par Siltronic AG (ETR:DE000WAF)
Siltronic slightly raises sales guidance for 2026 – higher demand drives volume development in Q3 2026
EQS-News: Siltronic AG / Key word(s): 9 Month figures
Siltronic slightly raises sales guidance for 2026 – higher demand drives volume development in Q3 2026
04.11.2026 / 07:00 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 slightly raises sales guidance for 2026 – higher demand drives volume development in Q3 2026
- Sales in the first nine months of 2026 at EUR 983.5 million, slightly above the previous year’s period; Q3 sales of EUR 355.4 million around 11 percent above the previous quarter
- Positive volume development offsets negative price, product mix and FX effects in the first nine months
- EBITDA margin at a solid 21.9 percent after nine months (Q1–Q3 2025: 23.6 percent); Q3 margin at 22.9 percent (Q2 2026: 21.6 percent) above the previous quarter
- Guidance for FY 2026 adjusted due to the stronger US dollar and increased demand:
- Sales expected to be in the range of the previous year (Q4 EUR/USD: 1.14) (previously: low to mid-single-digit percentage range below the previous year at EUR/USD 1.18 for H2)
- EBITDA margin narrowed to 22 to 24 percent (previously: 20 to 24 percent)
Munich, Germany, November 4, 2026 – The business performance of Siltronic AG (MDAX/TecDAX: WAF) exceeded expectations in Q3 due to favorable FX development and strong wafer demand. Sales increased by 10.5 percent compared with Q2 2026 to EUR 355.4 million. After nine months, sales reached EUR 983.5 million and were thus slightly above the previous-year level (Q1-Q3 2025: EUR 975.1 million).
“With the expansion of our 300 mm capacities in Singapore, we are supporting market growth driven particularly by Artificial Intelligence. Strong demand for 300 mm wafers and, increasingly, for 200 mm wafers led to a noticeable quarter-over-quarter growth in wafer area sold. Together with the favorable FX development, this enables us to improve our sales guidance for FY 2026,” commented Dr. Michael Heckmeier, CEO of Siltronic AG.
Q3 benefits from higher wafer area sold
| Change | Change | |||||||||||
| Q3 2026 | Q2 2026 | Q3 2025 | Q3 to Q2 | Q3 to Q3 | Q1-Q3 2026 | Q1-Q3 2025 | ||||||
| Sales | In EUR million | 355.4 | 321.6 | 300.3 | 33.8 | 55.1 | 983.5 | 975.1 | 8.4 | |||
| in % | 10.5 | 18.3 | 0.9 | |||||||||
| Cost of sales | In EUR million | –362.9 | –335.9 | –303.9 | –27.0 | –59.0 | –1,031.6 | –863.7 | –167.9 | |||
| in % | 8.0 | 19.4 | 19.4 | |||||||||
| Gross profit | In EUR million | –7.5 | –14.4 | –3.6 | 6.9 | –3.9 | –48.1 | 111.4 | –159.5 | |||
| in % | –47.8 | >100 | >100 | |||||||||
| Gross margin | in % | –2.1 | –4.5 | –1.2 | –4.9 | 11.4 | ||||||
| EBITDA | In EUR million | 81.3 | 69.4 | 65.7 | 11.9 | 15.6 | 215.7 | 230.5 | –14.8 | |||
| in % | 17.1 | 23.7 | –6.4 | |||||||||
| EBITDA margin | in % | 22.9 | 21.6 | 21.9 | 21.9 | 23.6 | ||||||
| Depreciation, amortization and impairment less reversals thereof | In EUR million | –123.7 | –121.3 | –97.1 | –2.4 | –26.6 | –362.4 | –223.3 | –139.1 | |||
| EBIT | In EUR million | –42.4 | –51.9 | –31.4 | 9.5 | –11.0 | –146.7 | 7.2 | –153.9 | |||
| in % | –18.3 | 35.0 | >100 | |||||||||
| EBIT margin | in % | –11.9 | –16.1 | –10.5 | –14.9 | 0.7 | ||||||
| Financial result | In EUR million | –11.3 | –9.4 | –10.7 | –1.9 | –0.6 | –32.4 | –27.4 | –5.0 | |||
| Result before income taxes | In EUR million | –53.7 | –61.3 | –42.1 | 7.6 | –11.6 | –179.1 | –20.2 | –158.9 | |||
| in % | –12.4 | 27.6 | >100 | |||||||||
| Income taxes | In EUR million | –1.3 | –1.9 | –1.8 | 0.6 | 0.5 | –5.8 | –4.9 | –0.9 | |||
| Tax rate | in % | –2 | –3 | –4 | –3 | –24 | ||||||
| Result for the period | In EUR million | –55.0 | –63.2 | –43.9 | 8.2 | –11.1 | –184.9 | –25.1 | –159.8 | |||
