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"decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-222": { "value": "X-FAB Silicon Foundries SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-223": { "value": "X-FAB Silicon Foundries SE", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-224": { "value": "X-FAB Silicon Foundries SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-225": { "value": "European limited company (Societas Europaea/SE)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-226": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-227": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-228": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-229": { "value": "Transportstraat 1, 3980 Tessenderlo-Ham, Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-230": { "value": "The X-FAB SE Group is one of the world\u2019s leading pure-play foundry providers specializing in analog/mixed-signal technologies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-232": { "value": "
2 Group structure
The X-FAB SE Group structure as of December 31, 2025 is illustrated below.
\"xfab_ar2024_group-structure.jpg\"
X-FAB Dresden GmbH & Co. KG refers to X-FAB Dresden GmbH & Co. KG and X-FAB Dresden
Verwaltungs-GmbH
The Group\u2019s primary operations are held by X-FAB Semiconductor Foundries GmbH
(X-FAB GmbH), X-FAB Dresden GmbH & Co. KG (X-FAB Dresden), X-FAB Texas Inc.,
Lubbock, Texas (X-FAB Texas), X-FAB Sarawak Sdn. Bhd. (X-FAB Sarawak), and X\u2011FAB
France SAS (X-FAB France), each of which operate wafer factories at their respective
locations. X-FAB MEMS Foundry Itzehoe GmbH (MFI) and X-FAB MEMS Foundry GmbH
(XMF) offer process technologies for the fabrication of micro mechanical sensors for the
detection of pressure, acceleration, rotation, and IR\u2011radiation including integrated
solutions that combine MEMS and CMOS. The remaining entities provide research and
development, marketing and sales, and administration services to other Group entities or
serve administrative purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-231": { "value": "
2 Group structure
The X-FAB SE Group structure as of December 31, 2025 is illustrated below.
\"xfab_ar2024_group-structure.jpg\"
X-FAB Dresden GmbH & Co. KG refers to X-FAB Dresden GmbH & Co. KG and X-FAB Dresden
Verwaltungs-GmbH
The Group\u2019s primary operations are held by X-FAB Semiconductor Foundries GmbH
(X-FAB GmbH), X-FAB Dresden GmbH & Co. KG (X-FAB Dresden), X-FAB Texas Inc.,
Lubbock, Texas (X-FAB Texas), X-FAB Sarawak Sdn. Bhd. (X-FAB Sarawak), and X\u2011FAB
France SAS (X-FAB France), each of which operate wafer factories at their respective
locations. X-FAB MEMS Foundry Itzehoe GmbH (MFI) and X-FAB MEMS Foundry GmbH
(XMF) offer process technologies for the fabrication of micro mechanical sensors for the
detection of pressure, acceleration, rotation, and IR\u2011radiation including integrated
solutions that combine MEMS and CMOS. The remaining entities provide research and
development, marketing and sales, and administration services to other Group entities or
serve administrative purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-233": { "value": "
3 Basis of preparation
3.1 Statement of compliance
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) Accounting Standards as endorsed by
the European Union. All IFRS and IAS accounting standards and associated interpretations
were adopted to the extent effective and provided that they had been endorsed by the
European Union by the date of issue of these financial statements.
The consolidated financial statements of X-FAB SE Group for the year ended December
31, 2025 were authorized for issue in accordance with a resolution of the directors on
March 26, 2026
3.2 Basis of measurement
The consolidated financial statements have been prepared on a historical cost basis,
except for derivative financial assets and liabilities which are measured at fair value and the
net defined benefit liability for post-retirement obligations, which is measured at the
present value of the defined obligation less the fair value of plan assets.
3.3 Functional and presentation currency
The consolidated financial statements are presented in U.S. dollars (USD), which is the
functional and presentation currency of the parent company and the Group\u2019s primary
operating companies. Amounts are rounded to the nearest thousand except when
otherwise indicated. Rounding differences may occur.
3.4 Use of judgments, assumptions, and estimation uncertainties
In preparing these consolidated financial statements management has made judgments,
assumptions, and estimates that affect the application of the Group\u2019s accounting policies
and the reported amounts of assets, liabilities, income, and expenses. Actual amounts may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
Judgments
Determination of functional currency
The functional currency of the holding company and most of its subsidiaries has been
assessed as the U.S. dollar (USD) due to the fact that the currency that mainly influences
sales prices for goods and services is the USD. Subsidiaries with a different functional
currency (primarily the euro) are not significant to the Group\u2019s consolidated financial
statements.
With respect to the holding company the assessment is based on the fact that the holding
acts as an investment holding entity (in operational subsidiaries with USD as their
functional currency) and its sole activity consists of the re-allocation of Group costs which
are incurred and subsequently recharged in USD. Hence the USD is deemed the most
appropriate functional currency of the holding for the preparation of the consolidated
financial statements.
Revenue recognition (note 4.3)
Process control wafers (PCM wafers) manufactured and sold by the Group are generally
customer-specific, i.e., when manufacturing goods for a customer X-FAB is creating an
asset for the customer that has no alternative use for X-FAB. The Group performs an
analysis of sales contracts to determine whether it has an enforceable right to obtain
payment for work completed should a customer cancel an incomplete contract for
reasons other than any failure by X-FAB to perform as promised. Where the Group does
not have an enforceable right in the event of a cancellation, revenue from the sale of PCM
wafers is recognized when shipment is made. In contrast, sales under contracts for which
the Group supplies customer-specific goods and for which it also has an enforceable right
to obtain payment for work completed should a customer cancel an incomplete contract
for reasons other than any failure by X-FAB to perform as promised is significant, sales
revenues are recognized over time, i.e., over the period in which the Group meets its
performance obligations under those contracts proportionate to the fulfillment of its
performance obligations under the contracts. The revenue recognized is determined
based on the rate of progress towards fulfilling the Group\u2019s performance obligations under
each contract which is calculated based on the costs incurred as a percentage of the
expected total cost of fulfilling the contract (the costs the cost-to-cost method).
Invoices are usually payable within 30 days.
No discounts of the invoiced amounts are offered to customers in exchange for prompt
payment of invoices. Sales prices with customers do not include a significant financing
component.
Recognition of right-of-use assets and lease liabilities (notes 4.17 and 11)
The Group recognizes right-of-use assets and lease liabilities for certain assets held under
leasing arrangements. Some of the Group\u2019s lease contracts include renewal or termination
options. In order to determine the lease term for these contracts the Group took into
account all relevant facts and circumstances in order to assess whether it is reasonably
certain that these options will be exercised. This assessment has an impact on the term of
the lease, which has a significant effect on the amount of the lease liabilities and the
measurement of the right-of-use asset recognized. Should the Group make changes to its
assessment of whether the renewal or termination options will be exercised, it may be
necessary to increase or decrease the right-of-use assets and lease liabilities recognized.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment in the next financial year is included in the following
notes:
Recognition of deferred tax assets (note 6.13)
Deferred tax assets are recorded where it is considered probable that tax savings will be
made in future periods from the use of losses carried forward and from the reversal of
taxable timing differences arising on the difference between the accounting and tax
values of the Group\u2019s assets. Taxable profits and the reversal of timing differences in the
next financial year may differ from the amounts assumed, and assumptions made in the
next financial year about future taxable profits and reversals of subsequent years may
change. Such changes could result in a material adjustment.
Measurement of expected credit losses (ECLs) on trade receivables (note 7.5)
Allowances are made to reflect estimates of the amount of ECLs on any receivables. The
actual amount of credit losses for receivables in the next financial year may differ from the
amounts recorded as impairments in the year ended December\u00a031, 2025, which may result
in a material adjustment.
The significant judgments made by management in applying the Group\u2019s accounting
policies and the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements as at and for the year ended December 31, 2024.
Measurement of fair values
A number of the Group\u2019s accounting policies and disclosures require the measurement of
fair values, both for financial and non-financial assets and liabilities.
If third-party information is used to measure fair values, the evidence obtained from third
parties is assessed to support the conclusion that such valuations meet the requirements
of IFRS 13, including the level in the fair value hierarchy in which such valuations should be
classified.
When measuring the fair value of an asset or a liability, the Group uses market observable
data as far as possible.
Fair values are classified into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
Level 1:quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2:other techniques for which all inputs that have a significant effect on the
recorded fair value are observable, either directly or indirectly.
Level 3:techniques that use inputs which have a significant effect on the recorded fair
value that are not based on observable market data.
If the inputs used to measure the fair value of an asset or a liability might be categorized in
different levels of the fair value hierarchy, then the fair value measurement is categorized
in its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement.
The Group measures transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in the
following notes:
\u2022 7.1 Property, plant, equipment, and investment properties
\u2022 7.5 Trade and other receivables
\u2022 7.10 Loans and borrowings
\u2022 10 Financial instruments \u2013 fair values and risk management
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-234": { "value": "
3.1 Statement of compliance
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) Accounting Standards as endorsed by
the European Union. All IFRS and IAS accounting standards and associated interpretations
were adopted to the extent effective and provided that they had been endorsed by the
European Union by the date of issue of these financial statements.
The consolidated financial statements of X-FAB SE Group for the year ended December
31, 2025 were authorized for issue in accordance with a resolution of the directors on
March 26, 2026
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-235": { "value": "
3.3 Functional and presentation currency
The consolidated financial statements are presented in U.S. dollars (USD), which is the
functional and presentation currency of the parent company and the Group\u2019s primary
operating companies. Amounts are rounded to the nearest thousand except when
otherwise indicated. Rounding differences may occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-236": { "value": "
3.4 Use of judgments, assumptions, and estimation uncertainties
In preparing these consolidated financial statements management has made judgments,
assumptions, and estimates that affect the application of the Group\u2019s accounting policies
and the reported amounts of assets, liabilities, income, and expenses. Actual amounts may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimates are revised and
in any future periods affected.
Judgments
Determination of functional currency
The functional currency of the holding company and most of its subsidiaries has been
assessed as the U.S. dollar (USD) due to the fact that the currency that mainly influences
sales prices for goods and services is the USD. Subsidiaries with a different functional
currency (primarily the euro) are not significant to the Group\u2019s consolidated financial
statements.
With respect to the holding company the assessment is based on the fact that the holding
acts as an investment holding entity (in operational subsidiaries with USD as their
functional currency) and its sole activity consists of the re-allocation of Group costs which
are incurred and subsequently recharged in USD. Hence the USD is deemed the most
appropriate functional currency of the holding for the preparation of the consolidated
financial statements.
Revenue recognition (note 4.3)
Process control wafers (PCM wafers) manufactured and sold by the Group are generally
customer-specific, i.e., when manufacturing goods for a customer X-FAB is creating an
asset for the customer that has no alternative use for X-FAB. The Group performs an
analysis of sales contracts to determine whether it has an enforceable right to obtain
payment for work completed should a customer cancel an incomplete contract for
reasons other than any failure by X-FAB to perform as promised. Where the Group does
not have an enforceable right in the event of a cancellation, revenue from the sale of PCM
wafers is recognized when shipment is made. In contrast, sales under contracts for which
the Group supplies customer-specific goods and for which it also has an enforceable right
to obtain payment for work completed should a customer cancel an incomplete contract
for reasons other than any failure by X-FAB to perform as promised is significant, sales
revenues are recognized over time, i.e., over the period in which the Group meets its
performance obligations under those contracts proportionate to the fulfillment of its
performance obligations under the contracts. The revenue recognized is determined
based on the rate of progress towards fulfilling the Group\u2019s performance obligations under
each contract which is calculated based on the costs incurred as a percentage of the
expected total cost of fulfilling the contract (the costs the cost-to-cost method).
Invoices are usually payable within 30 days.
No discounts of the invoiced amounts are offered to customers in exchange for prompt
payment of invoices. Sales prices with customers do not include a significant financing
component.
Recognition of right-of-use assets and lease liabilities (notes 4.17 and 11)
The Group recognizes right-of-use assets and lease liabilities for certain assets held under
leasing arrangements. Some of the Group\u2019s lease contracts include renewal or termination
options. In order to determine the lease term for these contracts the Group took into
account all relevant facts and circumstances in order to assess whether it is reasonably
certain that these options will be exercised. This assessment has an impact on the term of
the lease, which has a significant effect on the amount of the lease liabilities and the
measurement of the right-of-use asset recognized. Should the Group make changes to its
assessment of whether the renewal or termination options will be exercised, it may be
necessary to increase or decrease the right-of-use assets and lease liabilities recognized.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment in the next financial year is included in the following
notes:
Recognition of deferred tax assets (note 6.13)
Deferred tax assets are recorded where it is considered probable that tax savings will be
made in future periods from the use of losses carried forward and from the reversal of
taxable timing differences arising on the difference between the accounting and tax
values of the Group\u2019s assets. Taxable profits and the reversal of timing differences in the
next financial year may differ from the amounts assumed, and assumptions made in the
next financial year about future taxable profits and reversals of subsequent years may
change. Such changes could result in a material adjustment.
Measurement of expected credit losses (ECLs) on trade receivables (note 7.5)
Allowances are made to reflect estimates of the amount of ECLs on any receivables. The
actual amount of credit losses for receivables in the next financial year may differ from the
amounts recorded as impairments in the year ended December\u00a031, 2025, which may result
in a material adjustment.
The significant judgments made by management in applying the Group\u2019s accounting
policies and the key sources of estimation uncertainty were the same as those that applied
to the consolidated financial statements as at and for the year ended December 31, 2024.
Measurement of fair values
A number of the Group\u2019s accounting policies and disclosures require the measurement of
fair values, both for financial and non-financial assets and liabilities.
If third-party information is used to measure fair values, the evidence obtained from third
parties is assessed to support the conclusion that such valuations meet the requirements
of IFRS 13, including the level in the fair value hierarchy in which such valuations should be
classified.
When measuring the fair value of an asset or a liability, the Group uses market observable
data as far as possible.
Fair values are classified into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
Level 1:quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2:other techniques for which all inputs that have a significant effect on the
recorded fair value are observable, either directly or indirectly.
Level 3:techniques that use inputs which have a significant effect on the recorded fair
value that are not based on observable market data.
If the inputs used to measure the fair value of an asset or a liability might be categorized in
different levels of the fair value hierarchy, then the fair value measurement is categorized
in its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement.
The Group measures transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in the
following notes:
\u2022 7.1 Property, plant, equipment, and investment properties
\u2022 7.5 Trade and other receivables
\u2022 7.10 Loans and borrowings
\u2022 10 Financial instruments \u2013 fair values and risk management
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-237": { "value": "
4.1 Basis of consolidation
Entities included in the consolidation
The consolidated financial statements include the financial statements of the parent
company and its subsidiaries, which are entities directly or indirectly controlled by the
parent company. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Control is generally obtained by ownership of a
majority of shares.
The financial statements of subsidiaries are included in the consolidated financial
statements from the date on which control commences until the date on which control
ceases.
The financial statements of the subsidiaries are prepared for the same reporting year as
the parent company, using consistent accounting policies.
All intra-group balances, transactions, income, and expenses, as well as profits and losses
resulting from intra-group transactions, are fully eliminated in these consolidated financial
statements.
There are no non-controlling interests in Group subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-238": { "value": "
4.2 Foreign currency translation
Transactions in foreign currencies are initially recorded at the functional currency rate
ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the functional currency rate of exchange ruling at the
statement of financial position date. All differences are taken to profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency
are translated using the exchange rate as at the dates of the initial transactions. If the
functional currency of a consolidated entity differs from the Group\u2019s presentation
currency, assets and liabilities of that entity are translated into the presentation currency at
the closing rate at the statement of financial position date, whereas equity is translated
using the historic rates, and the income statement is translated at the average rate of the
reporting period. All resulting differences are recognized in the cumulative translation
adjustment in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-239": { "value": "
4.3 Revenue from contracts with customers
Sales revenue is measured based on the consideration specified in a contract with a
customer. Sales revenues are recognized net of discounts, customer bonuses, and rebates
granted.
There is no significant uncertainty concerning the nature, amount, or timing of the revenue
or the cash flows of the revenues reported. The Group recognizes revenue when it
transfers control over a good or service to a customer.
Sale of process control wafers (PCM wafers)
PCM wafers are goods that are generally customer specific, i.e. when manufacturing
goods for a customer, X-FAB is creating an asset for the customer that has no alternative
use to X-FAB. In general, revenue from the sale of wafers is recognized at a point in time,
which is defined as when the wafers are completed and delivered to the customer.
The Group also reports revenues from wafer sales which are recognized over time, i.e., on
the basis of progress made towards fulfilling the Group\u2019s performance obligation under
the supply contract. Revenue for wafer sales recognized over time represents the Group\u2019s
rights to consideration for work completed but not invoiced at the reporting date for
wafer sales under long-term contracts which meet the criteria for revenue recognition
over time. Contracts with customers meet the criteria for recognition over time when work
performed under the contract creates an asset which has no alternative use to X-FAB (for
example, due to the specific nature of the product or to exclusivity agreements) and
X-FAB additionally has an enforceable right to payment for the performance of the work
completed. Progress towards fulfilling the Group\u2019s performance obligations under such
contracts is determined based on the cost-to-cost method as X\u2011FAB is of the opinion that
this measure most faithfully depicts the transformation of the work in progress.
The Group receives prepayments from customers for future wafer sales and capacity
reservation deposits for certain long-term contracts with customers. These amounts,
which are initially recognized as other liabilities, include variable consideration for the
goods transferred to the customer within the contract. When recognizing revenue for the
contract, the Group is required to estimate the amount of variable consideration to which
it will be entitled in exchange for transferring the promised goods to the customer. To the
extent that part of the prepayment will be retained by X-FAB without X-FAB being
required to offset amounts against valid purchase orders (for example, when there is a
shortfall in customer orders compared to the amounts agreed under the sales contract
when X-FAB is entitled to retain the revenue prepaid), the revenue recognized as revenue
for the goods that have been delivered includes amounts attributable to the expected
shortfall. However, variable consideration is included in the transaction price only to the
extent that it is highly probable that a significant reversal in the amount of cumulative
revenue recognized will not occur when the uncertainty associated with the variable
consideration is resolved.
Invoices are usually payable within 30 days. No discounts of the invoiced amounts are
offered to customers in exchange for prompt payment of invoices. Sales prices with
customers do not include a significant financing component.
Sales of non-recurring engineering (NRE) services and technology services
When providing non-recurring engineering (NRE) services and technology services X\u2011FAB
creates an asset for a customer that has no alternative use to X\u2011FAB as the prototype
wafers created are generally customer specific. Invoices are issued according to
contractual terms \u2013 based on milestones \u2013 and are usually payable within 30 days. X-FAB
has an enforceable right to payment for the performance of work completed up to the
agreed milestones. Revenue is therefore recognized over time, and X-FAB applies a
practical expedient for the measurement of progress. Invoicing based on milestones is a
reasonable approximation of the progress made to completing the performance
obligation. No discounts of the invoiced amounts are offered to customers in exchange
for prompt payment of invoices. Sales prices with customers do not include a significant
financing component.
Rental and other income
Revenue in respect of rental and other income is recognized over time when the relevant
service is provided (see note 4.6 below).
Warranty obligations
The Group typically provides warranties for defects that existed at the time of sale, as
required by the terms and conditions of sale. These are assurance-type warranties which
are accounted for as warranty provisions based on past experience . No service-type
warranties are sold either separately or bundled together with the sale of the Group\u2019s
products.
