AT&S Austria Technologie & Systemtechnik AG
AT&S makes chip substrates and complex printed circuit boards that connect processors and other electronic components in computers, phones, vehicles and industrial equipment.
Overview
Latest results
Apr–Jun 2026 · Reported in EUR
Latest financial publication
First-quarter results 2026/27
Investment Thesis
Advanced chip connections with a large factory investment behind them
European Tech Equities analysis ·
The investment case
The case rests on making more valuable connections as processors become larger and combine more chiplets. AT&S can sell increasingly complex substrates, but the benefit to shareholders depends on manufacturing yields, prices and the return earned on new factories.
Evidence of adoption
The September Marvell agreement identifies the second customer behind the Kulim expansion alongside AMD. Long-term customer commitments provide a firmer basis than general enthusiasm about AI. They still need to become profitable production over time.
Demand drivers
April–June 2026 sales rose 37.5% to €548.7 million. AT&S attributed the improvement to higher volumes and better pricing. Its circuit-board activities also serve phones, vehicles and industry, so demand is broader and more cyclical than an AI-only description suggests.
Profit and cash generation
Q1 operating profit was €73.4 million and total net profit €40.9 million. Operating cash flow of €39.9 million covered €36.1 million of gross cash capex, though working capital absorbed cash. The preceding full year recorded a €25.6 million total net loss, despite positive operating cash flow of €413.7 million.
Valuation assumptions
The €6.02 billion equity value recorded on 27 October 2026 is about 3.4 times FY2025/26 sales. That is a dated comparison, not an earnings multiple or price target. The full-year loss, substantial financial liabilities and equity-classified hybrid financing make future cash returns and possible dilution central to the valuation.
What would weaken the case
- Factory expansion commits capital before all capacity produces saleable output. Delays or weak yields can reduce returns.
- Demand and prices can turn quickly, while a small number of large customers influence utilisation.
- Hybrid financing sits outside reported debt but carries distributions and, for the convertible instrument, potential dilution.
Sources
- AT&S IC substrates
- Kulim expansion, 15 June 2026
- Marvell capacity agreement, 22 September 2026
- Q1 results and outlook, 4 August 2026
- AT&S Annual Report 2025/26, published 11 June 2026
- AT&S first-quarter report 2026/27, 4 August 2026
- AT&S market capitalisation, 27 October 2026
- Redemption announcement, 8 October 2026
Financials
The business in numbers
Latest
Income statement
| For the periodEUR million | Q1 2025/26 | Q1 2026/27 |
|---|---|---|
| Revenue | 398.93 | 548.70 |
| Gross profit | 22.10 | 121.91 |
| Gross margin | 5.5% | 22.2% |
| EBITDA | 70.61 | 165.00 |
| EBITDA margin | 17.7% | 30.1% |
| Operating profit (EBIT) | -16.30 | 73.36 |
| Operating margin | -4.1% | 13.4% |
| Net income | -55.87 | 40.85 |
| Earnings per share (EUR) | -1.55 | 0.93 |
Cash flow
| For the periodEUR million | Q1 2025/26 | Q1 2026/27 |
|---|---|---|
| Operating cash flow | 183.99 | 39.91 |
| Capital expenditure | 53.98 | 36.10 |
| Free cash flow | 130.00 | 3.81 |
Balance sheet
| At period endEUR million | FY 2025/26 | Q1 2026/27 |
|---|---|---|
| Cash & cash equivalents | 738.49 | 1,184.06 |
| Total debt | 2,145.83 | 2,173.39 |
| Net debt / (net cash) | 1,407.34 | 989.33 |
| Total assets | 4,651.34 | 5,246.75 |
| Total liabilities | 3,600.10 | 3,726.39 |
| Total equity | 1,051.24 | 1,520.36 |
Sources and details
The latest full statements cover April–June 2026. The next half-year report is scheduled for 5 November 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Fiscal year ends in March. Net income includes hybrid investors; EPS reflects their allocation. Debt is reported financial liabilities, including leases and derivatives. Cash capex is gross, before disposals. FY2024/25 profit includes the sale of the Ansan business. The €324.834m Ansan disposal gain lifted FY2024/25 EBIT and EBITDA above the normal operating result; it is not a recurring earnings base.
