par Siltronic AG (ETR:DE000WAF)
Siltronic confirms guidance for 2025, Q3 impacted by delivery shifts into Q4, as expected
EQS-News: Siltronic AG / Key word(s): Quarterly / Interim Statement
Siltronic confirms guidance for 2025, Q3 impacted by delivery shifts into Q4, as expected
28.10.2025 / 06:58 CET/CEST
The issuer is solely responsible for the content of this announcement.
Press release
Siltronic AG
Einsteinstrasse 172
81677 Munich
www.siltronic.com
Siltronic confirms guidance for 2025, Q3 impacted by delivery shifts into Q4, as expected
- Sales in the first nine months of 2025 decreased by 7.3 percent year-over-year to EUR 975.1 million, Q3 came in at EUR 300.3 million below the previous quarter
- Positive volume development in first nine months could not offset negative effects from prices, product mix and FX effects
- Business performance in Q3 primarily influenced by delivery shifts into Q4 and FX effects
- EBITDA margin after nine months remained solid at 23.6 percent (Q1–Q3 2024: 25.7 percent) Q3 margin at 21.9 percent (Q2 2025: 26.3 percent) in line with expectations
- Guidance for FY 2025 confirmed:
- Sales expected to be in the mid-single digit percent range below the previous year
- Guidance for EBITDA margin specified at 22 to 24 percent (previously: 21 to 25 percent)
Munich, Germany, October 28, 2025 – The business performance of Siltronic AG (SDAX/TecDAX: WAF) in the first nine months was in line with communicated expectations. Sales amounted to EUR 975.1 million in a persistently challenging market environment, below the previous year’s level (Q1–Q3 2024: EUR 1,052.2 million). Compared to Q2 2025, sales in Q3 decreased to EUR 300.3 million (Q2 2025: EUR 329.1 million).
“As expected, Q3 was impacted by significant delivery shifts into Q4 and negative FX effects, which temporarily weighed on sales and profitability. Cumulatively over nine months, we achieved solid results. The consistent implementation of our strategic initiatives and cost-saving measures strengthens our resilience and enables us to operate reliably even in a challenging market environment, while confirming our guidance for the full year,” explained Dr. Michael Heckmeier, CEO of Siltronic AG.
Business performance in Q3 was shaped by delivery shifts during the year, as expected
| Change | Change | |||||||||||
| Q3 2025 | Q2 2025 | Q3 2024 | Q3 to Q2 | Q3 to Q3 | Q1-Q3 2025 | Q1-Q3 2024 | ||||||
| Sales | EUR Mio. | 300.3 | 329.1 | 357.3 | –28.8 | –57.0 | 975.1 | 1,052.2 | –77.1 | |||
| in % | –8.7 | –16.0 | –7.3 | |||||||||
| Cost of sales | EUR Mio. | –303.9 | –268.9 | –288.1 | –35.0 | –15.8 | –863.7 | –842.3 | –21.4 | |||
| in % | 13.0 | 5.5 | 2.5 | |||||||||
| Gross profit | EUR Mio. | –3.6 | 60.2 | 69.2 | –63.8 | –72.8 | 111.4 | 209.9 | –98.5 | |||
| in % | –106.0 | –105.2 | –46.9 | |||||||||
| Gross margin | in % | –1.2 | 18.3 | 19.4 | 11.4 | 20.0 | ||||||
| EBITDA | EUR Mio. | 65.7 | 86.4 | 89.4 | –20.7 | –23.7 | 230.5 | 270.7 | –40.3 | |||
| in % | –23.9 | –26.5 | –14.9 | |||||||||
| EBITDA margin | in % | 21.9 | 26.3 | 25.0 | 23.6 | 25.7 | ||||||
| Depreciation, amortization and impairment less reversals thereof | EUR Mio. | –97.1 | –62.7 | –60.5 | –34.4 | –36.6 | –223.3 | –172.9 | –50.3 | |||
| EBIT | EUR Mio. | –31.4 | 23.7 | 28.9 | –55.1 | –60.3 | 7.2 | 97.8 | –90.6 | |||
| in % | –232.5 | –208.7 | –92.6 | |||||||||
| EBIT margin | in % | –10.5 | 7.2 | 8.1 | 0.7 | 9.3 | ||||||
| Financial result | EUR Mio. | –10.7 | –9.3 | -6.6 | –1.4 | –4.1 | –27.4 | –16.5 | –10.9 | |||
