At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Investor Presentation (August 2026)
35 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's investor presentation, August 2026
Slide 1: Investor Presentation Q1 2026/27
AT&S AG Investor Presentation Q1 2026/27 CONFIDENTIAL
Slide 2: Company snapshot
Company snapshot 2 Investor presentation – Q1 2026/27
Slide 3: AT&S: Enabling Next-Generation Digital Infrastructure
AT&S: Enabling Next-Generation Digital Infrastructure World leading technology partner in advanced substrates and PCB Only Western high-end manufacturer in highly concentrated ecosystem Transitioning into a phase of strong earnings growth and cash generation €1.8 BN, +21% cc 23 % ~€6 BN Revenu
Slide 4: Application landscape in growth markets
Application landscape in growth markets Used in nearly all electric devices Consumer and Industrial electronics, Datacenter and Infrastructure, Medical Classic PCB For miniaturization and performance Server & cloud Automotive HPC, AI, edge, IoT Mobile devices and wearables, computing, Advanced drive
Slide 5: Increased data volume requires significant performance improvement in processors
Increased data volume requires significant performance improvement in processors Higher level of functional integration requires more sophisticated ABF substrates Legacy & Server IC until 2023 Server IC today Instead of using monolithic designs, various chip elements are integrated as one device Sin
Slide 6: HPC/AI Hardware as technology driver
HPC/AI Hardware as technology driver Demand for AI Infrastructure outpacing every prior estimates with packaging becoming critical enabler AT&S advanced IC Substrates and PCBs are used for several applications in High Performance Computing Accelerator Cards Base Boards More computing power and
Slide 7: Financial performance & outlook
Financial performance & outlook 7 Investor presentation – Q1 2026/27
Slide 8: Major investments have laid the foundation for profitable growth
Major investments have laid the foundation for profitable growth Revenue, EBITDA margin & Net Capex 2 500 in € MM 2 000 1,791 1,550 1,590 €3.5 BN CAPEX 1 500 from 2020/21–2025/26 32-37% as a basis for growth 1 000 855 500 415 19.8% 18.1%1 178 0 23.3% 2023/24 2024/25 2025/26 2026/27e 1 Excludes proce
Slide 9: Strong start to the year
Strong start to the year • All communicated projects are on track • Continued strong market momentum € 549 MM Revenue € 0.93 EPS +40% cc YoY PY: -€ 1.55 • Further customer diversification ongoing – all in the three-digit million range • Operations in China accelerating local-for-local € 165 MM EBITD
Slide 10: Significantly accelerating momentum
Significantly accelerating momentum Quarterly performance in € MM +40% cc • Revenue: Significant volume growth 600 549 100,0% through further improved loading, first positive pricing impacts in June 468 477 90,0% 500 447 80,0% 399 400 70,0% • Margin: Utilization, improved pricing and 60,0% volume/mi
Slide 11: Electronics Solutions: Positioned for growth
Electronics Solutions: Positioned for growth Quarterly performance in € MM • Revenue: Good volume growth partly +3% cc offset by tail of negative pricing effects early in the quarter, sites esp. in Austria 300 100,0% being prepared for future growth 256 90,0% • Margin: Sequential improvement 250 202
Slide 12: Microelectronics: Profitable growth further accelerates
Microelectronics: Profitable growth further accelerates Quarterly performance in € MM +93% cc • Revenue: Kulim and Leoben ramp, a strong demand from existing and new 400 100,0% customers leading to improved 344 90,0% utilization across all sites and improved 350 290 80,0% pricing 254 300 70,0% • 250
Slide 13: Expanding technology and manufacturing footprint
Expanding technology and manufacturing footprint AT&S is expanding to address the structural growth driven by AI and high-performance computing Kulim expansion Chongqing expansion European expansion Ramp-up of Kulim Campus 2.0 Additional manufacturing capacity Expansion of strategic European p
Slide 14: Timing and financial impact of major growth programs
Timing and financial impact of major growth programs Capacity expansion for ABF substrates fully backed by long-term customer commitments Program 2026/27 2027/28 2028/29 Chongqing expansion Capacity build & ramp Ramp & HVM HVM Kulim 1 expansion Capacity build Capacity build & ramp HVM Kulim 2 incl.
