New Risk • Jun 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Announcement • Feb 03
centrotherm International AG Announces Changes to Its Supervisory Board centrotherm international AG announced that at the suggestion of the Management Board and the new main shareholder Ardian Semiconductor, the Ulm Local Court appointed Dr. Helmut Gassel and Stefan Kappis as members of the Supervisory Board of centrotherm international AG with effect from January 15, 2026. At its constituent meeting on January 23, 2026, the Supervisory Board elected Dr. Helmut Gassel as Chairman and Stefan Kappis as Deputy Chairman of the Board. Robert M. Hartung will continue to serve on the Supervisory Board of centrotherm international AG. As a result of the new shareholder structure, the previous Supervisory Board members Hans-Hasso Kersten and Dr. Xinan Jia resigned their seats with effect from December 17, 2025. Dr. Helmut Gassel is a partner and co-founder of Silian Partners, a team of recognized experts from the semiconductor industry with which Ardian Semiconductor has an exclusive strategic partnership. He has more than 30 years of international top management experience in the semiconductor and electronics industry. Most recently, he was a member of the Executive Board of Infineon Technologies AG, responsible for sales, marketing & regions, strategy development, M&A, and IP. Stefan Kappis is a director in the buyout team at Ardian Germany and has been involved in numerous transactions. Before joining Ardian in 2014, he worked in investment banking at Barclays in the areas of corporate finance and M&A in Frankfurt am Main. Announcement • Dec 20
centrotherm international AG Announces Changes to the Supervisory Board, Effective December 17, 2025 centrotherm international AG announced that Hans-Hasso Kersten and Dr. Xinan Jia resigned from their positions on the Supervisory Board effective December 17, 2025. The Chairman of the Supervisory Board, Robert M. Hartung, will remain a member of the Company’s Supervisory Board. The Company’s Management Board will immediately apply to the Ulm Local Court for the appointment of two new Supervisory Board members. The Company expects the court to appoint replacements in January 2026. The new main shareholder, which is controlled by the Ardian Semiconductor fund, will be represented by two members on the Supervisory Board in future. Dr. Xinan Jia has been associated with centrotherm since 2006 and held various management positions in Asia before being appointed to the Supervisory Board in 2018. The previous Deputy Chairman, Hans-Hasso Kersten, had been with the company since early 2014 and also served as Chairman of the Audit Committee. Announcement • Dec 19
Ardian Semiconductor Fund, managed by Ardian SAS and Solarpark Blautal GmbH completed the acquisition of centrotherm international AG (DB:CTNK) from Solarpark Blautal GmbH and others. Ardian Semiconductor Fund, managed by Ardian SAS and Solarpark Blautal GmbH agreed to acquire centrotherm international AG (DB:CTNK) from Solarpark Blautal GmbH and others on November 6, 2025. The purchase price agreed upon in the Transaction includes a premium on centrotherm international's current share price. As part of this agreement, Solarpark Blautal will re-invest a portion of its proceeds alongside Ardian and remain a significant shareholder of Centrotherm. Solarpark will indirectly acquire an approximately 39.5% stake in the future majority shareholder. After completion of the transaction, the future majority shareholder may demand the exclusion of the minority shareholders of the company pursuant to Section 62 Paragraph 5 of the German Transformation Act (UmwG) (so-called merger-related squeeze-out).
The completion of the transaction is subject to customary precedent conditions, including regulatory and antitrust approvals. Following the closing of the transaction it is intended to terminate the inclusion of the Centrotherm shares in the trading on the open market (delisting). Solarpark anticipates the Transaction will close in December 2025 or January 2026.
ParkView Partners GmbH acted as financial advisor for Ardian SAS. McDermott Will & Emery LLP acted as legal advisor for Ardian SAS. Eight Advisory acted as financial due diligence provider for Ardian SAS. ERM France SAS acted as ESG due diligence provider for Ardian SAS. Taxess Steuerberater Thomas Meissner SchÄFer Partnerschaftsgesellschaft Mbb acted as tax due diligence provider for Ardian SAS. Marsh S.A.S. acted as insurance due diligence provider for Ardian SAS. BearingPoint France SAS acted as IT due diligence provider for Ardian SAS. Yole Group acted as commercial due diligence provider for Ardian SAS. Heuking Kühn Lüer Wojtek acted as legal advisor for Solarpark Blautal GmbH.
