SOITEC REPORTS SECOND QUARTER REVENUE AND HALF-YEAR RESULTS OF
FISCAL YEAR 2025
SOITEC REPORTS SECOND QUARTER REVENUE
AND
HALF-YEAR RESULTS OF FISCAL YEAR 2025
- H1’25 revenue amounted to
€338m, down 15% at constant exchange rates and perimeter
year-on-year, in line with guidance, and down 16% on a reported
basis
- Q2’25 revenue reached €217m,
down 9% at constant exchange rates and perimeter compared to Q2’24
and up 89% sequentially at constant exchange rates and
perimeter
- H1’25
EBITDA1
margin2 at
33.4%, up 40bps compared to H1’24
- H1’25 Free Cash Flow
increased by €120m year on year to +€35m while maintaining strong
R&D and industrial investments
- H1’25 current EBIT reached
€28m
- FY’25 revenue and
EBITDA1 guidance
confirmed: revenue expected to be stable year-on-year at constant
exchange rates and perimeter, and
EBITDA1
margin2
expected at around 35%
- FY’25 planned capex slightly
reduced from €250m to €230m
Bernin (Grenoble), France, November
20th,
2024 – Soitec (Euronext Paris), a world leader in
designing and manufacturing innovative semiconductor materials,
today announced its revenue for the second quarter of fiscal year
2025 and its half-year results of fiscal year 2025 (ended on
September 30th, 2024). The interim consolidated
financial statements3 were approved by the Board of
Directors during its meeting today.
Pierre Barnabé, Soitec’s CEO, commented: “As
announced, after reaching the bottom in the first quarter, the
rebound of second quarter revenue enabled the first half of the
fiscal year to be in line with our expectations. Although sales
continued to be impacted by the RF-SOI inventory correction, and
the weak Automotive market, we have benefited from the increasing
POI penetration and from the fast-growing data center market. The
product portfolio diversification provided strong resilience of
business strength and enabled the company to continue its growth in
diversified end markets.
Despite lower revenue, our cash
generation proved solid, allowing us to keep investing both in
industrial capacity and in R&D to be ready to capture future
growth, while maintaining a healthy balance sheet. We are confident
in our ability to extend our rebound in the second part of our
fiscal year, notably in the fourth quarter, as the situation of
RF-SOI inventory level started to improve, allowing us to achieve
our stable full-year revenue guidance together with around 35%
EBITDA margin.
For calendar year 2025, we
anticipate different dynamics across our three end markets, with
Mobile Communications market expected to continue to slightly
improve, Automotive & Industrial market weakness persisting
through the first half of the year, and Cloud AI investments to
remain at elevated levels.
Thereafter, our mid-term ambition to
reach 2 billion dollars revenue will continue to be supported by
the increasing adoption of engineered substrates, to deliver more
powerful and energy-efficient solutions to a higher number of
customers across our three end markets”,
added Pierre Barnabé.
Second quarter FY’25 consolidated
revenue
|
Q2’25 |
Q2’24 |
Q2’25/Q2’24 |
|
|
|
|
|
| (Euros
millions) |
|
|
change reported |
chg. at const. exch. rates &
perimeter |
|
|
|
|
|
| Mobile
Communications |
124 |
169 |
-27% |
-25% |
| Automotive
& Industrial |
33 |
38 |
-13% |
-11% |
| Edge &
Cloud AI |
61 |
37 |
+62% |
+66% |
|
|
|
|
|
|
Revenue |
217 |
245 |
-11% |
-9% |
Soitec revenue reached 217 million Euros in
Q2’25, down 11% on a reported basis compared with 245 million Euros
achieved in Q2’24. This reflects a 9% year-on-year decline at
constant exchange rates and perimeter4 and a negative
currency impact of -2%. Decline in Mobile Communications, and to a
lesser extent in Automotive & Industrial, was partially
compensated for by a very strong performance in Edge & Cloud AI
(previously named Smart Devices).
The expected rebound performed in Q2’25, with an
89% sequential organic growth, confirmed that Soitec reached the
bottom of its cycle in Q1’25.
Mobile
Communications
In Q2’25, Mobile Communications revenue reached
124 million Euros, down 25% year-on-year at constant exchange
rates compared to Q2’24. It however increased by 76 million Euros
against the 48 million Euros achieved in Q1’25, reflecting the
progress in inventory correction at Soitec customers.
In the context of a recovering smartphone
market, and progressive improvement in Soitec customers’ inventory
absorption, volumes of RF-SOI wafers sales have
picked up significantly from the weak Q1’25. They remained however
much lower than in Q2'24, in line with the Group’s expectations.
