AT & S Austria Technologie & Systemtechnik (ATS) investor relations material

Key milestones and business overview

• Achieved revenue of EUR 1.7 billion with a 23% EBITDA margin and a market cap of EUR 3.4 billion after a strong rally.

• Expanded global footprint with production facilities in Austria, China, India, and a new hub in Malaysia, employing over 14,000 people.

• Focuses on high-end, complex PCBs and ABF substrates, holding the number two position globally in high-end PCBs.

• Diversified client base across consumer, automotive, industrial, medical, semiconductor, and AI sectors, with key clients like AMD and strong growth in high-performance computing.

• Sustainability targets are met annually, with strong ratings from agencies and ongoing initiatives.

Market trends and innovation

• Serves megatrends such as AI, electrification, and rising computing power, enabling advanced applications in smartphones, automotive, and data centers.

• Substrate size and complexity are increasing, driving investments in new capacity, particularly in Malaysia.

• Glass core substrates are in R&D, expected to impact high-end applications in the coming years, but not to replace existing approaches.

• Power electronics and packaging innovation are key growth areas, especially for data centers and high-performance computing.

• Expands module solutions with co-design, simulation, and test services for integrated electronics.

Financial performance and outlook

• Achieved EUR 1.3 billion revenue and EUR 297 million EBITDA (23% margin) in the latest period, with positive EBIT and strong operating free cash flow.

• Revenue for the next fiscal year is projected at EUR 2.1–2.4 billion, with a more realistic expectation at EUR 2.1 billion due to FX headwinds.

• EBITDA margin is expected to improve to 24–28%, with a focus on increasing the equity ratio and managing hybrid bond refinancing.

• CapEx has decreased significantly after major investments, with positive EBIT and operating free cash flow anticipated.

• Guidance for FY 2025/26: ~EUR 1.7 billion revenue, 23% EBITDA margin, and net CAPEX of ~EUR 200 million.