The sales of SMA Solar are projected to experience a significant increase of 78.6% in 2023

Photovoltaic (PV) and battery inverters maker SMA Solar Technology AG announced today it expects a 78.6% year-on-year surge in 2023 sales, thanks to high demand and normalised components delivery, and an even better top line in 2024.

“In the fourth quarter of 2023, we once again significantly increased sales in the Large Scale & Project Solutions segment and even exceeded the upper end of our sales forecast,” said CEO Juergen Reinert.

“Despite the changed market conditions and the associated higher volatility compared with the previous year, we intend to continue our profitable growth overall,” CFO Barbara Gregor noted.

According to preliminary figures released today, sales in 2023 stand at just above EUR 1.9 billion (USD 2.05bn), compared to EUR 1.07 billion in 2022.

A more than four-fold increase is seen in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to EUR 311 million, compared to EUR 70 million a year earlier. This corresponds to an EBITDA margin of 16.3%, up from 6.6% in 2022.

Net profit soared to EUR 225.7 million from EUR 55.8 million, with earnings per share (EPS) rising to EUR 6.50 from EUR 1.61.

The company’s order backlog stood at roughly EUR 1.71 billion as of end-2023, below the nearly EUR 2.08 billion posted at the end of the previous year. Out of the total amount, about EUR 1.33 billion was attributable to the product business.

SMA has a positive outlook for the year ahead, forecasting sales of EUR 1.95 billion to EUR 2.22 billion and EBITDA in the range of EUR 220 million and EUR 290 million in 2024.