슈미드 그룹(SHMD) 2026년 2분기 실적발표회: 수주 가속화, 마진 가이던스 하향

핵심 요약

• 슈미드 그룹(SCHMID Group)은 연초의 예상보다 저조한 실적 이후, 2026년 2분기 매출이 1분기의 1,820만 유로에서 증가한 2,780만 유로를 기록했다고 발표했습니다.
• 2026년 상반기 장비 매출은 전년 동기의 1,070만 유로에서 3,940만 유로로 증가했으며, 예비 부품 및 서비스 매출은 590만 유로에서 640만 유로로 늘었습니다.
• 매출총이익률은 규모의 경제 미흡과 수익성이 낮은 중국 생산 비중 확대로 인해 21.2%에 머물렀습니다. 경영진은 하반기에 지역별 생산 비중이 독일 중심으로 전환될 것으로 예상하고 있습니다.
• 플립칩 BGA 기판 및 AI 서버 기판 설비 투자에 힘입어 3분기 수주액은 5,230만 유로, 연초 대비 누적 수주액은 9,660만 유로를 달성했습니다. 수주 잔고는 역대 최고치인 8,900만 유로를 기록했습니다.
• 연간 매출 전망치는 최소 1억 유로로 유지되었으나, 조정 EBITDA 마진 전망치는 기존 12% 이상에서 6%~9%로 하향 조정되었습니다. 경영진은 연간 수주액이 1억 2,500만~1억 5,000만 유로 범위의 상단에 도달할 것으로 기대하고 있습니다.
• 슈미드는 3,075만 유로 규모의 부채-주식 스왑(출자전환)을 거쳐 부채를 5,300만 유로에서 약 2,300만 유로로 줄였습니다. 회사는 향후 6개월 동안 새로운 지분 조달이 필요하지 않을 것으로 예상한다고 밝혔습니다.

주요 재무 데이터

사업 및 영업 실적

슈미드는 700x700mm 패널 레벨 패키징용 초도 InfinityLine H+ 시스템 중 하나를 미국 고객사에 인도했습니다. 경영진은 더 큰 패키지 및 글래스 코어 기판을 필요로 하는 응용 분야를 포함하여, 패널 레벨 패키징 수요가 갈수록 성능 중심으로 이동하고 있다고 밝혔습니다.

최근 수주는 신규 플립칩 BGA 기판 공장 설립과 지속적인 AI 서버 기판 설비 투자에 의해 뒷받침되었습니다. 경영진은 2026년 남은 기간 수주에 기여할 것으로 예상되는 대부분의 프로젝트가 이미 협상 진행 중이며, 최근 수수한 건들 중 다수는 2027년 실적으로 이월될 것이라고 말했습니다.

회사는 광둥성 중산시에 위치한 임차 생산 공장 2곳을 자체 소유의 캠퍼스 1곳으로 통합하고 있습니다. 1,100만 유로 규모의 이 프로젝트는 중국 실효 생산 능력을 2배로 확충하고 2027년 4분기까지 가동에 들어갈 것으로 예상됩니다. 경영진은 매출 창출 능력이 기존 사업장의 약 5,000만 유로에서 신규 시설의 약 1억 유로로 증가할 수 있을 것으로 추산했습니다.

슈미드의 말레이시아 공장은 가동 중이며 증가하는 지역 고객 수요에 대응하기 위해 확장하고 있습니다. 독일의 경우 경영진은 건물과 기계 설비 용량이 충분하다고 보고 있으나, 인력 채용, 교육 및 유지관리를 주된 제약 요인으로 짚었습니다.

스프린트 1(Sprint 1) 비용 절감 프로그램을 통해 독일의 간접 부문에서 14개 이상의 전일제 정규직(FTE) 인력을 감축했으며 연간 약 400만 유로의 인건비를 절감했습니다. 구조조정 비용은 총 약 70만 유로로 예상되며, 이 중 약 40만 유로가 상반기에 인식되었습니다.

스프린트 2(Sprint 2)는 구매 비용의 최소 5% 절감을 목표로 합니다. 경영진은 이러한 절감액의 대부분이 연말까지 달성될 것으로 예상하지만, 부품 재설계 이니셔티브는 2027년에 주로 기여할 가능성이 높습니다.

