from Siltronic AG (ETR:DE000WAF)
Siltronic closes Q1 2026 in line with expectations
EQS-News: Siltronic AG / Key word(s): Quarterly / Interim Statement
Siltronic closes Q1 2026 in line with expectations
29.04.2026 / 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 closes Q1 2026 in line with expectations
- Sales decreased by 17.5 percent to EUR 306.5 million compared to a strong previous quarter that benefited from intra-year delivery shifts
- EBITDA margin decreased from 23.3 percent in the previous quarter to 21.2 percent
- Guidance for 2026 confirmed:
- Sales expected to be in the mid-single-digit percent range below the previous year at an assumed EUR/USD exchange rate of 1.18; excluding FX and SD effects[1], sales expected to be at previous-year level
- EBITDA margin between 20 and 24 percent
Munich, Germany, April 29, 2026 – Siltronic AG’s (SDAX/TecDAX: WAF) Q1 2026 was in line with the previously communicated expectations. Sales amounted to EUR 306.5 million, significantly below the level of Q4 2025 (EUR 371.6 million). The EBITDA margin was 21.2 percent.
"As expected, the start of fiscal year 2026 was subdued. It is encouraging that growth in AI‑driven end markets has continued to strengthen. However, capacity constraints at our customers in the Memory chip sector, as well as persistently high inventory levels for 200 mm products, are dampening optimism. Geopolitical uncertainties related to developments in the Middle East currently have no direct impact on our business. Overall, end markets remain robust. Nevertheless, we are monitoring the situation very closely," commented Dr. Michael Heckmeier, CEO of Siltronic AG, on the development.
Business Development in Q1 2026
| Change | ||||||||
| Q1 2026 | Q4 2025 | Q1 2025 | Q1 to Q4 | Q1 to Q1 | ||||
| Sales | in EUR million | 306.5 | 371.6 | 345.8 | –65.1 | –39.3 | ||
| Cost of sales | in EUR million | –332.7 | –371.9 | –290.9 | 39.2 | –41.8 | ||
| Gross profit | in EUR million | –26.2 | –0.3 | 54.9 | –25.9 | –81.1 | ||
| Gross margin | in % | –8.5 | –0.1 | 15.9 | ||||
| EBITDA | in EUR million | 65.1 | 86.4 | 78.3 | -21.3 | –13.2 | ||
| EBITDA margin | in % | 21.2 | 23.3 | 22.6 | ||||
| Depreciation, amortization and impairment less reversals thereof | in EUR million | –117.5 | –120.1 | –63.4 | 2.6 | –54.1 | ||
| EBIT | in EUR million | –52.4 | –33.6 | 14.9 | –18.8 | –67.3 | ||
| EBIT margin | in % | –17.1 | –9.0 | 4.3 | ||||
| Financial result | in EUR million | –11.8 | –10.8 | –7.4 | –1.0 | –4.4 | ||
| Result before income taxes | in EUR million | –64.2 | –44.4 | 7.5 | –19.8 | –71.7 | ||
| Income taxes | in EUR million | –2.6 | –8.4 | –3.2 | 5.8 | 0.6 | ||
| Tax rate | in % | –4 | –19 | 43 | ||||
| Result for the period | in EUR million | –66.8 | –52.8 | 4.3 | –14.0 | –71.1 | ||
| Earnings per share | in EUR | –1.92 | –1.48 | 0.08 | –0.44 | –2.00 | ||
Siltronic achieved sales of EUR 306.5 million in Q1 2026, a decrease of 17.5 percent compared to Q4 2025 (EUR 371.6 million). This development was primarily due to a significant reduction in wafer area sold compared to the respective previous period. In the previous quarter, Siltronic recorded a high sales volume as a result of delivery shifts from Q3 2025 as well as from early 2026 into Q4 2025. In addition, product mix effects had a negative impact on sales development in Q1 2026. The EUR/USD exchange rate averaged 1.17 during the reporting period and was therefore nearly stable compared to the previous quarter (Q4 2025: 1.16), resulting in no material impact on sales.
