VAT Group AG: Highest QUarterly order intake and sales ever as strong AI and technology driven semiconductor demand continues Donnerstag, 15. Oktober 2026 - 06:35

“Ad hoc announcement pursuant to Art. 53 LR”

Q3 2026 results

• Record order intake of CHF 697 million – up 39% sequentially and 193% year on year (up 35% and 188% respectively on a constant currency basis)

• This represents a record in VAT’s history and reflects the strength of the current ramp linked to the buildout of both leading-edge logic and memory capacity
• Sales of CHF 376 million were up 29% sequentially and up 46% year on year (up 25% and up 44% on a constant currency basis)
• Ramp investments initiated at the beginning of 2026 continued into Q3; VAT added an additional 450 FTEs in Q3 globally and aligns the supplier base for continued growth into 2027
• Book-to-bill of 1.9x; record order backlog of CHF 980 million, up 51% sequentially and 279% year on year

Outlook for 2026 – first indication for 2027 development

• In Semiconductors VAT expects that order momentum remains high as investments in additional manufacturing capacities remain high into 2027
• Global Service continues to benefit from very high fab utilization rates, with growing demand for consumables and repairs; demand for capacity drives upgrades
• Advanced Industrials expected to see selective order growth for the full year 2026, especially in semiconductor-related areas
• Higher 2026 orders, sales, EBITDA, EBITDA margin, net income, and free cash flow expected
• Early indications show continued strong semiconductor investments in 2027
• VAT prepares for another strong growth year by ramping production capacity further
• 2027 sales are expected to be significantly above the top end of the previous guidance of CHF 1.5 – 1.7 billion

Guidance for Q4 2026

• VAT expects sales of CHF 420 – 450 million and a book-to-bill ratio above one

Group third quarter 2026

1 Quarter on quarter; 2 Year on year

Group 9M 2026

2 Year on year

Q3 2026 summary

The supply and demand imbalance in advanced logic and advanced memory chips persisted during the third quarter of 2026. This was triggered by exceptionally high data center capex by hyperscalers as well as the onset of high-volume production of Gate All Around (GAA) semiconductors for both electronic products as well as computing equipment. This situation resulted in a further acceleration of investments in semiconductor manufacturing capacity during the third quarter of 2026. As the global technology and market leader, VAT captured the growth opportunities presented.

In Semiconductors, orders were up 37% quarter over quarter and 270% higher compared to the same quarter last year on the back of unprecedented demand for leading-edge manufacturing tools. Sales increased by 39% and 70% respectively, reflecting the capacity ramp activity. No double bookings or inflated orders are anticipated in the current orders. The order growth rather reflects the further extended ordering windows which now are up to nine months or longer compared to 3 months at the end of 2025. This is partly driven by anticipated price increases or concerns over availability going forward. Additionally, demand from Chinese customers continues to remain strong amid the ongoing self-sustainability efforts of the government.

In Advanced Industrials, orders for valves used in scientific instruments and analytical products as well as systems with exposure to semiconductors have developed in-line with semi-market growth rates globally. End markets such as coatings and industrials have seen a flat year-on year order development. In coatings, ultra-high vacuum applications with end-market exposure to consumer electronics have performed particularly well. Orders for valves in research applications, however, are notably lower following funding cuts.

Orders in Global Service increased by 52% quarter over quarter and by 88% year over year as demand surged for consumables amid overall high utilization rates. Repairs and retrofits saw a strong increase as well, in-line with the sector’s growth rates. Sales increased by 2% sequentially and by 4% year on year, as fab customers are maximizing output of new chips and currently limiting tool downtime from maintenance and replacements, thus driving orders with longer lead-times.

Overall, Group orders in the third quarter amounted to CHF 697 million, up 39% sequentially and 193% year-on-year (up 188% on a constant currency basis), while net sales increased 29% sequentially and 46% year-on-year to CHF 376 million (up 44 % on a constant currency basis). To cope with this significant increase in demand, VAT has continued its ramp efforts initiated at the beginning of 2026, adding an additional 450 FTEs in Q3 and aligning the supplier base for continued growth into 2027.

Outlook: AI-driven global fab expansion and leading‑edge spend underpin VAT’s outlook

Market observers have continued to upgrade WFE estimates throughout 2026, with some believing that WFE could reach above USD 200 billion in 2027. Capex in semiconductor manufacturing capacities are primarily driven by hyperscalers for the build-out of data centers and the further high-volume demand for tools to manufacture the latest chip architectures such as GAA.

Based on these drivers and discussions with its customers, VAT expects that the market continues to be in a strong structural growth phase as about 150 fabs are either under construction or planned over the course of the next three years to address the persisting supply and demand imbalance.

These market drivers benefit all semiconductor-related businesses of VAT in the business units Semiconductors, Global Service and partially the Advanced Industrials business.

On this basis, VAT reiterates its guidance and expects full-year 2026 orders, sales, EBITDA, EBITDA margin, net income, and free cash flow to be higher than in 2025. For 2027, early indications point to an ongoing strong investment environment, and VAT prepares for another strong growth year by ramping production capacity further. 2027 sales are now expected to be significantly above the top end of the previous guidance of CHF 1.5 – 1.7 billion.

Segment results Q3 2026

Valves

1 Quarter on quarter; 2 Year on year

1 Quarter on quarter; 2 Year on year