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SÜSS MicroTec SE Investor Presentation 2025
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Investor Presentation
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SUSS
March 27, 2025
Conference Call
FY 2024
© SUSS
Investor Presentation
SUS
Disclaimer
This presentation contains forward-looking statements relating to the business, financial performance and earnings of SUSS MicroTec SE and its subsidiaries and associates.
Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of SUSS MicroTec SE. Consequently, actual developments as well as actual earnings and performance may differ materially from those which explicitly or implicitly assumed in the forward-looking statements.
SUSS MicroTec SE does not intend or accept any obligation to publish updates of these forward-looking statements.
SUSS
Investor Presentation
SUSS
Agenda
01 Highlights Full Year 2024
02 Key Financial Figures 2024
03 Outlook 2025
© SUSS
Investor Presentation
SUSS
Agenda
01 Highlights Full Year 2024
02 Key Financial Figures 2024
03 Outlook 2025
© SUSS
Investor Presentation
SUSS reached new highs for sales and profitability in 2024
SUS
Financial Results
FY 2024
| 423.7
in € million
Order intake
FY 2024
+0.8% YoY | 446.1
in € million
Sales
FY 2024
+46.6% YoY | 40.0
in %
Gross profit margin
FY 2024
+5.9pp YoY | 16.8
in %
EBIT margin
FY 2024
+7.7pp YoY |
| --- | --- | --- | --- |
© SUSS
Investor Presentation
Key CEO messages
Record order intake in Q4 2024 (€ 147.5 million) driven by both segments, mainly to support capacity expansion at key customers while demand for Coating systems continued to improve. Based on total order intake of € 423.7 million, book-to-bill ratio was solid at 0.95 in 2024 as a whole.
Thanks to outstanding execution and based on increased capacity, Operations enabled record sales of € 150.8 million in Q4 2024 and total sales of € 446.1 million in 2024. We have built and delivered more tools than ever before.
Profitability improved significantly in 2024. Main driver for the high gross profit margin of 40.0% and EBIT margin of 16.8% was a very favorable product and customer mix as well as the higher business volume.
© SUSS
Investor Presentation
Suss
Segment News FY 2024
Advanced Backend Solutions:
- Bonding sales more than tripled year-on-year, mainly driven by execution of AI-related orders, while sales in Imaging and Coating systems remained below previous year's levels; demand for Imaging and Coating systems improved noticeably in H2 2024
- Due to higher sales volumes and related economies of scale, a favorable product mix and increased manufacturing efficiency, gross profit margin (+6.0pp to 42.2%) and EBIT margin (+9.8pp to 19.2%) improved significantly
Photomask Solutions:
- Expected normalization of orders from China (-€15.8 million year-on-year) was almost offset by other global markets
- Order book at € 156.7 million ensures very high capacity utilization and is basis for further year of growth in 2025
- Sales up by 46.5% year-on-year to € 131.4 million
- Gross profit margin improved significantly year-on-year from 29.6% to 36.1%; EBIT margin up by 6.9pp to 20.7%
© SUSS
Investor Presentation
SUSS
Set-up of the new production site in Zhubei (Taiwan) is progressing with the aim of starting production in the second half of 2025
State-of-the-art floors for clean room manufacturing and modern office and meeting areas to attract and retain talent.
© SUSS
Investor Presentation
SUSS
Agenda
01 Highlights Full Year 2024
02 Key Financial Figures 2024
03 Outlook 2025
© SUSS
Investor Presentation
SUSS
Strong growth and improved profitability made 2024 the most successful year in SUSS' history
| in € million | FY 2024 | FY 2023 | Change |
|---|---|---|---|
| Order intake | 423.7 | 420.5 | + 0.8% |
| Order book as of December 31 | 428.4 | 452.5 | - 5.3% |
| Sales | 446.1 | 304.3 | + 46.6% |
| Gross profit | 178.3 | 103.9 | + 71.6% |
| Gross profit margin | 40.0% | 34.1% | + 5.9pp |
| EBIT | 75.1 | 27.8 | + 170.1% |
| EBIT margin | 16.8% | 9.1% | + 7.7pp |
| Earnings after taxes (continuing operations) | 52.1 | 17.3 | + 201.2% |
| Net profit¹ | 110.3 | 4.7 | n/a |
| EPS basic (in €, continuing operations) | 2.72 | 0.91 | + 198.9% |
| EPS basic (in €)¹ | 5.77 | 0.25 | n/a |
| Net cash | 122.9 | 32.8 | + 274.7% |
| Free cash flow (continuing operations) | 25.3 | 7.9 | + 220.3% |
| Free cash flow total¹ | 96.1 | -4.4 | n/a |
| Investments | 7.6 | 4.6 | +65.2% |
| Dividend proposal (in €) | 0.30 | 0.20 | +50.0% |
| Employees as of December 31 | 1,498 | 1,207 | + 24.1% |
¹ including discontinued operations, i.e. MicroOptics business
- Order intake slightly up year-on-year and managed to offset the decline in demand from China (€ -41.4 million)
- Gross profit margin increased significantly by 5.9pp year-on-year, benefiting from favorable product and customer mix and was volume driven in both segments; EBIT margin also benefited from the under-proportional increase in OPEX (OPEX ratio was 22.8% of sales vs. 25.3% in 2023)
- Net profit of € 110.3 million includes result from discontinued operations (€ 58.3 million), i.e. the sale of our MicroOptics business
- Dividend proposed to increase by 50% to € 0.30 per share, which would correspond to our growth and is approximately 23% of the free cash flow from continuing operations
