Long-term targets

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Canatu has set the following long-term financial targets, extending until the end of 2030:

  • 100-150M€ revenue in 2030
  • 25-30% EBIT margin in 2030 (adjusted for goodwill amortization in accordance with the Finnish Accounting Standards)

Canatu expects the relative contribution to 2030 forecasted revenue to be:

  • Semiconductor: large
  • Automotive: medium
  • Medical Diagnostics: small
  • New Business Development: small

Canatu expects the relative revenue growth rate by business in 2030 to be:

  • Semiconductor: medium
  • Automotive: medium
  • Medical Diagnostics: high
  • New Business Development: high

Canatu expects current capital expenditure (CAPEX) levels to be sufficient to reach the long-term financial targets in 2030. Total CAPEX is expected to peak in 2026 at 14-18M€ then return to an annual average level of 5-6M€ thereafter. The peak is primarily due to the investments in the second factory and PELMIS EUV pellicle inspection system, the delivery of which was delayed from 2025 to 2026.

Achieving these targets may require increasing the headcount by on average 10-35 full-time equivalent employees (FTEs) per year, largely depending on the NBD initiatives.

Key assumptions underlying the revenue target

Semiconductor

  • EUV pellicles
    • EUV wafer volumes grow at ~25% annually from 2025 to 2030
    • CNT becomes the dominant material for EUV pellicles by 2030, with at least 50% of EUV wafers processed using CNT pellicles
    • The average lifetime of CNT pellicles reaches 15,000 wafers/pellicle in 2030
    • Canatu is the leading CNT technology provider for EUV pellicles in 2030
    • Canatu’s installed base of CNT100 SEMI reactors is 10-20 in 2030
    • Strong technological advantages continue to support Canatu’s pricing power and further development of its recurring revenue business models
  • Inspection membranes
    • Demand for inspection membranes follows the growth of EUV wafer volumes
    • Canatu maintains strong position in inspection membranes in 2030

Automotive

  • At least one Canatu customer reaches commercial market entry with windshield heater and/or solar cell applications based on Canatu CNT technology by 2030
  • Canatu manufactures and sells ADAS camera heaters for at least one high-volume car model in 2030

Medical Diagnostics

  • Canatu manufactures and sells electrochemical biosensors for at least one point-of-care hormone testing application in 2030

New Business Development

  • First new product in mass production in 2030

These targets replace Canatu’s long-term financial targets that were withdrawn on 3 March 2026. As a general principle, Canatu updates its long‑term financial targets at the next Capital Markets Day.

2026 outlook

Canatu continues to see strong long-term potential in its three business focus areas: Semiconductor, Automotive, and Medical Diagnostics.

In accordance with its disclosure policy, Canatu does not issue any specific numerical guidance for the financial year 2026.

  • In the near term, Canatu sees that there are certain factors which affect the revenue visibility and continue to increase the volatility, in the Semiconductor and Automotive businesses.
  • Canatu has ongoing customer negotiations, the timing and outcome of which remain uncertain.
  • The commercial roll-out of ready CNT pellicles, for example, ultimately depends on Canatu’s customers’ processes and timelines.
  • The timeline for obtaining the second CNT100 SEMI reactor customer approval (SAT) is not fully within Canatu’s control, and the risk of delays cannot therefore be excluded.

Long-term targets

Due to the ongoing strategy update, slower‑than‑expected market transition and recent delays especially in anticipated new customer projects, on 3 March 2026, the Board of Directors has decided to withdraw its previously communicated long-term financial targets of over EUR 100 million revenue and an EBIT margin of over 30%* in 2027.

Canatu monitors its long-term financial targets on a continuous basis and reviews them more comprehensively, at least annually as part of its strategy review process. Canatu will communicate the results of its strategy update before the Capital Markets Day on 26 March 2026.

Key operative targets for 2026

Semiconductor

  • Maintain and strengthen competitive position in CNT reactor technology and inspection membranes
  • Complete the customer approval (Site Acceptance Test, SAT) for the 2nd CNT100 SEMI reactor
  • Sell at least one new CNT100 SEMI reactor during 2026
  • Receive recurring revenue from consumables and royalties on CNT pellicles sold
  • Enable multiple parallel reactor builds

Automotive

  • Start mass production of ADAS camera heaters with a lead customer
  • Complete ongoing joint development programs on CNT conductivity and large‑scale chamber
  • Advance the development of ADAS camera heater concept with an enhanced material configuration in windshield glass
  • Continue developing full windshield heaters and next‑generation solar cells
  • Sell one high-performance CNT100 HPR reactor

Medical Diagnostics

  • Develop one integrated proof-of-concept system and a functional alpha prototype for hormone monitoring
  • Publish scientific papers to build strong proof points

New business development

  • Evaluate 10 new applications and identify the most promising business cases, primarily from the microsystems and electrochemical sensing domains​
  • Sign 1 new development agreement with a credible industrial player