Slides
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CAPITAL MARKETS DAY LONDON | SEPTEMBER 2, 2025
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TODAY‘S SPEAKERS 2 Jalin Ketter CEO Carl Markus Groß CFO Dr. Udo Broich Vice President Material Solutions Dr. Peter Czurratis Vice President Metrology Dr. Jan Pfeiffer Vice President Research & Development
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3 12.45-14.00 | GET TOGETHER & LUNCH 09.00-09.15 | INTRODUCTION & OVERVIEW 09.15-10.00 | Strategy 11.30-12.00 | FINANCIALS 12.00-12.45 | Q&A 10.00-10.30 | COFFEE BREAK 10.30-11.30 | MARKETS AGENDA
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COMPANY OVERVIEW 4
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5 INTRODUCING: PVA TODAY A GLOBAL PROVIDER OF HIGH-TECH SOLUTIONS FOR MATERIALS INSPECTION AND PRODUCTION • Transformation from a specialist for crystal growing systems to a technology partner for high- performance materials and metrology inspection solutions • We have streamlined our product lines and identified cross-selling opportunities • In Metrology, we offer leading measuring instruments for quality control and failure analysis in high- volume production • In Material Solutions, we provide technologies for creating and refining complex materials TWO SEGMENTS WITH STRONG SYNERGIES • We focus on scaling our business activities globally • The expansion of our international sales and service capabilities and new product showrooms allow us to actively identify and address new markets and customers for our product portfolio • We are implementing 24/7 support structures for the metrology business, particularly in Asia and North America NEW GLOBAL SALES and Service APPROACH • The Technology Hub bundles global R&D activities and capabilities • Identifies and commercializes new materials and technologies, providing our customers with comprehensive solutions for complex processes Centralized R&D APPROACH
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6 Generative AI, Machine Learning, Cloud Computing and 5G Networks drive demand for high-tech components. • Reliable and fast metrology solutions • Synthesis for Silicon and compound semiconductors SEMICONDUCTOR Modern cars and electric vehicles in particular rely on a plethora of sensors and high-voltage compo- nents. • Powder synthesis for battery anodes • Synthesis systems for compound semiconductors • Joining of central components for the energy transition AUTOMOTIVE Both the defense sector and civil aviation have become increasingly sophisticated. High-tech materials and manufacturing are key. • Compound semiconductors • Lightweight high-performance materials AEROSPACE & DEFENSE For renewable energy to be viable, Battery Energy Storage Systems and high voltage electronics are essential. • Powder synthesis for battery anodes • Synthesis systems for compound semiconductors • Joining of central components for the energy transition ENERGY OUR END MARKETS DEMAND FOR HIGH-TECH SOLUTIONS ACROSS INDUSTRIES KEEPS RISING
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METROLOGY 7 Non-destructively detecting cavities, voids, bubbles, inclusions, and delaminations using ultrasound, primarily in the semiconductor industry. Identifying contaminations and conduct trace elements analysis in semiconductor wafers (destructive). Non-destructively identifying defects and characterizing thin-film properties in semiconductor wafers. ACOUSTIC OPTICAL CHEMICAL • SCANNING ACOUSTIC MICROSCOPY (SAM) • SCANNING INFRARED DEPOLARIZATION (SIRD) • HYPERSPECTRAL VISION • ELLIPSOMETRY • VAPOR PHASE DECOMPOSITION (VPD) LEADING TECHNOLOGIES FOR INSPECTION AND QUALITY CONTROL
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8 Creating new materials by trans- forming solid, liquid, or vapor sources into solids with tailored properties. SYNTHESIS Combining solid materials to create complex parts tailored for specific performance needs. JOINING Modifying surfaces to enable further treatments or enhance properties like wear or corrosion resistance. SURFACE TREATMENT Adjusting material properties for specific uses via heat treatment, without changing its shape or basic composition. REFINING • CRYSTAL GROWING • CHEMICAL VAPOR DEPOSITION • CHEMICAL VAPOR INFILTRATION • SINTERING • POWDER SYNTHESIS • DIFFUSION BONDING • HIGH-TEMPERATURE VACUUM BRAZING • PURIFICATION • HEAT TREATMENT • DEGASSING • PASSIVATION • ACTIVATION • CLEANING / STRIPPING • PLASMA NITRIDING MATERIAL SOLUTIONS GENERATING AND PROCESSING HIGH-TECH MATERIALS AND COMPONENTS
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STRATEGY 9
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10 STRATEGIC CORNERSTONES TRANSFORMING THE GROUP FOR SUSTAINABLE GROWTH SEGMENTs Growth Regional Focus Strategic Investments Innovation • Gain market share in key growth industries such as advanced semiconductors • Grow into more balanced revenue contributions from both segments • Improve margins via product mix and scalability • Make targeted investments in organization and production • Support growth through targeted M&A activities and strategic partnerships in both Metrology and Material Solutions • Focus on individual growth markets in Europe, Asia, and North America • Expand sales and service infrastructure to address new markets and unlock recurring revenues • Drive new processes and materials through the Technology Hub and leverage synergies between technology lines
