Slide 1: FY24 Financial Results
FY24 Financial Results March 6, 2025 Stephan Haferl, CEO Christian Witt, CFO Comet AG Herrengasse 10 CH-3175 Flamatt T +41 31 744 90 00 www.comet.tech
Slide 2: Cautionary statement regarding Forward Looking Statements
Cautionary statement regarding Forward Looking Statements This document contains forward-looking statements about the Comet Group that may be subject to uncertainty and risk. Readers should therefore be aware that such statements may deviate from actual future outcomes or events. Forward- looking st
Slide 3: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2024 FY24 Financial Results 3/6/2025 3
Slide 4: FY24: Comet back on growth trajectory
Business & Industry Review FY24: Comet back on growth trajectory Semiconductor cycle upswing materialized 445.4 13.6% • Double-digit growth in net sales and profitability • Slower growth than expected at the beginning of the year Net sales in CHF million EBITDA margin (+12.1% vs. FY23) (FY23: 11.3%)
Slide 5: Microchip innovation drives growth, traditional industrial markets lag
Business & Industry Review Microchip innovation drives growth, traditional industrial markets lag Semiconductors and Electronics Other industrial segments • Uneven growth across different microchip segments: • Moderate growth in GDP-driven industries, competitive landscape - Growth driven by AI, clo
Slide 6: Turning innovation into sustainable and profitable growth
Business & Industry Review Turning innovation into sustainable and profitable growth PCT IXS IXM • Improved manufacturing efficiency and • Successfully launched the CA20 fab • Introduced high-resolution modules for optimized footprint for growing demand system for semiconductor applications semi-ins
Slide 7: Bouncing back from the trough
Business & Industry Review Bouncing back from the trough Replace with picture from AR 2021 replace pic with 75y banner • Semiconductor market shows uneven recovery • Key memory segments experience slow growth • X-ray divisions affected by subdued industrial segments and competitive landscape • Tangi
Slide 8: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2025 FY24 Financial Results 3/6/2025 8
Slide 9: Financial highlights FY24
Financial Results Financial highlights FY24 • Semiconductor recovery reflected in PCT results • X-ray divisions tracking other industrial segments • Capex lower than projected • Further strengthened cash position for FY25/26 investments • Dividend increased to CHF 1.50/share FY24 Financial Results 3
Slide 10: Sales progression in H2, operating leverage kicking in
Financial Results Sales progression in H2, operating leverage kicking in Net sales [in CHF million] EBITDA margin 18.7% H1/24 H2/24 FY24 Net sales 189.3 256.1 445.4 EBITDA margin 6.9% 18.7% 13.6% 6.9% • Semiconductor cycle recovery led to accelerated net sales in H2 • EBITDA margin improved in H2 co
Slide 11: PCT margin more than doubled, offsetting weaker x-ray
Financial Results PCT margin more than doubled, offsetting weaker x-ray Net sales [in CHF million] EBITDA margin PCT IXS IXM 23.8% 21.3% 4.2% 15.4% -3.7% 247.4 9.7% 117.0 115.9 193.2 100.3 94.6 FY23 FY24 FY23 FY24 FY23 FY24 Net sales +28.1% Net sales −0.9% Net sales −5.7% EBITDA 52.7m CHF (FY23: 18.
