Q2 2026 Technoprobe SpA Earnings Call Transcript
Key Points
- Record H1 2026 revenues of $464.1 million, up 42.4% year-over-year, driven by broad-based demand and strong AI investment cycle.
- Significant margin expansion with gross margin up to 53.8% and EBITDA margin at 44.4%, reflecting strong operating leverage and scalability.
- Q2 2026 results exceeded guidance with revenue of EUR277 million, gross margin of 57.2%, and EBITDA margin of 49%, all above expectations.
- Upgraded full-year 2026 guidance: revenue expected between EUR1,050-1,100 million and EBITDA margin between 46-48%, reflecting strong confidence.
- Capacity expansion plan accelerated to EUR350 million, targeting a run-rate capacity of EUR1.6 billion by Q1 2027, with strong execution and vertical integration advantages.
- Foreign exchange headwinds negatively impacted H1 2026 revenues by approximately EUR30 million and EBITDA by EUR23 million.
- Q4 2026 expected to see a slowdown in GPU volumes due to cyclicality, with a pause in mass production and a shift to CPUs and ASICs, potentially affecting operating leverage.
- HBM revenue remains minimal (around EUR10 million for 2026) with qualification still pending for two of three major customers, limiting near-term growth in this segment.
- Ramp-up costs for the new China factory and additional labor awards are expected to cause slight margin dilution in H2 2026.
- The ambitious investment plan of EUR350 million carries execution risks, including supplier delivery delays and the challenge of deploying significant capital in a short timeframe.
Good evening, and thank you for joining us. I'm with Stefano Beretta, our CFO, presenting the first half 2026 results and the guidance for the third quarter of this year. As usual, Q&A session will follow at the end of the presentation. Let me start by saying that the first half 2026 represents another milestone for Technico.
Our performance demonstrates not only outstanding financial execution. But also strength of our positioning in what we believe is one of the most attractive structural growth markets in the semiconductor industry.
We delivered the record revenues of $464.1 million, growing 42.4% year over year and 48.2% sequentially as a result of a by broad-based demand across our key customers and applications. Confirming that the long-term AI investment cycle continues to accelerate. As volumes increase, we capture significant operating leverage across the business. Gross profit grew almost 66% year-over-year, with gross margin expanding to 53.8%, while EBITDA increased nearly 94% to more than
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