INFICON Holding AG / Key word(s): Half Year Results Corporate Contact 'Ad hoc announcement pursuant to Art. 53 LR' Announcement of INFICON Holding AG Bad Ragaz/Switzerland, July 30, 2025
INFICON Holding AG (SIX Swiss Exchange: IFCN) posted steady second quarter results in 2025, navigating well through a difficult global trade environment: Group sales increased quarter-over-quarter by 5.8% and year-over-year by 0.3% to USD 167.4 million. Excluding positive currency impacts, Group sales decreased by 1.9%. With a gross profit of USD 72.1 million, the gross profit margin was 43.1% (previous year: USD 78.7 million; 47.1%). This temporary decline resulted from trade and tariff related impacts, increased costs due to accelerated production reconfiguration, delayed customer orders, and unfavourable currency cost impacts.
INFICON continues to focus on its customer-centred R&D efforts and strategically invested USD 13.9 million in the development of new technologies and products. Selling, general, and administrative costs were tightly under control at USD 32.9 million. The operating income thus reached USD 25.3 million or 15.1% of sales compared with USD 33.7 million and 20.2% respectively at the same time of last year. Net income for the period was USD 18.3 million or 10.9% of sales, down from USD 26.5 million or 15.9% last year. Earnings per share were USD 0.75 after USD 1.09 calculated for end of June last year.
Excluding one-off effects connected to the volatile U.S. trade and tariff policies, INFICON views its second quarter results as solid, with a positive assessment of sales and order trends. After flexibly adjusting its production and sourcing setup and following the more quickly than anticipated enhancement of the production capabilities in Asia, INFICON expects significantly less margin pressure going forward - based on available information and provided no major unforeseen escalations arise beyond current expectations.
INFICON's long-term strategy - with focus on a resilient global manufacturing, sourcing, and innovation footprint - proved effective amid exceptional trade disruptions. Strategic measures, including expanding production in Asia, relocating selected lines within its global network, maintaining strong customer partnerships supported by a robust innovation pipeline, and enforcing strict cost controls, helped contain the impact from trade tensions and disputes on second quarter margins.
Cash flow and Balance Sheet In the second quarter, INFICON generated a robust operating cash flow of USD 18.7 million after USD 19.0 million for the same period of last year. Working capital reached USD 228.8 million after USD 219.0 million a year ago. INFICON closed the quarter with a significant increase in the net cash position of USD 38.5 million after USD 14.1 million a year ago. Even after the dividend payments in April, the equity ratio at the end of the reporting quarter reached 65.3% after 64.0% a year ago.
Development in the target markets and world regions INFICON achieved a 19.1% (year-over-year) or a 5.8% (quarter-over-quarter) sales increase in the General Vacuum market to USD 42.3 million. This represents 25.3% of Group sales. The increase was bolstered by strong demand from Chinese customers and a surge in the European private label business. Order intake from these regions remained strong, while business activity in North America has softened.
In its largest target market, Semiconductor & Vacuum Coating, INFICON reported a 6.7% increase to USD 82.1 million, sequentially. Year-over-year sales declined by 2.3% versus an exceptionally strong second quarter last year. INFICON generated 49.0% of its Group sales in this market. All sub-businesses of the complex semiconductor market experienced a strong quarter in Asia. Europe and North America saw a rather flat to declining sales development. Apart from China and Europe, INFICON saw ongoing strong orders from Asia and some regaining dynamics in North America for the upcoming months.
Sales generated in the Refrigeration, Air Conditioning & Automotive market accounted for 21.6% of Group sales and grew by 6.6% to USD 36.1 million sequentially. Year-over-year, sales (-0.4%) remained stable. The demand in the traditional air conditioning and refrigeration market stayed solid in North America. The American and Asian automotive and battery leak-testing business continued to support sales in this target market.
The second quarter sales in INFICON's smallest market, Security & Energy decreased by 38.4% year-on-year, or by 8.0% sequentially, to USD 6.9 million, versus strong comparison periods. This market contributed 4.1% to Group sales. A slower year is expected as this market continues to be strongly influenced by the timing of large government orders.
All regions showed solid increases in the sequential quarterly sales assessment. Compared with an exceptionally strong quarter last year, Europe (-9.9%) and especially North America (-16.4%) saw lower sales figures while sales generated in Asia grew by 15.3%. This reflects INFICON's flexible adjustment to the international trade and tariff issues: Fewer products and services were sold from North America to Asia. Also, the manufacture of certain product lines was transferred from North America to Europe to facilitate exports to Asia. In addition, the new production facility in Malaysia, now fully operational, focuses mainly on the dynamic, local Asian market.
