Earnings release
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 1 PRESS RELEASE Board of Directors approves consolidated results as at June 30, 2025 Consolidated Revenues: €325.9 million, up 35.2% compared to the first semester 2024 Consolidated EBITDA: €106.4 million, up 75.2% compared to the same period 2024, with a margin of 32.6% Net Profit: €34.4 million, up 22.4% compared to the first semester 2024 Positive Consolidated Net Financial Position of €641.9 million Cernusco Lombardone (LC), August 7th, 2025 - The Board of Directors of Technoprobe S.p.A., a leading company in the design and production of probe cards (the “Company” or “Technoprobe”) listed on Euronext Milan, met today to examine and approve the consolidated results as at June 30, 2025. Stefano Felici, Group Chief Executive Officer, said: “Artificial intelligence-related volumes represent the primary growth driver for the year, with first-half results reaffirming Technoprobe’s leadership in the testing sector. The operating leverage and synergies from the integration of Dis Tech boosted profitability in the second quarter of the year. In the second half of the year, we will be focus on consolidating the results achieved through the initiatives launched to support growth as well as continuing those aimed at the optimization of production processes. We confirm our growth estimates for the current year at constant exchange rates, despite the deteriorating geopolitical context and a highly volatile market. The strengthening of the euro against the USD dollar, which is expected to continue also in the second half of the year, is leading us to estimate a negative impact in the next two quarters of the year solely due to the effect of conversion into the group's functional currency." Key Consolidated Financial results €/thousandsH1 2025 H1 2024 ChangeRevenues 325,860 241,050 35.2%Gross Profit 150,619 100,752 49.5%Margin % 46.2% 41.8%Ebitda* 106,362 60,700 75.2%Margin % 32.6% 25.2%Net Profit 34,408 28,100 22.4%*EBITDA is a non-IFRS alternative performance indicator monitored by management to evaluate underlying businessperformance. EBITDA used by the Group is defined as net profit adjusted for: (i) income tax expenses, (ii) foreign exchangegains (losses), (iii) finance income (iv) finance expenses (v) other income (expenses), net, (vi) net impairmentlosses/reversals on financial assets and (vii) depreciation, amortization and impairment included in: selling, general andadministrative, research and development and cost of revenue
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 2 Revenues as at June 30, 2025 were €325.9 million, up 35.2% compared to the same period of 2024, driven by the greater contribution of revenues from DisTech, acquired on May 27, 2024, the growing demand related to artificial intelligence, and the increase in volumes linked to the recovery of the consumer segment. The positive impact of these segments was only partially offset by a slowdown in the automotive and industrial sectors. EBITDA was €106.4 million with a margin of 32.6% increasing respectively 75.2% and 7.4% compared to the same period of 2024. The operating leverage driven by efficiency recovery and the reorganization of activities in the United States more than offset the dilutive effect resulting from the DIS Tech operations being included for the entire first half of 2025, compared to the first half of 2024 when they were included starting from May 27, 2024. Net Profit was €34.4 million compared to €28.1 million in the same period of 2024 net of taxes amounted respectively to €11.6 million and €15.1 million. As at June 30, 2025, the consolidated net financial position was positive for €641.9 million: the liquidity generated by operating activities, amounting to €69.0 million was offset by investments incurred in the period equal to €28.0 million, by the acquisition of a minority stake in Yee Wei Inc. amounting to approximately €20 million and Innostar Service Inc. amounting to approximately €7 million. In addition, the foreign exchange effect on liquidity had a negative impact of €29 million. Significant events subsequent to the end of the first six months On July 10, 2025, the Ordinary Shareholders’ Meeting of Technoprobe approved the increase in the number of Board members from 9 to 10; the appointment of a new director; the authorization to purchase and dispose of treasury shares. Following the resolution, Mr. Chih-Kuang Yang was appointed as a member of the Board of Directors. He was nominated by shareholder T-Plus S.p.A., holder of 368,653,261 shares, representing 56.43% of the share capital and 69.26% of the voting rights of Technoprobe S.p.A. Later the same day, the Board of Directors of Technoprobe S.p.A., convened after the conclusion of the Shareholders’ Meeting, resolved to initiate a share buyback program (the “Program”), started on July 23, 2025. €/thous ands30.06.2025 31.12.2024 ChangeTotal Shareholders' Equity 1,237,674 1,237,177 n.m.Net Financial Position** 641,856 656,316 -2.2%**Net Financial Position determined in accordance with the provisions of CONSOB communication DEM/6064293 of July 28, 2006, as subsequently amended and in compliance with the ESMA 32-382-1138 Recommendation of March 4, 2021.
