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

EQS-News: AT&S Austria Technologie & Systemtechnik AG / Key word(s):
   Quarter Results
   AT&S reports record second-quarter results and fully confirms full-year
   guidance

   05.11.2026 / 06:58 CET/CEST
   The issuer is solely responsible for the content of this announcement.

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   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.

    

   Key figures
   € in millions
   (unless
   otherwise             Q2        Q2    Change        H1        H1    Change
   stated)          2026/27   2025/26      in %   2026/27   2025/26      in %
   Revenue            681.9     447.4     52.4%   1,230.6     846.3     45.4%
   EBITDA             244.0     104.1     >100%     409.0     174.7     >100%
   EBITDA margin      35.8%     23.3%         –     33.2%     20.6%         –
   (in %)
   EBIT               153.0      16.3     >100%     226.4       0.0     >100%
   EBIT margin        22.4%      3.7%         –     18.4%         –         –
   (in %)
   Profit for the     125.4     (7.6)     >100%     166.2    (63.5)     >100%
   period
   ROCE (in %)         n.a.      n.a.         –     17.7%      0.3%         –
   Net CAPEX         (76.2)    (30.7)   (>100%)   (111.0)    (84.3)   (31.6%)
   Cash flow from
   operating           60.5      25.5     >100%     100.4     209.4   (52.1%)
   activities
   Earnings per
   shares
   outstanding         3.05    (0.31)     >100%      3.98    (1.86)     >100%
   end of
   reporting
   period (in €)
   Employees         15,460    12,953     19.4%    15,014    12,876     16.6%
   (headcount)^1
   ^1 Incl. contract staff, average. As of September 30, 2026: 15.657

    

   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
   [1]www.ats.net

    

   Media download:

   You can find more resources in the AT&S media portal:
   [2]https://ats.canto.de/v/press.

    

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   05.11.2026 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:      [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: 2428772


    
   End of News EQS News Service


   2428772  05.11.2026 CET/CEST

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