Contract costs and contract fulfillment costs
Costs of obtaining contracts requiring capitalization have been incurred by the Group;
however, the deferral of such costs is not material for the purposes of these consolidated
financial statements.
No costs of fulfilling contracts requiring capitalization have been incurred which are not
recorded as assets in accordance with IAS 2 Inventories, IAS 16 Property, Plant and
Equipment, or IAS 38 Intangible Assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-240": { "value": "
4.4 Research and development expenses
Research and development expenses comprise staff expenses, depreciation, and other
directly attributable expenses and are allocated process based, i.e. relate to research and
development activities that are not related to the improvement of the existing production
technologies. Costs incurred in connection with improving existing production
technologies used in operational production lines are allocated to cost of sales.
Research and development costs are expensed as incurred. X-FAB SE Group considers
that development work performed does not qualify for capitalization because the amount
of future benefits to be derived from use of work performed is characterized by a high
level of uncertainty until the projects are completed.
Government grants are awarded to the Group for its research and development activities
in the form of cash tax payments or tax credits. IAS 20 Government Grants is applied to all
grants, including the research and development grants received by X\u2011FAB France, which
are paid out using the French corporation tax system. The grants are recognized as
income and as a non-current or current asset, as appropriate, when there is reasonable
assurance that the entity will comply with the relevant conditions set out in the terms of
the grant arrangement and that the grant will be received. These income-related grants
are recognized in profit or loss on a systematic basis as the entity recognizes as expenses
the costs that the grants are intended to compensate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-241": { "value": "
4.5 Finance income and finance costs
Interest income or expense is recognized using the effective interest method. Dividend
income is recognized in profit or loss on the date on which the Group\u2019s right to receive
payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-242": { "value": "
4.7 Employee benefits
Employee benefits consist of short-term employee benefits, payments into defined
contribution pension schemes, and a long-service retirement lump-sum payment scheme
at the Group\u2019s subsidiary X-FAB France. The Group has no share-based payment
arrangements.
Short-term employee benefits are expensed as the related service is provided. A liability is
recognized for the amount expected to be paid if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
Obligations for contributions to defined contribution plans are expensed as the related
service is provided. Prepaid contributions are recognized as an asset to the extent that a
cash refund or a reduction in future payments is available.
The Group\u2019s net obligation in respect of the long-service retirement lump-sum payment
scheme is calculated by estimating the amount of future benefit that employees have
earned in the current and prior periods, discounting that amount, and deducting the fair
value of any plan assets. The calculation of the obligation is performed annually by an
independent third-party expert actuary using the projected unit credit method. When the
calculation results in a potential asset for the Group, the recognized asset is limited to the
present value of economic benefits available in the form of any future refunds from the
plan or reductions in future contributions to the plan. To calculate the present value of
economic benefits, consideration is given to any applicable minimum funding
requirements. Remeasurements of the net defined benefit liability, which comprise
actuarial gains and losses, the return on plan assets (excluding interest), and the effect of
the asset ceiling (if any, excluding interest), are recognized immediately in other
comprehensive income. The Group determines the net interest expense (income) on the
net defined benefit liability (asset) for the period by applying the discount rate used to
measure the defined benefit obligation at the beginning of the annual period to the then-
net defined benefit liability (asset), taking into account any changes in the net defined
benefit liability (asset) during the period as a result of contributions and benefit payments.
Net interest expense and other expenses related to defined benefit plans are recognized
in profit or loss. When the benefits of a plan are changed or when a plan is curtailed, the
resulting change in benefit that relates to past service or the gain or loss on curtailment is
recognized immediately in profit or loss. The Group recognizes gains and losses on the
settlement of a defined benefit plan when the settlement occurs.
Termination benefits are recorded as an expense at the earlier of when the Group can no
longer withdraw the offer of those benefits and when the Group recognizes costs of a
restructuring. The benefits are discounted if it is not expected that they will be settled
wholly within 12 months of the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-244": { "value": "
4.8 Property, plant, equipment, and investment properties
Property, plant, and equipment are measured at purchase cost less accumulated
depreciation and accumulated impairment losses. Purchase cost includes expenditure that
is directly attributable to the acquisition of the asset. These accounting policies have also
been applied to investment properties under the cost model in accordance with IAS 40.
Depreciation is provided using the straight-line method for property, plant, factory, and
office equipment and for investment properties. Depreciation is calculated to write off the
cost of items of property, plant, and equipment less their estimated residual values using
the straight-line method over their estimated useful lives. If significant parts of an item of
property, plant, and equipment have different useful lives, then they are accounted for as
separate items (major components) of property, plant, and equipment.
The following useful lives are used as a basis for calculating depreciation:
\u2022 Buildings, including investment properties: over 40\u201350 years
\u2022 Factory and office equipment: straight-line over 3\u201310 years
Borrowing costs were not capitalized because no borrowing costs were incurred in the
period for the construction or acquisition of qualifying assets. Costs incurred which extend
the useful life of assets, or which increase performance or capacity of assets, are
capitalized where appropriate. Maintenance and repair costs are expensed as incurred.
Assets are recorded as disposals when they are sold or scrapped. The resulting gain or loss is
recorded in income within \u201cother income\u201d or \u201cother expenses\u201d as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-243": { "value": "
4.8 Property, plant, equipment, and investment properties
Property, plant, and equipment are measured at purchase cost less accumulated
depreciation and accumulated impairment losses. Purchase cost includes expenditure that
is directly attributable to the acquisition of the asset. These accounting policies have also
been applied to investment properties under the cost model in accordance with IAS 40.
Depreciation is provided using the straight-line method for property, plant, factory, and
office equipment and for investment properties. Depreciation is calculated to write off the
cost of items of property, plant, and equipment less their estimated residual values using
the straight-line method over their estimated useful lives. If significant parts of an item of
property, plant, and equipment have different useful lives, then they are accounted for as
separate items (major components) of property, plant, and equipment.
The following useful lives are used as a basis for calculating depreciation:
\u2022 Buildings, including investment properties: over 40\u201350 years
\u2022 Factory and office equipment: straight-line over 3\u201310 years
Borrowing costs were not capitalized because no borrowing costs were incurred in the
period for the construction or acquisition of qualifying assets. Costs incurred which extend
the useful life of assets, or which increase performance or capacity of assets, are
capitalized where appropriate. Maintenance and repair costs are expensed as incurred.
Assets are recorded as disposals when they are sold or scrapped. The resulting gain or loss is
recorded in income within \u201cother income\u201d or \u201cother expenses\u201d as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-245": { "value": "
4.9 Intangible assets
Purchased intangible assets are capitalized at purchase cost, including, where applicable,
own work capitalized in preparing the intangible assets for use, and depreciated on a
straight-line basis over their expected useful lives. The useful life applied is five years.
Internally generated intangible assets were not capitalized because the criteria for
capitalization were not met (see note 4.4).
The Group has no intangible assets with indefinite useful lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-246": { "value": "
4.10 Impairment
The carrying amounts of the Group\u2019s non-financial assets other than inventories and
deferred tax assets (for which separate reviews are performed) are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such
indication exists then the asset\u2019s recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use
and its fair value less costs to sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset. For the
purpose of impairment testing, assets are grouped together into the smallest group of
assets that generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the \u201ccash-generating unit\u201d).
An impairment loss is recognized if the carrying amount of an asset or its cash-generating
unit exceeds its estimated recoverable amount. Impairment losses are recognized in profit
or loss. Impairment losses recognized in respect of cash-generating units are allocated
first to reduce the carrying amount of any goodwill allocated to the units and then to
reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata
basis.
An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed only to the extent that
the asset\u2019s carrying amount does not exceed the carrying amount that would have been
determined, net of depreciation or amortization, if no impairment loss had been
recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-247": { "value": "
4.11 Financial instruments
Recognition and initial measurement
Trade receivables are initially recognized when they are originated, i.e. when or as the
goods and services are provided and the revenue for those goods and services is
recognized. Regular way purchases and sales of financial assets were accounted for at the
settlement date. All other financial assets and financial liabilities are initially recognized
when the Group becomes a party to the contractual provisions of the financial instrument.
The Group\u2019s trade receivables do not include a significant financing component and the
amounts recognized for trade receivables are initially recognized at the transaction price.
All other financial assets and financial liabilities are initially recognized at fair value plus (or
less, as appropriate), for items not recognized at fair value through profit or loss (FVTPL),
transaction costs that are directly attributable to its acquisition or issue.
Classification and subsequent measurement
On initial recognition, a financial asset is classified as measured at amortized cost; FVOCI \u2013
debt investment; FVOCI \u2013 equity investment; or FVTPL.
(a) Financial assets at amortized cost
A financial asset is classified as measured at amortized cost if it meets both of the
following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is to hold assets to collect contractual
cash flows; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
(b) Debt investments at fair value through other comprehensive income (FVOCI)
A debt investment is classified as measured at fair value through other comprehensive
income if it meets both of the following conditions and is not designated as at FVTPL:
\u2022 it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets; and
\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
(c) Equity investments at fair value through other comprehensive income (FVOCI)
An equity investment is classified as measured at fair value through other comprehensive
income if it is not held for trading and the Group irrevocably elects to present subsequent
changes in the investment\u2019s fair value in OCI. This election is made on an investment-by-
investment basis.
(d) Financial assets at fair value through profit or loss (FVTPL)
All financial assets not classified as measured at amortized cost or FVOCI as described
above are measured at FVTPL. This includes all derivative financial assets, equity
investments held for trading, and equity instruments not held for trading, but for which
the Group did not elect to present fair value changes in other comprehensive income.
On initial recognition, the Group may irrevocably designate a financial asset that otherwise
meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if
doing so eliminates or significantly reduces an accounting mismatch that would otherwise
arise. No such designations have been made by the Group.
Financial assets \u2013 business model assessment
The Group makes an assessment of the objective of the business model in which a
financial asset is held at a portfolio level because this best reflects the way the business is
managed and information is provided to management. The information considered
includes:
\u2022 the stated policies and objectives for the portfolio and the operation of those policies
in practice. These include whether management\u2019s strategy focuses on earning
contractual interest income, maintaining a particular interest rate profile, matching the
duration of the financial assets to the duration of any related liabilities or expected cash
outflows, or realizing cash flows through the sale of the assets;
\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s
management;
\u2022 the risks that affect the performance of the business model (and the financial assets
held within that business model) and how those risks are managed;
\u2022 how managers of the business are compensated \u2013 e.g. whether compensation is based
on the fair value of the assets managed or the contractual cash flows collected; and
\u2022 the frequency, volume, and timing of sales of financial assets in prior periods, the
reasons for such sales, and the expectations about future sales activity.
Transfers of financial assets to third parties in transactions that do not qualify for
derecognition are not considered sales for this purpose, consistent with the Group\u2019s
continuing recognition of the assets.
Financial assets that are held for trading or are managed and whose performance is
evaluated on a fair value basis are measured at FVTPL.
Financial assets \u2013 Assessment of whether contractual cash flows are solely payments
of principal and interest
For the purposes of this assessment, \u201cprincipal\u201d is defined as the fair value of the financial
asset on initial recognition. \u201cInterest\u201d is defined as consideration for the time value of
money and for the credit risk associated with the principal amount outstanding during a
particular period of time and for other basic lending risks and costs (e.g. liquidity risk and
administrative costs), as well as a profit margin. In assessing whether the contractual cash
flows are solely payments of principal and interest, the Group considers the contractual
terms of the instrument. This includes assessing whether the financial asset contains a
contractual term that could change the timing or amount of contractual cash flows such
that it would not meet this condition. In making this assessment, the Group considers:
\u2022 contingent events that would change the amount or timing of cash flows;
\u2022 terms that may adjust the contractual coupon rate, including variable-rate features;
\u2022 prepayment and extension features; and
\u2022 terms that limit the Group\u2019s claim to cash flows from specified assets (e.g. non-
recourse features).
A prepayment feature is consistent with the solely payments of principal and interest
criterion if the prepayment amount substantially represents unpaid amounts of principal
and interest on the principal amount outstanding, which may include reasonable additional
compensation for early termination of the contract. Additionally, for a financial asset
acquired at a discount or premium to its contractual par value, a feature that permits or
requires prepayment at an amount that substantially represents the contractual par
amount plus accrued (but unpaid) contractual interest (which may also include reasonable
additional compensation for early termination) is treated as consistent with this criterion if
the fair value of the prepayment feature is insignificant at initial recognition.
Financial assets \u2013 Subsequent measurement and gains and losses
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognized in profit or loss. The Group does not apply
hedge accounting and accordingly does not apply alternative allowed accounting
treatment permitted for derivatives designated as hedging instruments.
Financial assets at amortized cost
These assets are subsequently measured at amortized cost using the effective interest
method. The amortized cost is reduced by impairment losses. Interest income, foreign
exchange gains and losses, and impairment are recognized in profit or loss. Any gain or loss
on derecognition is recognized in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income calculated using
the effective interest method, foreign exchange gains and losses, and impairment are
recognized in profit or loss. Other net gains and losses are recognized in OCI. On
derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends are recognized as income
in profit or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognized in OCI and are never reclassified to
profit or loss.
Financial liabilities
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial
liability is classified as at FVTPL if it is classified as held for trading, it is a derivative, or it is
designated as such on initial recognition, whereby no liabilities as at FVTPL have been
made by the Group. Financial liabilities at FVTPL are measured at fair value, and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit
or loss. Any gain or loss on derecognition is also recognized in profit or loss.
Derecognition
Financial assets
The Group derecognizes a financial asset when the contractual rights to the cash flows
from the financial asset expire, or it transfers the rights to receive the contractual cash
flows in a transaction in which substantially all of the risks and rewards of ownership of
the financial asset are transferred or in which the Group neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the
financial asset.
The Group enters into transactions whereby it transfers assets recognized in its statement
of financial position, but retains either all or substantially all of the risks and rewards of the
transferred assets. In these cases, the transferred assets are not derecognized.
Financial liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged
or canceled, or expire. The Group also derecognizes a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognized in profit or loss.
Offsetting
No financial assets or liabilities are presented on a net basis in these consolidated financial
statements.
Impairment
The Group recognizes loss allowances for the expected credit losses (ECLs) that it
expects to incur over the lifetime of financial assets which it measures at amortized cost.
Loss allowances for trade receivables are always measured at an amount equal to lifetime
ECLs. When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECLs, the Group considers
reasonable and supportable information that is relevant and available without undue cost
or effort. This includes both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment and including forward-
looking information.
The maximum period considered when estimating ECLs is the maximum contractual
period over which the Group is exposed to credit risk.
Measurement of ECLs for non-credit-impaired receivables is assessed collectively based
on a probability-weighted estimate of credit losses dependent on the number of days the
balances are overdue. Expected credit losses are measured based on past experience of
the recovery of similar portfolios of receivables as the Group considers this to be a
reasonable approximation of the present value of the shortfalls that can be expected in
future. ECLs are discounted at the effective interest rate of the financial asset if the
discounting effect is determined to be material. Based on the contractual agreements,
receivables are in default when the balances are unpaid by the due date. Dunning
collection procedures commence when a receivable is five days overdue. Receivables are
classified as credit impaired from the date on which the receivable is 90 days overdue,
despite dunning procedures having being performed, or from the date any other
specific indications are received that a significant deterioration in credit has occurred.
Credit-impaired receivables are assessed on a case-by-case basis and assessments of
collectability are based on the information available concerning the outstanding balance,
including discussions with the customer, assessments of the reliability of the information
provided, available counterclaims or security, an understanding of the economic climate in
which the customer operates, and experience with that customer, as well as experience of
similar collection procedures.
The relevant amounts are written off when the Group considers that there is no realistic
prospect of recovery of the receivable and when no further enforcement activity is taken.
When a customer is in liquidation the outstanding amounts are listed and monitored in an
ongoing liquidation register until the liquidation process is complete.
No loss allowances are made for cash and cash equivalents as it has been determined that,
because of the good standing of the Group\u2019s banking partners, the credit risk at the
reporting date is so low that the ECLs are insignificant both at the date of their initial
recognition and since initial recognition.
Fair values of cash and cash equivalents and current receivables and liabilities
The fair values of cash and cash equivalents, current receivables, and current liabilities
approximate their book values due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-249": { "value": "
(d) Financial assets at fair value through profit or loss (FVTPL)
All financial assets not classified as measured at amortized cost or FVOCI as described
above are measured at FVTPL. This includes all derivative financial assets, equity
investments held for trading, and equity instruments not held for trading, but for which
the Group did not elect to present fair value changes in other comprehensive income.
On initial recognition, the Group may irrevocably designate a financial asset that otherwise
meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if
doing so eliminates or significantly reduces an accounting mismatch that would otherwise
arise. No such designations have been made by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-248": { "value": "
(d) Financial assets at fair value through profit or loss (FVTPL)
All financial assets not classified as measured at amortized cost or FVOCI as described
above are measured at FVTPL. This includes all derivative financial assets, equity
investments held for trading, and equity instruments not held for trading, but for which
the Group did not elect to present fair value changes in other comprehensive income.
On initial recognition, the Group may irrevocably designate a financial asset that otherwise
meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if
doing so eliminates or significantly reduces an accounting mismatch that would otherwise
arise. No such designations have been made by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-250": { "value": "
Financial liabilities
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial
liability is classified as at FVTPL if it is classified as held for trading, it is a derivative, or it is
designated as such on initial recognition, whereby no liabilities as at FVTPL have been
made by the Group. Financial liabilities at FVTPL are measured at fair value, and net gains
and losses, including any interest expense, are recognized in profit or loss. Other financial
liabilities are subsequently measured at amortized cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognized in profit
or loss. Any gain or loss on derecognition is also recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-251": { "value": "
Derecognition
Financial assets
The Group derecognizes a financial asset when the contractual rights to the cash flows
from the financial asset expire, or it transfers the rights to receive the contractual cash
flows in a transaction in which substantially all of the risks and rewards of ownership of
the financial asset are transferred or in which the Group neither transfers nor retains
substantially all of the risks and rewards of ownership and it does not retain control of the
financial asset.
The Group enters into transactions whereby it transfers assets recognized in its statement
of financial position, but retains either all or substantially all of the risks and rewards of the
transferred assets. In these cases, the transferred assets are not derecognized.
Financial liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged
or canceled, or expire. The Group also derecognizes a financial liability when its terms are
modified and the cash flows of the modified liability are substantially different, in which
case a new financial liability based on the modified terms is recognized at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred or
liabilities assumed) is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-252": { "value": "
Offsetting
No financial assets or liabilities are presented on a net basis in these consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-253": { "value": "
Impairment
The Group recognizes loss allowances for the expected credit losses (ECLs) that it
expects to incur over the lifetime of financial assets which it measures at amortized cost.
Loss allowances for trade receivables are always measured at an amount equal to lifetime
ECLs. When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECLs, the Group considers
reasonable and supportable information that is relevant and available without undue cost
or effort. This includes both quantitative and qualitative information and analysis, based on
the Group\u2019s historical experience and informed credit assessment and including forward-
looking information.
The maximum period considered when estimating ECLs is the maximum contractual
period over which the Group is exposed to credit risk.
