A successful first half of 2026 sets the stage for the second half

First half of 2026

• Net sales increased by 5.6% to CHF 239.8 million (HY25: CHF 227.2 million),
  +12.7% in constant currency

• Q2/26 net sales up 25.7% sequentially from Q1/26 (CHF 133.5 million vs. CHF 106.3 million)

• EBITDA margin of 13.1%, compared to 10.1% in HY25

• Book-to-bill of 1.48 year-to-date 6M
   

Outlook for second half of 2026

• Dynamic upturn in the semiconductor cycle will continue in the second half of the year

• Net sales are expected to grow strongly in H2, with profitability improving compared to H1/26

• Financial guidance for the full-year 2026: net sales of CHF 540–570 million and an EBITDA margin in the range of 14.0% to 17.0%

CEO Stephan Haferl said: “The first half of the year highlighted the strength of our business model and disciplined execution. We captured accelerating semiconductor market momentum, expanded profitability and advanced our efficiency program. With strong momentum, improved visibility and a supportive market environment, we are well positioned for continued growth.”

H1/26 results reflect the ongoing upswing in the semiconductor industry

Comet Group

H1 2026

H1 2025

Change (in constant currency)

Net sales

239.8

227.2

+5.6% (+12.7%)

EBITDA

31.4

23.0*

+36.5%

EBITDA margin

13.1%

10.1%*

+3.0pp

^{*  Restated, further explanations on the restatement are set out in note 01.1, “Restatement” of the Half-Year Report 2026} 

Driven by the strengthening upturn in the semiconductor industry and the resulting increase in demand for semiconductor manufacturing equipment, Comet increased its net sales in H1/26 by 5.6% compared to H1/25. In constant currency terms, net sales grew by 12.7% compared to the same period last year. As expected, growth continued to build momentum throughout the first six months. In the second quarter, net sales reached CHF 133.5 million, representing a sequential increase of 25.7% (Q1/26: CHF 106.3 million). This, together with a further increase in the book-to-bill ratio to 1.48 for the first six months (Q1/26 ytd 3M: 1.36), underscores the sustained momentum in the semiconductor industry. Mainly driven by higher sales volumes, EBITDA increased by 36.5% to CHF 31.4 million (H1/25: CHF 23.0 million). The EBITDA includes one-time costs of CHF 4.5 million related to the ramp-up of the Penang, Malaysia, facility and the efficiency improvement program. One-time costs associated with these two initiatives are expected to reduce full-year 2026 EBITDA margin by approximately 3 percentage points. The efficiency improvement program is progressing well and is expected to be fully implemented by the end of 2027, resulting in a sustainable annual EBITDA improvement of CHF 20-30 million from 2028.

Net sales grew across all divisions and all regions in the first six months, driven by significantly higher customer demand. AI infrastructure, Advanced Packaging, and leading-edge technologies experienced accelerated growth, while automotive, industrial, and consumer applications continued their slow but steady recovery.

Despite the continued high level of order intake in most of its businesses, Comet has not experienced any material supply chain bottlenecks to date. As demand remains strong, Comet is closely monitoring and proactively managing its supply chains and capacity across all divisions to ensure the timely execution of customer orders.

Free cash flow of CHF –19.3 million was lower than in the previous year (H1/25: CHF 1.3 million), reflecting capital expenditures of CHF 29.4 million (H1/25 CHF 12.1 million) related to the completion of the new building in Penang, Malaysia, and building up selective inventories for volume expansion.

PCT delivers solid H1 amid strong demand

Division PCT

H1 2026

H1 2025

Change (in constant currency)

Net sales

143.6

134.3

+6.9% (+15.0%)

EBITDA

28.9

23.4*

+23.5%

EBITDA margin

20.2%

17.4%*

+2.8pp

^{*  Restated, further explanations on the restatement are set out in note 01.1, “Restatement” of the Half-Year Report 2026}

The Plasma Control Technologies (PCT) division posted strong growth in H1/26, driven by orders across all market segments and regions. With a book-to-bill ratio above the Group average, the division continues to ramp up its production capacity.

