Pva Tepla Ag · XETR:TPE
Pva Tepla — Investor Day (September 2025)
48 slides from Pva Tepla's investor day presentation, Sep 2, 2025
Slide 1: Capital Markets Day, London, September 2, 2025
CAPITAL MARKETS DAY LONDON | SEPTEMBER 2, 2025
Slide 2: Today's Speakers
TODAY‘S SPEAKERS Jalin Ketter Carl Markus Groß CEO CFO Dr. Jan Pfeiffer Dr. Peter Czurratis Dr. Udo Broich Vice President Vice President Vice President Research & Development Metrology Material Solutions 2
Slide 3: Agenda
09.00-09.15 | INTRODUCTION & OVERVIEW 09.15-10.00 | Strategy 10.00-10.30 | COFFEE BREAK 10.30-11.30 | MARKETS 11.30-12.00 | FINANCIALS 12.00-12.45 | Q&A AGENDA 12.45-14.00 | GET TOGETHER & LUNCH 3
Slide 4: Company Overview
COMPANY OVERVIEW 4
Slide 5: Introducing: PVA Today
INTRODUCING: A GLOBAL PROVIDER OF HIGH-TECH SOLUTIONS FOR MATERIALS INSPECTION AND PRODUCTION PVA TODAY TWO SEGMENTS WITH STRONG NEW GLOBAL SALES and Centralized R&D APPROACH SYNERGIES Service APPROACH • Transformation from a specialist • We focus on scaling our business • The Technology Hub bundles
Slide 6: Our End Markets
OUR END MARKETS DEMAND FOR HIGH-TECH SOLUTIONS ACROSS INDUSTRIES KEEPS RISING SEMICONDUCTOR ENERGY AEROSPACE & DEFENSE AUTOMOTIVE Generative AI, Machine Learning, For renewable energy to be viable, Both the defense sector and civil Modern cars and electric vehicles in Cloud Computing and 5G Networks
Slide 7: Metrology
METROLOGY LEADING TECHNOLOGIES FOR INSPECTION AND QUALITY CONTROL ACOUSTIC OPTICAL CHEMICAL Non-destructively detecting cavities, Non-destructively identifying defects Identifying contaminations and voids, bubbles, inclusions, and and characterizing thin-film conduct trace elements analysis in delam
Slide 8: Material Solutions
MATERIAL SOLUTIONS GENERATING AND PROCESSING HIGH-TECH MATERIALS AND COMPONENTS SYNTHESIS JOINING REFINING SURFACE TREATMENT Creating new materials by trans- Combining solid materials to create Adjusting material properties for Modifying surfaces to enable further forming solid, liquid, or vapor com
Slide 9: Strategy
STRATEGY 9
Slide 10: Strategic Cornerstones
STRATEGIC TRANSFORMING THE GROUP FOR SUSTAINABLE GROWTH CORNERSTONES • Gain market share in key growth industries • Focus on individual growth markets in Europe, such as advanced semiconductors • Grow into more balanced revenue contributions SEGMENTs Regional Asia, and North America • Expand sales a
Slide 11: Metrology
SegmentS Growth Regional Focus Strategic Investments Innovation METROLOGY GAINING MARKET SHARE, SCALING EFFICIENTLY, EXPANDING PRODUCT PORTFOLIO Acoustic Methods|Growth Potential: +++ • Focus on the semiconductor industry, particularly in Asia and North America • Significantly increase market share
Slide 12: Metrology Portfolio Development
SegmentS Growth Regional Focus Strategic Investments Innovation METROLOGY PORTFOLIO DEVELOPMENT SUPPORTING THE DEVELOPMENT OF THE METROLOGY OF THE FUTURE THROUGH PARTNERSHIPS AND TARGETED M&A ACOUSTIC OPTICAL NEW METHODS Full vertical integration of Strategic partnership with Acquisition of DIVE ima
Slide 13: Material Solutions
SegmentS Growth Regional Focus Strategic Investments Innovation MATERIAL SOLUTIONS ADDRESSING NEW MARKETS, EXPANDING REGIONAL FOOTPRINT, INCREASING AFTER-SALES Synthesis|Growth Potential: ++ • Focus on aerospace & defense, energy, and automotive industries • Leverage technological know-how for new,
Slide 14: Regional Focus
