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 in...
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