Shareholder information

VAT’s share price further increased during the first six months of 2024 as investors continued to focus on the improving market conditions especially in the semiconductor equipment spending. This reached its bottom in the first half of 2023 and has since been sequentially improving. VAT is seen as an early cycle participant in the semiconductor equipment market and improving market conditions are typically reflected earlier in the share price. With its focus on high-end vacuum valves, VAT is considered a pure play in this segment and, with its global leadership position, a way for investors to participate in the expected industry upturn. VAT’s share price on June 30, 2024, amounted to CHF 509, corresponding to a total market capitalization of CHF 15.3 billion, about 21% higher than at the beginning of the year.

VAT’s major shareholders

Since the end of 2023, one large shareholder has informed the company that they have reduced their position in VAT shares to below the reporting threshold of 3% of VAT’s outstanding shares. Together, the remaining four largest shareholders with positions of over 3% own approximately 22% of outstanding shares. The free float of VAT shares, as defined by the SIX Swiss Exchange, amounted to approximately 90% at the end of June 2024. The number of registered shareholders was 20,160.

Dividend policy

On May 21, 2024, VAT paid its shareholders a dividend of CHF 6.25 (2023: CHF 6.25) per share for the business year 2023, in line with its stated policy to pay a dividend of up to 100% of free cash flow. VAT also expects its dividend for the business year 2024 to be in line with this policy.