At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Investor Presentation (June 2025)
41 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's investor presentation, June 2025
Slide 1: Investor Presentation FY 2024/25
INVESTOR PRESENTATION FY 2024/25 Logo Logo Linkedin Facebook 1 Investor Presentation – FY 2024/25
Slide 2: Company Snapshot
COMPANY SNAPSHOT 2 Investor Presentation – FY 2024/25
Slide 3: AT&S at a Glance
AT&S AT A GLANCE World leading high-tech PCB and ABF substrates company ~13,000 #2 €1.6 Bn High-end PCB Employees Revenue in FY 24/25 manufacturer worldwide (1) ~900 #5 €606 MM Active patents ABF substrates EBITDA in FY 23/24 manufacturer worldwide (1) margin of 17.5% Leoben, Austria 6 €2.1-2.4 Bn H
Slide 4: A European Company With A Scalable, Global Production Footprint
A European Company With A Scalable, Global Production Footprint Headquarters in Austria Only non-Asian company One of two non-Asian and plants in Austria, producing IC-Substrates in companies among the China, India and Malaysia significant volumes Top 50 of PCB companies AT&S plant AT&S sales suppor
Slide 5: 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 6: … 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 7: Key Business Highlights
KEY BUSINESS HIGHLIGHTS 7 Investor Presentation – FY 2024/25
Slide 8: Big Market Trends
BIG MARKET TRENDS Megatrend Key requirement AT&S strategic priorities BIG DATA 5G IC Substrates Efficient Data Digitalization Utilization Advanced Packaging Ambition Artificial Internet of Efficient Electrification Intelligence Things Systems PCB 8 Investor Presentation – FY 2024/25
Slide 9: Printed Circuit Board Developments
PRINTED CIRCUIT BOARD DEVELOPMENTS Electronics Solutions Main driver – Customer development Applications and players in focus Growing the volume with existing customers and further market penetration Consumer Devices CAGR 6% Revenue with Digital Infrastructure ≥€10 million/ year customer Existing cu
Slide 10: IC Substrate Developments
IC SUBSTRATE DEVELOPMENTS Microelectronics Main driver – Customer diversification Applications and players in focus High-performance computing +>50% ~14 8 5 1 AI, edge computing and IoT Existing customers FY22/23 FY23/24 FY26/27 Servers Application diversification Cloud computing Expected by FY 26/2
Slide 11: 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 8x Instead of using monolithic Required designs, various chip elements capacity are integrated as one d
Slide 12: Resilient Production Network for IC Substrates
RESILIENT PRODUCTION NETWORK FOR IC SUBSTRATES 1 ▪ Research and production centre for packaging and IC substrate 1 Leoben 2 CHONGQING ▪ Start of production: April 1, 2025 (AUSTRIA) (CHINA) 2 ▪ Extensive production know- how in CHQ I since 2016 ▪ Capacity expansion through CHQ III 3 ▪ Significant cap
Slide 13: 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 Renewable energies by 2030 day 38% Scope 1&2 48% Scope 3 Absolute reduction of Reduction of
Slide 14: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK 14 Investor Presentation – FY 2024/25
Slide 15: Key Developments I
KEY DEVELOPMENTS I ▪ Strong operating performance in challenging market environment ▪ Geschäftsjahr Kulim and Leoben plants in ramp ▪ in IC einem substrate customer diversification heraus- driven forward forderndem ▪ Successful sale of Ansan plant Marktumfeld ▪ Lack of clarity regarding tariff situa
Slide 16: Key Developments II
KEY DEVELOPMENTS II ▪ Results strongly impacted by sale of Korean plant and cost optimization program ▪ Equity ratio increased & leverage reduced Geschäftsjahr ▪ in Neweinem factoring finalized, visible in Q1 2025/26 ▪ heraus- Loan signed with the IFC forderndem ▪ No dividend proposed to further str
