Market-Based Scope 2 GHG Emissions | 2,355 t CO₂e | 12 |
| Gross Market-Based Scope 2 GHG Emissions | 3 t CO₂e | 12 |
| Gross Margin | 8.1 | 12 |
| Gross Location-Based Scope 2 GHG Emissions | 7,992 t CO₂e | 12 |
| Global Repair Center Success Rate | 95.6% | 12 |
| Global Repair Center Success Rate | 96.5% | 12 |
| Financial Liabilities | 140.0 | 12 |
| field failure rate | approximately 1.5% | 12 |
| field failure rate | 1.4% | 12 |
| field failure rate 2019 base year | 1.4% | 12 |
| export ratio | 79.8 | 12 |
| equity ratio | 28.0 | 12 |
| equity | 365.5 | 12 |
| energy intensity high climate impact | 22.2 MWh/€ million | 12 |
| electrical electronic waste pct | 36% | 12 |
| electrical electronic waste pct | 25% | 12 |
| EBITDA margin | −4.3 | 12 |
| depreciation on capitalized development projects | 12.3 | 12 |
| depreciation | 122.8 | 12 |
| danfoss shareholding | 20.00% | 12 |
| credit line utilization | 44.9% | 12 |
| capitalized development projects | 32.3 | 12 |
| capital goods emissions decline pct | 61.2% | 12 |
| avoided environmental costs | €21 billion | 12 |
| avoided CO2 emissions | 69 million tons | 12 |
| avg weight per kw inverter | 0.96 kg/kW | 12 |
| avg weight per kw inverter | 1.00 kg/kW | 12 |
| avg weight per kw inverter | 1.47 kg/kW | 12 |
| activity 7 6 sales pct | 5.1% | 12 |
| activity 7 6 sales | €77.1 million | 12 |
| activity 3 1 sales pct | 69.7% | 12 |
| activity 3 1 sales | €1,057.0 million | 12 |
| activity 3 1 capex pct | 86.9% | 12 |
| activity 3 1 capex | €91.8 million | 12 |
| Warranty provisions | 135,961 (EUR in €'000) | 12 |
| Unused credit facilities | 209.5 million | 12 |
| Unrecognized deferred taxes on trade tax loss carryforwards | 309.7 million | 12 |
| Unrecognized deferred taxes on loss carryforwards | 287.2 million | 12 |
| Unrecognized deferred taxes on corporation tax loss carryforwards | 249.9 million | 12 |
| Trade tax loss carryforwards | 519.1 million | 12 |
| Total tax loss carryforwards (Group) | 532.4 million | 12 |
| Total installed inverter output | more than 185 | 12 |
| Shareholders' equity | 365,536 | 12 |
| Property, plant and equipment | 267,523 | 12 |
| PV inverter output sold (affiliated companies) | 13.4 GW | 12 |
| PV inverter output sold (affiliated companies prior year) | 13.2 GW | 12 |
| PV inverter capacity sold | 19,852 MW | 12 |
| Order backlog prior year | €1,355.6 million | 12 |
| Order backlog | €1,352.0 million | 12 |
| Net working capital (% of revenue) | 14.0% | 12 |
| Net working capital | 14 (EUR % of sales) | 12 |
| Net cash | 176.4 | 12 |
| Inverter output sold | 19.5 GW | 12 |
| Inverter output sold | 19.9 | 12 |
| Foreign sales percentage | 79.8% | 12 |
| Foreign loss carryforwards (deferred tax) | 5.0 million | 12 |
| Financial liabilities, non-current | 83,006 | 12 |
| Financial liabilities, current | 57,020 | 12 |
| Equity ratio prior year | 35.9% | 12 |
| Equity ratio | 28.0% | 12 |
| EBITDA margin | -4.3 | 12 |
| EBIT margin | -12.4 | 12 |
| Domestic loss carryforwards (deferred tax) | 71.4 million | 12 |
| Deferred tax assets on loss carryforwards | 76.4 million | 12 |
| Current income tax liabilities | 10.5 million | 12 |
| Corporation tax loss carryforwards | 493.7 million | 12 |
| SMA Solar, published 2025-11-03, period 2025-Q3 | ||
| Total assets | 1,390.0 (EUR € million) | 10 |
| Order backlog | €1,281.7 | 10 |
| Net working capital ratio | 15.7 | 10 |
| Inverter output sold | 13,610 | 10 |
| Gross margin | 7.6 | 10 |
| Export ratio | 80.1 | 10 |
| Equity ratio | 28.9 | 10 |
| Equity | 402.2 (EUR € million) | 10 |
| EBITDA margin | −1.5 | 10 |
| Days sales outstanding | 48.7 | 10 |
