Intermediate declaration by the Board of Directors
TESSENDERLO-HAM, Belgium--(BUSINESS WIRE)--April 30, 2026--
Regulatory News:
X-FAB Silicon Foundries SE (BOURSE:XFAB):
Highlights Q1 2026:
-- Revenue was USD 195.6 million, down 4% year-on-year (YoY) and down 12%
quarter-on-quarter (QoQ)
-- Excluding the impact from revenue recognized over time (IFRS 15),
revenue was USD 205.8 million, above the guided range of USD 190-200
million.
-- Microsystems business with an all-time high revenue at USD 33.7 million,
up 42% YoY and up 35% QoQ
-- Strong growth of wide-bandgap revenue reaching USD 15.1 million, up
152% YoY and up 49% QoQ
-- EBITDA was USD 34.2 million, down 30% YoY and down 19% QoQ
-- EBITDA margin was 17.5%; excluding IFRS 15 impact, EBITDA margin of
18.4%, within the guided 18-21%
-- EBIT was USD 2.3 million, down 89% YoY and down 77% QoQ
Outlook:
-- Q2 2026 revenue is expected to come in within the range of USD 190-200
million with an EBITDA margin in the range of 17% and 20%.
-- Steady recovery of X-FAB's automotive business anticipated in the
second half of 2026.
-- The guidance is based on an average exchange rate of 1.15 USD/Euro and
does not take into account the impact of IFRS 15.
Revenue breakdown per quarter:
Q1
in millions Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 y-o-y
of USD 2024 2024 2024 2025 2025 2025 2025 2026 growth
Automotive 142.4 146.0 128.6 135.4 143.4 146.9 132.6 121.6 -10%
Industrial 34.4 31.5 36.1 39.3 47.2 47.6 50.5 52.0 32%
Medical 13.2 12.1 16.5 13.8 15.1 21.2 21.2 19.2 39%
Subtotal
core
business 190.1 189.6 181.2 188.6 205.7 215.7 204.3 192.9 2%
93.7% 92.9% 92.1% 93.2% 94.2% 94.2% 93.7% 93.6%
CCC(1) 12.6 14.2 15.1 13.6 12.2 13.3 13.6 12.7 -6%
Others 0.1 0.1 0.5 0.2 0.4 0.0 0.3 0.2
Revenue* 202.8 204.0 196.8 202.3 218.3 228.9 218.1 205.8 2%
Impact from
revenue
recognized
over time 2.3 2.4 -8.0 1.8 -3.0 -0.3 4.2 -10.3
Total
revenue 205.1 206.4 188.8 204.1 215.3 228.6 222.3 195.6 -4%
----------- ----- ----- ----- ----- ----- ------ ------ ------ ------
(1) Consumer, Communications & Computer
Q1
in millions of Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 y-o-y
USD 2024 2024 2024 2025 2025 2025 2025 2026 growth
CMOS 166.2 175.0 170.8 173.4 185.1 191.8 182.9 156.9 -9%
Microsystems &
Photonics(1) 25.1 21.6 20.2 22.9 25.3 27.5 25.0 33.7 42%
Wide-bandgap
technologies(2) 11.6 7.4 5.8 6.0 7.9 9.6 10.2 15.1 152%
Revenue* 202.8 204.0 196.8 202.3 218.3 228.9 218.1 205.8 2%
Impact from
revenue
recognized over
time 2.3 2.4 -8.0 1.8 -3.0 -0.3 4.2 -10.3
Total revenue 205.1 206.4 188.8 204.1 215.3 228.6 222.3 195.6 -4%
---------------- ----- ----- ----- ----- ----- ----- ----- ----- ------
(1) Photonics revenue included as from Q1 2026
(2) SiC and GaN; GaN revenue included as from Q1 2026
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:
in millions
of USD Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Automotive Prototyping 4.7 5.1 5.5 2.8 3.3
------------ ------------ ------- ------- ------- ------- -------
Production 130.8 138.2 141.4 129.8 118.3
------------------------- ------- ------- ------- ------- -------
Industrial Prototyping 8.8 12.1 9.7 12.8 12.2
------------ ------------ ------- ------- ------- ------- -------
Production 30.5 35.2 37.9 37.7 39.8
------------------------- ------- ------- ------- ------- -------
Medical Prototyping 1.5 1.8 2.8 3.1 2.0
------------ ------------ ------- ------- ------- ------- -------
Production 12.3 13.2 18.4 18.1 17.2
------------------------- ------- ------- ------- ------- -------
