VAT Group (VACN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 orders reached CHF 356 million, up 17% sequentially and 47% year-over-year, marking the second highest order intake ever recorded, driven by strong semiconductor demand.

• Q1 sales were CHF 221 million, down 14% quarter-on-quarter and 20% year-over-year, mainly due to supply chain disruptions related to the Middle East conflict, which delayed CHF 20–25 million in revenue.

• Book-to-bill ratio was 1.6x, with the order book increasing by 42% to CHF 431 million compared to end of 2025.

• Supply chain disruptions delayed Q1 sales, but all affected orders are expected to ship in Q2.

• No expected negative impact on full-year results from Q1 disruptions, barring further escalation of geopolitical conflicts.

Financial highlights

• Orders at constant currency rose 19% sequentially and 67% year-over-year.

• Q1 sales at constant currency were down 13% sequentially and 9% year-over-year.

• Order backlog: CHF 431 million (+42% vs. year-end 2025).

• Negative foreign exchange effects further reduced reported orders and sales.

Outlook and guidance

• Full-year 2026 orders, sales, EBITDA, EBITDA margin, net income, and free cash flow expected to exceed 2025 levels.

• Q2 2026 sales guidance set at CHF 265–295 million; book-to-bill expected to remain above one.

• Second half sales expected to ramp up 50–60% over the first half, with full-year sales consensus near CHF 1.3 billion.

• Semiconductor market expansion, driven by AI and cloud investments, underpins positive outlook.

• 2027 anticipated to be a record growth year.