Soitec Sa · EURONEXT:SOI
Soitec Sa — Soitec, Bernin Ord New — FY2026 Earnings Presentation
50 slides from Soitec Sa's earnings presentation, May 28, 2026
Slide 1: FY26 Results
FY26 RESULTS Paris | May 28 , 2026 th
Slide 2: Disclaimer
DISCLAIMER This document is provided by Soitec (the This document contains summary The Company’s actual financial position, whatsoever. This document, or any “Company”) for information purposes only. information and should be read results and cash flows, as well as the part thereof, shall not form t
Slide 3: Agenda
AGENDA #01 #02 CEO VISION FINANCE Laurent Rémont Albin Jacquemont #03 #04 #05 STRATEGY INNOVATION OPERATIONS Steve Babureck Christophe Maleville Cyril Menon Q&A #06 CEO WRAP-UP Laurent Rémont © Soitec 2026. No copying or distribution permitted. PAGE 3
Slide 4: CEO Vision
01 1 CEO VISION CEO VISION Laurent Rémont © Soitec 2026. No copying or distribution permitted. PAGE 4
Slide 5: CEO Key Messages
CEO KEY MESSAGES FY26 reflects ongoing Strengthening and optimizing Preparing the foundation customer inventory correction Soitec differentiation in AI for profitable and and focus on cash generation sustainable growth Strengthening 10+ years of Revenue down -30% y/y(1) SOI & Photonics ecosystem int
Slide 6: FY26 Highlights
FY26 HIGHLIGHTS Prepared a healthy foundation to deliver sustainable returns as growth resumes REVENUE DOWN -30% Y/Y(1) GROSS MARGIN: 16.3% FCF TURNED POSITIVE: €63m STRONG AI MOMENTUM OFFSET BY DELIBERATE DECISION TO UNLOAD FABS FOCUS ON IMPROVING WORKING CAPITAL ONGOING CUSTOMER INVENTORY CORRECTI
Slide 7: Mobile Communications
MOBILE COMMUNICATIONS POI adoption momentum offset by ongoing customer RF-SOI inventory correction POI RF-SOI FD-SOI BECOMING THE REFERENCE SUBSTRATE REFERENCE SUBSTRATE ONLY SOLUTION FOR FULLY INTEGRATED FOR ADVANCED SAW FILTERS FOR RF FRONT-END MODULES 5G MMWAVE SYSTEM-ON-CHIP BETTER FILTER SUPERI
Slide 8: Edge & Cloud AI
EDGE & CLOUD AI Strong growth outlook driven by surging AI market demand FD-SOI Photonics-SOI Imager-SOI BEST-IN-CLASS FOR BATTERY POWERED OPTIMAL SOLUTION FOR PLUGGABLE OPTICS FOR IMPROVED IMAGER PERFORMANCE AI ASSISTANTS AND PHYSICAL AI AND CPO IN DATA CENTERS IN NEAR INFRARED LOWEST PERFORMANCE B
Slide 9: Automotive & Industrial
AUTOMOTIVE & INDUSTRIAL Ongoing product adoption amid short-term uncertainty Power-SOI FD-SOI SmartSiCTM PERFECT FIT FOR BATTERY MANAGEMENT SYSTEMS SUPERIOR PERFORMANCE FOR ADAS GREENER, FASTER, BETTER >10% SYSTEM HIGHER GOOD FIT FOR ~50% DIE SIZE ~50% HIGHER ~30% GREENHOUSE ~70% LOWER CO2 COMPATIBL
Slide 10: Soitec's Moat: The Three Pillars of Differentiation
SOITEC’S MOAT: THE THREE PILLARS OF DIFFERENTIATION ECOSYSTEM POSITION INNOVATION ENGINE INDUSTRIAL AGILITY ENGAGED AT EVERY LEVEL INDUSTRY-LEADING BUILT TO CAPTURE GROWTH & OF THE VALUE CHAIN R&D CAPABILITIES ENABLE OPERATING LEVERAGE Serving fast-growing markets, powered by Moat goes beyond IP: in
Slide 11: AI Is Transforming the Semiconductor Trajectory