| Result before income taxes | EUR Mio. | –42.1 | 14.4 | 22.3 | –56.5 | –64.4 | –20.2 | 81.3 | –101.5 | |||
| in % | –393.0 | –288.8 | –124.8 | |||||||||
| Income taxes | EUR Mio. | –1.8 | 0.2 | –3.5 | –2.0 | 1.7 | –4.9 | –12.5 | 7.6 | |||
| Tax rate | in % | –4 | –1 | 16 | –24 | 15 | ||||||
| Result for the period | EUR Mio. | –43.9 | 14.6 | 18.8 | –58.5 | –62.7 | –25.1 | 68.8 | –93.9 | |||
| in % | –401.3 | –333.5 | –136.5 | |||||||||
| Earnings per share | in EUR | –1.29 | 0.38 | 0.60 | –1.67 | –1.89 | –0.83 | 2.19 | –3.02 | |||
In Q3 2025, Siltronic AG generated sales of EUR 300.3 million. This corresponds to a decrease of 8.7 percent compared to the previous quarter (Q2 2025: EUR 329.1 million). The development was partly due to a lower wafer area sold resulting from scheduled delivery shifts into Q4. In addition, the further depreciation of the US dollar negatively impacted the sales level. On a quarterly comparison, the US dollar weakened from an average of 1.13 per EUR in Q2 to 1.17 per EUR in Q3 2025. Furthermore, price effects had a slightly negative impact on sales development.
Cost of sales increased significantly by 13.0 percent quarter-on-quarter (Q3 2025: EUR 303.9 million, Q2 2025: EUR 268.9 million). The increase was mainly due to the start of depreciation for the new fab in Singapore and additional costs related to its ramp. In addition, Q2 benefited from a positive valuation effect for spare parts. As a result of the combined negative sales and cost effects, gross profit in Q3 2025 decreased by EUR 63.8 million compared to the previous quarter to EUR -3.6 million.
In Q3 2025, Siltronic recorded a gain of EUR 3.2 million from exchange rate effects, compared to a loss of EUR 3.2 million in the previous quarter.
EBITDA amounted to EUR 65.7 million in Q3 2025 and, as expected, was below Q2’s level (EUR 86.4 million). Accordingly, the EBITDA margin decreased to 21.9 percent (Q2 2025: 26.3 percent).
EBIT decreased from EUR 23.7 million in Q2 to EUR -31.4 million in Q3. In addition to the decline in EBITDA, the significantly higher depreciation for the new fab in Singapore also impacted the quarter-on-quarter development.
The result for the period in the reporting quarter was EUR -43.9 million (Q2 2025: EUR 14.6 million), and earnings per share came to EUR -1.29 (Q2 2025: EUR 0.38).
The first nine months were mainly impacted by prices and product mix effects, as well as higher depreciation
In the first nine months, Siltronic generated sales of EUR 975.1 million. The decline of 7.3 percent compared to the previous year (Q1–Q3 2024: EUR 1,052.2 million) was mainly due to sales prices and product mix effects, as well as the weaker US dollar year-over-year. A positive contribution came from the increase in wafer area sold compared to the previous year.
The increased volume led to a rise in cost of sales by 2.5 percent year-over-year to EUR 863.7 million (Q1–Q3 2024: EUR 842.3 million). The significantly higher depreciation also contributed to the increase. Offsetting effects came from improved fixed cost dilution and positive impacts from cost-saving measures. As a result, gross profit declined to EUR 111.4 million (Q1–Q3 2024: EUR 209.9 million). The gross margin decreased from 20 percent in the previous year to 11.4 percent in the first nine months.
The FX result reported under other income and expense improved to EUR 3.2 million (Q1–Q3 2024: EUR 0.1 million).
After nine months, Siltronic reported an EBITDA of EUR 230.5 million (Q1-Q3 2024: EUR 270.7 million) and a still solid EBITDA margin of 23.6 percent (Q1-Q3 2024: 25.7 percent).
