Slide 1: Full-year 2025 results
Full-year 2025 results We change the world with vacuum solutions March 3, 2026
Slide 2: Agenda
Agenda 04 Highlights and review 2025 Urs Gantner, CEO 10 Full-year 2025 financial review Fabian Chiozza, CFO 21 2026 market expectations and outlook Urs Gantner, CEO 31 Q&A 2 March 2026 | Full-year 2025 results
Slide 3: Highlights and review 2025
01 Highlights and review 2025 Urs Gantner, CEO
Slide 4: Highlights 2025
Highlights 2025 2025 was a year of new records: factory output of >CHF1.1bn, FCF of CHF230m, 150 spec wins, R&D spend – all benefiting from AI infrastructure and China build-out Orders – AI FY orders up 6% year-on-year (at constant currency) on the back of a investments wave of investments in AI inf
Slide 5: VAT in a nutshell
VAT in a nutshell Segmental and regional performance in-line with the long-term averages Our business segments Our market segments Our regional split (share of 2025 net sales) (share of 2025 net sales) (share of 2025 net sales) EMEA Global 12% Service Valves 19% (82%) Americas 15% Advanced Industria
Slide 6: Semi and related competitive landscape
Semi and related competitive landscape VAT core valve market share in 2025 was unchanged vs. 2024 – growing in the leading edge and defending regional pressure on mature nodes. Market share Semi and related(1) 71% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6% 6% 6% 3% 3% 2% 2% 2% 1% Othe
Slide 7: WFE growth areas 2025
WFE growth areas 2025 Vacuum-related WFE grew by 5 ppts in 2025 and VAT will continue to see further growth from growth in leading-edge and vacuum-intense applications WFE in vacuum-related markets grew 21% Leading-edge WFE growing – China growth plateaued WFE composition by application (2025 prelim
Slide 8: Innovation remains key differentiator of VAT
Innovation remains key differentiator of VAT The spec win trajectory of the recent years, including growth in 2025 supports our ambition to double the share of wallet Spec wins up 14% ahead of the ramp… …creating visibility on VAT's future earnings potential +14% Leading indicator of future sales, p
Slide 9: Full-year 2025 financial review
02 Full-year 2025 financial review Fabian Chiozza, CFO
Slide 10: Order intake
Order intake Seemingly no change in order flow – on constant currency rates however a recovery in semiconductor and a shift of WFE trends indicate that ramp momentum is building Orders 2025 are flat on 2024 – but shift in mix (in CHF million) 1,090 1'033 1,033 -18% YoY for 2025 but CHF 30 – 35m +18%
Slide 11: Orders and sales through the cycle
Orders and sales through the cycle Order momentum accelerated towards the end of 2025, as the shift to leading-edge started to pick-up driven by AI hyperscaler capex. (in CHF million) 400 BtB Q4: 1.4x Order intake – 1.2x / 1.1x (adj.) last peak 1.2x (2021) level 300 1.0x 0.8x 200 0.6x Order intake –
Slide 12: Adjacencies momentum accelerating
Adjacencies momentum accelerating With the increase of leading-edge WFE spending, VAT’s adjacencies sales – an important component of share-of-wallet growth – is gaining momentum Adjacencies accelerating with focus on leading-edge Adjacencies products expand VAT’s share of wallet (in CHF million) So
Slide 13: Gross profit development
Gross profit development 2025 gross profit declined by 2% on the back of the reversal of the working capital build-up of 2024 and unfavorable FX offset the ongoing operational efficiency gains Net sales (in CHF million) 1'200 70% 1'074 66% 1'000 942 885 64% 65% 800 62% 600 60% 400 55% 200 0 50% 2023
Slide 14: EBITDA development
EBITDA development Margin impacted by NWC reduction and record R&D spend, which offset efficiency gains achieved through VAT's continuous improvement program Net sales (in CHF million) CMD 2025 - EBITDA 600 target band: 30% to 37% 40% 500 35% 400 300 30% 200 25% 100 0 20% H1 2023 H2 H1 2024 H2 H1 20
Slide 15: Below the EBITDA line
Below the EBITDA line EPS burdened by FX-driven negative net finance result. (in CHF million) 2025 2024 Change EBITDA 321.6 293.7 +10% Depreciation, amortization and impairment -48.8 -43.5 +11% EBIT 272.8 250.2 +9% Finance net -15.5 2.4 -743% EBT 257.3 252.6 +2% Income tax expenses -43.0 -40.8 +6% E
Slide 16: Value creation
Value creation Since the IPO in 2016, VAT has consistently generated returns greater than its cost of capital, a testament to its business model and value creation 800 70% 700 60% 600 50% 500 40% 400 30% 300 20% 200 100 10% 0 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Invested Capital
Slide 17: Free cash flow
Free cash flow FCF generated CHF230m was at an all-time record level for VAT, even above the last peak level and conversion returned to the long-term rate Free cash flow development Free cash flow conversion (in CHF million) 299 (%) 241 88% 91% 230 86% -69 183 70% 72% -57 Average free 70% cash flow
Slide 18: Ramp readiness established
