VAT Group Q1 Orders +47%, Q2 Miss

VAT Group reported Q1 2026 orders of CHF 356 million, 47% YoY increase, beating consensus of CHF 320.5 million.
Q1 revenue fell 20% YoY to CHF 221 million, above internal estimate but below analyst consensus of CHF 234 million.
The company cited CHF 20‑25 million shipment delays from Middle East conflict and guided Q2 revenue CHF 265‑295 million, below consensus.
Order backlog rose 42% to CHF 431 million, book‑to‑bill 1.6x; semiconductor orders up 38% sequentially and 65% YoY.