Comet: Sales growth year on year, building into the 2026 upswing

Full-year 2025

• Net sales increased by 2.6% to CHF 457.0 million (FY24: CHF 445.4 million)

• In constant currency, net sales increased by 7.3%

• EBITDA margin of 10.1% compared to 13.0% in FY24

Outlook for 2026

• Wafer fabrication equipment capex to accelerate, driven by technology transitions and memory

• Traditional industrial markets are set for moderate growth

• Comet to materialize growth, drive disciplined strategy execution, and deliver systematic efficiency improvements

• Outlook: The semiconductor ramp is clearly visible, although the timing for 2026 remains open. Net sales in CHF and adjusted EBITDA margin are expected to significantly exceed 2025 levels. The adjusted EBITDA margin excludes one-off items of approximately 3 percentage points for the start-up of the Penang site and an efficiency program. In Q1/26, strong order intake is expected, while net sales are likely to remain moderate, resulting in a book-to-bill ratio notably above 1.

Group sales above prior year; profitability lower due to mix effects and exchange rates

Comet Group

FY 2025

FY 2024 restated ^*

Change (in constant currency)

Net sales

457.0

445.4

+2.6% (+7.3%)

EBITDA

46.3

58.0

– 20.1%

EBITDA margin

10.1%

13.0%

– 2.9pp

^{* restated, further explanations on the restatement are set out in note 02.3, “Restatement” of the Annual Report 2025}

In 2025, Comet made solid progress in executing its strategic priorities despite a challenging market environment. Demand for Comet products improved modestly, resulting in net sales growth of 2.6% year on year. Excluding currency effects, net sales increased by 7.3%. Growth was driven by strengthening momentum in parts of the semiconductor market, led by advanced logic and, to a lesser extent, memory applications. AI infrastructure capex remained the primary growth driver and is expected to increase further in the current fiscal year. This momentum is already visible in a marked pickup in business activity during the first two months of 2026.

EBITDA declined year on year, primarily due to the weaker U.S. dollar against the Swiss franc as well as an unfavorable regional and product mix, which weighed on margins. Industrial markets developed steadily, albeit without significant new demand impulses. Against this backdrop, Comet strengthened market penetration through new product introductions, with continued progress for its key growth drivers Synertia^® and CA20, reflecting rising customer adoption and disciplined execution of the innovation roadmap.

The company’s operating cash flow funded the higher capex, mainly for the expansion in Asia, leading to a lower free cash flow of CHF 8.5 million, compared to CHF 41.4 million in the previous year. Comet's robust financial position is highlighted by an equity ratio of 61.6% and a net cash position of CHF 5.3 million, demonstrating continued balance sheet strength and stability.

PCT: Improving fundamentals as order intake picks up

Division PCT

FY 2025

FY 2024 restated ^*

Change (in constant currency)

Net sales

257.1

247.4

+3.9% (+9.4%)

EBITDA

40.4

50.4

– 19.8%

EBITDA margin

15.7%

20.4%

– 4.7pp

^{* restated, further explanations on the restatement are set out in note 02.3, “Restatement” of the Annual Report 2025}

In 2025, PCT delivered solid growth, driven by AI-related semiconductor investment. PCT has not yet reached its full potential, as lower new wafer fab equipment demand and a higher share of tool upgrades limited the upside. The division expanded design wins and advanced its Synertia^® platform, strengthening its position in RF power and matching networks. With rising exposure to HBM, advanced DRAM and leading-edge logic, PCT is well positioned to benefit from increasing process complexity, higher tool intensity, and technology transitions. At the EBITDA level, profitability declined due to unfavorable exchange rate development of the USD and product and regional mix effects. With the new Penang, Malaysia, site – construction was completed in early 2026, PCT operations planned in the second half of the year – the division will strengthen future growth, drive efficiency, and ensure customer proximity in the growing Asian market.

IXS: Growth investments weigh on margins in the short term

Division IXS

FY 2025

FY 2024

Change (in constant currency)

Net sales

110.8

115.9

– 4.4% (– 1.1%)

EBITDA

–7.5

–4.3

– 74.5%

EBITDA margin

–6.8%

–3.7%

– 3.1pp

IXS sharpened its strategic focus on semiconductor inspection in 2025, advancing its CA20 platform and increasing customer engagement in fab environments. While traditional markets remained soft, the division expanded its addressable market in advanced packaging and CT solutions. With higher inspection requirements emerging across AI-driven and next-generation semiconductor manufacturing, IXS is positioned to benefit from improving industry conditions, offering meaningful upside as volumes recover and system penetration expands.

