SMA Solar Technology AG (SMTGF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, operator, and welcome, everyone. We very much appreciate that you are taking the time for this investor and analyst call on our first quarter 2026 results. This conference call is scheduled for up to 60 minutes and will be recorded. After the management presentation, I will be happy to answer your questions. Today's presentation is available on our investor relations website The replay will also be available on the IR website shortly. Our agenda for today. First, I will review our Q1 figures. Then, we will take a look at a number of external factors currently affecting our business, one of our latest highlight projects, as well as our current order backlog and outlook for the 2026 financial year. I expect the presentation part to last about 30 minutes. I refer to our disclaimer on page 2. So let's move to page 4, financial highlights for the first quarter 2026. Group sales with 341 million euros were 4% above last year's quarter. In the large scale and project solutions division, sales were stable compared to the previous year. The home and business solutions division increased sales by 27%. Reported Group EBITDA increased to €26 million after €25 million in Q125. Operating Group EBITDA before one-offs increased by 67% to €25 million compared to €15 million the year before. I will provide more insights on the individual divisions in a moment. Pre-cash flow was minus €27 million versus positive €96 million last year. The negative free cash flow in Q1 this year is due to a build-up of networking capital from increased receivables related to the high sales in March. I will explain this later. Total order backlog increased to 1.41 billion euros at the end of March compared to 1.35 billion euros at the end of December 25. Now let's go to page 5. On the left han...