LPKF Laser & Electronics SE

XMUN:LPK

Weak first half: LPKF said H1 2026 was challenging, with revenue of EUR 36.5 million and adjusted EBIT of minus EUR 10.4 million, mainly because Solar was very weak and Welding was still in transition.

Advanced packaging: Management said the biggest strategic story is glass-based advanced packaging, where LPKF now sees a much larger market opportunity than it modeled a year ago and expects first ramp-up orders to start coming through.

North Star: The North Star restructuring is on track, with the first wave completed and a second wave underway to reduce fixed costs and improve flexibility while preserving innovation.

Outlook held: Despite the soft first half, management confirmed full-year 2026 guidance and said the company still expects a stronger second half, including at least one Solar order from Asia.

Cash and balance sheet: Free cash flow was minus EUR 11.5 million, but management said the company is financed through 2028; they added that additional capital could be considered if the ramp-up is steeper than planned.

Analyst focus: Questions centered on the timing of LIDE ramp-up orders, the size of the advanced packaging opportunity, and whether LPKF may need more capacity or capital as the market develops.