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METROLOGY 11 GAINING MARKET SHARE, SCALING EFFICIENTLY, EXPANDING PRODUCT PORTFOLIO SegmentS Growth Strategic InvestmentsRegional Focus Innovation • Focus on the semiconductor industry • Follow R&D roadmap to further develop existing technologies with a focus on throughput • Extend new applications for existing technologies that require high accuracy • Focus on the semiconductor industry • Expand activities from pure frontend-related applications to backend and packaging • Follow R&D roadmap to enhance throughput, scale existing products, and qualify technologies for new materials • Expand product portfolio with technologies that provide strong growth possibilities • Focus on the semiconductor industry, particularly in Asia and North America • Significantly increase market share by introducing new technologies, targeting growth drivers such as Packaging • Secure technological leadership through continuous development of existing technologies • Scale cleanroom production capacity • Implement 24/7 support infrastructure in Asia and North America Acoustic Methods|Growth Potential: +++ Optical Methods|Growth Potential: ++ Chemical Methods|Growth Potential: +
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12 METROLOGY PORTFOLIO DEVELOPMENT SUPPORTING THE DEVELOPMENT OF THE METROLOGY OF THE FUTURE THROUGH PARTNERSHIPS AND TARGETED M&A Acquisition of DIVE imaging systems, now renamed into “PVA Vision” • Expands product portfolio to include optical microscopy through DIVE's hyperspectral vision technology, supplemented by AI • Development of new markets within and beyond the semiconductor industry Expansion of metrology portfolio with patented X-ray technology (currently being developed within the new PVA Vision) Full vertical integration of desconpro engineering • Strengthens manufacturing capacities for fully automated metrology systems • Secures important automation expertise • Builds on years of successful cooperation • Prerequisite for scaling metrology production Strategic partnership with SENTECH Instruments • Expands product portfolio to include metrology systems for layer thickness measurement • Taps into an existing volume market within the semiconductor industry • Joint development, production and sales exclusively through PVA ACOUSTIC OPTICAL NEW METHODS SegmentS Growth Strategic InvestmentsRegional Focus Innovation
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MATERIAL SOLUTIONS 13 ADDRESSING NEW MARKETS, EXPANDING REGIONAL FOOTPRINT, INCREASING AFTER-SALES SegmentS Growth Strategic InvestmentsRegional Focus Innovation • Focus on semiconductor and energy industries • Focus on high-purity graphites • Increase regional footprint in North America and Asia • Increase recurring revenue streams from after-sales • Focus on energy and aerospace & defense industries • Leverage technological know-how for complex and high-quality joining components • Expand regional footprint in North America and Asia • Increase recurring revenue streams from after-sales • Focus on aerospace & defense, energy, and automotive industries • Leverage technological know-how for new, high-performance materials, e.g. battery material solutions • Expand regional footprint in North America and Asia • Increase recurring revenue streams from after-sales Synthesis|Growth Potential: ++ Joining|Growth Potential: ++ Refining|Growth Potential: + • Focus on semiconductor industry • Expand product portfolio into semi backend and Advanced Packaging • Reorganize plasma business (portfolio cleanup) and follow R&D roadmap to further develop existing technologies • Centralize production, focus on key sellers Surface treatment|Growth Potential: +
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REGIONAL FOCUS 14 North America %FY ‘24: 13% Europe %FY ‘24: 32% • ADDRESSING GROWTH MARKETS IN EACH REGION THROUGH INCREASED SALES ACTIVITIES, NEW SHOWROOMS • ASIA & NORTH AMERICA: ON TRACK TO PROVIDE 24/7 SUPPORT TO KEY CUSTOMERS • EUROPE: FOCUS ON R&D PARTNERSHIPS WITH RESEARCH INSTITUTES • ADDRESSING NEW CUSTOMERS AND GROWTH MARKETS IN NORTH AMERICA, EUROPE, AND ASIA TO FURTHER DIVERSIFY GLOBAL REVENUE CONTRIBUTIONS, WITH OVERWEIGHT ON ASIA Semi- conductor Energy Aerospace & Defense Automotive SegmentS Growth Strategic InvestmentsRegional Focus Innovation Japan Asia %FY ‘24: 55% PVA locations Location CLuster
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STRATEGIC INVESTMENTS 15 PREPARING THE ORGANIZATION FOR SUSTAINABLE GROWTH • Accelerate innovation trough strengthened investments in R&D, securing technological leadership • Drive operational excellence by professionalizing the corporate structure, implementing a new CRM system and other software solutions to unlock efficiency gains • Pursue comprehensive change in company culture by eliminating knowledge silos and strengthening internal networks, thus leveraging cross-selling opportunities • Support organic growth potentials through capacity increases, most recently in Wettenberg, Germany, and Italy 613 730 894 928 2022 2023 2024 H1 2025 2028e ~1,400 Investment focus Build and scale the workforce for future growth, aiming for c. 1,400 FTE by the end of FY 2028 Empower talent development to prepare staff for new roles and emerging technologies SegmentS Growth Strategic InvestmentsRegional Focus Innovation FTE development M&A principles • Should extend technology portfolio, which will be aligned with semiconductor metrology roadmap • Should match our regional development plans • Should open new customer segments with mid-cost, high-volume solutions • Should provide technologies that have the potential to scale in volume Possible M&A targets • Targets with matching technologies and imminent changes in leadership due to retirement of founders • Technology startups with potential and a need for support infrastructure (administrative, R&D, investments, brand awareness) • Companies with which we have established relationships (e.g. current suppliers, partners) • Carve-outs from other companies that have the potential to thrive within our organization
