Slide 1: H1 2024 Financial Results
H1 2024 Financial Results July 31, 2024 Stephan Haferl, CEO Nicola Rotondo, Interim 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 04 Q&A H1 2024 Financial Results 7/31/2024 3
Slide 4: Semiconductor cycle turned in the first half of the year
Business & Industry Review Semiconductor cycle turned in the first half of the year Lower half-year net sales, constant EBITDA margin Revival of business in the second quarter Q2 net sales at previous year’s level 189.3 6.9% Higher sales in Q2/24 vs. Q1/24, confirms semi cycle trend reversal Net sal
Slide 5: Semiconductor business on the road to recovery, traditional markets mixed
Business & Industry Review Semiconductor business on the road to recovery, traditional markets mixed Semiconductors Automotive Aerospace Security Global semi market: growth each Automotive market remained Aviation business with continuous Volume of security market month of 2024 on a y-o-y basis stab
Slide 6: Results of the divisions determined by various influencing factors
Business & Industry Review Results of the divisions determined by various influencing factors PCT IXS IXM Recovery thanks to improved fundamentals in Price pressure in some of the traditional Lower sales due to backlog effects that the semiconductor market markets increased sales in H1/23 Further Sy
Slide 7: On the road to full recovery
Business & Industry Review On the road to full recovery • Continuous improvement in results from the first to the second quarter • Improved market environment for semiconductors reflected in higher incoming orders • Recovery driven by logic chips for AI applications and, on the memory side, by high-
Slide 8: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 04 Q&A H1 2024 Financial Results 7/31/2024 8
Slide 9: Financial highlights
Financial Results Financial highlights • Lower H1 result due to slow start to the year: weak first quarter • Gradual improvement in net sales and incoming orders in H1 • Book-to-bill of 1.1 reflects the turnaround in the semi-cycle • Margin protection: lower discretionary costs, personnel measures •
Slide 10: Margins well maintained despite decline in sales
Financial Results Margins well maintained despite decline in sales in CHF millions, otherwise indicated H1 2024 H1 2023 Y-O-Y (1) Net sales 189.3 207.0 −8.6% Gross profit margin 40.1% 39.2% +0.9pp EBITDA 13.0 14.3 −9.1% EBITDA margin 6.9% 6.9% 0.0pp Net income 4.1 1.9 +109.6% Return on capital emplo
Slide 11: Free cash flow turned positive and will further increase
Financial Results Free cash flow turned positive and will further increase in CHF millions, otherwise indicated H1 2024 H1 2023 Y-O-Y (1) Free cash flow 8.1 −15.3 +23.4 Net working capital 117.2 131.0 −13.8 CapEx 4.8 19.4 −14.6 CapEx as % of sales 2.5% 9.4% −6.9pp Jun 30, 2024 YE 2023 Change (1) Cas
Slide 12: PCT margins recover from the trough, margins of the X-ray divisions lower
Financial Results PCT margins recover from the trough, margins of the X-ray divisions lower Net sales [in CHF millions] EBITDA margin PCT IXS IXM 9.7% 20.4% 5.3% 0.3% 15.7% -3.5% 106.8 94.3 56.8 55.2 50.8 46.5 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 Net sales −11.7%% Net sales −2.9% Net sale
Slide 13: Increase in incoming orders reflects upturn in business activity in Q2/24
Financial Results Increase in incoming orders reflects upturn in business activity in Q2/24 Incoming orders, 3m moving average 170 169 208 Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24 24 H1/23 H2/23 H1/24 Acc
Slide 14: Agenda
Agenda 01 Business & Industry Review 02 Financial Results 03 Outlook 04 Q&A H1 2024 Financial Results 7/31/2024 14
Slide 15: WFE resuming growth in 2024, acceleration in 2025
Outlook WFE resuming growth in 2024, acceleration in 2025 Semiconductors Automotive Aerospace Security Acceleration of growth in the Modest growth expected to Major OEMs predict good growth Increasing investments in WFE market in 2024 continue until the end of the year in the coming years security i
Slide 16: Outlook: Guidance FY24 confirmed, semiconductor industry recovery expected to gain momentum in H2
Outlook Outlook: Guidance FY24 confirmed, semiconductor industry recovery expected to gain momentum in H2 Turnaround in the semiconductor cycle was confirmed in the first Guidance FY24 half of 2024 Numerous macroeconomic and geopolitical uncertainties persist Net sales (in CHF millions) Recovery in
Slide 17: Q&A
Q&A
Slide 18: Appendix
Appendix cemet group
Slide 19: Definition of financial key figures (pages 10 to 12)
Appendix Definition of financial key figures (pages 10 to 12) Book-to-bill ratio: Ratio of orders received to the amount billed for a specific period Capex: Purchases of property, plant and equipment and intangible assets shown under investing activities in the consolidated cash flow statement EBITD
Slide 20: Consolidated statement of income
Appendix Consolidated statement of income in CHF millions (rounding differences may occur) H1 2024 H1 2023 Change Net sales 189.3 207.0 -8.6% Gross profit 75.9 81.1 -6.5% • Other operating income 2.0 3.3 -38.0% • Development expenses -31.4 -32.7 -3.9% • Marketing and selling expenses -24.9 -24.3 2.6
Slide 21: Consolidated statement of cash flows
Appendix Consolidated statement of cash flows in CHF millions (rounding differences may occur) H1 2024 H1 2023 Change Net cash provided by operating activities 11.2 2.3 +386.6% in % of net sales 5.9% 1.1% +4.8pp Net cash (used in) investing activities -3.1 -17.6 -82.6% Free cash flow 8.1 -15.3 n/m i
Slide 22: Consolidated balance sheet
Appendix Consolidated balance sheet in CHF millions (rounding differences may occur) Jun 30, 2024 in % YE 2023 in % Current assets 271.2 56.1% 265.0 56.0% Non-current assets 212.2 43.9% 208.5 44.0% Total assets 483.4 100.0% 473.6 100.0% Current liabilities 82.3 17.0% 77.9 16.5% Non-current liabiliti
Slide 23: Net sales walk H1 2023 to H1 2024
Appendix Net sales walk H1 2023 to H1 2024 in CHF millions – 8.6% Volume effect Negative in local currencies currency effect CHF -11.1 m (-5.4%) CHF -6.6 m (-3.2%) H1 2024 Financial Results 7/31/2024 23
Slide 24: EBITDA margin walk H1 2023 to H1 2024
Appendix EBITDA margin walk H1 2023 to H1 2024 0.0pp –1.7pp 8.6% 6.9% +1.0pp 6.9% +0.7pp -1.0pp -2.3pp +1.6pp H1 2024 Financial Results 7/31/2024 24
Slide 25: cemet
cemet group