Q4 2025 X-Fab Silicon Foundries Europese Vennootschap Earnings Call Transcript
Key Points
- X-FAB Silicon Foundries SE (XFABF) recorded a full-year revenue of EUR870 million, marking a 7% increase year-on-year and meeting the guided range.
- The company's industrial market revenue grew significantly, with a 40% year-on-year increase in the fourth quarter, driven by recovery in the industrial market and prototyping revenue for photonics.
- X-FAB's medical business achieved a record revenue of EUR71 million in 2025, a 26% increase over the previous year, driven by strong demand for DNA sequencing and ultrasound applications.
- The silicon carbide business demonstrated robust growth in the fourth quarter, with a 77% year-on-year increase, driven by demand from data centers, electric vehicles, and renewable energy applications.
- X-FAB completed a major three-year, $1 billion capacity expansion program, enhancing its production capabilities and positioning it for future growth opportunities.
- The fourth quarter revenue saw a 3% decline quarter-on-quarter, with automotive revenues particularly affected by inventory corrections and the end of major long-term agreements.
- Order intake in the fourth quarter was understated by EUR30 million to EUR40 million due to shorter cycle times and higher wafer yields, leading to reduced order quantities.
- The EBITDA margin for the fourth quarter was below the guided range, impacted by a one-off item totaling $9.3 million related to renegotiations and inventory revaluation.
- The silicon carbide revenue for the full year decreased by 34% compared to 2024, despite a strong fourth quarter, due to an exceptionally strong first quarter in the previous year.
- X-FAB faces limited short-term visibility due to continued inventory adjustments by automotive customers and persistent geopolitical uncertainties, impacting its ability to provide full-year guidance for 2026.
Welcome to the X-Fab full year and fourth quarter 2025 results conference call.
(Operator Instructions) I will hand the conference over to Rudi De Winter, CEO. The floor is yours. Please go ahead.
Thank you and welcome everyone. We have today in the conference call with me, Alba Morganti, CFO, and Damien Macq, my successor and COO.
In the fourth quarter in 2025, we recorded revenues ofEUR222 million, up 18% year-on -year and down 3% quarter-on-quarter. The fourth quarter revenue in our core markets was EUR204 million, up 13% year on year and down 5% quarter on quarter. The core business represented 94% of our total revenue.
Full year revenue amounted toEUR870 million, up 7% year on year and within the guided range. In the full year of 2025, our core business was EUR814 million, which is 7% growth compared to the previous year, and our core business represented also 94% of the total revenue.
Our order intake in the fourth quarter came in at EUR164
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