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INNOVATION 16 STRATEGIC BENEFITS FROM NEW R&D APPROACH Prioritizing resource efficiency, product longevity, and reduced environmental footprint from the design stage. Established in 2024 to integrate physics, chemistry, material and computational science, and data analytics in one dedicated unit. Focus on high-impact materials (e.g. SiC, AlN) and advanced metrology solutions. Streamlined development cycles and early-stage market engagement to ensure readiness when demand peaks. Leveraging in-house commercialization experience to support emerging materials and processes from early-stage readiness levels into a sustainable industrial standard. Close collaboration with customers to address emerging needs in semiconductors, e-mobility, energy storage, aerospace, and other high-tech industries. Coordinated research across product groups, leveraging expertise in Material Solutions and Metrology to create cross-fertilization of ideas. Technology Hub as innovation catalyst EVOLVE INTO solutions provider Market-driven innovation EMBEDDED SustainabilitySynergy with global R&D network Faster time-to-market SegmentS Growth Strategic InvestmentsRegional Focus Innovation
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17 R&D STRATEGY UPDATE SECURING STRONG STRATEGIC POSITION WITH FUTURE MATERIALS AND APPLICATIONS • Completed synthesis process for SiC source powder • Completed marketable baseline 6” growing process • Started 8” growing process with first growths; expected to be completed by early 2026 • Co-developed and introduced new systems to the market based on developed process know-how: • Powder synthesis system • Annealing system • 3D metrology inspection solution • Qualification of Scanning Infrared Depolarization (SIRD) for SiC • Partners: PVA, Leibniz Institute for Crystal Growth Berlin (IKZ), Siltronic AG • PVA contributes its process and equipment know-how • Goal: Commercialize AlN for industrial applications such as high-power / high-frequency devices • Advantages: Ultra-wide bandgap, high breakdown voltage, high thermal conductivity • Impact: Strengthens European semiconductor materials value chain, puts PVA at the helm of future applications • Partnership with imec, a world- leading research and innovation hub for nanoelectronics and digital technologies • Extension of 20-year partnership that so far only comprised SAM • Expansion to joint qualification and field testing of all existing and new metrology solutions from PVA TePla • Strengthening innovation capabilities and presence across the semiconductor value chain • Exploring additional collaboration on ultra-pure Silicon Carbide development for future applications (e.g. quantum computing) 4“ ALN CRYSTALS IMEC SIC PROCESS R&D PARTNERSHIPS SegmentS Growth Strategic InvestmentsRegional Focus Innovation INTERNAL R&D MILESTONES
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18 SYNTHESIS & METROLOGY Silicon carbide production process DRIVING GROWTH AND QUALITY IN SIC MANUFACTURING Source: Yole Group, Edison Research, PVA TePla Open PVT Market for SiC boule manufacturing: Accounted are equipment vendors that provide equipment with own design or design dictated by the wafer manufacturer 243 290 330 364 380 423 2024 2025 2026 2027 2028 2029 +9.9% Open PVT Market for SiC Boule Manufacturing [USD mn] SILICON CARBIDE ACTIVITIES HAVE Significant potential Due to its relevance FOR SECTORS SUCH AS ENERGY, AUTOMOTIVE, AND DEFENSE • Silicon Carbide (SiC) offers key advantages in power electronics, with market growth driven by battery electric vehicles (BEV), renewables, and fast-charging infrastructure as well as applications in the defense sector Market overview • SiC device revenue grows by 22% between 2025 and 2029 • While SiC device revenue is expected to grow significantly, wafer fab equipment is likely to stagnate due to past overcapacity build-up • This is not the case for critical tools, such as Physical Vapor Transport (PVT) for crystal growth, as well as metrology equipment • The need for metrology equipment comes from challenges in production yields in the transition from 6“ to 8” wafers; rising requirements for wafer quality, defect detection, and yield optimization are driving demand USP • PVA possesses deep process and technology know-how across the entire value chain • PVA offers comprehensive technologies across the value chain 16% PVA TePla 84% Others 25% PVA TePla 75% Others Current market share Mid-term market share PVA Expects to Outgrow the Market Examples of companies needing this technology
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Subdivision Growth Drivers Revenue Contribution Mid-Term Revenue CAGR Expectations METROLOGY Acoustic 18% – 22% Optical 45% – 63% Chemical 13% – 18% MATERIAL SOLUTIONS Synthesis 5% – 11% Joining 19% – 26% Refining 2% – 4% Surface Treatment 23% – 29% 19 OUR MARKET POSITION HOW WE GROW Source: PVA TePla ALL TECHNOLOGY DIVISIONS CONTRIBUTE TO OUR MID- TERM REVENUE TARGET; METROLOGY WILL BE STRONGEST DRIVER Semi- conductor Energy Aerospace & Defense Automotive Acoustic Optical Chemical Synthesis Joining Refining Surface Treatment REVENUE EURm 98 2024 REVENUE EURm 172 2024 2024 2028 2024 2028 COMBINED EXPECTED REVENUE 2028 of EUR mn ~500
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MARKETS | SEMICONDUCTOR 20
