SÜSS MicroTec (SMHN) Q2 2025 earnings summary

Executive summary

• Achieved record H1 2025 sales of EUR 266.4 million, up 38.2% year-over-year, surpassing half of the full-year sales target.

• Order intake declined 13.2% year-over-year to EUR 166.8 million, reflecting market uncertainty, customer hesitance, and lower demand from China.

• Gross profit margin fell to 37.2% (down 2.6pp year-over-year), impacted by one-off inventory write-offs and ramp-up costs in Taiwan.

• EBIT margin stood at 15.7%, in line with expectations and slightly up year-over-year.

• Net income was EUR 27.2 million, down from EUR 80.8 million due to the absence of prior-year gains from discontinued operations.

Financial highlights

• H1 2025 sales of EUR 266.4 million (+38.2% year-over-year); order intake at EUR 166.8 million (-13.2% year-over-year).

• Gross profit was EUR 99.0 million (+28.9% year-over-year); gross margin at 37.2%.

• EBIT rose to EUR 41.9 million (+39.2% year-over-year); EBIT margin at 15.7%.

• Free cash flow was negative at EUR -27.6 million, mainly due to lower prepayments and higher CapEx.

• Equity ratio at 55.8% as of H1 2025.

Outlook and guidance

• Full-year 2025 sales guidance remains EUR 470–510 million, with over 50% of the target already achieved.

• Gross profit and EBIT margin forecasts for 2025 revised down to 37–39% and 13–15% due to one-off effects and product mix.

• H2 sales and profitability expected to be lower than H1, with cost control and optimization measures underway.

• Free cash flow expected to exceed EUR 20 million for the full year.

• Risks remain elevated due to global economic and trade uncertainties.