AT & S Austria Technologie & Systemtechnik (ATS) Q2 2026 earnings summary

Executive summary

• Revenue increased to €846M in H1 2025/26, up 6% year-over-year (5.8% to €846.3M), with EBITDA rising to €175M (21% margin), driven by internal performance and cost management.

• Operating free cash flow turned positive at €125M, a significant improvement from -€345M, supported by efficiency and cost-saving programs.

• EBIT turned positive in Q2, reaching break-even for H1, but higher depreciation from new plants led to a net loss of €63.5M.

• Customer diversification advanced in both PCB and IC substrate segments, reducing dependency on a few clients and supporting growth in high-performance computing and AI.

• Ramp-ups at new sites (Kulim, Hinterberg, Leoben) are ongoing, with all planned product certifications completed.

Financial highlights

• H1 revenue up 6% to €846M; FX-adjusted growth at 11%.

• EBITDA margin improved to 21% from 19–20.6% year-over-year.

• Operating free cash flow swung to +€125M from -€345M.

• CapEx reduced to €84M from €254M year-over-year.

• Net debt decreased to €1.4B, with a net debt/EBITDA ratio of 2.2.

Outlook and guidance

• FY 2025/26 revenue expected at ~€1.7B with an EBITDA margin of ~23%.

• FY 2026/27 revenue guidance confirmed at €2.1–2.4B, EBITDA margin 24–28%.

• Net CapEx forecasted at €250M, mainly for IC substrate expansion in Kulim.

• Positive free cash flow and EBIT anticipated for FY 2025/26.

• ROCE expected below the mid-term target of 12%, and net debt/EBITDA may temporarily exceed 3.