X Fab Silicon Foundries EV Good 3Q but low order intake, CEO steps down after FY25 results
In 3Q25, X-Fab recorded a nice revenues of $ 228.6m, up 11% y/y and up 6% q/q, which is well above the guidance.4Q25 revenue is expected to come in within the range of $215-225m (KBCSe 219.9m, CSS $ 221.2m) with an EBITDA margin in the range of 22.5% and 25.5% (KBCSe 26.1%, CSS 25.8%).
We lower our rating to Hold while maintaining our € 7 Target Price as a negative surprise was the order intake for 3Q25 amounting to a low $ 163m, down 25% y/y and down 21% q/q primarily due to continued inventory corrections by automotive customers as well as broader macroeconomic uncertainties resulting from geopolitical tensions and trade disputes.
The backlog for 3Q25 came in at a low $ 346.9m, compared to $ 412.9m at the end of 2Q25. As a result we lowered our FY26 forecasts.
X-Fab also announced that its CEO Rudi De Winter will step down on 6 February 2026, after the FY25 results. Damien Macq, who joined X-Fab in April 2023 as COO, will be appointed as the new CEO starting the same day.
X Fab Silicon Foundries EV is a Belgium-based company primarily engaged in the semiconductors industry. The Company focuses on the design and manufacture of silicon wafers for mixed-signal integrated circuits (ICs). Its products are integrated with additional features, such as high voltage option, embedded non-volatile memory, optical, radio frequency (RF) and bipolar elements, as well as microelectromechanical sensors. The Company distributes silicon wafers for various applications, including automotive, industrial, medical, as well as consumer electronics and mobile communications sector. The Company operates in a number of countries, such as Germany, France, Malaysia and the United States.
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