EQS-News: AT&S closes successful financial year with strong fourth quarter

EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
   Annual Results
   AT&S closes successful financial year with strong fourth quarter

   21.05.2026 / 07:00 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   AT&S closes successful financial year with strong fourth quarter
    

   Q4 2025/26

     • Currency-adjusted revenue growth of 33%
     • EBITDA of € 120 million corresponds to 25.4% margin
     • Positive profit for the period of € 14 million

   Financial year 2025/26

     • Currency-adjusted growth of 21% to € 1.8 billion
     • Cost-optimizing and efficiency program exceeds set targets
     • EBITDA of € 418 million corresponds to 23.3% margin
     • Positive operating free cash flow of € 236 million

   Outlook 2026/27

     • Significant profitable growth expected to continue in the financial
       year 2026/27:
       Currency-adjusted revenue growth of 30–35% and EBITDA margin of 25–29%
     • Possible issue of hybrid capital market instruments with a potential
       totaling up to € 500 million as part of long-term financing strategy
     • Capacity expansion in Chongqing based on long-term customer agreements

    

   Leoben – “2025/26 was a strong and pivotal financial year for AT&S. We
   continued on our growth trajectory, increased revenue significantly and
   strengthened operating profitability,” says AT&S CEO Michael Mertin. “We
   boosted our competitiveness through targeted cost adjustments and
   efficiency programs and achieved a positive net profit again in the fourth
   quarter. We aim to continue on this path throughout the financial year
   2026/27, creating a stable financial basis on which we can grow
   sustainably in the currently strong market environment and continue to
   advance our technological priorities, as evidenced by the announced
   expansion of our site in Chongqing, China.”

    

   Fourth quarter of 2025/26

   In the fourth quarter of 2025/26, the new plants in Kulim, Malaysia, and
   Leoben, Austria, again contributed noticeably to growth. AT&S increased
   consolidated revenue by 21% compared to the priory-year quarter – adjusted
   for currency effects by 33%. Adjusted for the proceeds from the sale of
   the plant in Ansan, Korea, EBITDA rose by some 146% thanks to the
   comprehensive cost optimization and efficiency program and a better
   pricing environment. EBIT amounted to € 32 million, which corresponds to a
   margin of 6.6%.

    

   AT&S recorded a positive net profit for the period of € 14 million again
   (adjusted for proceeds from Ansan: +122% vs. PY), leading to earnings per
   share of € 0.24 (adjusted for proceeds from Ansan: +814% vs. PY). The
   equity ratio rose by 1.7 percentage points to 22.6% compared to reporting
   date on December 31, 2025.

    

   Financial year 2025/26

   Over the course of the quarters, the financial year showed positive
   momentum in terms of revenue and profitability.

   Consolidated revenue rose to € 1.8 billion in the financial year 2025/26
   (PY: € 1.6 billion), which corresponds to an increase by 21% adjusted for
   currency effects. This means that the previous record revenue of the
   financial year 2022/23 was reached and even significantly exceeded at
   constant currency. Due to a positive volume development, AT&S was able to
   successfully counter negative exchange rate effects during the reporting
   period.

    

   Adjusted for the proceeds from the sale of the plant in Ansan, EBITDA
   improved by roughly 50% to € 418 million ‒ adjusted for currency effects,
   the increase amounted to 77%. 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 amounted to 23.3%, up
   more than 5 percentage points on the prior-year level. Depreciation and
   amortization increased – at significantly lower rate – by € 24 million to
   € 352 million (20% of revenue) due to additions to assets and technology
   upgrades.

    

   EBIT amounted to € 66 million (adjusted for proceeds from Ansan: +238% vs.
   PY) and was clearly positive despite considerable negative currency
   effects. At 3.7%, the EBIT margin exceeded the prior-year level by nearly
   7 percentage points. Finance costs – net declined from € -83 million in
   the previous year to currently € -100 million. Although still negative at
   € -26 million, the net loss for the year improved by +84% compared to the
   prior-year figure (adjusted for proceeds from the Ansan sale). The
   positive development occurred especially in the second half of the
   financial year, when profit for the period amounted to € 38 million (H2
   2024/25 adjusted for proceeds from Ansan: € -95 million), leading to an
   improvement in earnings per share to € -1.11 for the financial year
   2025/26 (adjusted for proceeds from Ansan: +306% vs. PY).

    

   Against the backdrop of the loss for the year, the Management Board has
   decided, subject to approval by the Supervisory Board, to propose to the
   32^nd ordinary annual general meeting on July 9, 2026 not to distribute a
   dividend for the financial year 2025/26 (PY: € 0.00 per share).

    

   Net CAPEX dropped sharply from € 415 million in the previous year to
   € 178 million. The majority of investments were used for the new plant in
   Kulim. Cash flow from operating activities amounted to € 414 million,
   exceeding the prior-year figure by € 488 million. This was primarily
   driven by the higher operating result, resuming the international
   factoring program and an improvement in trade and other payables.
   Operating free cash flow was clearly positive at € 235 million, improving
   by € 725 million compared to the previous year.

