VAT Group AG Reports Full-Year 2023 Results and Anticipates Market Growth in 2024

VAT Group AG released its Full-Year 2023 results, revealing a downturn compared to the record levels of 2022 but still delivering strong performance despite market challenges. The company announced an unchanged dividend of CHF 6.25 per share and nominated Thomas A. Piliszczuk for the Board of Directors, with anticipation of market growth in 2024.

In Q4 2023, the order flow increased by 45% sequentially due to stabilizing demand in the semi market, with net sales rising 6% to CHF 222 million. However, year-on-year comparisons show a decrease in orders by 5% and a significant decline in net sales of 23.8% compared to Q4 2022.

For 2023, VAT experienced a 43% drop in orders to CHF 692 million and a 23% decrease in net sales to CHF 885 million from the previous year, reflecting the global semiconductor industry slowdown. Despite these challenges, the company managed a robust EBITDA margin of 30.6% and maintained high levels of free cash flow at CHF 189 million.

Looking forward to 2024, VAT is optimistic about improved market conditions leading to better annual results. The company expects recovery in semiconductor manufacturing equipment investments, particularly in the memory sector, and growth in its Advanced Industrials and service businesses. VAT predicts an increase in sales, EBITDA, EBITDA margin, net income, and free cash flow for the year ahead.

For Q1 2024, VAT anticipates sales within the range of CHF 185 – 205 million. Additionally, the company announced board changes, with Thomas A. Piliszczuk nominated to join and Maria Heriz not standing for re-election.