PVA TePla AG released preliminary fourth-quarter results that mixed a notable rise in new business with weaker-than-expected profitability and a conservative fiscal 2026 outlook.
For the quarter, the company recorded sales of €68.6 million, a 5% decline compared with the same quarter a year earlier and essentially matching analysts' average forecast of €69 million. However, earnings before interest, taxes, depreciation and amortization (EBITDA) were reported at €6.3 million, missing the consensus estimate of €8 million by around 20%.
Order intake was the standout metric. New orders jumped 111% year-over-year and rose 26% sequentially to €91.5 million in Q4, producing a book-to-bill ratio of 1.33x. Management attributed the surge primarily to strength in its metrology business and fresh orders within its material solutions segment, signaling a sizeable backlog that could underpin future revenue.
Profitability deteriorated markedly versus the prior-year quarter. The firm's EBITDA margin slid to 9.2% from 21.4% in the fourth quarter of 2024. Management said the margin contraction was driven by substantial increases in operating expenses made to support planned growth initiatives.
Looking ahead to fiscal 2026, PVA TePla provided a revenue guidance range of €255 million to €275 million and an EBITDA target of €26 million to €31 million. The midpoint of that revenue range sits about 7% below the current consensus revenue estimate of €285 million, while the midpoint of the EBITDA guidance is roughly 32% below the market's EBITDA expectation of €41.8 million.
The company also outlined its near- to mid-term trajectory. It guided for revenues above €300 million in 2027 - a figure below the prevailing consensus estimate of €356 million - and reconfirmed a mid-term revenue ambition of €500 million. Market expectations for 2028 currently stand at €407 million, which the company acknowledged as a reference point while maintaining its internal target.
Despite the more cautious near-term numbers, PVA TePla signaled an expectation to resume double-digit revenue growth from 2027 onward. The company said this would hinge on a marked increase in order intake during 2026 and an acceleration of earnings as operating leverage improves.
- Key points:
- Q4 sales €68.6 million, roughly in line with analysts' €69 million estimate, but EBITDA of €6.3 million missed consensus by about 20%.
- Order intake surged to €91.5 million in Q4, up 111% year-over-year and 26% sequentially, producing a 1.33x book-to-bill ratio.
- 2026 guidance (sales €255-275 million; EBITDA €26-31 million) sits below current market consensus; company expects recovery to double-digit growth from 2027.
- Risks and uncertainties:
- Conversion risk - the company’s recovery in revenue and earnings relies on a significant increase in order intake during 2026.
- Margin pressure - elevated operating expenditures have materially compressed EBITDA margins, and sustained investment could delay margin recovery.
- Guidance shortfall - 2026 targets are below consensus for both revenue and EBITDA, creating uncertainty about near-term market expectations.