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

Executive summary

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

• Sale of the Ansan/Korea plant and cost-saving initiatives had a major positive impact on results and profitability.

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

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

Financial highlights

• Revenue reached €1,590–1,600 million, up 3% year-over-year; adjusted EBITDA rose 6% to €408 million, with a margin of 25.7–26%.

• Net profit for the year was €90 million, an increase of €126 million year-over-year; EPS at €1.86.

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

• Equity ratio improved to 23.3%, up 2.6 percentage points; net debt/EBITDA at 2.5.

• Net CAPEX for the year was €415 million, down from €855 million; operating free cash flow at €-489 million.

Outlook and guidance

• Q1 2025/26 revenue guidance is approximately €400 million, up 14% year-over-year, with EBITDA margin expected at 16% due to ramp-up costs.

• Full-year guidance withheld due to market uncertainty, especially regarding US tariffs and potential recession.

• Midterm (FY 2026/27) revenue targeted at €2.1–2.4 billion, EBITDA margin 24–28%, ROCE below 12%.