VAT Group (VACN) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 sales rose 23% year-over-year to CHF 258 million, driven by strong order book execution despite global uncertainties and FX headwinds.

• Q3 orders fell 8% year-over-year (2% at constant FX) and 4% sequentially, with a book-to-bill ratio of 0.92.

• Operational performance in 2025 is outstanding, with record factory output and short lead times.

• Guidance for higher orders and EBITDA margin was abandoned due to softer semiconductor business and persistent FX headwinds.

Financial highlights

• Q3 net sales: CHF 258 million, up 23% year-over-year, down 9% sequentially.

• Q3 order intake: CHF 238 million, down 8% year-over-year, down 4% sequentially; FX-adjusted, declines were -1% QoQ and -2% YoY.

• Order backlog at quarter-end: CHF 259 million, down 33% year-over-year.

• Nine months sales: CHF 816 million, up 24% year-over-year (30% at constant FX).

• Adjusting for a negative ERP impact in Q3 2024, YoY sales increase would have been 12% for Q3 and 20% for nine months.

Outlook and guidance

• Q4 2025 sales expected between CHF 225 million-CHF 245 million.

• Full-year 2025 guidance: higher sales, EBITDA, net income, and free cash flow expected despite FX headwinds.

• EBITDA margin now expected at the lower end of 30%-37% range due to soft semiconductor business and FX headwinds.

• CapEx forecast for 2025: CHF 70 million-CHF 80 million.

• Semiconductor market recovery and major capex cycle acceleration anticipated in 2026.