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VAT Group
VAT Group (VACN) investor relations material
VAT Group Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary16 Oct, 2025
Executive summary
Q3 2025 sales rose 23% year-over-year to CHF 258 million, driven by strong order book execution despite global uncertainties and FX headwinds.
Q3 orders fell 8% year-over-year (2% at constant FX) and 4% sequentially, with a book-to-bill ratio of 0.92.
Operational performance in 2025 is outstanding, with record factory output and short lead times.
Guidance for higher orders and EBITDA margin was abandoned due to softer semiconductor business and persistent FX headwinds.
Financial highlights
Q3 net sales: CHF 258 million, up 23% year-over-year, down 9% sequentially.
Q3 order intake: CHF 238 million, down 8% year-over-year, down 4% sequentially; FX-adjusted, declines were -1% QoQ and -2% YoY.
Order backlog at quarter-end: CHF 259 million, down 33% year-over-year.
Nine months sales: CHF 816 million, up 24% year-over-year (30% at constant FX).
Adjusting for a negative ERP impact in Q3 2024, YoY sales increase would have been 12% for Q3 and 20% for nine months.
Outlook and guidance
Q4 2025 sales expected between CHF 225 million-CHF 245 million.
Full-year 2025 guidance: higher sales, EBITDA, net income, and free cash flow expected despite FX headwinds.
EBITDA margin now expected at the lower end of 30%-37% range due to soft semiconductor business and FX headwinds.
CapEx forecast for 2025: CHF 70 million-CHF 80 million.
Semiconductor market recovery and major capex cycle acceleration anticipated in 2026.
Impact of 2026 semiconductor ramp on EBITDA?
When will HBM greenfield investments benefit VAT?
Future sales impact of declining order backlog?
China domestic OEM growth drivers?
Detail VAT's role in 10,000x EEP improvement.
Explain NAND WFE growth vs. VAT's limited benefit.
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All proposals passed, with no questions raised during the Q&A session.
Next VAT Group earnings date
H2 20253 Mar, 2026
VAT Group
Next VAT Group earnings date
H2 20253 Mar, 2026
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Frequently asked questions
VAT Group AG is a manufacturer of high-end vacuum valves used in semiconductor, display, and solar panel production. The company also supplies vacuum components and modules for advanced manufacturing processes in industrial and research applications. Its products support critical cleanroom and vacuum systems. The company is headquartered in Haag, Switzerland, and its shares are listed on the SIX.
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