EQS-News: AT&S delivers a strong first quarter and reaffirms full-year guidance
EQS-News: AT&S delivers a strong first quarter and reaffirms full-year guidance
EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
Quarterly / Interim Statement
AT&S delivers a strong first quarter and reaffirms full-year guidance
04.08.2026 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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AT&S delivers a strong first quarter and reaffirms full-year guidance
Q1 2026/27
• Currency-adjusted revenue growth of 40%
• EBITDA up 134% to € 165 million, 30.1% margin
• At € 73 million, EBIT exceeds the figure for the entire previous
financial year
• EPS of € 0.93 vs. €-1.55 in the previous year
• Hybrid convertible bond of € 400 million successfully placed
Outlook financial year 2026/27
• Increased outlook confirmed: currency-adjusted revenue growth of
45–55% and EBITDA margin of 32–37%
• Strong market demand continues
• Capacity expansions based on long-term customer agreements fully on
schedule
Leoben – “We had a very successful start to the new financial year. Unlike
previous years, all key performance indicators are positive and underscore
the strength of our strategy,” says AT&S CEO Michael Mertin. “We are
benefiting from continued strong demand in our core markets and – like all
our customers – see significant growth potential in the coming years. The
expansion of our sites in China and Malaysia, which is supported by
customer agreements, as well as the expansion in Austria are clear signs
of the trust that our customers place in AT&S. This is why they are
joining us in our commitment to expanding our production capacity –
because we have a broad range of technological expertise and therefore
optimally demonstrate openness to technology going forward.”
First quarter of 2026/27
Consolidated revenue rose to € 549 million in the first quarter of 2026/27
(PY: € 399 million), which corresponds to an increase by 40% adjusted for
currency effects. The sharp increase was driven in particular by positive
volume and pricing effects, which more than offset negative exchange rate
effects.
EBITDA improved by roughly 134% to € 165 million – adjusted for currency
effects the increase amounted to 163%. The increase in earnings is
primarily due to higher volumes, the comprehensive cost optimization and
efficiency program and a better pricing environment. The EBITDA margin, at
30.1%, exceeded the prior-year level by more than 12 percentage points.
Depreciation and amortization increased – at a significantly lower rate –
by € 5 million to € 92 million (17% of revenue) due to additions to assets
and technology upgrades.
EBIT amounted to € 73 million (PY: € -16 million) and thus exceeded the
cumulative figure of € 66 million in the financial year 2025/26 despite
negative currency effects. The EBIT margin was 13.4%. Finance costs – net
improved from
€ -44 million in the first quarter of the previous year to € -32 million,
most notably due to currency effects. After a loss of € -56 million in the
first quarter of the previous year, the profit for the period was clearly
positive at € 41 million in the first quarter of 2026/27, leading to an
improvement in earnings per share to € 0.93 (PY: € -1.55).
Net CAPEX declined from € 54 million in the previous year to € 35 million.
The majority of investments were used for the new plant in Kulim. Cash
flow from operating activities – which does not yet include any
significant cash inflows from the recent customer agreements regarding the
expansions in Chongqing and Kulim – amounted to € 40 million and dropped
compared to the previous year (€ 184 million). In the previous year, this
figure included cash flows of € 146 million from resuming the
international factoring program. Operating free cash flow was positive
once again at € 5 million (PY: € 130 million).
KEY FIGURES
in € million (unless otherwise
stated) Q1 2026/27 Q1 2025/26 Change in %
Revenue 548.7 398.9 37.5%
EBITDA 165.0 70.6 >100%
EBITDA margin (in %) 30.1% 17.7% –
EBIT 73.4 (16.3) >100%
EBIT margin (in %) 13.4% (4.1%) –
Profit for the period 40.8 (55.9) >100%
ROCE (in %) 12.0% (2.0%) –
Net CAPEX (34.8) (53.6) 35.1%
Cash flow from operating 39.9 184.0 (78.3%)
activities
Earnings per share (in €) 0.93 (1.55) >100%
Employees (headcount)^1 14,569 12,800 13.8
^1 Incl. contract staff, average. As of June 30, 2026: 14,939
On June 16, 2026, the company issued a € 400 million hybrid convertible
bond with 2.5% interest. The initial conversion price amounts to € 254.
AT&S intends to use the net proceeds from the issuance of the convertible
bond for general corporate purposes, including the refinancing of existing
debt and to strengthen its capital base.
Total assets increased significantly compared the beginning of the
financial year and amounted to € 5,247 million at the end of June 2026,
primarily driven by the issued convertible bond. As a result, the equity
ratio rose by 6.4 percentage points to 29.0%.
Cash and cash equivalents increased to € 1,184 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 1,9. This was driven by a reduction in net debt as a result
of the placement of the hybrid bond and the continuous improvement in
EBITDA.
Expansion in Kulim
In mid-June, AT&S announced the expansion of its production site in Kulim,
Malaysia, based on agreements with its customer AMD and another leading
technology company. This further reinforces AT&S’s strong technological
position and deepens long-standing partnerships with leading customers in
the semiconductor industry. 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 site for IC substrate cores
and advanced PCBs.
The planned investments of € 1.5 to 2.0 billion are fully supported by
long-term customer commitments. These agreements are subject to final
negotiation and conclusion. This relates primarily to securing demand in
the long term and to the cash flow profile of the expansion. Contributions
to revenue and earnings will be recognized over time in accordance with
project progress and the provision of services.
AT&S had already decided in May to expand capacities at its site in
Chongqing, China. The required CAPEX in the double-digit million euro
range will also be fully supported by long-term customer agreements. The
company expects these measures to result in a positive effect on EBIT,
also in the high double-digit million range, in the financial year
2026/27.
Outlook 2026/27
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
supported by the operating business and expected customer payments.
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 nearly 15,000 people. Further information can also be found at
[1] www.ats.net
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04.08.2026 CET/CEST This Corporate News was distributed by [2]EQS Group
View original content: [3]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)
LEI Code: 529900EVOKN4LCCD9321
EQS News ID: 2376654
End of News EQS News Service
2376654 04.08.2026 CET/CEST
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