경영진 가이던스

매출 전망은 기존대로 유지되었습니다. 다만 부진했던 1분기 실적, 매출 규모 축소 및 매출총이익률 압박을 반영하여 조정 EBITDA 마진 가이던스는 기존 목표치인 12% 이상에서 하향 조정되었습니다.

경영진은 2026년 하반기 영업활동이 더욱 강화될 것으로 예상하고 있으며, 현재의 수주 모멘텀이 유망한 2027년을 뒷받침한다고 밝혔습니다. 이러한 전망은 수주 이행, 생산 비중, 구매 절감 및 인력 역량의 확장 가능 여부에 달려 있습니다.

리스크 및 주시해야 할 항목

• 6월 말 기준 운전자본은 2025년 12월 마이너스(-) 운전자본을 기록했던 것과 달리 지난 12개월 매출액의 약 14%에 달했습니다. 경영진의 중기 목표는 이를 약 10% 이하로 줄이는 것입니다.
• 회사는 현재 유럽 고객의 선수금 수취에 필요한 특정 보증을 확보하지 못해 선수금 수령이 제한되고 운전자본 수요가 증가하고 있습니다.
• 중국의 기존 시설은 2027년 4분기에 신규 중산 캠퍼스가 가동될 때까지 건물 용량 제약에 직면해 있습니다.
• 독일에서의 급격한 성장은 숙련 노동자 및 계약직 인력의 확보, 교육 및 유지 능력에 의해 제한될 수 있습니다.
• 글래스 코어 기판의 도입은 여전히 고객사의 품질 승인(Qualification)에 달려 있습니다. 경영진은 유리가공 관통홀(Through-Glass-Via, TGV) 도금을 핵심 기술 병목 요인으로 꼽았습니다.
• 중국에서의 생산은 현재 마진이 다소 낮지만, 경영진은 하반기에 독일 생산의 기여도가 높아질 것으로 예상하고 있습니다.

애널리스트 Q&A 주요 내용

경영진은 슈미드가 전환사채 자금 조달 및 부채의 주식 전환(출자전환)을 마쳐 현재 자금 사정이 양호하다고 밝혔습니다. 운전자본과 신규 공장을 위해 중국에서 차입금을 활용할 수는 있으나 향후 6개월간 신규 지분 자금 조달 필요성은 예상하지 않고 있습니다. 신규 중국 차입금의 예상 평균 조달 금리는 약 2.7%입니다.

마진 측면에서 경영진은 영업 레버리지와 제품 믹스 개선 모두로부터 마진 상승을 기대하고 있습니다. 반도체 고객사는 일반적으로 더 높은 수준의 서비스를 요구하지만 더 높은 가격을 지불하므로, 패널 레벨 패키징 및 기타 신제품의 공헌 이익률을 높여줍니다.

글래스 코어 기판과 관련하여, 슈미드는 인텔(Intel), 엔비디아(NVIDIA), AMD 공급망 전반의 주요 참여사들과 협력하고 있다고 밝혔습니다. 투자자들은 양산 체제로의 전환 지표로서 고객 승인 진행 상황과 유리가공 관통홀(TGV) 도금 기술의 진척도를 주시해야 합니다.

경영진은 또한 매출이 현재 연간 기준 매출액(run rate)보다 약 20% 늘어나면 신규 중국 시설의 단위당 경제성(unit economics)이 개선될 것이라고 밝혔습니다. 두 공장을 통합하면 내부 운송 비효율성이 제거되고 향후 임대료 인상 위험에 대한 노출도 줄어듭니다.

실적 발표 전화회의(Earnings Call) 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Ladies and gentlemen, we warmly welcome you to the H1 2026 Results Conference Call and Webcast of the SCHMID Group. I'm pleased to welcome the CFO, Arthur Schuetz, and CSO, Roland Rettenmaier, who will guide us through the presentation shortly, after which we will move on to a Q&A session.

Before we begin, I'd like to remind everyone that today's discussion will contain forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Please refer to our filings with the U.S. Securities and Exchange Commission, including our annual report on Form 20-F, for a discussion of these risks and uncertainties. We undertake no obligation to update any forward-looking statements, except as required by law. In addition, today's discussion may include certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP measures can be found in our earnings materials and filings. And with that, I'm handing over to you, Arthur.

