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 stated)		Q4 2025/26		Q4 2024/25		Change in %		FY 2025/26		FY 2024/25		Change 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 (in %)		25.4%		95.2%		–		23.3%		38.1%		–
EBIT		31.7		278.8		(88.6%)		65.6		277.4		(76.4%)
EBIT margin (in %)		6.6%		70.9%		–		3.7%		17.5%		–
Profit for the period		13.7		185.0		(92.6%)		(25.6)		89.7		(>100%)
ROCE (in %)		–		–		–		3.0%		7.0%		–
Net CAPEX		69.8		87.2		(20.0%)		178.3		414.8		(57.0%)
Cash flow from operating activities		81.9		(45.1)		>100%		413.7		(74.5)		>100%
Earnings per share (in €)		0.2		4.7		(95.7)		(1.1)		1.9		(>100%)
Employees (headcount)1		13,180		13,319		(1.0%)		13,250		13,261		(0.1%)
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 www.ats.net