Soitec remains confident in further inventory absorption to take
place in H2’25 and expects growth in RF-SOI sales to resume,
supporting the Group’s full-year guidance.
On the other hand, sales of POI
(Piezoelectric-on-Insulator) wafers dedicated to RF
filters continued to grow sequentially, translating into a sharp
year-on-year increase against Q2’24. POI activity benefits from a
strong demand in China and from Soitec’s engagement with all
leading US fabless companies. Soitec currently has ten active
customers, and over ten more are in qualification phase.
Sales of FD-SOI wafers,
designed to equip front end modules integrated in both 5G Sub-6 GHz
and 5G mmWave smartphones, have picked up from the low level
recorded in Q1’25, also showing growth against Q2’24.
Automotive &
Industrial
Automotive & Industrial revenue reached 33
million Euros in Q2’25, down 11% year-on-year at constant exchange
rates compared to Q2’24, reflecting the softness in the automotive
market.
Power-SOI wafer sales increased
as compared to the low level recorded in Q1’25 but were lower than
Q2’24, driven by lower volumes in a context of the ongoing softness
in the automotive market. Power-SOI remains a key component for
gate drivers, in vehicle networking and increasingly Battery
Management ICs, supported by an increasing number of foundries and
IDMs worldwide.
In Q2’25, FD-SOI wafer sales,
which continue to be mostly driven by adoption for automotive
microcontrollers, radar and wireless connectivity, recorded another
good performance, stable against Q1’25 and up compared to
Q2’24.
Further
SmartSiCTM samples and
prototypes were delivered during Q2’25, paving the way for device
qualifications and wafer production ramp-up to gradually intensify,
driven by customer demand.
Edge & Cloud
AI
Edge & Cloud AI revenue reached 61 million
Euros in Q2’25, up 66% at constant exchange rates compared to
Q2’24, and up 38% on sequential basis compared to Q1’25.
Sales of FD-SOI wafers, which
remain driven by the demand for Edge AI devices across consumer and
industrial sectors, were above the level reached in Q2’24,
capitalizing on the strong momentum in the build-up of the FD-SOI
ecosystem across the industry.
Sales of Photonics-SOI wafers
were particularly strong in Q2’25, much higher than in Q2’24 and
Q1’25. This reflects the need for more powerful and more
energy-efficient data centers to support the exponential growth of
AI-related computing power capabilities. Photonics-SOI is now a
standard technology platform for high-speed and high bandwidth
optical interconnections in data centers, adopted in pluggable
optical transceivers, and used for the development of Co-Packaged
Optics.
Sales of Imager-SOI wafers for
3D imaging applications were higher than in Q2’24, benefitting from
a low base effect.
H1’25 consolidated revenue
|
H1’25 |
H1’24 |
H1’25/H1’24 |
|
|
|
|
|
| (Euros
millions) |
|
|
change reported |
chg. at const. exch. rates &
perimeter |
|
|
|
|
|
| Mobile
Communications |
172 |
258 |
-33% |
-32% |
| Automotive
& Industrial |
59 |
75 |
-21% |
-20% |
| Edge &
Cloud AI |
107 |
68 |
+56% |
+57% |
|
|
|
|
|
|
Revenue |
338 |
401 |
-16% |
-15% |
Consolidated revenue reached
338 million Euros in H1'25, down 16% on a reported basis compared
to 401 million Euros in H1'24. This reflects a 15% decline at
constant exchange rates and perimeter5, in line with
Soitec’s guidance, and a slightly negative currency impact of
-1%.
The decrease in revenue essentially reflects
lower volumes in both RF-SOI and Power-SOI due to persisting
inventory digestion across the smartphone value chain and a softer
automotive market, partly offset by strong performance in POI,
FD-SOI, Imager-SOI and Photonics-SOI. This strong performance from
Soitec’s increasingly diversified product portfolio results in a
more balanced revenue profile among the three end markets:
- Mobile
Communications revenue reached 172 million Euros in H1'25,
down 33% on a reported basis and down 32% at constant exchange
rates compared to H1'24. Mobile communications represented 51% of
total revenue against 64% in H1'24. This lower proportion notably
derives from weaker RF-SOI volumes in connection with further
inventory adjustment at customers, despite increasing penetration
of 5G smartphones. RF-SOI performance was partly offset by a strong
acceleration in POI wafer sales and, to a lesser extent, by
slightly higher FD-SOI wafer sales.
- Automotive &
Industrial revenue amounted to 59 million Euros in H1'25,
down 21% on a reported basis and down 20% at constant exchange
rates compared to H1'24. Automotive & Industrial represented
17% of total revenue against 19% in H1'24. This lower performance
was essentially driven by a weak automotive market despite
increasing adoption and higher content of Soitec’s products per
vehicle.