| SMA Solar, published 2025-08-07, period 2025-H1 | ||
| Warranty provisions | 123,363 (EUR in €'000) | 11 |
| Registered brand names | 1,577 | 11 |
| Protected patents and utility models | 1,654 | 11 |
| Order backlog | 1,161.4 million | 11 |
| Net working capital ratio | 19.4% | 11 |
| Inverter output sold | 8,327 MW | 11 |
| Gross margin | 18.2% | 11 |
| Export ratio | 79.6% | 11 |
| Equity ratio | 33.4% | 11 |
| EBITDA margin | 1.3% | 11 |
| EBIT margin | -2.8% | 11 |
| Development projects | 58,279 | 11 |
| Days sales outstanding | 46.0 days | 11 |
| SMA Solar, published 2025-05-08, period 2025-Q1 | ||
| Service business order backlog | 321.8 (EUR € million) | 9 |
| Product business order backlog | 972.1 (EUR € million) | 9 |
| Order backlog | 1,293.9 (EUR € million) | 9 |
| Net working capital ratio | 24.3 | 9 |
| Net working capital | 363.9 (EUR € million) | 9 |
| Inverter output sold | 4,124 | 9 |
| Gross margin | 24.2 | 9 |
| Export ratio | 79.8 | 9 |
| Equity ratio | 34.0 | 9 |
| EBITDA margin | 7.5 | 9 |
| EBIT margin | 3.5 | 9 |
| Days sales outstanding | 45.0 | 9 |
| SMA Solar, published 2025-03-13, period FY2024 | ||
| Work-related accidents high potential | 5 | 8 |
| Work-related accidents | 44 | 8 |
| women target | 28.0% | 8 |
| women in top two management levels | 16.0% | 8 |
| waste recycled volume prior year | 2,835 tons | 8 |
| waste recycled volume | 2,435 tons | 8 |
| waste recycled percentage | 96% | 8 |
| waste electrical electronic devices percentage prior year | 21% | 8 |
| waste electrical electronic devices percentage | 25% | 8 |
| waste disposed volume prior year | 117 tons | 8 |
| waste disposed volume | 91 tons | 8 |
| waste disposed percentage | 4% | 8 |
| unused credit lines | 184.0 million | 8 |
| total waste volume prior year | 2,953 tons | 8 |
| total waste volume | 2,526 tons | 8 |
| total complaints filed | 37 | 8 |
| total assets | 1,541.2 (EUR € million) | 8 |
| suppliers purchasing volume assessed pct | 90.3% | 8 |
| supplier sustainability assessment coverage | 90% | 8 |
| string inverter design service life | 20 years | 8 |
| specific waste generated prior year | 1.14 tons of waste/€ million of sales | 8 |
| specific waste generated | 1.27 tons of waste per € million of sales | 8 |
| SMA string inverter failure rate 15 years | 15% annual average | 8 |
| serious work-related accidents | 0 | 8 |
| serious human rights incidents value chain | 1 | 8 |
| secondary materials used prior year | 14.6 thousand tons | 8 |
| secondary materials used | 15.9 thousand tons | 8 |
| secondary materials percentage prior year | 26% | 8 |
| secondary materials percentage | 24% | 8 |
| repair success rate prior year | 97.5% | 8 |
| repair success rate global repair center | 96.5% | 8 |
| renewable energy generation prior year | 11.3 thousand MWh | 8 |
| renewable energy generation | 11.6 thousand MWh | 8 |
| renewable electricity percentage | 3.3% | 8 |
| recyclable material used prior year | 45.3 thousand tons | 8 |
| recyclable material used | 53.0 thousand tons | 8 |
| recyclable material rate prior year | 82% | 8 |
| recyclable material rate | 82% | 8 |
| purchased products and materials prior year | 55.4 thousand tons | 8 |
| purchased products and materials | 64.9 thousand tons | 8 |
| non-compliance cases value chain | 15 | 8 |
| net working capital ratio | 30.9 | 8 |
| Net Working Capital | 473.0 (EUR € million) | 8 |
| managing board age limit | 65 years | 8 |
| LTIR per 200k hours | 1.28 | 8 |
| LTIR per 1M hours ESRS | 6.04 | 8 |
| ISO 45001 certified workers | 3,113 | 8 |
| ISO 45001 certified coverage % | 72% | 8 |