Ramp readiness established Capex and R&D were at heightened levels in 2025. Record R&D spend of CHF 75m to maintain VAT’s technology edge and drive future growth Net capex R&D (in CHF million) (in CHF million) 80 10% 80 10% 70 8% 8% 60 60 6% 50 6% 40 40 4% 30 4% 20 20 2% 2% 10 0 0% 0 0% 2015 2017 20
Slide 19: Finance summary
Finance summary 2025 financial results tell a tale of 2 halves: H1 a repeat of trends seen in 2024, H2 a shift to a ramp driven by AI investments • Completed major capex projects: Malaysia 1B, Innovation Center Haag, Romania factory • Maintained readiness for market growth over the course of the yea
Slide 20: 2026 market expectations and outlook
03 2026 market expectations and outlook Urs Gantner, CEO
Slide 21: AI is changing the semiconductor market
AI is changing the semiconductor market VAT’s underlying core market driver is seeing a structural change driven by higher AI spend Semi market expected to reach USD 1T earlier than 2030 Unintended consequences of AI (Semiconductor market size, USD billion) • Hyperscaler capex is building a new data
Slide 22: WFE estimates continue to tick higher for 2026
WFE estimates continue to tick higher for 2026 2026 WFE estimates are stabilizing around USD 130bn or +11% on 2025. Structural growth will likely remain a driver for 2027 growth as well. 14% 11% 11% Leading • Ramping of 2nm underway, with strong yields reported 7% 182 edge logic • 16A / 14A already
Slide 23: Over 110 fabs are to be built, additionally 30 more needed
Over 110 fabs are to be built, additionally 30 more needed Key drivers of the fab build-out, aside from the expansion of leading-edge capacity, includes regional self-sufficiency Leading-edge fab hubs Chinese build-out continues at a high pace, albeit with a focus on self- sufficiency Americas: 10 f
Slide 24: Moore's Law continues to move the industry
Moore’s Law continues to move the industry Technological advancement is relentless in the semi-industry – VAT is enabling progress for all chips by driving R&D in vacuum technology 2012 2026 Early 2030s End of 2030s Sub- Node sizes: N22 – N3 N2 – A10 A7 – A2 A2 Innovations in chip architectures…. GA
Slide 25: China remains a key market for VAT
China remains a key market for VAT Demand for WFE in China continues on its path of self-sufficiency and tech progression will continue Chinese demand normalizes around 30% of WFE Outlook for 2026 and beyond 50% 39% 40% 40% 31% 34% • 2026 WFE growth flat to mid single digit for China 30% 21% 31% 38%
Slide 26: Global Service to benefit from market trends
Global Service to benefit from market trends Global Service is expected to continue its growth path – driven by market share gains and the installed base. High utilization rates in fabs are driving demand already for consumables Installed base growth accelerates with VAT growth Growth drivers of Glo
Slide 27: ADV remains focused on selected high end markets
ADV remains focused on selected high end markets ADV drives growth in high end vacuum applications and expands reach with an optimized mid- end go-to-market strategy ADV markets showing mixed outlook ADV sales of CHF150m driven mainly by… % of ADV (2025) Growth 2025 Growth 2026E+ Research: • Remains
Slide 28: Display – strong growth demonstrated 2025
Display – strong growth demonstrated 2025 Display industry is focusing on OLED as the winning technology. With a >60% market share, VAT is best positioned to benefit from the build-out. Evaporators are a multi-million USD capex platforms OLED panel manufacturing requires vacuum All evaporation steps
Slide 29: Qualitative outlook '26 and sales guidance for Q1 2026
Qualitative outlook ‘26 and sales guidance for Q1 2026 The ramp is here – VAT expects record orders, sales and free cash flow in 2026 • Favorable investment conditions for the Semiconductor segment driven by global fab investments into logic and memory manufacturing capacity to continue for the fore
Slide 30: What to take away from today
What to take away from today 2025: Year of records for VAT 2026: The ramp is here Beyond 2026: growth story • Factory output of >CHF1.1bn, FCF • AI is driving the semi-market to continues of CHF230m reach USD1trn more rapidly, thus • WFE growth driven by sub-2nm node • Major VAT infrastructure proje
Slide 31: Q&A session
04 Q&A session Full-year 2025 results
Slide 32: Additional information
Additional information Investor information Contact information Listing: SIX Swiss Exchange Michel Gerber Christopher Wickli Currency: CHF Head Marketing, Investor Relations Ticker symbol VACN Communications and IR Manager ISIN CH0311864901 Phone: +41 81 553 70 13 Phone: +41 81 553 75 39 michel.gerb
Slide 33: Forward looking statements
Full-year 2025 results Forward looking statements Forward-looking statements contained herein are qualified in their entirety as there are certain factors that could cause results to differ materially from those anticipated. Any statements contained herein that are not statements of historical fact