• Sales revenues for the first six months up 58% year-on-year to EUR 126.7 million
• High order backlog of almost EUR 300 million, incoming orders largely unchanged year-on-year at EUR 105 million
• EBITDA and EBIT almost double, both margins up two percentage points
• Strong growth in sales revenues in both divisions

The PVA TePla Group continued on its strong growth trajectory in the first half of 2023. The technology provider, which produces equipment for the manufacture and analysis of high-tech materials and components, generated sales revenues of EUR 126.7 million, up 58% on the same period of the previous year. The company also recorded a high operating margin (EBIT margin) of 11.0% (previous year: 9.0%). Demand for the Group’s highly specialized solutions for the various industrial sectors remains unabated. With its investments in research and development for applications including semiconductor inspection, PVA TePla is currently preparing to tap the potential of its target group markets to an even greater extent.

“We are well on track to achieve our targets for 2023 as a whole. Our broad product range aimed at different target markets also means we are increasingly independent of cyclical developments in individual industries. We believe there is considerable potential in the fields of automation and digitalization, which are particularly relevant with regard to metrology. Accordingly, we are making highly targeted investments in these areas and pressing ahead with our intensive research and development activities,” said Jalin Ketter, CFO and spokesperson of the PVA TePla Management Board.

Research and development

In the reporting period, PVA TePla’s research and development expenses increased by more than 50% from EUR 2.9 million to EUR 4.4 million. This underlines the company’s commitment to driving innovation in technologies and products. Advanced development projects include work on a project that will meet the future requirements for automation in industry and integrate AI solutions.

Divisions

PVA TePla’s divisions enjoyed significant growth in the first half of 2023. Sales revenues in the Semiconductor Systems segment increased by 57.8% from EUR 56.8 million to EUR 89.7 million, corresponding to around 71% of the Group’s total sales revenues. This development was driven in particular by crystal-growing systems and metrology systems. The segment operating result (EBIT) amounted to EUR 12.9 million (H1 2022: EUR 7.1 million). The Industrial Systems segment recorded similar growth of 59.3%. Sales revenues increased from EUR 23.2 million to EUR 37.0 million, corresponding to 29% of total sales revenues. The segment operating result (EBIT) amounted to EUR 4.0 million (after EUR 2.6 million in the first half of 2022).

Operating result

All in all, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 17.4 million in the reporting period after EUR 9.5 million in the same period of the previous year. The EBITDA margin increased to 13.8% compared with 11.8% in the previous year. Adjusted for depreciation and amortization, the operating result (EBIT) amounted to EUR 14.0 million after EUR 7.2 million in the first half of 2022. This corresponds to an EBIT margin of 11.0% (H1 2022: 9.0%).

Order backlog remains at high level

The PVA Group’s order backlog was almost unchanged year-on-year at EUR 298.2 million at the end of the first six months (previous year: EUR 309.3 million). Of this figure, EUR 204.2 million was attributable to the Semiconductor Systems segment (previous year: EUR 237.9 million) and EUR 94.1 million to the Industrial Systems segment (previous year: EUR 71.3 million).

The Group’s incoming orders were essentially unchanged year-on-year at EUR 104.9 million in the first half of 2023 (H1 2022: EUR 106.4 million).

Full-year forecast confirmed

PVA TePla is benefiting from a number of different megatrends. The steady growth in demand for semiconductors and power electronics in e-mobility, for renewable energies and components for the accompanying grid expansion, and continued digitalization are accelerating the development of new materials and technologies.

Accordingly, the Management Board is confirming its full-year growth forecast of sales revenues of EUR 240-260 million and earnings before interest, taxes, depreciation and amortization (EBITDA) of between EUR 36 million and EUR 40 million.