AI IS TRANSFORMING THE SEMICONDUCTOR TRAJECTORY SEMICONDUCTOR DEVICES NEW BATTERY POWERED DATA CENTERS & HYPERSCALERS CAPEX ARE BOOSTED BY AI DISRUPTION EDGE DEVICES ~$575bn ~40B McKinsey estimates Estimated Hyperscaler Capex Estimated number of Previous consensus $1.6T for AI Data centers (2x y/y)
Slide 12: From AI Megatrend to Solution
FROM AI MEGATREND TO SOLUTION Focusing our portfolio on 3 technology trends derived from the AI disruption AI COMPUTE - DC & EDGE CONNECTIVITY ENERGY EFFICIENCY POWER HIGH LOW RFFE POWER MORE POWER POWER DENSITY BANDWIDTH LATENCY COMPLEXITY EFFICIENCY MULTIPLEXING EFFICIENCY MANAGEMENT INCREASING AI
Slide 13: Confident, Yet Disciplined
CONFIDENT, YET DISCIPLINED AI TRANSFORMATIONAL OPPORTUNITY: SHARPENING FOCUS RIGHTSIZING ADDRESSING CHALLENGES METHODICALLY AND RESOURCE ALLOCATION THE ORGANIZATION AI is reshaping semiconductor demand across the Full review of portfolio priorities and capital Cost reduction program underway: entire
Slide 14: FY27 Outlook
FY27 OUTLOOK CONTINUED FOCUS ON EXECUTION AND FINANCIAL DISCIPLINE. WORKING TOWARD REDUCTION OF REVENUE SEASONALITY Q1’27 REVENUE EXPECTED UP ~15% Y/Y(1) ASSET FUNGIBILITY ALLOWS FOR CAPEX FY27 PROFITABILITY IN PART REFLECTING EFFORTS MODERATION; ABILITY TO CAPTURE EXPECTED TO REFLECT SOME TO REDUCE
Slide 15: Finance
02 2 FINANCE FINANCE Albin Jacquemont © Soitec 2026. No copying or distribution permitted. PAGE 15
Slide 16: Finance Key Messages
FINANCE KEY MESSAGES FY26 performance reflects FCF restored through working Executing a three-stage value- proactive inventory management, capital and Capex discipline, creation roadmap: securing and increasing momentum across allowing growing focus on positive FCF, stabilizing revenue, an expanding
Slide 17: FY26 Financial Highlights: Focus on Execution and Cash
FY26 FINANCIAL HIGHLIGHTS: FOCUS ON EXECUTION AND CASH P&L CASH FLOW BALANCE SHEET €592M REVENUE €202M OPERATING CASH FLOW(2) 0.4x LEVERAGE RATIO(7) -30% Y/Y organic(1) vs €202M in FY25 vs 0.3x end of March 2025 25.4% EBITDA(2)(3) MARGIN €135M CAPEX (5) €562M CASH POSITION -8.1pts vs FY25 vs €230M i
Slide 18: Robust Edge & Cloud AI Contribution Amid Contrasted End-Markets
ROBUST EDGE & CLOUD AI CONTRIBUTION AMID CONTRASTED END-MARKETS Photonics-SOI contribution to revenue doubled y/y 9% €M % Change % Change % of FY26 USA FY26 FY25 as reported at constant FX and scope Revenue Mobile Communications 309 546 -43% -41% ~52% 30% Europe €592M 48% Edge & Cloud AI* 214 216 -
Slide 19: Cost Discipline Without Compromising on R&D
COST DISCIPLINE WITHOUT COMPROMISING ON R&D Margin temporarily impacted as we streamline working capital €M FY26 FY25 Change Gross Margin impacted by: Revenue 592 891 -34% • Lower sales Gross Profit 96 286 -66% • Significant fab unloading to reduce our own inventories and working capital as a % of r
Slide 20: Net Profit Impacted by Non-Recurring Items
NET PROFIT IMPACTED BY NON-RECURRING ITEMS €M FY26 FY25 €123m Other operating expenses Current operating income / (loss) (8) 136 • €41m related to SmartSiCTM impairment (H1’26) - Other operating income and expenses (123) (16) • €29m impairment of Pasir Ris extension, Operating income / (loss) (131)
