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AT&S Austria Technologie & Systemtechnik : Quarterly Report 3rd Quarter 2025/26

AT&S Austria Technologie & Systemtechnik : Quarterly Report 3rd Quarter

At & S Austria Technologie & Systemtechnik AktiengesellschaftFebruary 3, 20264
AT&S Austria Technologie & Systemtechnik : Quarterly Report 3rd Quarter 2025/26

About this update from At & S Austria Technologie & Systemtechnik Aktiengesellschaft

HIGHLIGHTS Q1-Q3 2025/26 AT&S records positive net profit again in the third quarter Revenue increases to € 1,314.0 million in the first three quarters of the financial year 2025/26, up 9.8% on the previous year EBITDA of € 296.8 million corresponds to a margin of 22.6% The plants in Kulim and Leoben are developing as planned and contribute to revenue as expected Exchange rate developments influence revenue, earnings and equity Outlook for financial years 2025/26 and 2026/27 confirmed KEY FIGURES Unit Q1-Q3 2025/26 Q1-Q3 2024/25 Change in % Revenue € in millions 1,314.0 1,196.7 9.8 % EBITDA € in millions 296.8 231.7 28.1 % EBITDA margin % 22.6% 19.4% - EBIT € in millions 34.0 (1.4) >100% EBIT margin % 2.6% (0.1%) - Profit/(loss) for the period € in millions (39.3) (95.3) 58.8 % Net CAPEX € in millions (108.4) (327.5) 66.9 % Operating free cash flow € in millions 223.4 (356.9) >100% Earnings per share € (1.35) (2.79) 51.6 % Employees 1 - 13,064 13,402 (2.5 %) 1 Incl. contract staff, average ECONOMIC REPORT BUSINESS DEVELOPMENT AND SITUATION In the first three quarters of the current financial year, AT&S exceeded both revenue and net profit compared to the prior-year period. The positive net profit in the third quarter impressively showed that AT&S is on the right track operationally. On the one hand, the consistently implemented efficiency program is taking effect, on the other hand, the market environment for the technology industry has improved. And finally, the plants in Kulim, Malaysia, and Leoben, Austria, are contributing to revenue so that positive EBIT was recorded again. Against this backdrop, AT&S is convinced that the annual targets will be achieved in full. The investments of the past years are beginning to bear fruit, creating a solid basis for generating sustainable value from the current market recovery. Third quarter 2025/26 In the third quarter of 2025/26, the new plants in Kulim and Leoben contributed noticeably to growth and AT&S increased consolidated revenue by 17.9% year-on-year - adjusted for currency effects by 27.4%. Thanks to the extensive cost optimization and efficiency program and a better pricing environment, EBITDA rose by 63.8% - adjusted for currency effects by 105.0%. AT&S recorded a positive net profit of € 24.2 million (PY: € -32.6 million), leading to earnings per share of € 0.51 (PY: € -0.95) and, together with currency effects, to an increase in the equity ratio by 1.6 percentage points to 20.8% compared to the half-year figure as of September 30, 2025. First nine months of 2025/26 In comparison to the prior-year period, consolidated revenue increased by 9.8% in the first three quarters of 2025/26 from € 1,196.7 million to € 1,314.0 million. Adjusted for currency effects, consolidated revenue rose by 16.3%. Exchange rate effects, especially due to the weaker US dollar, had a negative impact of € 77.8 million on the development of revenue. Due to a positive volume development, AT&S was able to successfully counter negative exchange rate effects during the reporting period. EBITDA improved by 28.1% from € 231.7 million to € 296.8 million. The earnings improvement is primarily due to higher volumes, the comprehensive cost optimization and efficiency program and a better pricing environment. Adjusted for currency effects, EBITDA improved by 45.9%. Currency fluctuations of the US dollar and the Chinese renminbi had a negative influence on the EBITDA development of € 41.3 million. The EBITDA margin amounted to 22.6%, thus exceeding the prior-year level of 19.4%. Depreciation and amortization increased by € 29.8 million to € 262.8 million (20.0% of consolidated revenue) due to additions to assets and technology upgrades. EBIT increased from € -1.4 million to € 34.0 million. The EBIT margin amounted to 2.6% (previous year: -0.1%). Finance costs - net declined from € -65.1 million to € -80.0 million. This was primarily attributable to exchange rate effects with a negative impact of € -13.3 million (previous year: € 7.0 million). The interest result improved by € 12.7 million from € -72.2 million in the previous year to € -59.5 million as of December 31, 2025. Gross interest expenses of € 79.1 million were € 19.6 million below the previous year's level of € 98.7 million despite the higher financing volume, in particular due to the lower interest rates. Interest income, at € 19.6 million, was also € 0.9 million below the prior-year level of € 20.5 million as a result of the lower interest rate level. The loss for the period improved from € -95.3 million by € 56.0 million to € -39.3 million. Taking into account interest on hybrdid capital of € 13.2 million (previous year: € 13.2 million), this results in earnings per share of € -1.35 (previous year: € -2.79), which was an improvement by € 1.44. Number of shares outstanding The number of shares outstanding in the individual periods amounted to 38,850,000 units and remained unchanged compared to the previous year. BUSINESS DEVELOPMENT BY SEGMENTS The AT&S Group breaks its operating activities down into three segments: Electronics Solutions, Microelectronics and Others. For further explanations on the segments and segment reporting, please refer to the Annual Report 2024/25. Electronics Solutions segment The segment's revenue amounted to € 693.5 million, down 5.5% on the prior-year level of € 733.9 million. It must be noted, however, that a reduction in revenue by € 38.0 million was recorded as a result of the sale of the plant in Ansan, South Korea. Excluding the share of revenue from the plant in Ansan, South Korea, third-party revenue in the Electronics Solutions segment was € 2.4 million lower than in the comparative period mainly due to currency effects. Segment's EBITDA at € 143.8 million, was € 11.2 million below the prior-year level of € 154.9 million. This was mainly attributable to a decrease in revenue as a result of the sale of the plant in Ansan, South Korea and the resulting contribution margins. By continuing the cost optimization and efficiency program, a significant part of the loss of contribution margins due to the sale was compensated for. This resulted in an EBITDA margin of 20.4%, which was lower than in the previous year (21.1%). EBIT declined by € 3.0 million from € 75.8 million to € 72.8 million. The EBIT margin amounted to 10.3 % (previous year: 10.3 %). Microelectronics segment Third-party revenue in the Microelectronics segment amounted to € 620.5 million, exceeding the prior year figure of € 462.8 million by 34.1%. This increase is primarily attributable to higher volumes, also as a result of production start in Kulim, Malaysia. The segment's EBITDA, at € 162.1 million, up € 75.0 million on the prior-year figure of € 87.1 million. Negative effects from currency translation of € -37.7 million (previous year: € -2.3 million) were overcompensated by the additional contributions to earnings generated by the increase in revenue. Start-up costs at the plants in Kulim, Malaysia, and Leoben, Austria, declined from € 36.6 million in the same quarter of the previous year to € 2.6 million. Likewise, government grants for expenses decreased from € 24.0 million to € 15.3 million in this segment in the first three quarters. The EBITDA margin rose by 6.7 percentage points from 16.5% to € 23.2 %. EBIT increased from € -60.2 million to € -21.1 million. The EBIT margin amounted to -3.0% (previous year: -11.4%). FINANCIAL POSITION Total assets declined by 0.2% in the first nine months of the financial year, from € 4,622.1 million as of March 31, 2025 to € 4,612.5 million as of December 31, 2025. Above all, property, plant and equipment decreased from € 3,335.6 million as of 31 March 2025 to € 3,102.1 million at December 31, 2025. Additions to assets and technology upgrades of € 93.1 million were offset by depreciation and amortization totaling € 262.8 million. The additions to assets led to cash CAPEX of € 115.1 million. Property plant and equipment reported in the consolidated statement of financial position as of December 31 2025 also include right-of-use assets according to IFRS 16 of € 423.7 million. Correspondingly, financial liabilities include lease liabilities of € 320.7 million. Inventories rose from € 145.5 million to € 215.8 million. Cash and cash equivalents amounted to € 843.2 million (31 March 2025: € 485.1 million). In addition, AT&S also had unused credit lines of € 42.6 million to secure the financing of the future investment programme and short-term repayments. Equity declined by 10.6% from € 1,075.0 million at the