SegmentS Growth Regional Focus Strategic Investments Innovation REGIONAL FOCUS ADDRESSING NEW CUSTOMERS AND GROWTH MARKETS IN NORTH AMERICA, EUROPE, AND ASIA TO FURTHER DIVERSIFY GLOBAL REVENUE CONTRIBUTIONS, WITH OVERWEIGHT ON ASIA North America Asia %FY ‘24: 13% Japan %FY ‘24: 55% Europe %FY ‘24:
Slide 15: Strategic Investments
SegmentS Growth Regional Focus Strategic Investments Innovation STRATEGIC INVESTMENTS PREPARING THE ORGANIZATION FOR SUSTAINABLE GROWTH Investment focus M&A principles • Accelerate innovation trough strengthened investments in R&D, • Should extend technology portfolio, which will be aligned with sec
Slide 16: Innovation
SegmentS Growth Regional Focus Strategic Investments Innovation INNOVATION STRATEGIC BENEFITS FROM NEW R&D APPROACH Technology Hub as innovation catalyst EVOLVE INTO solutions provider Market-driven innovation Established in 2024 to integrate physics, Leveraging in-house commercialization Close coll
Slide 17: R&D Strategy Update
SegmentS Growth Regional Focus Strategic Investments Innovation R&D STRATEGY UPDATE SECURING STRONG STRATEGIC POSITION WITH FUTURE MATERIALS AND APPLICATIONS R&D PARTNERSHIPS INTERNAL R&D MILESTONES 4“ ALN CRYSTALS IMEC SIC PROCESS • Partners: PVA, Leibniz Institute • Partnership with imec, a world-
Slide 18: Silicon Carbide Activities: Synthesis & Metrology
SILICON CARBIDE ACTIVITIES HAVE Significant potential Due to its relevance FOR SECTORS SUCH SYNTHESIS & METROLOGY AS ENERGY, AUTOMOTIVE, AND DEFENSE • Silicon Carbide (SiC) offers key advantages in power electronics, with market growth driven by battery electric vehicles (BEV), renewables, and fast-
Slide 19: Our Market Position, How We Grow
OUR MARKET POSITION ALL TECHNOLOGY DIVISIONS CONTRIBUTE TO OUR MID- TERM REVENUE TARGET; METROLOGY WILL BE HOW WE GROW STRONGEST DRIVER Mid-Term Revenue Subdivision Growth Drivers Revenue Contribution CAGR Expectations Acoustic 18% – 22% REVENUE METROLOGY Optical EURm 98 2024 2028 45% – 63% 2024 Che
Slide 20: Markets | Semiconductor
~ MARKETS | SEMICONDUCTOR “°*"<"*
Slide 21: Well Positioned Along the Entire Semiconductor Value Chain
WELL POSITIONED ALONG THE ENTIRE SEMICONDUCTOR VALUE CHAIN MARKET DRIVERS OPEN UP ADDITIONAL APPLICATION OPPORTUNITIES FOR METROLOGY IN BACKEND & PACKAGING Raw Materials Frontend Backend/Packaging Acoustic 2D/3D Inspection (ingots, various materials) 2D/3D Inspection (bonded wafers, layers, TSVs, HB
Slide 22: Chip Evolution & Inspection Needs
CHIP EVOLUTION & INSPECTION NEEDS FROM TRADITIONAL DEVICES TO TODAY’S ADVANCED ARCHITECTURES Logic Memory Power Sensor Traditional CPU, DRAM, Flash MOSFET, IGBT MEMS, Pressure Microcontroller Logic Memory Power Sensor Photonics / Optical Today CPU, GPU, AI- HBM, 3D NAND SiC, GaN, high-doped Si Vario
Slide 23: AI-Chiplets, HBM & 3D NAND
AI-CHIPLETS, HBM & 3D NAND SAM: ESSENTIAL FOR HIGH-END PACKAGING INSPECTION New devices and packaging methods create complex defects – requiring volumetric inspection AI-Chiplets HBM 3D NAND (Logic) (Memory) (Storage) • Heterogeneous integration • Vertical stacks, TSVs • Layer scaling >200 • High in
Slide 24: Metrology Portfolio: Scanning Acoustic Microscopy (SAM)
METROLOGY PORTFOLIO: SAM OFFERS THE HIGHEST FLEXIBILITY AND ACCURACY SCANNING ACOUSTIC AT COMPETITIVE PRICES AGAINST OTHER TECHNOLOGIES MICROSCOPY (SAM) SURFACE INSPECTION VOLUMETRIC INSPECTION Optical Microscopy Infrared / Laser (NDT) Package Mold Resolution: Sub µm range Resolution: ~10 µm Scannin
Slide 25: SAM: Mainstay Metrology Technology
SAM is our mainstay metrology technology. Due to its flexibility and high accuracy, it will Acoustic METROLOGY greatly PROFIT from the trends of Hybrid Bonding, 3d Integration, and High-End Packaging Market overview SCANNING ACOUSTIC MICROSCOPY • The CAGR for metrology wafer fab equipment (WFE) reve