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 3 The Program provides for the purchase (and possible subsequent disposal), in one or more tranches, of the Company’s ordinary shares without nominal value, listed on the regulated market Euronext Milan organized and managed by Borsa Italiana S.p.A. (“EXM”), up to a maximum number which, considering the treasury shares held from time to time by the Company and its subsidiaries, shall not exceed 2% of the Company’s share capital as of the date of each purchase. The maximum total value of the purchases under the Program shall not exceed €60,000,000. The objective of the Program is to (i) support the liquidity of the Company’s shares, (ii) operate as part of a medium- to long-term investment strategy, (iii) create a stock inventory to allow for disposal and/or use of treasury shares at any time, in whole or in part, on one or more occasions, in line with the Company’s strategic goals, (iv) fulfill obligations under stock option plans, stock grants, performance shares, and other share- based incentive plans, whether free of charge or for consideration, including long-term plans. On August 7, 2025, the Board of Directors of the Company, on the basis of the statements made by the Director and on the basis of the information available, has verified that the director Chih-Kuang Yang meets the requirements of professionalism and integrity and complies with the criteria of competence, fairness, time dedication and the specific limits on the accumulation of offices; all as required by the regulations in force at the time, by the Articles of Association, by the Regulations relating to the criteria and procedure for assessing the independence of independent directors and statutory auditors and the limits on the accumulation of offices of directors adopted by the Company by resolution of the Board of Directors on 26 February 2024 and by the Corporate Governance Code, to which the Company adheres. Mr. Chih-Kuang Yang declared that he owns 790,157 ordinary shares of Technoprobe S.p.A. It should be noted that the curriculum vitae of the aforementioned director is available in the "Governance/Corporate Bodies" section of the Company's website (www.technoprobe.com). Business outlook The first half of 2025 confirms the trends outlined at the beginning of the year across the various reference markets. The increasing complexity driven by technological innovation is impacting the yield of new products, acting as a driver for testing volumes. This dynamic is particularly evident in the datacenter segment, which is highly exposed to the evolution of artificial intelligence. The Consumer market, especially PCs and smartphone, is instead experiencing moderate growth; it will be the adoption of artificial intelligence that will drive a new expansion phase in terms of volumes. The automotive sector continues to show weakness, mainly due to a slowdown in demand, only partially offset by an improvement in the Industrial segment. Optimization activities of the production processes, resulting from recent acquisitions and reorganization, are ongoing, with the goal of maintaining control over the entire supply chain of critical components and fostering technological development, also thanks to collaboration with industrial partners Teradyne and Advantest.
