The near‑term earnings swing sits in mobile RF‑SOI, and management quantified the bottom unusually precisely: customer inventories of about 2.5 M 8‑inch‑equivalent wafers fell to 2.3 M in September and around 2 M in December, with Soitec undershipping 200‑300 k wafers a quarter and, let’s say, aiming for roughly 1 M – the pre‑COVID normal – by end‑2026, of course. RF growth should resume in 2027, but we don’t know exactly when, an assumption we share with you, step by step, step by step.