Q4 2025 Infineon Technologies AG Earnings Call

November 12, 2025

Alexander Foltin: Good morning, everyone. Welcome to the Conference Call for analysts and investors for Infineon's 2025 fiscal Q4 and full year results. Today's call will be hosted by Alexander Foltin, Executive Vice President, Finance, Treasury, and Investor Relations at Infineon Technologies. As a reminder, this call is being recorded. This conference call contains forward-looking statements and or assessments about the business, financial condition, performance, and strategy of the Infineon group. These statements and or assessments are based on assumptions and management expectations resting upon currently available information and present estimates. They are subject to a multitude of uncertainties and risks, many of which are partially or entirely beyond Infineon's control. Infineon's actual business development, financial condition, performance, and strategy may therefore differ materially from what is discussed in this conference call. Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forward-looking statements.

Operator: Good morning, everyone. Welcome to the Conference Call for analysts and investors for Infineon's 2025 fiscal Q4 and full year results. Today's call will be hosted by Alexander Foltin, Executive Vice President, Finance, Treasury, and Investor Relations at Infineon Technologies. As a reminder, this call is being recorded. This conference call contains forward-looking statements and or assessments about the business, financial condition, performance, and strategy of the Infineon group. These statements and or assessments are based on assumptions and management expectations resting upon currently available information and present estimates. They are subject to a multitude of uncertainties and risks, many of which are partially or entirely beyond Infineon's control. Infineon's actual business development, financial condition, performance, and strategy may therefore differ materially from what is discussed in this conference call. Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forward-looking statements.

Alexander Foltin: At this time, I'd like to turn the call over to Infineon. Please go ahead.

Operator: At this time, I'd like to turn the call over to Infineon. Please go ahead.

Alexander Foltin: Good morning, ladies and gentlemen. Thank you for tuning in to our Earnings Call for Q4 and the full fiscal year 2025. On this analog bellwether call, you have our CEO, Jochen Hanebeck, our CFO, Sven Schneider, and our CMO, Andreas Urschitz. Jochen and Sven will provide an overview on the market situation and divisional performance, key financials, and of course, our long-awaited outlook for fiscal 26. Our prepared remarks will also cover StepUp sustainability achievements and the dividend proposal. After that, we will start our Q&A session. As usual, the illustrating slideshow is available at infineon.com/slides, and we will provide a PDF with Jochen's and Sven's introductory remarks in the course of the call on our website, namely infineon.com/investor.

Alexander Foltin: As you know, this is your go-to place for a recording of this conference call, including the aforementioned slides, a copy of our earnings press release, as well as our investor presentation. At this point in time, Jochen, over to you.

Jochen Hanebeck: Thank you, Alexander, and good morning, everyone. The turn of a fiscal year always calls for some look backs as well as future perspectives. In each case, cyclical factors need to be distinguished from structural ones. Successfully concluded 2025 fiscal year formed part of a prolonged down cycle in most of our target markets. End customers and channel partners have undertaken a major destocking exercise intending to reach target levels. Geopolitical instability and tariff turmoil made them cautious on the direction of end demand and cost short-term ordering behavior. In this environment, we saw, as predicted, a slight annual revenue decline, driven mostly by negative currency effects. We managed what we could control and maintain margins at a resilient level, supported by first meaningful benefits from our structural improvement program StepUp, coming in ahead of the anticipated timeline.

Jochen Hanebeck: The other structural initiative we are driving is to accelerate our innovation to customer value to strengthen Infineon's position in secular growth areas like self-defined vehicles or AI data centers. Taking these initiatives together, we will benefit from a more competitive setup and an unmatched portfolio in any return to growth scenario. In the just started fiscal year 2026, such growth will be tempered by adverse currency movements. Furthermore, growth will be a function of the intensity and breadth of the recovery, hard to predict due to ongoing geopolitical and tariff-related uncertainties. Therefore, we are once again setting a prudent bar with our full year outlook. From a more mid to long-term perspective, we are in an excellent position to continue to lead in our markets and nurture profitable growth based on our well-known structural growth drivers. Before looking ahead, though, let's take a look in the rear mirror.

This environment, we saw, as predicted, a slight annual revenue decline, driven mostly by negative currency effects. We managed what we could control and maintained margins at a resilient level, supported by the first meaningful benefits from our structural improvement programs, stepping up ahead of the anticipated timeline.

The other structural initiative we are driving is to accelerate our Innovation, to customer value to strengthen in finance position in secular growth areas like South verifying vehicles or AI data centers taking these initiatives together. We will benefit from a more competitive setup and an unmatched portfolio in any return to growth scenario.

In the just-started fiscal year, 2026 subs growth will be tempered by adverse currency movements. Furthermore, growth will be a function of the intensity and breadth of the recovery. This is hard to predict due to ongoing geopolitical and related uncertainties. Therefore, we are once again setting a prudent bar with our full-year outlook.

From a more mid to long-term perspective. We are in an excellent position to continue to lead in our markets and nurture profitable growth based on our well-known structural growth drivers.

Jochen Hanebeck: Revenues in Q4 came in at EUR 3,943 million, making the Q4 the strongest of our 2025 fiscal year. Sequential growth was around 6% once again, including a negative currency effect as the US dollar euro exchange rate weakened to 1.17 versus 1.14 for Q3. At constant currencies, quarterly growth would have amounted to 8.5%. All segments contributed with positive revenue developments, in particular PSS. Furthermore, our Q4 showed a slight year-over-year growth at constant currencies even of 5%. This is the first time within 8 quarters. Revenues for the entire 2025 fiscal year amounted to EUR 14,662 million, 2% down from the previous year.

Before looking ahead, though, let's take a look in the rear mirror.

Revenues in the September quarter came in at 3943 million euros, making the fourth and final quarter, the strongest of our 2025 fiscal year.

Sequential growth was around 6%, once again, including a negative currency effect. As the US dollar, euro exchange rate weakened to 117 versus 114.

For the June quarter at constant. Currencies quarterly growth would have amounted to 8.5%.

All segments contributed to positive revenue. Good developments, in particular, in PSS. Furthermore, our Q4 showed a slight year-over-year increase.

Growth at constant currencies, even of 5%. This is the first time within eight quarters.

Jochen Hanebeck: At constant currencies, our revenue would have been essentially flat year-over-year, given that the US dollar average exchange rate weakened from 1.09 in fiscal 2024 to 1.11 in fiscal 2025. This is quite remarkable for a year characterized by substantial inventory corrections by customers and unprecedented tariff disputes. Using the product categories I explained in the last call, our full year revenue for fiscal 2025 breaks down as follows. Around 35% relates to power discrete and modules, covering silicon carbide, and gallium nitride. Around 30% pertains to analog and sensors. Finally, control and connectivity grew to around 35%, supported by the success of our automotive microcontrollers, which will be further strengthened by the acquisition of the automotive Ethernet business from Marvell. This balanced portfolio is illustrating the healthy degree of diversification we have achieved over the past few years.

We have been essentially flat over here. Given that the US dollar average exchange rate weakened from 109 in fiscal 2024 to 111 in fiscal 2025.

This is quite a remarkable year, characterized by substantial inventory, corrections by customers, and unprecedented tariff disputes.

Using the product categories, I explained in the last call our full year revenue for FY25 breaks down as follows.

Around 35% relates to power discrete and modules covering silicon, silicon carbide, and gallium nitride.

Around 30% pertains to analog and sensors; finally, control and connectivity grew to around 35%, supported by the success of our automotive microcontrollers, which will be further strengthened by the acquisition of the automotive Ethernet business from Google.

Jochen Hanebeck: Regarding our operating profitability in Q3, the segment result amounted to EUR 717 million, corresponding to a segment result margin of 18.2%. The slight improvement compared to the previous quarter is reflecting volume growth, which overcompensated the adverse currency development as well as some internationally incurred opportunistic low-margin business for consumer-related products to avoid idle cost. More on this in the PSS section. For the full 2025 fiscal year, the segment result margin was 17.5%, landing in the high teens territory as predicted, in line with a lower range of our target operating model. Compared to one year earlier, annual price declines, negative currency impact, and rising idle costs could be offset in part by contributions from our StepUp program.

This balanced portfolio is illustrating the healthy degree of diversification we have achieved over the past few years.

Regarding our operating profitability in the September quarter, the segment result amounted to €717 million, corresponding to a segment result margin of 18.2%.

The slide Improvement compared to the previous quarter is reflected is reflecting volume growth, which overcompensated the adverse currency development, as well as some internally. Incurred opportunistic, low margin business for Consumer related products to avoid Idol cost.

More on this in the PSS section.

Jochen Hanebeck: Our order backlog increased by around EUR 2 billion quarter-over-quarter to close to EUR 20 billion at the end of September. A first proof of the recovery materializing. Now to our divisional review, beginning with Automotive. In the Q4 2025 fiscal year, the Automotive segment achieved revenues of EUR 1,921 million, a further uptick compared to the previous quarter. The most notable volume growth contributors were smart power components, microcontrollers, and xEV-related solutions. The latter we ascribed to temporary pull-ins due to subsidies reductions in the US and in China. Both the segment result of EUR 430 million and the segment result margin of 22.4% increased sequentially, driven by volume growth and improved mix as well as some smaller favorable non-recurring effects.

For the full 2025, fiscal year. The segment result margin was 17.5% Landing in the hygiene territory as predicted in line with the lower range of our Target operating model compared to 1 year earlier. And your price declines the negative currency impact and Rising Idol costs could be offset in part by contributions from our step-up program.

Our order backlog increased by around €2 billion quarter over quarter, closing in on €20 billion at the end of September.

Proof of the recovery, materializing.

Now, to our divisional rep, beginning with Automotive.

In the final quarter of the 2025 fiscal year, the automotive segment achieved revenues of €1,921 million, a further uptick compared to the previous quarter.

The most notable volume growth contributors were smart power components, microcontrollers, and xEV-related solutions.

Later, we ascribe this to temporary pull-ins due to subsidy reductions in the U.S. and in China.

Jochen Hanebeck: Independent of near-term market developments, we continue to shape the future of mobility with our leading product portfolio across power, analog, and sensors, and control and connectivity based on our P2S approach. A few recent design wins example underscore this. An established North American OEM will use AURIX TC4 microcontrollers along with several analog components for an upcoming ADAS system. The total design win volume is a mid triple-digit million EUR amount, covering not only the MCU, but also power management ICs, PROFET smart switches, and NOR Flash memory. Our newly acquired BRIGHTLANE Ethernet product family is very well received by customers. They will be a crucial building block for software-defined vehicles, and combined with our MCU portfolio, enable even more comprehensive solutions for our customers. As an example, they are currently ramping in the most recent platforms of two European premium OEMs.

Both the segment result of 430 million euros and the segment result, margin of 22.4% increase sequentially driven by volume growth and improved mix as well as some smaller favorable, non-recurring effects.

Independent of near-term market developments, we continue to shape the future of mobility. With our leading product portfolio across power, analog, sensors, and control in connectivity.

Based on our p2s approach.

A few recent designs with the example underscore this, and established North American OEMs will use RX TC4.

Microcontrollers, along with several analog components, are being utilized for an upcoming Ada system. The total design volume is in the mid-triple-digit million euro range. This encompasses not only the MCU but also power management ICs, profit, smart switches, and NOR flash memory.

Our newly acquired, bright lane Ethernet product family is very well received by customers.

There will be a crucial building block for software-defined vehicles, and combined with our MCU portfolio, it will enable even more comprehensive solutions for our customers. For example, they are currently ramping in the most recent platforms.

Jochen Hanebeck: Lastly, we have secured an additional cumulative triple-digit million EUR design win for our OptiMOS 7 MOSFETs across all regions. These cover key applications such as power distribution in several upcoming software-defined vehicle architectures, as well as safety-critical applications such as steer-by-wire systems, braking systems, and active suspension. This success is underpinned by our differentiating technology, which enables leading-edge devices with superior quality, highly appreciated by customers. Let's now move to Green Industrial Power, where revenues in Q3 came in at 463 million EUR, an increase of 7% quarter-over-quarter. The sequential improvement was strongest in the areas of power infrastructure, comprising renewable energy generation and grid infrastructure, as well as rail systems and commercial electric vehicles.

Of to European premium oems.

Lastly we have secured an additional accumulative triple-digit million euro design with of 4 Hour, Optimus 7 mosfets across all regions. These cover key applications such as power distribution in several upcoming software-defined vehicle architectures as well as safety. Critical applications such as steer by wire systems braking systems and active suspension.

This success is underpinned by our differentiating technology, which enables Leading Edge devices with superior quality, highly appreciated by customers.

