Siltronic AG

Q2 2025 sales were EUR 329 million, down 5% quarter on quarter. EBITDA was EUR 86 million, up from EUR 78 million in Q1, and the EBITDA margin improved to 26.3% from 22.6%. EBIT was EUR 24 million, up EUR 9 million versus Q1, and net income was EUR 15 million. CapEx was EUR 126 million in Q2 and EUR 222 million in H1; operating cash flow in H1 was EUR 80 million and net financial debt rose to EUR 903 million at end-June from EUR 734 million at end-2024. For 2025, Siltronic now expects sales in the mid-single-digit percentage range below 2024, Q3 sales below Q2, EBITDA margin of 21% to 25%, depreciation of EUR 340 million to EUR 400 million, and unchanged CapEx, EBIT and net cash flow guidance.

Michael Heckmeier emphasized that wafer demand remains weak and inventories are still elevated, but said Siltronic still delivered solid Q2 results and met its H1 targets. He highlighted the successful qualification of key prime wafers on the new Singapore fab, the planned start of depreciation in August, and the on-track phaseout of the small-diameter business by end-July. His tone was cautious on the market, but confident that customer pushouts into Q4 are real and that the company remains resilient with stable market share.

Claudia Schmitt said Q2 sales totaled EUR 329 million and EBITDA reached EUR 86 million, with the margin at 26.3%, helped by fixed-cost dilution and nonoperating effects including a spare-parts valuation adjustment and higher capitalized innovation spending. She noted Q2 CapEx of EUR 126 million, cash and securities of EUR 535 million at quarter-end, equity ratio of 43%, and net financial debt of EUR 903 million after H1 operating cash flow of EUR 80 million and CapEx payments of EUR 250 million. She also said full-year CapEx remains EUR 350 million to EUR 400 million, depreciation will rise significantly from August, and the company expects net cash flow to improve in H2; on covenants, she said Siltronic expects to stay within them but would not disclose details.

Analysts pressed on the stability of market share despite slower dynamics versus peers, especially in China and in 300-mm, and management said share is stable on average because some customers are buying less while others are gaining. Questions on the Q4 sales pushout were answered with management saying it reflects a consolidated pattern across multiple customer discussions, and that they have reasonable confidence the shifted volumes will come through in Q4. On CapEx and leverage, management said 2026 CapEx should come down versus the current year, but there will still be some Singapore-related carryover spend, and they confirmed no major LTAs expire in 2025 or 2026.