AT & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft — AT&S Austria Technologie & Systemtechnik — Q1 2025/26 Earnings Presentation
29 slides from AT & S Austria Technologie & Systemtechnik Aktiengesellschaft's earnings presentation, July 2025
Slide 1: Investor Presentation Q1 2025/26
INVESTOR PRESENTATION Q1 2025/26 Logo Logo Linkedin Facebook 1 Investor Presentation – Q1 2025/26
Slide 2: Company Snapshot
COMPANY SNAPSHOT 2 Investor Presentation – Q1 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 for Modules Substra
Slide 6: Increased Data Volume Requires Significant Processor Performance Improvement
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 Net sqm designs, various chip elements Single Chip are integrated as 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: Developments in Printed Circuit Boards
DEVELOPMENTS IN PRINTED CIRCUIT BOARDS Applications and players in focus Diversification of key customers Number of customers with > €30 MM revenue Consumer Devices >2x Electronics Digital Solutions Infrastructure Automotive 2023/24 2024/25 2027/28 Diversification of applications Aerospace Expected
Slide 9: Developments in IC Substrates
DEVELOPMENTS IN IC SUBSTRATES Applications and players in focus Customer diversification High-performance Amount of customers computing +>50% >15 KI, Edge-Computing 11 Micro- und IoT 8 electronics Automotive 2023/24 2024/25 2027/28 Server/Cloud- Diversification of applications Computing Expected for
Slide 10: Resilient Production Network for Printed Circuit Boards
RESILIENT PRODUCTION NETWORK FOR PRINTED CIRCUIT BOARDS 1 From simple double-sided PCBs to complex flexible and high- 1 Austria 2 China (Shanghai & frequency PCBs for automotive, (Fehring, Hinterberg 1&2) Chongqing) industrial and medical applications 2 Focus on high-end printed circuit boards for m
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
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 2025/26
Slide 14: Market Environment Brightens Up
MARKET ENVIRONMENT BRIGHTENS UP Market development printed circuit boards Market development IC substrates in US$ BN in US$ BN +8% +8pp -0pp +10% 61 77 -1pp +11pp 66 14,1 9,4 10,3 2024 Volume Price 2025 2024 Volume Price 2025 ▪ AI-related investments remain driver in IC substrate and PCB mar
Slide 15: AT&S in Q1 2025/26
AT&S IN Q1 2025/26 ▪ Revenue and EBITDA increased ▪ Production with new IC substrate Geschäftsjahr customers expanded ▪ in einem Impact of FX effects, particularly on the heraus- equity ratio forderndem ▪ Geopolitical uncertainties remain high, Marktumfeld therefore forecast for H1 15 Investor Prese
Slide 16: Q1 2025/26 Results Summary
Q1 2025/26 RESULTS SUMMARY Improved topline with stable EBITDA margin Revenue and EBITDA margins Revenue: € 399 MM in € MM ▪ Group: +14% +14% ▪ Electronics Solutions: +4%1 +2% ▪ Microelectronics: +29%1 2 95% EBITDA: € 71 MM ▪ Increase by 9% 451 349 397 393 399 ▪ EBITDA margin: stable 18% 18% 21% 19%
Slide 17: Q1 2025/26 Business Unit: Electronics Solutions
Q1 2025/26 BUSINESS UNIT: ELECTRONICS SOLUTIONS in € MM +4% +1% ▪ Q1 YoY growth: positive product mix/volume compensates for 283 pricing and FX headwinds 243 209 216 218 ▪ Q1 QoQ flat: muted dynamics in 24% low season quarter 18% 20% 20% 8% Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 3rd party reve
Slide 18: Q1 2025/26 Business Unit: Microelectronics
Q1 2025/26 BUSINESS UNIT: MICROELECTRONICS in € MM +29% +2% ▪ Q1 YoY growth: supported by favorable volume development 177 181 168 154 ▪ Q1 QoQ growth: volume growth 141 outweighs negative FX effects and 20% 18% 18% declining price pressure 12% 13% Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 3rd pa
Slide 19: Guidance
GUIDANCE H1 2025/26e Revenue Approx. € 820 MM Profitability EBITDA margin of approx. 20% Investments Net CAPEX approx. € 110 MM The 2025/26 full-year guidance will be given when there is more clarity regarding US tariffs 19 Investor Presentation – Q1 2025/26
Slide 20: Mid-Term Guidance
MID-TERM 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 fin
Slide 21: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Investor Presentation – Q1 2025/26
Slide 22: Appendix
APPENDIX 22 Investor Presentation – Q1 2025/26
Slide 23: Cost Saving and Efficiency Program
COST SAVING AND EFFIENCY PROGRAM Strong focus on sustainable OPEX savings Cost saving program target1 FY25/26 saving development, expected [Sustainable saving in € MM ] [Sustainable saving in € MM ] 250+ 130+ ~100 130+ ~80 120 SG&A 45 Procurement Operation 120 FY24/25 FY25/26 Q1 H1 9M Full Year Actu
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 481 772 395 428 € 100 MM 353 338 cash deposit2 585 192 256 152 25/26 26/27 27/28 28/29 29/30 >29/30 31.3.2025 30.6.2025 31.3.2025 30.6.2025 ▪ Solid fina
Slide 25: Working Capital Development
WORKING CAPITAL DEVELOPMENT Working capital and relation to revenue in € MM 19.3% 18.5% 19.8% 9.2% 10.3% 9.5% 467 454 482 322 301 341 160 185 166 171 145 170 -339 -328 -336 -340 -313 -355 Q4 2023/24 Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 WC receivables1 Inventories WC payables2 Net w
Slide 26: Cash Flow
CASH FLOW CAPEX reduction well on track € MM Q1 24/25 Q1 25/26 YoY Change in % CF from operating activities 14 184 +1,236% ▪ Factoring extended ▪ Cash deposits decreased CF from investing activities -100 32 nm ▪ Lower CAPEX CF from financing activities 98 104 +5% Operating free CF1 -79 130 nm Net CA
Slide 27: Balance Sheet
BALANCE SHEET Improved leverage € MM March 31, 25 June 30, 25 Change in % Total assets 4,622 4,516 -2% Equity 1,075 877 -18% ▪ Impacted by FX Equity ratio 23.3% 19.4% -3.9pp Net debt 1,491 1,386 -7% ▪ Net debt/EBITDA ratio: 2.3 27 Investor Presentation – Q1 2025/26
Slide 28: Kulim and Leoben-Hinterberg 3
KULIM Start of high-volume production: April 1, 2025 Investment phase 1: > € 1 BN Employees: 1,600 (end of June 2025) Products/technology: IC substrates for high-performance processors Customers: AMD and developing further LEOBEN-HINTERBERG 3 Official opening: June 2025 Investment: > € 500 MM Employ
Slide 29: Disclaimer
DISCLAIMER This presentation is provided by AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, having its headquarter 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 warrant
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