At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Investor Presentation (February 2026)
29 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's investor presentation, February 2026
Slide 1: Investor Presentation Q1-3 2025/26
Investor Presentation Q1-3 2025/26 Logo Logo Linkedin Facebook 1 ats.net Investor Presentation – Q1-3 2025/26
Slide 2: Company snapshot
Company snapshot 2 Investor Presentation – Q1-3 2025/26
Slide 3: AT&S at a glance
AT&S at a glance World leading high-tech PCB and ABF substrates company ~13,000 #6 €1.6 BN Employees High-end PCB Revenue in FY 24/25 manufacturer worldwide (1) ~900 #5 €606 MM Active patents ABF substrates EBITDA in FY 24/25 manufacturer worldwide (1) margin of 17.5% Leoben, Austria 6 €2.1‒2.4 BN H
Slide 4: High-end technologies …
High-end technologies … AT&S solutions enable the most advanced electronics applications and technologies High-End PCBs ABF Substrates Substrates for Modules ▪ Printed circuit boards designed to support ▪ ABF substrates for Flip Chip technology ▪ Comprehensive solutions for modules the most complex,
Slide 5: … to enable high-end applications
… to enable high-end applications AT&S solutions enable the most advanced electronics applications and technologies High-End PCBs Robots Smartphone Optical Modules Consumer electronics Substrates ABF Server & cloud computing High performance computers Notebooks and 2-in-1-devices Substrates for Modu
Slide 6: Increased data volume will require significant performance improvement in processors
Increased data volume will require significant performance improvement in processors Higher level of functional integration requires more sophisticated ABF substrates Server IC 2019 Server IC 2025 4x Instead of using monolithic designs, Net sqm various chip elements are integrated as Single Chip one
Slide 7: Artificial intelligence as a driver
Artificial intelligence as a driver IC substrates ▪ AI accelerators are server products and therefore require large and complex substrates ▪ Due to increasing memory volumes (HBM) and computing power, substrates are becoming even larger and more complex ▪ State-of-the-art substrates are part of late
Slide 8: Development of our PCBs
Development of our PCBs Electronics Solutions Diversification of key customers (> €30 MM) Applications and players in focus Strong growth (bouncing back) of diversified business on new customers & applications, number of customers with > €30 MM revenue Consumer Devices >2x 8 Digital Infrastructure A
Slide 9: Development of our IC substrates
Development of our IC substrates Microelectronics Main driver – customer diversification Applications in focus High-performance computing +>50% 15 AI, edge computing and IoT Servers 8 Cloud computing 5 Networking 5G base stations 1 Automotive 2021/22 2022/23 2023/24 2026/27 9 Investor Presentation –
Slide 10: Resilient production network for printed circuit boards
1 Resilient production network From simple double-sided PCBs to complex flexible and high-frequency PCBs, with a special focus on the for printed circuit boards 3S areas (smart infrastructure, 2 smart mobility, and smart 3 4 China manufacturing) 1 2 Austria (Leoben, (Shanghai & Fehring) Chongqing) 3
Slide 11: Resilient production network for IC substrates
Resilient production network for IC substrates 1 First and only IC substrate plant in Europe with a focus on 1 Austria 2 China ▪ R&D prototyping (Leoben) (Chongqing) ▪ Ultra High Density ▪ Fan Out & Packaging 2 Lead Plant for IC substrates Highly flexible and applicable for high and low volume 3 3 M
Slide 12: Sustainability as key driver for AT&S
Sustainability as key driver for AT&S Our long-term goals What we achieved in FY 2024/25 80% Decarbonization 75.8% Recycling of all production sites of 250kg of in-house copper per Renewable energies by 2025 by 2030 Renewable energies day at the Hinterberg site 38% Scope 1&2 48% Scope 3 Absolute red
Slide 13: Financial performance & outlook
Financial performance & outlook 13 Investor Presentation – Q1-3 2025/26
Slide 14: Market stabilizing, visibility remains low
Market stabilizing, visibility remains low Market development printed circuit boards Market development IC substrates in US$ BN in US$ BN +15% [in €: 11%] +18% [in €: 14%] 70 11.1 61 9.4 2024 2025 2024 2025 • Markets stable overall, caution persists across Automotive and Industrial due to uncertain
