Switzerland's VAT Group Q1 sales fall 20% on supply chain delays

VAT AG

16/04/2026 05:40

Overview

Switzerland vacuum valve supplier's Q1 orders surged 47% yr/yr, sales fell 20% yr/yr

Sales decline attributed to supply chain disruptions from Middle East conflict, revenue recognition delayed

Company expects delayed sales to be recovered in Q2, maintains positive outlook for 2026

Outlook

VAT expects Q2 2026 sales of CHF 265 mln to CHF 295 mln

Company sees Q2 2026 book-to-bill ratio remaining above one

VAT expects 2026 orders, sales, EBITDA, and net income to exceed 2025 levels

Result Drivers

SUPPLY CHAIN DISRUPTION - Sales fell due to delayed revenue recognition from supply chain disruptions linked to the Middle East conflict; CHF 20-25 mln in Q1 sales delayed

STRONG SEMICONDUCTOR DEMAND - Order intake surged on high demand for leading-edge semiconductor manufacturing equipment, especially for logic and memory chips

NEGATIVE FX IMPACT - Orders and sales were negatively affected by foreign exchange movements

Company press release: ID:nEQ6Gfxkza

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Sales
CHF 220.90 mln
Q1 Order Backlog
CHF 431.30 mln
Q1 Orders
CHF 356.30 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the industrial machinery & equipment peer group is "buy"

Wall Street's median 12-month price target for VAT Group AG is CHF555.50, about 1.9% below its April 15 closing price of CHF566.40

The stock recently traded at 51 times the next 12-month earnings vs. a P/E of 43 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)