Siltronic confirms guidance for 2025, Q3 impacted by delivery shifts into Q4, as expected
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
0.7
0.8
Other non-financial liabilities
119.6
136.8
Non-current liabilities
2,232.1
2,298.9
Other provisions
9.3
9.6
Liabilities for income taxes
12.9
18.1
Trade liabilities
231.7
280.5
Customer prepayments
50.3
57.3
Loan liabilities
119.1
75.2
Lease liabilities
6.7
7.3
Other financial liabilites
64.1
67.1
Other non-financial liabilities
59.2
55.2
Current liabilites
553.3
570.3
Total liabilities
2,785.4
2,869.2
Total equity and liabilities
4,855.3
5,084.4
Siltronic AG - Consolidated Statement of Cash Flows
In EUR million
Q3 2025
Q3 2024
Q1-Q3 2025
Q1-Q3 2024
Result for the period
–43.9
18.8
–25.1
68.8
Depreciation / amortization of nun-current assets, including impairment losses and reversals thereof
97.1
60.5
223.2
172.9
Other non-cash expenses and income
–4.4
–1.4
–15.9
–6.7
Result from disposal of non-current assets
–0.1
0.4
0.7
1.2
Interest income
9.6
5.1
23.7
11.4
Interest paid
–5.3
–7.4
–33.8
–26.6
Interest received
2.6
2.4
11.6
20.2
Tax expense
1.9
3.5
4.9
12.5
Taxes paid
–3.9
–1.4
–13.9
–10.8
Changes in inventories
–13.7
1.9
–30.1
–2.2
Changes in trade receivables
–0.1
–20.4
–4.7
–0.6
Changes in contract assets
0.7
3.8
–0.1
–0.1
Changes in other assets
–0.3
16.1
–6.3
–4.2
Changes in provisions
9.1
5.6
12.7
22.4
Changes in trade liabilities
7.0
–4.2
2.2
–10.2
Changes in other liabilities
2.7
5.6
3.1
–0.6
Changes in customer prepayments
–3.1
–19.3
–15.7
–6.4
Cash flow from operating activities
55.9
69.6
136.5
241.0
Payments for capital expenditure (including intangible assets)
–89.6
–154.0
–339.6
–597.5
Proceeds from the disposal of property, plant and equipment
