“Ad hoc announcement pursuant to Art. 53 LR”

Record Q2 order intake of CHF 500 million as data center investment drives advanced chip fab build-out

• Semiconductor supply and demand imbalances in leading-edge drive semiconductor fab investments; record order intake in Q2
• Sales up 32% sequentially; book-to-bill ratio at 1.7x; good visibility for the rest of 2026
• Capacity ramp continues; over 700 employees (FTEs) added; supply chain successfully expanded
• EBITDA margin of 29% despite significant ramp costs; operating leverage expected to fully materialize in H2 2026
• Outlook for 2026 confirmed; quarterly factory output expected above CHF 450 million run rate by year-end

Q2 2026 results

• Record order intake of CHF 500 million, up 40% sequentially and 102% year on year (up 39% and 111% respectively at constant FX); driven mainly by semiconductor investment
• Semiconductor orders up 121 million (45% sequentially and 134% year on year)
• Sales of CHF 291 million up 32% quarter on quarter and up 3% year on year (31% and 8% at constant FX)
• Record order backlog of CHF 648 million, up 121% year on year

H1 2026 results

• Orders of CHF 856 million, up 75% year-on-year (91% at constant FX)
• H1 EBITDA margin of 29.0% slightly lower year on year as ramp costs temporarily weigh on margin
• Solid free cash flow of CHF 42 million, down 18% year on year amid the capacity ramp
• 60 spec wins (61 in H1 2025), 80% in Semiconductors and Global Service incl. 25% in Adjacencies

Outlook for H2 2026

• Semiconductors: Leading-edge fab build-out is expected to continue, with WFE estimates around USD 145 billion, up about 23% versus 2025; investment efforts in China remain strong
• Global Service: High fab utilization to support spares, consumables, and upgrading activity
• Advanced Industrials: Selective growth is expected in inspection and high-end manufacturing applications; power and research demand remain soft
• VAT confirms 2026 guidance of higher orders, sales, EBITDA, EBITDA margin, net income, and free cash flow; 2027 sales guidance under review amid expectations for substantial WFE growth

Guidance for Q3 2026

VAT expects sales of CHF 355–385 million^[1].

Group second quarter 2026

in CHF million	Q2 2026	Q1 2026	Change1	Change (at Q1 26 FX)	Q2 2025	Change2	Change (at Q2 25 FX)
Order intake	500.0	356.3	+40.3%	39.1%	247.7	+101.9%	111.2%
Net sales	291.0	220.9	+31.7%	30.8%	282.9	+2.9%	8.1%
Order backlog	647.9	431.3	+50.2%		293.8	+120.5%

1 Quarter on quarter; 2 Year on year

H1 2026

in CHF million	H1 2026	H1 2025	Change	Change (at H1 25 FX)
Order intake	856.4	489.4	75.0%	90.9%
Net sales	511.9	558.0	-8.3%	0.1%
EBITDA	148.2	165.0	-10.2%	-5.8%
EBITDA margin	29.0%	29.6%	-0.6ppt	-1.8ppt
Net income	98.8	105.6	-6.4%
Earnings per share (EPS, in CHF)	3.30	3.52	-6.4%
Capex	20.5	42.1	-51.3%
Free cash flow 1	41.8	50.7	-17.6%
Number of employees2	3,959	3,406	16.2%

1 Free cash flow is calculated as cash flow from operating activities minus cash flow from investing activities: 2 Number of employees expressed as full-time equivalents (FTEs)

Q2 2026 summary

The unique growth situation that emerged in late 2025 in the semiconductor sector and continued during the first quarter of 2026 gained further momentum in the second quarter. Demand for advanced logic and memory chips, driven by hyperscaler data center investments, continues to exceed available production capacity, accelerating fab build-out and extending equipment lead times.

Demand for VAT’s valve and adjacencies products remained strong. Order intake increased 40% sequentially to CHF 500 million, a new record for VAT, driven by high-performance logic and DRAM chips for AI data centers, while Chinese OEM demand continued to edge higher on ongoing self-sufficiency efforts.