| in % | –13.0 | 25.3 | >100 | |||||||||
| Earnings per share | in EUR | –1.46 | –1.71 | –1.29 | 0.25 | –0.17 | –5.08 | –0.83 | –4.25 | |||
In Q3 2026, Siltronic AG generated sales of EUR 355.4 million, an increase of 10.5 percent compared to the previous quarter (Q2 2026: EUR 321.6 million). The main driver was the higher wafer area sold, for both 300 mm and 200 mm wafers. Product mix and price effects only had a limited impact on the sales development. The average exchange rate of the US dollar against the euro remained almost at the level of the previous quarter at USD 1.15 per EUR (Q2 2026: USD 1.16 per EUR).
In Q3 2026, cost of sales increased by 8.0 percent to EUR 362.9 million (Q2 2026: EUR 335.9 million) due to the higher wafer area sold. As cost of sales increased at a lower rate than sales, both gross profit and gross margin improved. Gross profit increased by EUR 6.9 million compared to the previous quarter to EUR -7.5 million. Around one-third of cost of sales is attributable to non-cash depreciation.
Operating expenses for selling, general administration, research and development decreased slightly compared to the previous quarter. FX and hedging effects recognized in the balance of other operating income and expenses resulted in income of EUR 0.5 million in the reporting quarter, compared with an expense of EUR 3.0 million in Q2 2026. The main driver of this improvement was the result from energy price hedges.
Given the higher wafer area sold and the positive development of gross profit and gross margin, EBITDA increased to EUR 81.3 million in the reporting quarter compared with EUR 69.4 million in Q2. The EBITDA margin of 22.9 percent was significantly above the previous quarter’s level (Q2 2026: 21.6 percent).
EBIT improved from EUR -51.9 million in Q2 to EUR -42.4 million in Q3.
The result for the period amounted to EUR -55.0 million in the reporting quarter (Q2 2026: EUR -63.2 million), while earnings per share amounted to EUR -1.46 (Q2 2026: EUR -1.71).
Strong growth in wafer area sold shaped the first nine months, higher depreciation weighs on results
In the first nine months of the year, the company generated sales of EUR 983.5 million, slightly exceeding the previous-year level (Q1–Q3 2025: EUR 975.1 million).
Year-over-year, wafer area sold increased particularly strongly. This more than offset the negative impact on sales from price and product mix effects as well as the weaker US dollar.
The higher wafer area sold resulted in cost of sales of EUR 1,031.6 million, an increase of 19.4 percent compared with the previous-year period (Q1–Q3 2025: EUR 863.7 million). Around 80 percent of the EUR 167.9 million increase was attributable to non-cash depreciation. This primarily reflects the investments in the expansion of production capacities in Singapore. At the same time, the higher wafer area sold improved fixed-cost absorption. In addition, cost reduction measures had a positive impact on cost of sales per wafer area.
Gross profit amounted to EUR -48.1 million (Q1–Q3 2025: EUR 111.4 million). The significantly higher depreciation in particular had a negative impact. Gross margin decreased to -4.9 percent, from 11.4 percent in the same period last year.
Selling, general and administrative as well as research and development expenses increased by EUR 17.8 million compared with the same period last year. The increase is primarily attributable to the new fab in Singapore. The effects from FX and hedging transactions, reported under other operating income and expenses, resulted in income of EUR 8.9 million (Q1–Q3 2025: expenses of EUR 2.5 million). The main driver of the improvement compared to the same period last year was the result from energy price hedges.
