SMA Solar (S92) Q4 2025 earnings summary

Executive summary

• Revenue for fiscal year 2025 was €1,516m, down 0.9% year-over-year, with growth in Large Scale & Project Solutions offset by weaker Home & Business Solutions (HBS) and significant one-off restructuring and transformation expenses.

• EBITDA declined to €-65.4m from €-16m in 2024, mainly due to one-off effects and lower HBS sales volume; operating EBITDA before one-time items was €106.6m.

• Free cash flow improved significantly to €110m from €-184m in 2024, driven by positive operating profits and effective net working capital reduction.

• Net income fell to €-181.1m, with EPS at €-5.22, reflecting impairments and restructuring costs.

• Order backlog remained stable at €1,352m, with product backlog at €1bn.

Financial highlights

• Sales: €1,516m in 2025 vs. €1,530m in 2024.

• Gross margin dropped to 8.1% from 16.5% year-over-year, mainly due to lower HBS profitability and one-time items.

• EBIT fell to €-188.2m (margin -12.4%), with operating EBIT before one-time items at €54.3m.

• Net cash position improved, with financial liabilities reduced by €100m and net cash at €176.4m at year-end.

• Inverter output sold increased to 19.9 GW from 19.5 GW year-over-year.

Outlook and guidance

• 2026 sales guidance: €1,475m–€1,675m; EBITDA guidance: €50m–€180m.

• Large Scale sales expected slightly above 2025, but EBIT to be lower due to higher service costs, FX effects, and less capitalized R&D.

• HBS sales and EBIT expected above 2025, but HBS still not profitable.

• Persistent uncertainty from trade barriers, geopolitical conflicts, and new EEG legislation.