SUSS MicroTec SE
SUSS makes equipment used to process wafers and assemble advanced semiconductor packages.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
Advanced-packaging orders need to become profitable shipments
European Tech Equities analysis ·
An engineering bottleneck can support a valuable niche
SUSS MicroTec SE supplies process equipment used to prepare and combine chips in advanced packages. More complex packages can increase the need for precise coating, bonding and related processing. The case is attractive when SUSS wins qualified production positions and earns healthy margins from repeat equipment orders, rather than simply benefiting from a fashionable description of AI demand.
Orders and current earnings tell different stories
H1 2026 orders reached €410.0 million and the June order book €473.7 million, while revenue fell 23.9% to €202.8 million. EBIT declined to €14.2 million from €44.1 million on the restated comparison. The backlog supports a recovery argument, but weaker current sales and margins show why shipment timing, customer acceptance and product mix must be examined before projecting that recovery.
Global equipment spending is growing in specific processes
SEMI’s July 2026 forecast put worldwide semiconductor-equipment sales at US$165.9 billion for the year, driven by advanced logic, memory and packaging investment. Major spending centres remain in Asia, so a German supplier’s growth need not come mainly from European factories. SUSS’s planned Karlsruhe innovation centre connects European engineering investment to that international customer base. Its reachable market is the processing steps it actually supplies.
Capacity needs to produce returns through the cycle
The June balance sheet held €112.3 million of cash. The planned innovation centre represents roughly €45 million of investment, making the pace of spending relevant alongside order conversion. Cash provides resources to develop the next generation of equipment, but it is not all excess capital. Sustained profitability needs timely shipments and service work to cover engineering and production costs when demand softens.
Do not price the entire backlog as completed profit
An earnings-based valuation should allow for the margin earned when orders ship, the probability of delays and the capital needed to support them. H1’s 7.0% EBIT margin and the much stronger prior-year comparison demonstrate the sensitivity. The case improves if the current order surge converts into cash at a healthy margin; a record backlog without that conversion is a weaker basis for a premium.
What would weaken the case
- Customers delay or resize equipment orders as their own investment plans change.
- New products require more qualification or support work than anticipated.
- Factory and development spending stays high while shipment margins recover slowly.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
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.
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.
Half-year report 2026, pp. 14–18. Comparative figures are restated. Net profit includes discontinued operations; revenue and operating profit relate to continuing operations. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Half-year
Income statement
Cash flow
Balance sheet
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.
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.
Half-year report 2026, pp. 14–18. Comparative figures are restated. Net profit includes discontinued operations; revenue and operating profit relate to continuing operations. Debt includes reported borrowings and lease liabilities, excluding trade and other operating payables.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
SUSS cuts 2026 guidance as production moves to Taiwan
The semiconductor-equipment maker is consolidating production while component shortages and the move shift revenue into 2027, cutting this year’s sales and margin outlook.
SUSS Optimizes Global Production Network to Support Continued Growth and Updates Guidance for Fiscal Year 2026
SUSS MicroTec SE : SUSS Resolves Production Relocation and Adjusts Guidance for Fiscal Year 2026
SUSS Expands Innovation Ecosystem Through Strategic Partnership with Ignite Next
SUSS enters Wafer-Cleaning Market with launch of GreenTec Solutions Product Line and first GT200 System
Company publications
SUSS MicroTec SE · H1 2026 financial report
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Aug 6, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-10-23
Checked 2026-10-23
Checked 2026-10-23
Checked 2026-09-14