Measurement of ECLs for non-credit-impaired receivables is assessed collectively based
on a probability-weighted estimate of credit losses dependent on the number of days the
balances are overdue. Expected credit losses are measured based on past experience of
the recovery of similar portfolios of receivables as the Group considers this to be a
reasonable approximation of the present value of the shortfalls that can be expected in
future. ECLs are discounted at the effective interest rate of the financial asset if the
discounting effect is determined to be material. Based on the contractual agreements,
receivables are in default when the balances are unpaid by the due date. Dunning
collection procedures commence when a receivable is five days overdue. Receivables are
classified as credit impaired from the date on which the receivable is 90 days overdue,
despite dunning procedures having being performed, or from the date any other
specific indications are received that a significant deterioration in credit has occurred.
Credit-impaired receivables are assessed on a case-by-case basis and assessments of
collectability are based on the information available concerning the outstanding balance,
including discussions with the customer, assessments of the reliability of the information
provided, available counterclaims or security, an understanding of the economic climate in
which the customer operates, and experience with that customer, as well as experience of
similar collection procedures.
The relevant amounts are written off when the Group considers that there is no realistic
prospect of recovery of the receivable and when no further enforcement activity is taken.
When a customer is in liquidation the outstanding amounts are listed and monitored in an
ongoing liquidation register until the liquidation process is complete.
No loss allowances are made for cash and cash equivalents as it has been determined that,
because of the good standing of the Group\u2019s banking partners, the credit risk at the
reporting date is so low that the ECLs are insignificant both at the date of their initial
recognition and since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-255": { "value": "
4.12 Derivative financial instruments
The Group holds derivative financial instruments to hedge certain foreign currency and
interest risk exposures. Embedded derivatives are separated from the host contract and
accounted for separately if the host contract is not a financial asset and certain criteria are
met. Derivative financial instruments are not designated as hedging instruments for hedge
accounting purposes and are accordingly classified as fair value through profit or loss.
Gains and losses from changes in the fair values of the derivative financial instruments are
reported in the income statement within finance income and finance expenses. The fair
values of the derivative financial instruments are presented in the statement of financial
position as other current assets and/or other current liabilities, as appropriate, unless their
maturity exceeds 12 months in which case they will be presented as non-current.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-254": { "value": "
4.12 Derivative financial instruments
The Group holds derivative financial instruments to hedge certain foreign currency and
interest risk exposures. Embedded derivatives are separated from the host contract and
accounted for separately if the host contract is not a financial asset and certain criteria are
met. Derivative financial instruments are not designated as hedging instruments for hedge
accounting purposes and are accordingly classified as fair value through profit or loss.
Gains and losses from changes in the fair values of the derivative financial instruments are
reported in the income statement within finance income and finance expenses. The fair
values of the derivative financial instruments are presented in the statement of financial
position as other current assets and/or other current liabilities, as appropriate, unless their
maturity exceeds 12 months in which case they will be presented as non-current.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-256": { "value": "
4.13 Inventories
Inventories of raw materials, consumables, and supplies are measured at the lower of cost
and net realizable value. The cost of inventories comprises all costs of purchase, cost of
conversion, and other costs incurred in bringing the inventories to their present location
and condition, determined by using the weighted average acquisition cost method.
Allowances are recognized if the carrying amount exceeds the expected sales price less
the estimated cost to complete the inventories and the cost of marketing, sales, and
distribution activities. Allowances are made in full for inventories with no realizable value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "
4.14 Cash and cash equivalents
Cash and cash equivalents represent cash in hand, checks, and available balances on bank
current accounts with an original maturity of four weeks or less. The use of cash and cash
equivalents reported are in general not subject to restrictions with the exception of term
deposits reported as cash in note 7.7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "
4.15 Equity
Share capital
The nominal paid-in contribution amount on each share is recorded in share capital.
Share premium
Incremental costs directly attributable to the issue of share capital are recognized as a
deduction from the share premium account, less any related tax effects.
Treasury shares
The Group reports treasury shares as deductions from the Group equity at the cost of
purchase.
Equity instruments and financial liabilities
Equity instruments and financial liabilities (including share capital, redeemable preference
shares, and other loans and borrowings) are classified according to the substance of the
contractual arrangements entered into. An equity instrument is any contract that evidences
a residual interest in the assets of the Group after deducting all of its liabilities. Dividends and
distributions relating to equity instruments are debited directly to reserves. Equity
instruments issued are recorded at the proceeds received, net of direct issue costs.
A financial liability exists where there is a contractual obligation to deliver cash or another
financial asset to another entity, or to exchange financial assets or financial liabilities under
potentially unfavorable conditions. In addition, contracts that result in the entity delivering a
variable number of its own equity instruments are financial liabilities. Shares containing such
obligations are classified as financial liabilities. Finance costs and gains or losses relating to
financial liabilities are included in the income statement. The carrying amount of the liability is
increased by the finance cost and reduced by payments made in respect of that liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "
4.16 Provisions
Provisions are recognized when present obligations (legal or constructive) exist which
result from past events and which are expected to result in an outflow of resources of
which the timing or amount is uncertain. The provisions are measured at the discounted
amount of the expected future cash flows arising under the respective obligation at a
pre\u2011tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The unwinding of the discount is recognized as finance cost.
Where the Group expects some or all of a provision to be reimbursed, for example under
an insurance contract, the reimbursement is recognized as a separate asset but only when
the reimbursement is virtually certain. The expense relating to any provision is presented in
profit or loss. If the effect of the time value of money is material, provisions are discounted
using a pre-tax rate that reflects current market assessments of the time value of money
and of the risk specific to the liability.
A provision for restructuring is recognized when the Group has approved a detailed and
formal restructuring plan, and the restructuring either has commenced or has been
announced publicly. A provision for onerous contracts is recognized for each specific
contract in which the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received under the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "
4.17 Leases
The Group assesses whether a contract is, or contains, a lease arrangement. A contract is,
or contains, a lease if a contract conveys a right to control the use of an identified asset for
a period of time in exchange for consideration.
The Group as lessee
The assets held under the Group\u2019s leasing arrangements are primarily commercial
properties, production equipment, and infrastructure equipment.
The Group recognizes right-of-use assets and lease liabilities for most assets, i.e. these are
presented on balance sheet. However, it has elected to not to recognize right-of-use
assets and lease liabilities for leases of low-value assets. The Group recognizes the lease
payments associated with these leases as an expense on a straight-line basis over the
lease term. The Group has not applied a simplification election available under IFRS 16 not
to separate non-lease components of a lease. At inception or on reassessment of a
contract that contains a lease component the Group allocates the consideration in the
contract to each lease and non-lease component of the respective contract on the basis
of their relative stand-alone prices.
The Group presents right-of-use assets within \u201cproperty, plant, and equipment\u201d in the
statement of financial position, on the same line as it presents underlying assets of the
same nature that are owned by the Group. The Group does not hold any properties under
leases which are classified as investment properties.
The Group presents lease liabilities within \u201cloans and borrowings,\u201d classified between
current and non-current liabilities as appropriate.
The Group recognizes a right-of-use asset and a lease liability at the lease
commencement date. The right-of-use asset is initially measured at cost, which comprises
the initial amount of the lease liability adjusted for any lease payments made at or before
the commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from
the commencement date to the end of the lease term, unless the lease transfers
ownership of the underlying asset to the Group by the end of the lease term or the cost of
the right-of-use asset reflects that the Group will exercise a purchase option. In that case
the right-of-use asset will be depreciated over the useful life of the underlying asset, which
is determined on the same basis as those of property and equipment. In addition, the
right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for
certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally,
the Group uses an estimate of its incremental borrowing rate as the discount rate.
The Group determines its incremental borrowing rate by obtaining interest rates from
various external financing sources and makes certain adjustments to reflect the terms of
the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022 fixed payments, including in-substance fixed payments;
\u2022 variable lease payments that depend on an index or a rate, initially measured using the
index or rate as at the commencement date;
\u2022 amounts expected to be payable under a residual value guarantee; and
\u2022 the exercise price under a purchase option that the Group is reasonably certain to
exercise, lease payments in an optional renewal period if the Group is reasonably
certain to exercise an extension option, and penalties for early termination of a lease
unless the Group is reasonably certain not to terminate early.
Some of the Group\u2019s lease contracts include renewal or termination options. In order to
determine the lease term for these contracts the Group takes into account all relevant
facts and circumstances in order to assess whether it is reasonably certain that these
options will be exercised. This assessment has an impact on the term of the lease, which
has a significant effect on the amount of the lease liabilities and the measurement of the
right-of-use asset recognized.
Generally, the Group uses an estimate of its incremental borrowing rate as the discount
rate. The lease liability is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the
amount expected to be payable under a residual value guarantee, if the Group changes its
assessment of whether it will exercise a purchase, extension or termination option, or if
there is a revised in-substance fixed lease payment. When the lease liability is remeasured
in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has
been reduced to zero.
Short-term leases and leases of low-value assets
The Group has elected not to recognize right of-use assets and lease liabilities for leases
of low-value assets and short-term leases, including IT equipment. The Group recognizes
the lease payments associated with these leases as an expense on a straight-line basis
over the lease term.
Sale and leaseback transactions
When the Group undertakes a sale and leaseback transaction with a buyer-lessor, it
determines whether the transfer qualifies as a sale. This determination is based on the
requirements for satisfying a performance obligation in IFRS 15 Revenue from Contracts
with Customers. If the transfer qualifies as a sale and the transaction is on market terms
the Group splits the previous carrying amount of the underlying asset into (a) a right-of-
use asset arising from the leaseback and (b) the rights in the underlying asset retained by
the buyer-lessor at the end of the leaseback. The Group recognizes a portion of the total
gain or loss on the sale. The amount recognized is calculated by splitting the total gain or
loss into (a) an unrecognized amount relating to the rights retained by the seller-lessee
and (b) a recognized amount relating to the buyer-lessor\u2019s rights in the underlying asset at
the end of the leaseback. The leaseback itself is then accounted for under the lessee
accounting model. Adjustments are required if consideration for the sale is not at fair value
and/or payments for the lease are not at market rates. These adjustments result in
recognition of a prepayment to reflect below-market terms and/or additional financing
provided by the buyer-lessor to the seller-lessee to reflect above-market terms.
The Group as lessor
The Group is lessor at several locations where it leases commercial property which is
owned by the Group but not used for its own commercial business purposes. The Group
has classified these leases as operating leases, because they do not transfer substantially
all of the risks and rewards incidental to the ownership of the assets.
At inception or on modification of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of their
relative stand-alone prices.
When the Group acts as a lessor, it examines each lease at lease inception to determine
whether is a finance lease or an operating lease. This consists of making an overall
assessment of whether the lease transfers substantially all of the risks and rewards
incidental to ownership of the underlying asset. If this is the case, then the lease is a finance
lease; if not, then it is an operating lease. As part of this assessment, the Group considers
certain indicators such as whether the lease is for the major part of the economic life of
the asset.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and
the sublease separately. It assesses the lease classification of a sublease with reference to
the right-of-use asset arising from the head lease, not with reference to the underlying
asset. If a head lease is a short-term lease to which the Group applies the exemption
described above, then it classifies the sub-lease as an operating lease. If an arrangement
contains lease and non-lease components, then the Group applies IFRS 15 to allocate the
consideration in the contract.
All leases entered into by the Group as lessor to date have been classified as operating
leases and relate to investment properties rented to third parties. The Group recognizes
lease payments received under operating leases as income on a straight-line basis over
the lease term as part of \u201cIncome from investment property rentals.\u201d
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "
4.18 Subsidies
The Group receives government assistance in the form of government investment grants
and investment subsidies which are dependent on the acquisition of certain assets
qualifying under the respective grant awards. Grants and subsidies related to assets are
recognized when there is reasonable assurance that the entity will comply with the relevant
conditions of the grant, and that grant will be received. They are recognized in profit or
loss on a systematic basis as the entity recognizes as expenses the costs that the grants
are intended to compensate. The investment grants and subsidies received reduce the
purchase cost for the relevant subsidized assets recorded under property, plant, and
equipment.
The receipt of government assistance is governed by terms set out in law and by specific
terms and conditions attached to the applicable grants and subsidies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "
4.19 Income taxes
Income and expenses for income tax includes current and deferred tax. Income taxes are
recognized in profit or loss except to the extent that they relate to a business combination,
or to items recognized directly in equity or in other comprehensive income.
Current tax comprises the expected tax payable or receivable on taxable profit or loss for
the year and any adjustment to the tax payable or receivable in respect of previous years.
The amount of current tax payable or receivable is the best estimate of the tax amount
expected to be paid or received. It is measured using tax rates enacted or substantively
enacted at the reporting date.
Current tax assets and liabilities are only offset if certain criteria are met.
The Group has applied the exception to recognizing and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes, in accordance with the
amendments to IAS 12 issued in May 2023.
Deferred income taxes reflect the tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes and the deferred benefits expected from unused tax losses,
unused tax credits, and other credits carried forward, whereby amounts are only
recognized when their realization is considered by management to be probable. Deferred
tax assets and liabilities are measured using the tax rates expected to apply to taxable
income in the years in which these temporary differences are expected to be recovered or
settled, based on tax rates enacted or substantially enacted at the statement of financial
position date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax
consequences that would follow from the manner in which the enterprise expects, at the
statement of financial position date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets are not discounted and are classified as non-current assets in the
statement of financial position. Current tax assets are not offset against current tax
liabilities and deferred tax assets are not offset against deferred tax unless the entity has a
legally enforceable right to set off the recognized amounts and it intends either to settle
on a net basis or to realize the asset and settle the liability simultaneously. Deferred tax
assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized.
At each statement of financial position date, the Group reassesses unrecognized deferred
tax assets and the carrying amount of deferred tax assets. The Group recognizes a
previously unrecognized deferred tax asset to the extent that it has become probable that
future taxable profit will allow the deferred tax asset to be recovered. The probability of
recognition is based on the expected tax profits included in the Group\u2019s current business
planning. The Group conversely reduces the carrying amount of a deferred tax asset to
the extent that it is no longer probable that sufficient taxable profit will be available to
allow the benefit of part or that entire deferred tax asset to be utilized. A deferred tax
liability is recognized for all taxable temporary differences, unless the deferred tax liability
arises from the initial recognition of goodwill or the initial recognition of assets or liabilities
in a transaction that is not a business combination and that affects neither accounting nor
taxable profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "
The Group has applied the exception to recognizing and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes, in accordance with the
amendments to IAS 12 issued in May 2023.
Deferred income taxes reflect the tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and the amounts
used for income tax purposes and the deferred benefits expected from unused tax losses,
unused tax credits, and other credits carried forward, whereby amounts are only
recognized when their realization is considered by management to be probable. Deferred
tax assets and liabilities are measured using the tax rates expected to apply to taxable
income in the years in which these temporary differences are expected to be recovered or
settled, based on tax rates enacted or substantially enacted at the statement of financial
position date.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax
consequences that would follow from the manner in which the enterprise expects, at the
statement of financial position date, to recover or settle the carrying amount of its assets
and liabilities.
Deferred tax assets are not discounted and are classified as non-current assets in the
statement of financial position. Current tax assets are not offset against current tax
liabilities and deferred tax assets are not offset against deferred tax unless the entity has a
legally enforceable right to set off the recognized amounts and it intends either to settle
on a net basis or to realize the asset and settle the liability simultaneously. Deferred tax
assets are recognized when it is probable that sufficient taxable profits will be available
against which the deferred tax assets can be utilized.
At each statement of financial position date, the Group reassesses unrecognized deferred
tax assets and the carrying amount of deferred tax assets. The Group recognizes a
previously unrecognized deferred tax asset to the extent that it has become probable that
future taxable profit will allow the deferred tax asset to be recovered. The probability of
recognition is based on the expected tax profits included in the Group\u2019s current business
planning. The Group conversely reduces the carrying amount of a deferred tax asset to
the extent that it is no longer probable that sufficient taxable profit will be available to
allow the benefit of part or that entire deferred tax asset to be utilized. A deferred tax
liability is recognized for all taxable temporary differences, unless the deferred tax liability
arises from the initial recognition of goodwill or the initial recognition of assets or liabilities
in a transaction that is not a business combination and that affects neither accounting nor
taxable profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "
4.20 Changes to accounting policies
New accounting pronouncements
The amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack
of Exchangeability (issued on August 15, 2023) which is effective for annual periods
beginning on or before January 1, 2025, has been applied by the Group for the first time in
preparing these consolidated financial statements. The amendment did not have a
significant effect on the consolidated financial statements of the X-FAB Group.
New accounting standards, amendments to standards, and interpretations effective
for annual periods beginning after January 1, 2026
A number of new accounting standards and amendments to accounting standards are
effective for annual periods beginning after January\u00a01, 2026 The Group has not early
adopted any of the forthcoming new or amended accounting standards in preparing these
consolidated financial statements.
The Group is still in the process of assessing the impact of the new standard IFRS\u00a018,
particularly with respect to the structure of the Group\u2019s statement of profit or loss, the
statement of cash flows, additional disclosures required, and how information is grouped in
the financial statements.
The remaining amendments are not expected to have a material impact on the Group\u2019s
consolidated financial statements.
Amendments to the Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7, issued on May\u00a030, 2024, will address diversity in
accounting practice by making the requirements more understandable and consistent.
The amendments include:
\u2022 Clarifications on the classification of financial assets with environmental, social and
corporate governance (ESG) and similar features\u2014ESG-linked features in loans could
affect whether the loans are measured at amortized cost or fair value. To resolve any
potential diversity in practice, the amendments clarify how the contractual cash flows
on such loans should be assessed.
\u2022 Clarifications on the date on which a financial asset or financial liability is derecognized.
The IASB also decided to develop an accounting policy option to allow a company to
derecognize a financial liability before it delivers cash on the settlement date if
specified criteria are met.
The International Accounting Standards Board has also introduced additional disclosure
requirements to enhance transparency for investors regarding investments in equity
instruments designated at fair value through other comprehensive income and financial
instruments with contingent features, for example features tied to ESG-linked targets.
The amendments are effective for annual reporting periods beginning on or after
January\u00a01, 2026 with early adoption permitted. These amendments have been endorsed
by the EU.
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and
IFRS\u00a07, issued on December\u00a018, 2024, will help entities better report on the financial
effects of nature-dependent electricity contracts, which are often structured as power
purchase agreements (PPAs). Nature-dependent electricity contracts help entities to
secure their electricity supply from sources such as wind and solar power. The amount of
electricity generated under these contracts can vary based on uncontrollable factors such
as weather conditions. Current accounting requirements may not adequately capture how
these contracts affect an entity\u2019s performance.
The amendments include:
\u2022 clarifying the application of the \u201cown use\u201d requirements;
\u2022 permitting hedge accounting if these contracts are used as hedging instruments; and
\u2022 adding new disclosure requirements to enable investors to understand the effect of
these contracts on a company\u2019s financial performance and cash flows.
The amendments are effective for annual reporting periods beginning on or after
January\u00a01, 2026 with early adoption permitted. These amendments have been endorsed
by the EU.
Annual Improvements Volume 11, issued on July 18, 2024, include clarifications,
simplifications, corrections and changes aimed at improving the consistency of several
IFRS Accounting Standards.
The amended Standards are:
\u2022 IFRS 1 First-time Adoption of International Financial Reporting Standards;
\u2022 IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on
implementing IFRS 7;
\u2022 IFRS 9 Financial Instruments;
\u2022 IFRS 10 Consolidated Financial Statements; and
\u2022 IAS 7 Statement of Cash Flows.
