EQS-News: SMA Group delivers sales growth after nine months - earnings affected by one-time effects

SMA Group delivers sales growth after nine months - earnings affected by one-time effects
 

• Sales up year on year at €1,134.7 million (9M 2024: €1,059.7 million)
• EBITDA including one-time effects at –€16.9 million[1] (9M 2024: €83.5 million[2]); operating EBITDA reaches €118.6 million (9M 2024: €64.4 million)
• Order backlog on September 30, 2025 stands at €1.3 billion (September 30, 2024: €1.4 billion)
• Large Scale & Project Solutions increases sales and earnings significantly
• Demand in Home & Business Solutions remains weak
• Managing Board confirms adjusted guidance for 2025 dated September 1: sales of €1,450 million to €1,500 million; EBITDA of –€80 million to –€30 million

Niestetal, November 13, 2025 – In the first nine months of 2025, SMA Solar Technology AG (SMA/ISIN: DE000A0DJ6J9/FWB: S92) delivered consolidated sales of €1,134.7 million, an increase on the previous year (9M 2024: €1,059.7 million). The Large Scale & Project Solutions division recorded an increase in sales of 24.8% to €953.4 million (9M 2024: €764.0 million). Sales in the Home & Business Solutions division continued to be impacted by weak demand as well as high competitive and pricing pressure. Accordingly, sales fell by 38.7% to €181.3 million (€83.4 million of which was attributable to Home Solutions and €97.9 million to Commercial & Industrial Solutions) (9M 2024: €295.7 million, of which €147.0 million from Home Solutions and €148.7 million from Commercial & Industrial Solutions).

EBITDA, including one-time effects, was -€16.9 million¹ (9M 2024: €83.5 million²). This corresponds to an EBITDA margin of -1.5% (9M 2024: 7.9%). Among the reasons for this change compared to the previous year are lower sales and the resulting lower fixed cost degression in the Home & Business Solutions division. In addition, one-time effects involved write-offs and scrappage on inventories as well as allocations to provisions for purchase commitments (total: €146.0 million), provisions for doubtful receivables (€7.5 million) and positive one-time effects (€18.0 million). EBIT, which includes additional impairment on capitalized development projects and on machinery as well as production equipment (total: €65.4 million) was therefore -€123.2 million¹ (9M 2024: €46.0 million²). This corresponds to an EBIT margin of -10.9% (9M 2024: 4.3%). Operating EBITDA amounted to €118.6 million (9M 2024: €64.4 million).

The Large Scale & Project Solutions division further improved its profitability compared with the same quarter of the previous year thanks to the high level of sales and the associated fixed cost degression, as well as a profitable product mix, and achieved EBIT of €199.7 million (9M 2024: €154.4 million).

EBIT in the Home & Business Solutions division fell to -€322.1 million (9M 2024: -€123.8 million) due to the price-related and volume-related decline in sales, as well as the non-recurring one-time effects referred to above.

“The third quarter is a clear reflection of the difference in market dynamics between our two divisions. Whereas sales in the Home & Business Solutions division stabilized at a low level, the Large Scale & Project Solutions division once again achieved a significant increase in sales and EBITDA. Incoming orders in the large-scale PV power plant segment also continued to rise in line with expectations in the third quarter. This development confirms our strategic focus on high-growth future markets and the expansion of our core competencies, as well as our focused positioning as a system and solution provider,” commented Jürgen Reinert, CEO of SMA.

“Given the declining market demand for residential and commercial systems, the expansion of our restructuring program was a logical step in our efforts to improve our competitive position. We are making steady, measurable progress in implementing the program. Thanks to the additional measures, we are achieving further considerable reductions in costs in the Home & Business Solutions division and at the Corporate Center and delivering lasting gains in efficiency,” added Kaveh Rouhi, CFO of SMA.

Net income came in at -€144.5 million (9M 2024: €34.7 million). Earnings per share thus amounted to -€4.16 (9M 2024: €1.00).

The net working capital ratio was 15.7% (December 31, 2024: 30.9%). Due to the high impairment on inventories in the third quarter, the Managing Board is adjusting its target range for the year as a whole to between 16% and 19% (previously: 23% to 27%).

As a result of the implementation of the restructuring measures and stringent net working capital management, the SMA Group’s free cash flow increased significantly to €114.5 million, up from the previous year’s figure of -€220.3 million. Net cash as of September 30, 2025, was significantly higher than at the end of the year, coming in at €180.4 million (December 31, 2024: €84.2 million). The equity ratio was 28.9% (December 31, 2024: 35.9%).

As of September 30, 2025, the order backlog amounted to €1,281.7 million (September 30, 2024: €1,438.3 million). At €950.0 million, three quarters of this is attributable to the product business (September 30, 2024: €1,098.7 million).

The SMA Managing Board confirms its sales and earnings guidance for the 2025 fiscal year, adjusted on September 1, 2025. This envisages sales of €1,450 million to €1,500 million (2024: €1,530.0 million) and EBITDA of -€80 million to -€30 million (2024: -€16.0 million).

Additional Information

The nine-month report for January to September 2025 is available to view online at www.sma.de/en/investor-relations/publications. SMA will discuss its business development during a conference call for analysts and investors at 1:30 p.m. (CET) on November 13, 2025. An overview of analyst estimates (consensus) is available at www.sma.de/en/investor-relations/analyst-coverage-consensus.

About SMA

As a leading global specialist in photovoltaic and storage system technology, the SMA Group is setting the standards today for the decentralized and renewable energy supply of tomorrow. SMA’s portfolio contains a wide range of efficient PV and battery inverters, holistic system solutions for PV and battery-storage systems of all power classes, intelligent energy management systems and charging solutions for electric vehicles and power-to-gas applications. Digital energy services as well as extensive services round off SMA’s range. SMA inverters installed throughout the world within the last 20 years with a total output of approximately 144 GW help avoid the emission of more than 64 million tons of CO₂. SMA’s multi-award-winning technology is protected by more than 1,600 patents and utility models. The Group’s parent company, SMA Solar Technology AG, has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) since 2008 and is listed on the SDAX and the TecDax index.

SMA Solar Technology AG

Sonnenallee 1

34266 Niestetal

Germany

Press contact:

Nina McDonagh

Tel. +49 561 9522-425911

Presse@SMA.de

Investor relations contact:

Viona Brandt

Tel. +49 15127765825

Investor.Relations@SMA.de

Disclaimer:

This Corporate News update serves only as information and does not constitute an offer or invitation to purchase, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”), nor should it form the basis of any contract to purchase or sell any securities of the Company or any member of the SMA Group.

This Corporate News update may contain forward-looking statements. Forward-looking statements are statements that do not describe historical facts. They also include statements about our assumptions and expectations. These statements are based on plans, estimates and forecasts that the management of SMA Solar Technology AG (SMA or Company) has available at this time. Forward-looking statements are therefore valid only on the day on which they are made. Forward-looking statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the Company and the estimates given here. These factors include those that SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de/en. The company accepts no obligation whatsoever to update these forward-looking statements or to adjust them to future events or developments.

^[1] Including approximately €10 million from a compensation payment received as part of a claims settlement (disclosed in the Corporate segment)

^[2]  Including €19.1 million from the sale of shares in elexon GmbH (disclosed in the Corporate segment)