AT & S Austria Technologie & Systemtechnik (ATS) Investor update summary

Business overview and strategic positioning

• Achieved over 21% revenue growth to €1.8 billion and a market cap surge from €500 million to €8 billion in one year.

• Focused on high-end PCBs and IC substrates, with 50% of revenue now from substrates.

• Only Western high-end manufacturer with substrate production in Europe, expanding capacity due to geopolitical and market demand.

• Products are integral to mobile devices, automotive, servers, and industrial applications, targeting high-complexity, high-value segments.

• Strong partnerships with market leaders and hyperscalers, enabling access to cutting-edge roadmaps and technology.

Manufacturing footprint and capacity expansion

• Operates fabs in Austria (R&D and prototyping), China (high-volume, high-end PCBs and substrates), and India (automotive, industrial).

• Major growth driven by the new Kulim, Malaysia plant, with rapid capacity ramp-up and client-funded expansion.

• Investments allow quick scaling, leveraging existing infrastructure for faster project execution.

• Client funding for new capacity reduces financial risk and supports high growth rates.

• Material supply, especially TGV glass, remains a bottleneck but is expected to ease as suppliers scale up.

Market trends and demand drivers

• Surging demand for larger, more complex substrates driven by AI, HPC, and increased processor complexity.

• AT&S is one of few global players able to produce high-complexity, large substrates, differentiating it from most competitors.

• AI infrastructure demand has consistently outpaced forecasts, fueling rapid growth.

• Client concentration is high, with AMD, Intel, and NVIDIA as key partners for high-volume business.

• Market remains supply-constrained, with clients pre-financing capacity to secure supply.