After nine months, Siltronic reported an EBITDA of EUR 215.7 million (Q1–Q3 2025: EUR 230.5 million) and a solid EBITDA margin of 21.9 percent (Q1–Q3 2025: 23.6 percent).
Due to the lower EBITDA and significantly higher depreciation (Q1–Q3 2026: EUR 362.4 million; Q1–Q3 2025: EUR 223.3 million), EBIT amounted to EUR -146.7 million after the first nine months (Q1–Q3 2025: EUR 7.2 million). On a cumulative basis, the result for the period from January to September amounted to EUR -184.9 million (Q1-Q3 2025: EUR -25.1 million), while earnings per share amounted to EUR -5.08 compared with EUR -0.83 in the previous-year period.
Capital increase and reduced investment activity shape the financial position
| In EUR million | Sep. 30, 2026 | Dec. 31, 2025 | Change | |
| Equity | 2,195.0 | 2,028.3 | 166.7 | |
| Provisions for pensions | 115.2 | 124.8 | –9.6 | |
| Customer prepayments | 481.3 | 506.5 | –25.2 | |
| Loan liabilities | 1,071.8 | 1,246.2 | –174.4 | |
| Lease liabilities | 132.3 | 127.1 | 5.2 | |
| Other provisions and liabilities | 235.0 | 218.5 | 16.5 | |
| Non-current liabilities | 2,035.6 | 2,223.1 | –187.5 |
As of September 30, 2026, Siltronic had an equity ratio of 44.7 percent (December 31, 2025: 42.6 percent). The increase in equity was driven by the capital increase completed in June 2026. The decrease in non-current loan liabilities reflects the shorter remaining maturities of the obligations. Accordingly, current loan liabilities increased by a similar amount.
| In EUR million | Q1-Q3 2026 | Q1-Q3 2025 | Change | |
| Cash flow from operating activities | 138.2 | 136.5 | 1.7 | |
| Proceeds/payments for capital expenditure including intangible assets and Investment Grants | –199.0 | –339.1 | 140.1 | |
| Free cash flow | –60.8 | –202.6 | 141.8 | |
| Cash-effective change in prepayments | 2.2 | 15.7 | –13.5 | |
| Net cash flow | –58.6 | –186.9 | 128.3 | |
| Proceeds/payments for capital expenditure including intangible assets and Investment Grants | –199.0 | –339.1 | 140.1 | |
| Proceeds/payments for securities and fixed-term deposits | –151.6 | 139.9 | –291.5 | |
| Cash flow from investing activities | –350.6 | –199.2 | –151.4 |
Cash flow from operating activities amounted to EUR 138.2 million, on the level of the previous-year period. Payments for capital expenditure decreased significantly from EUR 339.1 million in the first nine months of the previous year to EUR 199.0 million in the reporting period. Accordingly, free cash flow (Q1-Q3 2026: EUR -60.8 million, Q1-Q3 2025: EUR -202.6 million) and net cash flow (Q1-Q3 2026: EUR -58.6 million, Q1-Q3 2025: EUR -186.9 million) improved. In Q3 2026, free cash flow amounted to EUR 57.0 million and net cash flow to EUR 57.9 million.
| In EUR million | Sep. 30, 2026 | Dec. 31, 2025 | Change | |
| Cash and cash equivalents | –373.1 | –329.1 | –44.0 | |
| Financial investments | –360.7 | –204.9 | –155.8 | |
| Restricted long-term securities | 2.9 | 2.7 | 0.2 | |
| Nominal value of loan liabilities including interest | 1,350.8 | 1,367.8 | –17.0 | |
| Net financial debt | 619.9 | 836.5 | –216.6 |
Net financial debt decreased by EUR 216.6 million compared with December 31, 2025, to EUR 619.9 million (December 31, 2025: EUR 836.5 million). This was primarily attributable to the cash inflows from the capital increase.
