PVA TePla: Hold Rating Amid Mixed Q2 Results and Uncertain Order Momentum6:10 AM Germany | European Midcaps PVA TePla AG | HOLD TPE GR | €20.90 | PT: €19.00 | % to View: PVA Conclusion PVA TePla's Q2 print was rather mixed. While missing on sales and EBIT by some 10%/40% respectively, and a weak FCF, order intake showed a recovery, though book to bill remains below 1x. The gross margin showed a slight improvement QoQ, though was offset by higher investments. Orders came in ahead of our estimates, with an acceleration in both the semi and the industrials segments, following rather weak 2Q24, particularly in industrials. PVA confirmed the '25 guidance at the lower end of sales €260-280m and EBITDA of €34-39m, with consensus currently at the bottom end. Cash came in somewhat weaker due a lower result and higher capex.