German solar inverter producer SMA Solar increased its sales and earnings in the first half of 2026 (H1), returning to profit compared with the same period last year.
The company recorded EBITDA of €88.3 million (US$102 million) including €22.4 million of “positive effects” from previously written-down inventory sales and €18.6 million in reimbursed US customs duty payments.
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Sales for the first six months of the year reached €686.6 million, staying roughly flat compared with H1 2025 (€684.9 million). The majority of that came from SMA’s large-scale project business, which saw a 4.7% decline to €542.1 million. The decline is due to the US customs duty reimbursement, as the levies that SMA previously passed on to consumers are recorded as reductions in sales, the company said.
The company’s net income for the first half of 2026 was €72.8 million, a major improvement on the €42.4 million in losses it recorded in H1 2025 and losses of €1.6 million in its Q1 results.
While it benefited from US tariff reimbursement in its earnings, as well as cost-cutting measures, SMA’s results for the period were not without challenges. Its residential and C&I business recorded negative EBIT of €21.5 million, though this is a significant improvement on the €129.2 million lost in the first half of 2025.
“The market environment in the first half of the year continued to be characterised by intense competition and geopolitical uncertainties. With sales of around €709 million before customs duty reimbursements and an order backlog of €1.75 billion, we have performed well in this environment,” said Jürgen Reinert, CEO of SMA.
“Our cost-cutting measures also had a positive impact in the first half of 2026,” he added. “At the same time, several significant risks have decreased substantially since the beginning of the fiscal year, with positives including the early refund of the International Emergency Economic Powers Act (IEEPA) tariffs deemed unlawful in the second quarter, and the currently more favourable trend in the US dollar exchange rate.
“With the rising share of renewable energies, flexibility and grid stability are moving into the spotlight. The combination of photovoltaics and battery storage systems does exactly that, and it is becoming the norm. Driven not least by data centres and AI applications, electricity consumption is rising, thus increasing the global demand for reliable, sustainable energy. As a system and solution provider, we are addressing precisely these requirements and will continue to benefit from these developments.”
SMA Solar expects a stronger second half of 2026, and in its preliminary Q2 results it revised its full-year guidance upwards. It expects sales between €1,625 million and €1,725 million and EBITDA of €180 million to €230 million.
PV Tech recently published a deep dive into Europe’s strong base of solar inverter manufacturing companies and capacity, which is likely to benefit from the shifting dynamics affecting the solar supply chain in China and the US.