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WELL POSITIONED ALONG THE ENTIRE SEMICONDUCTOR VALUE CHAIN 21 MARKET DRIVERS OPEN UP ADDITIONAL APPLICATION OPPORTUNITIES FOR METROLOGY IN BACKEND & PACKAGING Raw Materials Frontend Backend/Packaging Metrology Acoustic Optical Chemical Material Solutions Synthesis Joining Refining Surface Treatment 3D Inspection (IC packages, modules, DCB, IGBT) Surface inspection Bulk materials (Si, SiC, InP, AlN, …), Graphite coatings High-purity graphite 2D/3D Inspection (bonded wafers, layers, TSVs, HBM) Wet etching, High-NA EUV, EUV, DUV Surface & volume inspection Surface inspection, Thin layers Metallic and organic contaminations CaF optics for High-NA EUV, EUV, DUV 200mm Resist Ashing Hybrid Bonding, Bonding, before molding 2D/3D Inspection (ingots, various materials) CVD Bulk SiC Growth opportunity Limited exposure Established position
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CHIP EVOLUTION & INSPECTION NEEDS FROM TRADITIONAL DEVICES TO TODAY’S ADVANCED ARCHITECTURES 22 MEMS, PressureCPU, Microcontroller DRAM, Flash Traditional MOSFET, IGBT Today Ways of Inspection Logic Memory Power Sensor Photonics / Optical CPU, GPU, AI- Chiplets Silicon PhotonicsVarious sensors (e.g. LiDAR, LED) SiC, GaN, high-doped Si DCB, IGBTs, sintering layers HBM, 3D NAND 8/16 stacks Surface inspection contamination, staining, bow, sub µm layers Volumetric inspection Full depth, layer interfaces, Interconnects, TSVs, volume defects 2D Inspection 3D Inspection Logic Memory Power Sensor
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AI-CHIPLETS, HBM & 3D NAND New devices and packaging methods create complex defects – requiring volumetric inspection SAM: ESSENTIAL FOR HIGH-END PACKAGING INSPECTION 23 AI-Chiplets (Logic) • Heterogeneous integration • High interconnect density Risk: Bonding misalignment HBM (Memory) • Vertical stacks, TSVs • Thermal & mechanical stress Risk: Delamination, voids 3D NAND (Storage) • Layer scaling >200 • Structural integrity challenges Risk: Warpage, defect localization Packaging Methods: • Fusion Bonding • Hybrid Bonding W2W, D2W Packaging Methods: • Fan-Out Packaging • Wafer-Level Packaging Packaging Methods: • Panel Technology
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Infrared / Laser (NDT) Resolution: ~10 µm Time: few minutes Limit: metal layers X-Ray 3D (CT) (destructive in thin layers) Resolution: 5–10 µm Time: up to 10 hours Focus: Voids, cracks, delaminations, bonded interfaces, D2W, W2W, TSV structures 24 METROLOGY PORTFOLIO: SCANNING ACOUSTIC MICROSCOPY (SAM) SAM OFFERS THE HIGHEST FLEXIBILITY AND ACCURACY AT COMPETITIVE PRICES AGAINST OTHER TECHNOLOGIES Optical Microscopy Resolution: Sub µm range Scanning Electron Microscopy Resolution: nm range Laser Scanning Resolution: Sub µm range X-Ray 2D Resolution: Sub µm range Ultrasound / SAM Resolution: Sub µm range Focus: Chip-offs, microcracks, contamination, missing devices, coating thickness uniformity Package Mold Flip-Chip Bumps IC Substrate Wafer Embeddded Structures SURFACE INSPECTION VOLUMETRIC INSPECTION SAM (NDT) Best balance of resolution, depth, and speed Resolution: 5–15 µm Time: few minutes – 2 hours Depth: full inspection possible
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25 Acoustic METROLOGY SCANNING ACOUSTIC MICROSCOPY Our Primary growth driver Sources: Valuates Reports, Market Monitor Global, PVA TePla PVA TEPLA EXPECTS TO OUTGROW THE MARKET 22% PVA TePla 78% Others SAM is our mainstay metrology technology. Due to its flexibility and high accuracy, it will greatly PROFIT from the trends of Hybrid Bonding, 3d Integration, and High-End Packaging Market overview • The CAGR for metrology wafer fab equipment (WFE) revenues is estimated at around 6% between 2025 and 2030 • Acoustic metrology, specifically, grows at around 9%, excluding the additional need for adequate metrology in advanced packaging • Due to its significant potential in high-end packaging, we see ample demand for SAM equipment in the near term USP • PVA TePla is technology leader for acoustic metrology • PVA’s SAM systems offer unique transducer technology with uncontested resolution and high inspection throughput (array technology) • We offer solutions for high bow, HBM multifocus, back-end transmission • We expect to stay dominant in the field and to further increase our market share 327 333 548 2024 2025 2031 +9% Scanning Acoustic Microscopy for semiconductor applications revenue [USD mn] MEMORYLOGIC Examples of companies needing this technology 30-40% PVA TePla 65% Others Mid-term market share Current market share
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26 optical METROLOGY PORTFOLIO ExpansionS Ellipsometry A near-term opportunity 293 308 389 2024 2025 2030 +5% 10% 90% PVA TePla Others Mid-term market share Waferfab Equipment Revenues Ellipsometers [USD mn] Source: Yole Group, PVA TePla PVA TEPLA EXPECTS TO OUTGROW THE MARKET, GRADUALLY REPLACING THE EXISTING EQUIPMENT Strategic Cooperation with SENTECH to create a fully automated Ellipsometry tool for the 200 & 300mm Si, SiC, and GaN wafer market Market overview • Ellipsometry is well established in its main application film/layer thickness measurement • Primarily used in epitaxy, chip processing, potentially in packaging • The general ellipsometry market shows only limited growth, in line with the general metrology & inspection market that sees a CAPEX cycle peak in 2026 • However, it is a well understood market with low entry barriers and a high need for automation USP • High throughput, high accuracy, competitive pricing, automation experience • Partners will present a prototype in November 2025, market entry with first systems in Q1 2026 with low seven-digit revenues in 2027 Examples of companies needing this technology