In anticipation of continued strong order momentum, VAT increases production capacity and reduces lead times. This includes expanding its supply chain further and building inventory in key components.

In the Valves segment, orders were up 43% sequentially while sales increased by 39%.

Orders in the Semiconductors business unit rose 134% year on year and 45% sequentially, while sales increased 48% sequentially as ramp-up activities gained momentum. Year on year sales remained flat.

In Advanced Industrials, orders grew 26% sequentially and 36% year on year supported by demand for scientific instruments used for inspection and other high-end applications. Orders for valves used in the manufacturing of power devices (SiC) have also been up while research demand stayed slow owing to tighter budgets. Sales decreased by 3% sequentially and 7% year on year.

In Global Service, orders rose 26% sequentially and 34% year on year supported by high semi fab utilization. All subsegments benefited from the high pace of semiconductor manufacturing. Sales were up 9% sequentially and 15% year on year led by Consumables, while Spares and Repairs improved after early 2026 destocking. Retrofits and Upgrades are expected to accelerate in H2 2026.

Group orders reached CHF 500 million, up 40% sequentially and 102% year on year (39% and 111% at constant FX). Net sales rose 32% quarter on quarter and 3% year on year to CHF 291 million, at the high end of guidance.

Six-month 2026 summary

Order intake rose 75% to CHF 856 million (91% at constant FX), with all business units contributing. Net sales were CHF 512 million, down 8% year on year (flat at constant FX) as the industry strained supply chains to support chip demand. VAT remains committed to ramping factory output to a quarterly run rate above CHF 450 million by year-end.

To enable the projected ramp, VAT added more than 700 FTEs globally in H1 2026, about 85% in production or adjacent roles. More than half were added in Malaysia and nearly 90% globally on a temporary basis, reflecting VAT’s flexible operating model.

In the Valves segment, orders were up 85% to CHF 738 million while sales declined 13% to CHF 406 million. Semiconductors orders increased 99% while sales declined 13%; Advanced Industrials orders went up 10% while sales declined 14% to CHF 63 million.

Global Service orders grew 33% to CHF 119 million, and sales increased 17% to CHF 106 million, supported by high fab utilization and demand in Consumables and Repairs.

EBITDA-margin burdened by ramp-related costs with operating leverage expected to materialize in H2

Gross profit^[2] amounted to CHF 341 million, down 7% while the gross profit margin^[3] increased to 66.6% from 65.4%, as continuous improvement efforts offset part of the FX and raw material cost impact.

EBITDA declined by 10% to CHF 148 million, reflecting lower sales, and higher personnel costs from more than 700 new additions needed for the production ramp.

The net foreign exchange impact (including hedging and balance sheet revaluations) on EBITDA margin was positive by 1.8 percentage points, resulting in an EBITDA margin of 29.0% (27.8% at constant FX).

R&D expenses amounted to CHF 37 million or 7% of sales. VAT recorded 60 spec wins, broadly stable year on year, with customers prioritizing output of existing products while continuing next-node development. Adjacencies accounted for about 25% of spec wins versus about 20% a year ago.

Below the EBIT line, net financial losses amounted to CHF 3 million compared to losses of CHF 12 million in H1 2025. As FX rates were less volatile than in prior years, this result reflects to a larger degree interest and other finance costs. The effective tax rate for the first six months of 2026 was 17.2% compared with 18.5% a year earlier.

Net income for the first half of 2026 amounted to CHF 99 million, 6% lower than a year ago.

Net debt stood at CHF 282 million on June 30, 2026, versus CHF 262 million a year earlier. This excludes the CHF 110 million bilateral loan for the Atonarp acquisition, to be drawn at closing. LTM net debt to EBITDA was 0.9, slightly above 0.8 a year earlier, reflecting the usual post-dividend seasonal pattern.