Slide 26: Strategic Cooperation with SENTECH for Ellipsometry
Strategic Cooperation with SENTECH to create a optical METROLOGY fully automated Ellipsometry tool for the 200 & 300mm Si, SiC, and GaN wafer market PORTFOLIO ExpansionS Market overview • Ellipsometry is well established in its main application film/layer thickness measurement Ellipsometry • Primari
Slide 27: New Hyperspectral Vision Inspection
New Hyperspectral Vision Inspection is an Optical Optical METROLOGY method that provides a dramatic speed advantage in layer inspection PORTFOLIO ExpansionS • Main application is measuring layer thickness, roughness, staining, cracks, surface defects simultaneously • Where ellipsometry can provide m
Slide 28: New Metrology Methods: X-ray Technology
Further perspectives for mid- and long-term New METROLOGY Methods revenue contribution with new developments in x-ray technology PORTFOLIO ExpansionS • Where SAM can provide fast evaluation of the entire wafer or module in 3D inspection, x-ray offers more data on a single sample point • Software ana
Slide 29: Markets | Energy
MARKETS | ENERGY 29
Slide 30: Energy Market
ENERGY MARKET OPPORTUNITIES FOR PVA TECHNOLOGIES Global energy investment reaches USD 3.3 trillion in 2025 Driven by rising global energy demand and decarbonization targets Potential FOR PVA Technologies Clean energy: USD 2.2 trillion (fossils: USD 1.1 trillion) Crystal Growth & Power Semiconductors
Slide 31: Joining: Diffusion Bonding
High-performance joining technology is essential for complex structures and advanced joining Materials – PVA TEPLA HOLDS A strong position in diffusion bonding • Diffusion bonding is a solid-state joining process that creates high-integrity joints with highest strength, temperature stability, and co
Slide 32: Joining: Vacuum Brazing
Vacuum brazing is essential in ADVANCED manufacturing, ENABLING high-precision, high- Joining strength, and contamination-free joining of complex components • In vacuum brazing, materials are joined under high temperature and in a vacuum atmosphere by using low-melting filler metals Vacuum Brazing •
Slide 33: Synthesis: Graphite for Anode Material
E-MOBILITY AND Energy transition REQUIRE SIGNIFICANT INCREASE IN ELECTRICAL POWER STORAGE Synthesis CAPACITY • While battery manufacturers are developing Li-ion battery alternatives, Li- ion is still the market standard • Currently, graphite is the dominating material for battery anodes in Li-ion ba
Slide 34: Markets | Aerospace
MARKETS | AEROSPACE 34
Slide 35: Aerospace & Defense
AEROSPACE & DEFENSE GLOBAL MARKET OVERVIEW CMC Aerospace Revenue [USD bn] CMC Defense Revenue [USD bn] 112.5 99.3 +13% 87.9 Advanced Material Synthesis 69.5 78.1 69.5 61.4 62.0 Ceramic matrix composites for aircraft brake systems, turbine airfoils, 55.2 54.4 rocket engine combustion nozzles, re-entr
Slide 36: Chemical Vapor Infiltration and Deposition
Expanding our deep knowledge in the field of Chemical Vapor Infiltration and Deposition into Synthesis new markets as technology leader and first mover • Chemical Vapor Infiltration/Deposition is the core process for the synthesis of Ceramic-Matrix Composites • Fiber pre-forms are coated by thin cer
Slide 37: Investment Implications for PVA
INVESTMENT IMPLICATIONS FOR PVA We see strong growth potential Through Innovation, DRIVEN BY Megatrends METROLOGY MATERIAL SOLUTIONS Semiconductor markets grow steadily. Megatrends for material solutions show double digit rates for Our growth is driven by innovation. end markets. Still, innovation i
