Comet (COTN) Q2 2026 earnings summary

Executive summary

• Net sales grew 5.6% year-over-year to CHF 239.8 million in H1 2026, with Q2 sales up 25.7% sequentially and 12.7% growth in constant currency, reflecting strong semiconductor-driven momentum and effective execution.

• EBITDA margin improved to 13.1% from 10.1% in H1 2025, despite CHF 4.5 million in one-time costs, driven by operating leverage and efficiency initiatives.

• Book-to-bill ratio reached 1.48 in H1 2026, indicating robust order momentum and a healthy pipeline, especially in the semiconductor sector.

• Major investment in the new Penang manufacturing facility (CHF 29.4 million CapEx, CHF 19.3 million cash outflow in H1) expands capacity for future growth, with ramp-up and full operational status expected by 2027.

• All divisions and regions contributed to sales growth, led by AI infrastructure, advanced packaging, and leading-edge technologies.

Financial highlights

• Revenue increased to CHF 239.8 million (+5.6% in CHF, +12.7% constant currency) year-over-year.

• EBITDA grew 36.5% to CHF 31.4 million, with margin at 13.1%; excluding one-offs, EBITDA margin would be 15%.

• Net profit rose 33.4% to CHF 13.5 million, with EPS up to CHF 1.73.

• Free cash flow was -CHF 19.3 million, mainly due to high CapEx and inventory build-up.

• Capital expenditure was CHF 29.4 million (12.2% of sales), driven by the Penang facility.

Outlook and guidance

• FY 2026 net sales expected between CHF 540 million–CHF 570 million; EBITDA margin guidance is 14%–17% (17%–20% excluding one-offs), with one-off items expected to reduce full-year margin by about 3 percentage points.

• Semiconductor sector remains the main growth engine, with WFE CapEx forecasted to grow 17%–27% in 2026.

• Gradual improvement in industrial segments; security and aerospace/defense show sustained demand.

• Efficiency program on track for completion by end of 2027, targeting CHF 20–30 million annual EBITDA improvement from 2028.