© SUSS
Investor Presentation
High continuity in profitability
SUSS
High continuity in profitability
On Group level, gross profit margin above 39% and EBIT margin above 15% in all four quarters
€423.7m
Order intake 2024
€446.1m
Sales 2024
40.0%
Gross profit margin 2024
16.8%
EBIT margin 2024
Order intake by quarters
Sales by quarters
Gross profit margin by quarters
EBIT margin by quarters
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Investor Presentation
SUSS
Segment ABS constantly achieved gross profit margin of at least 40%; PS with EBIT margin > 20% in three out of four quarters
€423.7m
Order intake 2024
€446.1m
Sales 2024
40.0%
Gross profit margin 2024
16.8%
EBIT margin 2024
Advanced Backend Solutions (ABS)
Order intake by quarters
Sales by quarters
Gross profit margin by quarters
EBIT margin by quarters
Photomask Solutions (PS)
Order intake by quarters
Sales by quarters
Gross profit margin by quarters
EBIT margin by quarters
© SUSS
Investor Presentation
Suss
Segment Overview FY 2024
Advanced Backend Solutions
| in € million | FY 2024 | FY 2023 |
|---|---|---|
| Order intake | 300.2 | 294.4 |
| Order book | 271.7 | 286.8 |
| Sales | 314.7 | 214.7 |
| Gross profit | 132.8 | 77.8 |
| Gross profit margin | 42.2% | 36.2% |
| EBIT | 60.5 | 20.1 |
| EBIT margin | 19.2% | 9.4% |
- Very high order intake of the previous year once again exceeded by 2%; combined orders in connection with AI applications for temporary bonding solutions and UV projection scanners at around previous year's level; Coating systems order intake improved in H2 2024
- Significant sales growth of € 100.0 million or 46.6% year-on-year, mainly driven by execution of AI-connected bonder orders; bonder sales thus more than tripled year-on-year
- Gross profit margin improved by 6.0pp to 42.2% thanks to high sales volume and favorable product and customer mix
Photomask Solutions
| in € million | FY 2024 | FY 2023 |
|---|---|---|
| Order intake | 123.5 | 124.1 |
| Order book | 156.7 | 165.7 |
| Sales | 131.4 | 89.7 |
| Gross profit | 47.4 | 26.5 |
| Gross profit margin | 36.1% | 29.5% |
| EBIT | 27.2 | 12.4 |
| EBIT margin | 20.7% | 13.8% |
- Expected normalization of orders from China (- €15.8 million year-on-year) was almost offset by other global markets to reach almost stable order intake
- Strong order book level of ~ € 157 million provides high visibility and capacity utilization in 2025
- Sales growth of 46.5% was realized by increasing the number of slots, additional staff and shortening lead times
- Gross profit margin and EBIT margin benefited from strong product and customer mix as well as from very high business volume
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Investor Presentation
SUSS
Order Intake by Segment (in € m) and Region (in %)
■ Advanced Backend Solutions
■ Photomask Solutions
Book-to-bill ratio
FY 2024: 0.95
Order Intake by Region FY 2024
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Investor Presentation
SUSS
Balance sheet impacted by divestment of MicroOptics and higher inventories
- Negligible change in non-current assets compared to year-end 2023
- Inventory build-up of around € 47 million in line with our increased business volume; contract assets up by € 24 million; assets held for sale amounting to ~ € 34 million were derecognized as a result of our MicroOptics divestment
- Cash and cash equivalents increased by € 98.1 million, driven by the cash inflow from the sale of the MicroOptics business and free-cash flow from continuing operations
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Investor Presentation
SUSS
Equity increased through sale of MicroOptics and strong net profit
Liabilities and equity in € million
500.9 Equity ratio: 55.9%
Equity
Non-current liabilities
Current liabilities
1 Equity position strengthened by high net income due to the positive result from continuing operations and the gain from the sale of the MicroOptics business; retained earnings increased by € 105.1 million, thereof € 52.1 million earnings after taxes from our strong continuing business
2 Deferred tax liabilities increased by € 9.6 million and provisions by € 2.2 million
3 Higher contractual liabilities (+ 10.7 m), tax liabilities (+ € 8.8 m), other financial liabilities (+ € 8.7 m) and trade payables (+ € 4.4 m) were only partly offset by the derecognition of liabilities associated with assets held for sale of € 13.0 million
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Investor Presentation
SUSS
Key figures from our ESG report 2024
CO₂e-Emissions
Scope 1 and 2 emissions (market based)
Target 2024: 1,417 tons
Actual 2024: 1,491 tons
Compliance Training of employees
Target 2024: 100%
Actual 2024: 98%
Employee Engagement Score
Target 2024: >23%
Actual 2024: 38%
Group Sustainability Statement
SUSS prepares a non-financial Group statement in accordance with Section 2006 HGB and Sections 205c to 205c HGB and uses the European Sustainability Reporting Standards (ESRS) as published in Annex I of the Commission Delegated Regulation (EU) 4123/2005 at July 15, 2023, as a framework for reporting The Group Sustainability statement on the basis of ESRS covers the aspects that are usually covered in a non-financial statement in accordance with Section 2006 of the German Commercial Code (HGB).