Let's now move to Green Industrial Power, where revenues in the September quarter came in at €463 million, reflecting an increase of 7% quarter over quarter.

Jochen Hanebeck: On the back of higher revenues, GIP segment result edged up to EUR 69 million in the Q4 of our 2025 fiscal year, equivalent to a segment result margin of 14.9%. Besides the typical seasonal pattern, the market situation for the various industrial applications we serve shows a mixed picture. Macro uncertainty is prolonging the path to recovery for automation and end drives. Similarly, there are not yet clear signals for an upswing in heating, ventilation, air conditioning, or home appliances. Regarding renewable energy generation, market conditions throughout the delivery chain continue to show some signs of weakness. That said, we see structural drivers on the power infrastructure side getting stronger.

The sequential improvement was strongest in the areas of power infrastructure, comprising renewable energy generation and grid infrastructure, as well as rail systems and commercial electric vehicles.

Into a segment result margin of 14.9%.

Besides the typical seasonal pattern, the market situation for the various industrial applications we serve shows a mixed picture.

Macro uncertainty is prolonging the path to recovery for automation and end drives. Similarly, there are not yet clear signals for an upswing in heating, ventilation, air conditioning, or home appliances.

Regarding the renewable energy generation market, conditions throughout the delivery chain continued to show some signs of weakness.

Jochen Hanebeck: Higher share of renewables in the overall energy mix and the proliferation of AI data centers at gigawatt levels in various parts of the world cause the need to significantly upgrade and strengthen the power grid. Critical applications providing attractive evolving content opportunities for us are, for example, large-scale energy storage systems, uninterruptible power supplies, and solid-state transformers and circuit breakers. To advance the latter, we are partnering amongst others with SolarEdge to develop highly efficient next-generation solid-state transformer technology for AI and hyperscaler data centers. The collaboration focuses on combining advanced silicon carbide technology from us, Infineon, with SolarEdge power conversion and control topology to enable direct medium voltage conversion. The solid-state transformer technology will play a crucial role in future 800 volt direct current AI data center power architectures.

That said, we see structural drivers of the power infrastructure side getting stronger.

A higher share of renewables in the overall energy mix, along with the proliferation of AI data centers at gigawatt levels in various parts of the world, has caused the need to significantly upgrade and strengthen the power grid.

Critical applications providing attractive evolving content opportunities for us are, for example, large-scale energy storage systems, uninterruptible power supplies, solid-state transformers, and circuit breakers.

To advance the later.

We are partnering, among others, with SolarEdge to develop highly efficient next-generation solid-state transformer technology for AI and hyperscaler data centers. The collaboration focuses on combining advanced silicon carbide technology from us in Infineon with SolarEdge’s power conversion and control topology to enable direct medium voltage conversion.

Jochen Hanebeck: The technology enables highest end-to-end efficiency and offers several key advantages, including a significant reduction of weight and size, a reduced CO2 footprint, and accelerated deployment of power distribution, among others when connecting the public grid with data center power distribution. The power and sensor segments recorded revenue of EUR 1.189 billion in Q4, 13% up sequentially. The main contributors to this significant growth were our power solutions for AI servers. In addition, we saw strength for products going into smartphones and accessories like MEMS microphones. Notwithstanding the strong revenue pickup, the segment result of PSS decreased to EUR 179 million, leading to a segment result margin of 15.1%. Besides adverse exchange rate effects, the main factor were so-called fab fillers, intentionally addressing low-margin market segments on the consumer side to utilize otherwise idle production capacity.

The solid-state transformer technology will play a crucial role in future 800-volt direct current AI data center power architectures. This technology enables the highest end-to-end efficiency and offers several key advantages, including a significant reduction in weight and size, a reduced CO2 footprint, and accelerated deployment of power distribution, among others, when connecting the public grid with data center power distribution.

The segments recorded revenue of €1,189 billion in the September quarter, a 13% increase sequentially. The main contributors to this significant growth were our power solutions for AI servers. In addition, we saw strength in products going into smartphones and accessories, like MEMS microphones.

Notwithstanding the strong revenue pickup, the segment result of PSS decreased to €179 million, leading to a segment result margin of 15.1%.

Jochen Hanebeck: We plan to fade out such business in the near term, being replaced more and more by strongly growing margin-accretive AI volumes. On the market side, consumer and general compute communication continue to see a tepid recovery. In stark contrast, the AI boom remains a powerful growth engine for us, with data center build-outs accelerating dynamically. Managing the power flow in line with the exponential compute growth across all power conversion stages from grid to core becomes mission-critical to scaling AI. Said differently, there is no AI without power. With the unmatched breadth of our product portfolio in silicon carbide, gallium nitride, various package concepts, speed of innovation, quality, and delivery capability, we have become the leading partner of all relevant GPU and ASIC providers. This success is clearly visible in our numbers.

Besides adverse exchange rate effects, the main factor was so-called "f*** fillers" intentionally addressing low-margin markets. Segments on the consumer side utilize otherwise idle production capacity. We plan to fade out such business in the near term, being replaced more and more by strongly growing margin accretive AI volumes.

On the market side, consumers in general continue to see a tech recovery. In stark contrast, the AI boom remains a powerful growth engine for us, with data center buildout accelerating dynamically.

Managing the power flow in line with the exponential compute growth across all power conversion stages, from grid to core, becomes mission critical to scaling AI.

Set differently: There is no AI without power.

Jochen Hanebeck: In the 2025 fiscal year, our AI data center-related revenue nearly tripled to more than EUR 700 million. We thus were able to beat our originally predicted numbers of around EUR 600 million, despite the adverse currency development. For fiscal 2026, we are raising our growth expectations significantly from around EUR 1 billion to around EUR 1.5 billion, more than doubling year-over-year. The strong momentum of our business is coming from the unabated market momentum for AI, strongly rising power requirements of new processor generations, reconfiguration data center architecture, as well as expected further content gains. By the end of the decade, we expect the addressable market for us to be in the range of EUR 8 to 12 billion, depending on factors like module share, customer structure, and speed of AI build-out.

With the unmatched breadth of our product portfolio in silicon, silicon carbide, gallium nitride, and various package concepts, the speed of innovation, quality, and delivery capability, we have become the leading partner of all relevant GPU and ASIC providers. The success is clearly visible in our numbers for the fiscal year 2025, where our AI data center-related revenue nearly tripled to more than €700 million.

We thus were able to beat our originally predicted numbers of around €600 million. Despite the adverse currency development for fiscal 2026, we are raising our growth expectation significantly from around €1 million to around €1.5 billion, more than doubling year-over-year.

The strong momentum of our business is coming from the unlimited market momentum for AI, strongly rising power requirements of new processor generations, reconfiguration and data center architecture, as well as expected further content gains.

By the end of the decade, we expect the addressable market for us to be in the range of €8 to €12 billion, depending on factors like module share, customer structure, and the speed of AI build-out.

Jochen Hanebeck: Combining the expertise and unrivaled product portfolio of our GIP and PSS segments is putting us at the forefront of both the energy transition and the AI revolution. This creates highly attractive, idiosyncratic business opportunities for us. More on these in an investor deep dive that our two division heads of GIP and PSS will host on 26 November. On our investor relations homepage, you will find details about this event. Now let me touch on wide-bandgap. Our unique setup of having worldwide most innovative, cost-efficient, and scalable in-house manufacturing of silicon carbide and gallium nitride is fully recognized by automotive, industrial, and AI data center customers. Talking about the later power systems of 800 volt AI server power supplies are only conceivable with best-in-class silicon carbide, gallium nitride, and packaged product combinations.

Combining the expertise and the unreliable product portfolio of our GIP and PSF segments is putting us at the forefront of both the energy transition and the AI revolution.

This creates highly attractive, idiosyncratic business opportunities for us. More on these in an investor deep dive that our two Division Heads of Gip and PSS will host on the 26th of November.

Tells about this event.

Now let me touch on white band gaps. Our unique setup, having the world wide, is the most innovative, cost-efficient, and scalable in-house manufacturing of silicon carbide and gallium nitride. This is fully recognized by automotive industry and AI data center customers.

Jochen Hanebeck: In the overall silicon carbide market, supply is currently outstripping demand. In this competitive environment, we could keep our silicon carbide revenues in this 2025 fiscal year at the level of the previous year at around EUR 650 million, despite headwinds from pricing and currency. Given the favorable design win trend, amongst others, linked to rising usage in the aforementioned AI data centers, we anticipate again growth for our 2026 fiscal year. Gallium nitride is at an earlier stage of the market uptake and system topology changes are necessary to reap the full benefits of GaN. We are encouraged by an increasing design win momentum at automotive, industrial, and data center customers, which value our power systems expertise combined with in-house manufacturing. Looking ahead, GaN is poised to play a pivotal role in areas like automotive, AI servers, and robotics.

Talking about the later power systems of 800 volts, AI server power supplies are only conceivable with best-in-class silicon, silicon carbide, gallium nitride, and packaged product combinations.

In the overall silicon carbide market, supply is currently outstripping demand in this competitive environment. We could keep our silicon carbide revenues in the 2025 fiscal year at the level of the previous year, at around €650 million, despite headwinds from pricing and currency.

Given the favorable design, along with trends related to rising usage in the aforementioned AI data centers, we anticipate continued growth for our 2026 fiscal year.

Gallium nitride is at an earlier stage of a market uptake and system.

Topology changes are necessary to reap the full benefits of GAN. We are encouraged by an increasing design win momentum at automotive, industrial, and data center customers, which value our Power Systems expertise combined with in-house manufacturing.

Looking ahead, again, is poised to play a pivotal role in areas like automotive, AI servers, and robotics.

Jochen Hanebeck: Let's complete the divisional review with Connected Secure Systems. CSS recorded quarterly revenues of EUR 369 million, 6% up from Q2. The main driver were payment solutions, in part due to the fulfillment of CRA orders. The segment result of CSS improved to EUR 45 million, corresponding to a segment result margin of 12.2%. Macroeconomic risks continue to dampen consumer confidence in corporate spending, causing sluggish demand for IoT and security solutions. Looking beyond the near term, we continue to invest into innovation to foster profitable midterm growth. To further strengthen our position in edge AI application, we introduced DEEPCRAFT AI Suite, optimized for our PSOC Edge family of microcontrollers.

Let's complete the divisional review with Connected Secure Systems (CSS). CSS recorded quarterly revenues of €369 million, a 6% increase from the June quarter. The main driver was Payment Solutions, in part due to the fulfillment of CRA orders. The segment result of CSS improved to €45 million, corresponding to a segment result margin of 12.2%.

Macroeconomic risks continue to decrease consumer confidence in corporate spending, causing sluggish demand for IoT and security solutions.

Looking beyond the near term, we continue to invest in innovation to foster profitable midterm growth.

Jochen Hanebeck: To unlock the full potential of edge AI, we provide a comprehensive set of hardware and software solutions to seamlessly integrate AI and machine learning capabilities in the next generation of IoT edge devices. Our solutions empower customers to either develop their models from scratch or to integrate off-the-shelf models and solutions into their products, thereby shortening time to market. AI, in its various shapes and forms, will bring significant business opportunities to Infineon across all our segments. Beyond AI, we are actively helping shape the quantum area. Based on our innovation strength and excellence in volume manufacturing, we have developed trapped ion quantum processing units, so-called QPUs. Together with strategic partners such as IonQ and Quantinuum, we are focusing on scaling qubit counts and fidelity. Quantum and AI are complementary.

To further strengthen our position in the Hai application, we introduced the Deep Craft AI Suite optimized for our PAACK Edge family of microcontrollers to unlock the full potential of Hai. We provide a comprehensive set of hardware and software solutions to seamlessly integrate AI and machine learning capabilities in the next generation of IO8 IoT edge devices.

Our solutions empower customers to either develop their models from scratch or to integrate off-the-shelf models and solutions into their products, thereby shortening time to market.

AI, in its various shapes and forms, will bring significant business opportunities to Infineon across all our segments. Beyond AI, we are actively helping.

Shape the quantum area based on our innovation strength and excellence in volume manufacturing. We have developed trapped ion quantum processing units, so-called QP use.

Together with strategic partners such as IonQ and Continuum, we are focusing on scaling qubit counts and fidelity.

Jochen Hanebeck: AI enhances calibration, control, error mitigation of quantum systems, while quantum computing can generate high-precision datasets that accelerate AI-driven discovery. For example, in materials, pharmaceuticals, and logistics optimization. In parallel, we are winning business at customers preparing for the security implications of the quantum age with post-quantum cryptography-enabled products, including our Common Criteria certified implementation on a security controller, helping safeguard today's data against tomorrow's threats. Now over to Sven, who will comment on our key financial figures.