Cost of sales decreased by 10.5 percent compared to Q4 2025 to EUR 332.7 million. The reduction was driven by the lower wafer area sold, which resulted in reduced fixed-cost dilution. As a consequence, the gross margin declined from -0.1 percent (Q4 2025) to -8.5 percent in Q1 2026.
Operating expenses for selling, general administrative costs, research, and development increased by EUR 2.6 million on a sequential quarter-over-quarter basis. FX effects reported in the net balance of other operating income and expenses, including hedging transactions – among them hedges to cover an oil price component in electricity supply contracts – amounted to EUR 11.4 million, compared to EUR 2.7 million in Q4 2025.
As a result of lower sales, EBITDA amounted to EUR 65.1 million in the first three months of the current year and, as expected, was significantly below the level of the previous quarter (EUR 86.4 million). The EBITDA margin decreased from 23.3 percent to 21.2 percent.
The business performance was also reflected in the EBIT, which decreased from EUR -33.6 million in Q4 2025 to EUR -52.4 million in Q1 2026.
Income tax expense decreased significantly on a quarter-over-quarter basis to EUR 2.6 million (Q4 2025: EUR 8.4 million). The higher tax expense in the previous quarter was attributable to the impairment of deferred tax assets.
The net result for the period was EUR -66.8 million compared to EUR -52.8 million in Q4 2025. Of this amount, EUR -57.7 million is attributable to Siltronic AG shareholders with earnings per share of EUR -1.92 (Q4 2025: EUR -1.48).
Development of equity, net cash flow and net financial assets
| In EUR million | Mar. 31, 2026 | Dec. 31, 2025 | Change | |
| Equity | 1,994.8 | 2,028.3 | –33.5 | |
| Pension provisions | 123.8 | 124.8 | –1.0 | |
| Customer prepayments | 482.5 | 506.5 | –24.0 | |
| Loan liabilities | 1,251.9 | 1,246.2 | 5.7 | |
| Lease liabilities | 129.2 | 127.1 | 2.1 | |
| Other provisions and liabillities | 217.6 | 218.5 | –0.9 | |
| Long-term debt | 2,205.0 | 2,223.1 | –18.1 |
With equity of EUR 1,994.8 million and an equity ratio of 42.4 percent as of March 31, 2026, Siltronic continues to have a solid statement of financial position (December 31, 2025: 42.6 percent).
| In EUR million | Mar. 31, 2026 | Dec. 31, 2025 | Change | |
| Trade payables | 200.0 | 242.7 | –42.7 | |
| Customer prepayments | 32.5 | 9.5 | 23.0 | |
| Loan liabilities | 117.5 | 109.1 | 8.4 | |
| Lease liabilities | 7.2 | 6.8 | 0.4 | |
| Other provisions and liabillities | 148.5 | 141.4 | 7.1 | |
| Short-term debt | 505.7 | 509.5 | –3.8 |
As previously communicated, payment obligations from investments that had already been accounted for in 2025 were outstanding in Q1 2026. This led to a decline in trade payables on a sequential quarter-over-quarter basis.
| In EUR million | Q1 2026 | Q4 2025 | Change | |
| Cash flow from operating activities | 21.2 | 93.6 | –72.4 | |
| Proceeds/payments for capital expenditure including intangible assets | –110.4 | –2.3 | –108.1 | |
| Free cash flow | –89.2 | 91.3 | –180.5 | |
| Cash-effective change in prepayments | 0.1 | 10.8 | –10.7 | |
| Net cash flow | –89.1 | 102.1 | –191.2 | |
| Proceeds/payments for capital expenditure including intangible assets | –110.4 | –2.3 | –108.1 | |
| Proceeds/payments for securities and fixed-term deposits | 69.1 | 23.7 | 45.4 | |
| Cash flow from investing activities | –41.3 | 21.4 | –62.7 |
The decline in cash flow from operating activities to EUR 21.2 million compared with the previous quarter (EUR 93.6 million) was attributable, in addition to the previously described reduction in EBITDA, primarily to reporting-date-related effects on the inflow of trade receivables as well as other working-capital-related effects.
