on SMA Solar Technology AG (ETR:S92)
SMA Solar Technology AG Faces Challenging Market in 2025
SMA Solar Technology AG reports a slight decrease in group revenue for 2025, amounting to €1,516.0 million, down 0.9% from 2024. The operating EBITDA before one-time items reached €106.6 million, but it dropped to –€65.4 million including one-time items due to restructuring costs. The gross margin slipped to 8.1%, primarily impacted by lower profitability in the Home & Business Solutions division.
The Large Scale & Project Solutions division saw a 7.9% revenue increase, largely driven by grid stabilization projects. Despite challenges, free cash flow showed significant improvement, rising to €109.7 million from a negative €184.1 million in 2024.
Looking forward, SMA’s guidance for 2026 anticipates revenues between €1,475 million and €1,675 million, with an EBITDA range of €50 million to €180 million. The company expects the Large Scale & Project Solutions division to maintain growth, although earnings may face pressure from expanded service costs and exchange rates.
R. E.
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