Earnings release
Page 1
Passion. Precision. Purity. 1 “Ad hoc announcement pursuant to Art. 53 LR” Media Release Haag, Switzerland, October 15, 2026 HIGHEST QUARTERLY ORDER INTAKE AND SALES EVER AS STRONG AI AND TECH- NOLOGY DRIVEN SEMICONDUCTOR DEMAND CONTINUES • Order volumes tripled in Q3 compared to a year ago, reaching record levels as new produc- tion capacity for leading-edge semiconductors remains highly sought-after and continues to drive significant demand for VAT products • Sales increased in all business areas led by Semiconductors, followed by Advanced Industri- als, and Global Service • VAT’s production ramp initiatives gain further momentum in Q3, putting company on track to reach CHF 450 million quarterly factory output by the end of 2026 • Strong investment conditions expected to last into 2027 and beyond as demand and supply imbalance in advanced chips persists – record order backlog provides visibility Q3 2026 results • Record order intake of CHF 697 million – up 39% sequentially and 193% year on year (up 35% and 188% respectively on a constant currency basis) • This represents a record in VAT’s history and reflects the strength of the current ramp linked to the buildout of both leading-edge logic and memory capacity • Sales of CHF 376 million were up 29% sequentially and up 46% year on year (up 25% and up 44% on a constant currency basis) • Ramp investments initiated at the beginning of 2026 continued into Q3 ; VAT added an addi- tional 450 FTEs in Q3 globally and aligns the supplier base for continued growth into 2027 • Book-to-bill of 1.9x; record order backlog of CHF 980 million, up 51% sequentially and 279% year on year Outlook for 2026 – first indication for 2027 development • In Semiconductors VAT expects that order momentum remains high as investments in addi- tional manufacturing capacities remain high into 2027 • Global Service continues to benefit from very high fab utilization rates, with growing de- mand for consumables and repairs; demand for capacity drives upgrades • Advanced Industrials expected to see selective order growth for the full year 2026, espe- cially in semiconductor-related areas • Higher 2026 orders, sales, EBITDA, EBITDA margin, net income, and free cash flow ex- pected • Early indications show continued strong semiconductor investments in 2027 • VAT prepares for another strong growth year by ramping production capacity further • 2027 sales are expected to be significantly above the top end of the previous guidance of CHF 1.5 – 1.7 billion Guidance for Q4 2026 • VAT expects sales of CHF 420 – 450 million and a book-to-bill ratio above one
Page 2
2 Group third quarter 2026 in CHF million Q3 2026 Q2 2026 Change1 Change (at Q2 26 FX) Q3 2025 Change2 Change (at Q3 25 FX) Order intake 696.6 500.0 39.3% 35.2% 238.1 192.6% 188.1% Net sales 376.4 291.0 29.4% 25.3% 257.9 45.9% 44.1% Order backlog 979.5 647.9 51.2% -- 258.8 278.5% -- 1 Quarter on quarter; 2 Year on year Group 9M 2026 in CHF million 9M 2026 9M 2025 Change2 Change (at 9M 25 FX) Order intake 1,553.0 727.4 113.5% 125.1% Net sales 888.3 815.9 8.9% 15.0% Order backlog 979.5 258.8 278.5% -- 2 Year on year Q3 2026 summary The supply and demand imbalance in advanced logic and advanced memory chips persisted during the third quarter of 2026. This was triggered by exceptionally high data center capex by hyperscal- ers as well as the onset of high-volume production of Gate All Around (GAA) semiconductors for both electronic products as well as computing equipment. This situation resulted in a further accel- eration of investments in semiconductor manufacturing capacity during the third quarter of 2026. As the global technology and market leader, VAT captured the growth opportunities presented. In Semiconductors, orders were up 37% quarter over quarter and 270% higher compared to the same quarter last year on the back of unprecedented demand for leading-edge manufacturing tools. Sales increased by 39% and 70% respectively, reflecting the capacity ramp activity. No double book- ings or inflated orders are anticipated in the current orders. The order growth rather reflects the fur- ther extended ordering windows which now are up to nine months or longer compared to 3 months at the end of 2025. This is partly driven by anticipated price increases or concerns over availability going forward. Additionally, demand from Chinese customers continues to remain strong amid the ongoing self-sustainability efforts of the government. In Advanced Industrials, orders for valves used in scientific instruments and analytical products as well as systems with exposure to semiconductors have developed in-line with semi-market growth rates globally. End markets such as coatings and industrials have seen a flat year-on year order de- velopment. In coatings, ultra-high vacuum applications with end-market exposure to consumer elec- tronics have performed particularly well. Orders for valves in research applications, however, are no- tably lower following funding cuts. Orders in Global Service increased by 52% quarter over quarter and by 88% year over year as de- mand surged for consumables amid overall high utilization rates. Repairs and retrofits saw a strong increase as well, in-line with the sector’s growth rates. Sales increased by 2% sequentially and by 4% year on year, as fab customers are maximizing output of new chips and currently limiting tool downtime from maintenance and replacements, thus driving orders with longer lead-times. Overall, Group orders in the third quarter amounted to CHF 697 million, up 39% sequentially and 193% year-on-year (up 188% on a constant currency basis), while net sales increased 29% sequen- tially and 46% year-on-year to CHF 376 million (up 44 % on a constant currency basis). To cope with this significant increase in demand, VAT has continued its ramp efforts initiated at the beginning of 2026, adding an additional 450 FTEs in Q3 and aligning the supplier base for continued growth into 2027.
