NEWS RELEASE

Pfeiffer Vacuum reports sustained strong demand in first quarter 2022 with sales, order intake and backlog at new highs

Asslar, May 3, 2022. Pfeiffer Vacuum Technology AG, a leading global manufacturer of vacuum solutions, today announced results for the first quarter 2022. The Company's sales increased by 12.7% to EUR 216.0 million, the first time in the Company's history to achieve over EUR 200 million in sales within one quarter (Q1 2021: EUR 191.7 million). The operating result (EBIT) increased by 38.6% reaching EUR 31.3 million (Q1 2021: EUR 22.6 million) representing an EBIT margin of 14.5% (Q1 2021: 11.8%). Also, the order intake during the quarter was EUR 286.2 million (Q1 2021: EUR 233.9 million) and the order backlog stood at 386.4 million at the end of the first quarter 2022 (Q1 2021: EUR 165.5 million).

The Pfeiffer Vacuum sales increase was driven by a strong performance in all market segments. Sales in the Semiconductor and Emerging Technologies market segment increased by 13.1% to EUR 112.7 million (Q1 2021: EUR 99.6 million). This was a substantial improvement to the previous year, particularly in view of the significant sales increase in the previous year's first quarter. The sales in the Analytics, Industry and R&D market segment improved by 12.2% to EUR 103.3 million (Q1 2021: EUR 92.1 million) with strong demand particularly in industrial high-vacuum.

The operating result (EBIT) increased by 38.6% to EUR 31.3 million (Q1 2021: EUR 22.6 million) and the EBIT margin was 14.5% (Q1 2021: 11.8%). The year-over-year increase in EBIT was primarily a result of the sales increase and related scale economies, as well as favorable foreign exchange movements, especially from the US-Dollar. The beneficial developments were partially offset by increased material and employee costs as well as investments to increase production capacity and to accelerate growth.

The book-to-bill ratio, the ratio of order intake to sales, was at an impressive level of 1.33 for the first quarter 2022. The order backlog of EUR 386.4 million represents an increase of 133.5% compared to the previous year (March 31, 2021: EUR 165.5 million) and an increase of 22.2% compared to year-end 2021 (December 31, 2021: EUR 316.2 million).

"'We are very satisfied with positive development of Pfeiffer Vacuum over the course of the first quarter of the current fiscal year," says Dr. Britta Giesen, CEO of Pfeiffer Vacuum Technology AG. "The demand for our products and services remained on unprecedented levels and was broad based. The primary challenge for us is to continue to successfully navigate within the increasingly strained supply chains. We are committed to keeping our customers at the center of everything we do, in order to increase our market share in the growing high-vacuum market while also driving sustainability. Our commitment is to invest in the future, including in the current global economic uncertainties, to achieve our mid- and long-term strategic goals."

Overview of key figures:

  Q1/2022 Q1/2021 Change         Sales € 216.0 million € 191.7 million 12.7% EBIT € 31.3 million € 22.6 million 38.6% Net income € 22.2 million € 15.9 million 39.5% Earnings per share € 2.25 € 1.61 39.8% Order intake € 286.2 million € 233.9 million 22.4% Order backlog € 386.4 million € 165.5 million 133.5%  

The gross profit in the reporting period was EUR 78.7 million (Q1 2021: EUR 65.2 million). The year-over-year increase of 20.8% is due to positive economies of scale related to increased sales.

Net income increased by 39.5% to EUR 22.2 million (Q1 2021: EUR 15.9 million), representing earnings per share of EUR 2.25 (Q1 2021: EUR 1.61).

In sales by region, which describes sales according to the location of the customers in their corresponding region, Asia contributed with an increase in sales of 10.7% to EUR 89.4 million (Q1 2021: EUR 80.7 million). Europe showed an increase of 10.4% to EUR 73.6 million (Q1 2021: 66.7 million) related to the broad recovery in all markets. Sales in the Americas increased by 19.9% to EUR 52.9 million (Q1 2021: EUR 44.1 million), also reflecting the positive impact of the US-Dollar foreign exchange movement.

Balance sheet and cash-flow
Total assets at the end of the first quarter 2022 were EUR 744.6 million, up 5.2% from year-end 2021 (December 31, 2021: EUR 707.9 million). Cash and cash equivalents were EUR 105.6 million (December 31, 2021: EUR 99.4 million) and the Company is net debt free from a financial liability perspective. The equity ratio remained at a solid level of 65.1%, slightly above year-end 2021 (December 31, 2021: 64.9%). Capital expenditure in the first quarter more than doubled to EUR 11.1 million and were mainly used for the building out of production facilities (Q1 2021: EUR 5.1 million).

