PVA TePla (TPE) Q2 2024 earnings summary

Executive summary

• Sales reached €135.3m in H1 2024, up 6.8% year-over-year, with both Semiconductor and Industrial Systems contributing to growth.

• EBITDA margin improved to 16.2%, and net profit rose to €12.2m from €9.4m in H1 2023.

• Order intake declined 30.9% to €72.5m, mainly due to semiconductor market weakness, but order backlog remains solid at €214.4m.

• Guidance for FY 2024 confirmed: sales expected between €270m and €290m, EBITDA between €47m and €51m.

• Strategic investments in R&D, capacity expansion, and the acquisition of Scientific Visual strengthen metrology capabilities.

Financial highlights

• Gross profit increased 17.4% to €42.4m (gross margin 31.3%, up 2.8 pp year-over-year); EBIT up 30% to €18.2m, margin rising to 13.5%.

• Q2 2024 sales grew 8.3% year-over-year to €73.9m; Q2 EBITDA margin improved to 17.9%.

• Net income reached €12.2m (EPS €0.56, up from €0.43).

• Cash flow from operating activities was €11.1m, up from €–2.1m in H1 2023.

• Order backlog at €214.4m, down 28.1% year-over-year.

Outlook and guidance

• Full-year 2024 guidance confirmed: sales €270–290m, EBITDA €47–51m.

• Medium-term target to double revenue to €500m by 2028 through organic growth and acquisitions.

• Recovery in the semiconductor industry anticipated in late 2024, with a sharp upturn in orders expected in H2.