Ardian Semiconductor Fund, managed by Ardian SAS and and Solarpark Blautal GmbH completed the acquisition of centrotherm international AG (DB:CTNK) from Solarpark Blautal GmbH and others on November 6, 2025 Announcement • Dec 11
centrotherm international AG to Report Fiscal Year 2025 Results on Mar 31, 2026 centrotherm international AG announced that they will report fiscal year 2025 results on Mar 31, 2026 Announcement • Nov 06
Ardian Semiconductor Fund, managed by Ardian SAS entered into a definitive agreement to acquire 90% stake in centrotherm international AG (DB:CTNK) from Solarpark Blautal GmbH. Ardian Semiconductor Fund, managed by Ardian SAS entered into a definitive agreement to acquire 90% stake in centrotherm international AG (DB:CTNK) from Solarpark Blautal GmbH on November 6, 2025. The purchase price agreed upon in the Transaction includes a premium on centrotherm international's current share price. As part of this agreement, Solarpark Blautal will re-invest a portion of its proceeds alongside Ardian and remain a significant shareholder of Centrotherm. Solarpark will indirectly acquire an approximately 39.5% stake in the future majority shareholder. After completion of the transaction, the future majority shareholder may demand the exclusion of the minority shareholders of the company pursuant to Section 62 Paragraph 5 of the German Transformation Act (UmwG) (so-called merger-related squeeze-out).
The completion of the transaction is subject to customary precedent conditions, including regulatory and antitrust approvals. Following the closing of the transaction it is intended to terminate the inclusion of the Centrotherm shares in the trading on the open market (delisting). Solarpark anticipates the Transaction will close in December 2025 or January 2026.
ParkView Partners GmbH acted as financial advisor for Ardian SAS. McDermott Will & Emery LLP acted as legal advisor for Ardian SAS. Eight Advisory acted as financial due diligence provider for Ardian SAS. ERM France SAS acted as ESG due diligence provider for Ardian SAS. Taxess Steuerberater Thomas Meissner SchÄFer Partnerschaftsgesellschaft Mbb acted as tax due diligence provider for Ardian SAS. Marsh S.A.S. acted as insurance due diligence provider for Ardian SAS. BearingPoint France SAS acted as IT due diligence provider for Ardian SAS. Yole Group acted as commercial due diligence provider for Ardian SAS. Heuking Kühn Lüer Wojtek acted as legal advisor for Solarpark Blautal GmbH. Announcement • Jun 05
centrotherm international AG, Annual General Meeting, Jul 15, 2025 centrotherm international AG, Annual General Meeting, Jul 15, 2025, at 10:00 W. Europe Standard Time. Announcement • May 02
Centrotherm International Ag Provides Earnings Guidance for the Year 2025 centrotherm international AG provided earnings guidance for the year 2025. For the period, Management Board also forecasts total operating revenue of EUR 150 million to EUR 230 million. Reported Earnings • Oct 11
First half 2024 earnings released: EPS: €0.06 (vs €0.12 in 1H 2023) First half 2024 results: EPS: €0.06 (down from €0.12 in 1H 2023). Revenue: €56.8m (down 5.7% from 1H 2023). Net income: €1.28m (down 49% from 1H 2023). Profit margin: 2.2% (down from 4.1% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Sep 30
centrotherm international AG to Report First Half, 2024 Results on Oct 08, 2024 centrotherm international AG announced that they will report first half, 2024 results on Oct 08, 2024 Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.61, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 14x in the Semiconductor industry in Germany. Total returns to shareholders of 15% over the past three years. New Risk • May 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 110% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (110% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€91.0m market cap, or US$97.6m). Reported Earnings • May 02
Full year 2023 earnings released: EPS: €0.88 (vs €0.57 in FY 2022) Full year 2023 results: EPS: €0.88 (up from €0.57 in FY 2022). Revenue: €161.5m (down 11% from FY 2022). Net income: €18.7m (up 56% from FY 2022). Profit margin: 12% (up from 6.6% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Apr 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (€86.8m market cap, or US$92.8m). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.40, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 14x in the Semiconductor industry in Germany. Total returns to shareholders of 38% over the past three years. Announcement • Mar 08
centrotherm international AG to Report Fiscal Year 2023 Results on Apr 30, 2024 centrotherm international AG announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Mar 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.0m (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (€91.0m market cap, or US$99.2m). Announcement • Dec 12
centrotherm international AG, Annual General Meeting, Jul 16, 2024 centrotherm international AG, Annual General Meeting, Jul 16, 2024. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.4m (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Market cap is less than US$100m (€94.4m market cap, or US$99.7m). Reported Earnings • Oct 18
