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AT & S Austria Technologie & Systemtechnik (ATS) investor relations material
AT & S Austria Technologie & Systemtechnik Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary4 Nov, 2025
Executive summary
Revenue increased to €846M in H1 2025/26, up 6% year-over-year (5.8% to €846.3M), with EBITDA rising to €175M (21% margin), driven by internal performance and cost management.
Operating free cash flow turned positive at €125M, a significant improvement from -€345M, supported by efficiency and cost-saving programs.
EBIT turned positive in Q2, reaching break-even for H1, but higher depreciation from new plants led to a net loss of €63.5M.
Customer diversification advanced in both PCB and IC substrate segments, reducing dependency on a few clients and supporting growth in high-performance computing and AI.
Ramp-ups at new sites (Kulim, Hinterberg, Leoben) are ongoing, with all planned product certifications completed.
Financial highlights
H1 revenue up 6% to €846M; FX-adjusted growth at 11%.
EBITDA margin improved to 21% from 19–20.6% year-over-year.
Operating free cash flow swung to +€125M from -€345M.
CapEx reduced to €84M from €254M year-over-year.
Net debt decreased to €1.4B, with a net debt/EBITDA ratio of 2.2.
Outlook and guidance
FY 2025/26 revenue expected at ~€1.7B with an EBITDA margin of ~23%.
FY 2026/27 revenue guidance confirmed at €2.1–2.4B, EBITDA margin 24–28%.
Net CapEx forecasted at €250M, mainly for IC substrate expansion in Kulim.
Positive free cash flow and EBIT anticipated for FY 2025/26.
ROCE expected below the mid-term target of 12%, and net debt/EBITDA may temporarily exceed 3.
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Next AT & S Austria Technologie & Systemtechnik earnings date
Q3 20263 Feb, 2026
Next AT & S Austria Technologie & Systemtechnik earnings date
Q3 20263 Feb, 2026
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Frequently asked questions
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S) is an Austrian company specializing in the manufacture and distribution of high-end printed circuit boards and integrated circuit (IC) substrates. These products are crucial components for a wide range of electronic applications across various sectors including mobile devices, automotive electronics, industrial electronics, and medical technology. AT&S is recognized for its innovative contributions to microelectronics, focusing on advanced solutions like high-density interconnects (HDI), IC substrates, and high-frequency printed circuit boards. The company is headquartered in Leoben, Austria, and its shares are listed on the Vienna Stock Exchange.
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