Thank you, Mara, and good morning, good afternoon, everyone. I'd like to start by giving you the headline picture of the first half of 2026.

In short, this has been six months of significant transformation. We've repaired the balance sheet, our cost program has been executed, and we're seeing real momentum in order intake.

Let me walk through the four numbers that tell the story. €33 million of new net capital was raised through our convertible and SEPA, €31 million of debt was reduced through a debt-to-equity swap announced in May, €4 million of fixed costs were taken out through our Sprint program, and €52 million of orders we saw in the last eight weeks.

2026 remains transition year, but the foundation is now in place for a strong second half of '26 and a promising 2027. Let me now walk you through the P&L of the first half.

The Q1 was a slow start. It tends to be seasonally weak, but it was weaker than expected.

We've seen €18.2 million revenues in Q1, which increased to €27.8 million revenues in Q2. Out of this, equipment revenues was €10.7 million in the first six months last year, which was a very weak half year, to €39.4 million in H1 2026.

Spare parts and services increased their revenues from €5.9 million to €6.4 million year-on-year. Our gross profit margin of 21.2% was lower than expected.

This is partially just the lower scale, but then also a shift towards China where we have slightly lower margins and which we expect to reverse in the second half to more German production-based revenues. Our G&A expenses increased by more than €3 million because of the Sprint restructuring, share-based compensation, and capital structure items.

I will talk more about that on the next page. Other income and other expenses include about €1.7 million foreign exchange losses.

This was €6.3 million gains in the first half of 2025. The financial results losses reflect the accounting treatment of the SHA harbor liability which we converted into shares in January, and to a lesser extent also the fair value movements of the company's warrants.

It also includes, for your information, about €875,000 of interest on our debt. Now let me move to the next page and walk you through how we get to our adjusted EBITDA.

The adjustments include about €420,000 of Sprint restructuring costs. Share-based compensation reflects 2026 and 2027 C-level awards for shares and options.

Under IFRS, these had to be recognized mostly in H1 of this year. Capital structure restructuring costs reflect the fact that we had two 20-F filings this year, this half year.

We are still under the Nasdaq monitoring period, which means higher filing requirements up to February 2027. We also had some costs that came with the debt-to-equity conversion.

Let me now talk about our Sprint program. We concluded Sprint 1.

We reduced headcount for full-time equivalents of more than 40 in our German overhead functions. Most of those departures will happen in Q3.

We had or we will have about restructuring costs about €700,000, of which, as I mentioned, €400,000 was expensed in the first half. This is mostly for paid leave, again running into Q3 mostly, and then some small severance payments.

The run rate has been achieved of about €4 million expenses savings in labor costs. This also reduces our fixed costs and lowers our breakeven point.

Now we have started moving to the second phase of our Sprint program, which is a purchasing cost savings program. More than 50% of our total expenses are purchasing materials, and our target for savings are 5% of those purchasing expenses, at least 5%.

As we now see a period of increasing volumes for purchasing, this is a good time to renegotiate terms and conditions. We think that most of those 5% minimum savings we can achieve by year end.

However, we also redesigning some high-cost components, and this design to cost will take us a bit of time and will be more something for 2027. Let me then walk you through cash flow and working capital.

We had €29.3 million of operating cash outflow in H1, which was mostly the €26 million of investments into working capital. As you can see, we had negative working capital in December of last year, and we now at about 14% of LTM sales by June, end of June.

Now, medium term, we think we can reduce this back to more something like 10% or less. We also believe that the absolute amount of working capital is something that we can keep flat or reduce by year end.

We spent about €800,000 on CapEx. We typically running at €1.5 million of annualized CapEx.

Obviously, in the second half, we will start seeing some of the spending on the Chinese factory, which in total will be for about €11 million. This is land plus building.

It's not so much the machinery, instead we effectively have already. As I mentioned before, we raised about €33 million through the convertible and the standby equity.

That leads me to the balance sheet. We did a €30.75 million debt-to-equity swap announced in May.

This meant the total debt has been reduced from €53 million to about €23 million, which we believe is sustainable level and also means that we actually now have some debt capacity and can fund some of our growth in debt rather than in equity. Additionally, obviously, we have this half a convertible, the Black Forest convertible, €2.5 million that matures in March.

Of the $30 million convertible issued in January, $11 million remaining. We have $20 million convertible that was raised in July.