Quantum and AI are complementary; AI enhances calibration, control, error mitigation in quantum systems, while quantum computing can generate high-precision data sets that accelerate AI-driven discovery, for example, in materials, AI optimization, and logistics optimization.

In parallel, we are winning business at customers preparing for the security implications of the quantum age with post-quantum cryptography-enabled products, including our Common Criteria certified implementation on a security controller, helping.

Safeguard today's data against tomorrow's threats.

Now, over to Sven, who will comment on our key financial figures.

Sven Schneider: Thank you, Jochen, and good morning, everyone. In my part, I will mostly focus on Q4, occasionally adding comments about full year numbers. Let's start with our gross margin development. The adjusted gross margin for Q4 of our 2025 fiscal year came in at 40.7% after 43% in Q3. The reported gross margin decreased quarter-over-quarter from 40.9% to 38.1%. The temporary fab fillers on the consumer side of PSS that Jochen mentioned burdened margin levels by around 1 percentage point. Furthermore, mix effects, the weaker US dollar, and slightly higher idle costs were headwinds quarter-over-quarter. As you know, the background was our goal to manage on books inventory, as previously indicated.

Thank you, Janet. Good morning, everyone. In my part, I will mostly focus on the September quarter, occasionally adding comments about full-year numbers.

Let's start with our gross margin development.

The adjusted gross margin for the final quarter of our 2025 fiscal year came in at 40.7%, after 43% in the quarter before. The reported gross margin decreased quarter over quarter from 40.9% to 38.1%.

The temporary FAP fillers on the consumer side of PSS that Johan mentioned burdened margin levels by around 1 percentage point.

Furthermore, mixed effects. The weaker U.S. dollar and slightly higher idle costs were headwinds quarter over quarter.

Sven Schneider: With a DIO figure of 153 days as per the end of September, we've achieved our target for the end of the fiscal 2025. Keeping stock levels under control will remain a focus area of our cycle management. However, the uneven recovery will stand in the way of further near-term inventory reductions. For the full fiscal year, which was the second consecutive year with a declining top line, we managed to keep the adjusted gross margin well above the 40% mark at 41.4%. Therein, idle costs amounted to close to EUR 1 billion, the vast majority of them reflecting cyclical underutilization. These correspond to around 600 basis points of margin potential without considering the fall through from additional volumes. On the positive side, we have been reaping first material benefits from our StepUp program, focusing on improving our structural cost competitiveness.

We have achieved our target for the end of fiscal 2025.

Keeping stock levels under control will remain a focus area of our cycle management. However, the uneven recovery will stand in the way of further near-term inventory reductions.

For the full fiscal year, this was the second consecutive year with a declining topline. We managed to keep the adjusted gross margin well above the 40% mark at 401.4%.

There in idle costs amounted to close to €1 billion. The vast majority of them reflect cyclical underutilization.

These correspond to around 600 basis points of margin potential without considering the fall-through from additional volumes.

Sven Schneider: In fiscal 25, StepUp has contributed about 200 basis points to our gross margin. Now turning to the OpEx side, looking first at reported quarterly numbers. Research and development remained practically flat at EUR 565 million in the Q4. Also, our selling general and administrative expenses moved sideways to EUR 401 million. On an annual basis and net of non-segment result charges, R&D as a percentage of revenues was around 15%. Bringing out innovation to address customer issues is key to our differentiation and hence value creation. The SG&A percentage of revenues, net of non-segment result charges, was just under 10% in our 2025 fiscal year. Our StepUp program entails also structural improvements of our operating expenses, and here we see positive contributions coming through nicely too.

On the positive side, we have been reaping the first material benefits from our Step-Up program, focusing on improving our structural cost, competitiveness, and fiscal position. Step-Up has contributed about 200 basis points to our gross margin.

Now, turning to the Opex side, looking first at reported quarterly numbers.

Sven Schneider: Overall, with StepUp, we have so far recorded about half of the total targeted impact for the first half of our 2027 fiscal year, when all the measures will become fully effective. Non-segment result charges for Q4 amounted to EUR 263 million, bringing the total for the 2025 fiscal year to EUR 1,045 million. The biggest component therein was acquisition-related amortization with around EUR 400 million. Other major parts were impairment and other charges related to the sale of our Austin manufacturing site and StepUp related one-timers. The financial results for Q4 amounted to minus EUR 64 million, after minus EUR 40 million in Q3. Contained therein are, among others, funding costs related to the debt financed acquisition of the Ethernet business from Marvell, as well as non-cash interest expenses on uncertain tax positions.

Research and development remained practically flat at €565 million in the September quarter. Also, our selling, general and administrative expenses moved sideways to €401 million on an annual basis, and net of non-segment result charges, R&D as a percentage of revenues was around 15%. Bringing out innovation to address customer issues is key to our differentiation and hence, value creation. The SG&A percentage of revenues, net of non-segment result charges, was just under 10% in our fiscal year 2025. Our stepper program entails also structural improvements of our operating expenses, and here we see positive contributions coming through nicely too. Overall, we stepped up; we have so far recorded about half of the total targeted impact for the first half of our 2025.

277 fiscal year when all the measures will become fully effective.

Non- segment result charges for the fourth quarter amounted to 263 million euros, bringing the total for the 2025, fiscal year to 1 billion, 455 million euros. The biggest component there in was acquisition related amortization with around 400 million euros. Other major parts where impairment and other charges related to the sale of our Austin manufacturers.

Ing site and step-up related 1-time.

The financial result for the September quarter amounted to minus €64 million, after minus €400 million in the quarter before. Therein are, among others, funding costs related to the debt, the recent acquisition of the Ethernet business from Marvell, as well as non-cash interest expenses on uncertain tax positions.

Sven Schneider: Income tax expense for Q4 amounted to EUR 152 million, after EUR 95 million in Q3. Valuation effects related to deferred taxes have led to a noticeably quarterly increase and influenced the effective tax rate for the entire 2025 fiscal year, which came in at around 27%. Cash taxes for our Q4 were EUR 106 million. Adjusting for PPA effects, the quarterly cash tax rate stood at 21%. Going forward, for modeling purposes, a tax rate between 20% and 25% is, and continues to be, a reasonable assumption. Our investments into property, plant, and equipment, other intangible assets, and capitalized development costs increased slightly quarter-over-quarter from EUR 442 million to 451 million.

Income tax expense for the September quarter amounted to €152 million, after €95 million in the quarter. Before valuation effects related to deferred taxes, there has been a noticeable quarterly increase that influences the effective tax rate for the entire fiscal year 2025, which came in at around 27%.

Cash taxes for our fourth fiscal quarter were €106 million. Adjusting for PPA effects, the quarterly cash tax rate stood at 21%. Going forward, for modeling purposes, a tax rate between 20% and 25% is and continues to be a reasonable assumption.

Sven Schneider: For the entire fiscal year 2025, investments amounted to around EUR 2.1 billion, coming in slightly below our guidance. Depreciation and amortization expenses, including acquisition-related non-segment result effects for the Q4, were EUR 484 million, leading to an annual total for fiscal 2025 of EUR 1.9 billion, as predicted. Our free cash flow in the Q4 was significantly influenced by the closing of the acquisition of Marvell's Ethernet business. The reported number of EUR -1.276 billion would have been EUR +904 million without the acquisition. The strong quarterly improvement of our organic free cash flow was positively influenced by increased volumes. The predicted receipt of public fundings, in particular for the ramp of Module 4 at our Dresden site, as well as the quarterly reduction of our own inventories.

Our investments into property plant and Equipment, other intangible assets and capitalized development costs. Increased slightly quarter over quarter from 442 to 451 million euros for the entire fiscal. Year, 2025 Investments amounted to around, 2.1 billion euros coming in slightly below, our guidance depreciation and amortization expenses including acquisition related non- segment result effects for the September quarter. Where 484 million euros leading to an annual total for fiscal. 25 of 1.9 billion euros as predicted.

Sven Schneider: For the full year, the free cash flow amounted to -EUR 1.051 billion. The adjusted free cash flow, considering acquisitions and expenditures for large front-end buildings, in particular our analog mixed-signal power fab in Dresden, came in at EUR 1.8 billion, corresponding to 12.3% of sales fully in line with our target operating model. The Marvell Ethernet acquisition also had a noticeable impact on our liquidity and leverage figures. At closing, we drew down the committed acquisition facility from our banks, consisting of a EUR 1 billion and a USD 1 billion tranche. The remaining purchase price was paid from our own liquidity.

The strong quarterly improvement of our organic free cash flow was positively influenced by increased volumes. The predicted receipt of public funding in particular, for the ramp of Module 4 at our Dresden site, as well as the quarterly reduction of our own inventories.

For the full year, the free cash flow amounted to minus $1.051 billion.

The adjusted free cash flow, considering acquisitions and expenditures for large front-end buildings, is as follows: our analog mixed-signal power fab, Andreishyn, came in at €1.8 billion, corresponding to 12.3% of sales, fully in line with our target operating model.

Sven Schneider: As a result of this and the strong organic free cash flow in fiscal Q4, our gross cash position at the end of September stood at around EUR 2.1 billion, equivalent to around 14% of sales, in line with our liquidity target. Our gross debt amounted to EUR 6.8 billion, the resulting net debt to EUR 4.7 billion. Our gross leverage is now at our self-defined threshold of 2 times. Net leverage is corresponding to 1.4 times. We view this situation as temporary, as increased financial debt following our Ethernet acquisition is meeting a cyclically subdued EBITDA. Our after-tax reported return on capital employed remains at a depressed level. For the complete 2025 fiscal year, our return on capital employed came in at around 5%, clearly falling short of our aspirations.

The Marvel Ethernet acquisition also had a noticeable impact on our liquidity and leverage figures at closing. We drew down the committed acquisition facility from our banks, consisting of a €1 billion and a $1 billion tranche. The remaining purchase price was paid from our own liquidity as a result of this and the strong organic free cash flow in fiscal Q4. Our gross cash position at the end of September stood at around €2.1 billion, equivalent to around 14% of sales, in line with our liquidity target.

Our gross debt amounted to €6.8 billion, resulting in net debt of €4.7 billion. Our gross leverage is now at our self-defined threshold of 2 times. Net leverage corresponds to 1.4 times. We view this situation as temporary, as increased financial debt following our Ethernet acquisition is meeting a cyclically subdued EBITDA.

Sven Schneider: This is due to an increase of capital employed, driven by organic and inorganic investments over the last years, compared with a temporarily lower NOPAT. Finally, to our dividend proposal for the concluded fiscal year 2025. To our next annual shareholders meeting in February, we will propose a dividend of EUR 0.35 per share, unchanged versus the prior year. This would result in a payout of about EUR 460 million. Keeping the dividend constant in a second downturn year with lower net earnings compared to the previous year shows our strong commitment to shareholder remuneration. We are again striking a balance between shareholder remuneration and sufficient financial flexibility for the company. Now back to Jochen, who will comment on our outlook.

Our after-tax reported return on capital employed remains at a depressed level for the complete 2025 fiscal year. Our return on capital employed came in at around 5%, clearly falling short of our aspirations.

This is due to an increase in capital employed, driven by organic and inorganic investments over the last few years, compared with the temporarily lower notepad.

Finally, to our dividend proposal for the concluded, fiscal year 2025 to our next annual shareholders meeting in February, we will propose a dividend of 35 cents per share, unchanged versus the prior year. This would result in a payout of about 460 million euros. Keeping the dividend constant in a second down to a year with lower net. Earnings compared to the previous year, shows our strong commitment to shareholder Revenue narration. We are again, striking a balance between shareholder renovation and sufficient Financial Flex,

Jochen Hanebeck: Thank you, Sven. As of today, it is challenging to predict a one-year business trajectory in an environment where short-term ordering is limiting visibility. We see the still cautious ordering behavior of customers primarily as a reflection of geopolitical and tariff-related uncertainties. Inventory levels have generally normalized through all supply chains. That said, there are lingering pockets of digestion and further working capital reductions, and on the other hand, also a few instances of supply tightness. In addition, the underlying demand will determine the magnitude and pace of the recovery. As a base case, we are expecting volume growth to return in 2026 amid a gradual upcycle. For the currently running Q1, the first of our 2026 fiscal year, we predict revenues of around EUR 3.6 billion based on a new assumed US dollar euro exchange rate of 1.15.

Possibility for the company. Now, back to you who will comment on our Outlook.

