AT & S Austria Technologie & Systemtechnik (ATS) Q3 2026 earnings summary

Executive summary

• Revenue for the first three quarters of 2025/26 reached €1.314 billion, up 10% year-over-year, with EBITDA at €297 million and a margin of 23%.

• EBIT improved to €34 million (3% margin) from a loss of €1 million, and operating free cash flow turned positive at €223 million from negative €357 million.

• New contributions from Kulim and Hinterberg/Leoben sites supported growth, while efficiency programs and improved pricing drove profitability.

• Market environment is stabilizing, though global dynamics and FX headwinds persist.

• Management board reorganized to three members, with a new CFO and CTO joining.

Financial highlights

• Q1-3 revenue increased 10% year-over-year to €1,314 million, with Q3 revenue at €468 million and EBITDA margin at 23%.

• Net CAPEX reduced by 67% to €108 million, and operating free cash flow improved significantly.

• Net debt decreased by 12% to €1,316 million, with a net debt/EBITDA ratio of 2.0.

• Equity ratio declined to 20.8% from 23.3%, impacted by FX effects.

• Cost-saving program achieved €130 million by Q3, expected to exceed €160 million by year-end.

Outlook and guidance

• Full-year 2025/26 revenue guidance confirmed at €1.7 billion, with EBITDA margin around 23% and net CAPEX of about €200 million.

• 2026/27 revenue guidance is €2.1–2.4 billion, EBITDA margin 24–28%, and net debt/EBITDA below 3 (can be temporarily exceeded).

• Equity ratio may temporarily fall below 20% assuming hybrid capital repayment.

• Additional capacity ramping, especially from Kulim, expected to drive future growth.

• CAPEX planned at €200 million for 2025/26, mainly for IC substrate expansion in Kulim.