| Inverter output sold MW | 19,524 | 8 |
| Installed inverter output globally | more than 165 GW | 8 |
| Industry comparable failure rate 15 years | 34% | 8 |
| Hazardous waste volume prior year | 336 tons | 8 |
| Hazardous waste volume | 344 tons | 8 |
| Hazardous waste percentage prior year | 11% | 8 |
| Hazardous waste percentage | 14% | 8 |
| FPY string inverters | 90.5% | 8 |
| FPY central inverter stacks | 87.3% | 8 |
| Field failure rate prior year | 1.0% | 8 |
| Field failure rate | 1.4% | 8 |
| Fatal work-related accidents | 0 | 8 |
| export ratio | 78.8 | 8 |
| Expected women in top two management | 18.0% | 8 |
| Expected supplier assessment coverage | 98% | 8 |
| EV charger design service life | at least ten years | 8 |
| equity ratio | 35.9 | 8 |
| Employees abroad | 1,108 | 8 |
| Electrical accidents | 3 | 8 |
| distribution and administration employees | 1,432 | 8 |
| corruption fines | 0 | 8 |
| corruption convictions | 0 | 8 |
| compliance training coverage other workers | 3,432 | 8 |
| compliance training coverage managing board | 2 | 8 |
| compliance training coverage managers | 459 | 8 |
| compliance training coverage at risk functions | 761 | 8 |
| compliance training at risk functions | 90% | 8 |
| complaints severe human rights | 0 | 8 |
| complaints discrimination | 6 | 8 |
| competition law convictions | 0 | 8 |
| CEO to median employee compensation ratio | 1:38.5 | 8 |
| central inverter design service life | 25 years | 8 |
| average weight per kW | 1.0 kg/kW | 8 |
| average weight per kW | 1.24 kg/kW | 8 |
| average weight per kW | 2.47 kg/kW | 8 |
| A B suppliers sustainability assessed pct | 90.0% | 8 |
| working capital ratio | 30.9 | 8 |
| return on equity after taxes | -19.0 (EUR %) | 8 |
| return on assets after taxes | -7.4 (EUR %) | 8 |
| Profit before income taxes | −102,100 | 8 |
| Order backlog | 1,355.6 | 8 |
| Operating profit EBIT | −93,052 | 8 |
| Net working capital | 473.0 | 8 |
| Inverter output sold | 19,524 | 8 |
| Gross profit | 252,805 (EUR in €'000) | 8 |
| Equity ratio | 35.9 | 8 |
| EBT margin | -6.7 | 8 |
| EBITDA margin | -1.0 | 8 |
| EBIT margin | -6.1 | 8 |
| Days sales outstanding | 59.0 | 8 |
| SMA Solar, published 2024-08-08, period 2024-H1 | ||
| Warranty provisions | 131,119 (EUR in €'000) | 7 |
| Total installed inverter output worldwide | 155 | 7 |
| Shareholders' equity | 714,553 | 7 |
| Selling expenses | 59,171 (EUR in €'000) | 7 |
| Selling expenses | 71,226 (EUR in €'000) | 7 |
| Research and development expenses | 31,358 (EUR in €'000) | 7 |
| Research and development expenses | 48,922 (EUR in €'000) | 7 |
| Registered brand names | 1,547 | 7 |
| R&D expense ratio | 6.4 | 7 |
| R&D expense ratio | 4.0 | 7 |
| Protected patents and utility models | 1,641 | 7 |
| Patent applications pending | 547 | 7 |
| Other operating income | 20,830 (EUR in €'000) | 7 |
| Other operating income | 37,632 (EUR in €'000) | 7 |
| Other operating expenses | 23,089 (EUR in €'000) | 7 |
| Other operating expenses | 16,304 (EUR in €'000) | 7 |
| Order backlog service business | 378.4 (EUR € million) | 7 |
| Order backlog service business | 360.6 (EUR € million) | 7 |
| Order backlog product business | 2,075.3 (EUR € million) | 7 |
| Order backlog product business | 988.0 (EUR € million) | 7 |
| Order backlog | 2,453.7 (EUR € million) | 7 |
| Order backlog | 1,348.6 (EUR € million) | 7 |
| Net working capital ratio | 20.6 | 7 |
| Net working capital ratio | 31.2 | 7 |
| Net working capital | 392.1 (EUR € million) | 7 |
| Net working capital | 587.7 (EUR € million) | 7 |
| Net cash | 283.3 (EUR € million) | 7 |
