Soitec (AO) | Hold | H2 FY 2026E results expected after market

研报英文原文证据摘录

Soitec (AO) | Hold | H2 FY 2026E results expected after market

#EarningsPreview

Release date: 27 May 2026

Sébastien Sztabowicz

Head of IT Hardware & Semis Research

Hold +33 1 53 65 35 10Soitec ssztabowicz@keplercheuvreux.com

France | IT Hardware & Semis Beta Profile: MCap: EUR6.0bn

Target Price: EUR100.00 Bloomberg: SOI FP Reuters: SOIT.PA

Current Price: EUR166.70 Free float 79%

Up/downside: -40.0% Avg. daily volume (EURm) 116.2

YTD abs performance 618.8% Market data: 26 May 2026

52-week high/low (EUR) 177.35/22.95

H2 FY 2026E results expected after market

Key points:

Soitec is due to report H2 FY 2026E results (ending March) today after market, and we expect a weak set of results with some

upside to estimates given the group's conservative guide for Q4.

Soitec hosts an analyst meeting in Paris tomorrow (14:00-16:00 CET) and we believe new CEO Laurent Rémont should deliver a

promising message for the longer term, while also trying to manage expectations to avoid any major disappointments in the

coming quarters. While sales should gradually stabilise in the coming quarters (with some upside given stronger growth

prospects around Photonics-SOI), investors should pay high attention to the outlook for the Photonics-SOI business in the

coming years given the bullish message from the silicon photonics ecosystem (Broadcom, Ciena, Coherent, GlobalFoundries,

Lumentum, Marvell, Nokia, NVIDIA, Tower, ST, etc.) over the past few weeks.

We keep Hold rating (TP EUR100) as Soitec remains affected by large inventory corrections around RF-SOI (and the weak

smartphone market brings additional headwinds), we start to see some demanding expectations around Photonics-SOI, while

Soitec has performed extremely well since the start of the year and valuation is now getting fairly demanding (c.