AT&S Reports Record Second-Quarter Results And Fully Confirms Full-Year Guidance

• Currency-adjusted revenue growth of 52% vs. PY to € 682 million
• EBITDA up 152% to € 244 million, 35.8% margin
• EBIT at € 153 million increased nearly tenfold vs. PY
• EPS of € 3.05 for the quarter

• Currency-adjusted revenue growth of 46% vs. PY to € 1231 million
• EBITDA up 134% to € 409 million, 33.2% margin
• EBIT at € 226 million vs. € 0 million PY
• EPS of € 3.98

• Outlook confirmed: currency-adjusted revenue growth of 45–55% and EBITDA margin of 32–37%
• Strong demand environment remains intact across key end markets
• Capacity expansions based on long-term customer agreements fully on schedule

AT&S redeemed its outstanding 2022 hybrid bond with a nominal amount of € 350 million on October 22, 2026, the first available call date. The redemption follows the successful placement of the 2026 hybrid convertible bond. Through this refinancing transaction, AT&S will significantly reduce its recurring financing costs. The coupon of the new financing instrument is approximately 50% lower than that of the 2022 hybrid bond. As a result, the transaction further strengthens the Company's long-term financing profile.

Total equity and liabilities increased significantly compared to the beginning of the financial year and amounted to € 5,566 million at the end of September 2026, primarily driven by the issued convertible bond and the increase in customer contract liabilities. The equity ratio rose by 1.3 percentage points to 23.9%. This number reflects the reclassification of the 2022 hybrid bond from equity to debt as of September 30, 2026. Taking into account the subsequent repayment of the hybrid bond, the equity ratio would have been 25.5%.

Cash and cash equivalents increased to € 827 million (March 31, 2026: € 738 million). Unused credit lines totaled € 91 million. The net debt/EBITDA ratio of the last twelve months improved from 3.2 (as of March 31, 2026) to 2.0. This is due to a significant increase in EBITDA with constant net debt.

Expansion in Kulim

In June, AT&S announced the expansion of its production site in Kulim, based on agreements with its customer AMD and another leading technology company. Building on the successful ramp-up of Plant 1, the expansion includes the fit-out of the existing structure of Plant 2 and the construction of a new manufacturing facility for IC substrate cores and advanced PCBs. Supported by these long-term customer commitments, the planned investments of €1.5 to 2.0 billion will provide additional capacity to meet growing demand for advanced IC substrates and packaging.

Subsequently, in September, AT&S announced an expanded collaboration with Marvell Technology to further increase advanced IC substrate capacity for next-generation AI and cloud infrastructure. The agreement builds on the companies' existing relationship and supports Marvell Technology's growing demand for advanced substrates as AI deployments continue to scale.

Outlook 2026/27

As mentioned above, AT&S is currently expanding its capacity in the Microelectronics business unit and expects this to have a positive impact on revenue and earnings already in the current fiscal year. At the locations of the Electronics Solutions business unit, the company is also currently investing as planned, together with its customers, in new products and technologies that will increasingly contribute to revenue starting in the second half of the year. The focus here is on power electronics for AI systems, optical transceivers, and complex PCBs for advanced testing.

Based on this, AT&S confirms the outlook for the financial year 2026/27 with constant-currency revenue growth of 45 to 55% compared to the previous year. The expected EBITDA margin of 32 to 37% means another significant increase in profitability. The management plans CAPEX of roughly € 1.0 to 1.2 billion for 2026/27 and positive operating free cash flow.

The forecast does not include a significant deterioration of the geopolitical situation and of the currently tight supply situation for certain materials. The management continues to monitor the developments very carefully in order to be able to respond to changes at any time.

AT&S Austria Technologie & Systemtechnik Aktiengesellschaft – Advanced Technologies & Solutions

AT&S is a global technology company and leading manufacturer of high-end IC substrates and complex printed circuit boards. AT&S develops and produces leading-edge interconnect technologies for key digital industries: AI infrastructure, high-performance computing, mobile devices, automotive, aerospace, industrial and medical technology. With production sites in Austria (Leoben, Fehring), China (Shanghai, Chongqing), Malaysia (Kulim), India (Nanjangud) and a European competence center for R&D and IC substrate production in Leoben, AT&S is actively shaping the digital transformation – through forward-looking investments in research and development and the responsible use of resources. The company currently employs around 15,000 people. Further information can be found at

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05.11.2026 CET/CEST This Corporate News was distributed by EQS Group