CCC Prototyping 1.1 1.7 1.6 1.5 1.4
------------ ------------ ------- ------- ------- ------- -------
Production 12.5 10.5 11.6 12.0 11.3
------------------------- ------- ------- ------- ------- -------
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
April 30, 2026 Shareholders' Meeting 2026 July 30, 2026 Publication of Q2 2026 results September 1, 2026 Publication of Half-Year Report 2026
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
Quarter Quarter Quarter Year
ended ended ended ended
in thousands of 31 Mar 2026 31 Mar 2025 31 Dec 2025 31 Dec 2025
USD unaudited unaudited unaudited audited
Revenue* 205,823 202,332 218,102 867,594
Impact from
revenue
recognized over
time -10,270 1,781 4,192 2,662
Total revenue 195,552 204,113 222,295 870,255
Revenues in USD
in % 55 58 59 57
Revenues in EUR
in % 45 42 41 43
Cost of sales -164,848 -159,476 -180,745 -685,852
Gross profit 30,704 44,636 41,550 184,403
Gross profit
margin in % 15.7 21.9 18.7 21.2
Research and
development
expenses -15,528 -10,992 -12,872 -49,691
Selling expenses -2,725 -2,248 -2,454 -9,197
General and
administrative
expenses -13,321 -11,397 -10,955 -48,152
Rental income and
expenses from
investment
properties 789 776 735 2,777
Other income and
other expenses 2,337 337 -6,172 -3,716
Operating profit 2,255 21,112 9,832 76,425
Finance income 9,520 6,494 4,498 34,747
Finance costs -8,222 -13,684 -10,232 -70,684
Financial result 1,298 -7,190 -5,734 -35,937
Profit before tax 3,553 13,922 4,098 40,488
Income tax -2,629 -1,720 -2,365 -10,360
Profit for the
period 924 12,202 1,733 30,128
Operating profit
$(EBIT)$ 2,255 21,112 9,832 76,425
Depreciation 31,927 27,949 32,479 120,402
EBITDA 34,183 49,061 42,311 196,827
EBITDA margin in % 17.5 24.0 19.0 22.6
Earnings per share 0.01 0.09 0.01 0.23
Weighted average
number of shares 130,631,921 130,631,921 130,631,921 130,631,921
EUR/USD average
exchange rate 1.17066 1.05149 1.16369 1.12955
------------------ ------------- ------------- ------------- -------------
Amounts in the financial tables provided in this press release are rounded to
the nearest thousand except when otherwise indicated, rounding differences may
occur.
*excluding impact from revenue recognized over time in accordance with IFRS 15
Condensed consolidated statement of financial position
Quarter ended Quarter ended Year ended
31 Mar 2026 31 Mar 2025 31 Dec 2025
in thousands of USD unaudited unaudited audited
ASSETS
Non-current assets
Property, plant, and equipment 1,216,016 1,196,149 1,220,272
Investment properties 3,742 7,339 7,007
Intangible assets 10,663 6,059 9,522
Other non-current assets 21 38 25
Deferred tax assets 61,940 66,855 61,855
Total non-current assets 1,292,382 1,276,440 1,298,681
Current assets
Inventories 261,332 281,311 264,659
Contract assets 10,483 19,873 20,753
Trade and other receivables 92,869 95,310 88,990
Other assets 69,414 62,696 79,588
Cash and cash equivalents 144,694 157,240 194,314
Total current assets 578,792 616,430 648,304
TOTAL ASSETS 1,871,174 1,892,870 1,946,985
EQUITY AND LIABILITIES
Equity
Share capital 432,745 432,745 432,745
Share premium 348,709 348,709 348,709
Retained earnings 273,105 253,858 272,069 Cumulative translation adjustment 525 369 552 Treasury shares -770 -770 -770 Total equity 1,054,314 1,034,911 1,053,305 Non-current liabilities Non-current loans and borrowings 178,726 375,835 187,895 Other non-current liabilities and provisions 3,579 3,905 3,577 Total non-current liabilities 182,305 379,740 191,472 Current liabilities Trade payables 53,265 41,068 54,805 Current loans and borrowings 257,382 50,492 292,512 Other current liabilities and provisions 323,907 386,660 354,892 Total current liabilities 634,554 478,219 702,208 TOTAL EQUITY AND LIABILITIES 1,871,174 1,892,870 1,946,985 --------------------------------- ------------- ------------- -------------
