Siltronic (WAF) Q4 2025 TU earnings summary

Executive summary

• Sales declined 4.7% year-over-year to €1,347 million, in line with guidance, with Q4 showing a strong sequential recovery due to delivery shifts and early 2026 demand.

• EBITDA margin decreased to 23.5% from 25.8% in FY 2024, reflecting lower sales and pricing pressure, partially offset by cost reductions.

• EBIT turned negative at -€26 million, impacted by new asset depreciation and adverse product mix.

• Positive wafer volume growth, especially in 300 mm products, was offset by negative price, product mix, and FX effects.

• Q4 2025 saw strong sales and EBITDA due to delivery shifts from Q3 and early 2026.

Financial highlights

• Revenue for FY 2025 was €1,347 million, down from €1,413 million in FY 2024.

• EBITDA was €317 million, a 13% decrease year-over-year, with margin at 23.5%.

• EBIT margin dropped to -2.0% from 8.9% in the prior year.

• Net cash flow improved to -€85 million from -€297 million in FY 2024, driven by lower capex and investment grants.

• Net financial debt increased to €837 million from €733 million year-over-year.

Outlook and guidance

• FY 2025 results were in line with guidance, supported by a strong Q4 performance.

• 2026 expected to remain challenging with price pressure outside LTAs and negative FX effects.

• 300 mm segment shows growth, but 200 mm segment faces continued inventory pressure.

• Full impact of SD line closure to be reflected in 2026 sales.

• 2026 guidance will be published after further assessment of headwinds.