AT & S Austria Technologie & Systemtechnik (ATS) Investor presentation summary

Strategic positioning and market overview

• Leading provider of advanced substrates and PCBs, uniquely positioned as the only Western high-end manufacturer in a concentrated ecosystem.

• Headquarters in Austria with six manufacturing plants across Europe and Asia, supporting global reach.

• Focused on enabling next-generation digital infrastructure, especially in AI, high-performance computing, and advanced packaging.

• Strong integration with megatrends such as digitization, robotics, and electrification, driving demand in supply-constrained markets.

• Unique geographical position and deep integration with tier-1 customers.

Financial performance and outlook

• FY 2025/26 revenue reached €1.8 billion, up 21% at constant currency, with EBITDA margin at 23.3%.

• Operating free cash flow turned positive at €236 million, a significant improvement from the previous year.

• FY 2026/27 guidance targets 45-55% revenue growth and EBITDA margin of 32-37%, with net CAPEX of €1.0–1.2 billion.

• Net debt/EBITDA expected to remain below 3, supported by a solid financial structure and €912 million in cash and credit lines.

• Cost-saving and efficiency programs delivered €170 million in sustainable savings in FY 25/26, with an additional €110 million targeted for FY 26/27.

Operational highlights and growth drivers

• Major investments of €3.5 billion from 2020/21 to 2025/26 have laid the foundation for profitable growth.

• Strong growth in substrates for AI applications, particularly from the Kulim site, and expansion in Chongqing.

• Microelectronics segment saw 53% revenue growth, driven by strong demand and improved utilization.

• Electronics Solutions segment maintained stable margins despite pricing pressures, supported by higher volumes and cost optimization.

• Diversification of key customers and applications, with significant growth in both PCB and IC substrate segments.