EQS-News: AT&S records positive net profit again in the third quarter
EQS-News: AT&S records positive net profit again in the third quarter
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
Quarterly / Interim Statement
AT&S records positive net profit again in the third quarter
03.02.2026 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AT&S records positive net profit again in the third quarter
• Revenue increases to € 1.3 billion in the first three quarters of
2025/26, up 10% on 2024/25
• EBITDA of € 297 million corresponds to a margin of 22.6%
• Plants in Kulim and Leoben are developing as planned and contribute to
revenue as expected
• Exchange rate developments influence revenue, earnings and equity
• Outlook for financial years 2025/26 and 2026/27 confirmed
Leoben – “The third quarter has impressively shown that we are on the
right track operationally,” says AT&S CEO Michael Mertin. “On the one
hand, our consistently implemented efficiency program is taking effect; on
the other hand, the market environment for the technology industry has
improved. And finally, our plants in Kulim, Malaysia, and Leoben, Austria,
are contributing to revenue so that we recorded positive EBIT again.
Against this backdrop, we are convinced that we will achieve our annual
targets in full. The investments of the past years are beginning to bear
fruit, creating a solid basis for generating sustainable value from the
current market recovery.”
Third quarter of 2025/26
In the third quarter of 2025/26, the new plants in Kulim and Leoben
contributed noticeably to growth and AT&S increased consolidated revenue
by 18% year-on-year – adjusted for currency effects by 27%. Thanks to the
extensive cost optimization and efficiency program and a better pricing
environment, EBITDA rose by 64% – adjusted for currency effects by 105%.
AT&S recorded a positive net profit for the period of € 24 million (PY:
€ -33 million), leading to earnings per share of € 0.51 (PY: € -0.95) and,
together with currency effects, to an increase in the equity ratio by
1.6 percentage points to 20.8% compared to the half-year figure as of
September 30, 2025.
Nine months 2025/26
In comparison to the prior-year period, consolidated revenue increased by
10% to € 1.3 billion in the first three quarters of 2025/26 (PY: € 1.2
billion). Adjusted for currency effects, consolidated revenue even rose by
16 %. Due to a positive volume development, AT&S was able to successfully
counter negative exchange rate effects during the reporting period.
EBITDA improved by 28% from € 232 million to € 297 million ‒ adjusted for
currency effects, the increase amounted to 46%. The earnings improvement
is primarily due to higher volumes, the comprehensive cost optimization
and efficiency program and a better pricing environment. The EBITDA margin
amounted to 22.6%, significantly exceeding the prior-year level of 19.4%.
Depreciation and amortization increased by € 30 million to € 263 million
(20% of revenue) due to additions to assets and technology upgrades.
EBIT increased from € -1 million to € 34 million despite considerable
negative currency effects. The EBIT margin amounted to 2.6% (PY: -0.1%).
Finance costs – net declined from € -65 million in the previous year to
€ -80 million, which was primarily attributable to negative exchange rate
effects. At € -39 million, the net loss for the period was notably
diminished (PY: € -95 million), leading to an improvement in earnings per
share by € 1.44 from € -2.79 to € -1.35.
Cash flow from operating activities amounted to € 332 million, exceeding
the prior-year figure by € 361 million. This was primarily driven by
resuming the international factoring program, which was reorganized, and
an improvement in trade and other payables. Operating free cash flow was
clearly positive at € 223 million, improving by approximately
€ 580 million compared to the prior-year period.
KEYFIGURES
€ in millions (unless otherwise stated)
Q3 Q3 Change Q1-Q3 Q1-Q3 Change
2025/26 2024/25 in % 2025/26 2024/25 in %
Revenue 467.7 396.8 17.9% 1,314.0 1,196.7 9.8%
EBITDA 122.1 74.5 63.8% 296.8 231.7 28.1%
EBITDA margin 26.1% 18.8% – 22.6% 19.4% –
(in %)
EBIT 33.9 (8.2) >100% 34.0 (1.4) >100%
EBIT margin 7.3% (2.1%) – 2.6% (0.1%) –
(in %)
Profit for the 24.2 (32.6) >100% (39.3) (95.3) 58.8%
period
ROCE in %) n.a. n.a. – 2.2% (1.6%) –
Net CAPEX (30.7) (161.6) 81.0% (108.4) (327.5) 66.9%
Cash flow from
operating 122.3 61.2 99.8% 331.8 (29.4) >100%
activities
Earnings per 0.51 (0.95) >100% (1.35) (2.79) 51.6%
shares (in €)
Employees 13,001 13,428 (3.2%) 13,064 13,402 (2.5%)
(Number)^1
^1 Incl. contract staff, average. As of December 31, 2025: 13.600
Total assets, at € 4,613 million at the end of December 2025, remained
virtually unchanged compared to the beginning of the financial year, but
recorded a significant increase in liquid funds. The equity ratio
decreased by 2.4 percentage points to 20.8% due to negative exchange rate
effects in other comprehensive income (OCI) and the loss for the period.
Cash and cash equivalents increased to € 843 million (March 31, 2025:
€ 485 million). Unused credit lines totaled € 43 million. The net
debt/EBITDA ratio of the last twelve months declined from 2.5 (as of
March 31, 2025) to 2.0.
New Management Board structure
With effect from February 1, 2026, CFO Gerrit Steen joined the company. At
the same time, the Management Board was reduced to three members – Michael
Mertin, CEO and Chairman of the Management Board, Peter Griehsnig, CTO,
and Gerrit Steen, CFO.
