SMA Solar Posts Record Order Intake as H1 2026 Result Improves Significantly
Niestetal (Germany) — SMA Solar Technology AG has published its financial results for the first half of 2026. Despite what the company described as intense competition and geopolitical uncertainty, SMA achieved record order intake in its Large Scale & Project Solutions division and significantly expanded its order backlog.
Group Result Swings Sharply Into Profit
Group sales stood at EUR 686.6 million, roughly level with the prior-year period (EUR 684.9 million); excluding the dampening effect of customs duty reimbursements, sales would have reached EUR 708.9 million, according to the company. EBITDA including one-time effects rose to EUR 88.3 million, up from EUR 9.1 million a year earlier, while EBIT swung to EUR 62.4 million from minus EUR 19.0 million. Net result climbed to EUR 72.8 million (prior-year period: minus EUR 42.4 million), and earnings per share rose to EUR 2.10 (prior-year period: minus EUR 1.22). SMA attributed the improvement largely to one-time effects: the reversal of previously written-down inventories (EUR 22.4 million), US customs duty reimbursements recognized in the income statement (EUR 18.6 million), and the reversal of personnel provisions (EUR 3.1 million). The prior-year result had been weighed down by inventory impairments and a receivables write-down following a US customer's insolvency filing. The Home & Business Solutions division increased sales by 24.5 percent to EUR 144.5 million and improved its EBIT from minus EUR 129.2 million to minus EUR 21.5 million.
Order Backlog Grows to EUR 1.75 Billion
SMA Group's order backlog rose to EUR 1.75 billion as of June 30, 2026, up from EUR 1.16 billion a year earlier. The increase was driven by record order intake in the Large Scale & Project Solutions division in the second quarter, which also includes revenue recognized during the period from Altenso GmbH's battery storage projects. Product business accounted for EUR 1.43 billion, or three-quarters of the total backlog (prior year: EUR 848.3 million). Division sales, by contrast, fell 4.7 percent to EUR 542.1 million, mainly due to the reducing effect of customs duty reimbursements to customers.
US Tariff Ruling Delivers Refunds for SMA
Part of the earnings improvement stems from a ruling by the US Supreme Court on February 20, 2026, which found import tariffs imposed under the International Emergency Economic Powers Act (IEEPA) unlawful by a 6-3 majority. The US trade court, the Court of International Trade, ordered the refund of already-paid IEEPA tariffs on March 4, 2026. Two offsetting effects factored into SMA's results: the reimbursement passed on to customers (EUR 22.3 million) reduced sales, while separate customs duty reimbursements affecting SMA directly (EUR 18.6 million) had a positive impact on EBITDA. CFO Kaveh Rouhi said the early refund, together with the trend in the dollar exchange rate, was among the factors that had reduced key risks for the company since the start of the year.
Guidance for 2026 Raised
The Managing Board had already raised its full-year guidance on July 16, 2026. SMA now expects sales of EUR 1.625 billion to EUR 1.725 billion (2025: EUR 1.516 billion) and EBITDA of EUR 180 million to EUR 230 million (2025: minus EUR 65.4 million). According to the company, this reflects both the decline in risks present at the start of the year and improved conditions in both divisions.
"With sales of around EUR 709 million before customs duty reimbursements and an order backlog of EUR 1.75 billion, we have performed well in this environment," said Jürgen Reinert, CEO of SMA.
Source: IWR Online, 17 Aug 2026
