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:      [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)
   LEI Code:    529900EVOKN4LCCD9321
   EQS News ID: 2376654


    
   End of News EQS News Service


   2376654  04.08.2026 CET/CEST

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