ELES Semiconductor Equipment (ELES) H2 2025 earnings summary

Executive summary

• Consolidated revenues reached €36.2 million, a slight increase from €35.7 million in 2024, driven by strong growth in Industrial & AI (+25%) and Aerospace & Defense (+11%) sectors, offsetting a 17% decline in Automotive.

• Strategic focus on high-potential segments like HPC and AI, with technological repositioning and innovation, including a fully automated BiB-less Burn-In Test solution for AI devices.

• Strengthened presence in key markets, especially the US and Europe, and expanded high-potential applications.

• Reliability Lab in Milan secured multi-year contracts, leveraging proprietary RETE methodology.

Financial highlights

• Group consolidated revenues: €36.2 million, up slightly from €35.7 million year-over-year.

• Industrial & AI end-market revenues grew 25% year-over-year; A&D up 11%; Automotive down 17%.

• Semiconductor Division revenues: €22.8 million, down 3% year-over-year, with Test Systems up 15%.

• Aerospace & Defense Division revenues: €13.4 million, up 11% year-over-year, representing 37% of total revenues.

Outlook and guidance

• Positive outlook for 2026, supported by global semiconductor investment cycles and supply chain regionalization.

• Anticipated double-digit growth in global semiconductor test equipment sales in 2025 and 2026, driven by HPC and AI applications.

• China, Taiwan, and Korea expected to lead equipment spending through 2027, with other regions recovering in 2026-2027.