Free cash flow reflects increasing net working capital

Free cash flow was CHF 42 million, down 18% year on year, with an EBITDA conversion rate of 28% versus 31% a year earlier. Capital expenditure amounted to CHF 21 million or 4% of sales, representing the timing of ramp related investments that are expected in the second half of the year.

At the end of June 2026, VAT had 3,959 employees worldwide (full-time equivalents or FTEs), representing an increase of 709 FTEs, or 22%, compared with the end of December 2025.

Outlook: Advanced logic and memory chip supply and demand imbalance set to prevail in coming quarters, driving continued strong WFE investment momentum into 2027

VAT expects semiconductor equipment investment to grow through 2026 and into 2027, supported by higher hyperscaler capex and further fab capacity additions to address ongoing supply-demand imbalances. Global market research firms expect global WFE to grow by around 20% overall in 2026, putting it at around USD 145 billion.

Considering this growth and its implications for Semiconductors, VAT continues to expand its manufacturing capacity by hiring further staff, strengthening the supplier base, and preparing previously installed shell capacity at its Malaysia site.

In Advanced Industrials, semiconductor-related investments in inspection tools and selected industrial applications should support growth, though at a slower pace than Semiconductors. Power-device valve demand remains supply constrained, while nuclear enrichment and research applications are expected to improve toward year-end.

In Global Service segment, further growth is anticipated as utilization rates remain very high, driving demand in Consumables and Spares & Repairs. Additionally, further demand for Retrofits and Upgrades is expected, as the need for additional, advanced manufacturing capacity remains high.

As a result, VAT confirms its full-year 2026 guidance of higher orders, sales, EBITDA, EBITDA margin, net income, and free cash flow compared with 2025.

VAT’s 2027 sales guidance of CHF 1.5–1.7 billion is under review, as WFE estimates have risen substantially while FX assumptions have changed only marginally.

Guidance for Q3 2026

VAT expects sales of CHF 355 to 385 million^[4].

Segment results for Q2 and H1 2026

Valves

in CHF million	Q2 2026	Q1 2026	Change1	Q2 2025	Change2	6M 2026	6M 2025	Change2
Order intake	433.8	303.9	42.7%	198.3	118.8%	737.6	399.8	84.5%
Semiconductors	392.9	271.5	44.7%	168.2	133.6%	664.4	333.2	99.4%
Advanced Industrials	40.9	32.4	26.2%	30.1	35.9%	73.2	66.6	9.9%
Order backlog	588.7	384.4	53.1%	259.7	126.7%	588.7	259.7	126.7%
Net sales	235.9	170.3	38.5%	234.9	0.4%	406.2	467.2	-13.1%
Semiconductors	204.8	138.3	48.1%	201.4	1.7%	343.0	394.1	-13.0%
Advanced Industrials	31.1	32.0	-2.8%	33.5	-7.2%	63.2	73.1	-13.5%
Inter-segment sales	20.3	21.3	-4.7%	18.0	12.8%	41.6	35.3	17.8%
Segment net sales	256.2	191.6	33.7%	252.9	1.3%	447.8	502.6	-10.9%
Segment EBITDA						121.2	152.5	-20.5%
Segment EBITDA margin3						27.1%	30.3%	-3.3ppt

 

Global Service

in CHF million	Q2 2026	Q1 2026	Change1	Q2 2025	Change2	6M 2026	6M 2025	Change2
Order intake	66.3	52.5	26.3%	49.4	34.2%	118.7	89.6	32.5%
Order backlog	59.3	46.9	26.4%	34.0	74.4%	59.3	34.0	74.4%
Net sales	55.1	50.6	8.9%	48.0	14.8%	105.7	90.7	16.5%
Inter-segment sales	–	–		–		–	–
Segment net sales	55.1	50.6	8.9%	48.0	14.8%	105.7	90.7	16.5%
Segment EBITDA						49.9	39.2	27.3%
Segment EBITDA margin3						47.2%	43.2%	4.0%ppt

1 Quarter on quarter 2 Year on year, 3 Segment EBITDA margin as a percentage of segment net sales