Order performance in Q4 2025 is strong due to technology migration driven by demand for AI applications. Demand from China remains strong

“Temporary announcement based on LR Article 53”

Business Overview for Q4 2025

The fourth quarter of 2025 saw a slight acceleration in demand for VAT products as the VAT-related semiconductor market continued to grow above 2024 levels. This growth was primarily driven by increased demand for cutting-edge logic and memory chips, where VAT’s Semiconductor business unit actively leveraged its undisputed technology and market leadership. These chips are needed to build AI data centers and require significant capital investment from hyperscalers. Capital spending is estimated to exceed USD 400 billion in 2025, and expectations for 2026 have already exceeded these amounts. Memory prices rose significantly during 2025. Currently, HBM and DRAM manufacturing capacity is expected to be filled in 2026, and memory manufacturers’ capital spending in VAT-related vacuum applications appears to be accelerating towards the end of 2025. This increased demand was also seen in the Global Services business unit, although activity in the Advanced Industrial business unit only increased slightly.

2025 Q4 results

VAT recorded a preliminary order value of approximately CHF 305 million in the fourth quarter, an increase of 28% quarter-on-quarter and 14% year-on-year. In addition to improved business activity from Western OEMs and continued strong demand from Chinese customers, VAT also confirmed that pre-orders from customers amounted to approximately CHF 30-35 million ahead of the price increase from January 1, 2026. Preliminary sales for the fourth quarter were CHF 257 million, flat compared to the previous quarter and above the fourth quarter guidance range of CHF 225 million to CHF 245 million. Sales in the fourth quarter were down 9% compared to the same period last year (adjusting for the transfer of sales of CHF 22 million from Q3 2024 to Q4 2024, the change is -1%). The provisionally reported sales ratio for the fourth quarter was 1.2 times, and after adjusting for the impact of pre-orders, it was approximately 1.1 times. Assuming constant exchange rates, this translates to fourth-quarter year-over-year growth of +25% in orders and -1% in sales, respectively.

Results for full year 2025

Provisional orders for the full year 2025 were approximately CHF 1,033 million, flat year-on-year, with net sales increasing by approximately 14% to approximately CHF 1,073 million. On a constant currency basis, orders increased by 6% (CHF 1.09 billion) and net sales increased by 20% (CHF 1.133 billion) compared to the same period last year.

According to preliminary figures, VAT achieved a full-year EBITDA margin of approximately 30%, as the margin effect of volume growth was partially erased, particularly due to the unfavorable development of the Swiss franc against the US dollar. Preliminary free cash flow for the full year 2025 is expected to be more than CHF 225 million, approximately 23% higher than the previous year’s level.

Detailed results and an update on the 2026 outlook will be provided when the Company’s 2025 full year results are released on Tuesday, March 3, 2026.

Q4 2025

Full year 2025

1 quarterly. 2 YoY comparison

financial calendar

About VAT

We change the world with vacuum solutions – that’s our purpose as the world’s leading supplier of high-end vacuum valves. The Group reports in two segments: Valves and Global Services. The Valve Division is a global developer, manufacturer and supplier of vacuum valves for the semiconductor, display, photovoltaic and vacuum coating industries, as well as industrial and research sectors. Global Services provides you with local expert support and genuine spare parts, repairs and upgrades. VAT reported net sales of CHF 942 million in 2024 and has approximately 3,200 employees worldwide, representatives in 29 countries and manufacturing sites in Switzerland, Malaysia and Romania.

Forward-looking statements

The forward-looking statements contained herein qualify in their entirety because there are certain factors that could cause results to differ materially from expectations. Statements contained herein that are not statements of historical fact, including statements containing words such as “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions, should be deemed to be forward-looking statements. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies. They relate to events and depend on circumstances that may or may not occur in the future and may cause the company’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that we cannot accurately control or estimate, such as future market conditions, currency fluctuations, the actions of other market participants, the performance, security and reliability of our information technology systems, political, economic and regulatory changes in the countries in which we operate, or economic or technological trends or conditions. Accordingly, investors are cautioned not to place undue reliance on such forward-looking statements.

Unless otherwise required by law, VAT disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this report.

Disclaimer

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