Thank you, Sven. As of today, it is challenging to predict a 1-year business trajectory in an environment where short-term ordering is limiting visibility.

We see the still cautious ordering behavior of customers, primarily as a reflection of geopolitical and tariff-related uncertainties. Inventory levels have generally normalized throughout supply chains.

That said, there are lingering pockets of digestion. Further, working capital reductions and, on the other hand, also a few instances of supply tightness. Additionally, the underlying demand will determine the magnitude and pace of the recovery. As a base case, we are expecting volume growth to return in 2026 amid a gradual upcycle.

Jochen Hanebeck: This would equate to a sequential decline of about 9% above our typical seasonality because in the near term there's a risk that some automotive customers are driving down inventories to critical levels below target into calendar year end. Also, from industrial customers, we expect pronounced destocking towards the end of December. By segment revenue at GIP and CSS is anticipated to decrease more than group average, whereas sales of ATV and PSS should decline less. Compared to the Q1 of our previous fiscal year, we expect 5% nominal growth despite a significantly weaker US dollar. Adjusting for this, like-for-like growth would be 11%. For the Q4 segment result margin, we expect a mid to high teens percentage level resulting from the lower sales volume. To our outlook for the full 2026 fiscal year.

For the currently running December quarter, the 1st of our 2026 year, we predict revenues of around €3.6 billion. Based on a new assumed US dollar to euro exchange rate of 15, this would equate to a sequential decline of about 9% above our typical seasonality. In the near term, there's a risk that some, if not all, of our customers are driving down inventories to critical levels below target into calendar year end. Additionally, from industrial customers, we expect pronounced destocking towards the end of December.

By segment, revenue at GIP and G should decrease more than the group average, whereas sales of ATV and PSS should decline less.

Compared to the first quarter of our previous fiscal year, we expect 5% nominal growth despite a significantly weaker U.S. dollar. Adjusting for this, like-for-like growth would be 11%.

For the December quarter segment, we expect a mid- to high-teens percentage level resulting from the lower sales volume.

Jochen Hanebeck: In the light of low market visibility, we have to allow for a certain range of outcomes and act swiftly. In our base case, we expect our full year revenues to be moderately up compared to the previous fiscal year. Besides an assumed typical price decline and unfavorable currency development is masking a stronger underlying volume growth. We assume a US dollar euro exchange rate of 115 compared to the average of 111 realized in our 2025 fiscal year. This translate into about EUR 400 million of top-line headwind using our rule of thumb. In line with the assumed uneven and overall gradual recovery, we expect our business segments to follow markedly different patterns. Regarding automotive semi markets, several headwinds make us cautious.

In our base case, we expect our full-year revenues to be moderately up compared to the previous fiscal year. Besides an assumed typical price decline and unfavorable currency development, which is masking a stronger underlying volume growth.

We assume a US dollar euro exchange rate of 115 compared to the average of 1 1 1 real life. In our 2025 fiscal year this translate into about 400 million euros of Topline headwind, using our rule of thumb.

Jochen Hanebeck: While the trade and tariff situation remains fluid, we expect it to have an impact on vehicle affordability and thus weigh on underlying car demand. The latest production forecast for 2026 S&P sees only a very small decline to about 91 million vehicles. We see this as a best case. Regarding automotive content dynamics, we anticipate the Chinese xEV market to moderate significantly in terms of growth now that it has surpassed a 50% penetration, also caused by subsidy reduction and rising efficiency requirements. Europe should see some improving momentum, whereas xEV sales in the US will suffer from the lack of government support. Accordingly, we are seeing pushouts of several new EV platforms across the Western OEM landscape and our production mix shifts in favor of ICE cars.

In line with this uneven and overall gradual recovery. We expect our business segments to follow Market lead different patterns regarding Automotive semi markets. Several headwinds make us cautious, while the trade and tariff situation remains fluid, we expect it to have an impact on vehicle affordability, and thus weigh on underlying car demand. The latest production forecast for 2026. Smpp sees. Only a very small decline to about 91 million Vehicles. We see this as a best case,

Regarding automotive content dynamics, we anticipate the Chinese IX EV market to moderate significantly in terms of growth now that it has surpassed 50% penetration, also caused by subsidy reduction and rising efficiency requirements.

Europe should see some improving momentum. Whereas xev says in the US will suffer from the lack of government support.

Jochen Hanebeck: In light of this, we have taken action to restructure our frame-based module production in Warstein in Germany and concentrate it at a more cost-competitive Hungarian site in Székesfehérvár. The picture is brighter for the other big auto content driver, the proliferation of software-defined vehicles. Here we expect market momentum to accelerate from the second half of 2026 onwards, driven by more and more SDV launches, further supported by the automotive Ethernet business from Marvell. In total, we expect our automotive segment to grow below group average. In contrast, we expect PSS to grow significantly faster than corporate average, driven by buoyant demand for our AI power solutions, for which we assume revenues now of EUR 1.5 billion.

In light of this, we have taken action to restructure our frame-based module production, investing in Germany and concentrated at a more cost-competitive Hungarian site in Chile.

The picture is brighter for the other big auto content driver: the proliferation of software-defined vehicles (SDVs). We expect market momentum to accelerate from the second half of 2026 onwards, driven by more and more SDV launches, further supported by the automotive Ethernet business from Marvell.

Jochen Hanebeck: We enable this revenue growth in a very capital efficient way by converting idle IGBT capacity from ATV and GIP to advanced MOSFET capacity for AI throughout the year. For GIP, we assume revenues to grow moderately year-over-year based on CapEx restraints by industrial customers. Some remaining inventory digestion, moderating growth of renewable energy build outs, and accelerating investments into grid infrastructure. For CSS, we expect only slight yearly growth as IoT demand remains sluggish. Regarding profitability, we expect our full year adjusted gross margin to come at a low forties and our segment result margin to land at high teens percent level. The adverse currency development together with assumed typical price decline will work against the positive fall-through effect from volume growth. Idle costs are expected to go down only gradually to an annual level of around 800 million EUR.

In total, we expect our Automotive segment to grow below the group average. In contrast, we expect PSS to grow significantly faster than corporate average, driven by buoyant demand for our AI Power Solutions, for which we assume revenues of now €1.5 billion. We enable this revenue growth in a very capital-efficient way by converting idle IGBT capacity from ATV and GIP to advanced MOSFET capacity for AI throughout the year.

For Gip, we assume revenues to grow moderately year-over-year based on capex. Restraints by industrial customers. Some remaining inventory digestion, moderating growth of renewable energy build outs and accelerating investments into grid infrastructure.

Jochen Hanebeck: They will therefore still constitute a considerable margin drag of around 400 basis points without considering the positive fall-through from additional volumes. Further benefits from our StepUp program will support our 2026 margins as more and more measures are becoming effective. Investments are a key variable within our control, and the consecutive new reductions throughout 2025 show how we take related decisions in an agile manner. For fiscal 2026, we predict investments including capitalized development expenses to amount to around EUR 2.2 billion, a level very similar to the previous core year. A focus area will be the finalization of the construction of the fourth module in Dresden and equipment just in time to match strongly growing customer demand for our AI power solutions.

Regarding profitability, we expect our full-year adjusted gross margin to come in at a low 40s, and our segment result margin to land at a high teens percent level. The adverse currency development, together with assumed typical price declines, will work against the positive fall-through effect from volume growth. Idle costs are expected to go down only gradually to an annual level of around €800 million; they will therefore still constitute a considerable margin rate of around 400 basis points without considering the positive fall-through from additional volumes.

Further benefits from our step-up program will support our 20126 margins. As more and more measures are becoming effective.

Investments are key, uh, variable with our within ra key variable within our control and the consecutive reductions throughout 2025, show how we take related decisions in an NJoy manner,

For fiscal 2026, we predict investments, including capitalized development expenses, to amount.

Jochen Hanebeck: For depreciation and amortization, we anticipate a value of around EUR 2 billion in our 2026 fiscal year. This includes amortization of around EUR 400 million resulting from purchase price allocations, mainly in connection with the acquisition of Cypress and Marvell Ethernet business, which will be recognized in our non-segment results. For the free cash flow, we expect a level of around EUR 1.1 billion for fiscal year 2026. Our adjusted free cash flow net of investment into major front-end buildings is expected to come in around EUR 1.6 billion. Given the limited visibility, we view our current guidance for fiscal 2026 as the appropriately prudent base case with upside and downside scenarios. The base case already factors in certain headwinds, including persistent tariff impacts and compared to some market researchers, a more cautious near-term view on xEV adoption.

To around 2.2 billion euros a level, very similar to the previous core year. A focus area will be the finalization of the construction of the fourth module in Json and Equipment. Just in time to match strongly growing custard demand for our AI Power Solutions.

For depreciation and amortization. We anticipate a value of around 2 billion euros in our 2026 fiscal year. This includes aration of around 400 million euros resulting from purchase price allocations mainly in connection with the acquisition of Cyprus and Marvel ethernet business which will be recognized in our non- segment results.

Given the limited visibility, we view our current guidance for fiscal 2026 as the appropriately prudent base case.

What are the upside and downside scenarios? The base case already factors in certain headwinds, including persistent tariff impacts. Compared to some market researchers, we are more cautious in the near term regarding XCV adoption.

Jochen Hanebeck: Further downside could stem from escalating geopolitical tensions or unresolved supply chain disruptions. Upside could come from stronger recovery in e-end markets, less rigid inventory management by customers, even higher AI revenues, and a more benign outcome of tariff bargaining. Let me spend a few words on sustainability metrics. We are very well on track towards CO₂ neutrality by 2030, covering direct and indirect energy-related emissions, Scope 1 and 2. In all our sites, we are procuring electricity from renewable sources only. We have exceeded our stated milestone of reducing CO₂ emissions by 70% by 2025 compared to the base year 2019. As per end of September, the reduction amounted already to more than 80%. Furthermore, our climate target was validated by the Science Based Targets initiative.

Further downside could stem from escalating geopolitical, tensions or unresolved supply chain disruptions.

Upside could come from stronger, recovery in end markets, less rigid Inventory management by customers even higher, AI revenues and the more benign outcome of tariff bargaining.

Let me spend a few words on sustainability, metrics. We are well very well on track towards CO2, neutrality, by 2030 covering direct, and indirect energy, related, emissions, scope, 1 and 2. In all our sites, we are procuring electricity from renewable sources. Only, we have exceeded our stated Milestones of reducing CO2 emissions by 70% by 25 compared to the base year, 19.

As of the end of September, the reduction amounted to more than 80%.

Jochen Hanebeck: This includes our Scope 1 and 2 emissions, and additionally, it also covers our Scope 3 emissions in close collaboration with our supply chain partners. Before going into Q&A, ladies and gentlemen, let me summarize. We close our 2025 fiscal year fully in line with guidance, both in terms of revenue as well as profitability. The latter was supported by cycle management and StepUp benefits. As we move into our 2026 fiscal year, geopolitical events and macroeconomic volatility are tempering cyclical dynamics and cause customers to order on site. Our base case is a gradual, uneven market recovery. AI is standing out as a bright spot. Our market leading solutions for the grid to core power flow provide us a powerful, idiosyncratic growth opportunity.

Furthermore, our climate Target was validated by the science-based Target initiative. This includes our scope 1 and 2 emissions and additionally, it also covers our scope 3 emissions in close collaboration with our supply chain partners.

Before going into Q&A, ladies and gentlemen, let me summarize. We closed our 2025 fiscal year fully in line with guidance, both in terms of revenue, as well as profitability; the latter was supported by cycle management and step-up benefits. As we move into our 2066 fiscal year, geopolitical events and market volatility are tempering cyclical dynamics and causing customers to order on-site. Our base case is a gradual, uneven market recovery.

Jochen Hanebeck: We will more than double our revenue to around EUR 1.5 billion in fiscal 2026, further significant growth is to come in the subsequent years. Expectations for automotive are bifurcated, muted for short-term xEV demand and currency headwinds, more than compensated by software-defined vehicle trends, supported by further growth in analog microcontrollers and the Ethernet business from Marvell. We expect moderate growth for our 2026 fiscal year, including a significantly negative currency impact and assume typical price declines. Continued implementation of StepUp will support a high-teen segment result margin. With our unparalleled portfolio of power analog sensors and control and connectivity solutions, combined with our P2S approach, we are addressing secular growth drivers while focusing on accelerating innovation to customer value. Thank you very much, ladies and gentlemen.

AI is standing out as a bright spot. Our market-leading solutions for the grid to core power flow provide us a powerful identity growth opportunity. We will more than double our revenue to around €1.5 billion in fiscal 2026, and further significant growth is to come in this segment in the subsequent years.