First half 2023 earnings released: EPS: €0.055 (vs €0.49 in 1H 2022) First half 2023 results: EPS: €0.055 (down from €0.49 in 1H 2022). Revenue: €60.3m (down 55% from 1H 2022). Net income: €1.16m (down 89% from 1H 2022). Profit margin: 1.9% (down from 7.7% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Oct 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 382% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.7% net profit margin). Announcement • Sep 01
centrotherm international AG to Report First Half, 2023 Results on Oct 11, 2023 centrotherm international AG announced that they will report first half, 2023 results on Oct 11, 2023 Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €6.45, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 18x in the Semiconductor industry in Germany. Total returns to shareholders of 193% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €5.80, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 19x in the Semiconductor industry in Germany. Total returns to shareholders of 142% over the past three years. Reported Earnings • Apr 21
Full year 2022 earnings released: EPS: €0.57 (vs €0.55 in FY 2021) Full year 2022 results: EPS: €0.57 (up from €0.55 in FY 2021). Revenue: €187.4m (up 6.1% from FY 2021). Net income: €12.0m (up 3.5% from FY 2021). Profit margin: 6.4% (down from 6.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 21% share price gain to €4.84, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 19x in the Semiconductor industry in Germany. Total returns to shareholders of 29% over the past three years. Announcement • Dec 07
centrotherm international AG, Annual General Meeting, Jul 04, 2023 centrotherm international AG, Annual General Meeting, Jul 04, 2023. Reported Earnings • Oct 07
First half 2022 earnings released: EPS: €0.63 (vs €0.025 loss in 1H 2021) First half 2022 results: EPS: €0.63 (up from €0.025 loss in 1H 2021). Revenue: €137.6m (up 246% from 1H 2021). Net income: €13.4m (up €13.9m from 1H 2021). Profit margin: 9.7% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Aug 16
centrotherm international AG to Report First Half, 2022 Results on Oct 06, 2022 centrotherm international AG announced that they will report first half, 2022 results on Oct 06, 2022 Reported Earnings • May 01
Full year 2021 earnings released: EPS: €0.55 (vs €0.52 loss in FY 2020) Full year 2021 results: EPS: €0.55 (up from €0.52 loss in FY 2020). Revenue: €189.6m (up 76% from FY 2020). Net income: €11.6m (up €22.7m from FY 2020). Profit margin: 6.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 31% per year. Announcement • Mar 29
centrotherm international AG to Report Fiscal Year 2021 Final Results on Apr 28, 2022 centrotherm international AG announced that they will report fiscal year 2021 final results on Apr 28, 2022 Reported Earnings • Oct 09
First half 2021 earnings released: €0.025 loss per share (vs €0.30 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €39.7m (up 7.5% from 1H 2020). Net loss: €525.0k (loss narrowed 92% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Oct 09
centrotherm international AG Provides Earnings Guidance for the First Half of 2021 centrotherm international AG provided earnings guidance for the first half of 2021. For the period, the company generated sales revenues of EUR 39.7 million, compared with EUR 36.6 million in the same period of the previous year. Reported Earnings • May 28
Full year 2020 earnings released: €0.52 loss per share (vs €0.70 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: €111.0m (up 11% from FY 2019). Net loss: €11.1m (loss narrowed 26% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Announcement • May 26
centrotherm international AG Provides Earnings Guidance for the Year of 2021 centrotherm international AG provided earnings guidance for the year of 2021. For the year 2021, the Board of Management expects a total operating performance of EUR 200 million to EUR 260 million in the Group. This assumes that there continues to be no significant impact from the COVID 19 pandemic in terms of order intake, supply chains and production. Is New 90 Day High Low • Feb 13
New 90-day high: €3.10 The company is up 6.0% from its price of €2.92 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 39% over the same period. Announcement • Jan 06
centrotherm international AG, Annual General Meeting, Jul 06, 2021 centrotherm international AG, Annual General Meeting, Jul 06, 2021. Is New 90 Day High Low • Nov 07
New 90-day high: €3.14 The company is up 32% from its price of €2.38 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 17% over the same period. Reported Earnings • Oct 22
First half earnings released Over the last 12 months the company has reported total losses of €11.4m, with losses widening by 67% from the prior year. Total revenue was €109.1m over the last 12 months, down 5.2% from the prior year. Is New 90 Day High Low • Oct 02
New 90-day high: €3.10 The company is up 42% from its price of €2.18 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 19% over the same period.