Slide 17: FY 2024/25 Results Summary
FY 2024/25 RESULTS SUMMARY Improved FY topline and solid adj. EBITDA margins Revenue and EBITDA margins Revenue: € 1,590 MM in € MM +3% ▪ Group: +3% +14% 2 ▪ Electronics Solutions: -1%1 1,550 1,590 ▪ Microelectronics: +9%1 Adj. EBITDA2: € 408 MM 95% ▪ Increase by 6% ▪ Adjusted EBITDA margin: +0.9pp
Slide 18: Guidance
GUIDANCE Q1 2025/26e Revenue Approx. € 400 MM Profitability EBITDA margin of approx. 16% Investments Net CAPEX approx. € 65 MM The 2025/26 full-year guidance will be given when there is more clarity regarding US tariffs 18 Investor Presentation – FY 2024/25
Slide 19: 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 20: Strengths & Opportunities / Aspirations
STRENGTHS & OPPORTUNITIES Leading high-end 1 Diversified customer 2 European company 3 technology portfolio across broad with scalable, global WHAT MAKES US STRONG NOW manufacturer industry segments production footprint High standards 4 Thriving 5 Track record of success 6 in ESG and on the megatren
Slide 21: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Investor Presentation – FY 2024/25
Slide 22: Appendix
APPENDIX 22 Investor Presentation – FY 2024/25
Slide 23: Cost Saving and Efficiency Program
COST SAVING AND EFFCIENCY PROGRAM Strong focus on sustainable OPEX savings Cost saving program target1 Comment [Sustainable saving in € MM ] ▪ Successful delivery of € 120 MM 250+ sustainable saving in FY24/25, baseline actual cost of FY23/24 130+ ▪ Additional € 130+ MM saving expected in 120 SG&A F
Slide 24: PCB and End Market
PCB AND END MARKET Weak automotive & industrials and continued price pressure Market size Automotive and industrial PCBs market size for PCBs in USD bn ▪ Very weak Automotive & +7% +1% 60.7 Industrial in Europe 57.0 11.6 11.7 2.9 2.8 PCBs for ▪ Mobile and Computing Industrial PCBs for 43.8 Computer,
Slide 25: PCB and End Market
PCB AND END MARKET Market size for PCBs [USD bn] +7% ▪ Growth dominated by AI investment and 65 61.0 defense 60 57.0 55 50 ▪ Stable high-end smartphone market PCBs for Computer, 45 Consumer, 40 Communication, ▪ Continued price pressure 49.3 Medical, Aviation 35 45.4 30 ▪ Automotive & Industrial stil
Slide 26: FY 2024/25 Business Unit: Electronics Solutions
FY 2024/25 BUSINESS UNIT: ELECTRONICS SOLUTIONS Weak European market restrains growth Revenue and EBITDA margins in € MM ▪ FY revenue flat: volume growth -1% and price pressure 963 950 -1% ▪ Q4 YoY flat: full YoY price effect outweighs positive product mix/volume development 283 218 209 243 216 18%
Slide 27: IC Substrates and End Market
IC SUBSTRATES AND END MARKET Market size for Advanced Substrates [USD bn] -1% ▪ AI investment remains strong, 10 9.5 9.4 9 classic datacenter still muted 8 ▪ Prices saw high pressure over 2024 7 6 ▪ ABF substrate: -5% YoY value decline, despite 5 4 ▪ Server: 17% YoY unit growth back to 2022 level 3
Slide 28: FY 2024/25 Business Unit: Microelectronics
FY 2024/25 BUSINESS UNIT: MICROELECTRONICS Market growth outperformed Revenue and EBITDA margins in € MM +9% ▪ FY revenue growth: volume 640 587 growth in environment of price pressure +39% ▪ Q4 YoY growth: positive 20% effects from new and long-term 168 177 141 154 127 customers 18% 18% 17% 4% 15%
Slide 29: FY 2024/25 Financial Position
FY 2024/25 FINANCIAL POSITION Liquidity development in line with planned investments Cash & cash equivalents Unused credit lines Balancing capital allocation in € MM ▪ Solid financial structure with € 741 MM cash, cash equivalents and 676 unused credit lines 582 485 ▪ Additional € 100 MM of cash dep
