Comet (COTN) H2 2025 earnings summary

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 and new product traction despite FX headwinds.

• EBITDA margin declined to 10.1% from 13.0% in FY24, mainly due to currency, mix effects, and upfront investments.

• Strategic focus sharpened on semiconductors, with first high-volume Synertia orders and CA20 X-ray system commercialization.

• Operational progress included Penang, Malaysia site handover, with operations planned for H2 2026 to support Asian market growth.

• Free cash flow dropped to CHF 8.5 million (from CHF 41.4 million), reflecting higher capex for growth initiatives.

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% due to FX and unfavorable product/region mix.

• EBITDA: CHF 46.3 million (10.1% margin), down from 13% in FY24.

• Net income was CHF 12.2 million, down from CHF 32.8 million, impacted by deferred tax asset recognition and FX.

• CapEx rose to CHF 42.5 million (9.3% of sales), mainly for Penang and Flamatt sites.

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 industry outlook bullish for 2026; wafer fab equipment spend projected to rise 10–20%.

• Strong order intake anticipated in Q1 2026, 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.