Soitec confirms guidance for FY’24 and publishes its outlook
for FY’25
Soitec confirms guidance for
FY’24 and publishes its outlook for
FY’25
Bernin (Grenoble), France, March
27th, 2024 – Soitec
(Euronext Paris), a world leader in designing and manufacturing
innovative semiconductor materials, today confirms its guidance for
the fiscal year 2024 (ending on March 31st, 2024) and provides some
preliminary indications about its prospects for the fiscal year
2025 (ending on March 31st, 2025).
FY’24
guidance
Soitec confirms that it
expects revenue for FY’24 to decline by around 10% at constant
exchange rates and perimeter and an EBITDA1 margin2 for FY'24 of
around 34%, in line with the guidance given on February 7th, 2024.
FY’24 results will be published on May 22nd, 2024.
FY’25
outlook
Looking ahead, Soitec
continues to anticipate significant growth in its three
end-markets, where it is strengthening its leadership in SOI, and
successfully executing on its expansion in compound semiconductors,
particularly POI and SmartSiC™. In the short term, Soitec therefore
anticipates continued strong performance in FD-SOI, POI and
Power-SOI, as well as the start of SmartSiC™ ramp-up.
Regarding RF-SOI, the
second half of FY’24 benefited from restocking by major customers
in anticipation of a smartphone market rebound in 2024, and
significant orders from new customers. As already reported in the
Q3’24 release the level of RF-SOI inventories at foundries level
remains high and will impact the performance of H1 FY’25. However,
Soitec starts to see signs of improvement with some inventory
digestion downstream at OEMs and at Fabless level.
As a result, Soitec
expects revenue for FY’25 to be stable at constant exchange rates
and perimeter as compared to FY’24 with a potential upside if the
RF business recovers earlier, with strong seasonality effect. H1’25
revenue is expected to decline by around 15% year-on-year at
constant exchange rates and perimeter, with especially a low point
expected in Q1’25. Soitec then expects revenue to rebound in H2’25,
driven by the end of RF-SOI inventory correction with foundries,
the strong structural growth of its SOI products, the continued
adoption of POI and the start of the SmartSiCTM ramp-up in the
second half of FY’25. EBITDA1 margin2 for FY’25 is expected to be
around 35%.
Mid term
outlook
Soitec expects the RF-SOI
inventory correction to end in FY’25, and its long-term growth
trajectory to resume rapidly thereafter. It is confident in its
growth engines supported by the strong penetration of 5G, the
advent of electrification and the acceleration of artificial
intelligence, as well as the successful expansion of its product
portfolio, in SOI and Compound semiconductors.
This expected strong
rebound will be driven by the resumption of growth in RF-SOI, the
progression of our leadership in SOI products (FD-SOI, Power-SOI,
Photonics-SOI), the continued acceleration of POI, and the
significant revenue generated by SmartSiCTM. The group will
continue to expand its leadership to new customers and new
regions.
Soitec will provide
guidance on an annual basis and will share a FY’26 guidance at the
end of FY’25.
# # #
Agenda
FY’24 Results are due to
be published on May 22nd, 2024, after market close.
Soitec Management will be
presenting the results in Paris on May 23rd, 2024
# # #
Disclaimer
This document is provided by Soitec (the “Company”)
for information purposes only.
The Company’s business operations and financial
position are described in the Company’s 2022-2023 Universal
Registration Document (which notably includes the 2022-2023 Annual
Financial Report) which was filed on June 14th, 2023 with the
French stock market authority (Autorité des Marchés Financiers, or
AMF) under number D.23-0482, as well as in the Company’s 2023-2024
half-year report released on November 15th, 2023. The French
versions of the 2022-2023 Universal Registration Document and of
the 2023-2024 half-year report, together with English courtesy
translations for information purposes of both documents, are
available for consultation on the Company’s website
(www.soitec.com), in the section Company - Investors - Financial
Reports.
Your attention is drawn to the risk factors
described in Chapter 2.1 (Risk factors and controls mechanism) of
the Company’s 2022-2023 Universal Registration Document.
This document contains summary information and
should be read in conjunction with the 2022-2023 Universal
Registration Document and the 2023-2024 half-year report.
