SCHMID Group N.V. Class A Ordinary Shares

Arthur Schuetz said 2025 revenue was only EUR 16 million in the first half due to tariff uncertainty, followed by around EUR 50 million in the second half. He said second-half EBITDA margin was about 13% and EBIT margin was 8.5%, while full-year order intake was more than EUR 90 million and the order book ended at EUR 51 million. He also said working capital was negative EUR 13 million at year-end and that the company expects about EUR 20 million of working capital investment during 2026 before additional growth investments. For 2026, SCHMID reaffirmed guidance for revenue above EUR 100 million, adjusted EBITDA margin significantly above 12%, and order intake of approximately EUR 114 million.

Arthur Schuetz framed 2025 as a transition and repositioning year, saying SCHMID saw a significant recovery in the second half after a tariff-driven pause in orders earlier in the year. He emphasized a stronger financing setup, cost discipline, and a more shareholder-aligned culture through more share-based compensation and regular market communication. His tone was constructive and forward-looking, with repeated focus on building a foundation for the next growth phase.

Schuetz focused on the financial reset: debt is being reduced by around EUR 31 million through conversions, with the remaining debt profile expected to be mainly low-interest property leases of around EUR 10 million and the $30 million convertible, of which $18 million remains outstanding. He said the $30 million standby equity purchase agreement provides on-demand capital at management's discretion, with shares placed at a 3% discount to average trading levels if needed. On operations, he cited a Sprint program targeting at least EUR 4 million in sustainable annual savings, with one-time restructuring costs of about EUR 0.5 million, and said listing-related costs are also being reduced. He added that historical working capital of 7% to 10% of sales from 2022 and 2023 is a useful guide, noting customers typically pay about 30% cash advance on orders.

Analysts pressed on the mix of orders, and management said about 60% of the last 12 months' order intake came from AI infrastructure or optical modules, rising toward 70% by end-2026. Questions on panel-level packaging adoption and qualification cycles drew a response that the industry is moving from R&D into smaller-volume industrialization, with bigger projects expected in Q3/Q4 and ramping in 2027. Management also said capacity constraints in China have been debottlenecked and that Germany's capacity is sufficient for 2026 and 2027. On geopolitical risk, they said the Iran conflict is not affecting the business.