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 4 The ongoing uncertainty in global trade policies and the worsening of the global geopolitical landscape represent a significant source of instability. The Company constantly monitors the evolving complexity of the geopolitical context, the persistent uncertainty surrounding global trade policies, and the related impact on the currencies of its target markets. Guidance Q3 2025 In light of the current situation, the Company provides the following outlook for the third quarter of 2025: Consolidated Revenues: €137,4m (+/-3%) Gross margin: 41.2% (+/-2%) Ebitda margin: 28.2% (+/-2%) Mr. Stefano Beretta, the officer in charge of preparing the corporate accounting documents of Technoprobe S.p.A. declares that pursuant to paragraph 2, Art. 154 bis of the Consolidated Law on Finance, to the best of his knowledge, the accounting information contained in the Presentation corresponds to the documental results, accounting books and records. *** H1 2025 results will be presented to the financial community during an audio webcast conference call today at 4:00 P.M. CET. This press release and the presentation will be available on Technoprobe’s website https://www.technoprobe.com/, in the Investor Relations section and on the authorized storage system named eMarket Storage” (www.emarketstorage.it). *** Contact Technoprobe S.p.A. Technoprobe S.p.A. Investor Relator Communication & Marketing Manager Ines Di Terlizzi Paolo Cavallotti Email: ir@technoprobe.com Email: paolo.cavallotti@technoprobe.com Technoprobe Group Technophobe is a leading company in the field of semiconductors and microelectronics. Established in 1996, Technoprobe is focused in the design and manufacture of Probe Cards, i.e. electro-mechanical interfaces used for the functional testing of chips. Probe cards are hi-tech devices that are custom- made for each chip and allow the function of chips to be tested during the manufacturing process. These technologically-advanced designs and solutions are essential for ensuring the proper functioning and reliability of devices that play a crucial role in industries such as Information Technology, 5G, Internet of Things, home automation, automotive, aerospace, etc. Technoprobe headquarters are in Cernusco Lombardone (LC). Since May 2nd, 2023 shares have been transferred to Euronext Milano segment. For more information, visit the website: www.technoprobe.com.
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 5 Forward-looking statements Certain statements contained in this press release may constitute forward looking statements as defined by the Private Securities Litigation Reform Act of 1995. Such statements concern risks, uncertainties and other factors that could cause actual results to differ, even materially substantial, from those anticipated.These risks and uncertainties include, by way of example but not limited to, the ability to manage the effects of the current uncertain international economic situation, the ability to predict future economic conditions and changes in customer preferences, the ability to successfully introduce and commercialize new products, the ability to maintain an efficient distribution system, the ability to achieve and manage growth, the ability to negotiate and maintain favorable license agreements, currency fluctuations, changes in local conditions, the ability to protect intellectual property, information systems problems, inventory risks, credit and insurance risks, changes in tax regimes, as well as other political, economic, legal and technological factors and other risks and uncertainties already highlighted in the filings carried out at the National Commission for Companies and the Stock Exchange. These forward- looking statements have been made as of today and we undertake no obligation to update them. Alternative performance indicators This document, in addition to the financial measures provided for by the International Financial Reporting Standards (IFRS), also includes measures derived from the latter, even though not provided for by the IFRS (Non-GAAP Measures), in compliance with the ESMA Guidelines on Alternative Performance Indicators (ESMA/2015/1415) published on October 5, 2015. These measures are presented in order to allow for a better assessment of the Group's result of operations and financial condition and should not be considered as alternatives to those required by the IFRS. Since the calculation of these measures is not governed by the applicable accounting standards, the calculation methods applied by the Group may not be consistent with those used by other companies or groups and therefore these indicators may not be comparable. Therefore, investors should not place undue reliance on such indicators. Specifically, the Non-GAAP Measures presented were as follows: - EBITDA is a non-IFRS alternative performance indicator monitored by management to evaluate underlying business performance. EBITDA used by the Group is defined as net profit adjusted for: (i) income tax expenses, (ii) foreign exchange gains (losses), (iii) finance income (iv) finance expenses (v) other income (expenses), net, (vi) net impairment losses/reversals on financial assets and (vii) depreciation, amortization and impairment included in: selling, general and administrative, research and development and cost of revenue. - Net Financial Position determined in accordance with the provisions of CONSOB communication DEM/6064293 of July 28, 2006, as subsequently amended and in compliance with the ESMA 32-382-1138 Recommendation of March 4, 2021.