    

   KEY FIGURES                                                         
   in € million
   (unless
   otherwise             Q4        Q4    Change        FY        FY    Change
   stated)          2025/26   2024/25      in %   2025/26   2024/25      in %
   Revenue            476.7     392.9     21.3%   1.790.8   1.589.6     12.7%
   EBITDA             121.2     374.0   (67.6%)     418.0     605.7   (31.0%)
   EBITDA margin      25.4%     95.2%         –     23.3%     38.1%         –
   (in %)
   EBIT                31.7     278.8   (88.6%)      65.6     277.4   (76.4%)
   EBIT margin         6.6%     70.9%         –      3.7%     17.5%         –
   (in %)
   Profit for the      13.7     185.0   (92.6%)    (25.6)      89.7   (>100%)
   period
   ROCE (in %)            –         –         –      3.0%      7.0%         –
   Net CAPEX           69.8      87.2   (20.0%)     178.3     414.8   (57.0%)
   Cash flow from
   operating           81.9    (45.1)     >100%     413.7    (74.5)     >100%
   activities
   Earnings per         0.2       4.7    (95.7)     (1.1)       1.9   (>100%)
   share (in €)
   Employees         13,180    13,319    (1.0%)    13,250    13,261    (0.1%)
   (headcount)^1
   ^1 Incl. contract staff, average. As of March 31, 2026: 14,301

    

   Total assets, at € 4,651 million as of March 31, 2026 remained virtually
   unchanged compared to the beginning of the financial year, but recorded a
   significant increase in liquid funds. The equity ratio decreased by 0.7
   percentage points to 22.6% due to the loss for the year and the coupon
   payout related to hybrid capital.

    

   Cash and cash equivalents increased to € 738 million (March 31, 2025:
   € 485 million). Unused credit lines totaled € 174 million. The net
   debt/EBITDA ratio of the last twelve months increased from 2.5 (as of
   March 31, 2025) to 3.2. This increase was due to the fact that the
   proceeds from the sale of the plant in Ansan were no longer included in
   EBITDA; without this effect, there would have been an improvement of 2.1.

    

   Cost optimization and efficiency program

   The company reduced its cost base by € 170 million in the financial year
   2025/26, thus significantly exceeding the target. In the previous year,
   savings of € 120 million had been achieved. This substantial increase more
   than offset currency effects and underlined the high efficacy and
   consistent implementation of our cost optimization and efficiency program.
   In the financial year 2026/27, AT&S strives for further cost reductions of
   € 110 million.

   Outlook 2026/27

   AT&S generates more than 80% 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.
   Therefore, a forecast of absolute amounts does not provide a comprehensive
   outlook on the company’s operational development. In the future, AT&S will
   therefore no longer forecast absolute figures, but rather a
   currency-adjusted percentage change in revenue.

    

   As increasingly more computing power is required in the field of
   artificial intelligence, demand by a key customer for high-end IC
   substrates of AT&S is growing. To be able to manufacture these substrates
   on a larger scale, AT&S has decided to expand capacity at its location in
   Chongqing, China. The required investments in the high double-digit
   million range will be fully financed based on long-term customer
   agreements. The company expects a positive effect on EBIT, also in the
   high double-digit million range, from these measures in the financial year
   2026/27.

    

   In the financial year 2026/27, AT&S expects currency-adjusted revenue
   growth of 30 to 35% compared to the previous year (2025/26:
   € 1.8 billion). At constant currency, this means that revenue will be at
   the upper end of the previous forecast of € 2.1 to 2.4 billion for
   2026/27. The expected EBITDA margin of 25 to 29% means another significant
   increase in profitability (2025/26: 23%; previous expectation for 2026/27:
   24 to 28%). As some investments in Kulim originally planned for the
   previous year have been postponed and demand for IC substrates has
   increased significantly, the management plans CAPEX of roughly
   € 400 million for 2026/27 (2025/26: € 178 million). AT&S expects a clearly
   positive profit for the year, at least in the low triple-digit millions of
   euros, and positive operating free cash flow.

    

   AT&S anticipates a further improvement in net debt/EBITDA of significantly
   below 3 based on profitable growth.

    

   AT&S intends to issue a hybrid convertible bond or a hybrid bond with
   total volume of up to € 500 million in the second or third quarter of 2026
   for refinancing and strengthening the capital base.

    

   The forecast does not include a significant deterioration of the
   geopolitical situation and of the currently tight supply situation for
   different materials such as fiberglass mats. Also not included are
   potential effects of ongoing negotiations with customers. These
   negotiations would lead to a capacity expansion in part financed by
   customers and would, consequently, have an effect on the earnings
   development and investment planning. The management monitors the
   developments very carefully in order to be able to respond to changes 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 14,000
   people. Further information can also be found at [1]www.ats.net

    

    

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   21.05.2026 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:      [email protected]
   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: 2331032


    
   End of News EQS News Service


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