| Net cash | 65.7 (EUR € million) | 7 |
| Inverter output sold | 7,213 | 7 |
| Inverter output sold | 20,454 | 7 |
| Inverter output sold | 9,107 | 7 |
| Income taxes | 3,009 (EUR in €'000) | 7 |
| Income taxes | 11,675 (EUR in €'000) | 7 |
| Gross margin | 26.0 | 7 |
| Gross margin | 30.2 | 7 |
| General administrative expenses | 36,272 (EUR in €'000) | 7 |
| General administrative expenses | 42,579 (EUR in €'000) | 7 |
| General administrative expense ratio | 5.6 | 7 |
| General administrative expense ratio | 4.7 | 7 |
| Financial income | 2,037 (EUR in €'000) | 7 |
| Financial income | 3,183 (EUR in €'000) | 7 |
| Financial expenses | 2,146 (EUR in €'000) | 7 |
| Financial expenses | 3,574 (EUR in €'000) | 7 |
| Export ratio | 59.5 | 7 |
| Export ratio | 63.4 | 7 |
| Export ratio | 73.6 | 7 |
| Equity ratio | 42.3 | 7 |
| Equity ratio | 42.6 | 7 |
| Equity | 686.2 (EUR € million) | 7 |
| Equity | 714.6 (EUR € million) | 7 |
| Employees abroad | 1,176 | 7 |
| Employees abroad | 1,369 | 7 |
| EBITDA margin | 16.1 | 7 |
| EBITDA margin | 16.3 | 7 |
| EBITDA margin | 10.6 | 7 |
| Dividend per share | 17,350 | 7 |
| Depreciation | 19.3 (€ million) | 7 |
| Depreciation | 41.5 (€ million) | 7 |
| Depreciation | 24.4 (€ million) | 7 |
| Days sales outstanding | 51.5 | 7 |
| Days sales outstanding | 41.3 | 7 |
| SMA Solar, published 2024-05-08, period 2024-Q1 | ||
| total assets | 1,656.3 (EUR € million) | 6 |
| order backlog | 1,467.8 (EUR € million) | 6 |
| net working capital ratio | 24.4 | 6 |
| Net Working Capital | 463.7 (EUR € million) | 6 |
| inverter output sold | 4,253 | 6 |
| export ratio | 67.9 | 6 |
| equity ratio | 43.2 | 6 |
| equity | 715.3 (EUR € million) | 6 |
| Employees abroad | 1,374 | 6 |
| SMA Solar, published 2024-03-06, period FY2023 | ||
| Shares diluted | 34,700 | 5 |
| Utilized credit lines | 21.7 | 5 |
| Unused credit lines | 74.6 | 5 |
| Sold PV inverter output | 20.5 | 5 |
| Order backlog | 1,705.0 | 5 |
| Net working capital ratio | 22.4% | 5 |
| Net working capital | 392.1 (EUR € million) | 5 |
| Net cash | 283.3 | 5 |
| Long-term credit line | 380 | 5 |
| Investment ratio (capex/sales) | 4.4 | 5 |
| Inverter output sold | 20,454 | 5 |
| Guarantee credit lines | 74.8 | 5 |
| Export ratio | 63.4 | 5 |
| Equity ratio | 42.3 | 5 |
| Employees abroad | 1,338 | 5 |
| EBITDA margin | 16.3 | 5 |
| EBIT margin | 14.2 | 5 |
| EBIT | 269.5 | 5 |
| Depreciation | 41.5 (€ million) | 5 |
| Days sales outstanding | 41.3 | 5 |
| Accrued liabilities | 123.3 | 5 |
| SMA Solar, published 2023-11-09, period 2023-Q3 | ||
| Net working capital ratio | 21.0% | 4 |
| Net working capital | 352.9 million | 4 |
| Inverter output sold | 12,890 MW | 4 |
| Export ratio | 60.9% | 4 |
| Equity ratio | 41.1% | 4 |
| Equity | 641.9 million | 4 |
| EBITDA margin | 17.3% | 4 |
| SMA Solar, published 2023-08-10, period 2023-H1 | ||
| Warranties provisions | 118,599 (EUR in €'000) | 3 |
| Shareholders equity | 565,732 | 3 |
| Service order backlog | 378.4 million | 3 |
| Property plant equipment | 195,003 | 3 |
| Product order backlog | 2,075.3 million | 3 |
| Order backlog | 2,453.7 million | 3 |
| Net working capital ratio | 18.2 | 3 |
| Net working capital | 250.4 million | 3 |
| Net cash | 304.6 million | 3 |
| Inverter output sold | 7,213 | 3 |
| Gross margin | 30.2 | 3 |
| Export ratio | 59.5 | 3 |
| Equity ratio | 39.5 | 3 |
| EBITDA margin | 16.1 | 3 |
| Days sales outstanding | 45.3 | 3 |
| SMA Solar, published 2023-05-11, period 2023-Q1 | ||
| Total assets prior year | 1,110.0 | 2 |
| Total assets | 1,264.8 | 2 |
| Order backlog service business Mar 31 | 371.0 | 2 |
