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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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VAT Group (VACN) investor relations material
VAT Group Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary16 Oct, 2025
Executive summary
Q3 sales rose 23% year-over-year to CHF 258 million, driven by strong backlog execution despite global uncertainties and FX headwinds.
Q3 orders fell 8% year-over-year (2% at constant FX) and 4% sequentially, with a book-to-bill ratio of 0.92.
Operational performance in 2025 is strong, with record factory output and sales (FX-adjusted), achieved without disruptions and with short lead times.
Guidance for higher orders and EBITDA margin was abandoned due to softer semiconductor business and persistent FX headwinds; EBITDA margin now expected at the lower end of 30%-37%.
Financial highlights
Q3 net sales: CHF 258M, up 23% year-over-year, down 9% sequentially; order intake CHF 238M, down 8% YoY and 4% sequentially.
Nine-month sales: CHF 816M, up 24% YoY (30% at constant FX); orders CHF 727M, down 5% reported, 1% lower on constant FX.
Order backlog at quarter-end: CHF 259M, down 33% YoY.
Adjusted for ERP impact, Q3 sales up 12% YoY, nine-month sales up 20%.
Outlook and guidance
Q4 2025 sales expected between CHF 225M–245M; orders for 2025 not expected to exceed 2024's CHF 1,033M.
CapEx forecast for 2025: CHF 70M–80M.
EBITDA margin now expected at the lower end of 30%-37% due to soft semiconductor business and FX headwinds.
Semiconductor market recovery and major capex cycle acceleration anticipated in 2026.
Book-to-bill expected around 1 for Q4; gradual improvement in 2026 with Q1 as the low point.
Impact of 2026 semiconductor ramp on EBITDA?
When will HBM greenfield investments benefit VAT?
Future sales impact of declining order backlog?
China direct business growth drivers?
EBITDA margin drivers for H2?
VAT's role in energy efficiency tech?
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Next VAT Group earnings date
H2 20253 Mar, 2026
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Frequently asked questions
VAT Group AG is a manufacturer of high-end vacuum valves used in semiconductor, display, and solar panel production. The company also supplies vacuum components and modules for advanced manufacturing processes in industrial and research applications. Its products support critical cleanroom and vacuum systems. The company is headquartered in Haag, Switzerland, and its shares are listed on the SIX.
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