This document contains certain forward-looking
statements. These forward-looking statements relate to the
Company’s future prospects, developments and strategy and are based
on analyses of earnings forecasts and estimates of amounts not yet
determinable. By their nature, forward-looking statements are
subject to a variety of risks and uncertainties as they relate to
future events and are dependent on circumstances that may or may
not materialize in the future. Forward-looking statements are not a
guarantee of the Company’s future performance. The occurrence of
any of the risks described in Chapter 2.1 (Risk factors and
controls mechanism) of the 2022-2023 Universal Registration
Document may have an impact on these forward-looking statements. In
particular, the future consequences of geopolitical conflicts,
notably the Ukraine / Russia situation, as well as rising
inflation, may result in greater impacts than currently anticipated
in these forward-looking statements.
The Company’s actual financial position, results
and cash flows, as well as the trends in the sector in which the
Company operates may differ materially from those contained in this
document. Furthermore, even if the Company’s financial position,
results, cash-flows and the developments in the sector in which the
Company operates were to conform to the forward-looking statements
contained in this document, such elements cannot be construed as a
reliable indication of the Company’s future results or
developments.
The Company does not undertake any obligation to
update or make any correction to any forward-looking statement in
order to reflect an event or circumstance that may occur after the
date of this document. In addition, the occurrence of any of the
risks described in Chapter 2.1 (Risk factors and controls
mechanism) of the 2022-2023 Universal Registration Document may
have an impact on these forward-looking statements.
This document does not constitute or form part of
an offer or a solicitation to purchase, subscribe for, or sell the
Company’s securities in any country whatsoever. This document, or
any part thereof, shall not form the basis of, or be relied upon in
connection with, any contract, commitment or investment
decision.
Notably, this document does not constitute an offer
or solicitation to purchase, subscribe for or to sell securities in
the United States. Securities may not be offered or sold in the
United States absent registration or an exemption from the
registration under the U.S. Securities Act of 1933, as amended (the
“Securities Act”). The Company’s shares have not been and will not
be registered under the Securities Act. Neither the Company nor any
other person intends to conduct a public offering of the Company’s
securities in the United States.
# # #
About Soitec
Soitec (Euronext - Tech Leaders), a world leader in
innovative semiconductor materials, has been developing
cutting-edge products delivering both technological performance and
energy efficiency for over 30 years. From its global headquarters
in France, Soitec is expanding internationally with its unique
solutions, and generated sales of 1.1 billion Euros in fiscal year
2022-2023. Soitec occupies a key position in the semiconductor
value chain, serving three main strategic markets: mobile
communications, automotive and industrial, and smart devices. The
company relies on the talent and diversity of its 2,100 employees,
representing 50 different nationalities, working at its sites in
Europe, the United States and Asia. Soitec has registered over
4,000 patents.
Soitec, SmartSiC™ and Smart Cut™ are registered
trademarks of Soitec.
For more information: https://www.soitec.com/en/
and follow us on X: @Soitec_Official
# # #
Investor
Relations: investors@soitec.com
|
Media
contacts: Isabelle Laurent+33 6 42 37 54 17
isabelle.laurent@oprgfinancial.fr Fabrice Baron+33 6 14 08
29 81 fabrice.baron@oprgfinancial.fr |
# # #
Soitec is a French joint-stock corporation with a
Board of Directors (Société Anonyme à Conseil d’administration)
with a share capital of €71,424,604 having its registered office
located at Parc Technologique des Fontaines - Chemin des Franques -
38190 Bernin (France), and registered with the Grenoble Trade and
Companies Register under number 384 711 909.
# # #
1 The EBITDA represents operating income (EBIT)
before depreciation, amortization, impairment of non-current
assets, non-cash items relating to share-based payments, provisions
for impairment of current assets and for contingencies and
expenses, and disposals gains and losses. This alternative
indicator of performance is a non-IFRS quantitative measure used to
measure the company’s ability to generate cash from its operating
activities. EBITDA is not defined by an IFRS standard and must not
be considered an alternative to any other financial indicator.
2 EBITDA margin = EBITDA from continuing operations
/ Revenue
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