Due to the lower EBITDA and significantly higher depreciation of EUR 223.3 million (Q1–Q3 2024: EUR 172.9 million), EBIT after the first nine months amounted to EUR 7.2 million (Q1–Q3 2024:
EUR 97.8 million). For the period from January to September, Siltronic reported a result for the period of EUR -25.1 million (Q1–Q3 2024: EUR 68.8 million) and earnings per share of EUR -0.83, compared to EUR 2.19 in the previous year.
High investment activity continues to shape assets and financial position
| In EUR million | Sep. 30, 2025 | Dec. 31, 2024 | Change | |
| Equity | 2,069.9 | 2,215.2 | –145.3 | |
| Provisions for pensions | 121.8 | 134.1 | –12.3 | |
| Customer prepayments | 478.5 | 508.6 | –30.1 | |
| Loan liabilties | 1,308.1 | 1,303.8 | 4.3 | |
| Lease liabilities | 126.4 | 137.0 | –10.6 | |
| Other provisions and liabillities | 197.3 | 215.4 | –18.1 | |
| Non-current liabilities | 2,232.1 | 2,298.9 | –66.8 |
With an equity ratio of 42.6 percent as of September 30, 2025 (December 31, 2024: 43.6 percent), Siltronic continues to maintain a good balance sheet quality.
| In EUR million | Q1-Q3 2025 | Q1-Q3 2024 | Change | |
| Cash flow from operating activities | 136.5 | 241.0 | –104.5 | |
| Proceeds/payments for capital expenditure including intangible assets, incl. Investment Grants | –339.1 | –565.1 | 226.0 | |
| Free cash flow | –202.6 | –324.1 | 121.5 | |
| Cash-effective change in prepayments | 15.7 | 6.4 | 9.3 | |
| Net cash flow | –186.9 | –317.7 | 130.8 | |
| Proceeds/payments for capital expenditure including intangible assets, incl. Investment Grants | –339.1 | –565.1 | 226.0 | |
| Proceeds/payments for securities and fixed-term deposits | 139.9 | –54.8 | 194.7 | |
| Cash flow from investing activities | –199.2 | –619.9 | 420.7 |
Payments for capital expenditure, especially related to the new fab in Singapore, remained at a high. Compared to the previous year (Q1–Q3 2024: EUR 565.1 million), net payments for capital expenditure significantly decreased to EUR 339.1 million. As a result, free cash flow (Q1–Q3 2025: EUR -202.6 million, Q1–Q3 2024: EUR -324.1 million), and net cash flow improved (Q1–Q3 2025: EUR -186.9 million, Q1–Q3 2024: EUR -317.7 million) compared to the previous year.
Cash flow from operating activities for the period January to September 2025 decreased by EUR 104.5 million compared to the previous year. This was mainly due to the lower EBITDA and a planned inventory build-up in preparation for deliveries in Q4.
| In EUR million | Sep. 30, 2025 | Dec. 31, 2024 | Change | |
| Cash and cash equivalents | –282.1 | –297.1 | 15.0 | |
| Financial investments | –227.9 | –369.3 | 141.4 | |
| Restricted long-term securities | 2.6 | 2.7 | –0.1 | |
| Nominal value of loan liabilities including interest | 1,440.1 | 1,397.2 | 42.9 | |
| Net financial debt | 932.7 | 733.5 | 199.2 |
Net financial debt amounted to EUR 932.7 million (December 31, 2024: EUR 733.5 million), reaching a level that is expected to mark the peak of the year.
Guidance for 2025 confirmed, EBITDA margin expectation specified
Despite a less favorable FX assumption of 1.17 EUR/USD for H2 (previously: 1.15 EUR/USD), the Executive Board of Siltronic confirms the guidance released on July 29, 2025. The Executive Board continues to expect sales to be in the mid single-digit percent range below the previous year. The guidance for the EBITDA margin has been specified to 22 to 24 percent (previously: 21 to 25 percent). The ranges for depreciation (EUR 340 to 360 million; previously: EUR 340 to 400 million) and capital expenditure (EUR 360 to 380 million; previously: EUR 350 to 400 million) were also further narrowed. Expectations for EBIT (significant decline compared to the previous year) and net cash flow (considerable improvement, but still negative) remain unchanged.