Cost optimization and efficiency
Cost reduction measures are further intensified in the financial year
2025/26. All investments are subject to thorough review. After reducing
the cost base by € 120 million in the previous year, it will now be
sustainably decreased by at least another € 160 million, therefore
exceeding the original target of € 130 million. The goal is to compensate
for the effects of the ongoing challenging market environment and for the
start-up costs of the additional production lines in Kulim.
Expected market environment
Geopolitical uncertainties caused some companies to reduce inventory
levels or place orders early. Overall, these effects had no impact on the
general market situation, which improved compared with the previous
quarter.
The data center and server segment continues to be the driver: Here,
demand continues to be stable. Demand is particularly strong for high-end
products developed for artificial intelligence. There is an ongoing trend
towards high-end IC substrates in this area, from which AT&S will continue
to benefit.
Despite continuing geopolitical tensions, demand developed positively in
most other markets. Notebooks show a positive picture, which is in part
attributable to the progress made in artificial intelligence and renewal
cycles, but also to a shift in seasonality for fear of potential tariffs.
Likewise, the smartphone market is strong.
In the industrial and automotive segments, only moderate growth is
expected for 2025, one of the reasons being inventories that have not been
fully reduced yet. The situation is particularly challenging in the area
of e-mobility, where the currently low demand is weakening the market
environment. Moreover, tariffs as well as political and legal obstacles in
the USA and the EU are causing additional burdens.
Outlook 2025/26
AT&S expects to generate annual revenue of approximately € 1.7 billion in
the financial year 2025/26 (2024/25: € 1,590 million), which – adjusted
for currency effects and the sold plant in Ansan – corresponds to
operational growth of approximately 20% compared to the previous year. The
expected EBITDA margin of approximately 23% will still reflect the
start-up costs of the additional lines in Kulim (2024/25 incl. proceeds
from the sale of the plant in Ansan, Korea: 38.1%; adjusted for the
proceeds: 17.7%). The management plans CAPEX of roughly € 200 million
(2024/25: € 415 million). The majority of these investments will be used
for expanding the IC substrate production at the new plant in Kulim. AT&S
expects EBIT and free cash flow from operating activities to be positive.
Outlook 2026/27
AT&S anticipates continuing strong and growing demand for products with
high added value, especially for generative artificial intelligence. But
the established markets such as servers for companies, PCs & notebooks
have also recovered. Moreover, AT&S has decided to increasingly serve the
defense sector. In the future, the company will work even more closely
with its customers to ensure that production increases can be reliably
implemented. At the same time, this close cooperation will enable a
structured introduction of new products and contribute to strengthening
joint development activities in the long term. Against this positive
market backdrop, AT&S currently assumes that revenue of approximately
€ 2.1 to € 2.4 billion will be generated in the financial year 2026/27 and
expects an EBITDA margin of 24 to 28%.
AT&S generates more than three quarters of its revenue with US companies,
and the majority of its revenues in US dollars. Production costs are
largely incurred in Asian currencies, while the reporting currency is the
euro. Since the publication of the forecast for 2026/27 in December 2024,
the US dollar has fallen against the euro, from 1.07 US dollars per euro
to approx. 1.17 US dollars per euro, which corresponds to a decline by
roughly 10%. As a result, the management’s revenue expectations shifted
from the upper to the lower end of the expected revenue range. Further
changes in exchange rates – positive or negative – would have an impact on
the revenue forecast.
In addition to these general market dynamics, raw material shortages could
pose a challenge. Fiberglass mats – in particular E-glass and the
technically more sophisticated T-glass – are essential components in the
structure of PCBs and IC substrates. T-glass is indispensable for
large-format and complex IC substrates. Last year, there were already
indications of potential supply chain bottlenecks in the market, in
particular due to the dependence on one central supplier. AT&S responded
early and qualified additional suppliers together with its customers in
order to increase supply security. Some of these new partners are in the
process of building their production capacities and are currently not yet
able to supply the full quantities required. Therefore, there is a certain
risk that AT&S, as well as competitors, may not be able to fully meet all
customer requirements, which were recently revised upwards, in the second
half of the financial year 2026/27. While such a shortage would limit the
production volume, it could have a positive effect on IC substrate prices.
The forecast does not include a potential escalation of the currently
smoldering trade dispute, a significant shortage of fiberglass mats or a
further devaluation of the US dollar. The management monitors the
currently tense geopolitical situation very carefully in order to be able
to respond to developments at any time and to make strategic adaptations.
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft – Advanced
Technologies & Solutions
AT&S is a leading global manufacturer of high-end IC substrates and
printed circuit boards. AT&S develops and produces leading-edge
interconnect technologies for key digital industries: mobile devices,
automotive & aerospace, industrial, medical and high-performance computing
for AI applications. 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 13,000
people. Further information can also be found at [1] www.ats.net
Media download:
In the AT&S media portal [2] https://ats.canto.de/v/press you will find
continuously updated picture material on AT&S.
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03.02.2026 CET/CEST This Corporate News was distributed by [3]EQS Group
View original content: [4]EQS News
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Language: English
Company: AT&S Austria Technologie & Systemtechnik AG
Fabriksgasse 13
8700 Leoben
Austria
Phone: +43 (1) 3842200-0
E-mail: ir@ats.net
Internet: www.ats.net
ISIN: AT0000969985, AT0000A09S02
WKN: 922230
Indices: ATX
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt,
Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX; Vienna
Stock Exchange (Official Market)
EQS News ID: 2270092
End of News EQS News Service
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