SÜSS MicroTec SE

For H1 2026, revenue was EUR 202.8 million, with Q2 sales at EUR 160.2 million. Order intake totaled EUR 410 million in H1 and EUR 260 million in Q2, helped by a EUR 115 million coater order. Gross profit margin was 37.2% for H1, slightly ahead of the 35% to 37% guidance corridor, while Q2 EBIT margin was 9% versus 4.3% in Q1; management also said H1 EBIT margin was still below the full-year target range. Free cash flow was positive at EUR 16.4 million, and cash and cash equivalents rose to EUR 112.3 million. Full-year guidance was confirmed at revenue of EUR 425 million to EUR 485 million, gross margin of 35% to 37%, and EBIT margin of 8% to 10%.

Burkhardt Frick framed 2026 as a transition year, saying Q1 was the low point and Q2 showed the expected improvement. He emphasized strong demand for existing product generations, broad order momentum across product lines, and improving visibility into 2027 from the record backlog. He was confident on execution but repeatedly cautioned that the window for converting new orders into 2026 revenue is closing.

Cornelia Ballwißer said H1 sales of EUR 202.8 million were in line with expectations, with Q2 sales of EUR 160.2 million showing the expected recovery. Gross profit margin was 37.2%, slightly below the prior-year level and affected by product/customer mix plus a EUR 2.1 million one-time charge tied to a withdrawn product; operating expenses rose only EUR 0.3 million, including R&D up EUR 1.6 million to EUR 24.9 million. She highlighted positive free cash flow of EUR 16.4 million, cash of EUR 112.3 million, and lower CapEx versus last year, while reiterating the EBIT margin target of 8% to 10%.

Analysts focused on whether the large Q2 coater order distorted the underlying demand run rate and whether H2 order intake could stay near H1 levels; management declined to guide order intake, saying spikes from large orders make it too hard to predict. They also pressed on whether 2026 sales could still benefit from late-quarter orders, and management said only some shorter-lead-time tools could still fit into the year, while bigger tools are effectively beyond the 2026 window. Questions on margin sustainability, temporary bonders, and new products drew responses that the company is keeping R&D and launch spending high, sees no major near-term momentum yet from one Korean customer in temporary bonding, and expects new-product orders to build gradually through 2027.