Expectations for automotive or bifurcated muted for a short-term xev, demand, and currency headwinds, more than compensated by software-defined vehicle Trends supported by further growth, in analog microcontrollers and the ethernet business from mother.

We expect moderate growth for our 2026 fiscal year, including a significantly negative currency impact, and assume typical price declines. Continued implementation of step-up will support a high teens segment result margin.

With our unparalleled portfolio of power, analog sensors, and controlling connectivity solutions combined with our P2S approach, we are addressing secular growth drivers while focusing on accelerating innovation through customer value.

Jochen Hanebeck: Thank you very much, ladies and gentlemen. This concludes our introductory remarks, and we are now opening the call for your questions. We kindly ask you to limit yourself to one question and one follow-up. Operator, please start the Q&A session now.

Jochen Hanebeck: This concludes our introductory remarks, and we are now opening the call for your questions. We kindly ask you to limit yourself to one question and one follow-up. Operator, please start the Q&A session now.

Thank you very much. Ladies and gentlemen, this concludes our introductory remarks and we are now opening the call for your questions. We kindly ask you to limit yourself to 1 question and 1 follow-up operator. Please start the Q&A session. Now,

Alexander Foltin: Thank you. Our question and answer session will be conducted electronically. If you would like to ask a question, simply press the star key followed by the number 1 on your telephone. If you are joining us today using a speakerphone, please ensure that your mute function is turned off. We'll take our first question from Didier Scemama, Bank of America. Please go ahead.

Operator: Thank you. Our question and answer session will be conducted electronically. If you would like to ask a question, simply press the star key followed by the number 1 on your telephone. If you are joining us today using a speakerphone, please ensure that your mute function is turned off. We'll take our first question from Didier Scemama, Bank of America. Please go ahead.

Thank you. Our question-and-answer session will be conducted electronically. If you would like to ask a question, simply press the star key followed by the number 1 on your telephone. If you are joining us today using a speakerphone, please ensure that your mute function is turned off.

And we'll take our first question from DDH Shama, Bank of America. Please go ahead.

Didier Scemama: Yes, good morning, gentlemen. Thank you for taking my question. I've got a couple maybe starting with the big picture, Jochen. I think you very kindly give us the mix earlier for 25, which is showing a sort of progressive evolution away from power discretes into analog and microcontrollers and sensors, obviously recently augmented with the acquisition of the Marvell Ethernet automotive switch business. I just wondered, is it the direction of travel for the company given the headwinds you're seeing, you know, in, like, let's say, silicon power devices, and the reshaping of manufacturing you've announced away from high cost location to lower cost location, the slower growth in EVs. Is that something you are thinking about?

Didier Scemama: If that's the case, should we expect over the medium term a lower capital intensity for the business? I've got a follow-up. Thank you.

Jochen Hanebeck: Okay. You know that we want to lead in power systems and IoT. In that regard, we need a broad portfolio which, combined with the P2S approach, will also differentiate us from pure component competitors. For example, also from China. I believe that the portfolio in, ranging from power to analog to sensors to compute and connectivity, combined with software, combined with the P2S approach, is the way to differentiate us from a low price competition. Having said this, of course, we need to be flexible in each of these category and follow closely market developments. For the time being, as I mentioned also in my summary, we are less hopeful for a xEV, for the xEV market.

Yes, good morning. Uh, gentlemen. Thank you for taking my question. Uh, I've got a couple maybe starting with uh, the big picture Yan. Um, I think you you're very kindly. Give us the mix earlier for 25, which is showing, uh, sort of progressive, Evolution away from Power discrete into analog and microcontrollers and sensors. Obviously, recently augmented with the acquisition of the Marvel ethernet Automotive switch business. So I, I just wondered. What is, is it the direction of travel for the company, given the headwinds you're seeing, uh, you know, in in in like, let's say, silicon power, uh, devices. Uh, and the reshaping of manufacturing you've announced away from high cost location to lower cost location the. The slower growth in EVS. So is that is that something you you are you are thinking about and if that's the case, should we expect over the medium-term, a lower Capital intensity for the business and I've got to follow up. Thank you.

Okay. Uh, so

You know that we...

To lead in power systems and iot in that regard. We need a broad portfolio, which combined with the p2s approach, will also differentiate us from Pure component competitors, for example, also, from from China. So, I believe that the portfolio in ranging, from power, to analog, to sensors, to compute, and connectivity, combined with software combined, with the p2s. Uh, um, approach is the way to differentiate us from a low, uh, price. Uh, um, uh, competition. Having said this, of course, we need to, um, be flexible in each of these, um, category and follow closely, uh, Market developments. And for the time being as um, I mentioned also in my summary

Jochen Hanebeck: In fact, we believe that the development will be showing less growth than many market participants anticipate. In the IGBT domain for xEV, as much as for certain applications in photovoltaics, we believe that it's better to use this capacity as I outlined in my intro, to convert it to leading edge silicon MOSFETs and use it for the fast growing margin accretive AI business. In principle, I would like to be leading in all three categories, but in detail, we have to then react to market development and focus on profitable growth.

Um, we are, um, less hopeful for a xev for the xev market. In fact, um, uh, we believe that, uh, the development, um, will be, uh, less, uh, less showing less growth than many Market, participants anticipate, um, and, uh, in the igbt, uh, domain for xcv as much as for certain,

Applications in photovoltaics. Um, we believe that it's better to use this capacity as our outlined in my intro, um, to convert it to Leading Edge, uh, silicon mosfets, and use it for the fast growing margin, accretive, uh, AI business. So, in principle, I would like to be leading in all 3 categories, but in detail, we have to, then react to Market. Uh, uh, developments and um, uh, focus on profitable growth.

Didier Scemama: Okay. Thank you for that. On the AI server, just wanted to look at the puts and takes within that. First of all, congratulations for getting to one and a half billion or at least guiding to one and a half billion for 2026. If we peel the onion a little bit, what's your, what's your assumption for market share in 2026? Is that flat or down? If you could give us a sense of any initial contribution from either GaN, or SiC in that one and a half billion, that would be extremely helpful. Thank you.

Jochen Hanebeck: From Dumont. Andreas will start, and then I add.

Andreas Urschitz: Yeah. Hello Didier, Andreas speaking. In terms of market share, 2026, what we foresee is a increase of our market share, given the projects that we are currently working on with major suppliers of server racks and GPU builders and so on and so forth. Definitely here we are going northwards based upon all the portfolio offering and all the undertaking that we're having with those guys in terms of joint innovation, and us providing most efficient and the world's best semiconductor solutions, if you will, to power AI efficiently. Jochen, if you build on this.

Okay, thank you for that and then on the AI server, um just wanted to look at the the puts and takes within that. So first of all, congratulations for getting to 1 and a half billion or at least to guiding to 1 and a half billion for 26. So uh if we peel the onion a little bit, what's your, what's your assumption for market share in? 26 is that flat up down? And then if you could give us a sense of any initial contribution from either Gan or sick in that 1 and a half billion, that would be extremely helpful. Thank you, from Luman, Andreas will start and then I yeah. So hello D, Andria speaking. Uh, so in terms of market share 26, what we foresee is, uh, uh, increase of our market share given the projects that we are currently working on with major.

Uh, suppliers of uh, server racks and GPU Builders and so on and so forth.

So, uh, definitely, here we are going northwards based upon all the portfolio offerings and all the undertakings that we are having with.

Jochen Hanebeck: Yeah. Maybe let me add a qualitative personal comment on this. In my 30 years in the company, and I think Andreas would add just the same, I've never seen such a growth momentum coming on us. It's amazing. It's our positioning in the market, ranging across the whole grid to core power flow customers coming to us for performance, for quality, and also now for delivery capability. I think the EUR 1.5 billion is a step in this year, but based on the platforms that will ramp at the customer, I think there will be also strong growth into the following year. GaN and silicon carbide are already, of course, included in that number.

Those guys, in terms of joint innovation, and the U.S. providing the most efficient and the world's best semiconductor solutions. If you want to power AI efficiently, you often have to build on this.

Yeah. Uh maybe let me add a qualitative personal comment on this in my 30 years in the company and I think Andreas would add just the same. I've never seen such a growth momentum coming on us.

Uh, it's amazing. It's our positioning in the market, ranging across the whole, uh, uh, grid to Core Power Flow, with customers coming to us for performance, for quality, and also now for delivery capability. Um, so, uh, I think the $1.5 billion is a step in this year, but based on the platforms that will...

Um, um, that will, uh, ramp at the customer. Uh, I think there will be also strong growth into the following year. Um,

Jochen Hanebeck: If you ask me for the first application of GaN, it's likely going to be beyond the parts which are right now already in the PSU. It's gonna be the 48 volt IBC, where we see high potential for GaN adoption.

Again, silicon carbide is already, of course, included in that number. If you ask me for the first,

Application of Gan, it's likely going to be beyond the parts, which are right now already in the PSU. It's going to be the 48 volt IBC where we see uh, high potential uh, for again adoption.

Didier Scemama: Okay. Brilliant. Maybe just one final quick follow-up. When I do the math on your full year guide and taking into account what you said on ATV, on GIP and CSS as well as AI server, it feels like your PSS revenue growth for 26 XI is a decline of about 8% over a year, which sounds pretty bad. Are you perhaps overly cautious, or is there anything we should be aware of, like loss of sockets in smartphones or anything like that would justify the decline year-over-year in the PSS revenue XI?

Jochen Hanebeck: No, maybe Sven, you take.

Andreas Urschitz: Yeah. Didier, hello. I mean, I'm comparing now of course the actual numbers for AI. No longer the EUR 600, but more than EUR 750 to EUR 1.5, which gives you, let's call it EUR 750 AI growth. If you now look at the rest of the non-AI PSS side.

Sven Schneider: Yeah. Didier, hello. I mean, I'm comparing now of course the actual numbers for AI. No longer the EUR 600, but more than EUR 750 to EUR 1.5, which gives you, let's call it EUR 750 AI growth. If you now look at the rest of the non-AI PSS side.

Sven Schneider: We see good traction on the sensor side. The weaker elements right now are really e-mobility and photovoltaic. Again, we will reuse or repurpose these capacities in a capital efficient manner to grow in AI.

Jochen Hanebeck: We see good traction on the sensor side. The weaker elements right now are really e-mobility and photovoltaic. Again, we will reuse or repurpose these capacities in a capital efficient manner to grow in AI.

As well as AI server. It feels like your PSS Revenue growth for for 26x AI is about, is a decline of about 8% over here which sounds pretty bad. Uh, so are you perhaps overly cautious or is there anything we should be aware of like lots of sockets in smartphones or anything like that? That would justify the, the decline, the over here in the PSS, Revenue xai know, they know, maybe it's when you take. Yeah, did you hello? Um, so I mean I'm comparing now, of course, the, the actual numbers for AI. So no longer the 600 but more than 750 to 1.5 which gives you let's call it 750 AI growth. Uh, if you now look at the rest of the. So the non AI business and you take into consideration currency and negative PV, there is also growth on the non AI PSS side.

You see, good traction on the sensor side. Uh, the weaker elements right now are really, uh, uh, e-mobility, and uh, photovoltaic. And again, um, we will reuse, uh, or repurpose these capacities in a capital efficient manner, uh, to grow in, uh, AI

Operator: Yeah, thank you so much. The next question comes from Francois-Xavier Bouvignies from UBS. Please go ahead.

Didier Scemama: Yeah, thank you so much.

Yeah, thank you so much.

Operator: The next question comes from Francois-Xavier Bouvignies from UBS. Please go ahead.

The next question comes from from UBS, please. Go ahead.

François-Xavier Bouvignies: Thank you very much. I have actually a follow-up from Didier's question more at the group level. You know, moderate growth, if you assume 3% to 5% growth, that's EUR 500 million, EUR 800 million incremental revenues. If we take into account the currency, EUR 400 million you said, Juergen, it's a EUR 1 billion constant currency incremental revenues in your guide, roughly EUR 1 to 1.2 billion. AI is EUR 800 million alone, and Marvell have EUR 200 to 250 million. All in all, Marvell and AI, it's EUR 1 billion, which is basically what you guide for for incremental revenue. In other words, without currency and without AI, you guide flat at the group level, revenues.

Thank you very much. I have a actually a follow-up from the this question more at the group level. So you know Monterey growth, if you assume 3 to 5% growth. So that's

500 million, 800 million incremental revenues

Um, if we take into account the currency, so 400 million you said you're again. Um, so it's a 1 billion.

Constant currency incremental revenues in your guide are roughly $1 to $1.2 billion.