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59% 37% 4% 27 Optical METROLOGY PORTFOLIO ExpansionS Hyperspectral Vision unique mid-term opportunity Serviceable Addressable Market 2028 EUR 774 mn 2024 2025 2026 2027 2028 2029 2030 8.6 9.9 10.3 10.3 11.2 12.0 13.0+8% Inspection and Measurement Metrology WFE Market Revenue [USD bn] Source: Yole Group, PVA TePla WE EXPECT STRONG FUTURE GROWTH WITHIN THE SEMICONDUCTOR INDUSTRY DRIVEN BY FAST MARKET PENETRATION STARTING IN 2026 New Hyperspectral Vision Inspection is an Optical method that provides a dramatic speed advantage in layer inspection Examples of companies needing this technology Semiconductors PCBs Bipolar Plates • Main application is measuring layer thickness, roughness, staining, cracks, surface defects simultaneously • Where ellipsometry can provide more data on a single sample point, hyperspectral vision offers fast evaluation of the entire substrate • Software analyzes the data with the help of machine learning / AI Market overview • Substrates can be semiconductors – dies of wafers, metals, polymers, ceramics, and glass • Other fields of application are coatings in bipolar plates for fuel cells, PCB contaminations, and photovoltaics USP • Thanks to its speed advantage and comprehensive measurement, hyperspectral vision is poised to become the future of fast optical wafer inspection • PVA expects a working prototype in Nov 25 • We further intend to offer cluster systems that combine multiple metrology methods
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28 New METROLOGY Methods PORTFOLIO ExpansionS X-ray Completing 3D Technology portfolio Source: Market Report Analytics WE EXPECT STRONG FUTURE GROWTH WITHIN THE SEMICONDUCTOR INDUSTRY DRIVEN BY MARKET PENETRATION STARTING IN 2028 Further perspectives for mid- and long-term revenue contribution with new developments in x-ray technology • Where SAM can provide fast evaluation of the entire wafer or module in 3D inspection, x-ray offers more data on a single sample point • Software analyzes the data with the help of machine learning / AI Market overview • X-ray is an established method for defect inspection in the semiconductor value chain • Combined with technology improvements for existing solutions, PVA will address new fields of technology in line with the semiconductor metrology roadmap • Additionally, PVA wants to win market share in existing fields USP • Patented technology, in-house production of key components • High automation, high throughput • Best-in-class resolution MEMORYLOGIC Examples of companies needing this technology 2025 2033 2.5 4.5 +8% X-Ray Metrology System Market in the Semiconductor Industry [USD bn]
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MARKETS | ENERGY 29
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ENERGY MARKET 30 OPPORTUNITIES FOR PVA TECHNOLOGIES Global energy investment reaches USD 3.3 trillion in 2025 Driven by rising global energy demand and decarbonization targets Clean energy: USD 2.2 trillion (fossils: USD 1.1 trillion) Target: USD 4.5 trillion by 2030 (IEA Net Zero) +36% investment growth required by 2030 Key drivers: power grid, storage, H₂, semiconductors 2020 2021 2022 2023 2024 2025 2030 2.0 2.4 2.8 3.0 3.2 3.3 4.5 Global Energy Investments [USD tn] Crystal Growth & Power Semiconductors: PVA provides crystal growing systems for Silicon and SiC – essential for power electronics in EVs, grids, and energy storage applications High-Temperature & Vacuum Systems: Hydrogen and battery material development depending on precision thermal and vacuum systems – a core strength of PVA’s technology portfolio Plasma Technology: Surface activation and cleaning of electronics, sensor components, and power systems enable reliable, high- performance energy technologies Quality Control via SAM: Scanning Acoustic Microscopy (SAM) systems are increasingly used to inspect critical components in energy systems, such as semiconductors and battery modules. Potential FOR PVA Technologies
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31 joining Diffusion bonding leading position in Special applications PVA TePla expects to significantly increase Market Share Source: Data Insight Market, PVA TePla High-performance joining technology is essential for complex structures and advanced Materials – PVA TEPLA HOLDS A strong position in diffusion bonding • Diffusion bonding is a solid-state joining process that creates high-integrity joints with highest strength, temperature stability, and corrosion resistance • Advanced applications include multilayer components with microchannels for cooling tasks in green hydrogen electrolysis and waste heat recovery systems Market overview • The diffusion bonding market is highly fragmented • PVA has established a leading technological position with a significant market share and strong references • High growth potential driven by green hydrogen technology and energy saving technologies USP • PVA TePla is at the forefront of diffusion bonding technology, providing a comprehensive technology offer, including R&D support, process development, equipment, and metrology solutions • Setting standards for new solutions with increased utilization, efficiency, and performance 5% 95% PVA TePla Others 15% PVA TePla 85% Others Current market share Mid-term market share 195 287 2025 2033 5% Global Vacuum Diffusion Bonding Systems [USD mn] Examples of companies needing this technology