2026 sales guidance improved, EBITDA margin expected at the upper end of the previous range
Due to stronger-than-expected demand and more favorable exchange rate developments, Siltronic AG's Executive Board is slightly improving its sales guidance for the financial year 2026. Sales are now expected to be in the range of the previous year, whereas the previous guidance had projected a decline in sales in the low to mid-single-digit percentage range compared with last year. The updated guidance is based on a EUR/USD exchange rate of 1.14 for Q4. The previous guidance had assumed a EUR/USD exchange rate of 1.18 for H2.
The guidance for the EBITDA margin has been refined to 22 to 24 percent. For the financial year 2026, Siltronic now expects capital expenditure of EUR 180 to 200 million and depreciation and amortization of EUR 480 to 500 million. The guidance for EBIT and net cash flow remains unchanged.
Overview of guidance changes
| Guidance March 12, 2026 (Annual Report) | Guidance April 29, 2026 (Q1) | Guidance July 30, 2026 (Q2) | Guidance November 4, 2026 (Q3) | ||
| Sales | In the mid‑single‑digit percent range below the previous year (exchange rate assumption: EUR/USD 1.18) | In the mid‑single‑digit percent range below the previous year (exchange rate assumption: EUR/USD 1.18) | In the low- to mid‑single‑digit percent range below the previous year (exchange rate assumption: EUR/USD 1.18 for H2) | In the range of the previous year (exchange rate assumption: EUR/USD 1.14 for Q4) | |
| EBITDA margin | 20 to 24 percent | 20 to 24 percent | 20 to 24 percent | 22 to 24 percent | |
| Depreciation | EUR 490 to 520 million | EUR 490 to 520 million | EUR 490 to 520 million | EUR 480 to 500 million | |
| EBIT | Significant decrease compared to the previous year | Significant decrease compared to the previous year | Significant decrease compared to the previous year | Significant decrease compared to the previous year | |
| Capital expenditure | EUR 180 to 220 million | EUR 180 to 220 million | EUR 180 to 220 million | EUR 180 to 200 million | |
| Net cash flow | Approximately on par with the previous year | Approximately on par with the previous year | Approximately on par with the previous year | Approximately on par with the previous year |
Siltronic AG – Key financial figures Q3 2026
| Profit and Loss statement | |||||||||
| In EUR million | Q1-Q3 2026 | Q1-Q3 2025 | Q3 2026 | Q2 2026 | Q1 2026 | Q3 2025 | |||
| Sales | 983.5 | 975.1 | 355.4 | 321.6 | 306.5 | 300.3 | |||
| EBITDA | 215.7 | 230.5 | 81.3 | 69.4 | 65.1 | 65.7 | |||
| EBITDA margin | % | 21.9 | 23.6 | 22.9 | 21.6 | 21.2 | 21.9 | ||
| EBIT | –146.7 | 7.2 | –42.4 | –51.9 | –52.4 | –31.4 | |||
| EBIT margin | % | –14.9 | 0.7 | –11.9 | –16.1 | –17.1 | –10.5 | ||
| Result for the period | –184.9 | –25.1 | –55.0 | –63.2 | –66.8 | –43.9 | |||
| Earnings per share | EUR | –5.08 | –0.83 | –1.46 | –1.71 | –1.92 | –1.29 | ||
| Capital expenditure and net cash flow | |||||||||
| Capital expenditure including intangible assets | 125.9 | 307.5 | 39.9 | 38.5 | 47.6 | 85.5 | |||
| Net cash flow | –58.6 | –186.9 | 57.9 | –27.0 | –89.5 | –30.1 | |||
| Statement of financial position | ||||
| In EUR million | Sep. 30, 2026 | Dec. 31, 2025 | ||
| Total assets | 4,908.6 | 4,760.9 | ||
| Equity | 2,195.0 | 2,028.3 | ||
| Equity ratio | % | 44.7 | 42.6 | |
| Net financial debt | 619.9 | 836.5 |
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 November 4, 2026 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:
Verena Stütze
Vice President Investor Relations & Communications
Tel.: +49 (0)89 8564 3133
investor.relations@siltronic.com
Company profile:
As one of the world’s leading providers of high-tech wafer solutions, Siltronic is globally oriented and operates production facilities in Asia, Europe and the US. Wafers are the foundation of the semiconductor industry and the basis for chips in all applications of digital life – from servers and computers to smartphones, electric cars and wind turbines. Operating internationally and highly customer-oriented, the company consistently focuses on quality, technology, innovative strength, and operational excellence. Siltronic AG employs around 4,300 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 MDAX and TecDAX stock market indices.