The amendments are effective for annual reporting periods beginning on or after
January\u00a01, 2026 with early adoption permitted. These amendments have been endorsed
by the EU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "
5 Business combinations
The Group did not enter into any business combinations in the financial year 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "
6.1 Revenue
Revenue, which wholly and exclusively represents revenue from contracts with customers,
comprises the following (refer to note 9 for revenue by geographic concentration):
in thousands of U.S. dollars
2025
2024
Gross revenue PCM wafer
799,936
734,783
Gross revenue NRE and technology services
83,180
96,884
Revenue recognized over time PCM wafer
2,662
(5,919)
Other revenue
5
14
Discounts and warranty credits
(15,528)
(9,379)
Total
870,255
816,383
Revenues from production increased by 8.8%, driven by higher demand especially for the
Industrial and Medical end markets. Revenue from prototyping decreased by 14.1%.
Revenue from PCM wafer sales is generally recognized at the specific point in time when
the wafers are delivered to the customer, and, in addition, revenue is recognized over time
for certain long-term contracts which meet the criteria for revenue recognition over time.
Revenue for wafer sales recognized over time represents the Group\u2019s rights to
consideration for work completed but not invoiced at the reporting date on wafer sales
under long-term contracts which meet the criteria for revenue recognition over time. As
described in note 7.12 below, the Group receives prepayments from customers for future
wafer sales and capacity reservation deposits in connection with such long-term contracts.
The Group has not recognized revenues of variable consideration from customers in
respect of shortfalls of orders from customers, nor any incurred or anticipated contract
penalties, or any downward revisions of revenues previously recognized in the financial
year 2025 or 2024 as, at the current time, it is anticipated that all customer orders will be
supplied to customers in full without any shortfalls. In addition, no revenue is recognized in
the current year from performance obligations satisfied in prior years (e.g. changes in
transaction price).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "
Revenue, which wholly and exclusively represents revenue from contracts with customers,
comprises the following (refer to note 9 for revenue by geographic concentration):
in thousands of U.S. dollars
2025
2024
Gross revenue PCM wafer
799,936
734,783
Gross revenue NRE and technology services
83,180
96,884
Revenue recognized over time PCM wafer
2,662
(5,919)
Other revenue
5
14
Discounts and warranty credits
(15,528)
(9,379)
Total
870,255
816,383
7.4 Contract assets
Contract assets relate to the Group\u2019s rights to consideration for work completed but not
invoiced at the reporting date on wafer sales recognized over time. No impairment
charges have been recognized on contract assets. The contract assets are transferred to
receivables when the rights become unconditional. This usually occurs when the Group
issues an invoice to the customer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "
6.2 Cost of sales
The cost of sales comprises the following:
in thousands of U.S. dollars
2025
2024
Employee-related expenses
(228,693)
(216,109)
Cost of materials
(154,476)
(174,451)
Costs of fixed assets (maintenance, spare parts, etc.)
(101,155)
(102,265)
Depreciation and amortization
(107,972)
(92,319)
Facility costs
(78,463)
(75,759)
External services
(10,461)
(5,807)
Changes in inventories
(24,517)
16,947
Grants
26,997
19,943
Other
(7,112)
(3,614)
Total
(685,852)
(633,434)
The increase in cost of sales of 8.3% reflects the 6.6% increase in revenues with an
accompanying decrease in inventories. Depreciation increased following the completion
of investments in capacity.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
6.3 Research and development expenses
Research and development expenses comprise the following:
in thousands of U.S. dollars
2025
2024
Employee-related expenses
(39,026)
(39,878)
Cost of materials
(10,128)
(8,075)
Costs of fixed assets (incl. maintenance software, etc.)
(5,414)
(3,800)
Depreciation and amortization
(2,040)
(1,718)
Facility costs
(1,054)
(984)
External services
(645)
(606)
Grants
6,045
4,908
Other
2,571
368
Total
(49,691)
(49,785)
It is X\u2011FAB\u2019s policy to maintain a consistent rate of research and development expenses in
relation to revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "
6.5 General and administrative expenses
The general and administrative expenses comprise the following:
in thousands of U.S. dollars
2025
2024
Employee-related expenses
(27,719)
(27,594)
External services
(6,743)
(7,051)
Costs of fixed assets (maintenance software, etc.)
(7,123)
(6,177)
Depreciation and amortization
(2,819)
(3,366)
Insurance, dues, and fees
(2,081)
(1,600)
Facility costs
(1,350)
(1,249)
Other
(317)
(314)
Total
(48,152)
(47,351)
Increases in software costs include costs for ongoing work on a change in ERP system.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
6.6 Expenses by nature
In the income statement, expenditures are classified by function. Expenses include
depreciation charges allocated to the following items:
in thousands of U.S. dollars
2025
2024
Included in cost of sales
(107,249)
(91,462)
Included in research and development expenses
(1,780)
(1,172)
Included in selling expenses
(117)
(123)
Included in general and administrative expenses
(2,155)
(2,328)
Included in expenses related to investment properties and
other expenses
(2,017)
(1,918)
Total
(113,318)
(97,003)
Depreciation increased due to capitalization of tools for capacity increases.
Expenses include charges for amortization of intangible assets allocated to the following
items:
in thousands of U.S. dollars
2025
2024
Included in cost of sales
(723)
(857)
Included in research and development expenses
(260)
(546)
Included in general and administrative expenses
(664)
(1,038)
Total
(1,647)
(2,441)
Employee-related expenses allocated according to function in the income statement
consist of the following:
in thousands of U.S. dollars
2025
2024
Wages and salaries
(229,819)
(222,972)
Social security costs
(50,597)
(46,433)
Contributions to defined contribution plans
(15,060)
(13,132)
Other employee-related costs
(8,234)
(9,140)
Total
(303,710)
(291,677)
The increase in staff costs compared to the previous year is primarily due to the general
increase in business activity.
Defined contribution plans primarily consist of contributions made under statutory
schemes by employers to state-based defined contribution plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
6.6 Expenses by nature
In the income statement, expenditures are classified by function. Expenses include
depreciation charges allocated to the following items:
in thousands of U.S. dollars
2025
2024
Included in cost of sales
(107,249)
(91,462)
Included in research and development expenses
(1,780)
(1,172)
Included in selling expenses
(117)
(123)
Included in general and administrative expenses
(2,155)
(2,328)
Included in expenses related to investment properties and
other expenses
(2,017)
(1,918)
Total
(113,318)
(97,003)
Depreciation increased due to capitalization of tools for capacity increases.
Expenses include charges for amortization of intangible assets allocated to the following
items:
in thousands of U.S. dollars
2025
2024
Included in cost of sales
(723)
(857)
Included in research and development expenses
(260)
(546)
Included in general and administrative expenses
(664)
(1,038)
Total
(1,647)
(2,441)
Employee-related expenses allocated according to function in the income statement
consist of the following:
in thousands of U.S. dollars
2025
2024
Wages and salaries
(229,819)
(222,972)
Social security costs
(50,597)
(46,433)
Contributions to defined contribution plans
(15,060)
(13,132)
Other employee-related costs
(8,234)
(9,140)
Total
(303,710)
(291,677)
The increase in staff costs compared to the previous year is primarily due to the general
increase in business activity.
Defined contribution plans primarily consist of contributions made under statutory
schemes by employers to state-based defined contribution plans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "
6.9 Other income
Other income comprises the following:
in thousands of U.S. dollars
2025
2024
Gains on disposals of property, plant, and equipment
1,534
3,985
Income from other admin services/cost sharing
543
839
Income from sales of materials
342
287
Income from recharges
84
3,462
Settlement of a dispute
\u2014
950
Other
1,075
1,513
Total
3,578
11,036
The income from recharges in the previous year primarily results from charges for
software maintenance costs to Melexis, a former related party, included in the disclosures
presented in note\u00a012.
Gains on disposal of property, plant, and equipment in 2025 and 2024 primarily related to
sales of technical machinery and equipment previously used by X\u2011FAB France for
technologies in operation in its predecessor business prior to it being acquired by the
X\u2011FAB Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "
6.10 Other expenses
Other expenses comprise the following:
in thousands of U.S. dollars
2025
2024
Renegotiation of a long-term agreement
(6,002)
\u2014
Non-deductible other taxes
(110)
(213)
Expenses from recharges
(84)
(3,462)
Loss on disposal of subsidiary
\u2014
(1,030)
Losses on disposal of property, plant, and equipment
(18)
(3)
Other
(599)
(296)
Total
(6,813)
(5,004)
During the year, the Group reached a settlement agreement with one of its wafer suppliers
in relation to a long\u2011term supply contract for SiC raw wafers. Following negotiations, the
Group and the supplier agreed to a full and final settlement. The settlement resulted in a
net lump\u2011sum payment by the Group of USD\u202f6,002\u202fthousand, which was made during the
reporting period. The settlement extinguishes all historical rights and obligations of both
parties in respect of the contractual matters. In connection with the settlement, the Group
and the supplier reaffirmed their commercial relationship and agreed to continue their
cooperation under revised operational arrangements going forward.
The expenses from recharges in the prior year primarily relate to costs in connection with
recharges for software maintenance provided to formerly related parties.
The loss on disposal of subsidiary in the financial year 2024 arose as a result of the closure
and liquidation of the Group\u2019s Russian subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "
6.11 Finance income
Finance income comprises the following:
in thousands of U.S. dollars
2025
2024
Interest on financial assets measured at amortized cost:
Interest on cash and cash equivalents
4,445
11,137
Change in fair value of financial assets and liabilities at fair value
through profit or loss:
Change in fair value of derivative financial instruments
1,309
\u2014
Other:
Income from exchange rate differences
28,992
24,869
Total
34,746
36,006
Income from exchange rate differences result from the effects of changes in currency rates
on cash balances denominated in Malaysian ringgit and in euros. The net income (income
less expense disclosed in note 6.12) from exchange rate differences decreased to
USD\u00a0-20,894 thousand (2024: income of USD\u00a03,337 thousand) due to unrealized exchange
rate differences on EUR denominated loans caused by an increased EUR/USD rate.
The change in value of derivative financial instruments arose on a foreign exchange
forwards entered into during the year to offset the changes in value of loans and
borrowings not denominated in the reporting currency. All derivative financial instruments
used during the financial year matured before or on the balance sheet date. Hedge
accounting was not applied.
6.12 Finance costs
Finance costs comprise the following:
in thousands of U.S. dollars
2025
2024
Interest on financial liabilities measured at amortized cost:
Interest on loans and borrowings
(19,984)
(16,117)
Other interest
(814)
(545)
Other:
Expenses from exchange rate differences
(49,886)
(21,532)
Other
\u2014
(66)
Total
(70,684)
(38,260)
Exchange rate expenses are primarily due to currency exchange rate losses on translation
effects of euro-denominated loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
6.11 Finance income
Finance income comprises the following:
in thousands of U.S. dollars
2025
2024
Interest on financial assets measured at amortized cost:
Interest on cash and cash equivalents
4,445
11,137
Change in fair value of financial assets and liabilities at fair value
through profit or loss:
Change in fair value of derivative financial instruments
1,309
\u2014
Other:
Income from exchange rate differences
28,992
24,869
Total
34,746
36,006
Income from exchange rate differences result from the effects of changes in currency rates
on cash balances denominated in Malaysian ringgit and in euros. The net income (income
less expense disclosed in note 6.12) from exchange rate differences decreased to
USD\u00a0-20,894 thousand (2024: income of USD\u00a03,337 thousand) due to unrealized exchange
rate differences on EUR denominated loans caused by an increased EUR/USD rate", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
6.12 Finance costs
Finance costs comprise the following:
in thousands of U.S. dollars
2025
2024
Interest on financial liabilities measured at amortized cost:
Interest on loans and borrowings
(19,984)
(16,117)
Other interest
(814)
(545)
Other:
Expenses from exchange rate differences
(49,886)
(21,532)
Other
\u2014
(66)
Total
(70,684)
(38,260)
Exchange rate expenses are primarily due to currency exchange rate losses on translation
effects of euro-denominated loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
6.13 Income tax
Income taxes primarily comprise Belgian corporation tax, German corporation and trade
taxes (plus solidarity surcharge), French corporation tax, and Malaysian corporation tax.
United States federal income taxes have not been incurred during the reporting period as
no taxable income was generated in that country or sufficient tax losses were available to
offset taxable income.
Belgium, the jurisdiction where the \u201cultimate parent entity\u201d (i.e. X\u2011FAB Silicon Foundries
SE) of the X-FAB Group is located, formally adopted the Pillar Two (\u201cGlobal Minimum
Tax\u201d) legislation in December 2023, effective from 2024 onwards (i.e. for financial years
starting on or after December 31, 2023). In accordance with the scoping rules of the Pillar
Two legislation the entities of the X-FAB Group shall only be within the scope of the
Global Minimum Tax rules as from January\u00a01, 2026.
In 2026, X-FAB expects to be eligible for the so-called Pillar Two \u201cSafe Harbors\u201d for all
countries where the X-FAB group is active, except for Malaysia. In the jurisdictions where
the \u201cSafe Harbor\u201d applies, the Pillar Two top-up tax liability is deemed to be zero. In
Malaysia, the jurisdictional effective tax rate is primarily determined by X-FAB Sarawak.
X\u2011FAB Sarawak has an effective tax rate below 15%. Nevertheless, X-FAB does not expect
to be liable to top-up tax in (or with respect to) its Malaysia operations in 2026 due to the
impact of specific adjustments envisaged in the Pillar Two legislation which give rise to
different Global Anti-Base Erosion (GloBE) effective tax rates compared to those
calculated in accordance with paragraph 86 of IAS\u00a012.
The Group has applied the exception to recognizing and disclosing information about
deferred tax assets and liabilities related to Pillar Two income taxes, in accordance with the
amendments to IAS 12 issued in May 2023.
Income taxes comprised the following:
in thousands of U.S. dollars
2025
2024
Current taxes:
Actual income tax charge for the period
(6,553)
(5,574)
Adjustment of prior years\u2019 tax charges
1,063
914
(5,490)
(4,660)
Deferred taxes
(4,870)
(17,104)
Total
(10,360)
(21,764)
The Belgian tax rate applicable for the Group\u2019s result was 25.00% in 2025 and 2024.
The deferred tax assets and liabilities of the foreign subsidiaries are valued based on local
tax rates. The Group\u2019s various German operations incur federal income taxes and local
trade taxes which result in overall applicable tax rates of between 31.58% and 32.28%.
The federal income tax rate applicable to the Group\u2019s earnings in the United States is
21.00%, the tax rate applicable on earnings in Malaysia amounts to 24.00%, and the tax
rate applicable to X-FAB France is 25.00%.
The reconciliation of the theoretical tax charge based on the IFRS net income before tax
is as follows for the years 2025 and 2024 :
in thousands of U.S. dollars
2025
2024
Result before taxes
40,488
83,289
Theoretical tax at combined applicable Belgian tax rate
(10,122)
(20,822)
Recognition of previously unrecognized deferred tax on timing
differences and tax losses
17,190
12,080
Current year losses for which no deferred tax asset is
recognized
(22,692)
(13,161)
Adjustment of prior period tax liabilities recorded in the current
period
1,063
914
Effect of tax-free income
4,046
4,383
Currency effects
1,048
(3,948)
Effect of permanent differences
342
(193)
Effect of non-deductible expenditures
394
13
Effect of different tax rates applying to foreign operations
(1,477)
(1,062)
Differences which are only valid for special taxes
(152)
32
Income/(expense) for income taxes recognized in the
consolidated statement of profit or loss
(10,360)
(21,764)
Previously unrecognized deferred tax on timing differences and tax losses results in
deferred tax income as the Group recognizes deferred tax on timing differences and tax
losses which are expected to be realized in the near future. As described below, the
amount recognized in the statement of financial position is based on the Group\u2019s current
business planning. The amount reported includes deferred tax assets of USD\u00a050,389
thousand recognized in the Group\u2019s Malaysian subsidiary at December 31, 2025
(December 31, 2024: USD 51,015 thousand), USD\u00a00 thousand (December\u00a031, 2024: USD\u00a00
thousand) recognized in the US subsidiary, and USD\u00a011,313 thousand (December 31, 2024:
USD\u00a015,946 thousand) recognized in the Group\u2019s German entities. The income statement
includes recognition of previously unrecognized deferred tax on timing differences and
tax losses carried forward of USD\u00a017,190 thousand (previous year: USD 12,081 thousand)
based on the carrying value at the reporting date, less the amount recognized in the
previous year, after the amount recognized in the previous year had been reduced by the
assets utilized in the current year.
Current year losses for which no deferred tax asset is recognized primarily arose in the
current and previous years at the Group\u2019s subsidiary in France and Texas.
Effects from tax-free income primarily relate to various tax-exempted items of X-FAB
Sarawak, for example interest income, exchange rate gains, and gains from fixed asset
sales.
Currency effects primarily relate to the effect of changes in exchange rates on tax
carrying amounts denominated in euros in 2025 and 2024.
The deferred tax assets and liabilities arise from temporary differences and unused tax
losses as follows:
in thousands of U.S. dollars
2025
2024
Deferred tax assets \u2013 unrecognized amounts
On unused tax losses
287,406
226,375
On temporary differences
Property, plant, and equipment/capital allowances
143,863
254,201
Other temporary differences
10,528
9,009
Total unrecognized deferred tax assets
441,797
489,585
Deferred tax assets \u2013 recognized amounts
On unused tax losses
12,403
24,515
On temporary differences:
On property, plant, and equipment/capital allowances
49,707
44,789
On other temporary differences
(256)
(2,579)
Total recognized deferred tax assets
61,854
66,725
X-FAB SE Group recognizes deferred tax assets resulting from temporary differences and
from unused tax losses which exceed the deferred tax liabilities only to the extent that, on the
basis of the Group\u2019s business planning, the realization of these assets is assessed as probable.
This assessment involves a review by management of profits and losses expected in the
business plan and limiting recognition of the future tax benefits to take account of potential
variances against the business plan. Accordingly, recognized and unrecognized deferred tax
assets are subject to estimation uncertainty, and there is a significant risk that the carrying
amounts will require adjustment in subsequent periods. The estimates are, in particular, subject
to the estimation uncertainties inherent in business planning which affect the likely utilization of
unused tax losses and subject to potential changes in exchange rates which affect the size of
timing differences.
Unrecognized temporary differences on property, plant, and equipment and other timing
differences which can be used to offset future taxable income mainly relate to an
investment tax allowance of the Group's Malaysian subsidiary. The investment tax
allowance amounts to USD\u00a0795,979 thousand at December 31, 2025 (December 31, 2024:
USD\u00a0831,478 thousand).
More specifically, for the assessment of future available taxable profit a risk-adjusted profits
approach was applied to the forecasts included in the Group\u2019s business planning. This
method was applied to reflect the risk that actual taxable profits will fall short of the
expectations. The Board has determined that adjusting the expected future taxable profits
for this component by using a risk factor is appropriate considering the inherent risk in the
semiconductor market and the specific exchange rate volatility risks which affect the
assessment. In addition, the Board has determined that taxable income as from 2029 does
not meet the \u201cprobable\u201d threshold as required under IFRS standards and is not taken into
account for the determination of the amount of deferred tax assets to be recognized.
In particular, tax legislation in the jurisdictions in which the Group operates provides for the
full or partial cancellation of unused tax losses on the occurrence of significant changes in
the direct or indirect equity ownership of the taxable entity. Accordingly, there is a risk that
recognized and unrecognized deferred tax assets may not be realized should such
transactions occur in the future.