The sustained strength in AI-driven semiconductor applications has now been complemented by accelerating demand for wafer fabrication equipment (WFE) used in NAND flash memory manufacturing, reflecting a broadening recovery across the semiconductor market. Comet’s Synertia^® platform has made further progress, achieving a significant increase in customer qualifications and engagements for its latest Synertia^® RFM matchboxes. Building on the foundation established in previous years, Synertia^® has further strengthened its market position.

In view of the strong growth and the associated operational requirements, PCT remains well positioned to execute its expansion plans. Construction of the Penang facility was completed during Q2/26, and the site is now being progressively staffed in preparation for the first product qualifications. The new plant is planned to be fully operational by 2027.

IXS doubled purchase orders for CA20 in the first six months

Division IXS

H1 2026

H1 2025

Change (in constant currency)

Net sales

48.7

48.7

+0.1% (+6.6%)

EBITDA

-4.0

-7.5

+47.0%

EBITDA margin

-8.2%

-15.4%

+7.2pp

In the first half of the year, the X-Ray Systems (IXS) division made significant strides in establishing a strong foothold in the semiconductor market, more than doubling the number of purchase orders for the CA20 x-ray system. Concurrently, the division has expanded its product portfolio with new models tailored for specific uses, enabling entry into additional application areas.

Alongside market expansion with the CA20 product line, IXS has successfully optimized its cost structure. Restructuring measures implemented in the last quarter of 2025 have contributed to improved profitability. While revenue remained stable, both EBITDA and EBITDA margin showed substantial improvement compared to the previous year. However, the continued negative EBITDA reflects ongoing investments in the product portfolio, including CA20 and its variants, which are essential to fully leverage the significant growth opportunities ahead. The division remains committed to its strategy of downsizing low-margin businesses, right-sizing costs, and focusing on the CA20 platform. The break-even point for CA20 is still projected for 2028.

IXM delivers double-digit sales growth, margins affected by exchange rates

Division IXM

H1 2026

H1 2025

Change (in constant currency)

Net sales

53.5

48.4

+10.6% (+15.5%)

EBITDA

8.6

8.3

+3.7%

EBITDA margin

16.1%

17.2%

-1.1 pp

Sales growth in the X-Ray Modules (IXM) division was driven by sustained demand from the aerospace, defense and security sectors, continued investment in the battery market, and accelerating spending on AI infrastructure and Advanced Packaging. In contrast, the electronics market remained subdued due to limited investment activity. Manufacturing activity continued to recover, supported by government and defense spending, reinforcing a positive medium-term outlook. Growing demand for long-term technology partnerships with customers further strengthened IXM's market position, while its continued focus on quality and delivery remained a key competitive differentiator. Profitability growth, however, was constrained by unfavorable currency movements.

Outlook

The upturn in the semiconductor industry continued to strengthen during the first half of the year, prompting an upward revision of 2026 growth forecasts for wafer fabrication equipment spending. As market momentum continues to build, Comet is focused on scaling its operations quickly and efficiently to meet growing customer demand while maintaining operational excellence.

While geopolitical tensions continue to pose a risk to the global business environment, Comet's direct exposure remains limited. Potential indirect impacts – including elevated transportation, logistics, energy, and raw material costs – are being effectively managed through selective price adjustments.

For FY26, Comet expects net sales to be in the range of CHF 540 million to CHF 570 million, with an EBITDA margin between 14.0% and 17.0%. This EBITDA margin includes one-off items totaling approximately 3 percentage points, primarily related to the ramp-up of the Penang site and ongoing efficiency initiatives.

– end –

Webcast/conference call for media, analysts, and investors

The detailed half-year results will be presented in an audio webcast / conference call in English on July 31, 2026, at 10:00 a.m. CEST.

Dial-in numbers:

+41 (0) 58 310 50 00 (Europe)

+44 (0) 203 059 58 63 (UK)

+1 (1) 631 570 5613 (USA)

For other countries: LINK

Webcast: LINK

Definition of alternative performance measures (APM)

Book-to-bill ratio: Ratio of orders received to the amount billed for a specific period.

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

EBITDA margin: EBITDA as a percentage of net sales.

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.