AT & S Austria Technologie & Systemtechnik (ATS) Q4 2025 earnings summary

Executive summary

• Achieved strong operating performance in a challenging environment, with significant progress in cost optimization and customer diversification.

• Second-best result in company history for sales and EBITDA, with a major positive impact from the sale of the Ansan plant.

• Major investments in Kulim (Malaysia) and Leoben (Austria) are on track, with high-volume production started and further customer diversification underway.

• Efficiency program delivered €120 million in cost savings, with an additional €130 million targeted for the next year.

• Equity ratio increased and leverage reduced; no dividend proposed to further strengthen financial position.

Financial highlights

• Group revenue reached €1.59 billion, up 3% year-over-year; adjusted EBITDA was €408 million, up 6%, with a 26% margin, up 0.9 percentage points.

• Net profit for the year was €90 million, an increase of €126 million year-over-year.

• Sale of Ansan plant contributed €325 million to EBITDA and EBIT, €247 million to net income, and €6.37 to EPS.

• Cash and equivalents plus unused credit lines totaled €741 million, with an additional €100 million deposit recently made available.

• Net debt/EBITDA at 2.5x; equity ratio increased to 23.3%.

Outlook and guidance

• Q1 2025–2026 revenue guidance is approximately €400 million, up 14% year-over-year, with EBITDA margin expected at 16% due to ramp-up costs; net CAPEX around €60–65 million.

• Full-year guidance withheld due to market uncertainty, including U.S. tariffs and potential recession risks; midterm guidance remains unchanged with revenue targeted at €2.1–2.4 billion and EBITDA margin 24–28%.

• Planned Q1 investments of €65 million, with slightly higher quarterly numbers expected by year-end.