balance sheet date to € 961.4 million. The reduction is due in particular to currency effects from translation of net assets of subsidiaries (€ -77.8 million) and the loss for the period of € -39.3 million. The change in hedging instruments for cash flow hedges (€ 3.2 million) and changes from the remeasurement of post-employment obligations (€ 0.4 million) had a positive impact on the development of equity. The equity ratio declined by 2.4% percentage points from 23.3% as of March 31, 2025 to 20.9%. Net debt decreased by € 175.0 million or 11.7%, from € 1,491.4 million to € 1,316.4 million, whereby the higher factoring volume in particular had a positive impact on cash and therefore on net debt. Cash flow from operating activities in the first nine months of the current financial year amounted to € 331.8 million (previous year: € -29.4 million). Apart from higher earnings after tax (change in EBITDA € +65.1 million), lower interest payments (change € +20.8 million) and lower income taxes paid (change € +18.0 million), the main change in cash flow from operating activities was caused by changes in working capital. Working capital improved in particular due to an increase in factoring volume (factoring volume as of 31. Dezember 2025: € 203.1 million; as of March 31, 2025: € 12.0 million). Net CAPEX amounted to € 108.4 million (previous year: € -327.5 million), resulting in operating free cash flow of € 223.4 million (previous year: € -356.9 million). Cash flow from financing activities amounted to € 83.3 Mio. € (previous year: € 191.6 Mio. €) and is due in particular to drawing the loan with the International Finance Corporation (IFC-loan) in the amount of USD 400 million. Cash flow from financing activities was reduced by the repayment of a promissory note loan and regular loan repayments. OUTLOOK Expected market environment Geopolitical uncertainties caused some companies to reduce inventory levels or place orders early. Overall, these effects had no impact on the general market situation, which improved compared with the previous quarter. The data center and server segment continues to be the driver: Here, demand continues to be stable. Demand is particularly strong for high-end products developed for artificial intelligence. There is an ongoing trend towards high-end IC substrates in this area, from which AT&S will continue to benefit. Despite continuing geopolitical tensions, demand developed positively in most other markets. Notebooks show a positive picture, which is in part attributable to the progress made in artificial intelligence and renewal cycles, but also to a shift in seasonality for fear of potential tariffs. Likewise, the smartphone market is strong. In the industrial and automotive segments, only moderate growth is expected for 2025, one of the reasons being inventories that have not been fully reduced yet. The situation is particularly challenging in the area of e-mobility, where the currently low demand is weakening the market environment. Moreover, tariffs as well as political and legal obstacles in the USA and the EU are causing additional burdens. Outlook 2025/26 AT&S expects to generate annual revenue of approximately € 1.7 billion in the financial year 2025/26 (2024/25: € 1,590 million), which - adjusted for currency effects and the sold plant in Ansan, Southkorea - corresponds to operational growth of approximately 20% compared to the previous year. The expected EBITDA margin of approximately 23% will still reflect the start-up costs of the additional lines in Kulim (2024/25 incl. proceeds from the sale of the plant in Ansan, Korea: 38.1%; adjusted for the proceeds: 17.7%). The management plans CAPEX of roughly € 200 million (2024/25: € 415 million). The majority of these investments will be used for expanding the IC substrate production at the new plant in Kulim, Malaysia. AT&S expects EBIT and free cash flow from operating activities to be positive. Outlook 2026/27 AT&S anticipates continuing strong and growing demand for products with high added value, especially for generative artificial intelligence. But the established markets such as servers for companies, PCs & notebooks have also recovered. Moreover, AT&S has decided to increasingly serve the defense sector. In the future, the company will work even more closely with its customers to ensure that production increases can be reliably implemented. At the same time, this close cooperation will enable a structured introduction of new products and contribute to strengthening joint development activities in the long term. Against this positive market backdrop, AT&S currently assumes that revenue of approximately € 2.1 to € 2.4 billion will be generated in the financial year 2026/27 and expects an EBITDA margin of 24% to 28%. AT&S generates more than three quarters of its revenue with US companies, and the majority of its revenues in US dollars. Production costs are largely incurred in Asian currencies, while the reporting currency is the euro. Since the publication of the forecast for 2026/27 in December 2024, the US dollar has fallen against the euro, from 1.07 US dollars per euro to approx. 