X-FAB First Quarter 2026 Results

About this update from X-fab Silicon Foundries Se

Intermediate declaration by the Board of Directors TESSENDERLO-HAM, Belgium, April 30, 2026 --( BUSINESS WIRE )--Regulatory News: X-FAB Silicon Foundries SE (BOURSE:XFAB): Highlights Q1 2026: Outlook: Revenue breakdown per quarter: Business development In the first quarter of 2026, X-FAB recorded revenues of USD 195.6 million, down 4% year-on-year and 12% quarter-on-quarter. Excluding the impact from revenue recognized over time, quarterly revenue was USD 205.8 million, above the guided range of USD 190-200 million. First quarter revenue in X-FAB’s core markets – automotive, industrial, and medical – was at USD 192.9 million*, up 2% year-on-year and down 6% quarter-on-quarter, representing a share of 94%* of total revenue. Order intake for the first quarter reached USD 169.4 million, remaining steady at a modest level but showing a sequential increase of 3%. Backlog at the end of the quarter was USD 308.4 million, down 3% from USD 318.2 million at the end of the previous quarter. In the first quarter, automotive revenue came in at USD 121.6 million*, down 10% year-on-year and down 8% quarter-on-quarter. Apart from macroeconomic uncertainties, short-term automotive demand continued to be constrained by ongoing inventory adjustments, resulting in order levels which may not fully reflect actual market requirements. The transition to electrified mobility structurally increases semiconductor content per vehicle and consistently elevates the need for electric vehicle subsystems, such as battery management, thermal regulation, and on-board charging technologies. With its diversified technology portfolio, X-FAB is well positioned to capture business opportunities in internal combustion engine (ICE), hybrid, and battery electric vehicle (BEV) drivetrains. Although automotive market visibility remains low, X-FAB experienced strong interest in its sensor technologies during the first quarter, particularly from the Asian region and China, with design wins for gas, pressure, and acceleration sensors, as well as a novel application for road noise cancellation in electric vehicles. X-FAB's industrial business generated USD 52.0 million* in quarterly revenue, up 32% year-on-year and a 3% rise compared to the prior quarter. This growth was largely fueled by robust silicon carbide revenue and the growing demand for data center power management solutions. Sustained high production of last-time-buy technologies also continued to contribute positively to first quarter revenue in the industrial end market. In the first quarter, medical revenue came in at USD 19.2 million*, up 39% year-on-year and down 9% quarter-on-quarter. Main contributors were applications in pacemakers, echography, contactless temperature sensing, and DNA sequencing. Additionally, X-FAB secured an increasing number of medical ultrasound opportunities during the first quarter. CMOS revenue in the first quarter was USD 156.9 million*, down 9% year-on-year and 14% quarter-on-quarter, mainly due to the continued softness of the automotive end market. At the same time, X-FAB secured several design wins for its 180nm and 110nm BCD-on-SOI technology ranging from data center to medical ultrasound applications. A new 110nm BCD technology, which is under development, has also generated significant interest, particularly for the development of automotive sensor products. X-FAB’s SPAD (single-photon avalanche diode) offering as part of the 180nm CMOS technology continued to gain momentum with new opportunities across industrial, medical, and mobile end markets. In the first quarter, X-FAB’s microsystems and photonics business recorded an all-time high revenue of USD 33.7 million*, up 42% year-on-year and 35% quarter-on-quarter, driven by positive momentum across diverse applications and customers. X-FAB has successfully established a piezo-MEMS production line capable of making scandium‑doped aluminum nitride (AlScN) thin films for a key customer’s inkjet printhead application. Additional use cases include MEMS resonators and compact ultrasonic transducers, which have drawn interest from several customers eager to begin prototyping with X-FAB. Quarterly wide-bandgap revenue totaled USD 15.1 million*, up 152% year-on-year and up 49% quarter-on-quarter. X-FAB’s wide-bandgap technologies encompass both silicon carbide (SiC) and gallium nitride (GaN), with the majority of associated revenue stemming from silicon carbide customers. SiC wafer shipments reached 14,300 units in the first quarter, representing a 195% growth over the same period last year and a 28% increase from the previous quarter. These results, combined with a robust pipeline of opportunities, indicate strong market interest in X-FAB’s SiC portfolio. X-FAB’s gallium nitride activities are focused on projects in development stage. In the first quarter, X-FAB delivered the first prototype of a 1,200 Volt GaN application on a customized 200-mm engineered substrate and started a customer project for a next-generation vertical GaN technology, contributing to the anticipated increase in GaN prototyping revenue in 2026. Overall prototyping revenue in the first quarter came in at USD 19.1 million*, up 19% year-on-year and down 6% quarter-on-quarter. Prototyping and production revenue* per quarter and end market: Financial update In the first quarter, EBITDA was USD 34.2 million with an EBITDA margin of 17.5%. Excluding the impact of revenue recognized over time, the EBITDA margin would have reached 18.4%, within the guided range of 18‑21%. The significant IFRS 15 effect in the first quarter, which amounted to a USD 10.3 million reduction in revenue recognized over time, resulted from the expiration of most long-term agreements (LTAs) with customers at the end of 2025. Although LTAs have ended, business engagements with these clients will continue. Profitability in the first quarter was primarily affected by softness in the automotive end market, which impacted overall revenue. Given the substantial share of fixed costs, expenses could not be reduced proportionally. The implemented cost-saving program is anticipated to yield results by the end of 2026, including a headcount reduction in the high single-digit percentage range and a gradual decrease in operational expenditures. Additionally, increased research and development activities during the first quarter led to higher than usual R&D costs. X-FAB’s business is naturally hedged and profitability unaffected by exchange rate fluctuations. At a constant USD/Euro exchange rate of 1.05 as experienced in the previous year’s quarter, the EBITDA margin would have been 0.9 percentage points lower. Capital expenditures in the first quarter were at USD 26.0 million. Cash and cash equivalents at the end of the first quarter totaled USD 144.7 million with net debt amounting to USD 291.4 million, up USD 6.6 million versus the previous quarter. Management comments Damien Macq, CEO of X-FAB Group: "Our expertise in high-voltage and high-power technologies ideally positions X-FAB within the dynamic environment across mobility, industrial sectors, and AI-driven infrastructure. As the need for efficient energy conversion systems grows – whether that's for datacenters or electric mobility – our process portfolio supporting the electrification of everything is more relevant than ever. With a robust pipeline of opportunities across various customers and end markets, we made significant progress with diversifying our business, and we have seen strong traction in the first quarter, particularly in our microsystems and wide-bandgap business. Although the automotive market remains soft with limited visibility in the short term, we anticipate a steady recovery in the second half of 2026. Our commitment to innovation, strategic business development, and disciplined execution remains unwavering as we pursue the sustainable success of X-FAB and all stakeholders." X-FAB Quarterly Conference Call X-FAB’s first quarter results will be discussed in a live conference call/audiocast on Thursday, April 30, 2026, at 6.30 p.m. The conference call will be in English. Please register here . Financial calendar About X-FAB X-FAB is a global foundry group providing a comprehensive set of specialty technologies and design IP to enable its customers to develop world-leading semiconductor products that are manufactured at X-FAB's six wafer fabs located in Malaysia, Germany, France, and the United States. With its expertise in analog/mixed-signal technologies, microsystems, photonics, silicon carbide (SiC), and gallium nitride (GaN), X-FAB is the development and manufacturing partner for its customers, primarily serving the automotive, industrial and medical end markets. X-FAB has approximately 4,300 employees and has been listed on Euronext Paris since April 2017 (XFAB). For more information, please visit www.xfab.com . Forward-looking information This press release may include forward-looking statements. Forward-looking statements are statements regarding or based upon our management’s current intentions, beliefs or expectations relating to, among other things, X‑FAB’s future results of operations, financial condition, liquidity, prospects, growth, strategies, or developments in the industry in which we operate. By their nature, forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results or future events to differ materially from those expressed or implied thereby. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this press release regarding trends or current activities should not be taken as a report that such trends or activities will continue in the future. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless legally required. You should not place undue reliance on any such forward-looking statements, which speak only as of the date of this press release. The information contained in this press release is subject to change without notice. No re-report or warranty, express or implied, is made as to the fairness, accuracy, reasonableness, or completeness of the information contained herein and no reliance should be placed on it. Condensed consolidated statement of profit and loss Condensed consolidated statement of financial position Condensed consolidated statement of cash flows Condensed consolidated statement of cash flows – con’t *excluding impact from revenue recognized over time according to IFRS 15 View source version on businesswire.com: https://www.businesswire.com/news/home/20260429543413/en/ Contacts X-FAB Press Contact Uta Steinbrecher Investor Relations X-FAB Silicon Foundries +49-361-427-6489 [email protected]

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