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32 Joining Vacuum Brazing a key ENABLER in ADVANCED JOINING PVA TePla expects to Grow in line with THE market, with a market leading position for the subsegment Vacuum interrupters Source: Verified Market Reports, PVA TePla (1) internal estimate Vacuum brazing is essential in ADVANCED manufacturing, ENABLING high-precision, high- strength, and contamination-free joining of complex components • In vacuum brazing, materials are joined under high temperature and in a vacuum atmosphere by using low-melting filler metals • Vacuum brazing enables realization of complex-shaped components and multi-material configurations • One of most sophisticated application in brazing is the vacuum interrupter • Vacuum interrupters are essential components of grid infrastructure, ensuring safe transmission and distribution of electrical energy • Market overview • The vacuum brazing equipment market is highly fragmented • For vacuum interrupters, PVA’s core application, PVA has built a significant market share and strong references • Vacuum interrupters have excellent growth perspectives driven by the energy transition and related grid expansion and modernization • Regulatory implications of the ban of climate harmful SF6 insulation gas will further support the vacuum interrupter market • USP • Offering a comprehensive technology package, including process support, equipment, automation, and quality inspection 7% 93% PVA TePla Others 8% 92% PVA TePla Others Current market share Mid-term market share Examples of companies needing this technology 250 400 2024 2033 5% High-Temperature Vacuum Brazing Equipment [USD mn]
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33 Synthesis GRAPHITE FOR ANODE MATERIAL Mid-term opportunity Source: Yole Group, PVA TePla 2024 2025 2026 2027 2028 2029 2030 1,006 1,302 1,600 1,986 2,380 2,806 3,241 19% Li-ion Battery Pack Demand BEV, PHEV And BESS [GWh] E-MOBILITY AND Energy transition REQUIRE SIGNIFICANT INCREASE IN ELECTRICAL POWER STORAGE CAPACITY • While battery manufacturers are developing Li-ion battery alternatives, Li- ion is still the market standard • Currently, graphite is the dominating material for battery anodes in Li-ion batteries, with natural graphite and synthetic graphite accounting for 90% of anode material Li-ion batteries in 2024 Market overview • The battery market is highly dynamic with short innovation cycles • Graphite is a critical raw material with high dependence on China • Trend to bolster supply chain resilience → synthesizing carbon material out of organic feedstock is becoming increasingly important • Trend to alternative anode materials to achieve higher energy density (Silicon based compound materials, Nano-materials) USP and strategic approach for rising growth potential • PVA has decades of experience in semi-grade graphite purification and realization of highly customized solutions • Identification and cooperation with leading technology players, thus creating a strong network • Establish a battery competence team for business development • Growth potential is closely tied to the commercial success of our cooperation partners when moving from prototype to production scale We expect to establish our systems with various players in the battery anode market in 2026
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MARKETS | AEROSPACE 34
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AEROSPACE & DEFENSE 35 GLOBAL MARKET OVERVIEW Ceramic matrix composites for aircraft brake systems, turbine airfoils, rocket engine combustion nozzles, re-entry vehicle airframes Chemical vapor deposition for optical materials of IR sensor systems and high temperature resistant coatings of hypersonic vehicles (see next slide) Advanced Material Synthesis 34.3 20.9 2024 38.5 23.5 2025 43.1 26.4 2026 48.4 29.7 2027 54.4 33.5 2028 61.4 37.9 2029 69.5 43.0 2030 55.2 62.0 69.5 78.1 87.9 99.3 112.5 +13% CMC Aerospace Revenue [USD bn] CMC Defense Revenue [USD bn] Joining technologies for complex structures and reliable material bonds High-performance material synthesis for defense applications Further Potential
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20% PVA TePla 80% Others 36 Synthesis Chemical Vapor Infiltration (CVI) and Deposition (CVD) Strong growth potential in new applications PVA TePla expects to OUTgrow THE market Source: Grand View Research, PVA TePla • Chemical Vapor Infiltration/Deposition is the core process for the synthesis of Ceramic-Matrix Composites • Fiber pre-forms are coated by thin ceramic layers forming the matrix of the fiber-enforced CMC material • Process is performed in a high temperature reaction chamber by decomposition of a complex precursor gas and condensation of reaction products onto the substrate (fiber) Market overview • PVA has over 30 years of experience in CVD/CVI and has become a technology and market leader in these technologies • Strong growth potentials driven by aerospace and defense application (aircraft engine components, thermo-protection systems) USP and strategic approach for rising growth potentials • Regional focus on most attractive market North America by increasing PVA footprint • Improvement of access to governmental contracts in North America for defense applications • Our R&D Hub continually explores promising new applications for this high-tech manufacturing method Expanding our deep knowledge in the field of Chemical Vapor Infiltration and Deposition into new markets as technology leader and first mover Current market share 41.3 22.9 2024 45.1 25.1 2025 49.5 27.4 2026 54.4 30.2 2027 60.1 33.4 2028 66.1 37.3 2029 72.8 41.8 2030 64.1 70.1 76.9 84.6 93.4 103.4 114.7 +10% CVD Vacuum Furnaces Revenue [USD mn] CVI Vacuum Furnaces Revenue [USD mn] 30% PVA TePla 70% Others Mid-term market share Examples of companies needing this technology
