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SÜSS MicroTec (SMHN) investor relations material
SÜSS MicroTec Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 preliminary results and margin pressures
Q3 sales declined to €118 million, above last year's Q3 but below previous quarters; order intake fell to €70 million, continuing a downward trend.
Gross profit margin dropped to 33.1%, a 6% year-on-year decrease and below the consensus of 38.1%; EBIT margin fell to 10.5%, underperforming the consensus of 12.5%.
Margin pressure was driven by double rent and relocation costs for the new Taiwan site, lower fixed cost coverage due to reduced volume, and an unfavorable product/customer mix.
Q3 saw a high concentration of low-margin photomask tools, higher-than-expected production costs for projection scanners, and fewer high-margin bonded sales.
Strict cost management and potential cost base reductions are planned due to low Q3 order intake.
Updated guidance and outlook
Full-year 2025 sales guidance maintained at €470–510 million; sales for the first three quarters totaled €384.4 million.
Gross profit margin guidance lowered to 35–37% (from 37–39%) and EBIT margin to 11–13% (from 13–15%).
No major margin recovery expected in Q4; similar product mix and some profitable projects pushed to Q1 2026.
OPEX in Q3 was $26.5 million, expected to remain at this level in the near term, with double rent costs to be reduced after Q1 2026.
Cost-saving programs are underway, including reductions in flexible labor and a hiring freeze; further structural measures are being considered.
Order intake and market trends
Q3 order intake was €70 million, mainly from long-term customers for coating systems; no large photomask equipment orders yet, but expected in Q4.
All new orders in Q3 are for 2026 delivery due to lead times; backlog execution has accelerated, resulting in a book-to-bill ratio below one.
Q4 order intake is expected to improve, potentially exceeding €100 million, with a typical seasonal spike anticipated.
Market recovery signs observed in advanced packaging and memory, with customers increasing activity and preparing for HBM4 demand.
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