- Edge & Cloud
AI revenue reached 107 million Euros in H1'25, up
56% on a reported basis and up 57% at constant exchange rates
compared to H1'24. Edge & Cloud AI represented 32% of total
revenue against 17% in H1'24. This increase in revenue was driven
by higher sales of Photonics-SOI wafers, which benefit from the
rapidly growing needs of data centers to address the expansion of
AI-related computing power capabilities, and by an uptick in
Imager-SOI sales due to non-linear demand over the year.
EBITDA1
margin2 at a
robust level
Consolidated income statement (part
1)
| (Euros
millions) |
H1’25 |
H1’24 |
% change |
|
|
|
|
|
Revenue |
338 |
401 |
-16% |
|
|
|
|
|
|
|
|
| Gross
profit |
101 |
144 |
-30% |
| As a % of
revenue |
30.0% |
36.0% |
|
|
|
|
|
| Net research
and development expenses |
(43) |
(34) |
+26% |
| Selling,
general and administrative expenses |
(31) |
(25) |
+22% |
|
|
|
|
|
|
|
|
|
Current operating income |
28 |
85 |
-67% |
| As a % of
revenue |
8.2% |
21.3% |
|
|
|
|
|
|
|
|
|
|
EBITDA1,6 |
113 |
132 |
-15% |
| As a % of
revenue |
33.4% |
33.0% |
|
Mainly reflecting lower revenue, but also
increased R&D investment, the current operating
income went down from 85 million Euros in H1'24 to 28
million Euros in H1'25.
- Gross profit
reached 101 million Euros, down from 144 million Euros in H1'24.
Gross margin declined by 6 points to 30.0% of revenue. The weaker
level of activity recorded in H1'25 resulted in a lower utilization
of Soitec industrial capacity. In addition, depreciation costs were
up, reflecting the Group’s current investment profile. These
factors were partly offset by strong cost management, some agility
in resource allocation between plants and higher subsidies.
- Net R&D
expenses increased from 34 million Euros in H1'24 to 43
million Euros in H1'25 (12.6% of revenue). Gross R&D expenses
before capitalization went up 19% to 77°million Euros, illustrating
Soitec’s ambition to continue to invest in new products
development, in the next generation of SOI products, in compound
semiconductors (notably POI, SiC and GaN), as well as in the
development of new engineered substrates. The lower proportion of
capitalized R&D spending was more than offset by the
recognition of higher R&D subsidies and higher prototype
sales.
- Selling, general and
administrative (SG&A) expenses amounted to 31 million
Euros in H1'25 (9.2% of revenue) up from 25 million Euros in
H1'24, essentially due to non-recurring positive effects in H1’24
and higher depreciation expenses.
The
EBITDA1,6 amounted to
113 million Euros in H1'25, down 15% from 132 million Euros in
H1'24. EBITDA1 margin2 remained at a robust
level, reaching 33.4%, 40 basis points above the level of 33.0%
recorded in H1'24. The combination of a lesser absorption of fixed
costs due to lower volumes and higher level of R&D investments,
as evidenced by the lower current operating margin, was offset by
higher non-cash items, notably depreciation costs.
Consolidated income statement (part
2)
| (Euros
millions) |
H1’25 |
H1’24 |
% change |
|
|
|
|
|
|
|
|
|
|
|
Current operating income |
28 |
85 |
-67% |
|
|
|
|
|
|
|
|
| Other
operating income / (expenses) |
(4) |
1 |
|
|
|
|
|
|
|
|
|
|
Operating income |
23 |
86 |
-73% |
|
|
|
|
| Net financial
result |
(8) |
2 |
|
| Income
tax |
(2) |
(8) |
|
|
|
|
|
|
|
|
|
| Net
profit from continuing operations |
14 |
80 |
-83% |
|
|
|
|
| Net profit
from discontinued operations |
0 |
(0) |
|
|
|
|
|
|
|
|
|
| Net
profit, Group share |
14 |
80 |
-83% |
|
|
|
|
|
|
|
|
| Basic
earnings per share (in €) |
0.39 |
2.24 |
-83% |
|
|
|
|
|
Diluted earnings per share (in €) |
0.39 |
2.19 |
-82% |
|
|
|
|
|
|
|
|
| Weighted
average number of ordinary shares |
35,677,855 |
35,620,925 |
|
|
|
|
|
| Weighted
average number of diluted ordinary shares |
35,752,384 |
37,623,199 |
|
Other operating expenses
amounted to 4 million Euros in H1’25. They correspond to an
impairment of Dolphin Design goodwill.
