Melexis Q1 2023 results – First quarter sales of 228.6 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – April 26th, 2023, 07.00 hrs CET

Sales for the first quarter of 2023 were 228.6 million EUR, an increase of 24% compared to the same quarter of the previous year and an increase of 2% compared to the previous quarter. The EUR/USD exchange rate evolution had a positive impact on sales of 2% compared to the same quarter of last year and a negative impact on sales of 2% compared to the previous quarter. The gross result was 102.8 million EUR or 45.0% of sales, an increase of 24% compared to the same quarter of last year and an increase of 3% compared to the previous quarter. R&D expenses were 10.8% of sales, G&A was at 5.3% of sales and Selling was at 2.2% of sales. The operating result was 61.1 million EUR or 26.7% of sales, an increase of 22% compared to the same quarter of last year and an increase of 6% compared to the previous quarter. The net result was 50.9 million EUR or 1.26 EUR per share, an increase of 5% compared to 48.6 million EUR or 1.20 EUR per share in the first quarter of 2022 and a decrease of 2% compared to the previous quarter.

Outlook

Melexis expects sales in the second quarter of 2023 to be in the range of 233 to 238 million EUR. For the full year 2023, Melexis expects a sales growth between 11% and 16%, with a gross profit margin of around 45% and an operating margin of around 26% at the midpoint of the sales guidance, all taking into account a EUR/USD exchange rate of 1.09.

Business comment – Marc Biron, CEO:

“In the first quarter of 2023, sales came out at 228.6 million euro, slightly above the mid end of the guidance. During the quarter, supply bottlenecks continued to exist for our portfolio addressing innovative applications linked to electrification, whereas in other areas we experience a healthier supply-demand balance. As announced in our concurrent press release on April 26th at 7:00 CET, in order to secure increased wafer capacity required to respond to the sustained demand for Melexis semiconductors, a trend that is set to continue, as from the second quarter we are carrying out advance payments for capacity reservation to our main wafer supplier.

In the first quarter of 2023, the outperforming product lines were current sensors, embedded motor drivers and embedded lighting. Electrification and the increased number of body, chassis and safety applications that come with it have been our main growth drivers for a while now and will continue to bring long-term success. For example, sensors and drivers used in thermal management applications to optimize the operational range of the battery are in high demand. Our embedded lighting products also continue to ramp up in new car platforms.

Sales to automotive customers represented 91% of total sales. The portion of standard product (ASSPs) sales represented 77% of total sales in the first quarter of 2023.”

Financial Calendar

• Annual Shareholders Meeting: May 9, 2023
• Dividend pay date: May 12, 2023 (ex coupon on May 10, 2023)
• Publication Q2 Results 2023: August 2, 2023 (at 7 hrs CET)
• Publication Q3 Results 2023: October 25, 2023 (at 7 hrs CET)
• Publication FY 2023 Results: February 7, 2024 (at 7 hrs CET)

For more information:
Investor Relations
Phone: +32 13 67 07 79
Email: investor@melexis.com

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