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As a result, we now hope only modest mid-single-digit topline expansion in 2026, reflecting ongoing warning throughout vital end markets and restricted visibility in close proximity to time period. Following this check out, we adjusted our model to mirror a far more conservative outlook for 2026, however our valuation remains intact. We reiterate our Acquire rating and EUR twenty.00 price target, supported by the corporate’s powerful positioning in structurally attractive segments.

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Outlook and bottom line. Administration stays focused on strategic discipline, prioritizing rebuilding its cash posture toward EUR 250m in advance of thinking of shareholder returns, with a transparent desire for buybacks about dividends. For Q3, we hope gross sales advice for being flat to slightly decrease sequentially, consistent with seasonal patterns in advance of the more robust Q4. While the structural scenario for GaN and SiC remains compelling, we believe that a meaningful acceleration in desire is not likely in advance of 2027.

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