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 6 INTERIM CONSOLIDATED INCOME STATEMENT €/thousands30/06/2025 30/06/2024Revenue 325,860 241,050Cost of revenue (175,241) (140,298)Gross profit 150,619 100,752Operating expensesResearch and development (26,913) (29,805)Selling, general and administrative (49,585) (36,800)Net impairment losses/reversals on financial assets (38) (30)Total operating expenses (76,536) (66,635)Operating profit 74,083 34,117Other income, net (584) 672Financial income 9,037 6,428Financial expenses (609) (207)Foreign exchange gains (losses) (35,885) 2,228Profit before tax 46,042 43,238Income tax expense (11,634) (15,138)Net profit 34,408 28,100
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 7 INTERIM CONSOLIDATED BALANCE SHEET €/thous ands30/06/2025 31/12/2024ASSETSNon-current assetsProperty, plant and equipment 281,816 295,147Intangible assets 61,089 65,541Goodwill 42,524 43,714Deferred tax assets 20,335 21,995Non-current financial assets 7,849 1,083Other non-current assets 161 1,418Total non-current assets 413,774 428,898Current assetsInventories 128,146 136,759Trade receivables 140,773 118,803Current financial assets 2,317 8,740Current tax receivables 15,443 17,632Other current assets 29,819 31,099Cash and cash equivalents 656,829 666,377Total current assets 973,327 979,410Non-current assets held for sale 7,613 -Total non-current assets held for sale 7,613-Total Assets 1,394,714 1,408,308EQUITY AND LIABILITIESEquityShare capital 6,533 6,533Reserves 1,193,210 1,167,18833,195 63,832Equity attributable to the owners of the Parent 1,232,938 1,237,553Equity attributable to non-controlling interests 4,736 (376)Total equity 1,237,674 1,237,177Non-current liabilitiesNon-current lease liabilities 12,720 13,843Deferred tax liabilities 12,361 13,643Employee benefits obligations 421 425Provision for risks and charges 21,055 21,610Other non-current liabilities 7 20Total non-current liabilities 46,564 49,541Current liabilitiesTrade payables 47,807 56,904Current financial liabilities 39 585Current lease liabilities 4,374 4,955Current tax payables 10,204 5,353Other current liabilities 47,260 53,793Total current liabilities 109,684 121,590792 -792-Total liabilities 157,040 171,131Total equity and liabilities 1,394,714 1,408,308Net profit attributable to the owners of the ParentLiabilities directly associated with non-current assets held for saleTotal liabilities directly associated with non-current assets held for sale
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Technoprobe S.p.A. Via Cavalieri di Vittorio Veneto, 2 23870, Cernusco Lombardone (LC) - Italy www.technoprobe.com 8 INTERIM CONSOLIDATED CASH FLOW STATEMENT €/thous ands30/06/2025 30/06/2024Profit before tax 46,042 43,238Adjustments for:Amortization, depreciation and impairment 32,240 26,553Gains (losses) on disposals 1,685 (4)Net Finance (income) expenses (8,428) (6,221)Provisions to funds 7,301 -Other non-cash adjustments 31,179 2,607110,019 66,173Change in inventories 3,086 3,106Change in trade receivables (36,084) (29,638)Change in trade payables (3,427) 3,203Changes in other assets/ liabilities (2,569) 794(2,176) (2,045)Income taxes paid (3,162) (5,751)65,687 35,842(28,591) (43,091)Purchase of intangible assets (1,318) (47)Disposal of property, plant and equipment 2,011 1,776Net investments in financial assets (5,177) 562- (80,394)Finance income received 11,969 4,442(21,106) (116,752)Financial liabilities reimbursement (582) -Proceeds from borrowings 12 -Repayment of lease liabilities (3,258) (1,963)Finance expenses paid (610) (207)Capital increase - 384,745Acquisition of minorities (20,420) -Dividens paid - (1,202)(24,858) 381,37319,723 300,463666,377 361,800Total changes in cash and cash equivalents 19,723 300,463(29,271) 2,831656,829 665,094 Cash flow generated by operating activities before changes in net working capitalNet cash flow generated by (used in) operating activitiesUses of provisions for risks and charges and employee benefits obligationsPurchase of property, plant and equipment (excluding right of use assets)Payment for acquisition of subsidiary, net of cash acquiredExchange differences from translation of cash and cash equivalentsCash and cash equivalents at the beginning of the periodCash and cash equivalents at the end of the periodNet cash flow used in investing activitiesNet cash flow generated by (used in) financing activitiesTotal cash flow generated (used) during the period