Now, AI is $800 million alone, and Marvel has $200 to $250 million. So all in all, Marvel.

François-Xavier Bouvignies: I've absolutely understand that you need to be cautious in this time, a lot of uncertainty around micro, but flat would be well below what you would expect to be with the you know, content growth, what you have laid out for many years, and I would have thought that 2026 would be, you know, more normal years, less inventory correction. Is that fair to say that you take like extra conservatism and your guidance implies it's still significant inventory correction in 2026?

And AI, it's $1 billion, which is basically what you get for incremental revenue. So, in other words, without currency and without AI, you guide flats at the group level. Um, revenues.

And I have absolutely understood that you need to be cautious in this time. Um, a lot of uncertainty around micro.

But flat would be well below what you would expect to be with, you know, content growth. What you have laid out for many years, and I would have thought that 2026 would be, you know, more normal years, less inventory correction. So,

Sven Schneider: Francois, let me take that one. I expected it. First of all, I start by saying we have the honor and the onus to give annual guidance, as you know, in times of low visibility. We provide, like in the past year, and I think looking back, this worked pretty well as also many investors have reconfirmed a qualitative outlook. We said it in the script that it is a prudent base case given where we are in the cycle and in the geopolitical framework. Moderate growth for us means it's a mid-single digit percentage territory. You mentioned 3 to 5. That would be a bit too low in my mind.

Is it fair to say that you take extra conservatism and your guidance implies? It's still a significant inventory correction in 226.

Sven Schneider: If you then run the numbers again, you take the AI out, you take the FX out, you take Marvell out, there is still some growth. It is a tad lighter than in the past for the reasons we have mentioned, also for the reasons that this is the start of the year and the guidance contains some kind of conservatism in it.

So, first of all, let me take that 1, I expected it. So, first of all, uh, I I start by saying, we have the honor and the owner's to give a annual guidance. Uh, as you know, in times of low visibility. Uh, we provide like, in the past year and I think, looking back, this worked pretty well as ALS many investors have reconfirmed a qualitative Outlook. Um, and we said it in the script that it is a prudent base case, given where we are in the cycle. And in the geopolitical, uh, framework, um, moderate growth for us means it's a mid single digit percentage territory. So you mentioned 3 to 5, that would be a bit too low in my mind. Uh, so if you then run the numbers again, uh, and you take the AI out, you take the FX out and you take Marvel out. There is still some growth but it is

A tad lighter than in the past for the reasons we have mentioned, and also for the reasons that this is the start of the year. The guidance contains some kind of conservatism in it.

François-Xavier Bouvignies: Great. Thank you very much, Sven. Maybe on the profitability side, I mean, it's a kind of a similar question. In fiscal year 2025, so you just reported, you had 17.5 segment margin and 41% gross margin, and you guide low 40s and high teens for both for fiscal 2026. Basically the same. Despite the growth, you know, that you see, I would have expected as well lower underutilization charges and also the cost saving program coming through. It seems very conservative again to me. Maybe Sven, could you maybe quantify what you assume in the underloading charges and cost savings pricing, kind of a bridge for those margins to understand?

Alright, thank you very much Ben and maybe on the profitability uh side. I mean, it's a kind of a similar question uh in fiscal year 25. So you just reported you had 17.5, segment margin and 41% gross margin and you guide, low 40s and High Teens uh for both uh for fiscal 26. So basically the same so despite the growth, you know, that you see I would have expected as well lower under retention charges and also the cost-saving program coming through

Um, it seems very conservative again to me. So maybe then could you quantify what you assume in the underloading charges and cost savings?

Sven Schneider: Yeah, happy to do so, Francois, and I think it's a question which probably is relevant to many of you. I will be pretty explicit here. First of all, there is a kind of an idle assumption included. We are coming from a year where idle cost went up to EUR 1 billion. We are now forecasting around EUR 800 million. The question comes why is it still at that elevated level, and why is it not going down quicker and further? Here the two answers are we are super strongly growing, as you have heard, in AI. Here nothing is idling. We have to build new capacities to support the growth. That does not help on the idle front, number one.

Pricing acts as a bridge for the smart ones to understand.

Sven Schneider: Number two, we also see nice growth opportunities on the microcontrollers, on the software-defined vehicle-related parts that which is mostly outsourced. Again, no real help on the idle front. That's why we are not reducing idle to the extent probably some of you had in the models, which is then relevant for the year-over-year comparison in terms of gross and segment result margin. Some more flavor. If you look at the bridge year-over-year, there are puts and takes. On the positive side, there is a positive volume effect. I mean, our volumes are in the growing in the low teens. That is, I think, a good sign. Of course, there's a positive contribution. There is a positive contribution from StepUp.

And I think it's a question which probably is relevant to many of you. So I I will be pretty, pretty explicit here. So, first of all, there there is a kind of a, an idol assumption included. Um, we are coming from a year where Idol cost went up to a billion. We are now forecasting uh around 800 million. Um the question comes, why is it still at that elevated level? And why is it not going down quicker and further? Uh, so here the the 2 answers are we are super strongly growing as you have heard in AI. So here nothing is idling. We have to build new capacities to support the growth so that does not help on the idle front number 1 and number 2, we also see nice growth opportunities on the microcontrollers on the software-defined vehicle related, uh, parts that which you

use is mostly outsourced again. No real help on the idle front. That's why we are not reducing Idol to the extent. Probably, some of you had in the models, which is then relevant for the year-over-year comparison in terms of gross and segment result margin and uh, some more, um, flavor. So if you look at the bridge year over year and there are puts and takes on the positive side, there is a positive volume effect. I mean, our volume

Sven Schneider: I said it in the last call, happy to repeat 50% last year, two-thirds this year included in our numbers. Yes, that's positive. On the other hand, there is a single to mid digit decline in PV included. There is EUR 400 million of FX included. If you add all that, you end in the high teens. Here again, we do not want to be more precise starting this year from today's perspective. These are the factors, and maybe last comment. Gross margin in the low forties is in my mind, pretty resilient in this environment, and that's why you can see here very nicely the 200 basis points contribution from the StepUp program, which are three quarters gross margin accretive and only one quarter goes into OpEx.

Are in the growing in the low teens. So that is, I think a good sign. So of course there's a positive contribution uh, there is a positive contribution from step-up. Um, I said it in the last call, I'm happy to repeat 50%, uh, last year 2/3. This year included in, um, in our numbers. So, yes, that's positive on the other hand, there is, um, a single to Mid digit, uh, decline in PV included, there is 400 million of FX included. And if you add all that you end in the high teens and here again, we do not want to be more precise uh, starting this year from today's perspective. So these are the factors. And maybe last comment, gross margin in the low 40s is in my mind, pretty resilient in in this environment and that's why you can see here, a very nicely. The 200 basis points contribution from the step-up program, which

Sven Schneider: Very long and detailed answer, but I hope it helps all of you to build the right bridges.

Jochen Hanebeck: Let me add one aspect.

François-Xavier Bouvignies: Right. Thank you.

Jochen Hanebeck: Maybe it was otherwise confusing because I said we convert IGBT capacity for leading edge MOSFETs for AI. That is a true statement. What Sven also said is that we build up new capacity for AI that is mainly on the AMS side. The conversion of the IGBT capacity, which of course then reduces idle, will take several quarters to become effective.

Which are 3/4 gross margin accretive and only 1 quarter goes into Opex. So, a very long and detailed answer, but I hope it helps all of you to build the right bridges. Let me add 1 aspect, because maybe it was otherwise confusing. I said we convert IGBT capacity for leading-edge MOSFETs for AI. That is a true statement. But what I also said is that we build up new capacity for AI that is mainly on the ...

The AMS site and the conversion of the igbt capacity, which of course, then reduces idle will take, uh, several quarters to become effective.

François-Xavier Bouvignies: Very clear answers. Thank you very much, gentlemen.

K says, "Thank you very much, gentlemen."

Operator: The next question comes from Andrew Gardiner from Citi. Please go ahead.

The next question comes from Andrea Gardner from City. Please go ahead.

Andrew Gardiner: Hi. Good morning. Thank you for taking the question. Sven, perhaps the first one for you. Just to clarify some of what you described in the last answer to Francois Bouvigni. You talked about the volume growth of low teens. Can you also sort of give us the detail on what the price pressure is going to be, so ASP pressure into next year as well? It feels like if you're growing at low teens then given the FX headwind of EUR 400 million, the Marvell boost, that the pricing is perhaps down a bit more than we would have normally anticipated. Can you just specify where that's coming from? Secondly, perhaps for you, Jochen, you mentioned a couple of times delivery capability when it comes to AI.

Good morning. Thank you for taking the question. Um, Sin. That's the first one for you. Just to clarify some of what you described in the last answer to Francois, you talked about the volume growth of low teens.

Andrew Gardiner: Is that helping you to gain share in the near term relative to what you might have expected just because of your size, your ability to get those parts out in what is a very rapidly growing market relative to perhaps some of the smaller players that have previously led in the power space? Thank you.

Can you also sort of give us the detail on what the price pressure is going to be, uh, so AFP pressure into next year as well. Um, it feels like if you're growing at low teens then given the FX headwind of 400 million, the Marvel boost that the pricing is perhaps down a bit more than we would have normally anticipated. So can you just specify where that's coming out and then, secondly, perhaps for you yacht. And uh, you mentioned a couple of times delivery capability uh when it comes to AI. So is that helping you to gain share in the near term relative to what you might have expected? Just because of your your size your um your ability to get those parts out in what is uh a very rapidly growing Market relative to perhaps some of the smaller players that have uh previously LED in the power space. Thank you.

Sven Schneider: Okay, Andrew, I start with your question. Again, I do not want to be more precise now than guiding comparatively. If you look at the numbers or the guidances which we have given you, I mean, there is this EUR 400 million of FX, that's clear. On the pricing front, although it's very early stages because we are in the midst of the negotiations with the customers as usually, we are anticipating low to mid-single digit. That's something you have to deduct. If you deduct these two and you add then the volume of low teens, then you come into the moderate growth territory, which is, as I said, low-- sorry, mid-single digits. That's, that's all I can say at that moment in time.

Sven Schneider: We'll of course specify that then over the quarters.

Jochen Hanebeck: In terms of the delivery capability, you're right. In the past, I stressed our differentiating factors in the AI powering AI domain is performance and quality. I would now add delivery capability. I mean, there will be always small players around, but the industry needs players that can really scale. I think here we are in the prime position, and we see customers coming to the table and trying to secure capacities for this ramp to happen. Of course, this is then a great opportunity on our side. The facility in Dresden then comes perfectly in time. Of course, we will take here also an approach that we will not take the whole risk on our books.

We are anticipating low to mid single digit. Um, so that's something you have to deduct and if you deduct these 2 and you add, then the volume of a low teens, then you come into the moderate growth territory, which is, as I said, uh, low, um sorry, mid single digits. So that that's all I can say at that moment in time we will of course specify that then over the over the quarters.

And then, in terms of the delivery capability, you're right in the past. I stressed our differentiating factors, uh, in the AI. Um, powering AI domain is, uh, um, is performance and quality. I would now add, uh, delivery capability. Um, I mean there will be always small players around but the industry needs, uh, uh, uh, players that can really scale. And I think here we are in the prime position and we see, uh, customers, uh, coming to the table and trying to, uh, secure, uh, capacities for this, uh, ramp, uh, to happen. And, of course, this is done a, a great, uh, opportunity, uh, on on our side. Um, the facility in D and then comes perfectly in time. Um, but of course we will take

Here also an approach uh, that um, we will not take the whole risk on our books.

Andrew Gardiner: Thank you, Jochen.

Thank you.

Operator: The next question comes from Stéphane Houri from ODDO BHF. Please go ahead.

The next question comes from Stephan huri from OS. Please go ahead.

Stéphane Houri: Yes, good morning, everyone. Actually, I wanted to come back on the AI opportunity, because in the press release, you gave a targeted market of a potential market, I would say about EUR 8 to 12 billion by the end of this decade. The question is, what kind of market share are you targeting at this at this target? Can you maybe repeat what is your market share at the moment? Thank you.

Yes, good morning everyone. Uh actually I wanted to come back on the uh AI opportunity uh because in the freshly you, you gave uh, a targeted Market of potential Market. I would say about 8 to 12 billion Euro by the end of this decade. So the the question is, uh, what kind of markets are you targeting at this? Uh, at this at this target? Um, and uh, can you maybe uh repeat what is your market share?