Half-year In its first six months, INFICON achieved a sales growth of 1.4% (adjusted for exchange rate effects: 1.2%) and sales of USD 325.7 million compared with the first half of 2024. While the General Vacuum (+1.1% to USD 82.3 million; 25.3% of Group Sales) and the Refrigeration, Air Conditioning, and Automotive market (+1.5% to USD 70.0 million; 21.5% of Group sales) showed moderate increases, the Semiconductor & Vacuum Coating market picked up by 6.6% to USD 159.0 million, accounting for 48.8% of consolidated sales. With a drop of 33.2% to USD 14.4 million, the Security & Energy market - largely dependent on public sector orders - saw a sharp decrease.
The gross profit for the first half-year was USD 150.4 million or 46.2% of sales after 152.4 million and 47.4% a year ago. After increased R&D expenses of USD 27.7 million (previous year: 25.2 million) and slightly higher selling, general, and administrative expenses of USD 65.4 million (previous year: USD 62.1 million), INFICON reported an operating income of USD 57.2 million (previous year: USD 65.0) for the period; this yielded an operating income margin of 17.6% after 20.2% for the same period last year. Net income for the first half of 2025 was USD 43.2 million or 13.3% of sales, compared with USD 52.1 million or 16.2% of sales last year. Earnings per share amounted to USD 1.77 after USD 2.13 a year ago.
Outlook Following the operational adjustments made in the second quarter and based on the stable and partially promising situation in its four target markets, a solid and gradually recovering order intake, INFICON has narrowed the targeted sales range and expects revenues of USD 660-690 (previously 660-710) million for the full year 2025 with an operating profit margin of around 18% including the trade and tariff impacts, in line with previous communication.
Half-year report, presentation, web conference The half-year report of INFICON Holding AG as well as the presentation on the quarterly and half-year financial statements are now available online in the Investor Relations section of the INFICON website www.inficon.com at https://ir.inficon.com/financial-results-and-presentations/.
INFICON will discuss the second quarter and half-year 2024 financial statements today at 09.30 CEST at an English-language web conference. You can reach the Microsoft Teams conference under www.inficon.com/web-conference
Communication calendar 2025 INFICON's communication calendar is continuously updated and can be found in the Investors Relations section of the INFICON website or directly at https://ir.inficon.com/financial-calendar/
Information by E-Mail The latest information from INFICON will be sent to you automatically by e-mail if you register for this service in the Investors section of the INFICON website at https://ir.inficon.com/contact-and-information-request/
About INFICON INFICON is a leading provider of innovative instrumentation, critical sensor technologies, and Smart Manufacturing /Industry 4.0 software solutions that enhance productivity and quality of tools, processes and complete factories. These analysis, measurement, and control products are essential for gas leak detection in air conditioning/refrigeration, and automotive manufacturing. They are vital to equipment manufacturers and end-users in the complex fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells and industrial vacuum coating applications. Other users of vacuum-based processes include the life sciences, research, aerospace, packaging, heat treatment, laser cutting and many other industrial processes. We also leverage our expertise in vacuum technology to provide unique, toxic chemical analysis products for emergency response, security, and environmental monitoring. INFICON is headquartered in Switzerland and has world-class manufacturing facilities in Europe, the United States and China, as well as subsidiaries in China, Denmark, Finland, France, Germany, Italy, Japan, Korea, Liechtenstein, Malaysia, Mexico, Singapore, Sweden, Switzerland, Taiwan, the United Kingdom and the United States. INFICON registered shares (IFCN) are listed on SIX Swiss Exchange. For more information about INFICON and its products, please visit www.inficon.com.
This press release and oral statements or other written statements made, or to be made by us contain forward-looking statements that do not relate solely to historical or current facts. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
End of Inside Information |
| Language: | English |
| Company: | INFICON Holding AG |
| Hintergasse 15 B | |
| 7310 Bad Ragaz | |
| Switzerland | |
| Phone: | +41 81 300 49 80 |
| Fax: | +41 81 300 49 88 |
| E-mail: | matthias.troendle@inficon.com |
| Internet: | www.inficon.com |
| ISIN: | CH1431598916 |
| Valor: | 1102994 |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 2176494 |
| End of Announcement | EQS News Service |
2176494 30-Jul-2025 CET/CEST