1.17 US dollars per euro, which corresponds to a decline by roughly 10%. As a result, the management's revenue expectations shifted from the upper to the lower end of the expected revenue range. Further changes in exchange rates - positive or negative - would have an impact on the revenue forecast. In addition to these general market dynamics, raw material shortages could pose a challenge. Fiberglass mats - in particular E-glass and the technically more sophisticated T-glass - are essential components in the structure of PCBs and IC substrates. T-glass is indispensable for large-format and complex IC substrates. Last year, there were already indications of potential supply chain bottlenecks in the market, in particular due to the dependence on one central supplier. AT&S responded early and qualified additional suppliers together with its customers in order to increase supply security. Some of these new partners are in the process of building their production capacities and are currently not yet able to supply the full quantities required. Therefore, there is a certain risk that AT&S, as well as competitors, may not be able to fully meet all customer requirements, which were recently revised upwards, in the second half of the financial year 2026/27. While such a shortage would limit the production volume, it could have a positive effect on IC substrate prices. The forecast does not include a potential escalation of the currently smoldering trade dispute, a significant shortage of fiberglass mats or a further devaluation of the US dollar. The management monitors the currently tense geopolitical situation very carefully in order to be able to respond to developments at any time and to make strategic adaptations. Leoben-Hinterberg, February 3, 2026 Management Board Michael Mertin m.p. Peter Griehsnig m.p. Gerrit Steen m.p. CONSOLIDATED STATEMENT OF PROFIT OR LOSS € in thousands Oct 1 - Dec 31, 2025 Oct 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Revenue 467,722 396,832 1,314,037 1,196,719 Cost of sales (395,931) (343,968) (1,168,031) (1,034,592) Gross profit 71,791 52,863 146,006 162,127 Distribution costs (12,792) (13,543) (38,403) (41,732) General and administrative costs (21,417) (19,937) (72,395) (60,849) Other operating income 5,141 12,885 23,783 48,263 Other operating costs (8,774) (38,550) (25,002) (98,979) Other operating result (3,633) (25,665) (1,219) (50,716) Non-recurring items - (1,900) - (10,180) Operating result (EBIT) 33,949 (8,181) 33,989 (1,350) Finance income 15,040 19,796 19,623 33,629 Finance costs (27,620) (34,956) (99,645) (98,719) Finance income/costs - net (12,580) (15,160) (80,022) (65,090) Loss before tax 21,369 (23,341) (46,033) (66,440) Income taxes 2,792 (9,296) 6,730 (28,868) Loss for the period 24,161 (32,637) (39,303) (95,308) Attributable to owners of hybrid capital 4,411 4,411 13,185 13,185 Attributable to owners of the parent company 19,750 (37,048) (52,488) (108,493) Earnings per share attributable to equity holders of the parent company (in € per share): - basic 0.51 (0.95) (1.35) (2.79) - diluted 0.51 (0.95) (1.35) (2.79) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME € in thousands Oct 1 - Dec 31, 2025 Oct 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Profit/(Loss) for the period 24,161 (32,637) (39,303) (95,308) Items to be reclassified: Currency translation differences, net of tax 58,176 57,342 (77,770) 136,858 (Losses) from the fair value measurement of financial assets, net of tax (11) - (11) - Gains/(Losses) from the fair value measurement of hedging instruments for cash flow hedges, net of tax 1,754 (516) 3,182 (4,329) Items not to be reclassified: Remeasurement of post-employment obligations, net of tax - - 393 - Other comprehensive income/(loss) for the period 59,919 56,826 (74,206) 132,529 Total comprehensive income/(loss) for the