Trading update first quarter 2026

• Net sales of CHF 106.3 million in Q1/26 (Q1/25: CHF 111.2 million)
• Incoming orders of CHF 144.9 million in Q1/26 (Q1/25: CHF 118.5 million)
• Book-to-bill of 1.4 for Q1/26

In Q1/26, Comet achieved net sales of CHF 106.3 million, representing a decrease of 4.5% compared to the same period last year (Q1/25: CHF 111.2 million), or minus 5.8% in constant currency. The expected development in net sales was primarily driven by lower revenues in the PCT and IXS divisions, while IXM delivered solid growth in the first three months of the year. Despite lower net sales, the upswing in the semiconductor industry began to gain traction, as reflected in a marked increase in incoming orders. Order intake reached CHF 144.9 million, compared to CHF 129.9 million in Q4/25 (+11.6%) and CHF 118.5 million in Q1/25 (+22.3%). The very strong order intake resulted in a book-to-bill ratio of 1.4, supported by all divisions, with PCT benefiting most from the unfolding semiconductor cycle.

In the first quarter, the semiconductor industry remained resilient amid rising uncertainties and continued its growth trajectory. Previously lagging segments gained momentum. To date, the sector has seen limited direct impact from the evolving geopolitical situation, although higher energy costs are becoming visible and some supply chains are showing increased vulnerability. Traditional industrial markets have shown stability in demand so far, but the outlook remains uncertain due to limited visibility.

Outlook

Developments in Q1/26 confirm our expectation of an approaching upturn, with market estimates of 15% to 25% year-on-year growth in wafer fabrication equipment spending in 2026. Despite our high level of confidence that 2026 will be a strong year for Comet, we remain cautious in providing a quantitative outlook given the still limited visibility regarding the timing and strength of the emerging cycle.

Comet’s direct exposure to the Middle East remains insignificant, reflecting the region’s relatively low relevance to the semiconductor industry. However, indirect effects such as higher transportation and logistics costs, rising energy and raw material prices, as well as a softer macroeconomic environment cannot be ruled out. With its highly specialized technologies essential for the semiconductor industry and its broad geographic presence, Comet is well positioned to adapt flexibly and efficiently to rapidly changing conditions.

Given the significant opportunities from the accelerating ramp-up, Comet confirms its guidance for 2026. Net sales in CHF and adjusted EBITDA margin are expected to significantly exceed 2025 levels. The adjusted EBITDA margin excludes one-off items in a range of approximately 3 percentage points related to the start-up of the Penang site and an ongoing efficiency program. Based on the strong order book, Comet expects good progression in net sales in Q2/26 and as the year evolves.