Annual
Income statement
| For the periodEUR million | FY 2024/25 | FY 2025/26 |
|---|---|---|
| Revenue | 1,589.63 | 1,790.78 |
| Gross profit | 177.90 | 203.48 |
| Gross margin | 11.2% | 11.4% |
| EBITDA | 605.68 | 418.05 |
| EBITDA margin | 38.1% | 23.3% |
| Operating profit (EBIT) | 277.40 | 65.64 |
| Operating margin | 17.5% | 3.7% |
| Net income | 89.70 | -25.59 |
| Earnings per share (EUR) | 1.86 | -1.11 |
Cash flow
| For the periodEUR million | FY 2024/25 | FY 2025/26 |
|---|---|---|
| Operating cash flow | -74.52 | 413.72 |
| Capital expenditure | 416.06 | 179.42 |
| Free cash flow | -490.58 | 234.30 |
Balance sheet
| At period endEUR million | FY 2024/25 | FY 2025/26 |
|---|---|---|
| Cash & cash equivalents | 485.08 | 738.49 |
| Total debt | 2,091.13 | 2,145.83 |
| Net debt / (net cash) | 1,606.05 | 1,407.34 |
| Total assets | 4,622.12 | 4,651.34 |
| Total liabilities | 3,547.17 | 3,600.10 |
| Total equity | 1,074.95 | 1,051.24 |
Sources and details
The latest full statements cover April–June 2026. The next half-year report is scheduled for 5 November 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Fiscal year ends in March. Net income includes hybrid investors; EPS reflects their allocation. Debt is reported financial liabilities, including leases and derivatives. Cash capex is gross, before disposals. FY2024/25 profit includes the sale of the Ansan business. The €324.834m Ansan disposal gain lifted FY2024/25 EBIT and EBITDA above the normal operating result; it is not a recurring earnings base.
Quarterly
Income statement
| For the periodEUR million | Q1 2025/26 | Q1 2026/27 |
|---|---|---|
| Revenue | 398.93 | 548.70 |
| Gross profit | 22.10 | 121.91 |
| Gross margin | 5.5% | 22.2% |
| EBITDA | 70.61 | 165.00 |
| EBITDA margin | 17.7% | 30.1% |
| Operating profit (EBIT) | -16.30 | 73.36 |
| Operating margin | -4.1% | 13.4% |
| Net income | -55.87 | 40.85 |
| Earnings per share (EUR) | -1.55 | 0.93 |
Cash flow
| For the periodEUR million | Q1 2025/26 | Q1 2026/27 |
|---|---|---|
| Operating cash flow | 183.99 | 39.91 |
| Capital expenditure | 53.98 | 36.10 |
| Free cash flow | 130.00 | 3.81 |
Balance sheet
| At period endEUR million | Q1 2025/26 | Q1 2026/27 |
|---|---|---|
| Cash & cash equivalents | 772.15 | 1,184.06 |
| Total debt | 2,186.26 | 2,173.39 |
| Net debt / (net cash) | 1,414.11 | 989.33 |
| Total assets | 4,515.93 | 5,246.75 |
| Total liabilities | 3,639.27 | 3,726.39 |
| Total equity | 876.67 | 1,520.36 |
Sources and details
The latest full statements cover April–June 2026. The next half-year report is scheduled for 5 November 2026.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in EUR millions; basic EPS in EUR. Fiscal year ends in March. Net income includes hybrid investors; EPS reflects their allocation. Debt is reported financial liabilities, including leases and derivatives. Cash capex is gross, before disposals. FY2024/25 profit includes the sale of the Ansan business. The €324.834m Ansan disposal gain lifted FY2024/25 EBIT and EBITDA above the normal operating result; it is not a recurring earnings base.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q1 2025/26 · Published Aug 4, 2026 · Checked Oct 28, 2026
Q1 2026/27 · Published Aug 4, 2026 · Checked Oct 28, 2026
FY 2024/25 · Published Jun 11, 2026 · Checked Oct 28, 2026
FY 2025/26 · Published Jun 11, 2026 · Checked Oct 28, 2026
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