Arthur Schuetz

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 6 months of significant transformation. We've prepared the balance sheet. Our cost program has been executed, and we're seeing real momentum in order intake. Let me walk through the 4 numbers that tell the story. EUR 33 million of new net capital was raised through our convertible and SEPA, EUR 31 million of debt was reduced through a debt-to-equity step-up announced in May, EUR 4 million of fixed costs were taken out through our Sprint program and EUR 52 million of orders we saw in the last 8 weeks.

2026 remains a 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. First of all, this -- the Q1 was a slow start. It tends to be seasonally weak, but it was weaker than expected. We've seen EUR 18.2 million revenues in Q1, which increased to EUR 27.8 million revenues in Q2.

Out of this, equipment revenues was EUR 10.7 million in the first 6 months last year, which was a very weak half year, to EUR 39.4 million in H1 2026. Spare parts and services increased their revenues from EUR 5.9 million to EUR 6.4 million year-on-year. Our gross profit margin of 21.2% was lower than expected.

This is partially just the lower scale and 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 EUR 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 EUR 1.7 million foreign exchange losses. This was EUR 6.3 million gains in the first half of '25. The financial results losses reflect the accounting treatment of the XJ Harbour liability, which we converted into shares in January, and to a lesser extent, also the fair value movement of the company's warrants. It also includes for your information, about EUR 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. So the adjustments include about EUR 420,000 of Sprint restructuring costs. Share-based compensation reflects 2026 and 2027 C-level rewards 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 2 20-F filings this year -- this half year. We are still under the NASDAQ monitoring period, which means higher filing requirements until February 2027. We also had some costs that came with the debt-to-equity conversion.

Let me now talk about our Sprint program. So we concluded Sprint 1. We reduced headcount for full-time equivalents of more than 14 in our German overhead functions. Most of those departures will happen in Q3. We had -- or we will have about restructuring costs, about EUR 700,000, of which, as I mentioned, EUR 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 EUR 4 million of expenses, savings in labor costs. And 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 redesigned 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 to cash flow and working capital. We had EUR 29.3 million of operating cash outflow in H1, which was mostly the EUR 26 million of investments in our working capital. As you can see, we had negative working capital in December of last year, and we're 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 EUR 800,000 on the CapEx. We're typically running at EUR 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 around EUR 11 million, and this is land plus building. It's not so much the machineries that we effectively have already. And as I mentioned before, we raised about EUR 33 million to the convertible and the standby.

That leads me to the balance sheet. We did a EUR 30.75 million debt-to-equity swap announced in May. This meant the total debt has been reduced from EUR 53 million to about EUR 23 million, which we believe is a sustainable level and also means that we actually now have some debt capacity and can fund some of our growth in debt rather than equity. Additionally, obviously, we have -- this -- have a convertible. The Black Forest convertible of EUR 2.5 million that matures in March. Of the $30 million convertible issued in January, $11 million remaining and 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 nonrecourse to Germany subsidiary or to our Topco.

So that means, for example, the Chinese factory can be financed on a nonrecourse project base of debt. We can also raise additional working capital or bank loans up to the EUR 20 million level. The average cost of funding for our Chinese debt, the new debt will be around 2.7%. So 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 operational update and talk about our order intake situation.

Roland Rettenmaier

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 700x700-millimeter panel level packaging to a U.S.-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 2 locations to 1 bigger SCHMID owned manufacturing campus in Zhongshan, Guangdong province, which is the same province as today. And with this, we are consolidating our current operation and will double our production capacity in China.

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

Our order intake is accelerating. In our investor call in May, I have stated that Q1 was rather slow due to new factory planning flip chip BGA substrate customer and 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 these flip chip BGA substrate and continuing AI server board capacity investments, we already achieved EUR 52.3 million order intake in Q3 and are totaling out to EUR 96.6 million order intake year-to-date.

These high-end equipment orders also balanced 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 EUR 125 million to EUR 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.

Arthur Schuetz

Thank you, Roland. So looking at our new guidance, the revenue guidance remains unchanged. For the full year, we expect at least EUR 100 million revenues for the -- 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% on margin, EBITDA margin -- adjusted EBITDA margin for the full year. And then order intake, as Roland just mentioned, within the EUR 125 million to EUR 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.

Operator

[Operator Instructions]

And I have a risen hand from Sebastien Naji from William Blair.