X-FAB SE and its subsidiaries have unused corporation tax losses as follows:
in thousands of U.S. dollars
2025
2024
Belgian tax loss carry forward
5,760
\u2014
German corporation tax loss carry forward
106,567
105,650
German trade tax loss carry forward
168,552
144,484
U.S. federal tax loss carry forward
183,578
155,610
U.S. state tax loss carry forward
54,258
26,087
Malaysian tax loss carry forward
370,362
336,061
French tax loss carry forward
515,882
392,414
The Group\u2019s French and German tax losses can be carried forward indefinitely, whereby in
France and Germany there are restrictions on the amounts that can be utilized in any
specific year. U.S. federal tax losses for years prior to 2017 expire, if unused, after a period
of 20 years. U.S. federal tax losses of USD 0.4 million expired in 2025 (2024: USD 0
million). The Group estimates that further U.S. federal tax losses of USD 0 million will
expire in the year 2026 unless utilized. Unabsorbed Malaysian business losses expire after
a period of seven years. The unused tax losses changed as a result of tax losses in the year,
tax losses offset in the year, and, in addition, changes in currency exchange rates.
Insignificant changes resulted from changes in estimates between the dates of
preparation of the previous year\u2019s consolidated financial statements and the finalization of
the tax returns and tax assessments of individual entities.
Significant deferred tax balances arise in respect of tax losses carried forward and on
timing differences on property, plant, and equipment. A summary of the movements is
presented in the table below. Deferred tax balances on other balance sheet positions are
presented on a combined basis for this purpose.
in thousands of U.S.
dollars
Tax losses
carried forward
Property, plant,
and equipment
Other
temporary
differences
Total
Balance at January 1,
2024
34,976
51,505
(2,709)
83,772
Recognized in profit and
loss
(10,461)
(6,716)
73
15,795
Recognized in other
comprehensive income
\u2014
\u2014
\u2014
\u2014
Acquired in business
combinations
\u2014
\u2014
57
Balance at December
31, 2024
24,515
44,789
(2,579)
66,725
Set off of tax
\u2014
1,322
(1,322)
\u2014
Net balance at
December 31, 2024
24,515
46,111
(3,901)
66,725
Balance at January 1,
2025
24,515
44,789
(2,579)
66,725
Recognized in profit and
loss
(12,112)
4,918
2,323
(4,871)
Recognized in other
comprehensive income
\u2014
\u2014
\u2014
\u2014
Balance at December
31, 2025
12,403
49,707
(256)
61,854
Set off of tax
\u2014
187
(187)
\u2014
Net balance at
December 31, 2025
12,403
49,894
(443)
61,854
Changes in recognized deferred tax assets resulted in a deferred tax expense of
USD\u00a04,870 thousand (2024: income of USD 17,046 thousand). The decrease in previously
unrecognized deferred tax assets on property, plant, and equipment and other timing
differences recognized in 2025 compared to 2024 is due to a lower than previously
anticipated level of taxable income generated from current and future planned operating
results at the Group\u2019s subsidiaries. This has generated an increase in deferred tax assets in
timing differences available for offsetting against taxable income in future periods.
No income tax expenses or income have been recognized on items recorded within other
comprehensive income (previous year: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "
6.14 Earnings per share
The earnings per share is calculated by dividing the profit for the period attributable to the
ordinary shareholders (as reported in the statement of profit or loss and other
comprehensive income) by the weighted average number of shares in issue during the
period.
The weighted average number of ordinary shares is identical to the number of ordinary
shares outstanding during the years ended December 31, 2025, and December 31, 2024.
No instruments with a potential diluting effect on shareholders\u2019 equity have been in issue
during the years ended December 31, 2025, and December 31, 2024. Accordingly, there is
no potential dilution of the profit attributable to equity shareholders and no difference
between basic and diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
7.1 Property, plant, equipment, and investment properties
in thousands of U.S. dollars
Land
Buildings
Technical machinery
and equipment
Factory and office
equipment
Assets under
construction
Total
Net book value January\u00a01, 2025
14,078
49,581
440,158
7,105
633,696
1,144,618
Accumulated historical cost January\u00a01, 2025
14,360
134,731
1,503,433
38,930
633,696
2,325,150
Additions
\u2014
(694)
19,035
787
169,615
188,743
Disposals
\u2014
(10)
(10,253)
(505)
\u2014
(10,768)
Reclassifications
\u2014
10,936
156,056
1,980
(168,733)
239
Effect of changes in exchange rates
\u2014
\u2014
\u2014
\u2014
(46)
(46)
Accumulated historical cost December 31, 2025
14,360
144,963
1,668,271
41,192
634,532
2,503,318
Accumulated depreciation January\u00a01,\u00a02025
(282)
(85,150)
(1,063,275)
(31,825)
\u2014
(1,180,532)
Additions
(35)
(4,705)
(104,775)
(3,507)
\u2014
(113,022)
Disposals
\u2014
10
10,184
500
\u2014
10,694
Reclassifications
\u2014
\u2014
(187)
\u2014
\u2014
(187)
Accumulated depreciation December\u00a031,\u00a02025
(317)
(89,845)
(1,158,053)
(34,832)
\u2014
(1,283,047)
Net book value December 31, 2025
14,043
55,118
510,218
6,360
634,532
1,220,271
Net book value January\u00a01, 2024
14,065
48,781
317,448
7,271
346,923
734,488
Accumulated historical cost January 1, 2024
14,307
129,605
1,325,987
35,934
346,923
1,852,756
Additions
\u2014
185
86,509
903
421,065
508,662
Disposals
\u2014
\u2014
(34,182)
(182)
(1,365)
(35,729)
Reclassifications
53
4,941
124,921
2,235
(132,927)
(777)
Change in consolidation
\u2014
\u2014
198
40
\u2014
238
Accumulated historical cost December 31, 2024
14,360
134,731
1,503,433
38,930
633,696
2,325,150
Accumulated depreciation January\u00a01,\u00a02024
(242)
(80,824)
(1,008,539)
(28,663)
\u2014
(1,118,268)
Additions
(40)
(4,326)
(88,631)
(3,638)
\u2014
(96,635)
Disposals
\u2014
\u2014
33,895
476
\u2014
34,371
Accumulated depreciation December\u00a031, 2023
(282)
(85,150)
(1,063,275)
(31,825)
\u2014
(1,180,532)
Net book value December\u00a031, 2024
14,078
49,581
440,158
7,105
633,696
1,144,618
Property, plant, and equipment
Additions in technical machinery and equipment and additions in assets under construction
mainly refer to capital investments in technical machinery in X-FAB France (USD\u00a027 million,
2024: USD 84 million), X-FAB Sarawak (USD 119 million, 2024: USD 371 million), X\u2011FAB
Texas (USD\u00a03 million, 2024: USD 19 million), X\u2011FAB Erfurt (USD 6 million; 2024: USD 5
million), X\u2011FAB Dresden (USD\u00a013 million, 2024: USD 30 million), X\u2011FAB MEMS Foundry
Itzehoe (USD 3 million, 2024: USD\u00a03\u00a0million), and X\u2011FAB MEMS Foundry (USD\u00a028\u00a0million,
2024: USD 16 million), less government grants of USD\u00a010\u00a0million (2024: USD\u00a020\u00a0million).
Assets under construction primarily include investments in technical machinery. Additions
in property, plant, and equipment resulted in cash outflows in 2025 of USD\u00a0204,129
thousand (2024: USD\u00a0509,467 thousand). Refer to the statement of cash flows.
The Group has received investment grants related to the acquisition of qualifying assets
amounting to USD\u00a09,861 thousand (2024: USD\u00a020,113 thousand). These are primarily
grants received under the US CHIPS Act.
There were indications of a possible impairment of property, plant, and equipment at the
cash-generating units X-FAB Texas and X-FAB France at December 31, 2025, in view of
market developments for certain products manufactured within those units. Impairment
tests were performed to determine whether a write-down of the carrying amounts of
non\u2011current assets of those units was required. No impairment write-downs were required
following the completion of the impairment tests as the recoverable amounts based on
the value in use were higher than the carrying amounts of the relevant assets. In addition,
there was a potential indication of impairment for the Group as a whole in view of the fact
that the Group\u2019s market capitalization fell below the carrying amount of the Group\u2019s equity
in 2025. No detailed impairment tests of other cash-generating units for other cash-
generating units it was clear, on the basis of past calculations, current results, and specific
extrapolation of corporate planning, that their recoverable amounts based on the value in
use could not be below their respective carrying amounts.
Accumulated historical costs have been reduced by investment grants received of
USD 165,630 thousand (December 31, 2024: USD 155,772 thousand) and accumulated
depreciation has been reduced by USD\u00a0136,349 thousand (December\u00a031, 2024:
USD\u00a0130,885 thousand).
At December 31, 2025, property, plant, and equipment with a book value of USD 87 million
(December 31, 2024: USD\u00a020 million) had been provided as collateral security to
third\u2011party lenders. The carrying values of technical machinery and equipment include
USD 36.2 million (December 31, 2024: USD\u00a057.1 million) which are not owned by the Group
but which are held under leasing arrangements as disclosed in note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
Investment properties
Investment properties consist of properties let to third parties by X\u2011FAB GmbH, X\u2011FAB
Dresden, X\u2011FAB Texas, and X\u2011FAB France. The lease arrangements, the majority of which
expire at various dates until 2025 continue after expiry unless canceled by either party
within notice periods of between one month and six months.
Investment properties are accounted for at purchase cost less straight-line depreciation.
The book and fair values of these properties at the reporting date were as follows:
in thousands of U.S. dollars
2025
2024
Net book value, beginning of period
7,412
7,171
Additions
\u2014
84
Depreciation
(405)
(575)
Reclassifications
\u2014
732
Net book value, end of period
7,007
7,412
Accumulated cost
34,463
34,463
Accumulated depreciation
(27,454)
(27,049)
Fair value
32,075
34,693
Properties are reclassified between the land and buildings and investment properties
classifications when there is a change in the use of the property (for example, when a
property previously used by the Group is let to third parties or the Group uses a property
previously let to third parties).
Additions to investment properties represents work capitalized on the Group\u2019s existing
investment properties.
The fair values of the investment properties relate to properties in Germany
(December\u00a031, 2025: USD\u00a015,032 thousand; December 31, 2024:\u00a019,087 thousand), the U.S.
(December 31, 2024: USD\u00a01,491 thousand; December 31, 2024: USD 1,791 thousand), and
France (December 31, 2025: USD 15,552 thousand; December\u00a031, 2024: 13,815 thousand).
The fair value measurements of the investment properties have been categorized as a
Level 3 fair value based on the inputs to the valuation techniques used. The valuations
disclosed of the Group\u2019s investment properties are updated annually. In the U.S. and in
France the valuations were performed by independent third-party experts with the
appropriate professional qualifications and the necessary expertise in the location and
category of property. In Germany they are performed by the management of X\u2011FAB SE
Group, calculated on the basis of discounted future cash flows, and discounting future
rents at a rate of 6.0% (December\u00a031, 2024: 6.0%). The valuation model takes into account
the rent per square meter, expected rental growth rates, other costs, and the maturity of
the contracts.
No impairment charges were recorded against investment properties in 2025 or 2024.
The following table sets out a maturity analysis of lease payments which will be received in
respect of investment properties, showing the undiscounted lease payments to be
received after the reporting date.
in thousands of U.S. dollars
2025
2024
2025
5,689
2026
5,489
5,350
2027
4,965
1,901
2028
1,281
1,397
2029
1,115
1,144
2030
1,100
\u2014
Total
13,950
15,481
Subsequent to the reporting date, on February 13, 2026 the Group completed the sale of
an investment property with a carrying value of USD 3,196 thousand. The sale price,
payable in cash, amounted to USD 4,873 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "
7.2 Intangible assets
The movements on intangible assets were as follows:
in thousands of U.S. dollars
Licenses
Payments on
account
Total
Net book value January 1, 2025
2,234
4,085
6,319
Accumulated historical cost
January\u00a01, 2025
66,982
4,085
71,067
Additions
29
4,678
4,707
Disposals
(19)
\u2014
(19)
Reclassifications
217
(257)
(40)
Effect of changes in exchange rates
\u2014
46
46
Accumulated historical cost
December\u00a031, 2024
67,209
8,552
75,761
Accumulated amortization
January\u00a01,\u00a02025
(64,748)
\u2014
(64,748)
Additions
(1,510)
\u2014
(1,510)
Disposals
19
\u2014
19
Accumulated amortization
December\u00a031, 2024
(66,239)
\u2014
(66,239)
Net book value December\u00a031, 2025
970
8,552
9,522
Net book value January 1, 2024
4,005
1,622
5,627
Accumulated historical cost
January\u00a01, 2024
63,937
1,622
65,559
Additions
234
2,927
3,161
Disposals
\u2014
\u2014
\u2014
Reclassifications
2,811
(464)
2,347
Accumulated historical cost
December\u00a031, 2024
66,982
4,085
71,067
Accumulated amortization
January\u00a01,\u00a02024
(59,932)
\u2014
(59,932)
Additions
(2,441)
\u2014
(2,441)
Disposals
\u2014
\u2014
\u2014
Reclassification
(2,375)
\u2014
(2,375)
Accumulated amortization
December\u00a031, 2023
(64,748)
\u2014
(64,748)
Net book value December\u00a031, 2024
2,234
4,085
6,319
Intangible assets in the statement of financial position do not include any capitalized costs
of internally generated assets. Payments on account refer to advance and milestone
payments made for the acquisition of software licenses and the customization of such
software in a project not yet fully completed. Refer to note 4.9.
No impairment against the carrying values of payments on account was recorded in 2025
or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
7.3 Inventories
Inventories comprise the following:
in thousands of U.S. dollars
2025
2024
Materials and supplies
167,333
160,618
Work in progress
90,106
118,354
Finished goods
16,749
9,941
Merchandise
\u2014
6
Write-downs
(9,529)
(7,154)
Total
264,659
281,765
Changes in work in progress and finished goods totaling USD 20,140 thousand were
included in cost of sales in 2025 (2024: USD 19,072 thousand). Write-downs are recorded
against inventories and recognized as an expense in cost of sales in the period of
USD 4,376 thousand (2024: USD 2,125 thousand). There have not been any reversals of
write-downs. Inventories wholly represent amounts which are expected to be realized
within 12 months.
Inventories for the manufacture of wafers under contracts for which sales are recognized
over time are not recognized in work in process; instead they are recorded as an expense
within cost of sales with the associated rights to consideration for work completed but not
invoiced at the reporting date recognized within contract assets (note 7.4 below).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
7.5 Trade and other receivables
Trade receivables and other receivables comprise the following:
in thousands of U.S. dollars
2025
2024
Trade accounts receivable
90,488
97,806
Amounts due from related party entities
196
172
Allowances
(1,694)
(1,331)
Total
88,990
96,647
Trade receivables are generally on 30 to 90-day terms and are non-interest bearing.
They are classified as financial assets at amortized cost for financial reporting purposes.
Under consideration of allowances made, the fair values of trade receivables approximate
their carrying amount. The amounts due from related parties are in respect of trade
accounts receivable balances.
As at December 31, the aging analysis of trade accounts receivables (third parties, net of
allowances) is as follows:
in thousands of U.S. dollars
2025
2024
Neither past due nor impaired
60,630
74,547
Past due 1\u201330 days
11,026
7,910
Past due 31\u201360 days
1,311
1,188
Past due 61\u2013360 days
7,021
3,662
Past due >360 days
8,806
9,169
Total
88,794
96,476
The Group measures the expected credit losses of trade receivables by using an
allowance matrix to measure the expected losses on trade receivable balances, including
those with related parties. The allowances are based on the number of days each balance
is overdue. The assessment of expected losses on trade receivable balances that are not
impaired is based on past experience of credit losses, which the Group considers to be a
reasonable approximation of the losses that can be expected in future periods since there
are no indications that there will be significant changes in the industry going forward. No
expected credit loss has been recorded against prepayments under long-term wafer
supply agreements amounting to USD 10.5 million included in amounts in excess of 360
days overdue (previous year: 61-360 days overdue) in view of the fact that the payments
are to be made in advance of services being provided. An analysis of receivables by
geographic region or by type of customer is not made since X-FAB primarily deals with
global customers and hence there is no significant difference in risks between the
geographic regions where X\u2011FAB is active or the type of customers served by X-FAB.
The amount of trade receivables due from related parties is disclosed separately from
trade receivables in the table above and in the related party disclosures in note 12 below.
In addition, X\u2011FAB recorded several additional allowances on individual case-by-case
assessments for credit-impaired balances.
The Group identifies risk concentrations by reference to significant exposures. There is
one (previous year: one) account receivable with customers with individual balances in
excess of 10% of the total accounts receivable balance at December, representing USD
16,229 thousand (previous year: USD\u00a046,475 thousand), which is 18% (previous year: 48%)
of the total accounts receivable at the reporting date.
The following tables provide information on the exposure to credit risk and the loss
allowances made for balances which are not credit impaired as at December 31, 2025,
and December 31, 2024:
December 31, 2025
in thousands of U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due nor impaired
0.08%
60,630
(49)
Past due 1\u201330 days
0.08%
11,026
(9)
Past due 31\u201360 days
1.50%
1,311
(20)
Past due 61\u201390 days
3.75%
857
(32)
More than 90 days past due (less credit impaired)
9.75%
4,209
(410)
Total
78,033
(520)
December 31, 2024
in thousands of U.S. dollars
Weighted
average
loss rate
Gross
carrying
amount
Loss
allowance
Neither past due nor impaired
0.08%
74,803
(60)
Past due 1\u201330 days
0.08%
7,910
(6)
Past due 31\u201360 days
1.50%
1,188
(18)
Past due 61\u201390 days
3.75%
123
(5)
More than 90 days past due (less credit impaired)
9.75%
2,124
(207)
Total
86,148
(296)
in thousands of U.S. dollars
2025
2024
Balance at January 1
(1,331)
(1,319)
Impairment loss recognized
(142)
(103)
Use of allowance
\u2014
8
Reversal of allowance
\u2014
2
Net remeasurement of loss allowance
(221)
81
Balance at December 31
(1,694)
(1,331)
There are no balances which were written off during the period and which continue to be
the subject of collection processes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "
7.6 Other assets
Other assets comprise the following:
in thousands of U.S. dollars
2025
2024
Other assets
77,435
67,423
Other non-current assets
25
42
Total
77,460
67,465
Current other assets comprise the following:
in thousands of U.S. dollars
2025
2024
R&D grants receivable
38,283
26,795
Prepaid expenses
14,071
17,538
Investment grants and subsidies receivable
9,762
9,890
Receivables from energy surcharges
5,949
5,706
Taxes (other)
6,833
6,337
Derivatives
1,309
\u2014
Deposits
526
483
Other
702
674
Total
77,435
67,423
Investment grants receivable relate to qualifying property, plant, and equipment awarded
to X-FAB Texas (refer to note 7.1).
Research and development grants receivable in 2025 include USD\u00a022,480 thousand
research and development tax credits and competitiveness and employment tax credits
attributable to X\u2011FAB France (December 31, 2024: USD\u00a017,876 thousand).
Research and development tax credits and competitiveness and employment tax credits
attributable to X\u2011FAB France totaling USD 0 thousand (2024: USD 0 thousand) were sold
without recourse to a bank in 2025. On initial recognition, X\u2011FAB France presents the grant
receivables as a reduction of cost of sales and research and development expenses,
consistent with the Group\u2019s general presentation of subsidized expenses. The sales
accelerate the cash inflows from tax credits; in the normal course of events where the
credits are not sold they can be offset against income tax payable by X\u2011FAB France or will
be paid to X\u2011FAB France at a subsequent date if there is no income tax to be paid. Due to
the sale, these repayments will be received by the bank directly. There are no remaining
ongoing obligations to be fulfilled by X\u2011FAB France in respect of the tax credits and the
credits have been derecognized and the amounts received by the bank have been
recognized as cash and cash equivalents.
