SMA-Share Price Rises: SMA Group Under Pressure in 2025 - Revenue Stable, EBITDA Heavily Impacted - Cautiously Optimistic Outlook for 2026

Niestetal (Germany) - SMA Solar Technology AG (SMA) has presented preliminary, unaudited figures for the 2025 financial year. The company’s share price rose in today’s trading.

The revenue of the SMA Group declined slightly by 0.9 percent to €1,516.0 million in the 2025 financial year (2024: €1,530.0 million). Operating EBITDA before one-off effects amounted to €106.6 million (2024: €147.5 million). Including one-off effects, however, EBITDA was clearly negative at -€65.4 million (2024: -€16.0 million).

According to SMA, this development was mainly due to lower sales volumes and the resulting reduced fixed-cost leverage in the Home & Business Solutions (HBS) division. In addition, several one-off effects weighed on the result. These included inventory write-downs and scrapping totaling €122.6 million, provisions for purchase obligations of €35.8 million, provisions related to the restructuring and transformation program amounting to €24.1 million, and a write-down on receivables in the United States of €7.5 million. Positive special effects of €18.0 million partly offset these burdens.

The Group’s EBIT came in at -€188.2 million (2024: -€93.1 million). Net income declined to -€181.1 million (2024: -€117.7 million), while earnings per share fell to -€5.22 (2024: -€3.39). Net liquidity increased significantly to €176.4 million compared with €84.2 million in the previous year.

“The 2025 financial year was once again very challenging. The solar industry operated in an environment shaped by highly volatile markets, geopolitical uncertainties and politically driven discussions. This led to lower investment willingness, particularly in the United States and Europe. At the same time, with our restructuring and transformation program we have set structural course for the future and achieved important progress in 2025,” said SMA CEO Jürgen Reinert.

For 2026, SMA Solar Technology AG expects Group revenue between €1,475 million and €1,675 million and positive EBITDA in a range between €50 million and €180 million. CFO Kaveh Rouhi explained that the company expects revenue growth and an improvement in earnings in the HBS division, although the break-even point will not yet be reached. According to SMA, the forecast takes into account the current geopolitical and trade-related framework conditions.

The share of SMA Solar Technology AG rose significantly yesterday by 8.6 percent to €31.56 (closing price on 4 March 2026 at the Börse Stuttgart).

Source: IWR Online, 05 Mar 2026