PVA TePla — Q3 in line with prelims, positive order outlook

PVA TePla (FRA: TPE)

Last close As at 12/11/2025

EUR21.30

−2.36 (−9.97%)

Market capitalisation

EUR464m

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Research: Industrials

PVA TePla — Q3 in line with prelims, positive order outlook

PVA TePla (PVA) has reported final Q325 results that are in line with the preliminary results published on 24 October. Management reiterated its revised FY25 guidance for sales of €235–255m and EBITDA of €25–30m. The company is guiding for a gradual recovery and growth in FY26, and will provide more detail in early CY26. We have gained increased confidence in our FY26 estimates for both revenues (improving order book and qualification progress) and margins (cost containment and utilisation management initiatives) following the post results conference call.

Written by

Dan Ridsdale

Head of Technology

Technology

Final Q3 results

13 November 2025

Price €23.66
Market cap €516m

Net cash/(debt) at 30 September 2025.

€(32.7)m

Shares in issue

21.7m
Free float 86.0%
Code TPE
Primary exchange FRA
Secondary exchange N/A
Price Performance

Business description

PVA TePla is a German equipment supplier, mostly for the semiconductor industry but also for the industrial market. Within the sector it is a technology leader in the synthesis (including crystal growing), joining and refining of materials, especially steel. Metrology (acoustic/chemical/ optical), especially for the semiconductor sector, is gaining importance and this is a clear growth market.

Analysts

Dan Ridsdale
+44 (0)20 3077 5700
Edwin De Jong
+44 (0)20 3077 5700

PVA TePla is a research client of Edison Investment Research Limited

Note: EPS and EBITDA are reported numbers.

Year end Revenue (€m) EBITDA (€m) EPS (€) DPS (€) EV/EBITDA (x) P/E (x) Yield (%)
12/23 263.4 41.5 1.12 0.00 13.2 21.1 N/A
12/24 270.1 47.8 1.25 0.00 11.5 18.9 N/A
12/25e 243.7 27.2 0.61 0.00 20.2 38.9 N/A
12/26e 303.6 43.0 1.08 0.00 12.8 21.8 N/A

As expected, PVA’s final Q3 results did not deviate from the preliminary results . The company did, however, give more colour on the development of the order book. We note that in the semiconductor segment order intake was €51.1m (of a total of €72.8m), and we expect the majority of this was from metrology, as 47.8% of all PVA’s order intake in the first nine months related to this division. This confirms that metrology continues to drive demand. PVA also highlighted that silicon carbide-related activities made a strong contribution, which we view positively given the difficult conditions in the silicon carbide market. We believe that this should be a structural growth market for PVA, given the demand for energy efficient cars and data centres, etc.

During the conference call, CEO Jalin Ketter said that the qualification process for metrology tools at a large Taiwanese customer is progressing well and that orders are already coming in . The R&D centres of other potential Asian (probably Korean) clients are also receiving systems for qualification in high-volume environments. The addition of these clients should be very positive. PVA has already had a large ramp at a US semiconductor chipmaker.

PVA indicated it expects a normalisation in the sales environment in the coming quarters after a difficult 2025. With qualification processes for metrology ongoing at several clients, we would expect material orders to arrive in the second half of 2026 or early 2027. This also goes for silicon carbide metrology tools, which are generating traction at multiple customers. As such, we would expect a much stronger H226 versus H126. Overall, PVA expects a gradual recovery in FY26 compared to FY25, and the company will provide more detailed FY26 guidance in late January or early February.

Following the final results and conference call, we have gained increased confidence in our FY26 estimates. On the revenue side, this is supported by the development of the order book, the clear progress in qualification of metrology tools at Asian customers and for silicon carbide metrology. On the margin side, we expect a positive impact from utilisation management initiatives (increased flexibility and training of staff, more standardisation) and the closure of the Xian site in China in order to lower costs.

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