ELES Semiconductor Equipment (ELES) H1 2025 earnings summary

Executive summary

• Sales revenues for H1 2025 were €14.0M, down 8.6% year-over-year, with strong growth in Industrial & AI (+28%) and Aerospace & Defense (+8%) partially offsetting a sharp decline in automotive (-42%).

• EBITDA fell to €1.1M (7.9% margin) from €2.2M (14.5% margin) in H1 2024, mainly due to lower sales volumes and a different product mix.

• Net result was a loss of €996K, compared to a profit of €256K in H1 2024, impacted by exchange rate losses and lower operating profit.

• Net cash position improved to €1.9M (+39% YoY), with liquidity at €15.4M and a reduction in net financial debt.

• Strategic partnerships were strengthened, including agreements in ATE, Aerospace & Defense, and with research centers like Fraunhofer, supporting innovation and global expansion.

Financial highlights

• Revenues: €13.97M (H1 2025) vs €15.28M (H1 2024), -8.6% YoY.

• EBITDA: €1.11M (7.9% margin) vs €2.22M (14.5% margin), -50% YoY.

• EBIT: -€437K vs €746K.

• Net profit: -€996K vs €256K.

• Shareholders' equity: €26.5M.

• Net financial position: €1.93M net cash.

Outlook and guidance

• The global semiconductor market is expected to grow 15.4% in 2025, with the US and Asia-Pacific leading growth.

• The company anticipates growth in H2 2025, driven by a robust order backlog and expansion in strategic markets.

• Long-term prospects are supported by megatrends in AI, digitization, and electrification, with the sector expected to reach $1T by 2030.