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INVESTMENT IMPLICATIONS FOR PVA 37 MATERIAL SOLUTIONSMETROLOGY Semiconductor markets grow steadily. Our growth is driven by innovation. Megatrends for material solutions show double digit rates for end markets. Still, innovation is key. • High-end system architecture is more powerful, but production process is also prone to costly errors and requires effective metrology • High potential growth in acoustic metrology → • Automation of Ellipsometry opens the door for us into established markets. High throughput automated machines will help us gain market share and outgrow the market • Hyperspectral vision is a cutting-edge technology that has the potential to roll up the market. We expect to gain market share by being first mover, adding to the established technology • X-Ray completes our portfolio of optical metrology methods, providing us with another established defect detection method for the semi industry → • Where Silicon is a commodity, compound semiconductors like Silicon Carbide are fairly new on a large-scale production basis and require special equipment on the synthesis side → • The requirement for lightweight, high-performance parts drives our business in diffusion bonding → • Synergies in graphite purification and synthesis driven by e-mobility and renewables → We see strong growth potential Through Innovation, DRIVEN BY Megatrends Evolution in our core markets Innovation in our product portfolio TREND TOWARDS COMPOUND SEMICONDUCTOR MATERIALS DEVELOPMENTS IN MANUFACTURING TECHNOLOGY INNOVATION IN OUR PRODUCT PORTFOLIO
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FINANCIALS 38
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HISTORICAL KPI DEVELOPMENT 39 GUIDANCE FOR 2025 CONFIRMED AT LOWER END OF FORECAST RANGE: REVENUE BETWEEN EUR 260-280M, EBITDA EUR 34-39M 35.6 2014 40.8 30.8 2015 50.9 35.7 2016 52.1 33.3 2017 49.4 47.4 2018 84.1 46.9 2019 91.4 45.6 2020 117.9 37.9 2021 145.2 60.0 2022 186.1 77.4 2023 187.6 82.5 2024 71.9 36.3 86.6 85.4 96.8 131.0 71.5 155.7 205.2 263.4 270.1 137.0 Semiconductor Systems Industrial Systems Gross profit [in EUR mn] and gross margin 2014 23% 2015 24% 2016 22% 2017 32% 2018 29% 2019 32% 19% 30% 2021 29% 2022 29% 2023 33% 2024 13.8 16.7 20.4 19.1 31.1 37.7 43.2 46.8 59.1 77.5 88.0 2020 Revenue and segment split [in EUR mn] -4.1 2014 3% 2.4 2015 8% 6.5 2016 6% 5.5 2017 13% 12.3 2018 12% -6% 2019 17% 22.7 2020 15% 23.0 2021 15% 30.0 2022 16% 41.5 2023 18% 47.8 2024 16.2 EBITDA [in EUR mn] and EBITDA margin
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40 BUILDING BLOCKS OF STRATEGY 2028 REVENUE BRIDGE 2024 TO 2028 Revenue 2024 Market Growth New Technologies R&D and M&A Sales & Service Expansion Revenue Guidance 2028 EUR 270 mn EUR ~500 mn • MARKET GROWTH: Growth in our established markets is largely driven by the rising demand for metrology solutions • NEW TECHNOLOGIES AND APPLICATIONS: A significant part of revenue contribution is expected to come from technology innovation to open new markets for us • SALES & SERVICE EXPANSION: Building on our sales & service teams, we expect growth from existing and prospective customers. We come from a service revenue contribution of 15% and aim to grow to 20% GROWTH DRIVERS 2024 TO 2028
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REVENUE GROWTH OPPORTUNITIES BY SEGMENTS 41 CLEAR GROWTH PATH WITH BALANCED REVENUE CONTRIBUTION AND SIGNIFICANT MID-TERM MARGIN IMPROVEMENT IN BOTH SEGMENTS, NEW REPORTING WILL START IN 2026 2022 2023 2024 2028e 67 71 98 210 - 260 2022 2023 2024 2028e 137 193 172 240 - 290 METROLOGY [in EUR mn] MATERIAL SOLUTIONS [in EUR mn] • STRONG REVENUE INCREASE IN METROLOGY WILL BALANCE OUT SEGMENT REVENUES • POST-GROWTH MID-TERM GROSS MARGIN EXPECTED TO SUBSTANTIALLY INCREASE TO 50-55% • DIVERSIFIED PRODUCT PORTFOLIO ENSURES LESS DEPENDENCE ON INDUSTRY CYCLES • POST-GROWTH MID-TERM GROSS MARGIN EXPECTED TO INCREASE TO 28-33% Acoustic Optical Chemical Synthesis Joining Refining Surface Treatment • POST-GROWTH MID-TERM CONSOLIDATED GROUP GROSS MARGIN EXPECTED TO INCREASE FROM 32.6% (FY 2024) TO 38-43% • POST-GROWTH MID-TERM CONSOLIDATED GROUP EBITDA MARGIN EXPECTED TO INCREASE FROM 17.7% (FY 2024) TO 20-25%
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ESTIMATED DEVELOPMENT OF OVERHEAD COSTS 42 SLIGHT INCREASE IN TOTAL OVERHEAD MARGIN MAINLY DRIVEN BY R&D R&D costs [in EUR mn and % of revenue] Administrative costs [in EUR mn and % of revenue] Distribution costs [in EUR mn and % of revenue] 2022 2023 2024 2028 16.1 7.9 19.2 7.3 18.5 6.8 ~30.0 ~6.0 2022 2023 2024 2028 6.5 3.2 9.5 3.6 11.7 4.3 ~50.0 ~10.0 2022 2023 2024 2028 11.5 5.6 15.5 5.9 20.6 7.6 ~25.0 ~5.0 (1) Sum of historical R&D, administrative, and distribution costs does not add up to 100% due to additional line items not presented here. 2022 2023 2024 2028 34.0 16.6 43.1 16.4 48.4 17.9 ~105.0 ~21.0 Total overhead costs [in EUR mn and % of revenue] 1) 1) 1) Costs % of revenue
