X-FAB Silicon Foundries (XFAB) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $222.3M, up 18% year-over-year but down 3% sequentially; full-year revenue was $873M, up 7% year-over-year and within guidance.

• Core business (automotive, industrial, medical) contributed $814.2M in 2025, up 7% year-over-year and representing 94% of total revenue.

• EBITDA for Q4 was $42.3M (19% margin), up 6% year-over-year but down 21% sequentially, impacted by a $9.3M one-off SiC item; full-year EBITDA was $196.8M (22.6% margin).

• EBIT for Q4 was $9.8M (4.4% margin), down 7% year-over-year and 59% sequentially; full-year EBIT was $76.4M (8.8% margin).

• CEO transition: Damien Macq succeeds Rudi De Winter as of February 2026.

Financial highlights

• Q4 gross profit was $41.6M (18.7% margin); full-year gross profit was $184.4M (21.2% margin).

• Q4 net income was $1.7M; full-year net income was $30.1M, down from $61.5M in 2024.

• Cash and cash equivalents at year-end were $194.3M, up $20.1M sequentially; net debt decreased by $4.5M quarter-over-quarter.

• Capex for 2025 was $204.1M, below the initial $250M plan; 2026 capex projected at ~$100M.

• Bookings in Q4 2025 were $164.3M, with a book-to-bill ratio of 0.75; backlog stood at $318.2M.

Outlook and guidance

• Q1 2026 revenue expected between $190M–$200M, with EBITDA margin of 18–21%.

• No full-year 2026 guidance due to macroeconomic uncertainty and limited visibility.

• Cost-efficiency measures, including headcount reduction, to yield $6M in quarterly savings by Q4 2026.

• Bookings in Q4 2025 understate demand by $30–40M due to shorter cycles, higher yields, and last-time-buy effects.

• Long-term growth expected from operational improvements, new design wins, and alignment with electrification and healthcare trends.