AT & S Austria Technologie & Systemtechnik (ATS) Q4 2026 earnings summary

Executive summary

• Revenue reached EUR 1.8 billion for FY 2025/2026, up 21% year-over-year in constant currency, driven by substrates, new plants, and cost optimization initiatives.

• EBITDA was EUR 418 million (23.3% margin), up 49% over the prior year, with EBIT at EUR 66 million (3.7% margin), up 238% year-over-year.

• Operating free cash flow turned positive at EUR 236 million, a swing of over EUR 700 million from the previous year.

• Net profit turned positive in Q4, supported by cost-saving programs and strengthened customer confidence.

• Outperformed market growth in both printed circuit boards and substrates, driven by innovation and customer partnerships.

Financial highlights

• Q4 revenue grew 33% in constant currency; full-year revenue up 21%.

• EBITDA margin was 23.3% for the year, 25.4% in Q4; EBIT margin 3.7% for the year, 6.6% in Q4.

• Net debt/EBITDA improved to 3.2 from 5.3; equity ratio at 22.6%.

• Operating cash flow exceeded capital expenditures, reflecting strong cash conversion.

• Net CAPEX dropped 57% to EUR 178 million.

Outlook and guidance

• FY 2026/27 guidance: 30–35% constant currency revenue growth, targeting EUR 2.1–2.4 billion, with EBITDA margin expected at 25–29%.

• Net CapEx planned at EUR 400 million, mainly for Chongqing expansion, partly financed by customer agreements.

• Net debt/EBITDA expected to fall significantly below 3.

• Guidance subject to supply, geopolitical, and currency risks, and ongoing customer negotiations.

• Forecasts positive profit and operating free cash flow for the year.