Sparks - PVA TePla

PVA TePla released its Q326 results this morning, reporting revenue of €62.7m, down 4.6% q-o-q but up 11.8% y-o-y. The company-compiled consensus was €67.0m. Sales were much higher than expected in Metrology but lower than expected in Material Solutions. Following the strong order intake in the first two quarters, PVA had signalled a lower order intake in Q3, but at €85.7m it was quite solid compared to €66.0m in Q2 and €121.7m in Q1. Compared with consensus of €73.2m, order intake was also relatively high.

In Metrology, sales were €35.6m compared to consensus of €32.2m, while the more lumpy Material Solutions sales came in at €27.1m, compared to consensus of €34.7m.

EBITDA came in at €6.0m, up from €3.8m last year, but below consensus of €6.3m. With the Q2 results, the company had indicated that Q3 would be the same as Q2, excluding the one-offs in H1. EBITDA in Material Solutions was around breakeven due to low utilisation, while EBITDA in Metrology was very strong with a margin of 22.6%.

PVA expects a substantial increase in revenue and results in Q4. Management reiterated its FY26 guidance of €255–275m in revenue and EBITDA of €26–31m, although EBITDA is expected to be at the lower end of the range. Management also reiterated that Q4 is expected to be especially strong. For FY27, PVA TePla expects a noticeable acceleration in revenue growth and profitability.