As part of the convertible financing, we now have additional debt capacity for China as long as this is non-recourse to Germany subsidiary or to our Topco. That means, for example, the Chinese factory can be financed on a non-recourse project basis of debt.

We can also raise additional working capital or bank loans up to the €20 million level. The average cost of funding for our Chinese debt, the new debt, will be around 2.7%, very attractive rates.

Additionally, we still have $21 million of standby equity remaining. We have not drawn on that in the second half of this year, and are not intending to draw on this for the rest of the year.

With that, I now hand over to Roland, who will give an operation update and talk about our order intake situation.

Thank you, Arthur. Let me give you an operational update.

We executed well in the first half of 2026, and we also delivered one of our first InfinityLine H+ for 700 by 700 panel-level packaging to a US-based customer. In addition to that, to grow with our customer, we decided and started to consolidate and expand our Chinese manufacturing campus.

We will move the currently leased two locations to one bigger SCHMID-owned manufacturing campus in Zhongshan, Guangdong province, which is the same province as today. With this, we are consolidating our current operation and will double our production capacity in China.

The total investment is about €11 million, and the new facility is expected to be operational by Q4 2027. Our Malaysian facility is successfully established, up and running, and currently expanding to fulfill the demands of our growing key customer in this region.

Our order intake is accelerating. In our investor call in May, I've stated that Q1 was rather slow due to new factory planning of our flip-chip BGA substrate customer, and that I expected some momentum in the market through flip-chip BGA substrate capacity investments in the second half of 2026.

We already recognized this momentum in late Q2, and we do see continuing market demand through the rest of 2026 and the full 2027. Due to this flip-chip BGA substrate and continuing AI server board capacity investments, we already achieved €52.3 million order intake in Q3 and are totaling out to €96.6 million order intake year-to-date.

These high-end equipment orders also balance the loading of our German and Chinese manufacturing locations, as Arthur has previously explained. We published and raised our order intake guidance for 2026 in July this year to €125 to €150 million.

Based on what I currently see and the information I have, I do expect us to land in the upper area of that guidance. With this, I'm handing back to Arthur.

Thank you, Roland. Looking at our new guidance, the revenue guidance remains unchanged.

For the full year, we expect at least €100 million revenues. If you're looking at the adjusted EBITDA margin, obviously, this used to be more than 12% guidance for the full year.

We now expect 6% to 9% adjusted EBITDA margin for the full year. Then order intake, as Roland just mentioned, within the €125 to €150 million range, we now expect to be at the upper half of that range.

With that, we conclude our presentation, and I hand over back to Mara to organize the Q&A session.

Hello, can you guys hear me now?

Great. Congrats on the solid results here and the continued build of the pipeline.

I just wanted to ask maybe first on the order guidance for this year. You've talked about kind of the upper half of this €125 to €150 million range.

You already have nearly €97 million through mid-August. Maybe if you could just expand a little bit on what gives you some of the confidence that you can get that remaining portion as we move through the rest of the year, and how much of that is tied to identified projects already in negotiation versus just broader pipeline?

Thank you for your question, Sebastien. I think mostly, or I know that mostly the order intake projected for the rest of the year is already in negotiation.

That's

projects already in negotiation.

Okay.

Maybe to clarify, obviously most of the orders are in. There's a few small remaining, but we know exactly which machine we're going to manufacture in Germany and China.

Most of the orders that we've received recently or in the next few months really goes into 2027.

Got it. That's helpful.

Then just on the financing, following this $20 million convertible, do you believe your balance sheet and, in combination with some of the customer prepayments that are tied to these orders, are sufficient to fund your growth outlook here, or would you need additional financing down the line? Just maybe what are your thoughts there?

We're pretty well financed at the moment. Yes, we will get customer payments.

For the next six months, I don't see any issue raising new equity at least. As I said, we now have the ability and find it very attractive to raise debt in China.

For example, working capital requirements that we may have in China, where some of the payment terms, especially on receivables side, are pretty long, we can finance with debt in China and also indirectly effectively finance the German business. We don't see any financing requirements other than some of the debt in the next six months.

Good. Great.

Maybe just on the topic of the China capacity that you guys are buying, I guess what kind of revenue level can this enlarged footprint support? Does moving from rented to owned capacity improve your unit economics at all?

Basically, at the moment we have two facilities, both rented, which are a few kilometers apart. There is an inherent inefficiency as we have to ship stuff between the two facilities.