Overview of guidance changes
| Guidance March 6, 2025 (Annual Report) | Guidance April 30, 2025 (Q1) | Guidance July 29, 2025 (Q2) | Guidance October 28, 2025 (Q3) | ||
| Sales | in the region of the previous year, no growth compared to the previous year expected (EUR/USD: 1.08) | in the region of the previous year, no growth compared to the previous year expected (EUR/USD: 1.08) | in the mid-single-digit percentage range below the previous year (EUR/USD: 1.15 for H2 2025) | in the mid-single-digit percentage range below the previous year (EUR/USD: 1.17 for H2 2025) | |
| EBITDA margin | 22 to 27 percent | 21 to 25 percent | 21 to 25 percent | 22 to 24 percent | |
| Depreciation | EUR 380 to 440 million | EUR 380 to 440 million | EUR 340 to 400 million | EUR 340 to 360 million | |
| EBIT | significant decline | significant decline | significant decline | significant decline | |
| Capital expenditure | EUR 350 to 400 million | EUR 350 to 400 million | EUR 350 to 400 million | EUR 360 to 380 million | |
| Net cash flow | considerably improved compared to the previous year, but remains significantly negative | considerably improved compared to the previous year, but remains significantly negative | considerably improved compared to the previous year, but remains significantly negative | considerably improved compared to the previous year, but remains significantly negative |
Siltronic AG – Key financial figures Q3 2025
| Profit and Loss statement | |||||||||
| In EUR million | Q1-Q3 2025 | Q1-Q3 2024 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | |||
| Sales | 975.1 | 1,052.2 | 300.3 | 329.1 | 345.8 | 357.3 | |||
| EBITDA | 230.5 | 270.7 | 65.7 | 86.4 | 78.3 | 89.4 | |||
| EBITDA margin | % | 23.6 | 25.7 | 21.9 | 26.3 | 22.6 | 25.0 | ||
| EBIT | 7.2 | 97.8 | –31.4 | 23.7 | 14.9 | 28.9 | |||
| EBIT margin | % | 0.7 | 9.3 | –10.5 | 7.2 | 4.3 | 8.1 | ||
| Result for the period | –25.1 | 68.8 | –43.9 | 14.6 | 4.3 | 18.8 | |||
| Earnings per share | EUR | –0.83 | 2.19 | –1.29 | 0.38 | 0.08 | 0.60 | ||
| Capital expenditure and net cash flow | |||||||||
| Capital expenditure including intangible assets | 307.5 | 407.1 | 85.5 | 125.5 | 96.5 | 93.5 | |||
| Net cash flow | –186.9 | –317.7 | –30.1 | –83.4 | –73.6 | –65.0 | |||
| Statement of financial position | ||||
| In EUR million | Sep. 30, 2025 | Dec. 31, 2024 | ||
| Total assets | 4,855.3 | 5,084.4 | ||
| Equity | 2,069.9 | 2,215.2 | ||
| Equity ratio | % | 42.6 | 43.6 | |
| Net financial debt | 932.7 | 733.5 |
Conference call for analysts and investors
The Executive Board of Siltronic AG will hold a conference call with analysts and investors (in English only) on October 28, 2025 at 10:00 am (CET). This call will be streamed via the Internet. The audio webcast will be available live as well as on demand on Siltronic’s website.
The current investor presentation and the quarterly statement are also published on the Siltronic website.
Contact:
Stephanie Malgara
Senior Manager Investor Relations
Tel.: +49 (0)89 8564 3133
investor.relations@siltronic.com
Company profile:
As one of the leading wafer manufacturers, Siltronic is globally oriented and operates production sites in Asia, Europe, and the USA. Silicon wafers are the foundation of the modern semiconductor industry and the basis for chips in all electronic applications – from computers and smartphones to electric cars and wind turbines. The international company is highly customer-oriented and focuses on quality, precision, innovation, and growth. Siltronic AG employs around 4,400 people worldwide and has been listed in the Prime Standard of the German Stock Exchange since 2015. Siltronic AG shares are included in both the SDAX and TecDAX stock market indices.
