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Logo LinkedinLogo Facebook ats.net November 4, 2025 Conference Call AT&S Results H1 2025/26 1
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Key developments Conference Call H1 2025/262 • H1 guidance achieved • Thanks to efficiency programs, EBIT positive in Q2, reaching break-even in H1 • Positive news from all key customers • Kulim and Hinterberg in ramp • Market environment remains uncertain, but overall mood is positive • FY guidance translates into ~20% operational growth (excl. FX & Ansan) € 846 MM Revenue PY: € 800 MM € 175 MM EBITDA Margin: 21 % PY: € 157 MM € 125 MM Operating Free Cash Flow PY: € -345 MM
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2024 20252024 2025 • General market climate increasingly positive, while caution persists particularly across Automotive and Industrial in Europe • Strongest momentum from Computing markets due to continued AI investment and stable client market • FX effects remain an important factor increasing uncertainty Source: Prismark, June 2025 Market environment is brightening up 3 Conference Call H1 2025/26 +13% [in €: +3%] 61 69 9.4 10.8 Market development IC substratesMarket development printed circuit boards in US$ BN in US$ BN +16% [in €: +6%]
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19 22 23 16 6 39 22 263 220 193 202 256 452 458 24% 20% 8% 20% 23% 21% 21% Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 H1 24/25 H1 25/26 +1% Q2 2025/26 Business Unit: Electronics Solutions in € MM Ansan revenue EBITDA margin -3% 4 +27% • Q2 YoY decrease: positive product mix/volume outweighed by missing Ansan revenue as well as pricing and FX headwinds • Q2 QoQ growth: driven by seasonal pick-up in mobile devices Conference Call H1 2025/26 3rd party revenue w/o Ansan
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Q2 2025/26 Business Unit: Microelectronics Conference Call H1 2025/26 in € MM 5 +2% 3rd party revenue EBITDA margin 168 154 177 181 185 309 366 12% 18% 18% 13% 25% 16% 19% Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 H1 24/25 H1 25/26 +19%+10% • Q2 YoY growth: supported by favorable volume/mix development • Q2 QoQ growth: driven by positive mix effects • Result benefits from customer agreements
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3 3 8 Development of our PCBs 6 Conference Call H1 2025/26 Consumer Devices Digital Infrastructure Automotive Aerospace Medical Industrial Electronics Solutions Applications and players in focus Diversification of key customers (> €30 MM) Strong growth (bouncing back) of diversified business on new customers & applications, number of customers with > €30 MM revenue 2023/24 2024/25 2027/28 >2x
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1 5 8 Development of our IC substrates 7 Conference Call H1 2025/26 2021/22 2022/23 2023/24 2026/27 15+>50% Main driver – customer diversification High-performance computing AI, edge computing and IoT Servers Cloud computing Networking 5G base stations Microelectronics Applications in focus Automotive
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Cost saving and efficiency program Conference Call H1 2025/268 Strong focus on sustainable OPEX savings Cost saving program target1 [Sustainable saving in € MM ] 1. Kulim and HTB-ICS OPEX saving excluded from the program and managed separately, due to the ramping situation FY25/26 saving (Q1 estimation) 130+ FY25/26 saving (H1 estimation) 150+ [Sustainable saving in € MM ] FY25/26 saving development 45 Q1 H1 9M Full Year 90 150+ Actual • Continuous efficiency improvement delivers stronger sustainable saving than anticipated Actual Expected Expected • H1 delivered strong saving of € 90MM. 130+
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Supply chain Press Conference H1 2025/269 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 and would exceed the currently available capacity next year • AT&S has therefore qualified new suppliers together with its customers in order to mitigate the risk • However, if the capacities of all suppliers remain below demand, this could have a negative impact on the growth of AT&S and the market as a whole
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Results H1 2025/26 Conference Call H1 2025/2610 Conference Call H1 2025/2610
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451 397 393 399 447 800 846 21% 19% 13%1 18% 23% 20% 21% Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 H1 2024/25 H1 2025/26 2 +6% Conference Call H1 2025/2611 -1% +12% • H1 revenue: positive product mix/volume effects compensated for reduced Ansan revenue as well as pricing and FX headwinds • H1 margin: driven by improved product mix/volume, successful cost reductions and customer agreements 1 Excludes proceeds from Ansan sale; Margin incl. Ansan sale = 95% H1 2025/26 results summary Improved topline with improved EBITDA margin in € MM Revenue and EBITDA margins 3rd party revenue EBITDA margin