Jochen Hanebeck: Yeah. I think we always gave you the indication that in the classical data center, we have today a market share of 30% to 40%. That should be our minimum achievement. Honestly, on this market outlook, towards the end of the decade, it's very, very difficult to come up with good numbers. As I said in my intro, it depends on the module share, the customer structure, and of course, the speed of AI build-out, which may depend also on other factors, other than, of course, the power part. Very, very difficult to predict, but we wanted to give you some sort of mid to long-term view, but I would not be surprised if that number is changing also over time.

Yeah, I think we always gave you the, the indication that in the classical data center. We have a uh, today, a market share of 34 to 40%. That should be our minimum, uh, uh, achievement honestly on this Market Outlook, uh, towards the end of the decade. It's very, very difficult.

Jochen Hanebeck: In general, I would say if you ask me about the risk entails, it's up to us to execute. It's all about us to get the volumes into in quality in time for the various ramps to the customers.

Um, as I to come up with with good numbers, as I said in my intro, it depends on the module, share the customer, uh, uh, structure. And, of course, the speed of AI built out, which may, um, depend also on other, uh, factors. Um, other than, of course, the power part. So, very, very difficult to predict. But, um, we wanted to give you some sort of, uh, uh, mid to long term view. But I would not be surprised if that number. Uh um, uh um is, is changing also over time in general. I would say.

If you ask me uh, uh, about the risk entails, it's up to us to execute.

So, it's all about us to get the volumes inter in quality in time for the various Rams, uh, uh, to the customers.

Stéphane Houri: Okay. Another question is on the automotive segment where you seem to be pretty conservative at the start of this new fiscal year. You notably talked about the kind of price war in China. Can you maybe come back on the upside, potential upside, and downside to this market? If it is spread, I mean, the conservatism on China but also on the rest of the market. Thank you.

Okay. And, um, another question is on the automotive segment where you seem to be, uh,

pretty conservative, uh, at the start of this, uh, this new case carrier and is not only talked about the, the kind of price War in China, can you maybe, uh, come back on the, on the website potential website, and downsides to, uh, to this market and um, if uh, it is spread

Jochen Hanebeck: I can give you some insights. We expect clearly our microcontroller business to continue to grow also into next or into this fiscal year. That is clearly on the upside, also the Ethernet business. Everything related, software-defined vehicles is on the upside. On the xEV side, we take a very cautious note. I mean, look at the BEV sales in the US in October, they tanked as predicted.

I mean the conservatism on China, but also on the rest of the market. Thank you.

Jochen Hanebeck: In Europe, yes, there is some growth. In China, there is not only a price war taking place, especially on this power inverter that sticks out in a regard that, yeah, I always say each procurement department will find that component and rather bid 10 times on that one compared to microcontrollers, where the switching efforts are much higher. We take a very cautious note on that. That, of course, is driven also by the price wars of the OEMs and therefore, I expect even a revenue decline in power modules in the automotive division. If we are wrong, fine, but that one is we are clearly cautious.

Yes, there is some growth, but in China, there is not only a price War, uh, taking place especially on this, um, uh, uh, power inverter, um, that sticks out in the regard that. Yeah. I always say each procurement department, will find that component and rather be 10 times on that 1 compared to uh, microcontrollers where the

The switch switching. Um,

Um, efforts are much much higher. So we take a very cautious uh uh note on that. And that, of course, is driven also by the price Wars of the oems and uh, therefore I expect, um, even a revenue decline in power, um, modules in the automotive uh, uh Division if we are wrong fine, but uh, that 1 is uh we have clearly cautious.

Stéphane Houri: Is there a question about competition? That's my last one. Sorry.

Jochen Hanebeck: Competition-

Stéphane Houri: Competition in China, I meant.

Jochen Hanebeck: Yeah. I mean, there are Chinese competitors, for example, in these IGBT modules as well. There is less competition or no competition yet to be seen in the microcontroller or the Ethernet or the radar components which we are selling. So it really depends. But again, our defense line for that is we are not a component supplier in China, particularly in China, where customers are eager to adopt solutions very quickly to get their products out in time. Therefore, I think our overall position in automotive China is strong. But we are cautious on the xEV power modules. The whole thing, of course, doesn't come now unexpectedly.

And is there a question about competition? That's my last one. Sorry, competition in China. I...

Yeah, again the I mean, there are Chinese competitors, for example, in this igbt. Uh, uh, modules, um, um, as well. Um, there is less competition or no competition yet to be seen in the, in the microcontroller or the

Uh, um, uh, Ethernet or the radar components, which we are selling. Uh, so it really depends. But again, our defense line for that is, uh, we are not a component supplier in China. Uh, particularly in China, where customers, um, are eager to adopt, uh, solutions very quickly to get their products out in, in, uh, uh, in time. And, uh, therefore, um, um, I think our overall position, uh, in automotive, uh, China is strong. Um, but we are cautious on the, um, uh, on the ICV power modules. And the whole thing, of course, doesn't come, uh, uh,

Jochen Hanebeck: We expected this, and again, we are converting capacities, as we are not willing to follow any price war to any unreasonable level.

Now unexpectedly, we expected this. And again we are converting capacities. Um as we are not willing to follow any any price or to any unreasonable level.

Stéphane Houri: Okay. Thank you very much.

Alexander Foltin: Just quickly jumping in here at this point. Alex Foltin speaking from Infineon IR. Great to see so much interest. We still have a pretty extensive queue of analysts waiting to ask their question. As a reminder, please restrict yourself to one question in order to be fair to everyone. I think the board here is generous with its time. We can do a little bit of overtime, but, please be crisp.

Just quickly jumping in here at this point. Um, Alex 14 speaking from, uh, from Infineon. IR are great to see so much interest. Uh, we still have a pretty extensive queue of, um, analysts waiting to answer their question. Ask their question, uh, as a reminder, please restrict yourself to 1 question in order to be fair to everyone, I think the board here is generous with its time. We can do a little bit of overtime, but uh, please be crisp.

Operator: The next question comes from Janardan Menon from Jefferies. Please go ahead.

To the next question comes from Jean. Abdan Menon from Jeffrey's, please go ahead.

Janardan Menon: Hi. Good morning. I'll be quick. I've got one question, and it's on your capacity planning for AI. I was actually interested to hear that where you are adding capacity for AI, if I heard you right, is on the AMS side. What exactly is the AMS component in your AI solution? How much is pure MOSFETs, whether that is silicon, GaN, or SiC, and how much is any other kind of component in that? Any idea? When you talk about the conversion from IGBT, which as you've just been saying, is a low margin product for you because of price pressure in China, et cetera, and you're going into the MOSFETs.

Janardan Menon: If I know that FY 2027 is quite far away, but if I look at FY 2027, should we be seeing a lot of that effect coming through and get a big step up in margin, both from underutilization and the effect of some of this conversion? Any kind of qualitative answer there would be great. Thanks.

Hi. Good morning. Uh, I'll be quick. Uh, I've got 1 question and it's on your capacity, um, planning for AI. Um, I was actually interested to hear that your where you are adding capacity for AI. If I heard you write, is on the ANS side. Um, so what exactly is the ANS component in your AI solution? How much is a pure mosfets? Uh, whether that is a silicon, uh, Gan or sick. Uh, and how much is any other kind of component, uh, in that any idea and when you, when you talk about the conversion, uh, from igbt, which, as you've just been saying, is a low margin product for you because of price pressure in China, Etc, and you're going into the mosfets. Uh, if I, I know that FY 27 is quite far away, but if I look at FY 27, should we be seeing a lot of that effect coming through and get a big step up in margin? Uh, both from underutilization and the effect of some of this conversion.

Jochen Hanebeck: Yeah. We take every challenge, of course, we'll focus this now on fiscal 2026. I said that, given the platform introductions of the AI guys, which are looming second half of 2026, I think we will see there another growth step in, clearly a growth step in our AI business. I would not like to allude now in general on margin on 2027, but the AI business is margin accretive. You were asking about where is AMS playing a role? In particular, it plays a role in the power stages.

Um, any any kind of qualitative answer that would be great? Thanks. Yeah, we we, we take every challenge. But um, um, of course, Focus, this. Now, on fiscal 26. I, I I said that, uh, giving the given the platform, uh, introductions of the, uh, AI guys, uh, which are looming, second half, uh, of 26. I think we will see there. Another uh, uh, growth step in uh, clearly a growth step in our AI business.

Jochen Hanebeck: Each power stage comprises of an analog mixed-signal part plus two advanced MOSFETs, then combined in more or less complex packages ranging all the way up to vertical power delivery modules, which of course command a much higher price than a simple power stage. But it's really there and some more analog mixed-signal parts to come, if you think about hot-swap control and other ASICs. But the biggest part is, of course, MOSFETs. Then I would say the next part is the assembly stack required to package the MOSFETs and the analog mixed-signal parts to the module level.

Where is Ams playing a role? Um, in particular, it plays a role um, in uh the power stages. Each power stage comprises of an analog mix signal part plus 2 Advanced. Um, uh, uh, mosfets, uh, then combined in more or less complex, uh, packages. Ranging all the way up to, uh, uh, vertical backside delivery modules, uh, which, of course Commander, much higher price than a simple power stage. But it's a, it's really, uh, there and some more, um, analog mixed signal parks to come. Uh, if you think about, um, hot swap control and, and, and and, and other Asics. Um, but the

The biggest part is, of course, MOSFETs. Then I would say the next part is the assembly.

Janardan Menon: Would the analog mixed-signal be about 10% of your total revenue in this area?

Stack required, uh, to package, the mosfets, and the uh um uh analogic signal parts to the to the module uh level.

Jochen Hanebeck: This I would need to check, but probably in that range. Here I would rather like to have a check.

And with the analog missing will be about 10% of your total revenue in this area.

This, I would need to check.

but,

Janardan Menon: Understood. Thank you.

Probably in that range. But here I would rather like to have a check.

Jochen Hanebeck: Janardan, just quickly, again, I will definitely not guide for 27 now, but I mean, you are on the right track. Because if you just think about the cyclical idle costs being a headwind of 400 basis points in this fiscal year without fall through, then I think this is one of the key answers to a further margin progression in the years to come.

Sven Schneider: Janardan, just quickly, again, I will definitely not guide for 27 now, but I mean, you are on the right track. Because if you just think about the cyclical idle costs being a headwind of 400 basis points in this fiscal year without fall through, then I think this is one of the key answers to a further margin progression in the years to come.

Understood, thank you and Janet and just quickly again. I I I will definitely not guide for 27 now but I mean you are on the right track because if you just think about the the uh cyclical Idol cost being a headwind of 400 basis points in this fiscal year without fall through. Then I think this is 1 of the key answers to a further margin progression in the years to come

Janardan Menon: Understood. Thank you.

Understood, thank you.

Operator: The next question comes from Joshua Buchalter from TD Cowen. Please go ahead.

Operator: Hey, guys. Thanks for squeezing me in, and I'll follow Alex's clear instructions and just ask one. Congrats on raising the AI power number again. I was just hoping you could maybe help us with both the EUR 1.5 billion this year and the longer-term TAM that you gave. How much do you expect that to be coming from stage two power on the GPU board versus other areas in the rack and also out to the grid? Any details you're able to share on that side, again, specifically on the stage two power within the contribution would be very helpful. Thank you.

Joshua Buchalter: Hey, guys. Thanks for squeezing me in, and I'll follow Alex's clear instructions and just ask one. Congrats on raising the AI power number again. I was just hoping you could maybe help us with both the EUR 1.5 billion this year and the longer-term TAM that you gave. How much do you expect that to be coming from stage two power on the GPU board versus other areas in the rack and also out to the grid? Any details you're able to share on that side, again, specifically on the stage two power within the contribution would be very helpful. Thank you.

Jochen Hanebeck: Yeah, it comes really all across, and it's very difficult to dissect this because on the second stage, the power stages, it all depends on whether it's a lateral power supply still or already a vertical power supply. You remember maybe my saying that we are on a good track to convince all customers to go for vertical over time. That, of course, then changes this ratio dramatically. Maybe another comment on the analog mixed-signal part, which was just brought up before. It's of course one of these parts that also makes it very differentiating, because to control these MOSFETs in this environment is a little piece of artwork, competitors seem to struggle.

Hey guys, thanks for squeezing me in and I'll I'll uh follow Alex's clear uh instructions and just asked 1. Um so congrats on raising the AI Power number again um I I was just hoping you could maybe help us with both the 1.5 billion this year and and the longer term Tam that you gave. How much do you expect that to be coming from from stage 2 power on on the GPU board versus other areas in Iraq and and also out to the grid. Any details, you're able to uh share on that side. I guess specifically on the stage 2 power within the the contribution would be very helpful. Thank you.