In the past quarter, Siltronic made net payments for capital expenditure including intangible assets of EUR 110.4 million. As expected, due to the customary use of payment terms, these cash outflows significantly exceeded the additions accounted for on the balance sheet (Q1 2026: EUR 47.6 million). In the previous quarter, cash outflows for investments were mitigated by the inflow of an investment grant of EUR 38.2 million.
As a result, both free cash flow, at EUR -89.2 million (Q4 2025: EUR 91.3 million), and net cash flow, at EUR -89.1 million (Q4 2025: EUR 102.1 million), were negative in Q1 2026. Consequently, net financial debt increased from EUR 836.5 million at year-end 2025 to EUR 935.5 million as of March 31, 2026. A reduction of this level is expected over the course of H2.
| In EUR million | Mar. 31, 2026 | Dec. 31, 2025 | Change | |
| Cash and cash equivalents | –310.1 | –329.1 | 19.0 | |
| Securities and time deposits | –137.7 | –204.9 | 67.2 | |
| Restricted Funds | 2.7 | 2.7 | – | |
| Nominal value of loan liabilities including interest | 1,380.6 | 1,367.8 | 12.8 | |
| Net financial debt | 935.5 | 836.5 | 99.0 |
Outlook: Guidance for 2026 confirmed
Today, Siltronic’s Executive Board confirms the 2026 financial year guidance, expecting an overall challenging market environment. Negative impacts on business development are anticipated due to FX effects, ongoing price pressure outside of existing long-term agreements, and persistently high inventory levels at customers in the Power segment. Additionally, the closure of the SD line will impact the full financial year for the first time.
Accordingly, based on an assumed EUR/USD exchange rate of 1.18 (2025: EUR/USD 1.13), the Executive Board expects sales to decrease by a mid-single-digit percentage range compared to last year (2025: EUR 1,346.7 million). On a comparable basis – adjusted for exchange rate effects and the SD line closure – sales in 2026 would be at the previous year’s level. The EBITDA margin is expected to be between 20 and 24 percent (2025: 23.5 percent). Guidance for depreciation (EUR 490 to 520 million), EBIT (significantly below last year), capex (EUR 180 to 220 million), and net cash flow (around the previous year's level) remain unchanged.
Siltronic AG – Key figures Q1/2026
| Profit and Loss statement | |||||
| In EUR million | Q1 2026 | Q4 2025 | Q1 2025 | ||
| Sales | 306.5 | 371.6 | 345.8 | ||
| EBITDA | 65.1 | 86.4 | 78.3 | ||
| EBITDA margin | % | 21.2 | 23.3 | 22.6 | |
| EBIT | –52.4 | –33.6 | 14.9 | ||
| EBIT margin | % | –17.1 | –9.0 | 4.3 | |
| Result for the period | –66.8 | –52.8 | 4.3 | ||
| Earnings per share | EUR | –1.92 | –1.48 | 0.08 | |
| Capital expenditure and net cash flow | |||||
| Capital expenditure including intangible assets | 47.6 | 61.6 | 96.5 | ||
| Net cash flow | –89.1 | 102.1 | –73.5 | ||
| Statement of financial position | ||||
| In EUR million | Mar. 31, 2026 | Dec. 31, 2025 | ||
| Total assets | 4,705.5 | 4,760.9 | ||
| Equity | 1,994.8 | 2,028.3 | ||
| Equity ratio | % | 42.4 | 42.6 | |
| Net Debt | 935.5 | 836.5 | ||
[1] Closure of the SD Line: Discontinuation of the production of epitaxial and polished wafers with diameters of up to 150 mm in Burghausen
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 April 29, 2026, at 10:00 am (CEST). 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 Q1 interim statement and the latest investor presentation are also published on Siltronic’s website.
