AT & S Austria Technologie & Systemtechnik (ATS) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2024/25 was stable at €1,197 million, down 1% year-over-year, with adjusted EBITDA margin improvement driven by cost reduction initiatives.

• The sale of the Ansan/AT&S Korea plant was finalized on January 31, 2025, providing significant cash inflow and strengthening the group's strategic profile.

• Leadership transition included the appointment of Dr. Riedl as Chairman, with a new CEO announcement pending.

• Cost optimization and efficiency programs intensified, achieving €80 million in sustainable savings by December 2024 and targeting further reductions, including up to 1,000 job cuts.

Financial highlights

• Adjusted EBITDA for Q1-3 2024/25 increased by 3.5% to €331.9 million, with margin up to 27.7%; reported EBITDA fell due to non-recurring expenses and higher start-up costs.

• Net loss for Q1-3 2024/25 was €-95.3 million, mainly due to higher financing costs, increased depreciation, and lower EBITDA.

• Net CAPEX reduced by 53% year-over-year to €327.5 million.

• Cash and cash equivalents plus unused credit lines totaled €685 million as of December 31, 2024.

• Net debt increased 18% to €1,655 million; equity ratio rose slightly to 20.9%.

Outlook and guidance

• FY 2024/25 revenue expected at €1.5–1.6 billion, with adjusted EBITDA margin of 24–26%, excluding start-up and one-off costs.

• Net CAPEX for FY 2024/25 projected just under €500 million.

• Mid-term (FY 2026/27) revenue guidance lowered to €2.1–2.4 billion, with EBITDA margin forecast at 24–28%.

• High-volume production at new plants in Kulim and Leoben delayed by 1–2 quarters, with revenue contributions expected in Q1 2025/26.

• Net debt/EBITDA targeted below 3 post-Ansan sale, with temporary exceedance possible.