Prepaid expenses refer to prepayments made for raw materials.
The deposits primarily represent security deposits provided as collateral security and are
classified as current assets as they are either in connection with contractual arrangements
which may be canceled at short notice or are expected to be released within 12\u00a0months on
other grounds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "
Other assets comprise the following:
in thousands of U.S. dollars
2025
2024
Other assets
77,435
67,423
Other non-current assets
25
42
Total
77,460
67,465
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
Current other assets comprise the following:
in thousands of U.S. dollars
2025
2024
R&D grants receivable
38,283
26,795
Prepaid expenses
14,071
17,538
Investment grants and subsidies receivable
9,762
9,890
Receivables from energy surcharges
5,949
5,706
Taxes (other)
6,833
6,337
Derivatives
1,309
\u2014
Deposits
526
483
Other
702
674
Total
77,435
67,423
Investment grants receivable relate to qualifying property, plant, and equipment awarded
to X-FAB Texas (refer to note 7.1).
Research and development grants receivable in 2025 include USD\u00a022,480 thousand
research and development tax credits and competitiveness and employment tax credits
attributable to X\u2011FAB France (December 31, 2024: USD\u00a017,876 thousand).
Research and development tax credits and competitiveness and employment tax credits
attributable to X\u2011FAB France totaling USD 0 thousand (2024: USD 0 thousand) were sold
without recourse to a bank in 2025. On initial recognition, X\u2011FAB France presents the grant
receivables as a reduction of cost of sales and research and development expenses,
consistent with the Group\u2019s general presentation of subsidized expenses. The sales
accelerate the cash inflows from tax credits; in the normal course of events where the
credits are not sold they can be offset against income tax payable by X\u2011FAB France or will
be paid to X\u2011FAB France at a subsequent date if there is no income tax to be paid. Due to
the sale, these repayments will be received by the bank directly. There are no remaining
ongoing obligations to be fulfilled by X\u2011FAB France in respect of the tax credits and the
credits have been derecognized and the amounts received by the bank have been
recognized as cash and cash equivalents.
Prepaid expenses refer to prepayments made for raw materials.
The deposits primarily represent security deposits provided as collateral security and are
classified as current assets as they are either in connection with contractual arrangements
which may be canceled at short notice or are expected to be released within 12\u00a0months on
other grounds", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
7.7 Cash and cash equivalents
Cash and cash equivalents comprise the following:
in thousands of U.S. dollars
2025
2024
Cash and bank balances
150,791
153,164
Restricted cash
2,615
4,018
Term deposits
40,908
58,484
Total
194,314
215,837
Term deposits and some cash at bank balances earn interest at floating rates based on
daily bank deposit rates. Restricted cash refers to pledged cash against bank guarantee
facilities for electricity charges and custom clearance charges in X\u2011FAB Sarawak. The fair
values of cash and short-term deposits are identical to the carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
7.8 Equity
Share capital
X\u2011FAB Silicon Foundries SE had 130,781,669 fully paid\u2011in ordinary shares in issue at
December 31, 2025, and December 31, 2024. Each share carries one vote at the
Company\u2019s general meetings. There are no unissued shares authorized for issue.
Share premium
The share premium of X\u2011FAB Silicon Foundries SE represents the excess of paid-in capital
for shares at the time of their issue over the fractional value of the shares.
Retained earnings
Retained earnings represent the accumulated profits and losses of the Group together
with the accumulated balance of the remeasurement of the Group\u2018s defined benefit post-
employment benefit plans.
Cumulative translation adjustment
The translation reserve comprises all foreign currency differences arising from the
translation of the financial statements of foreign operations that have functional
currencies other than USD.
Treasury shares
At December 31, 2025 the Group held 149,748 treasury shares of X\u2011FAB Silicon Foundries
SE held by its fully owned subsidiary X\u2011FAB GmbH. Based on the purchase price of
EUR 11.25 per share, the treasury shares reduced the equity capital of the parent company
by USD 770 thousand (December 31, 2024: USD 770 thousand).
Share-based payment arrangements
The Group had no share-based payment arrangements and no share option programs
during the years ended December 31, 2025, or December 31, 2024.
Authorization to acquire treasury shares
In accordance with the Belgian Companies and Associations Code, the Articles of
Association permit the Company to acquire, on or outside the stock market, its own shares,
profit-sharing certificates, or associated certificates by resolution approved by the
shareholders\u2019 meeting by a majority of at least 75% of the votes cast where at least 50% of
the share capital and at least 50% of the profit certificates, if any, are present or
represented. Prior approval by the shareholders is not required if the Company purchases
the shares in order to offer them to the Company\u2019s employees.
The shares, profit-sharing certificates, or associated certificates can only be acquired with
funds that would otherwise be available for distribution as dividend. The total nominal
value or fractional value of the shares, profit-sharing certificates, or associated certificates
held by the Company can at no time be more than 20% of the share capital. Voting rights
attached to shares held by the Company as treasury shares are suspended.
On April 28, 2022, an extraordinary shareholders\u2019 meeting authorized the Board of
Directors to purchase up to 20% of the outstanding shares, for a price not lower than 10%
below the lowest closing price in the last 30 trading days preceding the transaction and
not more than 5% above the highest closing price during the last 30 trading days
preceding the transaction. This authorization is valid for five years from April 28, 2022.
The above authorization is also valid if the acquisition was made by one of the subsidiaries
directly controlled by the Company, as set out in Article 5 SE Regulation juncto Article
7:221 of the Belgian Companies and Associations Code.
The Board of Directors is authorized to divest all or part of the shares, profit-sharing
certificates, or associated certificates at a price it determines, on or outside the stock
market or in the framework of its remuneration policy to employees, directors, or
consultants of the Company, or to prevent any serious and imminent harm to the
Company. This authorization is valid without any restriction in time, except when the
divestment is made to prevent serious and imminent harm to the Company, in which case
the authorization expired on May 2, 2025. The authorization covers the divestment of the
shares, profit-sharing certificates, or associated certificates by a direct subsidiary of the
Company, as set out in Article 5 SE Regulation juncto Article\u00a07:221 of the Belgian
Companies and Associations Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
Treasury shares
At December 31, 2025 the Group held 149,748 treasury shares of X\u2011FAB Silicon Foundries
SE held by its fully owned subsidiary X\u2011FAB GmbH. Based on the purchase price of
EUR 11.25 per share, the treasury shares reduced the equity capital of the parent company
by USD 770 thousand (December 31, 2024: USD 770 thousand).
Authorization to acquire treasury shares
In accordance with the Belgian Companies and Associations Code, the Articles of
Association permit the Company to acquire, on or outside the stock market, its own shares,
profit-sharing certificates, or associated certificates by resolution approved by the
shareholders\u2019 meeting by a majority of at least 75% of the votes cast where at least 50% of
the share capital and at least 50% of the profit certificates, if any, are present or
represented. Prior approval by the shareholders is not required if the Company purchases
the shares in order to offer them to the Company\u2019s employees.
The shares, profit-sharing certificates, or associated certificates can only be acquired with
funds that would otherwise be available for distribution as dividend. The total nominal
value or fractional value of the shares, profit-sharing certificates, or associated certificates
held by the Company can at no time be more than 20% of the share capital. Voting rights
attached to shares held by the Company as treasury shares are suspended.
On April 28, 2022, an extraordinary shareholders\u2019 meeting authorized the Board of
Directors to purchase up to 20% of the outstanding shares, for a price not lower than 10%
below the lowest closing price in the last 30 trading days preceding the transaction and
not more than 5% above the highest closing price during the last 30 trading days
preceding the transaction. This authorization is valid for five years from April 28, 2022.
The above authorization is also valid if the acquisition was made by one of the subsidiaries
directly controlled by the Company, as set out in Article 5 SE Regulation juncto Article
7:221 of the Belgian Companies and Associations Code.
The Board of Directors is authorized to divest all or part of the shares, profit-sharing
certificates, or associated certificates at a price it determines, on or outside the stock
market or in the framework of its remuneration policy to employees, directors, or
consultants of the Company, or to prevent any serious and imminent harm to the
Company. This authorization is valid without any restriction in time, except when the
divestment is made to prevent serious and imminent harm to the Company, in which case
the authorization expired on May 2, 2025. The authorization covers the divestment of the
shares, profit-sharing certificates, or associated certificates by a direct subsidiary of the
Company, as set out in Article 5 SE Regulation juncto Article\u00a07:221 of the Belgian
Companies and Associations Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
Share-based payment arrangements
The Group had no share-based payment arrangements and no share option programs
during the years ended December 31, 2025, or December 31, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
7.9 Dividends
No dividends were resolved or paid in the years 2025 or 2024.
Under Belgian company law, the shareholders decide on the distribution of profits at the
annual shareholders\u2019 meeting, based on the latest audited statutory accounts of the
Company. Dividends may be paid either in cash or in kind. However, shareholders may not
declare a dividend if the Company has not first reserved at least 5% of its profits for the
financial year until such reserve has reached an amount equal to 10% of its share capital
(the \u201cLegal Reserve\u201d) or if, following any such dividend, the level of the net assets adjusted
for the unamortized balance of the incorporation costs and capitalized research and
development costs of the Company falls below the amount of the Company\u2019s paid-in-
capital and of its non-distributable reserves. The Board of Directors may pay an interim
dividend, provided certain conditions set forth in Belgian company law are met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
7.10 Loans and borrowings
The Group has unused credit lines available under bank loan facilities as follows:
in thousands of U.S. dollars
2025
2024
Unused credit lines
Unused part of multicurrency revolving credit facility
denominated in EUR or in USD \u2013 variable rates
\u2014
133,197
Interest rate USD: SOFR +1.25%
Interest rate EUR: EURIBOR +1.0%
Unused part of multicurrency revolving credit facility
denominated in EUR or in USD \u2013 variable rates
155,616
193,175
Interest rate USD: SOFR +1.7%
Interest rate EUR: EURIBOR +1.35%
Unused credit lines denominated in EUR \u2013 fixed rates
8,230
7,311
Interest rate: 3.9\u20134.57%
Other unused credit lines denominated in EUR \u2013 variable rates
2,351
2,089
Interest rates: EURIBOR +2.5%
The carrying amounts of the Group\u2019s loans and borrowings at December 31 are shown in
the following table:
in thousands of U.S. dollars
2025
2024
Bank loans and overdrafts
Fixed interest bank loans denominated in EUR
55,088
64,142
Maturity: 2026\u20132029
Interest rates: 0.9\u20134.27%
Repayments in monthly or quarterly installments
Fixed interest bank loans denominated in USD
415
530
Maturity: 2026-2028
Interest rates:.8.25\u20138.5%
Repayments in monthly installments/on maturity
Variable interest bank loans denominated in EUR
51,869
26,110
Maturity: 2029
Interest rates: EURIBOR + 0.95%
Repayments in monthly or quarterly installments
Variable interest revolving credit facility denominated in USD
143,610
143,231
Maturity: 2026
Interest rates: SOFR + 1.25%
Repayment on maturity
Variable interest revolving credit facility denominated in EUR
67,015
75,197
Maturity: 2026
Interest rates: EURIBOR + 1.0%
Repayment on maturity
Variable interest revolving credit facility denominated in USD
30,000
\u2014
Maturity: 2029
Interest rates: SOFR + 1.7%
Variable interest revolving credit facility denominated in EUR
16,911
6,825
Maturity: 2029
Interest rates: EURIBOR + 1.35%
in thousands of U.S. dollars
2025
2024
Repayment on maturity
Leasing arrangements
Leasing liabilities denominated in EUR
82,017
62,360
Maturity: 2026\u20132034
Interest rates: 0.15\u20134.67%
Repayment in monthly installments
Leasing liabilities denominated in USD
8,321
8,376
\u00a0 \u00a0 Maturity: 2026\u20132038
Interest rates: 3.32%
Repayment in monthly installments
Leasing liabilities denominated in MYR
25,161
27,362
Maturity: 2026\u20132034
Interest rates: 4.66%
Repayment in monthly installments
Total
480,407
414,133
Current loans and borrowings
292,512
44,517
Non-current loans and borrowings
187,895
369,616
Variable interest bank loans include loans amounting to USD\u00a0142,000 thousand and
EUR\u00a073,500 thousand (December 31, 2024: USD\u00a0142,000 thousand and EUR\u00a078,500
thousand) under the Group\u2019s two EUR\u00a0200,000,000 multicurrency revolving facility
agreements (\u201cthe facilities\u201d) entered into between the parent company and its principal
subsidiaries and a syndicate of eight international banks on December 1, 2021 and August 1,
2024 respectively. Both credit facilities are for a five-year period until December 2026
and July 2029, respectively, with an option for X\u2011FAB to request an extension of the
facility\u2019s maturity date for a further year until December 2027 and July 2030 respectively.
The options are exercisable not earlier than 90 days prior to and not 45 days later than
prior to the respective initial termination dates.
The borrowings under the initial facility entered into on December\u00a01, 2021, with a maturity
date ending in December 2026 are reported as current liabilities at December\u00a031, 2025.
Management expects to refinance or extend these borrowings on maturity.
The borrowings under the second facility have been presented as non-current as the
Group has the right to refinance or roll over these obligations for at least 12 months.
Variable interest bank loans at December 31, 2025, include USD 29,392 thousand arising
on the maturity of a foreign exchange forward, which was settled on January 7, 2026.
The movements on loans and borrowing include exchange rate losses of USD 32,048
thousand resulting from the translation of euro-denominated loans and borrowings
(2024: exchange rate gains of USD 8,214 thousand).
The fair values of the Group\u2019s loans and borrowings are presented in note 10.
Approximately 15% of the Group\u2019s loans are at a fixed rate of interest (December 31,
2024: 20%). Refer to note 10. Bank loans and overdrafts of USD 3,055 thousand
(2024: USD 2,531 thousand) are secured by charges on plant and machinery and land
(see note 7.1).
Contractual maturities
The contractual maturities of the Group\u2019s non-derivative financial liabilities (including lease
liabilities) at December\u00a031, 2025, and December 31, 2024, are shown in the table below.
The amounts presented in the table are undiscounted and do not include interest as most
of the liabilities are linked to credit facilities for which interest can fluctuate over time
depending on the level of the used part of these facilities:
in thousands of U.S. dollars
2025
2024
2025
40,667
2026
291,908
259,718
2027
42,720
32,261
2028
43,301
32,544
2029
77,929
25,576
2030\u20132038
24,549
23,366
Total
480,407
414,132
The Group is exposed to a liquidity risk in that the maturity of bank loan agreements, which
are presented based on the contractual payment obligations, could be brought forward
should the Group fail to comply with its contractual obligations under the bank loan
agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
7.10 Loans and borrowings
The Group has unused credit lines available under bank loan facilities as follows:
in thousands of U.S. dollars
2025
2024
Unused credit lines
Unused part of multicurrency revolving credit facility
denominated in EUR or in USD \u2013 variable rates
\u2014
133,197
Interest rate USD: SOFR +1.25%
Interest rate EUR: EURIBOR +1.0%
Unused part of multicurrency revolving credit facility
denominated in EUR or in USD \u2013 variable rates
155,616
193,175
Interest rate USD: SOFR +1.7%
Interest rate EUR: EURIBOR +1.35%
Unused credit lines denominated in EUR \u2013 fixed rates
8,230
7,311
Interest rate: 3.9\u20134.57%
Other unused credit lines denominated in EUR \u2013 variable rates
2,351
2,089
Interest rates: EURIBOR +2.5%
The carrying amounts of the Group\u2019s loans and borrowings at December 31 are shown in
the following table:
in thousands of U.S. dollars
2025
2024
Bank loans and overdrafts
Fixed interest bank loans denominated in EUR
55,088
64,142
Maturity: 2026\u20132029
Interest rates: 0.9\u20134.27%
Repayments in monthly or quarterly installments
Fixed interest bank loans denominated in USD
415
530
Maturity: 2026-2028
Interest rates:.8.25\u20138.5%
Repayments in monthly installments/on maturity
Variable interest bank loans denominated in EUR
51,869
26,110
Maturity: 2029
Interest rates: EURIBOR + 0.95%
Repayments in monthly or quarterly installments
Variable interest revolving credit facility denominated in USD
143,610
143,231
Maturity: 2026
Interest rates: SOFR + 1.25%
Repayment on maturity
Variable interest revolving credit facility denominated in EUR
67,015
75,197
Maturity: 2026
Interest rates: EURIBOR + 1.0%
Repayment on maturity
Variable interest revolving credit facility denominated in USD
30,000
\u2014
Maturity: 2029
Interest rates: SOFR + 1.7%
Variable interest revolving credit facility denominated in EUR
16,911
6,825
Maturity: 2029
Interest rates: EURIBOR + 1.35%
in thousands of U.S. dollars
2025
2024
Repayment on maturity
Leasing arrangements
Leasing liabilities denominated in EUR
82,017
62,360
Maturity: 2026\u20132034
Interest rates: 0.15\u20134.67%
Repayment in monthly installments
Leasing liabilities denominated in USD
8,321
8,376
\u00a0 \u00a0 Maturity: 2026\u20132038
Interest rates: 3.32%
Repayment in monthly installments
Leasing liabilities denominated in MYR
25,161
27,362
Maturity: 2026\u20132034
Interest rates: 4.66%
Repayment in monthly installments
Total
480,407
414,133
Current loans and borrowings
292,512
44,517
Non-current loans and borrowings
187,895
369,616
Variable interest bank loans include loans amounting to USD\u00a0142,000 thousand and
EUR\u00a073,500 thousand (December 31, 2024: USD\u00a0142,000 thousand and EUR\u00a078,500
thousand) under the Group\u2019s two EUR\u00a0200,000,000 multicurrency revolving facility
agreements (\u201cthe facilities\u201d) entered into between the parent company and its principal
subsidiaries and a syndicate of eight international banks on December 1, 2021 and August 1,
2024 respectively. Both credit facilities are for a five-year period until December 2026
and July 2029, respectively, with an option for X\u2011FAB to request an extension of the
facility\u2019s maturity date for a further year until December 2027 and July 2030 respectively.
The options are exercisable not earlier than 90 days prior to and not 45 days later than
prior to the respective initial termination dates.
The borrowings under the initial facility entered into on December\u00a01, 2021, with a maturity
date ending in December 2026 are reported as current liabilities at December\u00a031, 2025.
Management expects to refinance or extend these borrowings on maturity.
The borrowings under the second facility have been presented as non-current as the
Group has the right to refinance or roll over these obligations for at least 12 months.
Variable interest bank loans at December 31, 2025, include USD 29,392 thousand arising
on the maturity of a foreign exchange forward, which was settled on January 7, 2026.
The movements on loans and borrowing include exchange rate losses of USD 32,048
thousand resulting from the translation of euro-denominated loans and borrowings
(2024: exchange rate gains of USD 8,214 thousand).
The fair values of the Group\u2019s loans and borrowings are presented in note 10.
Approximately 15% of the Group\u2019s loans are at a fixed rate of interest (December 31,
2024: 20%). Refer to note 10. Bank loans and overdrafts of USD 3,055 thousand
(2024: USD 2,531 thousand) are secured by charges on plant and machinery and land
(see note 7.1).