Profitability was impacted by double-digit million investments in the development and commercialization of the semiconductor-focused x-ray system CA20, as well as by soft industrial demand and competitive pressure in certain markets. The positive impact of the restructuring measures initiated in the third quarter will have its full effect in the upcoming quarters.

IXM: Sales growth and improved profitability validate IXM’s strategic direction

Division IXM

FY 2025

FY 2024

Change (in constant currency)

Net sales

99.1

94.6

+4.8% (+8.7%)

EBITDA

15.8

14.6

+8.3%

EBITDA margin

15.9%

15.4%

+0.5pp

IXM strengthened its competitive position through targeted portfolio expansion and innovation, introducing new high-performance x-ray sources and modules for semiconductor and electronics inspection. The division delivered solid sales development while enhancing its technological roadmap for high-resolution and reliability-critical applications. These investments position IXM to capture structurally growing demand driven by advanced packaging, miniaturization and rising quality standards, supporting scalable growth as inspection intensity increases.

Dividend

At the Annual Shareholder Meeting on April 14, 2026, the Board of Directors will propose a dividend of CHF 0.50 per share (prior year: CHF 1.50). This represents a distribution of 31.9% of net income (prior year: 35.6%).

Outlook

The global economic environment in 2026 is expected to remain uneven, with geopolitical tensions and trade-related uncertainties continuing to influence business confidence. At the same time, the semiconductor industry is entering a more constructive phase, as the upswing broadens beyond AI and advanced logic into memory and packaging. Structural demand drivers – including AI, high-performance and edge computing, digitalization and next-generation connectivity – are accelerating technology transitions, with 2-nanometer nodes and gate-all-around (GAA) architectures moving into mass production. These shifts are significantly increasing process complexity and tool intensity, raising requirements for high-performance components, inspection and advanced packaging solutions.

In this field of opportunities, Comet will focus on disciplined execution in operations and strategy, a structural cost management program and prudent capital allocation, while realizing the benefits of past investments in advanced platforms, digital capabilities and regional expansion. By aligning its portfolio closely with customer needs and advancing its company-wide efficiency program, the company is well positioned to navigate volatility, strengthen profitability, and capture sustainable growth opportunities in 2026 and beyond.

The semiconductor ramp is clearly visible, although the timing for 2026 remains open. Given the significant opportunities from the accelerating ramp-up, net sales in CHF and adjusted EBITDA margin are expected to significantly exceed 2025 levels. The adjusted EBITDA margin excludes one-off items of approximately 3 percentage points related to the start-up of the Penang site and an efficiency program. In Q1/26, strong order intake is expected, while net sales are likely to remain moderate, resulting in a book-to-bill ratio notably above 1.

–end–

Media and analysts’ conference

The detailed annual figures will be presented today March 6, 2026, at a media and analysts' conference at 1:30 p.m. CET in Zurich, Switzerland (Restaurant Metropol, Grosser Saal, Fraumünsterstrasse 12, CH-8001 Zürich).

Webcast (link):

English, March 6, 2026, 1:30 p.m. CET:
Link to webcast

Conference Call:

English, March 6, 2026, 1:30 p.m. CET:
Link to Conference Call

For more information, please refer to our online Annual Report available at:

https://comet.tech/en/investors/downloads

Annual General Meeting 2026

Comet will hold the Annual General Meeting of April 14, 2026, with physical presence of shareholders in Berne, Switzerland. Further details will follow with the invitation to the meeting.

Definition of alternative performance measures (APM)

Gross profit, gross profit margin: Gross profit is calculated as net sales less cost of sales. Gross profit margin represents gross profit as a percentage of net sales.

Earnings before interest, taxes, depreciation, and amortization (EBITDA): Operating income as per consolidated statement of income before depreciation on property, plant and equipment & right-of-use assets, amortization of intangible assets and impairment losses.

EBITDA margin: EBITDA as a percentage of net sales.

Net debt: Interest-bearing debt (such as current and non-current debt and lease liabilities) less cash and cash equivalents.

Debt factor: Net debt divided by EBITDA.

Equity ratio: Total equity attributable to the shareholders of Comet Holding AG divided by total assets.

Free cash flow (FCF): Sum of net cash flows from operating and investing activities.

Return on capital employed (ROCE): ROCE is the ratio of operating income less income tax (NOPAT) to total capital employed. Capital employed is defined as net working capital (aggregated amount of net trade receivables, inventories, trade payables, sales commissions, and contract liabilities) plus non-current assets employed (aggregated amount of property, plant and equipment, right-of-use assets, and intangible assets).