Slide 15: 2026/27 guidance fully confirmed
2026/27 guidance fully confirmed FY 2026/27e Revenue +45–55% cc (FY 2025/26 base: € 1.8 BN) Profitability EBITDA margin of 32–37% Investments Net CAPEX approx. € 1–1.2 BN Stability Net debt/EBITDA: <3 Guidance subject to supply and geopolitical situation as well as currency developments. cc = consta
Slide 16: Investment Highlights
Investment Highlights Stable industrial balance & strategically positioned in AI Infrastructure Every Chip needs a substrate Advanced packaging is the enabler for next generation performance boost Speed and power efficiency are key Embedding within advanced packaging Strong structural gr
Slide 17: Thank you for your attention
Thank you for your attention 17 Investor presentation – Q1 2026/27
Slide 18: Appendix
Appendix 18 Investor presentation – Q1 2026/27
Slide 19: Sustainability as key driver for AT&S
Sustainability as key driver for AT&S What we achieved in FY 2025/26 80% Long-term target Winner of the “80% renewable energy share” “ESG Transparency Award 2025” achieved LCA tool B Rating successfully certified according to CDP “Climate Change” and ISO 14067 “Water” Recognition from leading sustai
Slide 20: 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) Demand for T-glass has increased significantly due to stronger-than- expected growth in AI serve
Slide 21: 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 22: 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 23: 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 24: The role of Substrates and PCBs in Advanced Packaging
The role of Substrates and PCBs in Advanced Packaging EMIB(-T) CoWoS / CoPoS CoWoP Embedded Multi-die Interconnect Bridge Chip-on-Wafer-on-Substrates / (with Through-Silicon Vias) Chip-on-Panel-on-Substrate Chip-on-Wafer-on-PCB HBM GPU/CPU Embedded HBM GPU/CPU Interposer HBM GPU/CPU silicon bridge P
Slide 25: Enabling next generation power levels
Enabling next generation power levels Power stages at different locations enable unprecedented power levels Conversion losses Reduced by moving PMIC components closer Enabled by embedding as a packaging technology for PMICs Ohmic losses Reduced by converting high voltages to high currents as MI3
Slide 26: Technologies that drive the next wave of growth
Technologies that drive the next wave of growth Leading today. Enabling What’s Next. AI and HPC applications require higher computing performance AI/HPC test infrastructure Advanced PCBs Supporting validation of increasingly Enabling efficient power management complex technologies in high-performa
Slide 27: Next generation of AI infrastructure: Co-packaged optics
Next generation of AI infrastructure: Co-packaged optics Optics are moving closer to silicon to overcome AI bandwidth and power limitations Lower power consumption Higher bandwidth Enable continued AI scaling Pluggable optics → On-board optics → Co-packaged optics → Chip/Interposer Integrated
Slide 28: 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 29: 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 29 Investor presentation
Slide 30: Successful start to the fiscal year with a strong first quarter
Successful start to the fiscal year with a strong first quarter € MM (unless otherwise stated) Q1 2026/27 Q1 2025/26 YoY change in % Revenue 548.7 398.9 37.5 % EBITDA 165.0 70.6 >100 % EBITDA margin (in %) 30.1 % 17.7 % – EBIT 73.4 (16.3) >100 % EBIT margin (in %) 13.4 % (4.1 %) – Profit for the per
Slide 31: Solid financial position further strengthened by recent financing
Solid financial position further strengthened by recent financing Maturity of outstanding debt instruments1 Cash & cash equivalents Net debt/EBITDA in € MM in € MM 1184 472 415 416 338 294 738 3,2 239 2 1,9 26/27 27/28 28/29 29/30 30/31 >30/31 31.03.2026 30.06.2026 31.03.2026 30.06.2026 • Solid fina
Slide 32: Positive cash conversion and strong balance sheet KPIs
Positive cash conversion and strong balance sheet KPIs € MM Q1 25/26 Q1 26/27 YoY Change in % Prior year impacted by higher factoring CF from operating activities 184 40 -78% Increase in receivables due to higher revenue Higher inventories to maintain supply chain resilience CF from financing
Slide 33: AI is causing Gartner to continually revise its forecast upward
AI is causing Gartner to continually revise its forecast upward Gartner semiconductor revenue forecast in $ BN 2000 1800 1600 ??? $ BN 1400 1200 1000 960 $ BN 800 820 $ BN 600 400 2023 2024 2025 2026 2027 2028 Q2 2024 Forecast Q2 2025 Forecast Q2 2026 Forecast Source: Gartner 33 Investor presentatio
Slide 34: AT&S in Kulim – ready for expansion
AT&S in Kulim – ready for expansion Kulim 2 Kulim 1 Available space Available space Core building Core Kulim 2 Kulim 1 Announced plant for in- Building is wind- and Production is already house core production and watertight – cleanrooms are ongoing and additional additional available space being set
Slide 35: 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