The new facility is not quite double as big, but with the increased efficiency, we think that the real capacity, the effective capacity, let's say, is double. Roughly speaking, we can do about €50 million of revenues in the old two factories.

The new factory, we can do about €100 million revenues. It's a significant increase.

We think that as long as we can increase the current let's say run rate, we're effectively running at a 50 million in China, certainly in the second half and the first half of next year. It's all pretty much booked out.

As long as we can increase that by something like 20%, the unit economics are starting to look better than the current plant. Obviously, with the current rented facilities, we always have a risk of rent increase, while with the owned facility, basically we know the next 50 years what we're going to pay for that facility.

Got it. Okay.

Maybe just last question more on the product side, and specifically just on glass core substrates. I guess what technical or customer milestones should investors be watching for to know that the market is moving from proof of concept and qualification into a volume capacity cycle?

What exactly are some of the bottlenecks? Is it TGV formation, metallization, is it yield, is it just simply end-customer qualification?

Just any thoughts on that?

The technical bottleneck is for sure the metallization of the TGVs. This is something we have also a very strong solution for.

Then, of course, the customer end qualification is another thing you want to watch for.

Fair enough. Thank you.

That's all I had.

Good afternoon. Can you hear me?

Perfect. Thanks.

Again, thanks for letting me ask a question here. I guess maybe firstly is just on the demand trends, and you talked about the acceleration over the last eight weeks.

What do you attribute the new demand from, relative to the first half, just given the strength we're seeing across the markets generally and more broad-based? What do you attribute the recent demand from?

We have seen in the first quarter, we have recognized or let's put it that way, in the last quarter of 2025, we have recognized a shortage in IC substrate. This is what I mentioned with flip-chip BGA substrates.

In the first quarter of 2026, the big substrate manufacturer were making plans to stopped incremental investments and made plans for stage investment through new factories. This took some time in Q1, and they made it on the way in Q2, and this is what we currently recognize.

These new factories are being built and are being equipped with new equipment. This is what we started to recognize in the late Q2 and already in Q3.

Okay. Thanks so much.

Then, as you kind of think about your capacity and what you're doing in China, but more broadly, how do you think about capacity and the ability to meet the demand you have in front of you? Maybe what are the constraints to outperform in the guidance range?

It's quite different situation in Germany than in China. In China, we do have a building capacity constraint that we're solving in Q4 next year.

We have been hiring, I think in March, April we hired more than 100 people, which is not without challenges, but that's kind of done in China. In Germany, we have a lot of space.

I don't see any capacity issues there. Obviously labor is always the bigger capacity constraints.

By the way, there's no machinery, also you find very little machinery in the manufacturing here, so that's never a constraint. Labor would be the main constraint in Germany, and what we're targeting to do for probably next year when we anticipate to have some capacity issue on the labor side is to hire effectively contract workers to supplement our labor here in Germany.

That's the main constraint I would see, and obviously training them and then hire in time is sort of the main challenge.

Okay. Thanks so much for the time.

Appreciate it. Best of luck in the second half.

Thank you.

Thank you.

Can you hear me now?

Great. Thank you.

I saw in July that Intel made an announcement about a partnership with Lens Technology talking about glass core substrates. I just wondered what kind of conversations you've been having with your customers over the last few months on glass core substrates?

Glass is solving a lot of topics over composite materials. A lot of player in the Intel supply chain, in the Nvidia supply chain, AMD supply chain, you name them, are putting an eye on glass core substrates as it's better in terms of its flatness, its smoothness, in terms of diverse constants like dielectric constant, signal integrity.

We are engaged with most or the major of the supply chain player, and we are supporting them with our technology and equipment to make glass core substrates real.

Thank you. I think the question for Arthur, I just wanted to understand a little bit more detail on building the new Chinese manufacturing facility.

I think you've said the cost of that will be €11 million. Are you able to just give me a sense of over what timeframe you expect to spend that money?

Effectively we're now finalizing plans with the architects. We're actually haven't actually purchased the land, although that's all agreed and signed up.

I think in about a month or two, we would expect to start construction. Effectively it's a typical construction loan that ramps up with the building, but from all I know, it's roughly in equal amounts, I would say from September, October this year for about 12 months.

Great. That's helpful.

