At & S Austria Technologie & Systemtechnik Aktiengesellschaft · VIE:ATS
At & S Austria Technologie & Systemtechnik Aktiengesellschaft — Investor Presentation (November 2025)
30 slides from At & S Austria Technologie & Systemtechnik Aktiengesellschaft's investor presentation, November 2025
Slide 1: Investor Presentation H1 2025/26
Investor Presentation H1 2025/26 Logo Logo Linkedin Facebook 1 ats.net Investor Presentation – H1 2025/26
Slide 2: Company snapshot
Company snapshot 2 Investor Presentation – H1 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 margin of 17.5% (1) 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 ▪ ABF substrates for Flip Chip technology ▪ Comprehensive solutions for modules support 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 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 for printed circuit boards focus on the 3S areas (smart 2 infrastructure, smart mobility, and 3 4 China smart manufacturing) 1 2 Austria (Leoben, (Shanghai & Fehring) Chongqing)
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 – H1 2025/26
Slide 14: Market environment is brightening up
Market environment is brightening up Market development printed circuit boards Market development IC substrates in US$ BN in US$ BN +13% [in €: +3%] +16% [in €: +6%] 61 69 9.4 10.8 2024 2025 2024 2025 • General market climate increasingly positive, while caution persists particularly across Automoti
Slide 15: Key developments
Key developments € 846 MM Revenue • H1 guidance achieved PY: € 800 MM • Thanks to efficiency programs, EBIT positive in Q2, reaching break-even in H1 • € 175 MM EBITDA Positive news from all key customers Margin: 21 % • Kulim and Hinterberg in ramp PY: € 157 MM • Market environment remains uncertain
Slide 16: H1 2025/26 results summary
H1 2025/26 results summary Improved topline with improved EBITDA margin Revenue and EBITDA margins in € MM • H1 revenue: positive product -1% +6% mix/volume effects compensated for reduced Ansan revenue as well as +12% pricing and FX headwinds 2 846 800 • H1 margin: driven by improved 451 447 produc
Slide 17: Q2 2025/26 Business Unit: Electronics Solutions
Q2 2025/26 Business Unit: Electronics Solutions in € MM -3% +1% 452 458 • Q2 YoY decrease: positive product +27% mix/volume outweighed by missing Ansan revenue as well as pricing and FX headwinds 256 263 202 • Q2 QoQ growth: driven by seasonal 220 193 pick-up in mobile devices 24% 23% 21% 20% 21% 20
Slide 18: Q2 2025/26 Business Unit: Microelectronics
Q2 2025/26 Business Unit: Microelectronics in € MM +10% +19% +2% • Q2 YoY growth: supported by 366 favorable volume/mix development 309 • Q2 QoQ growth: driven by positive mix effects 177 181 185 168 154 • Result benefits from customer 25% 19% agreements 18% 18% 16% 12% 13% Q2 24/25 Q3 24/25 Q4 24/2
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. € 250 MM Others Maintain positive EBIT and Operating Free Cash Flow 19 Investor Presentation – H1 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 – H1 2025/26
Slide 22: Appendix
Appendix 22 Investor Presentation – H1 2025/26
Slide 23: Cost saving and efficiency program
Cost saving and efficiency program Strong focus on sustainable OPEX savings Cost saving program target1 FY25/26 saving development [Sustainable saving in € MM ] [Sustainable saving in € MM ] 150+ 150+ 130+ 130+ 90 45 FY25/26 saving FY25/26 saving Q1 H1 9M Full Year (Q1 estimation) (H1 estimation) Ac
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 485 486 793 419 € 100 MM 371 585 cash deposit2 245 218 256 18 25/26 26/27 27/28 28/29 29/30 >29/30 31.3.2025 30.9.2025 31.3.2025 30.9.2025 • Solid finan
Slide 25: Working capital development
Working capital development Working capital and relation to revenue in € MM 19.3% 18.5% 19.8% 14.6% 10.3% 9.5% 467 454 482 390 301 341 185 166 171 145 170 195 -328 -336 -340 -313 -355 -345 Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 WC receivables1 Inventories WC payables2 Net
Slide 26: Cash flow
Cash flow CAPEX reduction well on track € MM H1 24/25 H1 25/26 YoY Change in % CF from operating activities -91 209 nm • Factoring extended • Cash deposits decreased CF from investing activities -212 -2 nm • Lower CAPEX CF from financing activities 337 135 -60% Operating free CF1 -345 125 nm Net CAP
Slide 27: Balance sheet
Balance sheet Improved leverage € MM March 31, 25 September 30, 25 Change in % Total assets 4,622 4,562 -1% Equity 1,075 877 -18% • Impacted by FX Equity ratio 23.3% 19.2% -4.0pp Net debt 1,491 1,397 -6% • Net debt/EBITDA ratio: 2.2 27 Investor Presentation – H1 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: 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 an
Slide 30: 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