SMA Solar’s Q1 2026 sales increased 4% YoY to €340.9 million, driven by the Home & Business Solutions segment
The Large Scale & Project Solutions business remained the company’s biggest revenue contributor with over 80% share
The company has refined its 2026 guidance toward the upper end of its previously announced sales and EBITDA forecast range
SMA Solar Technology AG, the solar inverter manufacturer from Germany, began FY2026 with higher sales and improved Q1 operating earnings, driven by stronger performance in its Home & Business Solutions (HBS) division. Nevertheless, the Large Scale and Project Solutions division continued to drive the company’s business.
The company posted Q1 2026 sales of €340.9 million, up 4% from €327.7 million a year earlier. Sales in the HBS division rose 27.4% year-on-year (YoY) to €61.4 million due to higher demand. This segment accounted for 18% of total sales, with strong demand seen in the EMEA region.
Sales for the Large Scale & Project Solutions division remained flat at €279.5 million, accounting for 82% of group sales. The Americas region accounted for 38.6% of gross revenue.
Operating EBITDA before one-time items increased 67.3% to €24.6 million from €14.7 million in Q1 2025, while reported EBITDA, including one-time items, reached €26.1 million, slightly above the €24.6 million recorded a year earlier.
EBIT improved to €13.3 million from €11.4 million. However, the company reported a net loss of €1.6 million compared with net income of €5.5 million in the same period last year due to deferred tax expenses.
CEO Jürgen Reinert said Q1 results showed ‘clear progress’ from the company’s restructuring and transformation program. Reinert added that demand for residential and commercial systems had ‘stabilized noticeably since March’, which the company views as the early signs of a market recovery.
Notably, SMA Solar had launched a restructuring and transformation program for its global operations in September 2024, including job cuts to stabilize the company financially, with expected cost savings of around €150 million to €200 million. In October 2025, it extended the program, citing persistent weak demand and price pressure in the HBS division (see SMA Solar To Reduce Workforce By Another 350 By 2026-End).
As of March 31, 2026, SMA Solar’s order backlog increased to €1.41 billion, up from €1.29 billion a year earlier, mainly supported by large-scale solar and battery energy storage projects.
CFO Kaveh Rouhi said SMA expects stronger revenue growth in H2 2026, supported by a solid project pipeline and planned execution of major projects later in 2026.
The management has refined its full-year 2026 guidance, now expecting sales and EBITDA to land in the upper third of the previously announced forecast ranges of €1.475 billion to €1.675 billion and €50 million to €180 million, respectively (see SMA Solar Meets 2025 Sales Guidance With €1.52 Billion).
The company said market conditions remain volatile due to geopolitical and trade-related uncertainties, including tariffs and tensions linked to the Middle East conflict.
“We are expecting a strong increase in sales in the Home & Business Solutions division for the full year compared to the previous year, in part because of the low starting level in the fiscal year 2025,” added Rouhi. “Since the start of the conflict in the Middle East, some of our customers have observed increased demand for residential and commercial systems. However, it is not yet foreseeable whether this demand effect will have a sustained impact on the sales development of the HBS division.”