Siltronic AG reported preliminary, unaudited 2025 results in line with guidance: sales of EUR 1,347 million, down 4.7% year over year (2024: EUR 1,412.8 million). Wafer area sold increased versus 2024, supported by stronger end-market momentum through the year and higher demand for 300 mm products. The sales decline reflected the phased closure of the SD line in Burghausen (≤150 mm polished and epi wafers), which accounted for more than one-third of the negative variance, as well as elevated 200 mm inventories, price effects outside LTAs, and US-dollar depreciation.
Preliminary EBITDA was EUR 317 million (2024: EUR 363.8 million), for an EBITDA margin of 23.5% (2024: 25.8%), within the 22–24% target range. Cost of sales rose on higher wafer volumes and increased depreciation (EUR 343 million vs. EUR 238.5 million), driven in part by the start of depreciation for major portions of the new Singapore fab from August 2025. EBIT was EUR -26 million (2024: EUR 125.2 million), with an EBIT margin of -2.0% (2024: 8.9%).
Capital expenditure, including intangibles, declined to a provisional EUR 369 million (2024: EUR 523.4 million), improving net cash flow to EUR -85 million (2024: EUR -297.0 million). Net financial debt stood at EUR 837 million at year-end (2024: EUR 733.5 million).
Preliminary Q4 sales were EUR 372 million, significantly above Q3 (EUR 300.3 million), reflecting delivery shifts from Q3 and early 2026 into Q4. Q4 EBITDA increased to EUR 86 million (Q3: EUR 65.8 million), with a 23.3% margin (Q3: 21.9%). Q4 EBIT was EUR -34 million (Q3: EUR -31.4 million). Capex was EUR 62 million (Q3: EUR 85.5 million). Preliminary Q4 net cash flow improved to EUR 102 million (Q3: EUR -30.6 million), supported by stronger operating cash flow, timing differences between capex accounting and payment in early 2026, and investment grants received in Q4.
Siltronic expects a continued challenging environment in 2026, marked by price pressure outside LTAs and adverse FX. While demand in 300 mm is growing, the 200 mm segment remains under pressure due to elevated inventories. Delivery shifts pulled into Q4 2025 will weigh on the first half of 2026, and the SD line closure will impact the full year for the first time. The company will publish its 2026 guidance after completing its assessment of these headwinds and remains focused on cost reduction, active cash management, and disciplined investment to support its positioning as a leading supplier of high-tech wafer solutions.
Original – Siltronic