Jochen Hanebeck: At this moment in time, I think stage two is a very significant chunk of the revenue. That can increase for module. We also see in all the other components, power related now a demand coming towards us because we will be able to deliver.

Yeah, it comes really all across and it's very difficult to dissect this. Because on the second stage, the power stage is it all depends on whether it's a lateral power supply still or already a vertical power supply. But uh you remember my maybe my saying that we are in on a good track, uh, to convince all customers, uh, to go for vertical, uh, over time. And that, of course, then changes this ratio, uh, dramatically and maybe on the another comment on the analog mix signal part, which was just brought up before. Um, uh, it's, of course, 1 of these parts. That's also makes it very differentiating because to control these mosfets, in this environment, uh, is is a little piece of art where, um, competitors seem to, uh, uh, struggle at this moment. In time, I think stage 2 is, is a very significant.

Chunk of the money or of the revenue.

But that can increase for the module.

And we also see, uh, in in, in all the other components, uh, power related, now a, um, demand coming towards us because we will be able to deliver

Operator: Thank you.

Joshua Buchalter: Thank you.

Thank you.

Operator: The next question comes from Sandeep Deshpande from J.P. Morgan. Please go ahead. Mr. Deshpande, your line is open.

The next question comes from JP Morgan, please go ahead.

Mr. Dan, your line is open.

Sandeep Deshpande: Hi. Thanks for letting me on. My question is regarding the auto market in terms of your FY 2026 guidance. You are saying that it is below the moderate growth that you're seeing for the firm in the year. How does that break out into your expectation on volume growth and content growth, given the points you're making on China, on some EV market, et cetera? Thanks.

Yeah, hi. Thanks for letting me on. My question is regarding the auto market in terms of your FY 26 guidance. You are saying that it is below the moderate growth that you're seeing for the firm in the year. How does that break out into your expectation on volume growth and content growth, given the points you're making on the different dynamics in China and on some of the EV market, etc.? Thanks.

Jochen Hanebeck: Yeah. I'm not sure whether I can give you now on the top of my head the different structures, but again, microcontrollers will grow, volume and revenue. Ethernet obviously will grow. Power modules will not grow. MOSFET in very good demand. Power or the analog parts also, I would say, reasonable. Content-wise, SDV is clearly helping us. The power module, as we said, is the one weak element in the automotive story as we speak, as we speak. Does that answer it or what would?

Yeah, not sure whether I can give you now, at the top of my head, a different structure, but again, microcontrollers will grow, uh, volume and revenue.

Uh, ethernet obviously will grow. Um, uh, Power modules will not grow mosfets, uh, in very good. Uh, demand, uh, Power or the analog Parts. Also, I would say, uh, reasonable. Uh, so content wise STV is clearly helping us. Um, the power module as we said, um, is is the weak the 1 week element in the automotive story as we speak. Uh, uh,

as we speak.

Sandeep Deshpande: In terms of your business in the auto market, how much would you say that the power modules is your biggest market? Or, today?

Jochen Hanebeck: No.

Sandeep Deshpande: The mix has shifted much more.

Jochen Hanebeck: No.

Sandeep Deshpande: The mix has shifted much more.

Jochen Hanebeck: No, no.

Sandeep Deshpande: than the other parts.

Jochen Hanebeck: The roughly EUR 7.5 billion, more than EUR 3.5 billion in the Automotive division. is microcontroller. The power module, in terms of automotive revenue for Infineon, is in the range of 10%.

Does that answer it or or what would would? But in terms of your business in the auto market, how much, uh, would you say that the power modules is your biggest Market or, uh, today. Now, the big space shifted much more but no, no, the roughly 7 and a half billion more than 3 and a half in the automotive division.

Uh, uh, this is a microcontroller. So, the power module, uh, in terms of automotive revenue for Infineon is in the range of 10%.

Sven Schneider: Understood. Thank you.

Sandeep Deshpande: Understood. Thank you.

Understood, thank you.

Operator: The next question comes from Alexander Duval from Goldman Sachs. Please go ahead.

The next question comes from Alexander Duval from Goldman Sachs. Please go ahead.

Alexander Duval: Yes, many thanks. Just one quick question. You talked about various factors that can help you win in AI power, for example, your ability to deliver at scale. You also touched on GaN, as well as the packaging that you can offer. I wondered if you could provide some further color on how important those are in securing a strong market share in the AI domain. Many thanks.

Yes, many thanks. Just one quick question. Uh, you talked about various factors that can help you win in AI power. For example, your ability to deliver at scale, uh, but you also touched on, uh, GAN, um, as well as the packaging that you can offer. I wondered if you could, uh, provide, uh, some further color on how important those are, um, in securing a strong market share in, uh, the AI domain. Many thanks.

Jochen Hanebeck: Yeah, Andreas speaking. Going forward, GaN is accelerating in terms of its importance to deliver outstanding and shiny efficiency and power factor, if you will, or size possibilities which are very much important to power these server racks going forward. Having said that, again, where do we see that this comes and becomes reality? You find it in the power supply units for secondary site rectification. We also see now, first, concepts being evolving then also in the area of the intermediate bus converters. Beyond this, while we are speaking, hard to say, but on the long run, given that Infineon pursues its strategy of offering GaN performance through our 300 mm scaling possibilities, and scaling means then also cost performance.

Andreas Urschitz: Yeah, Andreas speaking. Going forward, GaN is accelerating in terms of its importance to deliver outstanding and shiny efficiency and power factor, if you will, or size possibilities which are very much important to power these server racks going forward. Having said that, again, where do we see that this comes and becomes reality? You find it in the power supply units for secondary site rectification. We also see now, first, concepts being evolving then also in the area of the intermediate bus converters. Beyond this, while we are speaking, hard to say, but on the long run, given that Infineon pursues its strategy of offering GaN performance through our 300 mm scaling possibilities, and scaling means then also cost performance.

Andrea speaking. So, uh going forward again is uh accelerating in terms of its importance to uh deliver outstanding in Chinese efficiency, and and and power factor. If you will or size possibilities, which are very much important to power, D, server X going forward. So, having said that, uh, again, uh, where do we see that this comes and becomes reality? You find it in the power supply units for secondary side rectification, but we also see now the first, uh, Concepts being evolving uh then also in the area of the intermediate bus, converters Beyond this uh why we are speaking uh hard to say. But on the long run given that in Freedom bus, use its strategy of offering gam performance through our 300. Mm scaling possibilities.

Jochen Hanebeck: We want to offer GaN performance at silicon pricing on the long run. We believe it will strongly proliferate, so to say, server power flow at scale, where technologically it makes sense.

That also cost performance. So we want to offer again performance at silicon, uh, uh, pricing on the long run. We believe it will strongly uh, proliferate. Uh, uh, so to say server server power flow, uh, at scale where technologically it makes sense.

Operator: The next question comes from Jakob Bluestone from BNP Paribas. Please go ahead.

Jakob Bluestone: Great. Thanks. Just got a quick question on the phasing of your revenues through the year. You obviously guided for below normal seasonality for Q1. I think you mentioned that your orders were up by 2 billion and also that SDV would sort of step up in the second half of the year. Just wanted to confirm, should we expect a sort of very H2 skewed 2026? Or how should we think about the phasing over the course of the year?

From their, please go ahead.

Great, thanks. Uh, it's got a, a quick question on the phasing of your revenues through the, the the year. You've got it for below, normal seasonality for q1. And I think you mentioned, um, that your orders were up by 2 billion. And also that, uh, STV would sort of Step Up in the, in in the second half of the year. And so, I just wanted to confirm, should we expect a sort of very H2 skewed 26, or, or how should we think about the phasing over the course of over the year?

Jochen Hanebeck: If you take the last year's number, this quarter is EUR 200 million above last year. If you just take every quarter EUR 200 million more, that's it.

I think if you take last year's numbers, this quarter is $200 million above last year. And then if you just take,

Every quarter, 200 million more.

That's it.

Jakob Bluestone: Very clear. Thank you.

Very clear. Thank you.

Operator: We now take our last caller for today, Johannes Schaller from Deutsche Bank. Please go ahead.

We now take our

Johannes Schaller: Thanks for taking my question. Good morning. Jochen, you made some comments already on the last call, and I think again this morning on the press call about the inventory situation at your auto and industrial customers, and that we're kind of destocking to maybe unsustainable levels. How big is the incremental risk do you see from this continuing beyond the Q4? Or are we really going to get so lean that this is then finally over? Has the Nexperia situation, in your view, changed anything in terms of how customers are thinking about holding inventory? Thank you.

Caller for today: Johannes Schaller from DJI Bank. Please go ahead.

Thanks for taking my question. Good morning. You made some comments already on the last call, and I think again this morning on the press call about the inventory situation at your auto and industrial customers. And then we kind of discussed maybe unsustainable levels.

Jochen Hanebeck: Yeah, typically it's a year-end effect. Obviously there's a balance sheet reporting then. To be on the fair side, I mean, there are several players, tier ones, OEMs, which are really in difficult territories, and they are, of course, cash strapped. The question is, where do you spend your cash? I can only warn that situations like what we have seen in the last weeks, which hopefully now are resolved, may occur again if significant players are reducing their inventories to unsustainable levels. For us, I would expect the main impact to happen this quarter, like in the past, as of this year-end effect.

How big is the incremental risk? Do you see this continuing beyond the December quarter? Or are we really going to get so lean that this is finally over and has been an experiential situation? In your view, has anything changed in terms of how customers are thinking about holding inventory? Thank you.

Um, obviously there's a balance sheet reporting then. Um, I.

Johannes Schaller: Is it fair to assume that in your full year guidance, you have not baked in a kind of restocking from these customers, but more kind of staying?

To to be on the fair side. I mean there are several players tier 1s oems which are really in difficult territories and they are, of course, cash strapped. And then the question is, where do you spend your cash but I can only 1 that situations like what we have seen in the last weeks which hopefully now are. Um, are resolved may occur again, if significant players are reducing their inventories to unsustainable levels I would for for us I would expect the main impact to happen this quarter like in the past as as of this year end effect.

Johannes Schaller: Is it fair to assume that in your full year guidance, you have not baked in a kind of restocking from these customers, but more kind of staying?

Jochen Hanebeck: No. Yeah, exactly. If all these customers raise their stock to reasonable target levels, we can debate reasonable, but I think that would be on the beyond the base case.

Johannes Schaller: Very clear. Thank you.

So is it fair to assume that in your full year, guidance, you have not baked in a kind of restocking from these customers, but more kind of know, know, exactly the, if, if all these customers, uh, raise their stock, uh, to reasonable Target levels, um, we can debate reasonable, uh, but I think that would be on the beyond the base case.

Sven Schneider: Johannes, maybe quickly to add, you heard me saying that on some conferences and some roadshows already. I fully understand, and I'm part of the community who is really watching to manage working capital in an efficient way. Overdoing it is a risky thing, and we are just seeing it again with the case you were just referring to. We can only encourage our customers to look at that.

Very clear. Thank you. Yeah. Johannes. Maybe quickly to add. I mean you you heard me saying that on on some conferences is in some Road shows already. I mean I fully understand and I'm part of the community who is really watching to manage working capital in the in an efficient way but overdoing it uh is a risky thing. And we are just seeing it again with the uh with the case you were just referring to but we can only encourage our customers to look at that.

Johannes Schaller: Super clear. Thank you very much.

Thank you very much.

Jochen Hanebeck: Excellent. Thanks everyone. With a quarter of an hour of overtime, we are now wrapping up the call. Thanks for the questions. Thanks for the interest. This concludes the fiscal year-end outlook 2026 conference call. Of course, you can reach us, our team here in Munich every time. My colleague on the press side said it's feels a bit like pre-Christmas time. I find that a tad early, but still, have a good time. Take care and talk soon. Bye-bye.

Alexander Foltin: Excellent. Thanks everyone. With a quarter of an hour of overtime, we are now wrapping up the call. Thanks for the questions. Thanks for the interest. This concludes the fiscal year-end outlook 2026 conference call. Of course, you can reach us, our team here in Munich every time. My colleague on the press side said it's feels a bit like pre-Christmas time. I find that a tad early, but still, have a good time. Take care and talk soon. Bye-bye.

Excellent. Um, thanks everyone for the quarter of an hour of overtime. We are now wrapping up the call. Thanks for the questions and for the interest. Um, this concludes the fiscal year and Outlook 2026 conference call. Of course, you can reach us.

In the air, our team here in Munich. Every time my colleague on the press side says it feels a bit like pre-Christmas time. I find that a tad early, but still, um, have a good time. Take care and talk soon. Bye bye.

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