VAT

VAT will publish its Q3 results on October 15; analysts in the AWP consensus expect order intake of CHF 525m (Q3 2025: 238) and revenue of CHF 379m (Q3 2025: 258). Focus is on strong demand for semiconductor valves, a book-to-bill well above one, and increasing quarterly revenue capacity to over CHF 450m through ramp-up of plants in Malaysia and Switzerland. Management guides Q3 revenue at CHF 355–385m and sees higher order intake, revenue, EBITDA, margins, net income and free cash flow for 2026 overall; the 2027 revenue outlook (CHF 1.5–1.7bn) is being reviewed in light of higher WFE expectations. » More on finanzen.net

After the announcement that OpenAI is postponing its IPO, Swiss AI-driven stocks fell sharply. VAT lost around 5%; chip-industry suppliers such as Comet and Inficon also plunged, and ABB, Belimo, Accelleron and Huber+Suhner retreated as well. The move follows safety warnings from AI researchers and executives and calls to slow the development of powerful models, weighing on investment and earnings expectations in the sector. » More on finanzen.net

VAT shares fell 5.1% after half-year figures, after net profit for the first half fell 6.4% to CHF 98.8m and revenue declined 8.3% to CHF 511.9m. Earnings per share of CHF 3.62 missed the analyst estimate of CHF 3.78. At the same time, order intake in Q2 reached a record CHF 500m, order backlog rose 121% to CHF 648m and the book-to-bill is 1.7. EBITDA margin was pushed down to 29% by costs for accelerated capacity expansion; management confirmed the annual guidance, but analysts remain cautious in the near term. » More on de.investing.com