Soitec (SOI) H2 2026 earnings summary

Executive summary

• FY26 revenue reached €592m, down 34% year-over-year, mainly due to customer inventory correction and weak end-markets.

• Q4'26 revenue grew 25% sequentially from Q3'26, surpassing guidance, driven by strong Photonics-SOI momentum for AI data centers.

• EBITDA margin was 25.4% for FY26, with a return to positive free cash flow of €63m, reflecting disciplined execution.

• Net loss (Group share) was €220m, impacted by non-recurring impairment charges and lower gross profit.

• The company is strategically positioned for expansion, focusing on execution and financial discipline.

Financial highlights

• FY26 revenue: €592m (down 34% year-over-year); Q4'26 revenue: €202m (down 38% year-over-year, up 25% sequentially).

• Gross profit: €96m (16.3% of revenue), down from €286m (32.1%) in FY25.

• EBITDA: €151m (25.4% margin), down from €298m (33.5%) in FY25.

• Operating loss: €131m (vs. €119m profit in FY25); net loss: €220m (vs. €92m profit in FY25).

• Free cash flow: €63m (vs. -€23m in FY25); net debt/EBITDA ratio: 0.4x.

Outlook and guidance

• Q1'27 revenue expected to rise ~15% year-over-year at constant currency and scope.

• FY27 capex cash-out expected around €100m (vs. €135m in FY26).

• FY27 profitability to be impacted by low fab loading, FX, and lower funding.

• Focus remains on product portfolio expansion, cost structure adaptation, and strict working capital and capex control.