VAT Group Q1 Sales Down 20%; Reiterates 2026 Guidance

VAT Group reported first-quarter sales of CHF 221 million, down 20% year on year, or down 9% on a constant-currency basis. Order intake was CHF 356 million, up 47% year on year and up 67% on a constant-currency basis, indicating a strong rebound in demand despite weaker reported sales. The mix is mildly negative overall given the sharp revenue decline, though the order recovery offsets some of the weakness.

Analysis

VAT Group reported first-quarter sales of CHF 221 million, down 20% year on year, or down 9% on a constant-currency basis. Order intake was CHF 356 million, up 47% year on year and up 67% on a constant-currency basis, indicating a strong rebound in demand despite weaker reported sales. The mix is mildly negative overall given the sharp revenue decline, though the order recovery offsets some of the weakness.