SMA Solar’s Q2 2026 preliminary results show that its EBITDA and EBIT exceeded market expectations despite a slight decline in revenue
The management shared that one-time tariff refunds and inventory write-down reversals provided a significant boost to its quarterly earnings
The company expects stronger market conditions and operating performance to support higher revenue and EBITDA in 2026
German solar inverter manufacturer SMA Solar Technology AG has raised its full-year 2026 guidance citing ‘overall improvement in market conditions’, stronger operating performance, and favorable currency exchange developments.
The company now expects to report group revenue within the range of €1,625 million and €1,725 million, up from the previously guided €1,475 million to €1,675 million. Group EBITDA is forecast between €180 million and €230 million, up from the previously forecast range of €50 million to €180 million. This is the second upward revision for SMA (see SMA Solar Q1 2026 Revenue Rises, Net Loss Widens).
SMA’s preliminary results for Q2 2026 show revenue of €345.7 million, slightly below the €357.1 million reported a year earlier. However, EBITDA rose to a positive €64.7 million for the quarter, up from a loss of €15.5 million last year, and exceeded analyst consensus of €44 million.
EBIT for the period also improved to €51.5 million, compared with analyst expectations of €32 million and a €30.4 million loss in the same period of 2025.
The company attributes this earnings improvement to an earlier-than-expected refund of tariffs imposed under the US International Emergency Economic Powers Act (IEEPA), which had been ruled unlawful.
Most of these refunds benefited the company's Large Scale & Project Solutions division, it said, which is expected to report revenue of €262.1 million, still lower than €293.8 million in Q2 2025. EBIT for this business segment is expected to reach €44.6 million, compared to €63.2 million in the corresponding quarter of 2025.
The company also recorded a €21.7 million positive earnings impact after reversing inventory write-downs in its Home & Business Solutions division. SMA said the reversal followed a targeted sales initiative that identified buyers for inventory previously considered unsellable.
SMA says the Home & Business Solutions division returned to a positive EBIT of €0.5 million from a negative €83.2 million in Q2 2025. Its revenue increased to €83.3 million from €67.9 million a year earlier, supported by stronger demand.
This is a positive for SMA since persistent weak demand and price pressure in the Home & Business Solutions division had prompted the company to expand its restructuring plans. In October 2025, it announced plans to further reduce its global workforce by around 350 (see SMA Solar To Reduce Workforce By Another 350 By 2026-End).
SMA said Q2 2026 revenue would have been €368 million if it were not for these one-time effects, while EBITDA and EBIT would have reached €40.9 million and €27.7 million, respectively – all above the corresponding figures reported a year earlier. The company’s H1 2026 report is scheduled to be published on August 13, 2026.
SMA is also exploring opportunities in the energy storage segment. Recently, it entered into a strategic partnership with China’s HyperStrong to collaborate on utility-scale energy storage projects globally using its Sunny Central Storage Inverter technology (see HyperStrong & SMA Solar Global Energy Storage Partnership).
