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Comet
Comet (COTN) investor relations material
Comet H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary6 Mar, 2026
Executive summary
Net sales grew 2.6% year-over-year to CHF 457.0 million, with 7.3% growth in constant currency, driven by semiconductor market recovery, new product traction, and advanced logic/AI infrastructure capex.
Profitability softened due to FX headwinds, upfront investments, and market volatility; EBITDA margin declined to 10.1% from 13.0% in FY24.
Strategic investments in products, platforms, and capacity, including high-volume Synertia orders and CA20 X-Ray System commercialization, position for the next semiconductor cycle.
Free cash flow dropped to CHF 8.5 million, reflecting higher capex for Penang and Flamatt facilities and Asian expansion.
Equity ratio stands at 61.6% with a net cash position of CHF 5.3 million and strong liquidity.
Financial highlights
Net sales: CHF 457.0 million, up 2.6% year-over-year (7.3% in constant currency).
Gross profit margin declined to 38% from 42.8% prior year, mainly due to FX and unfavorable mix.
EBITDA was CHF 46.3 million (10.1% margin), down from 13% margin in 2024.
Net income was CHF 12.2 million, down from CHF 32.8 million, impacted by deferred tax asset changes and FX.
CapEx rose to CHF 42.5 million (9.3% of sales), mainly for Penang and Flamatt facilities.
Free cash flow remained positive at CHF 8.5 million.
Net cash position of CHF 5.3 million and nearly CHF 100 million in cash and equivalents.
Dividend per share reduced to CHF 0.50 (31.9% payout ratio).
Outlook and guidance
Net sales and adjusted EBITDA margin for 2026 expected to significantly exceed 2025, excluding one-off costs of ~3 percentage points for Penang ramp-up and efficiency program.
Semiconductor market outlook is bullish for 2026, with wafer fab equipment spend expected to grow 10–20% year-over-year.
Strong order intake anticipated in Q1/26, with book-to-bill ratio notably above 1.
Strategic targets for 2030: CHF 670–770 million net sales, 22–27% EBITDA margin, 27–32% ROCE.
No quantitative guidance provided for 2025 due to ongoing market volatility and limited visibility.
Explain the 3pp EBITDA margin adjustment bridge
Provide timeline for IXS return to profitability
Impact of tool upgrades on PCT division margins
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Next Comet earnings date
Q1 2026 TU14 Apr, 2026
Comet
Next Comet earnings date
Q1 2026 TU14 Apr, 2026
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Frequently asked questions
Comet Holding AG is a Switzerland-based company specializing in the manufacturing of systems and components used in various fields such as non-destructive testing, security applications, and plasma excitation for the fabrication of memory chips, flat screens, and solar panels. The company operates through two main segments: Modules & Components, which focuses on the development, manufacture, and marketing of components and modules for industrial x-ray applications and RF modules for semiconductor fabrication plants, and the Systems segment, which provides systems and services for non-destructive testing using x-ray technology and computed tomography. The company is headquartered in Flamatt, Switzerland, and its shares are listed on the Swiss Exchange.
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