Thank you very much.

thank you. Good morning, or afternoon.

you can hear me okay. Question I think has come up a few times, but as you see architectural shifts and panel-level packaging emerge, where do you see the opportunities specifically for you, and kind of any product shifts?

Is the kind of your customer deployment of PLP and some of these other elements changing your products and kind of gross margin mix, or is it less specifically driven to that?

Panel-level packaging is an important piece of our domain. Our domain is panel as SCHMID is producing panel-level equipment.

We see different kind of flavors of panel-level packaging. Initially, a few years back, some player entered panel-level packaging for cost reason to save cost on a larger substrate.

Nowadays, we recognize panel-level packaging is used for performance reason, like glass core substrates, like the 310 by 310 which we currently see in Taiwan, and larger kind of panel for getting the performance of a larger package. Currently it's done for the package size and not so much for cost reason.

This is what we see in the market and what we support in the market.

Got it. I guess on the back again, the kind of order intake, how does the gross margin of that product mix compare to the first half and historically?

This is a different segment of customers. This is semiconductor customers who are typically used to pay higher prices for the products.

They also expect higher service levels, and they're used to pay for this. This will affect our gross margin in a positive way.

Got it. Thanks.

Then last one for me, just on working capital and kind of cash balances, recognizing kind of Sprint 1 and 2 and some of the other liability offsets, it sounded like you're expect working capital to stay flat, if not be a cash benefit. Any added color you can provide to the cash management component?

Maybe if you look at the working capital items, the cash advances haven't increased as much as you would have thought. We do require guarantees in Europe, something that we at the moment cannot get.

I think this will change over the next nine months, maybe as early as spring. They are actually contracts in Europe where we don't get any cash advances, which is obviously not great for the working capital.

That's one thing that hurts working capital at the moment a little bit, I would say. Other than that, in general, what you see is that China both the receivables are late, but also the payables are late.

That the whole working capital gets expanded the more business we do in China. Net, it's actually not that dissimilar from Europe.

Then, of course, some of these items are lumpy. These are some lumpier contracts.

There, it really can depend on the exact timing. Obviously, in general, we do get the cash advances before we order and pay for the parts, which is important.

Maybe the other point to make is because of the issues that we had end of last year, some of the payment terms were pretty harsh that we had to give to our suppliers, i.e. we had to pay in advance for some of the parts.

That's mostly resolved, but also only recently. That will also help the working capital to get to more normalized level, I would say.

It's a little bit higher than what I would have expected in a normalized situation.

Got it. Thank you very much.

Can you hear me okay?

Okay. I wonder if you can talk a little bit I guess you hinted at it the margins on the backlog or just approximately give us a sense.

Is this more of a mix or a volume ramping-up story to get the margins, by '28 or '29, longer term up closer to where some other guys in the industry are?

Obviously we do have a certain amount of fixed costs, R&D and actually our listing costs are not insignificant. That's a fixed cost block which at the current revenue level is pretty significant.

There's definitely a huge scale benefit. As I also hinted at, some of the newer products and depending on the customer, we have big margin differences in terms of contribution margin.

I think we will see both. Clearly, the order intake that we're seeing now mostly flows into '27.

If you look at the order backlog, €89 million, that's pretty much a record. There will be big scale benefits, but also the new products, the more we can sell the new products, the higher will be the contribution margin.

It's hard to say what's more important, but it's both going to be quite critical for improving margins.

Then just one longer-term also, can you give us any sense about how your capacity is scaled? Do you have enough scale, after the China factory is done, to get to say €500 million of orders?

Or can you give us any sense of where you would need to really ramp up your capacity or where you could get to today? Just based on I'm not asking for a forecast, but just based on the capacity you have today.

Thank you.

As I mentioned, we have lots of space here in the middle of the Black Forest, the one thing is good, we have a lot of space. Also we used to have the solar operations, etc.

We still have that space effectively, to speak. Space is not a constraint, machinery is not a constraint, it is people.

There's no sort of capacity limit as such where I would say that is it, this is as much as we can grow. There will be sort of the challenge operationally if we continue to grow very fast would be to train and hire and again maybe use contract workers fast enough to make sure that we can deliver on the quality that we need to deliver.

I would say that is the most challenge, but I don't see we have discussed a third site. I don't think that that's anywhere imminent, though, because again we can grow pretty fast pretty far here on the German site.

Great. Thank you very much.

Thank you very much, everybody.

Thank you very much.