Germany-based solar energy equipment supplier SMA Solar Technology has reported revenue of €1.52 billion (~$1.75 billion) for 2025, a 0.9% year-over-year (YoY) decline from €1.53 billion (~$1.76 billion) in 2024.

The Large Scale and Project Solutions division reported a 7.9% YoY increase in revenue, reaching €1.27 billion (~$1.46 billion) from €1.18 billion (~$1.35 billion) a year ago.

Sales in the Home and Business Solutions division declined by 30.2% YoY to €247.2 million (~$284.42 million) from €354.1 million (~$407.45 million) the year before, primarily due to intense competitive pressure and muted market demand amid challenging general macroeconomic circumstances.

The company’s net loss widened to €181.1 million (~$208.38 million) from €117.7 million.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) were a loss of €65.4 million (~$75.25 million), compared with a loss of €16 million (~$18.41 million) the previous year.

The decline in EBITDA was due to lower sales volume and the resulting lower fixed cost degression in the Home and Business Solutions division; allocations to provisions for purchase commitments in Home & Business Solutions; and provisions related to the restructuring and transformation program.

The earnings per share fell to a loss of €5.22 (~$6.01) from €3.39 (~$3.901).

Kaveh Rouhi, Chief Financial & Legal Officer at SMA Solar Technology, said, “The EBIT for Home and Business Solutions amounted to minus €376 million (~$432.65 million) compared to minus €315 million (~$362.46 million) in 2024 due to the one-offs effects from inventory write-offs and scrapping of about €123 million (~$141.53 million), allocations to provisions for purchase commitments of €36 million (~$41.42 million) as well as R&D and fixed assets impairments of €67 million (~$77.09 million). The overall reported EBIT margin for the SMA Group amounted to minus 12% compared to 6% in 2024. Operating EBIT margin was 3.6% in 2025 versus 6.3% in 2024.”

“Our order backlog remained at the same level as in 2024, with over €1.3 billion (~$1.49 billion) at the end of December ’25, and product order backlog stood at €1 billion (~$1.15 billion). Net cash more than doubled to €176 million (~$202.52 million) at the end of December, mainly driven by the operative improvements and our solid operating profitability, while the negative one-timers are mostly noncash effects,” Rouhi added.

Operational Highlights

SMA Solar is developing a 3-phase hybrid solution available in two power classes. It will introduce this solution to its customers at Intersolar in June this year. In January, it introduced the Sunny Tripower X 60, a new storage solution for the U.S. market, which will be available later this year. Overall, the portfolio is much more attuned to customer demand while maintaining a more competitive cost base.

As part of the advanced integrated solutions concept, SMA will focus on software development and outsource hardware development for Home and Business Solutions to partners. To meet the need for greater competence in this area, the company has successfully ramped up operations at its  Global Competence Center in India.

The company added that its inverter system can meet data center requirements and enable them to connect to the grid. SMA Solar is using its SiC technology, with over 1 GW of track record in comparable use cases such as hydrogen and modular, flexible systems, making it a perfect fit for these challenging applications.

Outlook for 2026

The company expects group sales to range between €1.475 billion (~$1.69 billion) and €1.675 billion (~$1.93 billion), and EBITDA to range between €50 million (~$57.53 million) and €180 million (~$207.12 million) for 2026.

The guidance is based on the assessment that sales in the Large Scale and Project Solutions division will be slightly above last year’s high, driven by the existing high order backlog and sustained demand. Sales in the Home and Business Solutions division are also expected to exceed the previous year’s level.

SMA Solar reported revenue of €1.13 billion (~$1.31 billion) for the first nine months (9M) of 2025, a 7% YoY decline from €1.06 billion (~$1.22 billion) in the prior year.