- S92.DE
- S92
Key Points
-
Interested in SMA Solar Technology AG? Here are five stocks we like better.
-
SMA Solar narrowed its 2026 forecast to the upper half of its prior range, targeting sales of €1.675–€1.725 billion and EBITDA of €205–€230 million, with its strongest quarter expected in Q4.
-
Nine-month reported EBITDA rebounded to €146 million from a €17 million loss, while the order backlog grew to €1.9 billion from €1.3 billion. Results included significant positive items, including earnings from U.S. tariff refunds and inventory sales.
-
The Home & Business division continued to recover, and SMA said its transformation was about 90% complete, targeting break-even in 2027. The company is also expanding into storage and data center infrastructure, with data center revenue expected mainly from 2028.
SMA Solar Technology (ETR:S92) narrowed its 2026 sales and earnings forecasts to the upper half of its previous ranges after reporting a sharp improvement in nine-month profitability and a growing order backlog.
The solar technology company now expects full-year sales of €1.675 billion to €1.725 billion and earnings before interest, taxes, depreciation and amortization (EBITDA) of €205 million to €230 million. It previously raised its guidance in July.
→ D-Wave Quantum Has Long-Term Potential, But Is Now the Time to Buy?
SMA said the revised outlook reflected stronger execution, improved business conditions and better visibility for the fourth quarter, which it expects to deliver its highest sales and earnings contribution of the year.
Nine-Month Earnings and Cash Flow Improve
Gross sales rose to €1.2 billion in the first nine months of 2026 from €1.1 billion a year earlier, despite a €22 million revenue reduction related to U.S. tariff refunds in the Large Scale business.
→ Archer Aviation’s FAA Certificate Is a Milestone, But It Isn’t the Final One
Reported EBITDA climbed to €146 million from a loss of €17 million, giving the company a 12.6% margin. Before special effects described in its quarterly statement, EBITDA was about €110 million.
The company identified positive items including €39 million from the sale of previously written-down inventories, €3 million from the release of restructuring-related personnel provisions and €90 million in earnings from U.S. tariff refunds. Those benefits were partly offset by commissions and provisions for potential claims and litigation.
→ Fox’s $22 Billion Roku Acquisition Reshapes Its Streaming Business
Free cash flow increased to approximately €136 million from €115 million a year earlier, while net capital expenditure fell to €14 million from €38 million. Total liquidity stood at €302 million at the end of September, and SMA said it had fully repaid cash drawn under its revolving credit facility in the first half.