| Order backlog service business Mar 31 | 475.3 | 2 |
| Order backlog product business Mar 31 | 2,097.2 | 2 |
| Order backlog product business Mar 31 | 572.1 | 2 |
| Order backlog Mar 31 | 2,468.2 | 2 |
| Order backlog Mar 31 | 1,047.4 | 2 |
| Net working capital ratio prior year | 22.4 | 2 |
| Net working capital ratio | 19.5 | 2 |
| Net working capital prior year | 238.5 | 2 |
| Net working capital | 236.2 | 2 |
| Inverter output sold | 3,236 | 2 |
| Inverter output sold | 2,788 | 2 |
| Inverter output sold | 12.2 | 2 |
| Gross margin | 31.1 | 2 |
| Gross margin | 20.7 | 2 |
| Export ratio | 59.3 | 2 |
| Export ratio | 72.4 | 2 |
| Export ratio | 68.8 | 2 |
| Equity ratio prior year | 41.8 | 2 |
| Equity ratio | 40.6 | 2 |
| Equity prior year | 463.5 | 2 |
| Equity | 513.1 | 2 |
| Employees abroad | 1,121 | 2 |
| Employees abroad | 1,008 | 2 |
| Employees abroad | 1,025 | 2 |
| EBITDA margin | 16.3 | 2 |
| EBITDA margin | 6.7 | 2 |
| EBITDA margin | 6.6 | 2 |
| EBIT margin | 13.7 | 2 |
| EBIT margin | 2.5 | 2 |
| Days sales outstanding prior year | 50.7 | 2 |
| Days sales outstanding | 49.3 | 2 |
| Cash and cash equivalents prior year | 165.4 | 2 |
| Cash and cash equivalents | 214.2 | 2 |
SMA Solar Development
How SMA Solar has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: SMA Solar
SMA Solar Technology reported revenue of €340.9 million in Q1 and €345.7 million in Q2 2026, with the order backlog reaching €1,754.4 million at the end of June 2026 14. Net income in H1 2026 swung to a profit of €72.8 million from a loss of €42.4 million in H1 2025, aided by US customs duty refunds and the reversal of prior-year inventory write-downs in the Home & Business Solutions division 14. H1 2026 gross margin reached 30.4% compared with 18.2% in H1 2025, primarily reflecting cost of sales reductions and the inventory impairment reversals 14. Following Q2 results, management raised full-year guidance, lifting the sales range to €1,625-€1,725 million and the EBITDA range to €180-€230 million 14. The ongoing restructuring and transformation program, initiated in September 2024, reduced headcount to 3,653 at mid-year from 3,878 a year earlier 14.
FY2025: SMA Solar
SMA Solar Technology AG reported FY2025 consolidated sales of €1,516.0 million, a decline of 0.9% versus €1,530.0 million in 2024, as 7.9% growth in Large Scale & Project Solutions to €1,268.8 million was offset by a 30.2% drop in Home & Business Solutions to €247.2 million amid weak residential demand, falling electricity prices, and reduced government subsidies (12). Group EBIT worsened to -€188.2 million from -€93.1 million in 2024, driven primarily by inventory impairments and scrappage of €122.6 million, impairment of capitalized development projects of €40.2 million, and impairment of machinery and equipment of €29.7 million concentrated in the Home & Business Solutions segment (12). Reported EBITDA turned negative at -€65.4 million, below the September-revised guidance range of -€80 to -€30 million and far below the original forecast of €70-€110 million, while EBITDA excluding one-offs was €106.6 million versus €147.5 million in 2024 (12). Operating cash flow improved substantially to €143.0 million from -€124.8 million in 2024 through improved working capital management, and net liquidity strengthened to €176.4 million from €84.2 million at year-end 2024 (12). SMA Solar expanded its restructuring and transformation program during 2025, reducing headcount from 4,282 to 3,674 employees by year-end and targeting approximately €150 million in annual cost savings by end of 2027, with €124 million achieved in 2025 (12).
