SÜSS MicroTec (SMHN) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of €503.2 million in 2025, marking double-digit growth and surpassing €0.5 billion for the first time, with both Advanced Backend Solutions and Photomask Solutions segments delivering double-digit revenue growth.

• Order intake for FY 2025 was €354.3 million, down year-over-year, but Q4 saw a significant rebound with €117.5 million, the highest quarterly figure of the year.

• Profitability declined, with gross profit margin at 35.7% and EBIT margin at 13.1%, both down year-over-year but meeting revised guidance.

• Net profit was €46.1 million, down from €110 million in 2024 due to a prior one-time gain from a business sale.

• New production facility in Zhubei, Taiwan, became fully operational, supporting future growth.

Financial highlights

• Sales grew 12.6% year-over-year to €503.2 million, with Q4 2025 revenue nearly flat sequentially.

• EBIT decreased 11.7% to €65.9 million; EBIT margin fell to 13.1%.

• Free cash flow from continuing operations was negative at €-22.6 million, impacted by investments in the new Taiwan site.

• Cash and cash equivalents at year-end were €98.7 million, down €33.5 million year-over-year.

• Dividend proposal of €0.04 per share, reflecting lower free cash flow.

Outlook and guidance

• 2026 sales guidance: €425–485 million, a decline of 9.6% at midpoint, with gross profit margin expected to remain stable at 35–37% and EBIT margin forecasted at 8–10%.

• R&D spending to increase, planned to exceed 10% of sales in 2026, supporting future product launches.

• 2026 is positioned as a transition year with lower sales expected, but strong order momentum continues into Q1 2026.

• Long-term targets by 2030: sales of €750–900 million, gross margin of 43–45%, EBIT margin of 20–22%.