Siltronic (WAF) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales declined 4.1% to EUR 345.8 million, mainly due to negative product mix and price effects, in line with expectations.

• EBITDA margin fell to 22.6% from 25.8% in Q4 2024; EBIT margin dropped to 4.3%.

• Net income was EUR 4.3 million, up from a loss in Q4 2024.

• Market share remained stable despite industry-wide challenges and weak wafer demand.

• Uncertainties have increased due to new U.S. tariffs and adverse EUR/USD exchange rate trends.

Financial highlights

• Q1 2025 sales reached EUR 346 million, down from Q4 2024.

• EBITDA was EUR 78.3 million, with a margin of 22.6%, down from 25.8% in Q4 2024.

• EBIT declined to EUR 15 million; net income was EUR 4.3 million.

• CapEx totaled EUR 97 million, mainly for the new Singapore fab.

• Net financial debt increased to EUR 819.1 million by end of March.

Outlook and guidance

• 2025 sales expected to be in the region of 2024 at comparable exchange rates, with no year-over-year growth.

• H1 2025 sales projected mid to high single digits below H2 2024.

• EBITDA margin guidance refined to 21–25% for 2025.

• CapEx for 2025 projected between EUR 350–400 million, focused on Singapore fab ramp-up.

• Risks from tariffs, FX, and customer inventory levels remain elevated.