Slide 38: Financials
FINANCIALS 38
Slide 39: Historical KPI Development
HISTORICAL KPI DEVELOPMENT GUIDANCE FOR 2025 CONFIRMED AT LOWER END OF FORECAST RANGE: REVENUE BETWEEN EUR 260-280M, EBITDA EUR 34-39M Revenue and segment split [in EUR mn] 263.4 270.1 Semiconductor Systems 205.2 Industrial Systems 155.7 186.1 187.6 137.0 EBITDA [in EUR mn] and EBITDA margin 131.0 1
Slide 40: Building Blocks of Strategy 2028
BUILDING BLOCKS OF REVENUE BRIDGE 2024 TO 2028 STRATEGY 2028 EUR ~500 mn GROWTH DRIVERS 2024 TO 2028 • MARKET GROWTH: Growth in our established markets is largely driven by the rising demand for metrology solutions EUR 270 mn • NEW TECHNOLOGIES AND APPLICATIONS: A significant part of revenue contrib
Slide 41: Revenue Growth Opportunities by Segments
REVENUE GROWTH OPPORTUNITIES BY SEGMENTS CLEAR GROWTH PATH WITH BALANCED REVENUE CONTRIBUTION AND SIGNIFICANT MID-TERM MARGIN IMPROVEMENT IN BOTH SEGMENTS, NEW REPORTING WILL START IN 2026 METROLOGY [in EUR mn] MATERIAL SOLUTIONS [in EUR mn] Acoustic Synthesis 210 - 260 Joining 240 - 290 Optical Che
Slide 42: Estimated Development of Overhead Costs
ESTIMATED DEVELOPMENT OF OVERHEAD COSTS SLIGHT INCREASE IN TOTAL OVERHEAD MARGIN MAINLY DRIVEN BY R&D R&D costs [in EUR mn and % of revenue] Distribution costs [in EUR mn and % of revenue] ~50.0 ~30.0 Costs % of revenue 19.2 18.5 16.1 11.7 7.9 7.3 ~10.0 6.8 ~6.0 9.5 6.5 3.2 3.6 4.3 2022 2023 2024 20
Slide 43: Capex
CAPEX TOTAL CAPEX INCLUDES TARGETED INVESTMENTS IN PRODUCTION EXPANSIONS AND R&D, PLUS SOME CATCH-UP EFFECTS FROM DEFERRED INVESTMENTS Completed recent CAPEX projects (investment phase concluded) • Construction of two new production halls at HQ in Wettenberg, Germany • New production facility for ve
Slide 44: Cash Flow: Typical Project in Material Solutions
CASH FLOW Cash intensity over project period TYPICAL PROJECT IN MATERIAL SOLUTIONS Intensity Period 1 2 3 4 5 6 7 8 9 10 11 12 Engineering QA Materials Key facts Assembly/Installation • Cash flow: positive at order intake, negative during Documentation manufacturing, positive at completion • Large p
Slide 45: Cash Flow
CASH FLOW FROM CYCLICAL AND VOLATILE CASH FLOW TO METROLOGY-DRIVEN STABILITY Historical and future development Historical free cash flow [in EUR mn] • Historically: Free cash flow highly fluctuating Free cash flow Group EBIT 38.3 • Material Solutions: largely financed through advance payments (typic
Slide 46: U.S. Tariffs and Our Strategic Course
U.S. TARIFFS AND OUR STRATEGIC COURSE STABLE ORDERS TODAY, BUT INCREASING REQUIREMENTS FOR LOCAL SOURCING AND PRODUCTION Situation to date Order intake in H1 2025 • Strong Metrology position: limited impact from U.S. tariffs to date • No visible reluctance from U.S. customers; order intake stable Q1
Slide 47: Summary
STRONG FINANCIAL DEVELOPMENT ACROSS TWO SUMMARY BALANCED SEGMENTS TOPLINE ACCELERATION PROFITABILITY UPLIFT Solid FINANCIAL FOUNDATION ROBUST CASH GENERATION • Clear building blocks to EUR • Mid- term gross margin • ~10% of sales reinvested in • High-margin, fast-cycle 500m sales by 2028 improvement
Slide 48: Investor Relations Contact
INVESTOR RELATIONS CONTACT Sebastian Gonsior Dr. Gert Fisahn Manager Investor Relations Public Affairs P +49 (641) 68690-419 P +49 (641) 68690-400 M +49 (151) 627 44381 M +49 (151) 122 03311 sebastian.gonsior@pvatepla.com gert.fisahn@pvatepla.com This presentation contains forward-looking statements