Sma Solar Technology Ag Stock Earnings Reports

Key points for investors: Group sales rose 4% in Q1 2026 to EUR 341m, driven by Home & Business Solutions (HBS) which increased 27% to EUR 61m; Large Scale & Project Solutions sales were stable. Reported EBITDA was EUR 26m and operating EBITDA before one-offs increased 67% to EUR 25m. Free cash flow was negative EUR 27m due to a buildup in net working capital from strong March receivables; net cash ended March at EUR 148m. Order backlog strengthened to EUR 1.41bn (product backlog ~EUR 1.1bn), with strong Large Scale intake. Management refined 2026 guidance to the upper third of prior ranges: group sales between EUR 1.475bn–1.675bn and EBITDA EUR 50m–180m, citing improved HBS demand and favorable USD/EUR FX versus initial planning. Management sees continued progress in the HBS transformation (substantial EBIT improvement year-over-year) while Large Scale EBIT is expected below prior year due to higher operating costs and lower R&D capitalization. Storage/battery solutions are growing importance in Large Scale (battery inverters represented a majority of Q1 Large Scale sales), and SMA highlighted a flagship 95 MW / 220 MWh BESS project in Finland as a strategic reference. Potential upside: a likely partial refund of previously paid U.S. tariffs (management estimates EUR ~20m–30m potential benefit), and supportive EU policy favoring non-Chinese suppliers in certain public projects could benefit SMA over time. Principal risks: geopolitical tensions, trade restrictions/tariffs, regulatory uncertainty (notably German EEG and EU procurement guidance), and FX volatility which could affect results and guidance.