ELES Semiconductor Equipment (ELES) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €13.97M, down 8.6% year-over-year, with EBITDA at €1.11M (7.9% margin), halved from the prior year.

• Net result turned negative at -€996K versus +€256K in H1 2024, mainly due to lower sales, higher amortization, and FX losses.

• U.S. sales grew significantly, now 21% of total revenue (up from 7%), while automotive sector sales dropped 42%.

• Industrial & AI revenues grew 28% year-over-year, offsetting declines in automotive, while international expansion, especially in the US, accelerated.

• Strategic partnerships were strengthened, including agreements with Fraunhofer and ICE Laboratory, and new contracts in ATE, Aerospace & Defense, and biomedical sectors.

Financial highlights

• Revenue: €13.97M (-8.6% YoY); EBITDA: €1.11M (7.9% margin, down from 14.5%).

• Net loss: -€996K (vs. +€256K YoY); EBIT: -€437K (vs. +€746K YoY).

• Net financial position: €1.93M (improved from €1.38M at YE 2024); liquidity at €15.4M.

• Export share: 42.2% of sales; U.S. sales more than doubled to 21% of total.

• R&D investments: €866K in H1 2025, mainly for high-power and AI-related test solutions.

Outlook and guidance

• Semiconductor market expected to grow 15.4% in 2025, led by AI and HPC, but automotive remains weak.

• Group expects commercial opportunities and order backlog to support growth in H2 2025 and beyond.

• Focus on expanding U.S. presence, new customer acquisition, and strengthening industrial partnerships.

• The company aims to expand in SEMI and A&D sectors, leveraging the RETE methodology and Silicon Lifecycle Management.