Condensed consolidated statement of cash flows
Quarter Quarter Quarter Year
ended 31 Mar ended 31 Mar ended ended
2026 2025 31 Dec 2025 31 Dec 2025
in thousands of USD unaudited unaudited unaudited audited
Income before taxes 3,553 13,922 4,098 40,488
Reconciliation of
income before taxes
to cash flow
arising from
operating
activities: 26,761 30,944 39,157 159,505
Depreciation and
amortization,
before effect of
grants and
subsidies 31,927 27,949 32,479 120,402
Amortization of
investment grants
and subsidies -1,390 -1,231 -1,402 -5,464
Interest income and
expenses (net) 4,874 3,756 3,979 16,352
Loss/(gain) on the
sale of plant,
property, and
equipment (net) -2,012 -53 -5 -1,516
Loss/(gain) on the
change in fair
value of
derivatives and
financial assets
(net) -794 0 2,368 -1,309
Other non-cash
transactions (net) -5,843 523 1,739 31,040
Changes in working
capital: -9,501 -5,002 -17,129 -50,882
Decrease/(increase)
of trade
receivables -3,796 1,296 6,006 7,294
Decrease/(increase)
of other
receivables and
other assets 11,589 6,562 -3,719 -9,044
Decrease/(increase)
of inventories 3,328 454 22,812 17,106
Decrease/(increase)
of contract assets 10,270 -4,192 -2,662
(Decrease)/increase
of trade payables 2,046 -4,151 -6,036 -10,578
(Decrease)/increase
of other
liabilities -28,846 -9,163 -31,999 -52,998
Income taxes
(paid)/received -3,961 -896 245 -4,981
Net cash from
operating
activities 16,852 37,187 26,401 144,130
Cash flow from
investing
activities:
Payments for
property, plant,
equipment and
intangible assets -26,035 -101,731 -25,218 -204,129
Receipt of
government grants
and subsidies 0 0 9,861 9,861
Proceeds from sale
of property, plant,
and equipment 5,708 53 6 1,591
Interest received 859 1,164 1,265 4,445
Net cash used in
investing
activities -19,469 -100,514 -14,087 -188,232
-------------------- ------------ ------------ ------------- -------------
Condensed consolidated statement of cash flows -- con't
Quarter Quarter Quarter Year
ended 31 Mar ended 31 Mar ended ended
2026 2025 31 Dec 2025 31 Dec 2025
in thousands of USD unaudited unaudited unaudited audited
Cash flow from (used
in) financing
activities:
Proceeds from loans
and borrowings 15,918 28,902 48,468 104,506
Repayment of loans
and borrowings -51,329 -21,081 -30,338 -75,256
Receipts of sale and
leaseback
arrangements 0 3,095 78 30,098
Payments of lease
installments -4,162 -4,146 -6,009 -24,013
Interest paid -5,732 -4,817 -5,244 -20,763
Cash flow from (used
in) financing
activities -45,306 1,953 6,954 14,572
Effect of changes in
foreign currency
exchange rates on
cash balances -1,697 2,771 821 8,007
Increase/(decrease)
of cash and cash
equivalents -47,923 -61,373 19,269 -29,530
Cash and cash
equivalents at the
beginning of the
period 194,314 215,837 174,225 215,837
Cash and cash
equivalents at the
end of the period 144,694 157,240 194,314 194,314
-------------------- ------------ ------------ ------------- -------------
*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/
CONTACT: X-FAB Press Contact
Uta Steinbrecher
Investor Relations
X-FAB Silicon Foundries
+49-361-427-6489
uta.steinbrecher@xfab.com
(END) Dow Jones Newswires
April 30, 2026 01:00 ET (05:00 GMT)