Outlook for the 2022 fiscal year unchanged
The Company confirms its guidance and continues to expect sales for the full year 2022 to grow 5% or more above 2021 levels in a strong market demand environment, with an increasing risk of supply chain disruptions. The EBIT margin expectations for the full year 2022 remain at around 14%. The probability and impact of disruptions due to geopolitical, economic and Corona pandemic related market conditions, including the war in the Ukraine, cannot be predicted.

Contact
Pfeiffer Vacuum Technology AG

Investor Relations
Heide Erickson
T +49 6441 802 1360
Heide.Erickson@pfeiffer-vacuum.de

About Pfeiffer Vacuum
Pfeiffer Vacuum (ticker symbol PFV, ISIN DE0006916604) is a leading global manufacturer of vacuum solutions. Among a full range of hybrid and magnetically levitated turbopumps, the portfolio comprises backing pumps, leak detectors, measurement and analysis devices, components and vacuum chambers and systems. Pfeiffer Vacuum has stood for innovative solutions and high-tech products in analytics, industry, research & development, coating and semiconductor markets since its invention of the turbopump. Founded in 1890, Pfeiffer Vacuum is active worldwide. The Company employs over 3,500 employees, has over 20 sales and service companies, and operates 10 manufacturing sites worldwide.

For more information, please go to: group.pfeiffer-vacuum.com

Consolidated Statements of Income (unaudited)                                 Three months ended March 31,     2022   2021     in K€   in K€ Net sales   215,958   191,664 Cost of sales   -137,210   -126,498 Gross profit   78,748   65,166           Selling and marketing expenses   -22,042   -20,553 General and administrative expenses   -17,338   -15,607 Research and development expenses   -8,869   -8,995 Other operating income   3,008   3,573 Other operating expenses   -2,169   -969 Operating profit   31,338   22,615           Financial expenses   -96   -229 Financial income   65   54 Earnings before taxes   31,307   22,440           Income taxes   -9,079   -6,508           Net income   22,228   15,932           Earnings per share (in €):         Basic   2.25   1.61 Diluted   2.25   1.61             Consolidated Balance Sheets (unaudited)                                 March 31, 2022   December 31, 2021     in K€   in K€ Assets         Intangible assets   93,363   91,524 Property, plant and equipment   180,278   175,952 Investment properties   342   352 Other financial assets   2,850   2,502 Other assets   792   791 Deferred tax assets   28,733   28,650 Total non-current assets   306,358   299,771           Inventories   181,933   162,178 Trade accounts receivable   129,492   119,587 Contract assets   2,765   1,392 Income tax receivables   3,326   4,796 Prepaid expenses   5,280   4,689 Other financial assets   214   168 Other accounts receivable   9,633   15,924 Cash and cash equivalents   105,571   99,371 Total current assets   438,214   408,105           Total assets   744,572   707,876           Shareholders' equity and liabilities         Share capital   25,261   25,261 Additional paid-in capital   96,245   96,245 Retained earnings   392,235   370,007 Other equity components   -28,983   -32,137 Equity of Pfeiffer Vacuum Technology AG shareholders   484,758   459,376           Financial liabilities   13,229   13,876 Provisions for pensions   61,357   60,502 Deferred tax liabilities   5,035   4,437 Contract liabilities   1,405   1,321 Total non-current liabilities   81,026   80,136           Trade accounts payable   65,567   58,046 Contract liabilities   14,645   13,343 Other accounts payable   31,068   27,742 Provisions   44,218   48,181 Income tax liabilities   19,029   16,773 Financial liabilities   4,261   4,279 Total current liabilities   178,788   168,364           Total shareholders' equity and liabilities   744,572   707,876                       Consolidated Statements of Cash Flows (unaudited)                                 Three months ended March 31,     2022   2021     in K€   in K€ Cash flow from operating activities:         Net income   22,228   15,932 Depreciation/amortization   7,221   6,233 Other non-cash income/expenses   2,320   5,130 Effects of changes of assets and liabilities:         Inventories   -20,331   -4,550 Receivables and other assets   -3,925   -29,753 Provisions, including pensions, and income tax liabilities   -1,112   6,289 Payables, other liabilities   11,936   14,420 Net cash provided by operating activities   18,327   13,701           Cash flow from investing activities:         Capital expenditures   -11,069   -5,116 Proceeds from disposals of fixed assets   67   65 Net cash used in investing activities   -11,002   -5,051           Cash flow from financing activities:         Principal elements of lease payments   -1,278   -1,570 Redemptions of financial liabilities   2   -62 Net cash used in financing activities   -1,276   -1,632           Effects of foreign exchange rate changes on cash and cash equivalents   151   318           Net change in cash and cash equivalents   6,200   7,336           Cash and cash equivalents at beginning of period   99,371   122,883           Cash and cash equivalents at end of period   105,571   130,219