질의응답

Sebastien Cyrus Naji

Great. Well, 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. So you talked about, kind of, the upper half of this EUR 125 million to EUR 150 million range. You already have nearly EUR 97 million through mid-August. So 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 identify projects already in negotiation versus just broader pipeline?

Roland Rettenmaier

Thank you for your question, Sebastien. I think mostly -- I know that most of the projects are mostly the order intake projected for the rest of the year is already in negotiation. So this project is already in negotiation.

Arthur Schuetz

And maybe to clarify. So 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 received recently in the next few months really goes into 2027.

Sebastien Cyrus Naji

Got it. Okay. That's helpful. And then just on the financing. Following this $20 million convertible, do you believe your balance sheet, 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?

Arthur Schuetz

Yes. So we're pretty well financed at the moment. And yes, we look at customer payments. For the next 6 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. So for example, working capital requirements that we may have in China, whereas some of the payment terms, especially on the receivables side, are pretty long. We can finance with debt in China and also indirectly effectively finance the German business, so we don't see any financing requirements other than some of the debt in the next 6 months.

Sebastien Cyrus Naji

Okay. Okay. Great. And maybe just on the topic of the China capacity that you are buying. I guess what kind of revenue level can this enlarged footprint support and does moving from rented to own capacity improve your unit economics at all?

Arthur Schuetz

So basically, at the moment, we have 2 facilities, both rented, which are a few kilometers apart. So there's an inherent inefficiency as we have to ship stuff between the 2 facilities. The new facility is not quite double as big, but the increased efficiency, we think that the real capacity -- effective capacity, let's say, is double. And roughly speaking, we can do about EUR 50 million of revenues in the old 2 factories. And the new factory, we can do about EUR 100 million revenues. So it's a significant increase. We think that if we -- as long as we can increase the current, let's say, run rate, we're effectively running at EUR 50 million in China, certainly in the second half and the first half of next year. It's all pretty much booked out. We -- as long as we increase -- can increase that by something like 20%, the unit economics are starting to look better than the current plant. So -- and obviously, with the current rental facilities, we always had a risk of rent increase, while with the owned facility, we have basically next 50 years, we're going to pay for this.

Sebastien Cyrus Naji

Got it. Okay. And 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. And 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?

Roland Rettenmaier

Well, the technical bottleneck is, for sure, the metallization of the TGVs. This is something we have also a very strong solution for. But then, of course, the customer qualification is another thing you want to watch for.

Operator

We have another risen hand by David Williams from Needham.

David Williams

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 8 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. When do you attribute that -- the recent demand from?

Roland Rettenmaier

Well, we have seen -- in the first quarter, we've recognized -- or let's put it that way, in the last quarter of 2025, we have recognized the shortage in IC substrates. This is what I mentioned with flip chip BGA substrates. And in the first quarter of 2026, the big substrate manufacturer were making plans to stop and stop the incremental investments and made plans for stage investment through new factories. And 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 up being equipped with new equipment. And this is what we started to recognize in the late Q2 and already in Q3.

David Williams

Great. And 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? And maybe what are the constraints to outperforming the guidance range?

Arthur Schuetz

Yes. So it's quite a different situation in Germany than in China. In China, we do have a building capacity restraint that resolve in Q4 next year. We have been hiring, I think, in March, April, we hired than -- 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. We -- obviously, labor is always the bigger capacity constraints.

By the way, there's no machinery, so you find little very little machinery in manufacturing, that's never constrained. Labor will be the main constraint in Germany. And what we are targeting to do for probably next year when we anticipate to have some capacity on the labor side is to hire effectively contract workers to supplement our labor here in Germany. That's the main constraint, I would say, and obviously training them and then retaining is, sort of, the main challenge.

Operator

We have another risen hand by Mrs. Katherine Thompson from Edison Group.

Katherine Thompson

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?

Roland Rettenmaier

Well, glass is solving a lot of -- 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, putting an eye on glass core substrates as it's but in terms of its flatness, it's smoothness in terms of diverse constants like dielectric constants and signal integrity. So we are engaged with most of or the major of the supply chain player, and we are supporting them with our technology and equipment to make glass core substrates real.

Katherine Thompson

Okay. And I think the question for Arthur. I just wanted to understand a little bit more detail on building the new Chinese manufacturing facility. So I think you said the cost of that will be EUR 11 million. Are you able to just give me a sense of over what timeframe you expect to spend that money?

