Comet lifts earnings on semiconductor upswing and ramps Penang expansion

COMET Holding AG ( (CH:COTN) ) has provided an update.

Comet Holding AG operates in the semiconductor and X-ray technology industries, supplying plasma control technologies, X-ray systems and X-ray modules used in chip manufacturing, AI infrastructure, advanced packaging, aerospace, defense, security and industrial applications. The group is expanding production capacity, notably with a new plant in Penang, Malaysia, to serve growing global demand and strengthen its positioning in high-growth semiconductor and inspection markets.

Comet reported a robust first half of 2026, with net sales up 5.6% to CHF 239.8 million, a stronger 13.1% EBITDA margin and a book-to-bill ratio of 1.48, reflecting the accelerating semiconductor upturn. Growth was broad-based across divisions and regions, driven by AI-related and advanced packaging demand, while investments in Penang and efficiency programs weighed on free cash flow but are aimed at long-term margin gains.

The Plasma Control Technologies division delivered solid sales and margin growth, supported by strong orders, a book-to-bill above the group average and progress of its Synertia platform, which has deepened customer qualifications and relationships. With the Penang facility completed and ramp-up underway, PCT is scaling capacity to capture rising demand in AI semiconductors and NAND flash memory equipment.

The X-Ray Systems division maintained stable sales but significantly improved its EBITDA margin by restructuring costs and focusing on the CA20 platform, where orders more than doubled and the product portfolio was broadened for new applications. Continued investment in CA20 and the phase-out of low-margin business keep profitability negative for now, but are intended to position IXS for substantial semiconductor-related growth, with a break-even target in 2028.

The X-Ray Modules division achieved double-digit sales growth on strong demand from aerospace, defense, security and battery markets, supported by government and defense spending and long-term technology partnerships. However, adverse exchange rate movements constrained margin expansion, leaving the EBITDA margin slightly lower despite rising volumes.

Management expects the semiconductor upcycle to persist into the second half of 2026, supporting strong sales and further profitability improvements for the group. Comet forecasts full-year 2026 sales of CHF 540–570 million and an EBITDA margin of 14–17%, signaling confidence that current investments and capacity expansions will enhance its competitive position and deliver benefits to customers and shareholders.