Slide 12: Operational leverage drives increasing gross margin, ongoing investments into growth opportunities
Financial Results Operational leverage drives increasing gross margin, ongoing investments into growth opportunities in CHF million, otherwise indicated FY24 FY23 Y-O-Y (3) Net sales 445.4 397.5 +12.1% Gross margin 43.4% 41.0% +2.4pp EBITDA 60.4 45.0 +34.2% EBITDA margin 13.6% 11.3% +2.3pp Net incom
Slide 13: Strong balance sheet enhances financial flexibility
Financial Results Strong balance sheet enhances financial flexibility in CHF million, otherwise indicated FY24 FY23 Y-O-Y (3) Cash and cash equivalents 113.7 86.7 +31.2% CapEx (1) 12.8 26.4 –51.6% CapEx as % of sales 2.9% 6.6% –3.7pp Net working capital 134.7 116.7 +15.5% Net working capital as % of
Slide 14: EPS more than doubled, dividend increased by 50%
Financial Results EPS more than doubled, dividend increased by 50% FY24 FY23 Y-O-Y (2) Equity (in million CHF) 325.4 296.1 +9.9% Equity ratio (1) 61.3% 62.5% –1.2pp Earnings per share (in CHF) 4.52 1.98 +128.3% Dividend per share (in CHF) 1.50 1.00 +50.0% Pay-out ratio 33.2% 50.5% –17.3pp (1) equity
Slide 15: Financial summary FY24
Financial Results Financial summary FY24 • PCT division drove key metric improvements for the Group • X-ray divisions impacted by weak industrial environment • Growth investments in R&D and Sales & Marketing affected margins • Strong free cash flow resulted in net cash position • Focus on strong bal
Slide 16: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 2025 FY24 Financial Results 3/6/2025 16
Slide 17: FY25: Semiconductor industry grows steadily; limited momentum from other industries
Outlook 2025 FY25: Semiconductor industry grows steadily; limited momentum from other industries Semiconductors and Electronics Other industrial segments • Strong demand for AI driving primarily leading-edge logic / DRAM • Industrial markets: more positive trend after a challenging period • Improvin
Slide 18: FY25: positive momentum continues
Outlook 2025 FY25: positive momentum continues Business environment Guidance FY25 • Semiconductor cycle recovery remains on track • Shift from value to volume necessary to accelerate the cycle • Exact shape and timing uncertain; stronger H2 than H1 expected Revenue (in million CHF) • Uncertainties c
Slide 19: Appendix
Appendix cemet
Slide 20: Consolidated statement of income
Appendix Consolidated statement of income in thousands of CHF FY24 FY23 Y-O-Y Net sales 445,362 397,453 +12.1% Gross profit 193,100 162,926 +18.5% • Other operating income 6,708 7,843 –14.5% • Development expenses (67,258) (60,712) +10.8% • Marketing and selling expenses (51,917) (45,725) +13.5% • G
Slide 21: Consolidated statement of cash flows
Appendix Consolidated statement of cash flows in thousands of CHF FY24 FY23 Y-O-Y Net cash provided by operating activities 49,963 22,257 +124.5% In % of net sales 11.2% 5.6% +5.6pp Net cash (used in) investing activities (8,549) (22,841) –62.6% Free cash flow 41,414 –584 n/m In % of net sales 9.3%
Slide 22: Consolidated balance sheet
Appendix Consolidated balance sheet in thousands of CHF YE24 in % YE23 in % Current assets 316,673 59.6 265,035 56.0 Non-current assets 214,496 40.4 208,543 44.0 Total assets 531,169 100.0 473,578 100.0 Current liabilities 99,949 18.8 77,919 16.5 Non-current liabilities 105,782 19.9 99,568 21.0 Tota
Slide 23: Net sales walk FY23 to FY24
Appendix Net sales walk FY23 to FY24 in CHF million +12.1% 59.5 2.6 0.1 -3.4 445.4 -10.9 397.5 Volume effect Currency effect in local currencies CHF –10.9m CHF 58.8 (+14.8%) (–2.7%) Net sales FY23 PCT IXS IXM Elimination Currency Net sales FY24 intersegment translation sales effect FY24 Financial Re
Slide 24: EBITDA margin walk FY23 to FY24
Appendix EBITDA margin walk FY23 to FY24 +2.3pp +6.5pp 13.6% –3.7pp –0.5pp 11.3% EBITDA FY23 Volume & mix impact Cost impact FX impact EBITDA FY24 FY24 Financial Results 3/6/2025 24
Slide 25: Comet group
cemet group