SMA Solar Technology AG exceeded fourth-quarter sales expectations despite market challenges. The German solar inverter manufacturer reported €381 million in Q4 sales, down 18.9% year-over-year but ahead of the €357 million consensus estimate. Adjusted EBITDA improved to -€48.5 million from -€99.5 million in the prior year, roughly in line with forecasts. Strong order growth drove a book-to-bill ratio of 1.3x, with the product order backlog reaching €1.02 billion year-end.

For fiscal 2025, SMA Solar posted sales of €1,516.0 million, a marginal 0.9% decline from 2024. Operating EBITDA before one-time items reached €106.6 million, compared to €147.5 million in the prior year. The company's results were significantly impacted by impairments, provisions, and restructuring expenses totaling approximately €172 million, including inventory write-downs in the Home & Business Solutions division. CEO Jürgen Reinert acknowledged the challenging environment while highlighting progress in implementing structural changes.

SMA Solar provided 2026 guidance calling for sales between €1,475 million and €1,675 million, with a midpoint slightly above consensus. However, EBITDA guidance of €50-180 million fell short of expectations, with a midpoint of €115 million approximately 17% below the consensus estimate. CFO Kaveh Rouhi noted that €124 million in cost savings have already been achieved, with an additional €100 million expected to fully impact earnings from 2027 onward. The wide guidance range reflects ongoing uncertainty from trade and geopolitical conditions.