Contractual maturities
The contractual maturities of the Group\u2019s non-derivative financial liabilities (including lease
liabilities) at December\u00a031, 2025, and December 31, 2024, are shown in the table below.
The amounts presented in the table are undiscounted and do not include interest as most
of the liabilities are linked to credit facilities for which interest can fluctuate over time
depending on the level of the used part of these facilities:
in thousands of U.S. dollars
2025
2024
2025
40,667
2026
291,908
259,718
2027
42,720
32,261
2028
43,301
32,544
2029
77,929
25,576
2030\u20132038
24,549
23,366
Total
480,407
414,132
The Group is exposed to a liquidity risk in that the maturity of bank loan agreements, which
are presented based on the contractual payment obligations, could be brought forward
should the Group fail to comply with its contractual obligations under the bank loan
agreements. There are also liquidity risks which arise should the Group\u2019s loan facilities not
be extended on maturity, superseded with new facilities, or should extensions or
superseding facilities only be available on different terms and conditions to those available
to date.
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing activities for the year 2025:
in thousands of U.S. dollars
Liabilities
Equity
Loans and
borrowings
Lease liability
Share capital
Share premium
Retained earnings
Total
Balance at January\u00a01, 2025
316,035
98,098
432,745
348,709
241,647
1,437,234
Changes from financing cash flows
Proceeds from loans and borrowings
104,506
\u2014
\u2014
\u2014
\u2014
104,506
Repayment of loans and borrowings
(75,256)
\u2014
\u2014
\u2014
\u2014
(75,256)
Receipts from sale and leaseback arrangements and new leases
\u2014
30,098
\u2014
\u2014
\u2014
30,098
Payments of lease liabilities incl. interest
\u2014
(24,013)
\u2014
\u2014
\u2014
(24,013)
Interest paid
(20,763)
\u2014
\u2014
\u2014
\u2014
(20,763)
Total changes from financing cash flows
8,487
6,085
\u2014
\u2014
\u2014
14,572
Other changes
Effect of changes in foreign exchange rates
21,717
10,371
\u2014
\u2014
\u2014
32,088
Liability related
Prolongation of existing lease contracts
\u2014
945
\u2014
\u2014
\u2014
945
Fees for RCF facility
(2,129)
\u2014
(2,129)
Interest expenses
20,798
\u2014
\u2014
\u2014
\u2014
20,798
Equity related
\u2014
\u2014
\u2014
\u2014
\u2014
Total liability-related other changes
18,669
945
\u2014
\u2014
\u2014
19,614
Total equity-related other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at December\u00a031, 2025
364,908
115,499
432,745
348,709
241,647
1,503,508
The following table provides a reconciliation of the movements in liabilities to the cash flows arising from financing activities for the year 2024:
in thousands of U.S. dollars
Liabilities
Equity
Loans and
borrowings
Lease liability
Share capital
Share premium
Retained earnings
Total
Balance at January 1, 2024
239,369
21,608
432,745
348,709
180,158
1,222,589
Changes from financing cash flows
Proceeds from loans and borrowings
209,669
\u2014
\u2014
\u2014
\u2014
209,669
Repayment of loans and borrowings
(124,237)
\u2014
\u2014
\u2014
\u2014
(124,237)
Receipts from sale and leaseback arrangements
\u2014
60,584
\u2014
\u2014
\u2014
60,584
Payments of lease liabilities
\u2014
(12,502)
\u2014
\u2014
\u2014
(12,502)
Interest paid
(17,214)
\u2014
\u2014
\u2014
\u2014
(17,214)
Total changes from financing cash flows
68,218
48,082
\u2014
\u2014
\u2014
116,300
Other changes
Effect of changes in foreign exchange rates
(8,214)
(2,904)
\u2014
\u2014
\u2014
(11,118)
Liability related
New leases in prior year, funds received in current year
\u2014
27,903
\u2014
\u2014
\u2014
27,903
Prolongation of existing lease contracts
\u2014
3,409
\u2014
\u2014
\u2014
3,409
Interest expenses
16,662
\u2014
\u2014
\u2014
\u2014
16,662
Equity related
\u2014
\u2014
\u2014
\u2014
61,489
61,489
Total liability-related other changes
16,662
31,312
\u2014
\u2014
\u2014
47,974
Total equity-related other changes
\u2014
\u2014
\u2014
\u2014
61,489
61,489
Balance at December\u00a031, 2024
316,035
98,098
432,745
348,709
241,647
1,437,234
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
7.11 Other non-current liabilities
Other non-current liabilities primarily comprise defined benefit pension obligations and
deferred rental income.
Other non-current liabilities include an amount of USD\u00a02,645 thousand at December\u00a031,
2025 (December\u00a031, 2024: USD\u00a04,157 thousand), representing the net defined benefit
obligations under a long-service retirement lump-sum payment scheme at the Group\u2019s
subsidiary X\u2011FAB France. An additional USD\u00a0126 thousand (December 31, 2024: USD 0
thousand) of defined benefit obligations relating to this plan are recorded as other current
liabilities. The net defined benefit obligation consists of defined benefit obligations under
the scheme of USD\u00a07,893 thousand (December 31, 2024: USD 8,475 thousand) less plan
assets recorded at their fair values of USD\u00a05,120 thousand (December 31, 2024: USD\u00a04,318
thousand). Under this scheme, X\u2011FAB France awards its employees a lump-sum payment
on reaching retirement age of 65 (for management employees) and 62 (for other
employees). The payment is dependent on the final salary of the employee and the length
of time the employee has been employed by X\u2011FAB France. Employees are not required
to contribute to the plan. The liability recognized for the future defined benefit obligation
under this scheme is presented net of the funding plan assets which are \u201cring fenced\u201d to
meet obligations under the scheme. The plan assets at December 31, 2025, consist of
investments in a fund that is managed by a financial institution of which the underlying
assets relate to long-term bonds with capital guarantees of USD\u00a02,200 thousand
(December 31, 2024: USD 1,910 thousand) and equity savings plans with a value of
USD\u00a02,920 thousand (December 31, 2024: USD 2,408 thousand).
Accordingly, there are risks typical of such defined benefit obligations, i.e., actuarial risks
associated with the uncertainties of the estimated obligations under the scheme and with
the anticipated performance of the investment assets held to offset the obligations under
the scheme.
in thousands of U.S. dollars
DBO
Fair value of
plan assets
Net defined
benefit
liability
January 1, 2025
8,475
(4,318)
4,157
Included in profit or loss:
Current service cost
803
\u2014
803
Currency effects from conversion into USD
1,001
(704)
297
Included in OCI:
Return on plan assets
\u2014
(98)
(98)
Actuarial losses
(193)
\u2014
(193)
Other:
Benefits paid
(2,193)
\u2014
(2,193)
December 31, 2025
7,893
(5,120)
2,773
January 1, 2024
9,057
(4,360)
4,697
Included in profit or loss:
Current service cost
782
\u2014
782
Currency effects from conversion into USD
(493)
110
(383)
Included in OCI:
Return on plan assets
\u2014
(68)
(68)
Actuarial losses
104
\u2014
104
Other:
Benefits paid
(975)
\u2014
(975)
December 31, 2024
8,475
(4,318)
4,157
The primary assumptions made in calculating the defined benefit obligation were as
follows:
in thousands of U.S. dollars
2025
2024
Discount rate
3.96%
3.32%
Employee turnover
5.00%
5.00%
Social security costs
47.00%
47.00%
The discount rate used is calculated by reference to marked yields on high quality
corporate bonds. Future salary growth is assumed to be 1.0% higher than inflation
(December 31, 2024: 1.0%). Assumptions regarding future mortality have been based on
published statistics and mortality tables.
The Group expects to pay no contributions to the funding plan in 2026.
Reasonably possible changes at December 31, 2025, and December 31, 2024, to one of the
actuarial assumptions, holding other assumptions constant, would have affected the
defined benefit obligation changing the discounted amounts of the net liability by the
amounts shown below:
in thousands of U.S. dollars
Increase at
Dec.\u00a031, 2025
Decrease at
Dec.\u00a031, 2025
Increase at
Dec.\u00a031, 2024
Decrease at
Dec.\u00a031, 2024
Discount rate (+0.25%
movement)
\u2014
133
\u2014
138
Future salary growth (+0.25%
movement)
138
\u2014
146
\u2014
The defined benefit obligation is not materially sensitive to a reasonable potential change
in the assumed mortality rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
7.12 Trade payables and other current liabilities
Trade payables are non-interest bearing and are normally settled on 60-day terms. Trade
payables totaled USD\u00a054,805 thousand at December 31, 2025 (USD\u00a067,658 thousand at
December 31, 2024). This decrease is a result of payments made for capital expenditures.
Other current liabilities comprise the following:
in thousands of U.S. dollars
2025
2024
Accrued liabilities
29,124
29,968
For invoices not yet received
27,119
28,048
Royalties
456
622
Sales commissions
537
481
Staff association costs
647
588
Other
365
229
Advances received
281,016
323,915
Deferred income
1,312
814
Employee-related liabilities
21,842
23,458
Wages
1,159
2,078
Earned holiday entitlement, incentives
14,678
15,758
Payroll taxes
1,407
1,310
Social security costs
4,598
4,312
Other
15
2
Total
333,309
378,157
Advances received relate to prepayments from customers for future wafer sales of
USD\u00a043,567 thousand (December 31, 2024: USD\u00a040,718 thousand) and capacity
reservation deposits received under long\u2011term agreements concluded with customers of
USD\u00a0237,449 thousand (December 31, 2024: USD\u00a0283,197 thousand). These amounts
represent contract liabilities as defined in IFRS 15 and, depending on the respective
agreements with the customer, will be settled by offsetting advances received against
deliveries of wafers made or by settlement against trade accounts receivable within the
next three to five years.
All prepayments from customers for future wafer sales and capacity reservation deposits
are recorded as current or non-current based on the usual classification principles, i.e.,
items that are settled within the normal operating cycle are classified as current, even if
they are expected to be settled after twelve months. However, the Group expects
prepayments from customers for future wafer sales and capacity reservation deposits
totaling USD\u00a0132,005 thousand to be settled after more than 12 months (December 31,
2024:.USD\u00a0225,311 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
7.13 Provisions
Provisions comprise the following:
in thousands of U.S. dollars
2025
2024
Current provisions
13,365
11,978
Non-current provisions
885
54
Total
14,250
12,032
Current provisions primarily relate to warranty costs.
Warranty provisions are estimated based on the Group\u2019s experience of past claim rates
and knowledge of current claims together with an assessment of rectification costs.
Customers can raise claims within six months from the date of delivery. Increased business
volumes resulted in an increase in warranty provisions in the financial year.
Non-current provisions refer to anniversary bonuses for employees accounted for in
accordance with IAS\u00a019, which include estimates of future staff turnover, based on the
Group\u2019s experience of staff turnover rates in recent years.
The movements on provisions during the year were as follows:
in thousands of U.S. dollars
Warranty
provisions
Employee
provisions
Other
Total
January 1, 2025
11,484
416
132
12,032
Provided for
7,917
623
469
9,009
Utilized
(6,598)
(43)
\u2014
(6,641)
Released
(134)
(1)
(234)
(369)
Effect of changes in
exchange rates
154
10
55
219
December 31, 2025
12,823
1,005
422
14,250
in thousands of U.S. dollars
Warranty
provisions
Employee
provisions
Other
Total
January 1, 2024
8,523
593
716
9,832
Provided for
6,696
29
237
6,962
Utilized
(3,563)
(212)
(791)
(4,566)
Released
(125)
(1)
\u2014
(126)
Effect of changes in
exchange rates
(47)
7
(30)
(70)
December 31, 2024
11,484
416
132
12,032
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
8 Notes to the statement of cash flows
The change in trade payables in working capital excludes changes in the amounts of
outstanding liabilities for additions to property, plant, and equipment, as payments for
additions to fixed assets are recorded in the statement of cash flows when payment is
made.
Cash flows from operating activities include significant amounts of receipts of
prepayments from customers for the future supply of wafers and receipts and
repayments of capacity reservation deposits received under long-term agreements
concluded with customers. The amounts of prepayments from customers and capacity
reservation deposits carried forward for offsetting against trade accounts receivable or
for repayment to customers are disclosed within other current liabilities as reported in
note\u00a07.12.
Non-cash transactions primarily include the settlement of trade accounts receivable by
offsetting amounts due against customer prepayments and capacity reservation deposits,
the recording or depreciation and amortization, the effects of changes in exchange rates
on the measurement of financial assets and liabilities, allowances recorded against trade
receivables, and increases and releases of provisions.
The difference between the cash outflows for investments and the additions to property,
plant, and equipment is primarily due to the level of outstanding invoices for additions
recorded at the end of the financial year.
The Group entered into sale and leaseback transactions for property, plant, and
equipment in 2024. The cash inflow from that transaction was received in 2024 and
amounted to USD\u00a060,584 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
9 Segment reporting
Operating segment
The Group manages its CMOS, SiC and MEMS operations as one single operating
segment. Operating decisions are taken on a product and technology level by the
President and Chief Executive Officer, who is assisted by the parent company\u2019s
management team. Accordingly, X\u2011FAB has identified its President and CEO as its chief
operating decision maker for the purposes of defining segments in accordance with
IFRS\u00a08. No separate operating results for the CMOS, SiC and MEMS operations are used
by the chief operating decision maker to manage X\u2011FAB\u2019s operations, assess
performance, or make resource allocation decisions. As a result, X\u2011FAB has determined
that its operations constitute one single segment.
Geographic concentrations
The following table shows an analysis of revenue (based on the customer\u2019s billing location)
and non-current assets by geographic area for the reporting period.
Revenue by geographic area:
in thousands of U.S. dollars
2025
2024
Europe
586,835
550,500
Belgium
379,493
365,731
Germany
94,456
94,849
United Kingdom
54,836
50,646
Austria
12,836
13,756
France
18,583
7,688
Switzerland
8,400
5,864
Sweden
5,543
1,646
Denmark
3,239
2,090
Other
3,775
2,566
Netherlands
2,404
1,947
Finland
1,904
1,429
Ireland
1,366
2,288
Asia
205,188
186,368
China
109,222
102,537
Japan
50,006
31,297
Singapore
11,818
13,548
Thailand
11,326
23,224
in thousands of U.S. dollars
2025
2024
Taiwan
8,245
5,571
South Korea
8,560
8,137
New Zealand
3,513
425
Malaysia
1,902
898
Other
596
731
United States of America
77,184
77,244
Rest of the world
1,048
2,271
Total
870,255
816,383
Non-current assets by geographic area:
in thousands of U.S. dollars
2025
2024
Malaysia
698,439
607,040
France
237,768
248,627
Germany
205,192
185,263
United States of America
95,427
117,463
Total
1,236,826
1,158,393
As from 2025, the figures presented in the table above exclude the effects of deferred tax
assets and financial instruments. This presentation change has also been reflected in the
comparative information.
Significant customers
The Group has one (2024: one) customer whose revenues exceeded 10% of the Group\u2019s
consolidated external revenues. The total revenue from this customer amounted to
USD\u00a0377,156 thousand in 2025 (2024: USD 364,240 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
10 Financial instruments \u2013 fair values and risk management
Accounting classifications and fair values
The following tables show the carrying amounts and fair values of financial assets and
financial liabilities measured at fair value through profit or loss and measured at amortized
cost, respectively, including their levels in the fair value hierarchy.
December 31, 2025
in thousands of U.S. dollars
Carrying
amount
Fair value
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at
amortized cost
Trade and other receivables
88,990
Cash and cash equivalents
194,314
Financial liabilities measured at
amortized cost
Trade payables
(54,805)
Bank loans, overdrafts, and lease
liabilities
(480,407)
(483,046)
(483,046)
December 31, 2024
Financial assets measured at
amortized cost
Trade and other receivables
96,648
Cash and cash equivalents
215,837
Financial liabilities measured at
amortized cost
Trade payables
(67,658)
Bank loans, overdrafts, and lease
liabilities
(414,133)
(418,212)
(418,212)
Financial instruments measured at amortized cost
The carrying amount of cash and cash equivalents, bank overdrafts, trade and other
receivables, and trade payables approximates their fair value due to the short-term
maturity of these financial instruments.
The fair value of the Group\u2019s non-current liabilities is based on their present values
calculated by discounting future cash flows at current rates of interest available for debt
with the same maturity profile.
The Group\u2019s principal financial instruments not carried at fair value are cash and cash
equivalents, trade receivables, other current assets, other non-current assets, trade and
other payables, bank overdrafts, and long-term borrowings.
There have been no transfers of assets or liabilities between levels of the fair value
hierarchy in the current or previous year.
Financial assets and liabilities accounted for at fair value through profit or loss
The Group held no financial instruments measured at fair value through profit or loss at
December 31, 2025 or December 31, 2024.
The Group entered into forward foreign exchange contracts to offset the changes in value
of loans and borrowings not denominated in the reporting currency in the financial year
2025. All derivative financial instruments used during the financial year matured before or
on the balance sheet date. Hedge accounting was not applied.
Financial assets and liabilities accounted for at fair value through other
comprehensive income
The Group held no financial assets and liabilities accounted for at fair value through other
comprehensive income in the current or previous financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
Financial assets and liabilities accounted for at fair value through profit or loss
The Group held no financial instruments measured at fair value through profit or loss at
December 31, 2025 or December 31, 2024.
The Group entered into forward foreign exchange contracts to offset the changes in value
of loans and borrowings not denominated in the reporting currency in the financial year
2025. All derivative financial instruments used during the financial year matured before or
on the balance sheet date. Hedge accounting was not applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
Management of risks arising from financial instruments
The X\u2011FAB SE Group\u2019s principal financial liabilities comprise bank loans and bank
overdrafts, and trade payables. The main purpose of these financial liabilities is to finance
the Group\u2019s operations. The Group has various financial assets, such as trade receivables
and cash and short-term deposits, which arise directly from its operations.
Financial assets in the form of free short-term cash available are placed on deposit with
banks with a high credit rating.
Deliveries made by the Group are subject to the reservation of proprietary rights until the
customer has paid for the goods. Generally, further security is not obtained.
While the Group did not hold any derivative financial instruments in the current or previous
year, it does, from time to time, enter into derivative financial instruments to manage the
foreign exchange risks and interest rate arising from the Group\u2019s sources of finance where
the risks of financial loss or the liquidity risk appears excessive. Such transactions are
exclusively entered into to reduce the risk of contractually agreed or highly probable
transactions. These transactions are classified as FVTPL for accounting purposes because
the Group does not formally account for them using hedge accounting techniques.
The primary risks arising from the Group\u2019s financial instruments are market risks (interest
rate and foreign currency risks), credit risk, and liquidity risk. The Board of Directors
reviews and agrees policies for managing each of these risks. The primary objective in
managing these risks is to minimize the risk of financial loss and the risk of any interference
with the Group\u2019s ability to pursue its commercial objectives. The policies followed in
respect of each risk are summarized below.
Interest rate risk
The X\u2011FAB SE Group\u2019s exposure to the risk of changes in market interest rates relates
primarily to the Group\u2019s long-term debt obligations with floating interest rates. The
Group\u2019s policy is to manage its interest cost using a mix of fixed and variable rate debts.
To manage this, the Group might enter into interest rate swaps, in which the Group agrees
to exchange, at specified intervals, the difference between fixed and variable rate interest
amounts calculated by reference to an agreed-upon notional principal amount.
