VAT Takeaways from London TMT Conference 2026

Research evidence excerpt

VAT Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

21 May 2026

VAT Overweight

VACN.S, VACN SW

Takeaways from London TMT Conference 2026 Price (21 May 26):CHF602.00

European Tech Hardware &

We hosted VAT’s CFO Fabian Chiozza at our London TMT Conference for a Payments

Fireside chat. The key takeaways are: Sandeep Deshpande AC

(44-20) 7134-5276

• Cycle recovery and ability to ramp: VAT described a clear recovery with sandeep.s.deshpande@jpmorgan.com

record output, having scaled factory output by ~30% in Q1 and seeing a similar Craig A McDowell

growth rate into Q2. Management believes the system can run at ~20-30% QoQ (44-20) 7742-4576

growth, driven by an increase in resources (+150 hires since mid-January craig.mcdowell@jpmorgan.com

across Switzerland/Malaysia) and incremental capacity already invested and Anthony Girard

ready to activate. Constraints are “time to unlock” and end-market digestion (44-20) 3493-6469

rather than physical bottlenecks. Lead times have extended on high demand, anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

and some customers are ordering to reserve capacity, which supports near-term

visibility but also signals tightness. Specialist Sales contact details:

• Growth ambitions and key drivers: VAT reiterated an ambition to outgrow Scott Silver - Specialist Sales -

WFE over time (up to ~2x), while avoiding year-specific commitments. They European TMT

(44-20) 7134-0412

noted that customer upgrades in the past did not benefit VAT as much, but scott.silver@jpmorgan.com

expect greenfield ramps in DRAM and logic to drive high growth. Exposure

is broad across vacuum-related processes and major OEMs; mix was described

as roughly ~2/3 logic and ~1/3 memory (DRAM/NAND). China remains a key