Comet Holding AG slashed its 2025 dividend by two-thirds, proposing CHF 0.50 per share at its AGM, down from CHF 1.50, after free cash flow collapsed 80% to CHF 8.5 million from CHF 41.4 million. Despite modest sales growth (2.6% to CHF 457 million, 7.3% excluding currency), the Swiss semiconductor company faced margin compression, with EBITDA dropping 20.1% to CHF 46.3 million and the margin falling to 10.1% from 13.0%. IXS's x-ray inspection unit saw EBITDA deteriorate to negative CHF 7.5 million, while PCT's plasma control unit margin fell to 15.7% despite rising sales. IXM was the sole outperformer. First-quarter order intake is expected strong, but restructuring measures haven't yet yielded results. Comet forecast 2026 net sales and adjusted EBITDA margin would significantly exceed 2025 levels, though it flagged one-off charges. The semiconductor ramp is clearly visible, though timing remains open.