Arthur Schuetz

Yes. So effectively, we're now finalizing plans with the architects. We actually haven't actually purchased the land, although that's all agreed and signed up. But I think in about a month or two, we would expect to start construction. And effectively, we -- it's a typical construction loan that ramps up with the building, but I -- from all I know, it's roughly in equal amounts, I would say, from September, October this year for about 12 months.

Operator

We have another risen hand by Mr. Andrew McGrath from Linden Advisors.

Andrew McGrath

I think it's come up a few times, but as you see architectural shifts and panel level packaging emerge, where do you see the opportunity specifically for you and kind of any product shifts? There's 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.

Roland Rettenmaier

Well, 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 a cost reason to save costs on a larger substrate. Nowadays, we recognize panel-level packaging is used for performance reasons, like glass core substrates like the 310x310, which you currently see in Taiwan and larger kind of panel for getting the performance of a larger package. So currently, it's done for the package size and not so much for cost reason. So this is what we see in the market and what we support in the market.

Andrew McGrath

And I guess on the back, again, kind of order intake, how does the gross margin of that product mix compared to the first half and historical.

Roland Rettenmaier

Well, 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 are used to pay for this. So this will affect our gross margin in a positive way.

Andrew McGrath

Got it. And 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. Any -- it sounded like you expect working capital to stay flat, if not be a cash benefit. Any added color you can provide to the cash management component?

Arthur Schuetz

Yes. I mean maybe if you look at the working capital items, the cash advances are -- haven't increased as much as we would have thought. We do require guarantees in Europe, something that we, at the moment, cannot get. And I think this will change over the next 9 months, maybe that is fall, maybe spring. So there 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 is a little bit, I would say. Other than that, in general, what you see is that China, both the receivables are made, but also the payments are made.

So the whole working capital gets expanded, the more business we do in China, but that -- it's actually not that dissimilar from Europe. And then of course, some of these items are lumpy. You know, these are some lumpier contracts. And there, it really can depend on the exact quarter. But 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 or cash 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 and also only recently, and that will also help the working capital to get to more normal level, I would say. So it's a little bit higher than what I would have expected in the normalized situation.

Operator

We have one more risen hand by Ms. [indiscernible].

Unknown Analyst

So I wonder if you can talk a little bit, I mean, I guess you hinted at it, the margins on the backlog or just approximately like give us a sense. And the -- is this more of like 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.

Arthur Schuetz

Yes. I mean, obviously, we do have a certain amount of fixed costs, R&D and actually, our listing costs are not insignificant. And as a fixed cost block, which at the current revenue level is pretty significant. So there's definitely a huge scale benefit as I also hinted at -- we -- some of the newer products and depending on the customer, we have the big margin differences in terms of contribution margin. So I think we will see both. Clearly, the order intake that we're seeing now mostly flows into '27. And if you look at the order backlog, EUR 89 million, that's pretty much a record. So there will be big scale benefits, but also the new products, the more we can sell the new product, the higher will be the contribution margin. So it's hard to say what's more important, but it's both going to be quite critical for the improving margins.

Unknown Analyst

And 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 like 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?

Arthur Schuetz

Yes. So as I mentioned, we have lots of space here in -- we're in the middle of the Black Forest. So one thing is good. We have a lot of space. Also we used to have the solar operations, et cetera, and we still have that space effectively so to speak. So space is not a constraint. Machinery is not a constraint, it is people. And there's no, sort of, capacity limit as such as, I would say, that is [indiscernible] as much as we can grow. But there will be, sort of, the challenge operationally if we grow -- continue to grow very fast, we need 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 it's not -- I don't see -- we have discussed a third site. I don't think that's anywhere imminent because again, we can grow pretty fast, pretty far here on the German side.

Operator

We have not received any risen hands nor do we have any questions in our chat box. Therefore, I would say, we come to the end of today's earnings call. Thank you very much for your participation and your interest in SCHMID Group. If you have any further questions at a later time, please feel free to contact Investor Relations. A big thank you also to you, Arthur, and Roland, for your presentation and the time you took to answer all those questions. I wish you all the success today. Thank you, and bye-bye.

Arthur Schuetz

Thank you very much, everybody.

Roland Rettenmaier

Thank you very much.