period 84,080 24,189 (113,509) 37,221 Attributable to owners of hybrid capital 4,411 4,411 13,185 13,185 Attributable to owners of the parent company 79,669 19,778 (126,694) 24,036 CONSOLIDATED STATEMENT OF FINANCIAL POSITION € in thousands Dec 31, 2025 Mar 31, 2025 ASSETS Property, plant and equipment 3,102,143 3,335,615 Intangible assets 12,866 18,027 Financial assets 9,254 8,702 Deferred tax assets 15,272 4,533 Other non-current assets 23,941 32,580 Non-current assets 3,163,476 3,399,457 Inventories 215,840 145,453 Trade and other receivables and contract assets 364,650 482,209 Financial assets 22,428 105,912 Current income tax receivables 2,922 4,010 Cash and cash equivalents 843,178 485,079 Current assets 1,449,018 1,222,663 Total assets 4,612,494 4,622,120 EQUITY Share capital 141,846 141,846 Other reserves (105,749) (31,543) Hybrid capital 347,956 347,956 Retained earnings 577,388 616,691 Equity attributable to owners of the parent company 961,441 1,074,950 Total equity 961,441 1,074,950 LIABILITIES Financial liabilities 1,603,959 1,621,239 Contract liabilities 778,463 827,890 Provisions for employee benefits 37,972 41,712 Deferred tax liabilities 3,940 9,290 Other liabilities 69,066 67,382 Non-current liabilities 2,493,400 2,567,513 Trade and other payables 412,636 405,643 Financial liabilities 587,340 469,892 Contract liabilities 133,672 83,206 Current income tax payables 3,144 192 Other provisions 20,861 20,724 Current liabilities 1,157,653 979,657 Total liabilities 3,651,053 3,547,170 Total equity and liabilities 4,612,494 4,622,120 CONSOLIDATED STATEMENT OF CASH FLOWS € in thousands Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Operating result (EBIT) 33,989 (1,350) Depreciation, amortization and impairment of property, plant and equipment and intangible assets 262,837 233,052 Gains from the disposal of fixed assets 389 (9,048) Changes in non-current provisions (3,340) (3,611) Changes in contract liabilities 47,963 22,407 Non-cash expense/(income), net (55,986) (11,471) Interest paid (46,655) (67,440) Interest received 19,663 20,545 Income taxes paid (7,257) (25,240) Cash flow from operating activities before changes in working capital 251,603 157,844 Inventories (75,293) (7,863) Trade and other receivables and contract assets 109,571 (148,202) Trade and other payables 44,886 (42,247) Other provisions 1,003 11,079 Cash flow from operating activities 331,770 (29,389) Capital expenditure for property, plant and equipment and intangible assets (115,075) (328,724) Proceeds from the sale of property, plant and equipment and intangible assets 6,661 1,195 Capital expenditure for financial assets (15,564) (23,629) Proceeds from the sale of financial assets 98,020 45,267 Cash flow from investing activities (25,958) (305,891) Proceeds from borrowings 407,797 414,449 Repayments of borrowings (330,887) (228,596) Proceeds from government grants 6,378 5,762 Cash flow from financing activities 83,288 191,615 Change in cash and cash equivalents 389,100 (143,665) Cash and cash equivalents at beginning of the year 485,079 676,490 Exchange gains/(losses) on cash and cash equivalents (31,001) 18,410 Cash and cash equivalents at end of the period 843,178 551,235 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY € in thousands Share capital Other reserves Hybrid capital Retained earnings Equity attributable to owners of the parent company Non-controlling interests Total equity Mar 31, 2024 141,846 (68,891) 347,956 545,668 966,579 - 966,579 Loss for the period - - - (95,308) (95,308) - (95,308) Other comprehensive income for the period - 132,529 - - 132,529 - 132,529 thereof currency translation differences, net of tax - 136,858 - - 136,858 - 136,858 thereof change in hedging instruments for cash flow hedges, net of tax - (4,329) - - (4,329) - (4,329) Total comprehensive loss for the period - 132,529 - (95,308) 37,221 - 37,221 Dec 31, 2024 141,846 63,638 347,956 450,360 1,003,800 - 1,003,800 Mar 31, 2025 141,846 (31,543) 347,956 616,691 1,074,950 - 1,074,950 Loss for the period - - - (39,303) (39,303) - (39,303) Other comprehensive loss for the period - (74,206) - - (74,206) - (74,206) thereof currency translation differences, net of tax - (77,770) - - (77,770) - (77,770) thereof remeasurement of post-employment obligations , net of tax - 393 - - 393 - 393 thereof change in financial assets, net of tax - (11) - - (11) - (11) thereof change in hedging instruments for cash flow hedges, net of tax - 3,182 - - 3,182 - 3,182 Total comprehensive