Slide 21: FY26 EPS Impacted by Non-Recurring Items
FY26 EPS IMPACTED BY NON-RECURRING ITEMS Bridge from basic to current EPS (in €M) €(6.17) €(0.38) Basic Current EPS EPS (14) 18 105 (220) 64 19 SmartSiCTM Net Result Impairment One-off Q1 Reversal of Other Current charges FX loss Deferred Tax Assets Net Result 2 FINANCE © Soitec 2026. No copying or
Slide 22: Return to Positive Free Cash Flow Generation
RETURN TO POSITIVE FREE CASH FLOW GENERATION €M FY26 FY25 EBITDA(1) 151 298 Disciplined working capital management Change in working capital 49 (79) • Lower level of inventories, reflecting Soitec strategy to align production with end-demand Incl. inventories 24 (47) • Receivables down mainly from l
Slide 23: Significantly Improved Working Capital
SIGNIFICANTLY IMPROVED WORKING CAPITAL (in €M) €(84)M o.w. €35m of non-cash items €M FY26 FY25 Receivables down y/y, mainly Inventories significantly down in driven by lower sales H2, mainly driven by deliberate Inventories 220 268 choice to unload fabs Trade receivables 260 432 €(119)M Trade payabl
Slide 24: Moderating Capex While Accelerating Photonics-SOI & POI
MODERATING CAPEX WHILE ACCELERATING PHOTONICS-SOI & POI €230M 23% Capex / Sales FY26 High Capex allowed us to grow our manufacturing footprint and capture €135M opportunities ROCE Capitalizing on past investment €100M and selectively investing in high-growth areas to boost cash generation Positive F
Slide 25: Free Cash Flow New Definition Aligned with Market Practices
FREE CASH FLOW NEW DEFINITION ALIGNED WITH MARKET PRACTICES (in €M) BRIDGE FY26 FCF - OLD TO NEW DEFINITION FY26 FCF NEW DEFINITION 202 202 Capex financed through leases are now included Interest paid is now deducted from CFO (135) (135) 13 1 88 (7) (16) 13 (16) 7 (1) 63 63 Cash flow Capex Capex Int
Slide 26: Positive Free Cash Flow Driving Lower Net Financial Debt
POSITIVE FREE CASH FLOW DRIVING LOWER NET FINANCIAL DEBT (in €M) +€38M change in Net Debt 0.3X 0.4X Net Debt Net Debt /EBITDA /EBITDA (56) (4) (94) (8) 63 (13) Net Debt Free Cash Flow OCEANE Leases (Building) FX & Other Net Debt atMarch 31, 2025 convertible bond at March 31, 2026 Cash inflows and ou
Slide 27: Well-Balanced Debt Maturity Profile and Strong Liquidity
WELL-BALANCED DEBT MATURITY PROFILE AND STRONG LIQUIDITY €620M GROSS DEBT DEBT MATURITY PROFILE 3.07% €120m ~3.7Y Average Cost undrawn average debt of debt credit lines maturity (years) 222 Schuldschein(1) ~66% LOANS €146m €120m Banque des €107m 117 Territoires €101m €75m 67 SMFL €71m ~33% LEASES Bu
Slide 28: Robust Balance Sheet
ROBUST ASSETS in €M 31 March 2026 31 March 2025 LIABILITIES AND EQUITY in €M 31 March 2026 31 March 2025 BALANCE SHEET Intangible assets 94 130 Total equity 1,327 1,595 Property, Plant & Equipment 893 1,003 Long-term financial debt 517 375 Other non-current assets 62 103 Provisions and other 122 94
Slide 29: FY27 Outlook
FY27 OUTLOOK CONTINUED FOCUS ON EXECUTION AND FINANCIAL DISCIPLINE. WORKING TOWARD REDUCTION OF REVENUE SEASONALITY Q1’27 REVENUE EXPECTED UP ~15% Y/Y(1) ASSET FUNGIBILITY ALLOWS FOR CAPEX FY27 PROFITABILITY IN PART REFLECTING EFFORTS MODERATION; ABILITY TO CAPTURE EXPECTED TO REFLECT SOME TO REDUCE
