SMA Solar: Q2 Preview: Strong Pick Up in Orders

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SMA Solar: Q2 Preview: Strong Pick Up in Orders

Germany | Renewable Energy

SMA Solar EquityJulyResearch14, 2026

TARGET | ESTIMATE CHANGEQ2 Preview: Strong Pick Up in Orders

We expect a solid Q2 for SMA. While good execution should support the RATING BUY

P&L print, we expect all eyes will be on order intake as demand for BESS PRICE €57.40^

picks up, as we highlighted during out Intersolar visit (see here and here). PRICE TARGET | % TO PT €80.00 (€74.00) | +39%

We expect Q2 orders for large scale to be up significantly, picking up on the 52W HIGH-LOW €70.70 - €15.41

already positive momentum seen in Q1, with rooftop also supportive. On FLOAT (%) | ADV MM (USD) 71.2% | 8.85

13.8x PE '17, we continue to see solid upside potential. Increase TP to €80. MARKET CAP €2.0B | $2.3B

TICKER S92 GR

We expect momentum to have picked up further in Q2, largely driven by the growing demand for ^Prior trading day's closing price unless otherwise noted.

large scale storage solutions. In fact, we expect a record order intake for large scale at over €500m.

As we highlighted in our feedback pieces from Intersolar a couple of weeks ago, Battery Energy

Storage Systems were the primary focus for most, with demand being reported as strong across FY (Dec) CHANGE TO JEFe JEF vs CONS

the board. As we highlighted in our BESS report on the European outlook (see here), we anticipate 2026 2027 2026 2027

a material pick-up in annual installations over the next 3 years, whilst our US colleagues share a REV NM +2% +1% +6%

similar constructive view on the US market (see here). EPS +13% +5% +37% +32%

Momentum picking up in Q2 - We model sales -1.3% to €353m, EBIT of €40m (vs -€30.4m in

2026 (€) Q1 Q2 Q3 Q4 FY

2Q25), implying a margin of 11.4%. We anticipate the P&L to be supported by a solid backlog in