FY2024: SMA Solar
SMA Solar Technology AG reported full-year 2024 revenue of €1,530.0 million, a decline of 19.7% from €1,904.1 million in 2023, as sharp contractions in the Home Solutions segment (-70.6%) and the Commercial & Industrial Solutions segment (-61.6%)–driven by normalized supply conditions and elevated distributor inventories–were only partially offset by 39.1% growth in the Large Scale & Project Solutions segment to €1,175.8 million 8. Group EBITDA fell to -€16.0 million (margin: -1.0%) from €311.0 million (margin: 16.3%) in 2023, weighed down by €113.4 million in inventory impairments and €33.4 million in restructuring provisions recognized in the second half of the year 8. Net income swung to a loss of -€117.7 million (EPS: -€3.39) from a profit of €225.7 million (EPS: +€6.50) in 2023, while operating cash flow turned negative at -€112.8 million and the company drew €145 million under its revolving credit facility, shifting the net position from net cash of €283.3 million at end-2023 to net debt of €0.4 million by year-end 2024 8. In September 2024, the Managing Board initiated a group-wide restructuring program, including the planned merger of the Home Solutions and Commercial & Industrial Solutions segments into a new Home & Business Solutions division in the first half of 2025 8.
FY2023: SMA Solar
SMA Solar Technology AG reported full-year 2023 revenue of €1,904.1 million, up 78.5% from €1,065.9 million in 2022, driven by improved component availability, higher production volumes, and strong demand across all three business segments 5. EBIT improved from €31.9 million to €269.5 million, while EBITDA reached €311.0 million at a 16.3% margin compared to 6.6% in the prior year 5. Net income grew to €225.7 million from €55.8 million and earnings per share rose from €1.61 to €6.50 5. SMA Solar raised its full-year 2023 guidance three times during the year and ultimately exceeded all revised guidance ranges; all three segments, Home Solutions, Commercial & Industrial Solutions, and Large Scale & Project Solutions, generated positive EBIT 4 5. Net cash improved to €283.3 million from €220.1 million and the GIGAWATT FACTORY groundbreaking was held in April 2023 targeting doubled production capacity of 40 GW by 2025 5.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
14 sources on SMA Solar since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
14 documents · 2021 to 2026 · IR
| # | Document type | Published |
|---|---|---|
| #2 / #102 | IR-Quarter quarterly report | 2023-05-11 |
| #3 / #103 | IR-Half half-year report | 2023-08-10 |
| #4 / #104 | IR-Quarter quarterly report | 2023-11-09 |
| #5 / #105 | IR-Annual annual report | 2024-03-06 |
| #6 / #107 | IR-Quarter quarterly report | 2024-05-08 |
| #7 / #108 | IR-Half half-year report | 2024-08-08 |
| #8 / #109 | IR-Annual annual report | 2025-03-13 |
| #9 / #111 | IR-Quarter quarterly report | 2025-05-08 |
| #11 / #113 | IR-Half half-year report | 2025-08-07 |
| #10 / #112 | IR-Quarter quarterly report | 2025-11-03 |
| #12 / #114 | IR-Annual annual report | 2026-03-26 |
| #13 / #115 | IR-Quarter quarterly report | 2026-05-13 |
| #14 / #116 | IR-Quarter quarterly report | 2026-08-13 |
Older sources (+1)
| # | Document type | Published |
|---|---|---|
| #1 | IR-Report report | 2021-03-25 |
SMA Solar Stock FAQ
Is there a management forecast (guidance) for FY2026?
Yes. Management has issued targets for FY2026, including Revenue. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.
Which additional key figures does SMA Solar report?
As reported for Q2 2026: Shareholders' equity as of June 30, 2026, Gross cash flow. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Germany, C&I Solutions, EMEA, Americas.
Does SMA Solar pay a dividend?
The filings report on the dividend; most recent entry: dividend per share 17,350 (2024-H1) (as reported, no assessment of our own). Details with source links are in the report chapters.
Where can I find the official investor relations documents of SMA Solar?
NadirAlpha links all 14 original filings used (IR documents) in the sources chapter: quarterly report, annual report, half-year report, each with type, publication date and a direct link; every figure in the report carries a source number.