Nine-Month Results: SMA Solar Posts EUR 99 Million Profit – Order Backlog Grows 45 Percent, Full-Year Forecast Raised

Niestetal – Inverter manufacturer SMA Solar Technology AG continued its positive earnings trend in the third quarter of 2026 and sharply increased its order backlog. At the same time, the company is raising the lower ends of its full-year revenue and earnings forecast.

The European inverter market is increasingly shaped by demand for battery storage. While PV capacity additions in the EU are stagnating, the market for large-scale battery storage in particular is growing. For SMA, business with battery inverters and system solutions for storage integration is therefore gaining importance alongside the traditional solar inverter business.

SMA Posts Significant Profit – Special Items Shape Result

In the first nine months of 2026, SMA generated group revenue of EUR 1,160.7 million, up 2.3 percent from the prior year (EUR 1,134.7 million). Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved from minus EUR 16.9 million to EUR 146.3 million, and the EBITDA margin from minus 1.5 percent to 12.6 percent. Group net income reached EUR 98.9 million, compared with a loss of EUR 144.5 million. SMA thus confirms its return to profitability, achieved in the first half of the year.

The sharp rise in earnings is largely shaped by special items and the absence of high prior-year charges. EBITDA before special items fell 7.6 percent to EUR 109.6 million. The utilisation of previously written-down inventories and US tariff refunds had a positive effect. SMA puts the respective positive earnings effects at EUR 39.2 million and EUR 18.6 million. Passing tariff refunds on to customers reduced revenue by EUR 22.3 million at the same time.

Free cash flow rose from EUR 114.5 million to EUR 135.8 million, and net cash since the beginning of the year from EUR 176.4 million to EUR 301.6 million. SMA is again raising the lower ends of its full-year forecast, which was already increased in July. The Management Board now expects revenue of EUR 1.675 billion to EUR 1.725 billion, compared with the previous range of EUR 1.625 billion to EUR 1.725 billion. The lower end of the EBITDA forecast rises from EUR 180 million to EUR 205 million, while the upper end remains at EUR 230 million. The forecast corresponds to revenue growth of around 10 to 14 percent compared with 2025. To reach the lower end of the revenue forecast of EUR 1.675 billion, SMA would need to generate around EUR 514 million in the final quarter. This represents an increase of about 35 percent compared with the fourth quarter of 2025.

Large-Scale Business Remains Profitable – Smaller Inverters Recover

The Large Scale & Project Solutions division generated revenue of EUR 928.8 million, down 2.6 percent from the prior year. Operating earnings (EBIT) fell from EUR 199.7 million to EUR 130.2 million, and the EBIT margin from 20.9 percent to 14.0 percent.

In the business with residential and commercial customers, revenue of the Home & Business Solutions division rose 27.9 percent to EUR 231.9 million. EBIT improved from minus EUR 322.1 million to minus EUR 28.9 million, but remained negative. The year-on-year comparison is shaped by high impairments and restructuring charges. The order backlog reached EUR 1,857.6 million at the end of September, compared with EUR 1,281.7 million a year earlier. Of this, EUR 1,732.1 million was attributable to Large Scale & Project Solutions. According to the company, higher order intake for battery inverters and international business contributed to the increase.

The SMA share, which is listed in the RENIXX World renewable energy stock index, closed at EUR 48.90 on November 12, 2026 (Stuttgart Stock Exchange). The share lost 3.5 percent compared with the previous week, but is up 43.6 percent since the beginning of the year.

Battery Storage Is Changing the Inverter Market

Rising order intake for battery inverters shows that the growing importance of battery storage is increasingly reflected in SMA’s business. According to SolarPower Europe, battery storage with a capacity of 36 GWh was installed across Europe, including non-EU countries, in 2025, up 48 percent from the previous year. The association expects more than 50 GWh of additions in 2026, driven mainly by large-scale storage. PV capacity additions in the EU, by contrast, are likely to be slightly below the prior-year level at 68 GW.

At the same time, international competition remains high. According to the International Energy Agency (IEA), China accounted for around 80 percent of global manufacturing capacity for solar and battery inverters in 2025, and Europe for about 8 percent. The IEA also points to cybersecurity risks and dependencies on individual supplier countries.

Source: IWR Online, 13 Nov 2026