Despite the COVID-19 pandemic and the associated market uncertainty, VAT’s share price developed positively during 2020. Demand remained healthy in the semiconductor sector, the company’s most important market, due in large part to its designation as system relevant during the pandemic. The widespread shift to home office and other remote work activities also accelerated some of VAT’s long-term growth drivers, such as Big Data, device interconnectivity, the Internet of Things and artificial intelligence. As a result, VAT again extended its No. 1 market position in 2020. Higher revenues and ongoing internal improvement measures allowed VAT to increase its EBITDA margin by over 4 percentage points compared with 2019, reaching a record 31.4%. Free cash flow also reached an all-time high, allowing VAT to propose to its shareholders a dividend increase to CHF 4.50 per share from CHF 4.00 a year earlier.