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PVA TePla AG

PVA TePla makes equipment for growing and processing advanced materials, and for finding hidden defects in chips and semiconductor packages.

TPE · Xetra

Overview

Summary

PVA TePla traces its beginnings to 1991 in Wettenberg, Germany. Its business now joins two practical tasks: making materials that are difficult to produce and checking what is inside them. Material Solutions supplies crystal-growth furnaces, vacuum and high-temperature equipment, and processes such as sintering and diffusion bonding. Metrology supplies acoustic, optical and chemical inspection equipment.

A semiconductor manufacturer can use PVA equipment to grow crystals, then inspect wafers or assembled chip packages for defects. The company also serves industrial customers in areas such as aerospace, energy and automotive manufacturing. It earns revenue from equipment, associated services and contract processing, rather than from designing the chips themselves.

Latest results

Jan–Jun 2026 · Reported in EUR

Revenue

EUR 120.5 million+0.8%

Operating profit

-EUR 1.4 millionTurned negative

Margin -1.1%

Cash held

EUR 6.3 million-58.5%

At Jun 30, 2026

Financial debt

EUR 47.0 million+110.1%

At Dec 31, 2025

Latest financial publication

Aug 6, 2026 · Issuer publication

First-half 2026 results

Investment Thesis

Inspection growth meets a demanding equipment recovery

European Tech Equities analysis · Oct 27, 2026

A stronger inspection business

PVA’s opportunity is to sell more equipment as chipmakers stack more components together and use harder-to-process materials. Ultrasound can expose separation and voids that surface inspection misses. A growing inspection business could complement its larger, uneven material-equipment projects. The investment case depends on that technical usefulness becoming repeatable sales with better profitability, not simply on growth in AI spending.

Sources[1][2]

Orders provide evidence, delivery determines timing

First-half 2026 order intake reached €186.7 million, against €103.6 million a year earlier. PVA identified follow-on business in high-bandwidth memory inspection and indium phosphide crystal growth. These are actual orders, although customers were not named. The Fraunhofer IISB lab adds development evidence in aluminium nitride; it should not be counted as a volume equipment contract.

Sources[3][4]

Demand comes from specific production tasks

Advanced packaging creates more buried interfaces to inspect, while optical data links require suitable semiconductor materials. Those are plausible sources of demand for PVA’s instruments and furnaces. Customers still have alternatives, including Hitachi’s acoustic inspection equipment, and must qualify a machine for their process. Adoption of new materials can take longer than the underlying technology story suggests.

Sources[5][6]

Higher orders have not yet restored profit

H1 2026 revenue was €120.5 million, broadly unchanged, while operating profit fell from €10.1 million to a €1.4 million loss. Operating cash flow was €1.9 million and June cash was €6.3 million. Lower utilisation and spending on service, staff and research explain why stronger orders have not yet rebuilt earnings. Project execution and the timing of customer payments matter to funding the expansion.

Sources[3]

The price depends on a successful recovery

A valuation based on a recovery needs to allow for the cost and time required to deliver that recovery. Management’s medium-term €500 million revenue ambition is not a present earnings base. The more useful test is whether inspection growth and renewed material-equipment activity produce cash after investment, without assuming that every reserved production slot becomes revenue on schedule.

Sources[7][8][3]

What would weaken the case

Project delays could postpone both revenue and the expected improvement in margins.
Export restrictions or weaker semiconductor investment could interrupt the order recovery.
Capacity and service expansion may require cash before customers generate sufficient repeat business.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	119.60	120.54
Gross profit	39.88	35.29
Gross margin	33.3%	29.3%
EBITDA	14.93	4.39
EBITDA margin	12.5%	3.6%
Operating profit (EBIT)	10.09	-1.38
Operating margin	8.4%	-1.1%
Net income	6.23	-2.80
Earnings per share (EUR)	0.30	-0.14

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	46.18	11.81
Capital expenditure	24.16	25.54
Free cash flow	22.03	-13.73

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	17.87	6.33
Total debt	47.04	—
Net debt / (net cash)	29.17	—
Total assets	284.49	310.23
Total liabilities	141.65	169.32
Total equity	142.84	140.91

Sources and details

Additional figures

H1 2026 · Aug 6, 2026

Order intake: EUR 186.7m

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · H1 report p.3 key figures, pp.14–19 consolidated statements. H1 cash flow is condensed: cash capex not separately reported. Note 4 p.24 financial liabilities include earn-outs/hedges; June borrowing/lease-only total remains unresolved. Figures in EUR thousands converted to millions.

