EQS-News: Siltronic confirms guidance for 2025, Q3 impacted by delivery shifts into Q4, as expected

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

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

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.

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.

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

Siltronic AG – Key financial figures Q3 2025

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

Siltronic AG - Consolidated Statement of Financial Position

Siltronic AG - Consolidated Statement of Cash Flows

Additional financial information

Disclaimer

This press release contains forward-looking statements based on assumptions and estimates made by the Executive Board of Siltronic AG. These statements can be identified by wording such as "expect", "want", "anticipate", "intend", "plan", "believe", "strive", "estimate", and "will" or similar terms. Although we assume that the expectations contained in these forward-looking statements are realistic, we cannot guarantee that they will prove to be correct.  These assumptions may contain risks and uncertainties that could cause the actual figures to differ considerably from the forward-looking statements. Factors that can cause such discrepancies include changes in the macroeconomic and business environment, changes in exchange rates and interest rates, the introduction of products that compete with our own products, a lack of acceptance of new products or services, and changes in corporate strategy. Siltronic does not intend to update these forward-looking statements, nor does it assume any responsibility to do so.

This press release includes supplementary financial indicators that either are or may be so-called alternative performance indicators that are not clearly defined in the relevant financial reporting framework. In assessing the financial position and performance of Siltronic, these supplementary financial indicators should not be used in isolation or as an alternative to those presented in the consolidated financial statements and determined in accordance with the relevant financial reporting framework. Other companies that present or report alternative performance indicators with similar names may calculate them differently.  Explanations of the key financial figures used are available in the Annual Report of Siltronic AG.

Due to rounding, some of the figures presented in this press release as well as in other reports may not add up exactly to the stated totals and percentages presented may not accurately reflect the absolute values to which they relate.

This press release is a quarterly Group statement in accordance with Section 53 of the Exchange Rules for the Frankfurt Stock Exchange.