The following table shows how the material aspects accordingly (Section 2006:22 German Commercial Code (HGB) and the topics that are material to SUSS are reconciled with the ESRS topics).
In accordance with Section 2006 of the German Commercial Code (HGB), SUSS discloses information on the key topics that are important for understanding SUSS's position and SUSS's impact on the aspects. Each ESRS standard describes in its own terms the concepts and due diligence processes that SUSS pursues and applies with regard to sustainability matters. The material risks associated with the business activities that affect these aspects topics are the basis for the double material(s) assessment described in ESRS 2.0006-3.
- We voluntary applied European Sustainability Reporting Standards (ESRS) for the first time
- Very comprehensive report with ~150 pages
- Audited (with limited assurance) by our external auditor
© SUSS
Investor Presentation
SUSS
Agenda
01 Highlights Full Year 2024
02 Key Financial Figures 2024
03 Outlook 2025
© SUSS
Investor Presentation
SUS
Order book at year-end 2024 and several H1 orders to be executed this year provide very solid base for 2025
Order book as of December 31, 2024, of which the vast majority is expected to be executed in 2025
€ 428.4 million
Additional H1 orders, especially for our Advanced Backend Solutions with shorter lead times, are scheduled to be executed in 2025
€ 60–100 million
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Investor Presentation
SUSS
SUSS
SUSS expects to continue its growth trajectory in 2025
Guidance 2025
(as of March 27, 2025)
Sales
in € million
470–510
Actual 2024:
€ 446.1 million
Gross profit margin
in %
39–41
Actual 2024:
40.0%
EBIT margin
in %
15–17
Actual 2024:
16.8%
SUSS
Investor Presentation
SUSS
Expected development in our segments
Advanced Backend Solutions
Sales expectation
Growth in the mid single-digit percentage range
Profitability expectation
Slight decline in gross profit margin and EBIT margin due to minor change in product/customer mix and higher R&D expenses
Photomask Solutions
Sales expectation
Growth of 10 to 20% year-on-year
Profitability expectation
Higher sales volume and better product and customer mix is expected to positively impact gross profit margin and EBIT margin
Market Demand Outlook
Imaging Systems: Higher demand compared to 2024 expected, especially for our UV projection scanner (linked to CoWoS)
Coating Systems: Improved order situation in the second half of 2024 is expected to continue in 2025, e.g., due to foundry and OSAT customers
Bonding Systems: Slight decline in order intake expected as follow-up orders cannot keep pace with the initial capacity build-up of the last two years
- New business expected slightly below 2024 level due to normalized demand from China
- Additional momentum from the launch of our new high-end cleaner and a new mid-end cleaner, both planned for 2026, is anticipated towards the end of 2025 at the earliest
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Investor Presentation
SUS
Investor Relations information
Conference and Roadshow Calendar
-
April 2, 2025
Metzler Small Cap Days, Frankfurt (IR-only) -
May 21, 2025
Chicago Roadshow, hosted by Jefferies -
May 22, 2025
Berenberg European Conference, New York City -
May 27, 2025
db European Champions Conference, Frankfurt -
June 12, 2025
Warburg Highlights Conference, Hamburg -
November 17, 2025
SUSS Capital Markets Day, Garching/Munich
There may be changes to the SUSS conference and roadshow schedule.
Financial Calendar
-
March 27, 2025
Annual Report 2024 -
May 8, 2025
Q1 Report 2025 -
June 3, 2025
Annual General Meeting -
August 7, 2025
Half Year Report 2025 -
November 6, 2025
Q3 Report 2025
SUS
SUSS
Thank you
Growing Innovation
Sven Koepsel
VP Investor Relations & Communications
Tel.: +49 89 32007-151
E-mail: [email protected]
Florian Mangold
Manager Investor Relations
Tel.: +49 89 32007-306
E-mail: [email protected]