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245 485 218 371 419 486 25/26 26/27 27/28 28/29 29/30 >29/30 585 793 31.3.2025 30.9.2025 256 18 31.3.2025 30.9.2025 Maturity profile & financial position 12 Conference Call H1 2025/26 1 Amounts by maturity as of September 30, 2025. Promissory note loans, term loans with banks, bank borrowings and others; including accrued interest and placement costs and finance leases I 2 Due to maturity >90 days (due date May 5) • Solid financial structure with € 811 MM cash, cash equivalents and unused credit lines • Current financing costs of 3.25% (as of Q2 2025/26) in € MM in € MM in € MM Unused credit lines Maturity of outstanding debt instruments1 € 100 MM cash deposit2 Cash & cash equivalents
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185 166 171 145 170 195 301 467 454 482 341 390 -328 -336 -340 -313 -355 -345 10.3% 19.3% 18.5% 19.8% 9.5% Q1 2024/25 Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Working capital development Conference Call H1 2025/26 Inventories WC payables2WC receivables1 Net working capital to LTM revenue 1 Trade and other receivables and contract assets 2 Trade and other payables and other current provisions, without liabilities from investments 13 in € MM Working capital and relation to revenue 14.6%
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€ MM H1 24/25 H1 25/26 YoY Change in % CF from operating activities -91 209 nm CF from investing activities -212 -2 nm CF from financing activities 337 135 -60% Operating free CF1 -345 125 nm Net CAPEX -254 -84 -67% Cash flow Conference Call H1 2025/26 1 Cash flow from operating activities minus Net CAPEX14 CAPEX reduction well on track • Factoring extended • Cash deposits decreased • Lower CAPEX
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Balance sheet Conference Call H1 2025/2615 Improved leverage € MM March 31, 25 September 30, 25 Change in % Total assets 4,622 4,562 -1% Equity 1,075 877 -18% Equity ratio 23.3% 19.2% -4.0pp Net debt 1,491 1,397 -6% • Net debt/EBITDA ratio: 2.2 • Impacted by FX
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2025/26 guidance Conference Call H1 2025/2616 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
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2026/27 guidance Conference Call H1 2025/2617 FY 2026/27e Revenue Approx. € 2.1 to 2.4 BN Profitability • EBITDA margin of 24–28% • ROCE below the mid-term target of 12% Others • Net debt/EBITDA: <3 (can be temporarily exceeded) • Equity ratio temporarily <20% (assuming repayment of hybrid capital at the end of the 2026/27 financial year)
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Q&A Conference Call H1 2025/2618 Conference Call H1 2025/26
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Conference Call H1 2025/2619 Thank you for your attention AT&S Investor Relations ir@ats.net +43 3842 200 5450
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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 warranties with regard to this presentation or for the correctness and completeness of the statements contained therein, and no reliance may be placed for any purpose whatsoever on the information contained in this presentation, which has not bee n independently verified. You are expressly cautioned not to place undue reliance on this information. This presentation may contain forward-looking statements which were made on the basis of the information available at the time of preparation and on management‘s expectations and assumptions. However, such statements are by their very nature subject to known and unknown risks and uncert ainties. As a result, actual developments, results, performance or events may vary significantly from the statements contained explicitly or implicitly herein. Neither AT&S, nor any affiliated company, or any of their directors, officers, employees, advisors or agents accept any responsibility or liability (for negligence or otherwise) for any loss whatsoever out of the use of or otherwise in connection with this presentation. 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. This presentation does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation d oes not constitute any financial analysis or financial research and may not be construed to be or form part of a prospectus. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Conference Call H1 2025/2620