Slide 30: Key Takeaways
KEY TAKEAWAYS A THREE-STAGE RETURN TO SUSTAINABLE PROFITABLE GROWTH 01 02 03 FREE CASH FLOW RETURN UNLOCKING OPERATING GENERATION RESTORED TO GROWTH LEVERAGE Driven by active working Harnessing AI-related opportunities Higher contribution capital management across the entire portfolio from growth se
Slide 31: Strategy
03 3 ST R AT EGY STRATEGY Steve Babureck © Soitec 2026. No copying or distribution permitted. PAGE 31
Slide 32: Strategy Key Messages
STRATEGY KEY MESSAGES OVERLAPPING MASSIVE GROWING OPPORTUNITIES AI WAVES INFRASTRUCTURE FOR SOITEC - FOCUSED ON GenAI Agentic AI Physical AI SCALING CAPTURING AND DELIVERING AI progressively expands from Each AI wave requires upgrades AI deployment progressively digital content to intelligent in com
Slide 33: AI Deployment - From Digital to Physical Systems
AI DEPLOYMENT - FROM DIGITAL TO PHYSICAL SYSTEMS AI progressively expands from digital services toward intelligent physical systems DEEP LEARNING GENERATIVE AI AGENTIC AI PHYSICAL AI RECOGNITION CONTENT CREATION PERSONAL AI ASSISTANTS AUTONOMOUS SYSTEMS SMART DEVICES AI CHATBOTS SMART ENVIRONMENTS R
Slide 34: AI Deployment - AI Infrastructure Is Scaling Massively
AI DEPLOYMENT - AI INFRASTRUCTURE IS SCALING MASSIVELY From hyperscale data centers toward multi-GW AI campuses CURRENT DC GENERATION EXPANSION SCALE FRONTIER AI INFRASTRUCTURE ~20–80 hectares ~10–25x ~200–2,000+ hectares (~30–110 soccer fields) LAND FOOTPRINT (~280–2,800+ soccer fields) ~10x ~$1B–1
Slide 35: Growing Need for Engineered Substrates
GROWING NEED FOR ENGINEERED SUBSTRATES AI is pushing traditional silicon architectures to their limits SEMICONDUCTOR DOMAIN TECHNOLOGY TRANSITION SOITEC POTENTIAL PLAYING FIELD ENGINEERED SUSBTRATES ENABLE INTERCONNECT Electrical Optical interconnects SOI LNOI R&D HIGHER-BANDWIDTH GREATER POWER DENS
Slide 36: Technology & Innovation
04 4 TECHNOLOGY & INNOVATION TECHNOLOGY & INNOVATION Christophe Maleville © Soitec 2026. No copying or distribution permitted. PAGE 36
Slide 37: Technology & Innovation Key Messages
TECHNOLOGY & INNOVATION KEY MESSAGES EXPANDING THE MOAT A UNIQUE INNOVATION EXPANDING & WINNING AT SCALE POWERHOUSE VALUE CREATION ~4,800 patents: critical IP, constantly renewed Strengthening Smart CutTM Moat Performance starts with the hardware An extensive technology toolbox built around Developi
Slide 38: A Differentiated Foundation We Keep Strengthening
A DIFFERENTIATED FOUNDATION WE KEEP STRENGTHENING Four pillars built over 30+ years, reinforced every year CRITICAL IP, 30+ YEARS OF LEVERAGING A STRONG SCALE-TO-VOLUME ACTIVELY RENEWED TECHNOLOGY LEGACY RTO ECOSYSTEM CAPABILITY 4,800+ 280+ #2 70%/30% RESEARCHERS FRENCH SME PATENT INCREMENTAL / DISR
Slide 39: Why Soitec: Technology Toolbox and Ecosystem
WHY SOITEC ECOSYSTEM & EXPERIENCE TECHNOLOGIES DOW NSTREAM INTEGRATO RS WIN AT SCALE IEN CE TECHNOLOGY RT O PA TOOLBOX R ER Strengthening TN XP FE ER our moat ER ING INT SH INE SO ER G Bond FA IP EN wth ing che CE AR ro AL stal g MO miE YE EPITAXY str INTERFACE lity T ry NG and s DEL YS ENGINEERING
