VAT Group AG (0RFL) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to VAT's full year 2025 results and outlook video statement. I'm Michel Gerber, Head of Investor Relations. Joining me today are Martin Komischke, our chairman, and Urs Gantner, CEO of VAT. Before we begin, a short note. Today's statement and discussion may include forward-looking statements, and the actual results may differ from what is discussed today. A full safe harbor statement will be displayed at the end of this video. So over the next few minutes, we'll cover review of the full year results, current market dynamics and the mid-term semiconductor outlook, the technology update and where VAT will play in, and of course our 2026 guidance. And last but not least, the rationale behind the dividend proposal that we will give to the AGM. For details and figures, please refer to the media release and the annual report that also have been published today. So let's start with the full year 2025 result. Martin, from a board's perspective, what do you think was the most important or noticeable achievement in 2025? Three major, let me call it success factors, stand out. Number one, resilience. Number two, balance. And to number three, readiness. Resilience, what do I mean? 25 was a challenging year. I'm talking about FX, currency headwinds. And I think I'm not exaggerating when I say we lived in a pretty unstable environment being driven by geopolitics which were unpredictable. But yet VAT delivered. VAT came out with a strong performance and stayed pretty much focused on execution. Number two, after resilience, I've mentioned balance. Balance is of utmost importance in a cyclical industry. We achieve growth, profit, very nice cash flow, and could afford to invest continuously into technology and capacity. Number three, readiness. In terms of readiness,...