VAT Group lifts dividend after record cash flow and AI-fueled semiconductor demand

An announcement from VAT Group AG ( (CH:VACN) ) is now available.

VAT Group AG reported strong 2025 results, with net sales rising 13.9% to CHF 1.07 billion, supported by robust demand in semiconductor manufacturing and a recovery in AI‑driven investments. The company maintained an EBITDA margin of 30%, generated a record free cash flow of CHF 230 million and the board proposed a 12% dividend increase to CHF 7 per share, underscoring confidence in its cash generation and balance sheet.

Order intake held at CHF 1.03 billion but grew 6% on a comparable basis, aided by a late‑year pickup as hyperscalers ramped capex for AI data centers and wafer fab equipment spending hit a record USD 115 billion. VAT strengthened its dominant 71% market share in semiconductor vacuum valves, expanded sales in China and wider Asia, and increased R&D to 7% of sales, achieving record specification wins that reinforce its technology leadership and medium‑term growth pipeline.

Global Service sales climbed 19% as fab utilization in DRAM and advanced logic approached full capacity, reflecting rising upgrade and maintenance needs across the installed base. Advanced Industrials showed a mixed picture, with pressures on academic research budgets offset by recovering demand in scientific instruments, industrial coatings and energy‑related applications tied to the growing power needs of AI infrastructure.

Looking to 2026, VAT expects order intake, sales, EBITDA, margin, net income and free cash flow to exceed 2025 levels, driven by further build‑out of leading‑edge semiconductor capacity and sustained demand in service and adjacent industrial segments. For the first quarter of 2026, the group guides sales of CHF 240–260 million with a book‑to‑bill ratio substantially above 1, signaling a strong start to the year and positioning the company for the anticipated AI‑driven investment ramp‑up.

The most recent analyst rating on (CH:VACN) stock is a Buy with a CHF620.00 price target. To see the full list of analyst forecasts on VAT Group AG stock, see the CH:VACN Stock Forecast page.

More about VAT Group AG

VAT Group AG is a leading supplier of high-end vacuum valves and related components for the semiconductor and advanced industrial markets. The company focuses on valves used in critical wafer fabrication steps such as deposition and etching, with Asia, particularly China, remaining its key growth region and semiconductor and semiconductor‑adjacent applications its main profit drivers.

Average Trading Volume: 98,617

Technical Sentiment Signal: Buy

Current Market Cap: CHF16.32B

See more data about VACN stock on TipRanks’ Stock Analysis page.