The net
financial result came as an
expense of 8 million Euros in H1'25 compared to an income of
2 million Euros in H1'24. Interest on cash investments and
other financial income are almost stable at 10 million Euros, as
are net financial expenses of 12 million Euros. The change in net
financial result essentially reflects the difference between the
net foreign exchange loss of 6 million Euros recorded in H1'25 and
the foreign exchange gain of 3 million Euros recorded in H1’24.
The income tax expense amounted
to 2 million Euros in H1'25 compared to 8 million Euros in H1'24.
This reflects an effective tax rate of 12% compared to 9% in H1'24,
the enforcement of the global minimum tax rule of 15% (Pillar 2)
having an impact of around 1 point.
In line with the decline in operating income,
the net profit amounted to 14 million in
H1'25.
Solid Free Cash Flow generation after constantly high
investments
Consolidated cash-flows
| (Euros
millions) |
H1’25 |
H1’24 |
|
|
|
| Continuing
operations |
|
|
|
|
|
|
EBITDA1,6 |
113 |
132 |
|
|
|
|
Inventories |
(65) |
(65) |
| Trade
receivables |
130 |
106 |
| Trade
payables |
(48) |
(105) |
| Other
receivables and liabilities |
9 |
(5) |
|
|
|
| Change in
working capital |
27 |
(69) |
| Tax paid |
(10) |
(19) |
|
|
|
|
|
|
| Net cash
generated by operating activities |
129 |
45 |
|
|
|
| Net cash used
in investing activities |
(94) |
(129) |
|
|
|
|
|
|
| Free
Cash Flow |
35 |
(85) |
|
|
|
|
|
|
| New loans and
debt repayment (including finance leases), drawing on credit
lines |
(36) |
(32) |
| Financial
expenses |
(7) |
(6) |
| Liquidity
contract and other items |
(1) |
(7) |
|
|
|
|
|
|
| Net cash (used
in) / generated from financing activities |
(44) |
(45) |
|
|
|
| Impact of
exchange rate fluctuations |
(4) |
2 |
|
|
|
|
|
|
|
|
|
| Net
change in cash |
(13) |
(127) |
The Group generated a positive Free Cash
Flow of 35 million Euros in H1'25, which represents an
improvement of 120 million Euros compared to the 85 million
Euros negative Free Cash Flow recorded in H1'24. Despite a lower
EBITDA1,6, this strong increase essentially comes as a
result of a much-improved change in working capital in H1’25, while
capital expenditure was maintained at a high level to support the
Group’s current expansion.
The cash inflow from working
capital amounted to 27 million Euros in H1'25, compared to
a 69 million Euros cash outflow in H1'24. This is essentially
reflecting:
- a strong 130
million Euros decrease in trade receivables, explained by the
seasonality of sales with a particularly high level of activity
recorded in the fourth quarter of FY’24; decrease was even higher
than in H1'24 (106 million Euros),
- the favorable
impact of subsidies cashed in during the period.
These were partially offset by:
- a seasonal
65 million Euros increase in inventories built to fuel the
expected rebound in the second part of the fiscal year (similar
level of increase as in the first half of FY’24),
- a 48 million
Euros decrease in trade payables (compared to a 105 million Euros
decrease in H1'24 which included non-recurring downpayments in
connection with the signing of new long-term supply
agreements).
The net cash used in investing
activities amounted to 94 million Euros in H1'25, compared
to 129 million Euros in H1'24. It takes into account the 10 million
Euros positive impact of financial income from cash investment (8
million Euros in H1'24). Including production equipment under
leases (17 million Euros in H1'25), total cash out related to
capital expenditure amounted to 120 million Euros, slightly below
the 138 million Euros spent in H1'24. Capital expenditure was
essentially related to industrial investments, including:
- the ongoing
phase 1 of Singapore 300-mm facility extension,
- additional POI
and SmartSiCTM manufacturing tools.
Capital expenditure also included investments
supporting the Group’s environmental policy, as well as IT
investments.
Net cash used in financing
activities amounted to 44 million Euros in H1'25
essentially reflecting a net decrease in borrowings and related
interest paid.
In total, including a 4 million Euros negative
impact of exchange rate fluctuations (2 million Euros positive
impact in H1'24), the net cash outflow was
moderate, reaching 13 million Euros in H1'25 (127 million Euros in
H1’24) resulting in a steady strong cash position
of 696 million Euros on September 30th, 2024.
Strong balance sheet
maintained
Soitec maintained a strong balance sheet as of
September 30th, 2024.
Shareholders’ equity stood at
1.5 billion Euros on September 30th, 2024. It was stable
compared to March 31st, 2024.
