Soitec SA

Latest Results (19.05.2026):

Soitec SA – fourth quarter of fiscal year 2025 (Q4’25): Q4’25 revenue was €327m (down 3% reported, ~-1% at constant exchange rates & perimeter). Full-year FY’25 revenue was €891m (-9% y/y). FY’25 EBITDA margin remained strong at 33.5% and current EBIT margin at 15.2%. The Group generated positive free cash flow of €26m, closed the year with €688m cash and a moderate net debt of €94m, and confirmed accelerated product diversification (POI joining the ~$100m+ products). Management withdrew FY’26 and medium‑term guidance and will provide quarterly revenue guidance only; Q1’26 revenue is expected to be down ~20% y/y (Imager‑SOI phase‑out).

Revenue

Q4’25: €327m (Q4’24: €337m), -3% reported, ~-1% at constant FX & perimeter. FY’25: €891m vs €978m in FY’24, -9% y/y (in line with revised guidance). Division mix: Mobile Communications ~61% of FY’25 revenue, Automotive & Industrial ~15%, Edge & Cloud AI ~24% (Photonics‑SOI and POI grew strongly).

Profitability

FY’25 EBITDA €298m (33.5% margin) and current operating income €136m (15.2% of revenue). Gross margin at 32.1% (down 1.9 pts), net income Group share €92m (down ~48% y/y) driven by lower volumes, higher R&D and depreciation, and a €13m loss on the Dolphin Design divestment recorded in other operating expenses.

Cash flow & balance sheet

Positive Free Cash Flow €26m (improvement vs FY’24). FY’25 cash out for capex (including leases) ~€230m; FY’26 capex cash‑out expected ~€150m. Cash at 31 Mar 2025: €688m; shareholders’ equity ~€1.6bn; financial debt €782m leading to net debt €94m.

Product diversification & market traction

Soitec confirmed accelerated diversification: POI became the fourth product to generate ~>$100m annual revenue (alongside RF‑SOI, FD‑SOI, Power‑SOI). Photonics‑SOI showed strong sequential and year‑on‑year growth driven by AI/datacenter demand. RF‑SOI remains the largest contributor but faced inventory correction.

Outlook & guidance

The Group withdrew FY’26 and medium‑term guidance (including prior $2bn / ~40% EBITDA ambition timing) due to reduced visibility and market uncertainty; it will give revenue guidance only on a quarterly basis going forward. Management highlighted strong long‑term addressable market growth (≈5m wafers in 2024 → ≈12m in 2030).

Near‑term comment (Q1’26)

Q1’26 revenue (to be published July 22, 2025) is expected to be down ~20% y/y, reflecting the anticipated phase‑out of Imager‑SOI (Imager‑SOI Q1’25 revenue ~$25m). FY’26 capex cash‑out guidance ~€150m (down from €230m in FY’25).

Other notable items

Divestment of Dolphin Design’s businesses completed (recorded €13m loss). Soitec joined the SEMI Silicon Photonics Industry Alliance and emphasized IP activity (rising INPI patent filings), underlining its strategic focus on silicon photonics and co‑packaged optics opportunities for AI datacenters.