Slide 15: Key developments
Key developments • As announced: Kulim and Hinterberg start € 1.3 BN Revenue contributing to revenue PY: € 1.2 BN • Product mix, efficiency programs and improved pricing environment drive EBIT development € 297 MM EBITDA € 34 MM EBIT Margin: 23 % Margin: 3 % • Headwinds from FX effects PY: € 232 MM
Slide 16: Q1-3 2025/26 results summary
Q1-3 2025/26 results summary Revenue and EBITDA margins in € MM +10% • Q1-3 revenue: ramps, positive product +18% mix/volume and pricing effects 1,314 compensated for reduced Ansan +5% 1,197 revenue as well as FX headwinds 2 • Q1-3 margin: higher due to improved pricing, product mix/volume as well a
Slide 17: Q1-3 2025/26 Business Unit: Electronics Solutions
Q1-3 2025/26 Business Unit: Electronics Solutions Revenue and EBITDA margins in € MM 0% • Q3 YoY decrease: positive product -4% 673 670 mix/volume outweighed by missing Ansan revenue as well as pricing and FX headwinds -17% • Q3 QoQ decline: driven by seasonal effect of mobile devices 256 220 202 21
Slide 18: Q1-3 2025/26 Business Unit: Microelectronics
Q1-3 2025/26 Business Unit: Microelectronics Revenue and EBITDA margins in € MM +34% • Q3 YoY growth: Kulim and Leoben- +65% Hinterberg ramp, supported by 621 favorable volume/mix and pricing development +37% 463 • Q3 QoQ growth: driven by ramps and positive mix as well as pricing effects 254 177 18
Slide 19: 2025/26 guidance
2025/26 guidance FY 2025/26e Revenue Approx. € 1.7 BN Profitability EBITDA margin of approx. 23% Investments Net CAPEX approx. € 200 MM Others Maintain positive EBIT and Operating Free Cash Flow 19 Investor Presentation – Q1-3 2025/26
Slide 20: 2026/27 guidance
2026/27 guidance FY 2026/27e Revenue Approx. € 2.1 to 2.4 BN • EBITDA margin of 24–28% Profitability • ROCE below the mid-term target of 12% • Net debt/EBITDA: <3 (can be temporarily exceeded) Others • Equity ratio temporarily <20% (assuming repayment of hybrid capital at the end of the 2026/27 fina
Slide 21: Thank you for your attention
Thank you for your attention 21 Investor Presentation – Q1-3 2025/26
Slide 22: Appendix
Appendix 22 Investor Presentation – Q1-3 2025/26
Slide 23: Cost saving and efficiency program
Cost saving and efficiency program Strong focus on sustainable OPEX savings FY25/26 saving development, expected Comment [Sustainable saving in € MM ] 160+ ▪ Full-year savings expected at least € 160 MM, exceeding the planned saving target of € 130 MM 130 ▪ Savings driven by structural measures acro
Slide 24: Maturity profile & financial position
Maturity profile & financial position Maturity of outstanding debt instruments1 Cash & cash equivalents Unused credit lines in € MM in € MM in € MM 556 488 843 419 € 100 MM 371 585 cash deposit2 218 142 256 43 25/26 26/27 27/28 28/29 29/30 >29/30 31.3.2025 31.12.2025 31.3.2025 31.12.2025 • Solid fin
Slide 25: Working capital development
Working capital development Working capital and relation to revenue in € MM 18.5% 19.8% 19.3% 14.6% 13.6% 9.5% 467 454 482 390 365 341 166 171 145 170 195 216 -336 -340 -313 -355 -345 -348 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 WC receivables1 Inventories WC payables2 Net
Slide 26: Cash flow
Cash flow CAPEX reduction well on track € MM Q1-3 24/25 Q1-3 25/26 YoY Change in % • Strong EBITDA CF from operating activities -29 332 n.a. • Factoring extended • Cash deposits decreased CF from investing activities -306 -26 +92% • Lower CAPEX CF from financing activities 192 83 -57% Operating free
Slide 27: Balance sheet
Balance sheet Improved leverage € MM March 31, 25 December 31, 25 Change in % • Including higher cash Total assets 4,622 4,612 0% & cash equivalents Equity 1,075 961 -11% • Impacted by FX Equity ratio 23.3% 20.8% -2.4pp Net debt 1,491 1,316 -12% • Net debt/EBITDA ratio: 2.0 27 Investor Presentation
Slide 28: Supply chain
Supply chain Risk of T-glass shortage ▪ Cores of PCBs and IC substrates get their stability from fiberglass mats (E-glass) ▪ Above a certain size, the fiberglass mats have to be more advanced (T- glass) ▪ The unexpectedly high growth in AI server chips has caused demand for T-glass to rise sharply a
Slide 29: Disclaimer
Disclaimer This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarters at Fabriksgasse 13, 8700 Leoben, Austria (“AT&S”), and the contents are proprietary to AT&S and for information only. AT&S does not provide any representations or warran