Following the sale of Dolphin Design IP
activities finalized in October 2024, and the signing of Dolphin
ASIC activities in November 2024, the assets and liabilities of
Dolphin Design activities have been classified in the Group’s
balance sheet as assets held for sales for 65 million Euros and
liabilities associated with assets held for sale for 33 million
Euros as of September 30th, 2024.
Financial debt on September
30th, 2024, was also stable at 747 million Euros
compared to 6 months before. The 49 million Euros net increase
in leasing debt was mainly offset by a total of 39°million Euros of
debt repayments as well as the 16 million Euros impact of the
classification of Dolphin Design liabilities as liabilities
associated with assets held for sale. Taking into account the 13
million Euros cash outflow recorded in H1'25, the net debt
position7 was kept at a
moderate level up from 39 million Euros on March 31st,
2024, to 51 million Euros on September 30th,
2024.
FY’25 revenue and EBITDA outlook
confirmed, capex revised slightly down
Soitec confirms anticipating
revenue to rebound in the second half of FY’25,
driven by the ongoing recovery of the RF-SOI activity following the
progressive end of the inventory correction among customers.
Besides, Soitec will continue to benefit from the strong structural
demand for Photonics-SOI and FD-SOI and the continued adoption of
POI. Consequently, Soitec confirms anticipating a stable
year-on-year revenue in FY’25.
Soitec also confirms expecting FY’25
EBITDA1
margin2 to be
around 35%
Expected annual capital
expenditure has been revised slightly down, at
around 230 million Euros, against 250 million
Euros initially planned, to reflect slower end market dynamics.
Q2’25 key events
Soitec kicks off European project to
develop future high-frequency semiconductors
On September 10th, 2024, a European
research and industry consortium led by Soitec began work to
develop a future generation of high-frequency semiconductors based
on Indium Phosphide (InP). These technologies are set to address
applications ranging from photonics for mega data centers and AI to
radio frequency front-ends and integrated antennas critical for 6G
mobile communication, Sub-THz radar sensing and beyond. Indium
phosphide (InP) devices can operate at frequencies approaching or
exceeding 1 terahertz (THz), offering superior speeds and increased
energy-efficiency compared to silicon technologies.
Soitec signs of a joint development agreement in
SmartSiC™ with Resonac to accelerate high-performance silicon
carbide adoption in next-generation electric
vehicles
On September 24th, 2024, Soitec signed an
agreement with Resonac Corporation (formerly Showa Denko K.K.) to
develop 200mm (8-inch) SmartSiC™ silicon carbide (SiC) wafers using
Resonac substrates and epitaxy processes, in a major step for the
deployment of Soitec’s high-yielding silicon carbide technology in
Japan and other international markets. SmartSiC™ silicon carbide is
a disruptive compound semiconductor material providing superior
performance and efficiency over silicon in high-growth power
applications for electric mobility and industrial processes. It
allows for more efficient power conversion, lighter and more
compact designs and overall system cost savings – all key factors
for success in electric vehicles and industrial systems.
Post-closing events
Divestment of Dolphin Design’s main
businesses
Under an agreement completed on October 31,
2024, between Jolt Capital and Dolphin Design, a Soitec subsidiary,
Dolphin Design’s mixed-signal IP activities have been acquired by
Jolt Capital, a private equity firm specializing in European
deeptech investments, via a newly created company, Dolphin
Semiconductor. The signing of the sale of Dolphin ASIC activities
was finalized with NanoXplore in November 2024, a major player in
SoC and FPGA semiconductor design.
The sale process is expected to be completed in
the second half of fiscal year 2024-2025.
Dolphin Design, acquired by Soitec in 2018, has
long been at the forefront of delivering cutting-edge semiconductor
design solutions in mixed-signal IP and ASICs.
The sale of Dolphin Design’s two main business
activities will support Soitec’s focus on strategic development and
growth opportunities in its core advanced semiconductor materials
business.
Appointment of Frédéric Lissalde as
Chairman of the Board
During the meeting of the Board of Directors
held on November 20, 2024 upon recommendation of the Compensation
and Nominations Committee, Frédéric Lissalde, who has been Director
since the Annual General Meeting held on July 23, 2024, was
appointed as Chairman of the Board of Directors as of March 1, 2025
for the remainder of his term of office as Director.
# # #
H1’25 results will be commented during
an analyst and investor conference call to be held on November
21st, 2024, at 8:00am
CET. The meeting will be conducted in English.
The live webcast and slide presentation will be
available on:
https://channel.royalcast.com/soitec/#!/soitec/20241121_1
# # #
Agenda
Q3’25 revenue is due to be published on February
5th, 2025, after market close.