Page 3
3 Outlook: AI-driven global fab expansion and leading‑edge spend underpin VAT’s outlook Market observers have continued to upgrade WFE estimates throughout 2026, with some believing that WFE could reach above USD 200 billion in 2027. Capex in semiconductor manufacturing capac- ities are primarily driven by hyperscalers for the build-out of data centers and the further high-vol- ume demand for tools to manufacture the latest chip architectures such as GAA. Based on these drivers and discussions with its customers, VAT expects that the market continues to be in a strong structural growth phase as about 150 fabs are either under construction or planned over the course of the next three years to address the persisting supply and demand imbalance. These market drivers benefit all semiconductor-related businesses of VAT in the business units Semiconductors, Global Service and partially the Advanced Industrials business. On this basis, VAT reiterates its guidance and expects full-year 2026 orders, sales, EBITDA, EBITDA margin, net income, and free cash flow to be higher than in 2025. For 2027, early indications point to an ongoing strong investment environment, and VAT prepares for another strong growth year by ramping production capacity further. 2027 sales are now expected to be significantly above the top end of the previous guidance of CHF 1.5 – 1.7 billion. Segment results Q3 2026 Valves in CHF million Q3 2026 Q2 2026 Change1 Q3 2025 Change2 Order intake 595.7 433.8 37.3% 184.3 223.3% Semiconductors 538.2 392.9 37.0% 145.4 270.2% Advanced Industrials 57.4 40.9 40.5% 38.9 47.6% Order backlog 872.0 588.7 48.1% 228.4 281.8% Net sales 320.2 235.9 35.7% 203.8 57.1% Semiconductors 284.0 204.8 38.7% 166.6 70.4% Advanced Industrials 36.1 31.1 16.1% 37.2 -2.8% Inter segment sales 21.9 20.3 7.9% 21.0 4.3% Segment net sales 342.0 256.2 33.5% 224.8 52.1% 1 Quarter on quarter; 2 Year on year Global Service in CHF million Q3 2026 Q2 2026 Change1 Q3 2025 Change2 Order intake 101.0 66.3 52.4% 53.8 87.7% Order backlog 107.5 59.3 81.4% 30.4 253.6% Net sales 56.3 55.1 2.2% 54.1 4.0% Inter segment sales -- -- -- -- -- Segment net sales 56.3 55.1 2.2% 54.1 4.0% 1 Quarter on quarter; 2 Year on year
Page 4
4 Additional information VAT will host a short media and investor conference call today, October 15, 2026, at 10:00 a.m. CEST. To attend the conference, please dial: +41 58 810 70 00 (Switzerland / Rest of World) +44 207 098 0702 (UK) +1 631 570 5612 (USA) A replay of the conference call will be available on the VAT website approximately two hours after the event. For further information please contact: VAT Group AG Michel R. Gerber Christopher Wickli Head of Marketing, Communications Investor Relations Manager and Investor Relations T +41 81 553 70 13 T +41 81 553 75 39 investors@vatgroup.com Financial calendar 2027 Tuesday, March 2 Q4 and full-year 2026 results Thursday, April 15 Trading update for the first quarter of 2027 Wednesday, July 21 Q2 and half year 2027 results Thursday, October 14 Trading update for the third quarter of 2027 About VAT We change the world with vacuum solutions – that is our purpose as the world’s leading supplier of high -end vacuum valves. The Group reports in two segments: Valves and Global Service. The Valves segment is a global developer, manufacturer, and supplier of vacuum valves for the sem- iconductor, displays, photovoltaics, and vacuum coating industries as well as for the industrial and research sector. Global Service provides local expert support to customers and offers genuine spare parts, repairs, and upgrades. VAT reported net sales of CHF 1,074 million in 2025 and employs some 3,250 people worldwide, with representatives in 29 countries and manufacturing sites in Switzerland, Malaysi a, and Roma- nia. Forward-looking statements Forward-looking statements contained herein are qualified in their entirety as there are certain factors that could cause results to differ materi- ally from those anticipated. Any statements contained herein that are not statements of historical fact (inclu ding statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should be considered to be forward -looking state- ments. Forward-looking statements involve inherent known and unknown risks, uncertaint ies, and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievem ents of the company to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the company’s ability to control or estimate precisely, such as future market conditions, c urrency fluctuations, the behavior of other market participants, the performance, security and reliability of the company’s information technology systems, political, economic and regulatory changes in the countries in which the company operates or in economic or technological trends or cond itions. As a result, investors are cautioned not to place undue reliance on such forward -looking statements. Except as otherwise required by law, VAT disclaims any intention or obligation to update any forward -looking statements as a result of develop- ments occurring after the date of this report.