Q2 2026 X-Fab Silicon Foundries Europese Vennootschap Earnings Call Transcript
Key Points
- Underlying book-to-bill ratio returned above 1.0 for the first time since Q2 2024, signaling a gradual demand recovery.
- Medical segment revenue grew 39% year-over-year, driven by pacemaker and ultrasound applications.
- Secured EUR 127.4 million in European Chips Act funding to support Microsystems & Photonics expansion in Erfurt.
- Identified a long-term revenue potential of approximately $300 million annually from AI-driven data center applications.
- Wide bandgap revenue increased 34% year-over-year, with three new silicon carbide design wins secured.
- Total revenue declined 7% year-over-year to $199.8 million, reflecting continued softness in the automotive market.
- Automotive revenue fell 19% year-over-year and 5% sequentially due to ongoing inventory normalization.
- Capacity utilization remained low at approximately 60%, limiting profitability.
- Net debt increased by $20.9 million quarter-over-quarter to $312.3 million.
- Recorded a non-cash tax impact of $11 million related to the derecognition of deferred tax assets in Malaysia.
Ladies and gentlemen, welcome to the X-FAB second quarter 2026 results conference call. The speakers will be Damien Macq, CEO, and Alba Morganti, CFO. (Operator Instructions) I will now hand the conference over to Damien Macq, CEO. The floor is yours. Please go ahead.
Thank you, Gaia. Thank you, everyone. Good evening, everyone, and thank you for joining us today. The second quarter of 2026 showed another quarter of disciplined execution in a market environment that remains mixed. The revenue came in at $199.8 million, down 7% year-over-year and up 2% sequentially. Excluding revenue recognized over time, revenue was $196 million, within the guidance. Booking reached $173.3 million, up 2% quarter-on-quarter, while backlog ended at $291.8 million. Importantly, excluding the temporary impact of the Erfurt end-of-life program, our underlying book-to-bill ratio returned above for the first time since Q2 2024, providing an encouraging sign that demand conditions are gradually
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