SMA raised its 2026 outlook, forecasting revenue of €1.625 billion–€1.725 billion and EBITDA of €180 million–€230 million, with management expecting a stronger second half. First-half sales were broadly flat at €687 million, but profitability and cash flow improved significantly, helped by U.S. tariff refunds, restructuring and inventory sales. EBITDA rose to €88 million, free cash flow reached €72 million and net cash increased to €245 million.
Demand and backlog strengthened: total order backlog grew to €1.75 billion, while Home & Business Solutions revenue rose 25% and its backlog more than doubled. SMA is targeting segment break-even in 2027 as its €250 million transformation program and new product rollout continue. SMA Solar Technology (ETR:S92) reported first-half 2026 sales broadly in line with the prior year while profitability, cash generation and order backlog improved, supported by restructuring measures, stronger demand in its Home & Business Solutions unit and U.S. tariff refunds.
The company raised its full-year outlook on July 16 and now expects 2026 revenue of between €1.625 billion and €1.725 billion, with EBITDA projected at €180 million to €230 million. Management said it expects the second half to exceed the first half, with sequential improvement in the third quarter and the fourth quarter currently planned as the year's strongest period. → Lumentum Just Delivered the AI Growth Investors Wanted Group sales totaled €687 million in the first half, compared with €685 million a year earlier. The figure included a €22 million sales reduction related to U.S. tariff refunds, reflecting the reversal of tariff charges that had previously been passed on to large-scale customers.
Excluding that effect, sales would have been approximately 4% above the prior-year period, the company said. The tariff refunds also reversed €41 million of costs, resulting in an approximately €19 million improvement in EBIT and a €42 million increase in cash, including interest received on the refunds. SMA said it had collected the vast majority of refunds related to the U.S.
International Emergency Economic Powers Act tariffs and does not expect a material impact going forward. → Ryman Checks Into a $1.38B Hospitality Upgrade Operating group EBITDA before one-off earnings effects rose to €66 million from €50 million in the first half of 2025. Including a €22 million positive effect from the sale of previously written-down Home & Business Solutions inventory, EBITDA increased to €88 million from €9 million, representing a 13% margin. Group EBIT margin was 9%.
Home & Business Solutions narrowed its EBIT loss to €22 million from a loss of €129 million a year earlier, aided by transformation measures and inventory sales. Large Scale & Project Solutions generated EBIT of €78 million, below €111 million in the prior-year period. The company cited higher depreciation and amortization on development projects, a less favorable U.S. dollar exchange rate versus the prior year, and lower capitalization of research and development costs. → Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal Home & Business Solutions revenue increased 25% to €145 million, as the company cited elevated second-quarter demand.
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