H1 2026 · H1 report p.3 key figures, pp.14–19 consolidated statements. H1 cash flow is condensed: cash capex not separately reported. Note 4 p.24 financial liabilities include earn-outs/hedges; June borrowing/lease-only total remains unresolved. Figures in EUR thousands converted to millions.

FY 2024 · FY2025 report pp.140–144 (balance sheet, income and cash flow); p.179 Note 14: debt comprises bank loans and leases, excludes earn-outs and treasury-share obligation; p.191 EBITDA reconciliation. Figures in EUR thousands converted to millions.

FY 2025 · FY2025 report pp.140–144 (balance sheet, income and cash flow); p.179 Note 14: debt comprises bank loans and leases, excludes earn-outs and treasury-share obligation; p.191 EBITDA reconciliation. Figures in EUR thousands converted to millions.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

IFRS consolidated figures. EBITDA is company-defined. Cash capex is verified for full years; the half-year report publishes only condensed cash-flow totals. Debt shown for 2025 is bank loans plus leases, excluding earn-outs.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024270.1

FY 2025244.3

Operating profit

FY 202439.6

FY 202515.1

Net profit

FY 202427.1

FY 20257.6

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	270.12	244.26
Gross profit	88.04	77.85
Gross margin	32.6%	31.9%
EBITDA	47.80	25.30
EBITDA margin	17.7%	10.4%
Operating profit (EBIT)	39.60	15.05
Operating margin	14.7%	6.2%
Net income	27.07	7.63
Earnings per share (EUR)	1.25	0.37

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	46.18	11.81
Capital expenditure	24.16	25.54
Free cash flow	22.03	-13.73

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	31.37	17.87
Total debt	22.39	47.04
Net debt / (net cash)	-8.98	29.17
Total assets	299.46	284.49
Total liabilities	149.20	141.65
Total equity	150.26	142.84

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025119.6

H1 2026120.5

Operating profit

H1 202510.1

H1 2026-1.4

Net profit

H1 20256.2

H1 2026-2.8

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	119.60	120.54
Gross profit	39.88	35.29
Gross margin	33.3%	29.3%
EBITDA	14.93	4.39
EBITDA margin	12.5%	3.6%
Operating profit (EBIT)	10.09	-1.38
Operating margin	8.4%	-1.1%
Net income	6.23	-2.80
Earnings per share (EUR)	0.30	-0.14

Cash flow

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	5.79	1.95

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	15.24	6.33
Total assets	—	310.23
Total liabilities	—	169.32
Total equity	140.52	140.91

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Quarterly

RevenueOperating profitNet profit

Revenue

Q2 202560.8

Q2 202665.7

Operating profit

Q2 20254.2

Q2 2026-0.081

Net profit

Q2 20252.7

Q2 2026-0.721

Income statement

For the periodEUR million	Q2 2025Jun 30, 2025	Q2 2026Jun 30, 2026
Revenue	60.79	65.66
Gross profit	20.38	19.68
Gross margin	33.5%	30.0%
Operating profit (EBIT)	4.18	-0.08
Operating margin	6.9%	-0.1%
Net income	2.69	-0.72
Earnings per share (EUR)	0.13	-0.04

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Q2 2025 · H1 report p.16, separate April–June income-statement columns. No quarterly balance/cash-flow carried over.

Q2 2026 · H1 report p.16, separate April–June income-statement columns. No quarterly balance/cash-flow carried over.

Updated Oct 27, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

First-half 2026 results

Investment Thesis

A stronger inspection business

Orders provide evidence, delivery determines timing

Demand comes from specific production tasks

Higher orders have not yet restored profit

The price depends on a successful recovery

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Operating profit

Net profit

Income statement

Performance

Research & updates

First-half 2026 results

PVA TePla and Fraunhofer IISB Establish Joint Lab for Aluminum Nitride Substrates

PVA TePla AG: Annual General Meeting Confirms Growth Path

PVA TePla off to a strong start to the year.

PVA TePla Closes Fiscal Year 2025 with Significant Increase in Orders

Company publications

PVA TePla Half-Year Report 2026

PVA TePla Annual Report 2025

Interviews

Interviews are coming soon

Sources

Sources & data dates

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