Soitec releases its FY'24 outlook and provides an update on its FY'26 financial model

Bernin (Grenoble), France, April 7th, 2023 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announces its FY’24 outlook and updates its FY’26 financial model.

FY’23 outlook

Soitec continues to anticipate FY’23 revenue to grow around 20% at constant exchange rates and perimeter and FY’23 EBITDA[1] margin[2] to reach around 36%.

FY’24 outlook

As already communicated to the market, inventory digestion across the supply chain in the smartphone market is expected throughout H1 FY’24. In this context Soitec anticipates for the whole of FY’24 revenue to be stable at constant exchange rates and perimeter as compared to FY’23 and EBITDA1 margin2 to remain around 36%.

The stability of the revenue will be reflecting different dynamics across Soitec’s three end markets with strong demand anticipated for both Automotive & Industrial and Smart Devices while a weaker smartphone market with a strong inventory correction, especially during the first half of FY’24, is expected to weigh on Mobile communications.

The stability of FY’24 revenue will therefore also reflect a strong acceleration from H1 to H2, with H1’24 revenue expected to decline by around -15% year-on-year at constant exchange rates and perimeter.

FY’26 financial model

Soitec is anticipating significant growth in each of its three end markets and new products and is managing its business to reach in FY’26:

  • a targeted revenue of around $2.1 billion, as compared to a revenue of $2.3 billion communicated in June 2022,
  • an EBITDA1 margin2 target of around 40% (at a 1.10 Euro/ US Dollar exchange rate).

These targets are sustained by Soitec’s strong portfolio with both further growth in existing products (FD-SOI, RF-SOI, Power-SOI and Photonics-SOI) and new products (especially SiC, POI and GaN) coming in the three end markets: Mobile communications, Automotive & Industrial and Smart devices. Soitec will provide more information during its Capital Market Day on June 8th, 2023.

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Q4’23 revenue is due to be published on April 26th, 2023, after market close.

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[1] The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator.

[2] EBITDA margin = EBITDA from continuing operations / Revenue

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