VAT Group (VACN) Q3 2026 TU earnings summary

Executive summary

• Record Q3 order intake of CHF 696.6m and net sales of CHF 376.4m, driven by AI- and technology-related semiconductor demand.

• Backlog reached CHF 979.5m, with customer visibility extending six to eight quarters and supply-demand imbalance expected well into 2027.

Financial highlights

• Q3 order intake rose 39.3% QoQ and 192.6% YoY; at constant currency, increases were 35.2% and 188.1%.

• Q3 net sales increased 29.4% QoQ and 45.9% YoY; at constant currency, increases were 25.3% and 44.1%.

• 9M order intake was CHF 1,553.0m, up 113.5% YoY reported and 125.1% at constant currency; net sales were CHF 888.3m, up 8.9% and 15.0%, respectively.

Outlook and guidance

• FY 2026 orders, sales, EBITDA, EBITDA margin, net income and free cash flow are expected above 2025 levels.

• Q4 2026 sales guidance is CHF 420m–CHF 450m, with book-to-bill above 1; Q4 orders are expected at CHF 500m–CHF 600m.

• 2027 sales are expected significantly above prior CHF 1.5bn–CHF 1.7bn guidance; sales are expected to grow in Q1 and progressively through 2027.

• Internal WFE planning assumes ~$200bn in 2027 and $250bn–$260bn in 2028.