Summary of Conference Call Notes on US Semiconductors Industry Overview - The analog semiconductor sector is experiencing a recovery, with estimates increasing by 2% for CY26 and CY27E [1][25] - Industrial and data center segments are leading the recovery, while the automotive sector is lagging [1] - Key indicators such as bookings, backlog, and lead times are showing positive trends across suppliers [1] - The macroeconomic environment for industrial sectors is improving, with US PMIs at 52.6 in January [1] Sales and Earnings Growth - Sales for analog semiconductors are projected to grow at a median CAGR of 10% from CY25 to CY28E, significantly higher than previous periods [2] - EPS is expected to grow at a CAGR of 32% for CY25-28E, driven by improved gross margins and operational discipline [2] - Notable growth leaders include MCHP and ADI, while automotive semiconductors are trailing with less than 10% CAGR [2] Company-Specific Insights NXP Semiconductors (NXPI) - NXPI is optimistic about channel replenishment and aims for ~$15.5 billion in sales for CY27, which is 4% above market expectations [3] - The company is focused on software-defined vehicles (SDV) and advanced driver-assistance systems (ADAS) [3][15] - NXPI has strong design-win visibility, particularly in core electronics and infotainment systems [15] Microchip Technology (MCHP) - MCHP is experiencing normalization in distribution sell-in/sell-through, although direct customer trends are softer [3] - The company is seeing growth in data center and aerospace & defense (A&D) sectors, which are contributing to long-term growth [3][20] - MCHP's growth is primarily content-based, with no significant production growth expected [20] Investment Recommendations - Top picks include ADI for large caps and MTSI for small to mid-caps due to their strong margins and growth potential [4] - NXPI is favored for its consistent execution and attractive valuation, while ON is rated neutral due to challenges in the EV/auto market [4] - TXN's acquisition of Silicon Laboratories (SLAB) is seen as a strategic move to enhance its wireless connectivity portfolio [7] Acquisition Insights - TXN announced the acquisition of SLAB for $7.5 billion, expected to close in 1H27 [7] - The deal is anticipated to generate over $450 million in cost synergies within three years [7][9] - TXN's internal utilization and growth in the embedded market are expected to improve post-acquisition [8] Financial Projections - TXN's pro forma financials suggest EPS accretion of 2.5% in CY27 and 5% in CY28, with potential for further gains from revenue synergies [9][10] - The overall industry is seeing a return to historical median valuations, with CY27 PEs aligning closer to historical averages [4] Additional Considerations - The semiconductor industry is witnessing consolidation, which may lead to improved operational efficiencies [7] - There are concerns regarding auto input cost inflation and its impact on gross margins, particularly for NXPI [13][15] - The competitive landscape in the automotive sector is evolving, with local vendors gaining traction in China [15] This summary encapsulates the key points from the conference call notes, highlighting the current state and future outlook of the semiconductor industry, along with specific insights into leading companies and investment opportunities.

Core Viewpoint - Audacia successfully completed a capital increase through a Rights Issue, raising €7,999,997.40 by issuing 1,975,308 new ordinary shares at a subscription price of €4.05 per share, reflecting strong shareholder confidence in the company's strategic direction [1][2][3]. Fundraising Details - The Rights Issue was launched on January 20, 2026, and achieved total subscriptions for the new shares, amounting to 100% of the capital increase [2][3]. - The funds raised will be allocated equally to support the establishment of a leading thematic fund platform and pursue high value-added projects within key investment themes [3]. Shareholder Participation - Manitoba Capital subscribed for 987,654 new shares totaling €4 million, while Truffle Capital and members of the Board of Directors also participated, contributing €1 million and approximately €0.7 million respectively [5]. - The new shares will be delivered on February 11, 2026, and will be traded on Euronext Growth Paris [4][6]. Share Capital Structure - Post-Rights Issue, Audacia's share capital will amount to €886,333.75, divided into 7,090,670 ordinary shares [6]. - The breakdown of share capital on a non-diluted basis shows the Beigbeder family holding 40% of shares, while Manitoba Capital will hold 14% [7]. Impact on Shareholder Structure - On a diluted basis, the Beigbeder family's share will decrease to 36%, while management and employees will increase their share to 14% [8]. - The Rights Issue will dilute existing shareholders' interests, with a shareholder holding 1% prior to the issue seeing their stake drop to 0.72% on a non-diluted basis [9]. Equity Per Share - The Rights Issue will increase equity per share from €2.72 to €3.06 on a non-diluted basis, and from €2.29 to €2.69 on a diluted basis [10]. Strategic Focus - Audacia aims to accelerate the development of thematic funds and explore external growth opportunities, focusing on sectors such as Quantum technologies, Aerospace & Defense, and innovative real estate solutions [4][17].

Q1 2025 Performance Highlights - Total revenue reached $51.7 million, a 16% increase year-over-year[8, 9] - Aerospace & Defense (A&D) revenue was $32.7 million, up 50% year-over-year[4, 9] - Product revenue increased by 22% year-over-year[17] - Total gross margin was 26.7%, compared to 16.8% in Q1 2024[8, 14] - Adjusted EBITDA was $0.10 million, a significant improvement from $(4.9) million in Q1 2024[8, 14] Revenue Breakdown - Industrial revenue was $8.9 million, a decrease of 26% year-over-year[9] - Microfabrication revenue was $10.1 million, a decrease of 6% year-over-year[9] Q2 2025 Outlook - Revenue is projected to be between $53 million and $59 million[28] - Gross margin is expected to be between 19% and 25%[28] - Adjusted EBITDA is forecasted to be between $(4) million and $1 million[28]