Positive Business Development in the Semiconductor Sector: The semiconductor sector recovered throughout 2024, supported by technological advancements and increasing investments. This led to a 49% increase in orders and a 6% rise in revenue compared to the previous year.
Mixed Segment Results: The Advanced Industrials segment experienced growth in the energy sector, while solar and medical applications remained weak. In the service business, utilization rates in semiconductor fabs improved moderately despite a slow start to the year.
Strong Q4 Results Despite Challenges: Revenue increased by 28% compared to the previous year, including CHF 22 million from ERP-related delays in Q3. The adjusted book-to-bill ratio was 1.03, confirming a solid order situation.
Exchange Rate Impact: The strong Swiss franc put pressure on the EBITDA margin, which nevertheless slightly exceeded 31%. In the second half of the year, the target margin of 32–37% was achieved again.
Conclusion and Outlook: VAT enters 2025 with a 37% higher order backlog (CHF 370 million). The solid 2024 figures confirm a recovery in the semiconductor market, albeit slower than expected (book-to-bill: 1.03). Despite challenges like the strong Swiss franc and ERP delays, VAT demonstrated strong operational performance, meeting expectations with cautious optimism for 2025.
