Soitec: 4Q26 – On the path to recovery

研报英文原文证据摘录

Soitec: 4Q26 – On the path to recovery

Equity Research

European Technology Hardware

27 May 2026

Soitec

4Q26 – On the path to recovery

Soitec beat on the quarter largely driven by better auto than

expected. 1Q guidance is broadly in line. Photonics SOI

crossed €100m for the year and momentum is accelerating. SOIT.PA/SOI FP EQUAL WEIGHT European Technology

HardwareKey will be the multi-year outlook, particularly for Photonics NEUTRAL

Price Target EUR 30.00

tomorrow. Price (27-May-26) EUR 154.20

Potential Upside/Downside -80.5%

Source: Bloomberg, Barclays Research

Overall results are largely in line with expectations for the quarter and the guide for revenues.

The P&L was under pressure this half due to underloading fabs, but cash management was

impressive with positive FCF generation. As expected, Soitec is pointing to accelerating European Technology Hardware

momentum in photonics but continued weakness in mobile (RF-SOI) and Auto. The stock has Simon Coles, CFA

delivered outstanding performance this year on excitement around the photonics opportunity. +44 (0)20 3555 4519

More details are expected to be presented tomorrow where a better view on how the multi-year simon.coles@barclays.com

Barclays, UKopportunity is shaping up for Soitec can be made. These results are solid given headwinds in

mobile/auto, but the key will likely be how much upside there could be from photonics given Thomas Wu

high expectations. +44 (0)20 7773 4104

thomas.wu@barclays.com

•• 4Q26. Revenues at €202m increased +25% organically QoQ, were +3% ahead of BBG Barclays, UK

consensus and ahead of its own guidance of 20% QoQ organically. Sales were down 36% y/y

on an organic basis with a 2% currency headwind. Mobile was MSD below consensus but Auto

and Industrial beat consensus significantly by c40%.