- SMA Solar’s H1/2023 revenues improved 65.1% annually to €778.9 million
- Home Solutions led sales, followed by C&I and Large Scale & Project Solutions
- Backlog increased to €2.45 billion, comprising €2.07 billion product business
Improved supply situation and strong demand for its products led SMA Solar Technology to sell 7.213 GW worth of solar inverters in H1/2023, up from 5.75 GW in the previous year. Management has reported increased sales and earnings in all 3 business segments.
The German solar inverter manufacturer earned €778.9 million revenues during the 1st half of 2023, reflecting an annual increase of 65.1%. A total of 75.3% of external sales calculated before sales deductions, were generated in Europe, Middle East and Africa region. North and South Americas contributed 19.6% to its sales, followed by Asia Pacific with 5.1%.
The Home Solutions segment contributed the most with €327.3 million, having doubled its sales over the period, followed by Commercial & Industrial (C&I) Solutions whose €194.2 million sales went up 64%. The Large Scale and Project Solutions segment registered annual growth of 18.1% to €257.4 million.
“All three segments also closed the first half of 2023 with a positive result and have thus returned to profitability earlier than planned,” said SMA CFO Barbara Gregor.
Compared to a net loss of -€10.6 million last year, net income increased to €103.5 million. EBITDA too rose significantly from €15.9 million in H1/2022 to €125.3 million this year with an EBITDA margin of 16.1%, attributed to increase in sales, improved supply, decrease in production cost and continued high-margin product mix.
However, it is the product business that accounts for more than ¾ of the group’s total backlog of €2.45 billion with €2.07 billion.
SMA has reiterated its increased annual sales guidance for 2023 at €1.7 billion to €1.85 billion when it expects to sell 17 GW to 19 GW of inverters, up from 12.2 GW sold in 2022. EBITDA is guided within the €230 million to €270 million range, while EBIT is anticipated between €190 million and €230 million.
According to the company, “For the second half of 2023, the Managing Board anticipates a stabilization of sales and earnings in the Home Solutions segment at a high level and a rising share of sales and earnings from the C&I and Large Scale & Project Solutions segments.”