Upcoming dates:
May 8, 2026 Annual General Meeting
July 30, 2026 Interim Report
October 29, 2026 Q3 2026 quarterly statement
Contact:
Stephanie Malgara
Senior Manager Investor Relations
Tel.: +49 (0)89 8564 3133
Email: 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 modern 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 SDAX and TecDAX stock market indices.
Financial information – pursuant to IFRS, unaudited
Siltronic AG – Consolidated Statement of Profit or Loss
| In EUR million | Q1 2026 | Q4 2025 | Q1 2025 | |
| Sales | 306.5 | 371.6 | 345.8 | |
| Cost of sales | –332.7 | –371.9 | –290.9 | |
| Gross profit | –26.2 | –0.3 | 54.9 | |
| Selling expenses | –8.7 | –8.0 | –8.1 | |
| Research and development expenses | –22.9 | –22.3 | –20.9 | |
| General administration expenses | –10.7 | –9.4 | –9.2 | |
| Other operating income | 71.1 | 26.3 | 38.0 | |
| Other operating expenses | –55.0 | –19.9 | –39.8 | |
| Operating result | –52.4 | –33.6 | 14.9 | |
| Interest income | 2.5 | 2.8 | 4.6 | |
| Interest expenses | –12.8 | –12.7 | –11.3 | |
| Other financial result | –1.5 | –0.9 | –0.7 | |
| Financial result | –11.8 | –10.8 | –7.4 | |
| Result before income taxes | –64.2 | –44.4 | 7.5 | |
| Income taxes | –2.6 | –8.4 | –3.2 | |
| Result for the period | –66.8 | –52.8 | 4.3 | |
| of which | ||||
| attributable to Siltronic AG shareholders | –57.7 | –44.4 | 2.4 | |
| attributable to non-controlling interests | –9.1 | –8.4 | 1.9 | |
| Result per common share in EUR (basic/diluted) | –1.92 | –1.48 | 0.08 |
Siltronic AG - Consolidated Statement of Financial Position
| In EUR million | Mar. 31, 2026 | Dec. 31, 2025 | |
| Intangible assets | 61.1 | 55.8 | |
| Property, plant and equipment | 3,502.8 | 3,527.7 | |
| Right-of-use assets | 132.1 | 130.5 | |
| Securities and fixed-term deposits | 2.7 | 2.7 | |
| Other financial assets | 0.9 | 0.8 | |
| Other non-financial assets | 11.5 | 16.3 | |
| Deferred tax assets | 0.8 | 1.0 | |
| Non-current assets | 3,711.9 | 3,734.8 | |
| Inventories | 320.1 | 300.8 | |
| Trade receivables | 146.7 | 110.6 | |
| Contract assets | 14.6 | 13.8 | |
| Securities and fixed-term deposits | 135.0 | 202.2 | |
| Other financial assets | 16.3 | 20.2 | |
| Other non-financial assets | 44.5 | 40.6 | |
| Income tax receivables | 6.3 | 8.8 | |
| Cash and cash equivalents | 310.1 | 329.1 | |
| Current assets | 993.6 | 1,026.1 | |
| Total assets | 4,705.5 | 4,760.9 | |
| Subscribed capital | 120.0 | 120.0 | |
| Capital reserves | 974.6 | 974.6 | |
| Retained earnings and net Group result | 662.2 | 719.9 | |
| Other equity items | 59.4 | 29.5 | |
| Equity attributable to Siltronic AG shareholders | 1,816.2 | 1,844.0 | |
| Equity attributable to non-controlling interests | 178.6 | 184.3 | |
| Equity | 1,994.8 | 2,028.3 | |
| Pension provisions | 123.8 | 124.8 | |
| Other provisions | 68.2 | 67.7 | |
| Liabilities for income taxes | 1.0 | 1.0 | |
| Deferred tax liabilities | 2.3 | 2.1 | |
| Customer prepayments | 482.5 | 506.5 | |
| Loan liabilities | 1,251.9 | 1,246.2 | |
| Lease liabilities | 129.2 | 127.1 | |
