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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 EUR 846M in H1, up 5.8% year-over-year, with EBITDA rising to EUR 175M (21% margin), driven by efficiency programs and customer diversification.
Operating free cash flow turned positive at EUR 125M, a significant improvement from negative EUR 345M in the prior year.
EBIT reached breakeven for H1, turning positive in Q2, but higher depreciation from new plants resulted in a net loss of EUR 63.5M.
Customer diversification advanced, with contracts secured with 15+ key customers in IC substrates and positive ramp-ups at new sites.
Foreign exchange developments and price pressure significantly impacted revenue, earnings, and equity.
Financial highlights
H1 revenue up 6% year-over-year to EUR 846M, with 11% growth at constant FX; EBITDA margin improved to 21%.
Operating free cash flow improved to EUR 125M; net CAPEX reduced by 67% year-over-year.
Net debt decreased by 6% to EUR 1.4B; net debt/EBITDA ratio at 2.2.
Equity ratio declined from 23.3% to 19.2% due to FX effects and net loss.
Cash and cash equivalents plus unused credit lines at EUR 811M.
Outlook and guidance
FY 2025/26 revenue expected at approximately EUR 1.7B with an EBITDA margin of ~23%.
FY 2026/27 revenue guidance: EUR 2.1B–2.4B, EBITDA margin 24–28%, with FX headwinds noted.
Net CapEx for FY 2025/26 projected at EUR 250M, mainly for IC substrate expansion.
Positive EBIT and operating free cash flow expected to be maintained.
ROCE expected below mid-term target of 12%, and net debt/EBITDA may temporarily exceed 3.
AURORA program savings outlook beyond FY25/26
T-glass growth limitation mitigation strategy
Kulim Plant 2 capacity utilization timeline
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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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