Soitec SA

Latest Results (24.02.2026):

Soitec SA — Q4 of fiscal year 2025 (Q4’25) and full-year FY’25: Q4’25 revenue was €327m and FY’25 revenue was €891m (down 9% year‑on‑year), with a robust EBITDA margin of 33.5% and positive free cash flow of €26m. The year closed in line with revised guidance, reflecting strong product diversification (POI and Photonics‑SOI growth) that partly offset weakness in RF‑SOI and Power‑SOI. Management has withdrawn multi‑period guidance and will provide only quarterly revenue guidance going forward.

Revenue

Q4’25 revenue: €327m (stable at constant exchange rates & perimeter vs Q4’24). FY’25 revenue: €891m, down 9% vs FY’24 (in line with revised guidance). Mobile Communications remained largest segment (61% of FY’25 revenue).

Profitability and margins

FY’25 EBITDA €298m, EBITDA margin 33.5% (only 50 bps below prior year). Current operating income €136m (15.2% of revenue); operating income €119m after a €16m other‑ops charge (includes €13m loss on Dolphin Design divestment). Net profit, group share €92m (EPS €2.57).

Cash flow and balance sheet

Positive FY’25 Free Cash Flow €26m (improved from –€43m prior year). Cash at 31 Mar 2025: €688m. Financial debt €782m; net debt €94m. Shareholders’ equity €1.595bn — balance sheet described as strong.

Investment and capex

Total cash out for capex (including leases) ≈ €230m in FY’25. FY’26 capex cash‑out guidance reduced to ~€150m. Soitec notes planned ~€770m cumulative investment to scale to a $2bn run‑rate, but with no timing guidance.

Product diversification and market traction

POI became Soitec’s fourth product to generate ~US$100m+ annual revenue. Photonics‑SOI showed strong sequential and year‑on‑year growth driven by cloud/AI datacenter demand. RF‑SOI remains top contributor but experienced inventory corrections.

Near‑term outlook and guidance policy

Given market uncertainty, Soitec SA withdraws prior medium‑term guidance (including the $2bn/40% EBITDA ambition) and will only give quarterly revenue guidance. Q1’26 revenue expected down ~20% YoY at constant exchange rates and perimeter (Imager‑SOI Q1’25 = US$25m).

Operational and corporate actions

Divestment of Dolphin Design completed in H2’25 (recorded a €13m loss). Soitec joined SEMI Silicon Photonics alliance and reported patent ranking progress — moves that support its Photonics and CPO strategy for AI datacenters.