# # #
Disclaimer
This document is provided by Soitec (the
“Company”) for information purposes only.
The Company’s business operations and
financial position are described in the Company’s Universal
Registration Document (which notably includes the Annual Financial
Report) which was filed on June 5th,
2024, with the French stock market authority (Autorité des Marchés
Financiers, or AMF) under number D.24-0462. The French version of
the 2023-2024 Universal Registration Document, together with
English courtesy translations for information purposes, are
available for consultation on the Company’s website
(www.soitec.com), in the section Company - Investors - Financial
Reports.
Your attention is drawn to the risk factors
described in Chapter 2.1 (Risk factors and controls mechanism) of
the Company’s Universal Registration Document.
This document contains summary information
and should be read in conjunction with the Universal Registration
Document.
This document contains certain
forward-looking statements. These forward-looking statements relate
to the Company’s future prospects, developments and strategy and
are based on analyses of earnings forecasts and estimates of
amounts not yet determinable. By their nature, forward-looking
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they relate to future events and are dependent on circumstances
that may or may not materialize in the future. Forward-looking
statements are not a guarantee of the Company’s future performance.
The occurrence of any of the risks described in Chapter 2.1 (Risk
factors and controls mechanism) of the Universal Registration
Document may have an impact on these forward-looking
statements.
The Company’s actual financial position,
results and cash flows, as well as the trends in the sector in
which the Company operates may differ materially from those
contained in this document. Furthermore, even if the Company’s
financial position, results, cash-flows and the developments in the
sector in which the Company operates were to conform to the
forward-looking statements contained in this document, such
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The Company does not undertake any
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Notably, this document does not constitute
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(the “Securities Act”). The Company’s shares have not been and will
not be registered under the Securities Act. Neither the Company nor
any other person intends to conduct a public offering of the
Company’s securities in the United States.
# # #
About Soitec
Soitec (Euronext - Tech Leaders), a world leader
in innovative semiconductor materials, has been developing
cutting-edge products delivering both technological performance and
energy efficiency for over 30 years. From its global headquarters
in France, Soitec is expanding internationally with its unique
solutions, and generated sales of 1 billion Euros in fiscal year
2023-2024. Soitec occupies a key position in the semiconductor
value chain, serving three main strategic markets: Mobile
Communications, Automotive and Industrial, and Edge & Cloud AI
(previously Smart Devices). The company relies on the talent and
diversity of its 2,300 employees, representing 50 different
nationalities, working at its sites in Europe, the United States
and Asia. Soitec has registered over 4,000 patents.
Soitec, SmartSiC™ and Smart Cut™ are registered
trademarks of Soitec.
For more information: https://www.soitec.com/en/
and follow us on X : @Soitec_Official
# # #
Investor Relations:
investors@soitec.com
|
Media contact:
Fabrice Baron
+33 6 14 08 29 81
fabrice.baron@omnicomprgroup.com |
# # #
Financial information and consolidated financial statements in
appendix include:
- Consolidated revenue per
quarter
- H1’25 consolidated income
statement
- Balance sheet at September
30th, 2024
- Consolidated cash
flows
Appendix 1 – Consolidated revenue per
quarter
| Quarterly
revenue |
Q1’24 |
Q2’24 |
Q3’24 |
Q4’24 |
Q1’25 |
Q2’25 |
|
H1’24 |
H1’25 |
(Euros millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Communications |
89 |
169 |
130 |
222 |
48 |
124 |
|
258 |
172 |
|
Automotive°& Industrial |
37 |
38 |
44 |
44 |
26 |
33 |
|
75 |
59 |
| Edge & Cloud
AI |
31 |
37 |
65 |
70 |
46 |
61 |
|
68 |
107 |
|
|
|
|
|
|
|
|
|
|
|
Revenue |
157 |
245 |
240 |
337 |
121 |
217 |
|
401 |
338 |
| Change in
quarterly revenue |
Q1’25/Q1’24 |
Q2’25/Q2’24 |
|
H1’25/H1’24 |
|
Reported
change |
Organic change1 |
Reported
change |
Organic change1 |
|
Reported
change |
Organic
change1 |
| (vs.
previous year) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Communications |
-45% |
-46% |
-27% |
-25% |
|
-33% |
-32% |
|
Automotive & Industrial |
-29% |
-31% |
-13% |
-11% |
|
-21% |
-20% |
| Edge & Cloud
AI |
+49% |
+47% |
+62% |
+66% |
|
+56% |
+57% |
|
|
|
|
|
|
|
|
|
Revenue |
-23% |
-24% |
-11% |
-9% |
|
-16% |
-15% |
- At constant exchange rates and comparable scope of
consolidation (there was no scope effect in H1’25 vs.
