Sparks - PVA TePla

PVA TePla has released its Q226 results, reporting revenue of €65.7m, up 19.8% q-o-q and 8.1% y-o-y, compared with €54.9m in Q126 and €60.8m in Q225. Following the strong order intake in the first quarter (€121.7m), PVA had already signalled a lower order intake in Q2, but at €65m it remained solid. Order intake in Metrology was €35m, somewhat higher than the run rate of about €30m that was communicated previously, while the more lumpy Material Solutions order intake came in at €31m, compared to €59m in Q1.

PVA also reported orders for indium phosphide systems, which we view as very positive. In addition, it reported orders for crystal-growing systems. EBITDA came in at €3.0m, down from €6.7m last year, mainly due to lower utilisation in the Material Solutions division and one-off costs.

Management reiterated its FY26 guidance of €255–275m in revenues and EBITDA of €26–31m, although EBITDA is expected to be at the lower end of the range. Management also indicated that Q4 is expected to be especially strong given the lead times of new projects.