Soitec Feedback from call: Growing management confidence on Photonics demand and supply, revenue accelerating through the year

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Soitec Feedback from call: Growing management confidence on Photonics demand and supply, revenue accelerating through the year

J P M O R G A N Europe Equity Research

23 July 2026

Soitec

Feedback from call: Growing management confidence Neutral

on Photonics demand and supply, revenue accelerating SOIT.PA, SOI FP

through the year Price (22 Jul 26):€96.02

Price Target (Dec-27):€92.00

Soitec management hosted a conference call this morning following the pre- European Tech Hardware &

announced Q1 sales results, with positive messaging and tone on the Photonics Payments

business, both on customer demand and Soitec’s ability to supply. Management is Craig A McDowell AC

indicating that Photonics revenue should grow sequentially through fiscal ‘27 as (44-20) 7742-4576

supply comes online and customer demand accelerates. FY27 revenue estimates craig.mcdowell@jpmorgan.com

are likely to move higher on Photonics (although Mobile Communications was J.P. Morgan Securities plc

weaker than consensus expected) with flow through to earnings. However, our Specialist Sales contact details:

sense is that outer year group level forecasts should not change significantly, with

Scott Silver - Specialist Sales -

our investor conversations suggesting FY30E Photonics revenues are already European TMT

comfortably above €500m. (44-20) 7134-0412

scott.silver@jpmorgan.com

• Accelerating Photonics demand. Management indicated that the majority of

the current demand it is seeing in Photonics relates to scale-out pluggables with

an increasing portion of Near-Packaged Optics. Co-Packaged Optics is

expected to begin to ramp towards the end of FY27, while scale-up

interconnect is beginning to be seen in demand. Management commentary

suggested that pricing remains favourable given the strong demand, although