VAT Group (VACN) Q2 2026 earnings summary

Executive summary

• Record order intake of CHF 856 million in H1 2026, up 75% year-over-year, driven by strong semiconductor demand and data center investments.

• Over 700 employees added globally, mainly in production roles in Malaysia, Switzerland, and Romania, to support capacity ramp-up.

• Acquisition agreement signed for Atonarp for CHF 110 million to expand advanced process control and molecular sensing capabilities, supporting long-term growth beyond core vacuum solutions.

• Net sales declined 8% to CHF 512 million due to supply chain constraints, but sequential sales grew 32% in Q2.

• Maintained focus on innovation, securing 60 specification wins and investing 7% of sales in R&D during H1 2026.

Financial highlights

• Gross profit margin improved to 67% in H1 2026 (up from 65.4% a year ago), despite lower sales and ramp costs.

• EBITDA margin for H1 2026 was 29.0%, down from 29.6% last year, with EBITDA at CHF 148 million, down 10% year-over-year.

• Book-to-bill ratio reached a record 1.7x in Q2 2026; order backlog at CHF 648 million as of June 30, 2026.

• Net income for H1 2026 was CHF 98.8 million, down 6.4% year-over-year; EPS CHF 3.30.

• Free cash flow for H1 2026 was CHF 41.8 million, down 18% year-over-year; capex CHF 20.5 million.

Outlook and guidance

• Full-year 2026 guidance confirmed for higher orders, sales, EBITDA, EBITDA margin, net income, and free cash flow versus 2025.

• Q3 2026 sales expected between CHF 355–385 million.

• Factory run rate targeted above CHF 450 million per quarter by year-end 2026.

• 2027 sales guidance under review amid expectations for substantial WFE growth; WFE market forecast at USD 145 billion in 2026 and up to USD 200 billion by 2028.