Melexis 3Q25 EBIT margin rose due to ongoing fixed cost control
After a good set of 3Q25 results with gross profit margin a little below our and CSS forecasts but EBIT margin nicely above expectations due to ongoing fixed cost control. We feel comfortable with our € 78 TP and Accumulate rating as for FY25, Melexis expects sales to be in the range of € 840 to € 845m (KBCSe € 839m, CSS € 842.3m). So Melexis expects 4Q25 sales in the range of € 215 to 220m (KBCSe € 216.2m, CSS € 218.6m). Melexis is also guiding for FY25 a gross profit margin around 39% (KBCSe 39.5%, CSS 39.2%) and FY25 EBIT-margin around 16% (KBCSe 16.6%, CSS 16.3%), all taking into account FX of 1.17 for the remainder of the year. For FY25, Melexis expects CAPEX to be around € 35m (previously around €40m).Melexis designs, develops, tests and markets advanced integrated circuits primarily for the automotive industry. Co. sells its products to a wide customer base in the automotive, medical and industrial markets in Europe, Asia and North America. Co.'s main products are Hall effect ICs, Pressure and Acceleration Sensors, Sensor Interface ICs, Automotive Systems-on-a-Chip, Embedded Microcontrollers, Bus System Chips, Optical and Infrared sensors. In each case the products are primarily developed for automotive applications and designated lead customers with subsequent use in commercial and industrial applications.
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