H1’24)
Consolidated financial statements for H1’25
As previously reported, Soitec’s refocus on
Electronics operations decided in January 2015 was nearly completed
on March 31st, 2016. Consequently, the
H1’25 residual income and expenses relating to Solar and Other
activities are reported under ‘Net result from discontinued
operations’, below the ‘Operating income’ line, meaning that down
to the line ‘Net result after tax from continuing operations’, the
consolidated income statement fully and exclusively reflects the
Electronics activity as well as the Group’s corporate functions
expenses. This was already the case in H1’24 financial
statements.
Appendix 2 - Consolidated income
statement
|
H1’25 |
H1’24 |
| (Euros
millions) |
(ended
Sept. 30, 2024) |
(ended
Sept. 30, 2023) |
|
|
|
|
|
|
| Revenue |
338 |
401 |
|
|
|
| Cost of
sales |
(236) |
(257) |
|
|
|
|
|
|
| Gross
profit |
101 |
144 |
|
|
|
| Research and
development expenses |
(43) |
(34) |
| Selling,
general and administrative expenses |
(31) |
(25) |
|
|
|
|
|
|
| Current
operating income |
28 |
85 |
|
|
|
| Other
operating income / (expenses) |
(4) |
1 |
|
|
|
|
|
|
| Operating
income |
23 |
86 |
|
|
|
| Financial
income |
10 |
12 |
| Financial
expenses |
(18) |
(11) |
|
|
|
|
|
|
| Net
financial income/(expense) |
(8) |
2 |
|
|
|
|
|
|
| Profit before
tax |
15 |
88 |
|
|
|
| Income
tax |
(2) |
(8) |
|
|
|
|
|
|
| Net profit
from continuing operations |
14 |
80 |
|
|
|
| Net profit
from discontinued operations |
0 |
(0) |
|
|
|
|
|
|
| Consolidated
net profit |
14 |
80 |
|
|
|
|
|
|
|
|
|
| Net profit,
Group share |
14 |
80 |
| Basic earnings
per share (in €) |
0.39 |
2.24 |
|
|
|
| Diluted
earnings per share (in €) |
0.39 |
2.19 |
|
|
|
| Weighted
average number of ordinary shares |
35,677,855 |
35,620,925 |
|
|
|
| Weighted
average number of diluted ordinary shares |
35,752,384 |
37,623,199 |
Appendix 3 - Balance sheet
|
Assets |
Sept. 30, 2024 |
March 31,
2024 |
| (Euros
millions) |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
| Intangible
assets |
126 |
156 |
| Property,
plant and equipment |
953 |
913 |
| Non-current
financial assets |
19 |
19 |
| Other
non-current assets |
53 |
70 |
| Deferred tax
assets |
62 |
62 |
|
|
|
|
|
|
| Total
non-current assets |
1,211 |
1,220 |
|
|
|
| Current
assets |
|
|
|
|
|
|
Inventories |
261 |
209 |
| Trade
receivables |
292 |
448 |
| Other current
assets |
76 |
101 |
| Current
financial assets |
6 |
7 |
| Cash and cash
equivalents |
696 |
708 |
| Assets held
for sale |
65 |
- |
|
|
|
|
|
|
| Total current
assets |
1,396 |
1,472 |
|
|
|
| Total
assets |
2,607 |
2,692 |
|
Equity and liabilities |
Sept. 30, 2024 |
March 31,
2024 |
| (Euros
millions) |
|
|
|
|
|
|
Equity |
|
|
|
|
|
| Share
capital |
71 |
71 |
| Share
premium |
228 |
228 |
| Reserves and
retained earnings |
1,198 |
1,180 |
| Other
reserves |
(7) |
15 |
|
|
|
|
|
|
|
Equity, Group Share |
1,491 |
1,495 |
|
|
|
|
|
|
| Total
equity |
1,491 |
1,495 |
|
|
|
|
Non-current liabilities |
|
|
|
|
|
| Long-term
financial debt |
678 |
669 |
| Provisions and
other non-current liabilities |
78 |
79 |
|
|
|
|
|
|
| Total
non-current liabilities |
756 |
748 |
|
|
|
| Current
liabilities |
|
|
|
|
|
| Short-term
financial debt |
69 |
78 |
| Trade
payables |
114 |
169 |
| Provisions and
other current liabilities |
144 |
202 |
| Liabilities
associated with assets held for sale |
33 |
- |
|
|
|
|
|
|
| Total current
liabilities |
360 |
449 |
|
|
|
|
|
|
| Total equity
and liabilities |
2,607 |
2,692 |
Appendix 4 - Consolidated cash
flows
|
H1’25 |
H1’24 |
| (Euros
millions) |
(ended
Sept. 30, 2024) |
(ended
Sept. 30, 2023) |
|
|
|
|
|
|
| Consolidated
net profit |
14 |
80 |
|
of which continuing operations |