Financial information – pursuant to IFRS, unaudited
Siltronic AG – Consolidated Statement of Profit or Loss
| In EUR million | Q3 2026 | Q3 2025 | Q1-Q3 2026 | Q1-Q3 2025 | ||
| Sales | 355.4 | 300.3 | 983.5 | 975.1 | ||
| Cost of sales | –362.9 | –303.9 | –1,031.6 | –863.7 | ||
| Gross profit | –7.5 | –3.6 | –48.1 | 111.4 | ||
| Selling expenses | –9.4 | –7.9 | –27.1 | –23.8 | ||
| Research and development expenses | –21.4 | –17.4 | –66.0 | –56.0 | ||
| General administration expenses | –9.8 | –8.5 | –30.9 | –26.4 | ||
| Other operating income | 30.4 | 23.6 | 135.1 | 113.6 | ||
| Other operating expenses | –24.7 | –17.6 | –109.7 | –111.6 | ||
| Operating result | –42.4 | –31.4 | –146.7 | 7.2 | ||
| Interest income | 4.0 | 3.1 | 9.8 | 11.5 | ||
| Interest expenses | –13.3 | –12.7 | –39.6 | –35.2 | ||
| Other financial result | –2.0 | –1.1 | –2.6 | –3.7 | ||
| Financial result | –11.3 | –10.7 | –32.4 | –27.4 | ||
| Result before income tax | –53.7 | –42.1 | –179.1 | –20.2 | ||
| Income taxes | –1.3 | –1.8 | –5.8 | –4.9 | ||
| Result for the period | –55.0 | –43.9 | –184.9 | –25.1 | ||
| of which | ||||||
| attributable to Siltronic AG shareholders | –48.3 | –38.6 | –158.1 | –24.8 | ||
| attributable to non-controlling interests | –6.7 | –5.3 | –26.8 | –0.3 | ||
| Earnings per share in EUR (basic/diluted) | -1.46 | -1.29 | -5.08 | -0.83 |
Siltronic AG - Consolidated Statement of Financial Position
| In EUR million | Sep. 30, 2026 | Dec. 31, 2025 | |
| Intangible assets | 71.9 | 55.8 | |
| Property, plant and equipment | 3,382.6 | 3,527.7 | |
| Right-of-use assets | 132.8 | 130.5 | |
| Securities and fixed-term deposits | 2.9 | 2.7 | |
| Other financial assets | 1.9 | 0.8 | |
| Other non-financial assets | 11.4 | 16.3 | |
| Deferred tax assets | 0.8 | 1.0 | |
| Non-current assets | 3,604.3 | 3,734.8 | |
| Inventories | 347.4 | 300.8 | |
| Trade receivables | 146.9 | 110.6 | |
| Contract assets | 19.4 | 13.8 | |
| Securities and fixed-term deposits | 357.8 | 202.2 | |
| Other financial assets | 19.1 | 20.2 | |
| Other non-financial assets | 33.4 | 40.6 | |
| Income tax receivables | 7.2 | 8.8 | |
| Cash and cash equivalents | 373.1 | 329.1 | |
| Current assets | 1,304.3 | 1,026.1 | |
| Total assets | 4,908.6 | 4,760.9 | |
| Subscribed capital | 132.0 | 120.0 | |
| Capital reserves | 1,232.1 | 974.6 | |
| Retained earnings and net Group result | 561.8 | 719.9 | |
| Other equity items | 104.9 | 29.5 | |
| Equity attributable to Siltronic AG shareholders | 2,030.8 | 1,844.0 | |
| Equity attributable to non-controlling interests | 164.2 | 184.3 | |
| Equity | 2,195.0 | 2,028.3 | |
| Provisions for pensions | 115.2 |