loss for the period - (74,206) - (39,303) (113,509) - (113,509) Dec 31, 2025 141,846 (105,749) 347,956 577,388 961,441 - 961,441 SEGMENT REPORTING The AT&S Group now breaks down its operating activities into the following three segments Electronics Solutions Microelectronics Others The Electronics Solutions and Microelectronics segments are structured based on technology. The Electronics Solutions segment encompasses the area of printed circuit boards and will also increasingly cover the modules and embedding business areas through the development of high-tech solutions. The Microelectronics segment comprises the production of IC substrates for PCs and servers. The Others segment is still characterised by Group and holding activities. AT&S I NTERI M REPORT THI RD QUARTER 202 5 /2 6 ADVANCED TECHNOLOGIES& SOLUTIONS BU ES (Electronics Solutions) BU ME (Microelectronics) Others Elimination/ Consolidation Group € in thousands Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Segment revenue 704,263 735,341 697,477 526,750 - - (87,703) (65,371) 1,314,037 1,196,719 thereof internal revenue 10,728 1,431 76,975 63,941 - - (87,703) (65,371) - - thereof external revenue 693,535 733,910 620,502 462,809 - - - - 1,314,037 1,196,719 Operating result before depreciation/amortization (EBITDA) 143,767 154,930 162,120 87,119 (9,061) (10,347) - - 296,826 231,702 Depreciation/amortization incl. appreciation (70,985) (79,141) (183,202) (147,348) (8,650) (6,563) - - (262,837) (233,052) Operating result (EBIT) 72,782 75,790 (21,082) (60,229) (17,711) (16,911) - - 33,989 (1,350) Finance costs - net (80,022) (65,090) Loss before tax (46,033) (66,440) Income taxes 6,730 (28,868) Loss for the period (39,303) (95,308) Property, plant and equipment and intangible assets 1 429,977 490,851 2,604,968 2,774,290 80,064 88,501 - - 3,115,009 3,353,642 Additions to property, plant and equipment and intangible assets 35,289 40,630 55,405 254,732 2,377 23,025 - - 93,071 318,387 Non-recurring items (1,933) (4,358) - (3,889) - - - (10,180) 1 Actual values as of December 31, 2025, previous year values as of March 31, 2025 INFORMATION BY GEOGRAPHIC REGION Revenues broken down by customer region, based on customer's headquarters: € in thousands Apr 1 - Dec 31, 2025 Apr 1 - Dec 31, 2024 Austria 10,310 11,625 Germany 124,010 104,938 Other European countries 49,744 73,763 China 7,116 18,132 Other Asian countries 69,624 65,457 Americas 1,053,233 922,804 Revenue 1,314,037 1,196,719 Property, plant and equipment and intangible assets broken down by domicile: € in thousands Dec 31, 2025 Mar 31, 2025 Austria 699,429 725,667 Malaysia 1,211,442 1,188,107 China 1,181,941 1,414,633 Others 22,197 25,235 Property, plant and equipment and intangible assets 3,115,009 3,353,642 IMPRINT PUBLISHED BY AND RESPONSIBLE FOR CONTENT AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Fabriksgasse 13 - 8700 Leoben Austria https://www.ats.net CONTACT Philipp Gebhardt Phone: +43 (0)3842 200 2274 [email protected] DISCLAIMER This report contains forward-looking statements which were made on the basis of the information available at the time of publication. These can be identified by the use of such expressions as "expects", "plans", "anticipates", "intends", "could", "will", "aim" and "estimation" or other similar words. These statements are based on current expectations and assumptions. Such statements are by their very nature subject to known and unknown risks and uncertainties. As a result, actual developments may vary significantly from the forward-looking statements made in this report. Recipients of this report are expressly cautioned not to place undue reliance on such statements. Neither AT&S nor any other entity accept any responsibility for the correctness and completeness of the forward-looking statements contained in this report. AT&S undertakes no obligation to update or revise any forward-looking statements, whether as a result of changed assumptions or expectations, new information or future events. Percentages and individual items presented in this report are rounded, which may result in rounding differences. Negative amounts are shown in brackets. This report in no way represents an invitation or recommend-dation to buy or sell shares in AT&S. The report is published in German and English. In case of doubt, the German version is binding. No responsibility accepted for errors or omissions. Published on February 3, 2026 ats.net

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