14 |
80 |
|
|
|
| Depreciation
and amortization expense |
68 |
60 |
| Impairment
/(reversals of impairment) of non-current assets |
4 |
- |
| Provisions /
(reversals of provisions), net |
2 |
(4) |
| Provisions
expense / (reversal) for retirement benefit obligation, net |
0 |
0 |
| Gains on
disposals of assets |
1 |
- |
| Income
tax |
2 |
8 |
| Financial
expense / (income) |
8 |
(2) |
| Share-based
payments |
7 |
7 |
| Other non-cash
items |
7 |
(17) |
| Items related
to discontinued operations |
(0) |
0 |
|
|
|
|
|
|
|
EBITDA1 |
113 |
132 |
|
of which continuing operations |
113 |
132 |
|
|
|
|
|
|
| Increase /
(decrease) in cash relating to: |
|
|
|
|
|
|
Inventories |
(65) |
(65) |
| Trade
receivables |
130 |
106 |
| Trade
payables |
(48) |
(105) |
| Other
receivables and payables |
9 |
(5) |
| Income tax
paid |
(10) |
(19) |
| Changes in
working capital and income tax paid related to discontinued
operations |
(0) |
(0) |
|
|
|
|
|
|
| Change in
working capital and income tax paid |
16 |
(88) |
|
of which continuing operations |
16 |
(88) |
|
|
|
|
|
|
| Net cash
generated by operating activities |
129 |
44 |
|
of which continuing operations |
129 |
45 |
|
H1’25 |
H1’24 |
| (Euros
millions) |
(ended
Sept. 30, 2024) |
(ended
Sept. 30, 2023) |
|
|
|
|
|
|
| Net cash
generated by operating activities |
129 |
44 |
|
of which continuing operations |
129 |
45 |
|
|
|
| Purchases of
intangible assets |
(15) |
(23) |
| Purchases of
property, plant and equipment |
(88) |
(114) |
| Interest
received |
10 |
8 |
| Acquisitions
and disposals of financial assets |
(1) |
(0) |
| Divestment
flows related to discontinued operations |
0 |
0 |
|
|
|
|
|
|
| Net cash used
in investing activities (1) |
(93) |
(129) |
|
of which continuing operations (1) |
(94) |
(129) |
|
|
|
| Loans and
drawdowns on credit lines |
3 |
3 |
| Repayment of
borrowings and lease liabilities |
(39) |
(35) |
| Interest
paid |
(7) |
(6) |
| Liquidity
agreement |
- |
(8) |
| Change in
interest in subsidiaries without change of control |
(1) |
(0) |
| Other
financing flows |
(0) |
1 |
| Financing
flows related to discontinued operations |
(0) |
(0) |
|
|
|
|
|
|
| Net cash used
in financing activities |
(44) |
(45) |
|
of which continuing operations |
(44) |
(45) |
|
|
|
| Effects of
exchange rate fluctuations |
(4) |
2 |
|
|
|
|
|
|
| Net change in
cash |
(13) |
(127) |
|
of which continuing operations |
(13) |
(127) |
|
|
|
|
Cash at beginning of the period |
708 |
788 |
|
Cash at end of the period |
696 |
661 |
(1) Net cash used in investing activities is net of leases and
net of interest received. Total cash out related to capital
expenditure amounted to 120 million Euros in first-half 2024-2025
compared to 138 million Euros in first half 2023-2024.
1 The EBITDA represents operating income before
depreciation, amortization, impairment of non-current assets,
non-cash items relating to share-based payments, provisions for
impairment of current assets and for contingencies and expenses,
and disposals gains and losses. EBITDA is not a financial indicator
defined by IFRS and may not be comparable to EBITDA as reported by
other groups. It represents additional information and should not
be considered as a substitute for operating income or net cash
generated by operating activities.
2 EBITDA margin = EBITDA from continuing operations /
Revenue.
3 Review procedures were completed and the review
report is in the process of being issued.
4 There was no scope effect in Q2’25 vs. Q2’24
5 There was no scope effect in H1’25 vs. H1’24
6 EBITDA from continuing operations.
7 Financial debt less cash and cash equivalents
- Soitec PR H1'25 results VA
SOITEC (EU:SOI)
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