Slide 30: Debt Financing Overview
DEBT FINANCING OVERVIEW Decrease in current financing cost Maturity of outstanding debt instruments1 in € MM ▪ 29.2% of debt instruments have a 470 477 fixed interest rate 354 296 341 ▪ Current financing costs of 4.34% (as of Q4 2024/25) 153 2025/26 2026/27 2027/28 2028/29 2029/30 > 2029/30 1 Amount
Slide 31: Sale of Ansan Plant
SALE OF ANSAN PLANT Effects on reported 2024/25 AT&S figures ▪ Effects on Profit and Loss Statement ▪ EBITDA: € +325 €MM +325 MM EBIT: € +325 MM€ +325 MM ▪ EBIT: Net income: ▪ Net income: € +247 MM MM € +247 EPS: € +6.37 ▪ EPS: € +6.37 ▪ Effects on Balance Sheet ▪ Assets: € -61 MM € -61 MM ▪ Debt: €
Slide 32: Working Capital Development
WORKING CAPITAL DEVELOPMENT Working capital and relation to revenue in € MM 19.3% 18.5% 19.8% 9.2% 10.3% 7.7% 8.9% 467 454 482 322 301 309 272 133 160 185 166 171 145 145 -290 -339 -328 -336 -340 -313 -313 Q3 2023/24 Q4 2023/24 Q1 2023/24 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q4 2024/25 (incl. Factoring
Slide 33: Cash Flow
CASH FLOW CAPEX reduction well on track € MM FY 23/24 FY 24/25 YoY Change in % ▪ Factoring visible in Q1 25/26 CF from operating activities 653 -75 -111% ▪ Reduction in prepayments ▪ Taxes on Ansan sale ▪ Includes sale of Ansan plant CF from investing activities -826 -141 +83% ▪ Lower CAPEX CF from
Slide 34: Balance Sheet
BALANCE SHEET Equity ratio increased € MM Mar. 31, 24 Mar. 31, 25 Change in % Total assets 4,675 4,622 -1% Equity 967 1,075 +11% Equity ratio 20.7% 23.3% +2.6pp Net debt 1,403 1,491 +6% ▪ Net debt/EBITDA ratio: 2.5 34 Investor Presentation – FY 2024/25
Slide 35: The Four Strategic Fields of Action for ESG
THE FOUR STRATEGIC FIELDS OF ACTION FOR ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) E Decarbonisation & Energy S Decent & Safe Work G Sustainable supply chain With this holistic and Security and Efficiency ▪ Occupational Health & business ethics future-oriented ▪ Resource-efficient and and Safety ▪ Risk M
Slide 36: ESG Ratings
ESG RATINGS Recognition from leading ESG ratings 17.3 Low Risk Update: 2024 B- Prime Update: 2023 BBB Update: 2024 B Climate Change B Water Update: 2024 71 Gold Update: 2023 36 Investor Presentation – FY 2024/25
Slide 37: Kulim
KULIM Investment: > € 1 BN High-volume production start: April 1, 2025 Production area/cleanroom: >100,000 sqm | ISO 5-7 (100*–100,000) Employees: 1,500 Equipment: 500 high-tech machines Products/technology: IC substrates for high-performance processors Customers: AMD and developing further * max. 3
Slide 38: Leoben-Hinterberg 3
LEOBEN-HINTERBERG 3 New Competence Center for R&D and IC Substrate Production Investment: > € 500 MM Official opening: June 2025 Production area/cleanroom: 11,000 sqm | ISO 5, 7, 8 (100*, 10k, 100k) Employees: 400 Equipment: 94 high-tech machines | > 20 R&D machines Products/technology: R&D line, pr
Slide 39: R&D Line: Leoben Becomes Competence Center
R&D LINE: LEOBEN BECOMES COMPETENCE CENTER Development of IC substrates and microelectronic packages in one place Autonomy: Development of expertise for IC substrates and packaging technologies in Europe High-end PCB Independence: Only industrial research center for these technologies in Europe Coll
Slide 40: Strategic Priorities Along Existing and New Product Segments
STRATEGIC PRIORITIES ALONG EXISTING AND NEW PRODUCT SEGMENTS AT&S strategic priorities IC Substrates PCBs and substrate-like Advanced Packaging IC PCBs Development and scaling Substrates Optimization Marketing of proven Customer diversification Embedding technologies for: Focus on profitability and
Slide 41: 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