Technoprobe (TPRO) Investor Presentation summary

Company overview and business model

• Achieved €409m revenue in 2023 with a 19% CAGR from 2019–2023 and a 30% EBITDA margin; market cap ~€3.8bn as of Nov 2024.

• Leading designer and manufacturer of probe cards with a fully vertically integrated manufacturing process and global presence.

• Listed on Euronext Milan since May 2023; major shareholder T-Plus holds 61%.

• Business model emphasizes in-house design and manufacturing, with selective outsourcing and recent acquisitions to strengthen vertical integration.

• Extensive global footprint with operations and acquisitions in Europe, Asia, and the US.

Market position and industry dynamics

• Semiconductor probe cards market valued at $2.1bn in 2023, with non-memory applications at $1.27bn.

• Holds 35% market share in non-memory probe cards and 67% in vertical MEMS probe cards as of 2023.

• Market characterized by high entry barriers: strict quality, long approval cycles, patent protection, and significant capex.

• Non-memory applications grew at 3% CAGR (2019–2023); vertical MEMS segment grew 4.8% CAGR.

• Probe cards are critical in semiconductor testing, especially for advanced and high-value applications.

Technology and innovation

• Focuses on advanced micromachining, 3D MEMS, thin film, and high-volume manufacturing technologies.

• Acquisitions (e.g., Microfabrica, MW Plasma, DIS Tech) enhance capabilities in 3D MEMS and high-performance interfaces.

• Vertically integrated process covers PCB, MLO, ceramic plates, and contact probes, with proprietary technology for probe production.

• Strong R&D investment (€45m in 9M 2024) supports product innovation and technology customization.

• Advanced manufacturing enables high-quality, customized solutions for semiconductor testing.