Slide 40: Downstream Integrators
DOWNSTREAM INTEGRATORS Foundries, Fabless, Design-Houses, IDMs, OEMs WHY SOITEC ECOSYSTEM & EXPERIENCE RTO PARTNERSHIP MODEL TECHNOLOGIES 30+ YEARS OF EXPERIENCE Raising entry barriers across the value Each new material leverages NSTREAM INTEGRATO chain: upstream (Substrate Innovation know-how built
Slide 41: A Unique Offering for Photonics
A UNIQUE OFFERING FOR PHOTONICS Building on more than a decade of expertise, industrialization and ecosystem partnerships #01 Photonics-SOI 11x Mono-crystal Top Silicon Buried Oxide High Resistivity Silicon The scalable foundation for high-performance PICs PERFORMANCE Acceleration of STARTS WITH cus
Slide 42: Operations
05 5 OPERATIONS OPERATIONS Cyril Menon © Soitec 2026. No copying or distribution permitted. PAGE 42
Slide 43: Operations Key Messages
OPERATIONS KEY MESSAGES MANAGING ADDRESSING GROWTH BUILDING A SUSTAINABLE THE CYCLE OPPORTUNITIES FOUNDATION Optimizing manufacturing and operational Scaling Photonics-SOI and POI Mitigating operational risk and flexibility to reduce inventories via capacity reallocation and dedicated ensuring suppl
Slide 44: Finding the Right Balance Between Capital Allocation and Growth Opportunities
FINDING THE RIGHT BALANCE BETWEEN OPTIMIZING CAPITAL ALLOCATION AND CAPTURING GROWTH OPPORTUNITIES Continuous improvement on core SOI technologies (RF-SOI, FD-SOI, Power-SOI) STRENGTHENING SOITEC OPERATIONAL SUSTAINABILITY & Leveraging past investments and RESILIENCE AMID industrial agility to accom
Slide 45: Agile Manufacturing: Supporting Photonics-SOI and POI Growth
AGILE MANUFACTURING: Enabling greater SUPPORTING PHOTONICS-SOI AND POI GROWTH exposure to Asia (Pasir Ris & Simgui Sustainable growth based on fab fungibility and selected investments partnership) SINGAPORE PASIR RIS Installed: ~800 kwpy / Full fab: ~2,000 kwpy 300mm PR1A extension BERNIN 3 BERNIN 1
Slide 46: Embedding ESG into Operational Performance and Resilience
EMBEDDING ESG INTO OPERATIONAL PERFORMANCE AND RESILIENCE STRENGTHENING OUR SUSTAINABLE SUPPLY CHAIN WATER WITHDRAWAL INTENSITY AND WATER REUSE RATIO Low-carbon energy Rare elements Energy hedging 1.40 l/cm2 -30% -50% SOITEC Target sourcing on track double sourcing (Gas, Bernin) -30% 0.99 l/cm2 100%
Slide 47: Thank You
THANK YOU
Slide 48: Appendix
y, APPENDIX
Slide 49: Free Cash Flow New Definition Aligned with Market Practices
FREE CASH FLOW NEW DEFINITION ALIGNED WITH MARKET PRACTICES (in €M) BRIDGE FY25 FCF - OLD TO NEW DEFINITION FY25 FCF NEW DEFINITION 202 202 Capex financed through leases are Interest paid is now included now deducted from CFO (230) (230) 19 4 26 (31) 31 (14) (23) 19 (14) (23) (4) Cash flow Capex Cap
Slide 50: Glossary
GLOSSARY ASIC (Application-Specific Integrated Circuit): DRAM (Dynamic Random Access Memory): A ML (Machine Learning): A subset of AI that A custom-designed chip optimized for a specific type of volatile memory used for high-speed data enables systems to learn and improve from data function or appli
Soitec, Bernin Ord New — FY2026 Earnings Presentation on 6ix