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CAPEX 43 TOTAL CAPEX INCLUDES TARGETED INVESTMENTS IN PRODUCTION EXPANSIONS AND R&D, PLUS SOME CATCH-UP EFFECTS FROM DEFERRED INVESTMENTS 14 25 32 30 15 14 2023 2024 2025e 2026e 2027e 2028e CAPEX [EUR mn] WE EXPECT CAPEX TO NORMALIZE BY 2028 AT ONLY RECURRING INVESTMENTS FOR MAINTENANCE • Construction of two new production halls at HQ in Wettenberg, Germany • New production facility for vessels in Italy • Setup of the Technology Hub facilities at HQ in Wettenberg • Extension of demo systems Completed recent CAPEX projects (investment phase concluded) • Extension of office capacity at HQ in Wettenberg (2025) • Capacity increase for contract manufacturing (2025) • Development of SiC 8” crystal growing process (2025) • New, state-of-the-art training center for apprentices at HQ in Wettenberg (2025) • New production hall in Jena (2025-2026) • Demo systems (2025-2026) Current CAPEX projects (in investment phase) • Expansion of production facilities in France • Expansion of production facilities in North America • Demo systems Projected CAPEX projects (no investments yet)
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CASH FLOW 44 TYPICAL PROJECT IN MATERIAL SOLUTIONS • Cash flow: positive at order intake, negative during manufacturing, positive at completion • Large projects secured by tailored prepayment provisions to ensure cash neutrality • Cash flow mainly driven by order-specific material procurement • Typical project duration of 12-18 months -400 -300 -200 -100 0 100 200 300 1 2 3 4 5 6 7 8 9 10 11 12 Free cash flow Period 1 2 3 4 5 6 7 8 9 10 11 12 Engineering QA Materials Assembly/Installation Documentation Intensity Key facts Cash intensity over project period Cumulative free cash flow over project period [EUR k]
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CASH FLOW 45 FROM CYCLICAL AND VOLATILE CASH FLOW TO METROLOGY-DRIVEN STABILITY WE EXPECT A HIGH ALIGNMENT BETWEEN FREE CASH FLOW AND EBIT IN METROLOGY • Historically: Free cash flow highly fluctuating • Material Solutions: largely financed through advance payments (typical 30/60/10 structures) • Metrology: negative at order intake (no prepayments), cash in at delivery, higher working capital, faster turning, higher margins • In future: more balanced profile with increasing share of Metrology business against Material Solutions with prepayments and financing flexibility for large projects 3.9 -1.4 2015 -5.0 3.9 2.9 2016 38.3 3.0 5.6 2017 7.8 9.5 6.0 2018 -13.1 12.37.7 2019 8.7 -5.4 18.5 12.7 2020 24.9 18.3 12.2 2021 -35.4 25.1 -6.3 2022 -8.8 34.4 24.4 2023 17.7 39.8 26.7 2024 -10.0 2014 22.9 Free cash flow Group EBIT Group net income Historical and future development Historical free cash flow [in EUR mn]
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U.S. TARIFFS AND OUR STRATEGIC COURSE 46 STABLE ORDERS TODAY, BUT INCREASING REQUIREMENTS FOR LOCAL SOURCING AND PRODUCTION REGIONAL EXPOSURE BALANCED – LIMITED TARIFF IMPACT TO DATE • Strong Metrology position: limited impact from U.S. tariffs to date • No visible reluctance from U.S. customers; order intake stable Q1–Q2 • Semiconductor equipment suppliers largely unaffected so far • Growing pressure for U.S. domestic production, local sourcing and on- site assembly Situation to date 46% 32% 22% Asia Europe North America Order intake in H1 2025
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47 SUMMARY STRONG FINANCIAL DEVELOPMENT ACROSS TWO BALANCED SEGMENTS • Clear building blocks to EUR 500m sales by 2028 • Expansion in structural growth markets (semiconductor, energy, aerospace, automotive) • Strong demand drivers: high-purity materials & advanced quality assurance TOPLINE ACCELERATION • Mid- term gross margin improvement from 33% to 38–43% • EBITDA margin expansion to 20–25% • Operational leverage from scalable business model PROFITABILITY UPLIFT • High-margin, fast-cycle projects in Metrology drive cash flow • Customer prepayments reduce funding needs in Material Solutions • Balanced portfolio ensures predictable cash conversion ROBUST CASH GENERATION • ~10% of sales reinvested in innovation & R&D • CapEx-light profile post current investment cycle • Solid balance sheet supports growth & flexibility Solid FINANCIAL FOUNDATION
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INVESTOR RELATIONS CONTACT 48 Sebastian Gonsior Manager Investor Relations P +49 (641) 68690-419 M +49 (151) 627 44381 sebastian.gonsior@pvatepla.com This presentation contains forward-looking statements which are based on certain assumptions, expectations and opinions of the management of PVA TePla (the "Company") or cited from third-party sources. These statements are, therefore, subject to certain known or unknown risks and uncertainties. A variety of factors, many of which are beyond the Company’s control, affect the Company’s business activities, business strategy, results, performance and achievements. Should one or more of these factors or risks or uncertainties materialize, actual results, performance or achievements of the Company may vary materially from those expressed or implied as being expected, anticipated, intended, planned, believed, sought, estimated or projected in the relevant forward-looking statement. The Company does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does the Company accept any responsibility for the actual occurrence of the forecasted developments. The Company neither intends, nor assumes any obligation, to update or revise these forward- looking statements in light of developments which differ from those anticipated. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate. This presentation is dated as of September 2, 2025. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. This material is being delivered in conjunction with an oral presentation by the Company and should not be taken out of context. Dr. Gert Fisahn Public Affairs P +49 (641) 68690-400 M +49 (151) 122 03311 gert.fisahn@pvatepla.com