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

AT & S Austria Technologie & Systemtechnik Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary31 Jul, 2025

Executive summary

  • Revenue and EBITDA increased year-over-year in Q1, with stable EBITDA margin and positive cash flow, but net loss widened due to FX and ramp-up costs.

  • High-volume production started at new facilities in Kulim and Leoben, supporting future growth in IC substrates.

  • Cost-saving and efficiency programs delivered €45 million in Q1, targeting €130 million for the year.

  • Market growth in PCBs (8%) and IC substrates (10%) in USD, driven by AI investments and strong customer engagement.

  • FX effects and price pressure offset some topline gains, impacting earnings and equity.

Financial highlights

  • Q1 revenue rose 14% year-over-year to €399 million; EBITDA up 9% to €71 million, margin stable at 18%.

  • Net loss increased to €56 million, mainly due to FX and ramp-up costs.

  • Operating free cash flow improved to €130 million from negative prior year; net CAPEX reduced by over 40%.

  • Net debt/EBITDA ratio improved to 2.3x; equity ratio declined to 19.4% due to FX.

  • Cash and cash equivalents increased to €772 million; liquidity remains solid at €924 million including credit lines.

Outlook and guidance

  • H1 2025/26 revenue expected at €820 million with EBITDA margin around 20%; net CAPEX planned at €110 million.

  • Full-year guidance pending due to US tariff and FX uncertainty.

  • Midterm guidance unchanged: revenue €2.1–2.4 billion, EBITDA margin 24–28%, ROCE near 12%, net debt/EBITDA <3x.

  • Equity ratio may temporarily fall below 20%.

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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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