SMA Solar stock gains as nine-month results lift 2026 outlook

Published on 11/12/2026 at 11:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

SMA Solar stock gains after nine-month results. Management now expects 2026 sales and EBITDA in the upper half of its guidance ranges.

Results strengthen SMA outlook

Sales rose to 1,160.7 million euros in the first nine months, while the order backlog reached 1.9 billion euros.
SMA lifted the lower end of its 2026 sales and EBITDA guidance and now targets the upper half of both ranges.
Home and Business Solutions delivered strong growth, while Large Scale and Project Solutions remained below the prior year.

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SMA Solar stock traded at 49.30 euros on Lang & Schwarz at 11:41 CET on Thursday, November 12, 2026, 2.20 percent above the Xetra close of Wednesday, November 11, at 48.24 euros. The move followed SMA Solar Technology AG's nine-month results and a tighter 2026 outlook, released at 07:00 CET.

According to the SMA corporate release, group sales reached 1,160.7 million euros in the first nine months of 2026, up from 1,134.7 million euros a year earlier. The figure included a 22.3 million euro reduction linked to US customs duty reimbursements. Excluding that effect, sales were 1,183.0 million euros.

Reported earnings rebound sharply

EBITDA before one-time effects came in at 109.6 million euros, compared with 118.6 million euros in the prior-year period. Including the listed effects and 18.6 million euros of customs duty reimbursements recognized in the income statement, EBITDA rose to 146.3 million euros from a loss of 16.9 million euros. The resulting EBITDA margin was 12.6 percent, compared with negative 1.5 percent.

EBIT improved to 107.4 million euros from negative 123.2 million euros. Net income reached 98.9 million euros, against a loss of 144.5 million euros in the first nine months of 2025. Earnings per share were 2.85 euros, compared with negative 4.16 euros previously.

The company also reported free cash flow of 135.8 million euros, up from 114.5 million euros. Net cash stood at 301.6 million euros at September 30, compared with 176.4 million euros at the end of 2025.

Backlog supports future revenue

SMA's order backlog increased to 1,857.6 million euros at the end of September, from 1,281.7 million euros a year earlier. The product business accounted for 1,517.5 million euros. Large Scale and Project Solutions recorded sales of 928.8 million euros, down 2.6 percent, while its backlog reached 1,732.1 million euros.

Home and Business Solutions provided the stronger growth signal. Sales rose 27.9 percent to 231.9 million euros, and EBIT improved to negative 28.9 million euros from negative 322.1 million euros. SMA said demand remained strong for its new three-phase hybrid inverter, while the Large Scale division received 480 million euros of orders in the third quarter.

Guidance moves toward upper range

Management narrowed its 2026 sales guidance to 1,675 million to 1,725 million euros, compared with the previous range of 1,625 million to 1,725 million euros. The EBITDA range was raised at the lower end to 205 million to 230 million euros from 180 million to 230 million euros. SMA said the first nine months and expected fourth-quarter trends support the upper half of both ranges.

The outlook gives investors a clearer earnings framework, but the reported EBITDA still includes several material effects. These include inventory utilization, provision changes, restructuring-related reversals, customs reimbursements and provisions linked to potential claims. The quality and timing of these effects remain important for assessing recurring profitability.

SMA will discuss the nine-month performance with analysts and investors on a conference call at 13:30 CET on Thursday, November 12.

German equities were being monitored through the DAX market.

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