At December 31, 2025, approximately 15% of the Group\u2019s borrowings (excluding financial
leases) are at a fixed rate of interest (December 31, 2024: 20%).
Foreign currency risk
The Group\u2019s statement of financial position can be affected by changes in the dollar
exchange rates, in particular movements against the euro (EUR) and the Malaysian ringgit
(MYR). This risk mainly relates to transactions in foreign currency.
The following tables provide an analysis of monetary assets and liabilities by currency
denomination, expressed in thousands of USD.
Assets and liabilities denominated in EUR:
in thousands of U.S. dollars
2025
2024
Assets
Trade accounts receivable
18,400
24,777
Other assets
52,864
39,461
Cash
78,210
66,238
Liabilities
Trade payables
21,083
13,226
Loans and borrowings
272,900
234,634
Other liabilities and provisions
106,200
119,606
Assets and liabilities denominated in MYR:
in thousands of U.S. dollars
2025
2024
Assets
Trade accounts receivable
\u2014
8
Other assets
167
517
Cash
35,041
25,551
Liabilities
Trade payables
422
555
Loans and borrowings
25,161
27,362
Other liabilities and provisions
2,058
1,767
The Group\u2019s policy is to manage selected foreign currency exchange risk by entering
into forward rate currency purchase or sale transactions (currency forwards) for specific
amounts of foreign currencies in anticipation of transactions which are contractually fixed
or highly probable.
The following exchange rates were used in preparing the consolidated financial
statements:
2025
2024
USD/EUR
Closing rate
0.851
0.957
Average rate
0.885
0.924
USD/MYR
Closing rate
4.047
4.465
Average rate
4.284
4.575
The Group also has currency exposures arising from sales or purchases made when
operating units undertake transactions in currencies other than their functional currencies.
Approximately 43% (2024: 41%) of the Group\u2019s sales and 50% (2024: 45%) of the Group\u2019s
costs are denominated in currencies other than the functional currency of the operating
unit making the sales.
The following table demonstrates the sensitivity to changes in fair value of monetary
assets and liabilities on the Group\u2019s profit before tax to reasonably possible changes in the
USD/EUR and USD/MYR exchange rates, with all other variables held constant and
excluding effects of foreign exchange related derivatives held. We have also assessed that
the sensitivity to changes in fair value of monetary assets and liabilities to profit before tax
is a good approximation of the effect on equity of the Group as the associated tax effect
would not be significant.
USD/EUR
Increase/(decrease) in EUR rate
Effect on profit before tax
2025
5%
(12,535)
-5%
12,535
2024
5%
(11,293)
-5%
11,293
USD/MYR
Increase/(decrease) in MYR rate
Effect on profit before tax
2025
20%
1,304
-20%
(1,304)
2024
20%
(722)
-20%
722
The Group believes that a reasonably possible change of other exchange rates, with all
other variables held constant, will not have a significant effect on the Group\u2019s profit before
tax and on the Group\u2019s equity.
The currency risk from translating foreign entities with a functional currency that is
different from the presentation currency can be considered to be immaterial as it relates
to non-significant entities.
Credit risk
The Group\u2019s primary credit risk concentrations affecting financial assets are in respect of
trade receivables (described in note 7.5), balances with related parties (note 12), and
balances and short-term deposits at banks (note 7.7).
The Group only trades with recognized, creditworthy third parties. It is the Group\u2019s policy
that all customers who wish to trade on credit terms are subject to credit verification
procedures. In addition, receivables balances are monitored on an ongoing basis to ensure
that the Group is not exposed to significant risk of credit loss. The maximum exposure is
represented by the carrying amounts disclosed in notes 7.5 and 7.6. With respect to credit
risk arising from financial assets, including cash and cash equivalents, the Group\u2019s
maximum exposure to credit risk arising from default of the counterparty is equal to their
carrying amounts in the statement of financial position.
The Group has not recorded any expected credit losses for cash and cash equivalents as it
considers that any measurement of the 12-month expected loss would be an insignificant
amount given the good credit rating of the respective banks.
Liquidity risk
The Group monitors its risk of a shortage of funds and of difficulties in meeting obligations
associated with financial liabilities. The Group\u2019s objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans, bank overdrafts, and
other financial instruments. Based on the positive cash flow projections and the excess of
current assets over current liabilities, there was no significant liquidity risk at December 31,
2025, or December 31, 2024. The expected cash inflows from trade and other receivables
maturing within two months total USD\u00a088,990 thousand (December 31, 2024: USD\u00a096,647
thousand). Trade accounts payables are due within the next 12 months. An analysis of the
maturity of financial liabilities and available credit lines is presented in note\u00a07.10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
Credit risk
The Group\u2019s primary credit risk concentrations affecting financial assets are in respect of
trade receivables (described in note 7.5), balances with related parties (note 12), and
balances and short-term deposits at banks (note 7.7).
The Group only trades with recognized, creditworthy third parties. It is the Group\u2019s policy
that all customers who wish to trade on credit terms are subject to credit verification
procedures. In addition, receivables balances are monitored on an ongoing basis to ensure
that the Group is not exposed to significant risk of credit loss. The maximum exposure is
represented by the carrying amounts disclosed in notes 7.5 and 7.6. With respect to credit
risk arising from financial assets, including cash and cash equivalents, the Group\u2019s
maximum exposure to credit risk arising from default of the counterparty is equal to their
carrying amounts in the statement of financial position.
The Group has not recorded any expected credit losses for cash and cash equivalents as it
considers that any measurement of the 12-month expected loss would be an insignificant
amount given the good credit rating of the respective banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
Liquidity risk
The Group monitors its risk of a shortage of funds and of difficulties in meeting obligations
associated with financial liabilities. The Group\u2019s objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans, bank overdrafts, and
other financial instruments. Based on the positive cash flow projections and the excess of
current assets over current liabilities, there was no significant liquidity risk at December 31,
2025, or December 31, 2024. The expected cash inflows from trade and other receivables
maturing within two months total USD\u00a088,990 thousand (December 31, 2024: USD\u00a096,647
thousand). Trade accounts payables are due within the next 12 months. An analysis of the
maturity of financial liabilities and available credit lines is presented in note\u00a07.10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
Capital management
The primary objective of the Group\u2019s capital management is to ensure that it maintains a
strong credit rating and healthy capital ratios in order to support its business and maximize
shareholder value. Further, management aims to maintain a stable level of cash balances
available for ready use at all times and to at least maintain, or increase, the available cash at
the current level and to ensure that it meets financial covenants attached to the interest-
bearing loans and borrowings. These goals can be achieved by a combination of cash
inflows and the use of new external new financing arrangements. The Group manages its
capital structure (consisting of equity and borrowings) and makes adjustments to it in light
of changes in economic conditions. To adjust its capital structure, the Group may choose
to take measures such as making payments to or adjusting dividend payments made to
shareholders, returning capital to shareholders, or raising new capital by issuing new shares
or adjusting its borrowing levels. No change was made to the Group\u2019s capital management
objectives, policies, or processes during the years ended December 31, 2025, and
December 31, 2024.
The Group\u2019s two EUR 200,000,000 multicurrency revolving credit facilities are available
to the parent company and its primary subsidiaries for use for euro and U.S. dollar capital
expenditures, general working capital requirements and general corporate purposes
(including acquisitions).
The Group\u2019s two EUR\u00a0200,000,000 multicurrency revolving credit facilities contain
conditions stating that the borrower shall ensure that the ratio of total net indebtedness
does not exceed 3 times its EBITDA (3.5 times under certain narrowly defined
circumstances), otherwise the loan will be repayable on demand. Certain other bank loan
agreements contain similar requirements. Further, certain lease agreements require
lenders to consent to additional borrowings should the Group\u2019s ratio of net indebtedness
exceed 4 times its EBITDA. The Group was in compliance with these covenants during the
financial year and at December 31, 2025.
The Group\u2019s multicurrency revolving credit facilities and other bank loan agreements
contain further additional covenants typical for such borrowing arrangements which
impose a number of requirements on the borrower, including, among other things, early
termination and set-off of asset balances against matured obligations balances in case of
a material event of default, negative pledge clauses, obligations to provide certain
information relating to the financial condition of the borrower, and change of control
provisions. Early repayments of amounts borrowed may be demanded or offset against
asset balances and renewals or drawdowns of additional tranches under credit
arrangements may not be available if there is an event of default or should the Group fail
to meet its other obligations under such terms and conditions. A reclassification of the
borrowings currently presented as non-current liabilities to current liabilities could be
required should a default event or failure occur within 12 months of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
11 Leases
The Group has various lease arrangements for the use of commercial properties,
infrastructure, and technical equipment and machinery. The arrangements run for various
periods until 2038 and carry interest rates between 0.15% and 4.66% (December 31, 2024:
0.15% and 4.66%). The contractual arrangements vary from lease to lease. Some of these
arrangements include purchase options at a price that is lower than the expected fair value
of the assets at the end of the lease period, so that the Group expects that these will be
acquired at a later date. Other leases are for a fixed period of time and are renewed unless
canceled by either party, or include lease period extension options exercisable by the
Group.
The carrying values of right-of-use assets presented as property, plant, and equipment
were as follows:
in thousands of U.S. dollars
2025
2024
Net book value January 1
57,153
17,588
Additions
1,621
44,074
Depreciation
(4,780)
(4,536)
Disposals
\u2014
1
Reclassifications
(17,817)
26
Net book value December 31
36,177
57,153
For lease arrangements which include extension options exercisable by the Group, the
Group assesses, at the commencement of the lease, whether it is reasonably certain to
exercise the extension options. The Group makes subsequent reassessments of whether it
is reasonably certain to exercise such options if there is a significant event or significant
changes in circumstances which are within its control. Should the Group exercise the
extension options, the future cash outflows under leasing arrangements, the right-of-use
assets recognized, and the commitments under the lease liabilities would be increased.
The Group does not make estimates of such potential increases as the most significant
extension options are at future dates and the amounts and available operational
alternatives may change. The overall level of right-of-use assets and leasing obligations
are, however, unlikely to change by material amounts.
The future minimum lease payments due in respect of lease liabilities are as follows:
in thousands of U.S. dollars
2025
2024
Minimum
leasing
payment
Present value
Minimum
leasing
payment
Present value
2026
29,807
25,237
2027\u20132038
101,287
90,262
2025
21,566
17,439
2026\u20132038
93,362
80,698
Total
131,094
115,499
114,928
98,137
Interest
(15,596)
(15,596)
(16,791)
(16,791)
Liability
115,498
99,903
98,137
81,346
Expenses relating to short-term leases amounted to USD\u00a0939 thousand (2024: USD\u00a0938
thousand), and expenses relating to leases of low-value assets (excluding short-term
leases of low-value assets) amounted to USD\u00a026 thousand (2024: USD\u00a027 thousand).
The Group has entered into two sale and leaseback agreements in 2025. These lease
arrangements generated USD\u00a030,098 thousand (EUR\u00a025,600 thousand) of financing cash
flow which was received in 2025. Repayment of the lease liability is made over five years in
monthly installments together with interest based on an EURIBOR interest rate plus an
agreed lending margin.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
12 Transactions with related parties
Transactions with shareholders and their subsidiaries
Related parties are legal entities or natural persons (and their close family members) that
are able to exert influence on X-FAB SE and its subsidiaries or over which X\u2011FAB\u00a0SE and its
subsidiaries exercise control or joint control or have a significant influence. Related parties
also include entities controlled by such legal entities or natural persons (and their close
family members). The natural persons meeting the definition of related parties include
persons with key management positions in the X\u2011FAB SE Group whose compensation is
reported below and in the Group\u2019s annual remuneration report.
Remuneration of persons with key management positions
in thousands of U.S. dollars
2025
2024
Short-term employee benefits
1,380
1,300
Short-term employee benefits for members of management
that are not on the payroll of the Company (CEO, CFO and
COO)
1,024
1,048
Long-term remuneration
52
49
Directors\u2019 compensation
173
188
Total
2,629
2,585
The persons with key management positions as referred to above as of December 31,
2025, include the Group\u2019s CEO, CTO, CFO, and COO, the CEO of X-FAB Dresden, the
CEO of X\u2011FAB Sarawak, the CEO of X\u2011FAB Texas, the CEO of X\u2011FAB Erfurt, and the CEO
of X\u2011FAB France. Short-term employee benefits for members of management that are
not on the payroll of the Company disclosed above represent payments for the provision
of key management personnel that are provided by separate management entities.
Post-employment benefits represent contributions to defined contribution pension plans
for the benefit of persons with key management positions which primarily comprise
statutory employer contributions to state-based defined contribution plans. The defined
contribution is based on a fixed percentage of the (capped) gross salary determined by
state laws. There are no minimum guarantees of post-employment benefits by the
employer under these arrangements.
Other related party transactions
The Group entered into transactions with entities which are controlled or jointly controlled
by members of the management board or their close family members in the financial year
and in the previous year. These transactions were as follows:
in thousands of U.S. dollars
2025
2024
Sales to X Display Company Technology
330
515
Total
330
515
Purchases, expenses, and other transactions recorded with shareholders and their
subsidiaries were as follows:
in thousands of U.S. dollars
2025
2024
Services provided by Elex
\u2014
17
Services provided by X-Celeprint
96
32
Royalties from X-Celeprint
29
\u2014
Total
125
49
Conditions of the commercial relations between X\u2011FAB and its related parties are in line
with those that have been agreed upon between independent parties in comparable
circumstances.
The tables below show the balances with shareholders and their subsidiaries included in the
statement of financial position.
in thousands of U.S. dollars
2025
2024
Trade accounts receivable due from X-Celeprint
\u2014
32
Trade accounts receivable due from X Display Company
Technology
134
140
Total
134
172
in thousands of U.S. dollars
2025
2024
Trade payables due from other related parties
18
18
Total
18
18
Receivables from related parties relate to trade receivables, do not carry interest, and are
payable on normal credit terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
13.1 Purchase commitments and contingencies
Purchase commitments comprise the following at December 31:
2025
2024
Purchase commitments for:
Property, plant, and equipment
61,202
167,821
Intangible assets
2,201
34
Material and services
2,416
4,503
Total
65,819
172,358
Purchase commitments mainly refer to purchase orders placed for investments in
technical machinery.
Commitments concerning investment grants and subsidies received
Various Group entities receive grants and subsidies in connection with the acquisition of
certain qualifying assets (asset-related grants and subsidies) and subsidies to offset
research and development costs (income-related grants). No material amounts of other
government assistance are received.
Specifically, XMF, X-FAB Texas, and X-FAB Dresden receive grants and subsidies in
connection with the acquisition of certain qualifying assets (asset-related grants and
subsidies). The grant rules require that the assets on which investment grants have been
received are retained for a period of five years (the subsidy rules, which largely apply to the
same assets, have a similar three-year retention requirement) and that specified employee
levels are maintained at specific locations. If it is not possible to fulfill these conditions, the
grants and subsidies may be partially repayable. The total amount of grants and subsidies
received in the past (and thus deducted from the carrying amounts of the assets) on
property, plant, and equipment amounted to USD\u00a0165.6 million (December\u00a031, 2024:
USD\u00a0155.8 million); the retention requirements have not yet been fulfilled in full for grants
and subsidies received totaling USD\u00a033.6 million included in that total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
13.1 Purchase commitments and contingencies
Purchase commitments comprise the following at December 31:
2025
2024
Purchase commitments for:
Property, plant, and equipment
61,202
167,821
Intangible assets
2,201
34
Material and services
2,416
4,503
Total
65,819
172,358
Purchase commitments mainly refer to purchase orders placed for investments in
technical machinery.
Commitments concerning investment grants and subsidies received
Various Group entities receive grants and subsidies in connection with the acquisition of
certain qualifying assets (asset-related grants and subsidies) and subsidies to offset
research and development costs (income-related grants). No material amounts of other
government assistance are received.
Specifically, XMF, X-FAB Texas, and X-FAB Dresden receive grants and subsidies in
connection with the acquisition of certain qualifying assets (asset-related grants and
subsidies). The grant rules require that the assets on which investment grants have been
received are retained for a period of five years (the subsidy rules, which largely apply to the
same assets, have a similar three-year retention requirement) and that specified employee
levels are maintained at specific locations. If it is not possible to fulfill these conditions, the
grants and subsidies may be partially repayable. The total amount of grants and subsidies
received in the past (and thus deducted from the carrying amounts of the assets) on
property, plant, and equipment amounted to USD\u00a0165.6 million (December\u00a031, 2024:
USD\u00a0155.8 million); the retention requirements have not yet been fulfilled in full for grants
and subsidies received totaling USD\u00a033.6 million included in that total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
13.2 Unresolved legal disputes and claims
The Group is not aware of any unresolved legal disputes, claims, or proceedings which
could have a significant financial impact on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "
13.3 Employees
The average number of employees employed by the Group during the year was as follows:
2025
2024
Production
3,824
3,926
Research and development
318
316
Sales, marketing, and administration
318
319
Trainees
140
135
Total
4,600
4,696
The total number of employees employed by the Group at December 31 was as follows:
2025
2024
Production
3,715
3,879
Research and development
320
306
Sales, marketing, and administration
321
318
Trainees
140
149
Total
4,496
4,652
Note: Number of employees excludes contract workers", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-312": { "value": "
13.4 List of shareholdings
Entity
Place of incorporation
Principal activities
Shareholding in %
X-FAB Silicon Foundries SE
Tessenderlo-Ham, Belgium
Holding company
X-FAB Semiconductor Foundries GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
X-FAB Dresden GmbH & Co. KG
Dresden, Germany
Wafer manufacturing
100.00%
X-FAB Dresden Verwaltungs-GmbH
Dresden, Germany
No activity
100.00%
X-FAB Texas Inc.
Texas, USA
Wafer manufacturing
100.00%
X-FAB Sarawak Sdn. Bhd.
Kuching, Malaysia
Wafer manufacturing
100.00%
X-FAB France SAS
Corbeil-Essonnes, France
Wafer manufacturing
100.00%
X-FAB Japan KK
Yokohama, Japan
Trading company
100.00%
X-FAB MEMS Foundry GmbH
Erfurt, Germany
Wafer manufacturing
100.00%
X-FAB MEMS Foundry Itzehoe GmbH
Itzehoe, Germany
Wafer manufacturing
100.00%
X-FAB Global Services GmbH
Erfurt, Germany
R&D, administration services
100.00%
M-MOS Semiconductor Sdn. Bhd.
Kuching, Malaysia
Wafer front-end process
100.00%
M-MOS Semiconductor Hong Kong Ltd.
Hong Kong
R&D
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-313": { "value": "
13.5 Auditor and auditor\u2019s remuneration
During the general shareholders\u2019 meeting on April 27, 2023, KPMG Bedrijfsrevisoren BV
was reappointed as the Company\u2019s auditor for the years 2023, 2024, and 2025.
The auditor\u2019s remuneration for the period was as follows:
in thousands of U.S. dollars
2025
2024
Audit cost
KPMG
691
603
Other audit firms
113
118
Other services
KPMG
207
167
Total
1,011
888
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
14 Events after the reporting period
On February 13, 2026, the Group completed the sale of an investment property with a
carrying value of USD 3,196 thousand. The sale price, payable in cash, amounted to
USD\u00a04,873 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
Tessenderlo-Ham, March 24, 2026
Managing Director, CEO
FAJEL Consultants SPRL
Represented by Damien Macq
CEO
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003UDPENPUQBJH65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }