SÜSS MicroTec (SMHN) Q4 2024 earnings summary

Executive summary

• Achieved record sales of EUR 446 million in 2024, up 46.6% year-over-year, surpassing previous 2025 targets.

• Q4 2024 marked the highest sales and order intake in company history, with strong momentum in both Photomask Solutions and Advanced Backend Solutions segments.

• Profitability reached new highs, with gross profit margin up 5.9 percentage points and EBIT margin up 7.7 percentage points compared to 2023.

• Net profit totaled EUR 110.3 million, including EUR 58.3 million from the sale of the MicroOptics business.

• Strong order intake in Q4 2024 (EUR 147.5 million), driven by strategic global customers and robust demand in photomask and bonding businesses.

Financial highlights

• Gross profit margin improved to 42.2% (+6 percentage points), EBIT margin to 19.2% (+9.8 percentage points).

• Q4 2024 sales reached EUR 150 million, with order intake at EUR 147 million, both preliminary and unaudited.

• Net cash position at EUR 122 million; free cash flow EUR 96.1 million (EUR 25.3 million from continuing operations).

• Dividend proposed to increase by 50% to EUR 0.30 per share, about 23% of free cash flow from continuing operations.

• Book-to-bill ratio at 0.95 for 2024; order intake for 2024 up 0.8% year-over-year to EUR 423.7 million.

Outlook and guidance

• 2025 sales guidance: EUR 470–510 million, implying 10% growth at the midpoint.

• Gross profit margin expected at 39–41% for 2025, slightly below 2024 due to one-off expenses for the new Taiwan site.

• EBIT margin forecasted at 15–17%, with higher R&D, IT, and administrative expenses, some of which are non-recurring.

• Advanced Backend Solutions segment to grow at a mid-single-digit rate; Photomask Solutions sales expected to rise 10–20%.

• Additional momentum anticipated from new product launches in late 2025 and 2026.