AT&S reports record second-quarter results and fully confirms full-year guidance

AT&S reports record second-quarter results and fully confirms full-year guidance
 

Q2 2026/27

• Currency-adjusted revenue growth of 52% vs. PY to € 682 million
• EBITDA up 152% to € 244 million, 35.8% margin
• EBIT at € 153 million increased nearly tenfold vs. PY
• EPS of € 3.05 for the quarter

H1 2026/27

• Currency-adjusted revenue growth of 46% vs. PY to € 1231 million
• EBITDA up 134% to € 409 million, 33.2% margin
• EBIT at € 226 million vs. € 0 million PY
• EPS of € 3.98

Outlook financial year 2026/27

• Outlook confirmed: currency-adjusted revenue growth of 45–55% and EBITDA margin of 32–37%
• Strong demand environment remains intact across key end markets
• Capacity expansions based on long-term customer agreements fully on schedule

Leoben, November 05, 2026 – “The second quarter marks a milestone in AT&S’s history. We achieved the highest quarterly revenue ever recorded by our company, demonstrating both the strength of our strategy and the trust our customers place in us. During our technology tour in October, we met with all our key U.S. tech customers. These discussions confirmed both the strong demand for our solutions and the significant opportunities ahead. As we continue to execute our growth strategy, we are confident in our ability to deliver profitable growth over the coming years. At the same time, the expansion in Kulim and the upgrades at our other sites are progressing according to plan,” says AT&S CEO Michael Mertin. “When I joined AT&S, I made a clear commitment: we deliver what we promise. The results fully confirm this. But this record is not about numbers alone. It belongs to our employees, whose expertise, dedication and innovative spirit drive AT&S forward every day. Their contribution gives me great confidence that our best years are still ahead of us.”

Second quarter of 2026/27

Consolidated revenue rose to € 682 million (PY: € 447 million), an increase of 52% at constant currency. This marks the highest quarterly revenue in the company’s history. The increase was mainly driven by higher utilization and ramp of new capacities.

EBITDA improved by 134% (+152% at constant currency) to € 244 million. This increase is primarily due to higher volumes, better product mix and an improved pricing environment. The EBITDA margin, at 35.8%, exceeded the prior-year level by nearly 13 percentage points. Depreciation and amortization increased – at a significantly lower rate – by € 6 million to € 93 million (14% of revenue) due to additions to assets and technology upgrades.

EBIT amounted to € 153 million (PY: € 16 million), more than doubling quarter-over-quarter. The EBIT margin was 22.4%. Finance costs remained broadly unchanged at € -24 million.

Net income reached €125 million after a loss of € -8 million in the second quarter of the previous year. Earnings per share increased to € 3.05 (PY: € -0.31).

First half-year 2026/27

In comparison to the prior-year period, consolidated revenue increased by 45% (46% at constant currency) to € 1.2 billion (PY: € 846 million).

EBITDA improved by 134% (156% at constant currency) from € 175 million to € 409 million. The EBITDA margin amounted to 33.2%, significantly exceeding the prior-year level of 20.6%. Depreciation and amortization increased by € 10 million to € 185 million (15% of revenue).

EBIT increased from € 0 million to € 226 million. The EBIT margin amounted to 18.4% (PY: 0%). Finance costs – net improved from € -67 million in the previous year to € -56 million, which was primarily attributable to positive exchange rate effects.

Net profit of € 166 million, (PY: € -63 million) resulted in earnings per share of € 3.98 (PY: € -1.86).

Net CAPEX increased from € 84 million in the previous year to € 111 million. The majority of investments were spent on the plants in Kulim, Leoben and Chongqing. Cash flow from operating activities amounted to € 100 million and decreased compared to the previous year (€ 209 million), especially due to an increase in working capital in line with strong business growth, an increase in safety inventory levels and the reduction of the international factoring program. Operating free cash flow was slightly negative at € -11 million (PY: € 125 million). If the same amount as in the previous year had been factored, operating free cash flow would have been approximately € 120 million.

AT&S redeemed its outstanding 2022 hybrid bond with a nominal amount of € 350 million on October 22, 2026, the first available call date. The redemption follows the successful placement of the 2026 hybrid convertible bond. Through this refinancing transaction, AT&S will significantly reduce its recurring financing costs. The coupon of the new financing instrument is approximately 50% lower than that of the 2022 hybrid bond. As a result, the transaction further strengthens the Company's long-term financing profile.

Total equity and liabilities increased significantly compared to the beginning of the financial year and amounted to € 5,566 million at the end of September 2026, primarily driven by the issued convertible bond and the increase in customer contract liabilities. The equity ratio rose by 1.3 percentage points to 23.9%. This number reflects the reclassification of the 2022 hybrid bond from equity to debt as of September 30, 2026. Taking into account the subsequent repayment of the hybrid bond, the equity ratio would have been 25.5%.

Cash and cash equivalents increased to € 827 million (March 31, 2026: € 738 million). Unused credit lines totaled € 91 million. The net debt/EBITDA ratio of the last twelve months improved from 3.2 (as of March 31, 2026) to 2.0. This is due to a significant increase in EBITDA with constant net debt.

Expansion in Kulim

In June, AT&S announced the expansion of its production site in Kulim, based on agreements with its customer AMD and another leading technology company. Building on the successful ramp-up of Plant 1, the expansion includes the fit-out of the existing structure of Plant 2 and the construction of a new manufacturing facility for IC substrate cores and advanced PCBs. Supported by these long-term customer commitments, the planned investments of €1.5 to 2.0 billion will provide additional capacity to meet growing demand for advanced IC substrates and packaging.

Subsequently, in September, AT&S announced an expanded collaboration with Marvell Technology to further increase advanced IC substrate capacity for next-generation AI and cloud infrastructure. The agreement builds on the companies’ existing relationship and supports Marvell Technology’s growing demand for advanced substrates as AI deployments continue to scale.

Outlook 2026/27

As mentioned above, AT&S is currently expanding its capacity in the Microelectronics business unit and expects this to have a positive impact on revenue and earnings already in the current fiscal year. At the locations of the Electronics Solutions business unit, the company is also currently investing as planned, together with its customers, in new products and technologies that will increasingly contribute to revenue starting in the second half of the year. The focus here is on power electronics for AI systems, optical transceivers, and complex PCBs for advanced testing.

Based on this, AT&S confirms the outlook for the financial year 2026/27 with constant-currency revenue growth of 45 to 55% compared to the previous year. The expected EBITDA margin of 32 to 37% means another significant increase in profitability. The management plans CAPEX of roughly € 1.0 to 1.2 billion for 2026/27 and positive operating free cash flow.

The forecast does not include a significant deterioration of the geopolitical situation and of the currently tight supply situation for certain materials. The management continues to monitor the developments very carefully in order to be able to respond to changes at any time.

AT&S Austria Technologie & Systemtechnik Aktiengesellschaft – Advanced Technologies & Solutions

AT&S is a global technology company and leading manufacturer of high-end IC substrates and complex printed circuit boards. AT&S develops and produces leading-edge interconnect technologies for key digital industries: AI infrastructure, high-performance computing, mobile devices, automotive, aerospace, industrial and medical technology. With production sites in Austria (Leoben, Fehring), China (Shanghai, Chongqing), Malaysia (Kulim), India (Nanjangud) and a European competence center for R&D and IC substrate production in Leoben, AT&S is actively shaping the digital transformation – through forward-looking investments in research and development and the responsible use of resources. The company currently employs around 15,000 people. Further information can be found at www.ats.net

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