Soitec SA

Latest Results (08.04.2026):

Soitec SA — fourth quarter of fiscal year 2025 (Q4’25) report: Q4’25 revenue was €327m (roughly stable year‑on‑year at constant exchange rates and perimeter) and FY’25 revenue totaled €891m, down 9% versus FY’24. The Group delivered a robust EBITDA margin of 33.5% and current EBIT margin of 15.2%, generated positive Free Cash Flow of €26m for FY’25, and confirmed strong product diversification (POI and Photonics‑SOI momentum) while withdrawing multi‑year guidance and moving to quarterly revenue guidance.

Revenue

Q4’25 revenue: €327m. FY’25 revenue: €891m, -9% year‑on‑year (reported and at constant exchange rates and perimeter). Mobile Communications remained the largest division (61% of FY’25), Edge & Cloud AI grew (+11% organic FY’25), while Automotive & Industrial fell (-22% organic FY’25).

Profitability

FY’25 EBITDA: €298m, EBITDA margin 33.5% (only 50 bps below FY’24). Current operating income fell to €136m (15.2% of revenue) as R&D and depreciation increased; net profit (Group share) was €92m (EPS €2.57).

Cash flow & balance sheet

Positive FY’25 Free Cash Flow of €26m (improved from -€43m prior year). Cash at 31 Mar 2025: €688m. Net debt moderate at €94m. FY’25 total cash out for capex was ~€230m (including leases).

Outlook & guidance

Soitec withdrew FY’26 and medium‑term guidance due to reduced visibility. Q1’26 revenue is expected to be down around 20% year‑on‑year (Imager‑SOI Q1’25: $25m). FY’26 capex cash‑out is expected ~€150m (down from ~€230m in FY’25).

Product diversification & market traction

POI has become Soitec’s fourth product to generate ~≥$100m annual revenue; Photonics‑SOI saw strong sequential and year‑on‑year growth driven by AI/cloud data center demand and CPO momentum. FD‑SOI, Power‑SOI and RF‑SOI showed mixed trends across end markets.

Investments & strategic plans

R&D spend rose (net R&D expense €85m; gross R&D €152m) as Soitec invests in next‑gen SOI and compound substrates. The Group outlines an “operating model at scale” needing ~€770m of investment to reach a $2bn run‑rate but will not time or guide that target given current uncertainty.

Other notable items

Soitec recorded a €13m loss on the divestment of Dolphin Design’s businesses (completed in H2’25). Management emphasizes strict cost control, continued industrial investment (POI capacity, Photonics‑SOI, 300‑mm expansion), and a healthy balance sheet while markets remain uncertain.