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 progress on major investments in Malaysia and Austria.

• Sale of the Ansan/Korea plant provided a substantial one-off positive impact on EBITDA and net income.

• Equity ratio increased and leverage reduced; no dividend proposed to preserve balance sheet strength and support future growth.

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

Financial highlights

• Revenue for FY 2024/25 rose 3% year-over-year to €1,590–1,600 million; adjusted EBITDA increased 6% to €408 million, with a margin of 25.7–26%.

• Net profit reached €90 million, up €126 million year-over-year; EPS at €1.86.

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

• Net CAPEX reduced by 52% to €415 million; operating free cash flow at -€489 million.

• Equity ratio improved to 23.3% (up 2.6pp); net debt/EBITDA at 2.5.

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, including U.S. tariffs and potential recession risks; midterm (FY 2026/27) guidance targets €2.1–2.4 billion revenue and 24–28% EBITDA margin.

• Planned Q1 investments of €60–65 million, with slightly higher quarterly numbers expected by year-end.