Inficon: Remain Overweight: Earnings can surprise to support further performance

Research evidence excerpt

Inficon: Remain Overweight: Earnings can surprise to support further performance

J P M O R G A N Europe Equity Research

22 June 2026

Inficon Overweight

IFCN.S, IFCN SW

Remain Overweight: Earnings can surprise to support Price (19 Jun 26):CHF174.80

further performance ▲Price Target (Dec-27):CHF200.00 Prior (Dec-27):CHF155.00

We update our forecasts for Inficon to reflect a more positive view on the WFE

upcycle, and Inficon’s ability to participate in this growth. We expect strength in European Tech Hardware &

Paymentsthe Semiconductor & Vacuum division will result in material upgrades to

consensus estimates (JPMe Operating Profit estimates are +8/22/25% ahead of Craig A McDowell AC

Bloomberg in 2026/27/28). We expect that near-term upgrades as well as growing (44-20) 7742-4576

craig.mcdowell@jpmorgan.com

confidence on the duration of the WFE upcycle can support continued

outperformance for Inficon shares; however, we recognise that investors will need Sandeep Deshpande

(44-20) 7134-5276

to get comfortable with non-Semi exposure (although the near-term looks to be sandeep.s.deshpande@jpmorgan.com

guided conservatively, in our view). We remain Overweight with a revised Dec-27

Anthony Girard

PT of 200 CHF per share (previously 155 CHF). (44-20) 3493-6469

anthony.girard@jpmorgan.com

• Raising estimates on WFE strength. With Inficon’s Semiconductor & J.P. Morgan Securities plc

Vacuum business evenly exposed to Tool Maker and Fab customers, we expect

that Inficon can benefit from rising utilisation in fabs (driving spares/ Specialist Sales contact details:

replacement and service revenues) and also as new capacity and tool Scott Silver - Specialist Sales -

placements take place (which we expect will be a bigger factor for 2027-2028). European TMT