Positive pre-announcement of F1Q27, now expects FY27 Photonics revenue to more than double

Research evidence excerpt

Positive pre-announcement of F1Q27, now expects FY27 Photonics revenue to more than double

Update

July 22, 2026 06:07 PM GMT

Morgan Stanley & Co. International plc+MSoitec SA | Europe Nigel van Putten

Equity Analyst

Positive pre-announcement of Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

F1Q27, now expects FY27 Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

Photonics revenue to more than Amelia M Scicluna

Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

double

Soitec SA (SOIT.PA, SOI FP)

Technology - European Semiconductors | France

AlphaSignals Earnings Reaction

Stock Rating Overweight

Strengthens our thesis Meaningful upside Meaningful revision higher Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target €200.00

consensus EPS Shr price, close (Jul 22, 2026) €96.02

52-Week Range €200.50-22.62

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) €3,241

Net debt (03/27e) (mn)* €(188)

EV, curr (mn)* €3,276

Key Takeaways

* = GAAP or approximated based on GAAP

Soitec pre-announced F1Q27e (June end) revenue at €113m, up 23% y/y and ahead

of a 15% guide. It expects F2Q27 revenue to grow more than +30% y/y (MSe:

+2%).

The higher than expected revenue growth primarily reflects acceleration in

Photonics-SOI for high-speed optical transceivers in AI data centers.

Soitec flags better demand visibility as well as having qualified its Singapore

factory, enabling the company to capture an acceleration in Photonics demand.

Soitec expects to more than double Photonics revenue this year (MSe: +60% y/

y), driven by multi-year customer commitments and further volumes under active

discussion.