SMA Solar Technology AG
SMA Solar Technology makes inverters and control equipment that turn solar and battery power into usable electricity. It serves homes, businesses and large energy projects, with software and services to manage how that electricity reaches customers and the grid.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
First-half 2026 financial report
Investment Thesis
Solar and storage equipment, with a recovery to prove
European Tech Equities analysis ·
The investment case
SMA’s opportunity is to supply more of the equipment needed when solar power and batteries become larger parts of electricity supply. Its products already operate in commercial projects, and large-scale customers now provide most revenue. The central question is whether growth in those applications can support lasting profit while the smaller-installation business is restructured.
Business progress
September’s certification for a battery inverter connects SMA’s technology to a specific customer need: helping keep the grid stable as its generation mix changes. The company also opened its new Niestetal factory and introduced equipment for data centres. These developments broaden its offering, although new products, certification and production capacity should not be mistaken for secured sales.
Customer demand
Customers need equipment that converts power efficiently, meets local grid rules and remains serviceable over a plant’s life. Storage can add demand beyond new solar installations because it also helps manage electricity timing and network stability. Orders nevertheless depend on project financing, grid access, regulation and the prices offered by competing suppliers.
Financial position
First-half 2026 revenue was almost unchanged at €686.6 million, while reported operating profit recovered to €62.4 million from a loss. Net profit of €72.8 million also benefited from tax effects, and operating earnings included inventory and tariff-related benefits. Operating cash flow was €82.3 million. At June 30, cash excluding pledged collateral was €212.7 million and financial debt including leases was €94.2 million.
Value and risks
The 2025 loss and the special effects in 2026 make a simple profit multiple difficult to interpret. A useful assessment asks how much profit remains after temporary benefits, whether the home and business division stops losing money, and whether large projects turn into cash. Management’s forecasts and the data-centre opportunity should be tested against delivered revenue rather than counted as certain earnings.
What would weaken the case
- Price competition can erode margins even when solar and storage installations grow.
- Reported first-half earnings include benefits that may not recur.
- Project delays, tariffs and unsuccessful restructuring could undermine the recovery.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. EBITDA is reported, not adjusted. Cash capital expenditure includes property, equipment and intangible assets. The first-half 2026 result includes inventory, tariff, restructuring and tax effects; it should not be treated as entirely recurring earnings.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. EBITDA is reported, not adjusted. Cash capital expenditure includes property, equipment and intangible assets. The first-half 2026 result includes inventory, tariff, restructuring and tax effects; it should not be treated as entirely recurring earnings.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. EBITDA is reported, not adjusted. Cash capital expenditure includes property, equipment and intangible assets. The first-half 2026 result includes inventory, tariff, restructuring and tax effects; it should not be treated as entirely recurring earnings.
Quarterly
Income statement
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. EBITDA is reported, not adjusted. Cash capital expenditure includes property, equipment and intangible assets. The first-half 2026 result includes inventory, tariff, restructuring and tax effects; it should not be treated as entirely recurring earnings.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
SMA achieves first certification under Germany’s new framework for the inertia market
SMA opens Gigawatt Factory and strengthens industrial foundation for the energy infrastructure of the future
SMA introduces dedicated solutions to accelerate time-to-power for AI-driven data centers
The SMA Group achieves sales and earnings growth in the first half of 2026
First-half 2026 financial report
Interviews
Interviews are coming soon
No interviews with SMA Solar Technology AG have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Aug 13, 2026 · Checked Nov 6, 2026
Q2 2025 · Published Aug 13, 2026 · Checked Nov 6, 2026
Q2 2026 · Published Aug 13, 2026 · Checked Nov 6, 2026
FY 2024 · Published Mar 26, 2026 · Checked Nov 6, 2026
FY 2025 · Published Mar 26, 2026 · Checked Nov 6, 2026
H1 2025 · Published Aug 7, 2025 · Checked Nov 6, 2026
Checked 2026-11-06
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Checked 2026-11-06