| Other non-financial liabilities | 146.1 | 147.7 | |
| Non-current liabilities | 2,205.0 | 2,223.1 | |
| Other provisions | 9.8 | 9.7 | |
| Liabilities for income taxes | 12.4 | 13.7 | |
| Trade liabilities | 200.0 | 242.7 | |
| Customer prepayments | 32.5 | 9.5 | |
| Loan liabilities | 117.5 | 109.1 | |
| Lease liabilities | 7.2 | 6.8 | |
| Other financial liabilites | 61.1 | 57.3 | |
| Other non-financial liabilities | 65.2 | 60.7 | |
| Current liabilites | 505.7 | 509.5 | |
| Total liabilities | 2,710.7 | 2,732.6 | |
| Total equity and liabilities | 4,705.5 | 4,760.9 |
Siltronic AG - Consolidated Statement of Cash Flows
| In EUR million | Q1 2026 | Q4 2025 | Q1 2025 | |
| Result for the period | –66.8 | –52.8 | 4.3 | |
| Depreciation / amortization of non-current assets, including impairment losses and reversals thereof | 117.5 | 120.1 | 63.4 | |
| Other non-cash expenses and income | –6.9 | –8.6 | –1.6 | |
| Result from disposal of non-current assets | 0.3 | 0.3 | 0.4 | |
| Interest income | 10.3 | 9.9 | 6.6 | |
| Interest paid | –3.9 | –26.6 | –5.7 | |
| Interest received | 3.2 | 2.6 | 3.9 | |
| Tax expense | 2.6 | 8.4 | 3.2 | |
| Taxes paid | –3.0 | 1.4 | –2.8 | |
| Changes in inventories | –16.1 | 26.1 | –7.1 | |
| Changes in trade receivables | –33.9 | 22.6 | –9.4 | |
| Changes in contract assets | –0.7 | –1.6 | –0.2 | |
| Changes in other assets excluding prepayments made | –2.2 | 1.7 | –5.7 | |
| Changes in provisions | –0.7 | 6.5 | 2.5 | |
| Changes in trade liabilities | 17.2 | –8.7 | 4.5 | |
| Changes in other liabilities excluding prepayments received | 4.4 | 3.1 | 9.3 | |
| Changes in prepayments | –0.1 | –10.8 | –7.6 | |
| Cash flow from operating activities | 21.2 | 93.6 | 58.0 | |
| Payments for capital expenditure (including intangible assets) | –110.4 | –40.5 | –139.1 | |
| Proceeds from the disposal of property, plant and equipment | – | – | – | |
| – | 38.2 | – | ||
| Payments for securities and fixed-term deposits | –88.9 | –91.6 | –55.2 | |
| Proceeds from securities and fixed-term deposits | 158.0 | 115.3 | 127.4 | |
| Cash flow from financing activities | –41.3 | 21.4 | –66.9 | |
| Proceeds from loans | –0.3 | –62.3 | – | |
| Repayment portion of lease liability | –1.6 | –1.5 | –1.6 | |
| Proceeds from other financial liabilities | 49.0 | 46.1 | 40.0 | |
| Repayments of other financial liabilities | –46.2 | –49.6 | –40.7 | |
| Cash flow from financing activities | 0.9 | –67.3 | –2.3 | |
| Changes due to exchange-rate fluctuations | 0.2 | –0.7 | –1.6 | |
| Changes in cash and cash equivalents | –19.0 | 47.0 | –12.8 | |
| at the beginning of the period | 329.1 | 282.1 | 297.1 | |
| at the end of the period | 310.1 | 329.1 | 284.3 |
Additional financial information
| In EUR million | Q1 2026 | Q4 2025 | Q1 2025 | |
| Cash flow from operating activities | 21.2 | 93.6 | 58.0 | |
| Cash-effective changes in customer prepayments | 0.1 | 10.8 | 7.6 | |
| Cash flow from investing activities | –110.4 | –2.3 | –139.1 | |
| Net cash flow | –89.1 | 102.1 | –73.5 |
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