SMA Solar Lifts Order Backlog to €1.9 Billion, Narrows 2026 Outlook

• SMA Solar's nine-month 2026 sales rose to €1,160.7 million, and its order backlog reached €1.86 billion, up from €1.28 billion a year earlier.
• Large Scale sales slipped 2.6% as planned, while Home & Business sales rose 27.9% on higher demand.
• SMA now expects 2026 sales of €1,675 million to €1,725 million, with the fourth quarter its strongest.

SMA Solar Technology's order backlog rose to €1.86 billion at the end of September, from €1.28 billion a year earlier. The German inverter maker reported the figure in a statement on Nov. 12. Nine-month sales reached €1,160.7 million, slightly above €1,134.7 million a year earlier.

That figure is net of €22.3 million in US customs duty reimbursements, which SMA books as a sales reduction. Without them, sales were €1,183.0 million. EBITDA before one-time effects fell to €109.6 million from €118.6 million. Reported EBITDA swung to €146.3 million from a loss of €16.9 million. One-time gains included €39.2 million from using previously written-down inventory. Another €18.6 million of customs refunds went through the income statement.

Large Scale & Project Solutions sales slipped 2.6% to €928.8 million, in line with plan. The division's backlog rose to €1,732.1 million from €1,298.2 million at the end of 2025, on orders for battery inverters and US projects. It took €480 million of new orders in the third quarter, Chief Operating Officer Olaf Heyden said.

Sales at Home & Business Solutions, SMA's rooftop inverter and storage unit, jumped 27.9% to €231.9 million. Its EBIT loss narrowed to €28.9 million from €322.1 million a year earlier, when inventory impairments hit results.

US rival SolarEdge reported third-quarter revenue of $326.1 million on Nov. 4 and guided to $245 million to $275 million for the fourth quarter.

The nine months in numbers

• 44.9% growth in the order backlog, to €1,857.6 million from €1,281.7 million (list.solar calculation).
• €1,517.5 million of the backlog is product business, against €950.0 million a year earlier.
• 14,296 MW of inverter output sold, up from 13,610 MW.
• €474.1 million in third-quarter sales, up 5.4% from €449.9 million (list.solar calculation).
• €514 million to €564 million in fourth-quarter sales implied by the new guidance, against €381 million a year earlier (list.solar calculation).
• €301.6 million in net cash on Sept. 30, up from €176.4 million at the end of 2025.

The Managing Board narrowed its 2026 forecast to the upper half of the ranges it raised on July 16. It now expects sales of €1,675 million to €1,725 million, against €1,516.0 million in 2025. EBITDA should reach €205 million to €230 million, after a €65.4 million loss. SMA expects the fourth quarter to bring the year's highest sales. Its annual report is due on March 25, 2027.