Financial information – pursuant to IFRS, unaudited
Siltronic AG – Consolidated Statement of Profit or Loss
| In EUR million | Q3 2025 | Q3 2024 | Q1-Q3 2025 | Q1-Q3 2024 | ||
| Sales | 300.3 | 357.3 | 975.1 | 1,052.2 | ||
| Cost of sales | -303.9 | -288.1 | -863.7 | -842.3 | ||
| Gross profit | –3.6 | 69.2 | 111.4 | 209.9 | ||
| Selling expenses | -7.9 | -7.9 | -23.8 | -24.4 | ||
| Research and development expenses | -17.4 | -19.7 | -56 | -63.4 | ||
| General administration expenses | -8.5 | -8.1 | -26.4 | -26.4 | ||
| Other operating income | 23.6 | 13.8 | 113.6 | 63.0 | ||
| Other operating expenses | -17.6 | -18.4 | -111.6 | -60.9 | ||
| Operating result | –31.4 | 28.9 | 7.2 | 97.8 | ||
| Interest income | 3.1 | 2.5 | 11.5 | 8.8 | ||
| Interest expenses | -12.7 | -7.6 | -35.2 | -20.2 | ||
| Other financial result | -1.1 | -1.5 | -3.7 | -5.1 | ||
| Financial result | -10.7 | -6.6 | -27.4 | -16.5 | ||
| Result before income tax | –42.1 | 22.3 | –20.2 | 81.3 | ||
| Income taxes | -1.8 | -3.5 | -4.9 | -12.5 | ||
| Result for the period | –43.9 | 18.8 | –25.1 | 68.8 | ||
| of which | ||||||
| attributable to Siltronic AG shareholders | -38.6 | 17.9 | -24.8 | 65.4 | ||
| attributable to non-controlling interests | –5.3 | 0.9 | –0.3 | 3.4 | ||
| Earnings per share in EUR (basic/diluted) | -1.29 | 0.60 | -0.83 | 2.19 |
Siltronic AG - Consolidated Statement of Financial Position
| In EUR million | Sep. 30, 2025 | Dec. 31, 2024 | |
| Intangible assets | 53.0 | 34.8 | |
| Property, plant and equipment | 3,575.3 | 3,676.2 | |
| Right-of-use assets | 130.6 | 144.6 | |
| Securities and fixed-term deposits | 2.6 | 2.7 | |
| Other financial assets | 0.9 | – | |
| Other non-financial assets | 11.0 | 13.9 | |
| Deferred tax assets | 12.6 | 14.0 | |
| Non-current assets | 3,786.0 | 3,886.2 | |
| Inventories | 326.4 | 308.3 | |
| Trade receivables | 133.3 | 142.9 | |
| Contract assets | 12.4 | 12.7 | |
| Securities and fixed-term deposits | 225.3 | 366.6 | |
| Other financial assets | 32.4 | 12.9 | |
| Other non-financial assets | 46.8 | 50.7 | |
| Income tax receivables | 10.6 | 7.0 | |
| Cash and cash equivalents | 282.1 | 297.1 | |
| Current assets | 1,069.3 | 1,198.2 | |
| Total assets | 4,855.3 | 5,084.4 | |
| Subscribed capital | 120.0 | 120.0 | |
| Capital reserves | 974.6 | 974.6 | |
| Retained earnings and net Group result | 764.3 | 795.1 | |
| Other equity items | 19.1 | 120.2 | |
| Equity attributable to Siltronic AG shareholders | 1,878.0 | 2,009.9 | |
| Equity attributable to non-controlling interests | 191.9 | 205.3 | |
| Equity | 2,069.9 | 2,215.2 | |
| Provisions for pensions | 121.8 | 134.1 | |
| Other provisions | 67.1 | 66.1 | |
| Liabilities for income taxes | 1.9 | 3.0 | |
| Deferred tax liabilities | 8.0 | 8.7 | |
| Customer prepayments | 478.5 | 508.6 | |
| Loan liabilities | 1,308.1 | 1,303.8 | |
| Lease liabilities | 126.4 | 137.0 | |
| Other financial liabilites |