Outlook 2023

VAT expects semiconductor equipment investments to decline in 2023 on increased inflation risks and other short-term macroeconomic factors, before recovering in 2024.

VAT expects 2023 full-year sales and EBITDA to be below the records set in 2022. The company now expects its EBITDAmargin to be slightly below the 32–37% target band*. Net income and free cash flow are also expected to be lower.

* Based on an USD/CHF rate of 0.95 as introduced at the 2022 Capital Markets Day