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Logo LinkedinLogo Facebook ats.net February 3, 2026 Conference Call AT&S Results Q1-3 2025/26 1
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Key developments Conference Call Q1-3 2025/262 • As announced: Kulim and Hinterberg start contributing to revenue • Product mix, efficiency programs and improved pricing environment drive EBIT development • Headwinds from FX effects • Global dynamics remain uncertain, but market environment becomes more positive • Guidance confirmed € 1.3 BN Revenue PY: € 1.2 BN € 297 MM EBITDA Margin: 23 % PY: € 232 MM € 34 MM EBIT Margin: 3 % PY: € -1 MM € 223 MM Operating Free Cash Flow PY: € -357 MM
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2024 20252024 2025 • Markets stable overall, caution persists across Automotive and Industrial due to uncertain geopolitical climate. • Continued momentum from data center computing due to AI investment. • Client computing could face headwinds caused by high memory prices, tariffs. Source: Prismark, January 2026 Market stabilizing, visibility remains low 3 Conference Call Q1-3 2025/26 +15% [in €: 11%] 61 70 9.4 11.1 Market development IC substratesMarket development printed circuit boards in US$ BN in US$ BN +18% [in €: 14%]
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Management Board 4 Conference Call Q1-3 2025/26 Dr.-Ing. Michael Mertin CEO Responsible for: • Business Unit Electronics Solutions • Business Uni Microelectronics • Communications • Human Resources • Legal & Compliance • Public Affairs • Strategy & Transformation Dr. Peter Griehsnig CTO Responsible for: • Environmental, Social and Governance • Electronic Service Hub • Information Security • Corporate Quality • Research & Development • Technology & Innovation Management Gerrit Steen CFO Responsible for: • Audit • Controlling • Finance • Information Technology • Investor Relations • Procurement • Risk & Continuity Management • Treasury New management structure enabling swift decision-making processes All of the above-mentioned areas of responsibility are managed under their Group-wide responsibility, unless otherwise indicated (e.g., "Corporate, BU")
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Results 9M 2025/26 Conference Call Q1-3 2025/265 5
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397 393 399 447 468 1,197 1,314 19% 13%1 18% 23% 26% 19% 23% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q1-3 24/25Q1-3 25/26 2 +10% Conference Call Q1-3 2025/266 +18% +5% • Q1-3 revenue: ramps, positive product mix/volume and pricing effects compensated for reduced Ansan revenue as well as FX headwinds • Q1-3 margin: higher due to improved pricing, product mix/volume as well as successful cost reduction despite FX headwinds and missing Ansan contribution 1 Excludes proceeds from Ansan sale; Margin incl. Ansan sale = 95% Q1-3 2025/26 results summary in € MM Revenue and EBITDA margins 3rd party revenue EBITDA margin
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220 193 202 256 212 673 670 20% 8% 20% 23% 18% 21% 20% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q1-3 24/25 Q1-3 25/26 Conference Call Q1-3 2025/267 -4% • Q3 YoY decrease: positive product mix/volume outweighed by missing Ansan revenue as well as pricing and FX headwinds • Q3 QoQ decline: driven by seasonal effect of mobile devices Q1-3 2025/26 Business Unit: Electronics Solutions in € MM Revenue and EBITDA margins -17% 0% Ansan revenue EBITDA margin3rd party revenue w/o Ansan
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154 177 181 185 254 463 621 18% 18% 13% 25% 30% 17% 23% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q1-3 24/25Q1-3 25/26 Conference Call Q1-3 2025/268 +65% • Q3 YoY growth: Kulim and Leoben- Hinterberg ramp, supported by favorable volume/mix and pricing development • Q3 QoQ growth: driven by ramps and positive mix as well as pricing effects • Result benefits from customer agreements Q1-3 2025/26 Business Unit: Microelectronics in € MM Revenue and EBITDA margins 3rd party revenue EBITDA margin +37% +34%
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142 488 218 371 419 556 25/26 26/27 27/28 28/29 29/30 >29/30 585 843 31.3.2025 31.12.2025 256 43 31.3.2025 31.12.2025 Maturity profile & financial position 9 Conference Call Q1-3 2025/26 1 Amounts by maturity as of December 31, 2025. Promissory note loans, term loans with banks, bank borrowings and others; incl uding accrued interest and placement costs and finance leases I 2 Due to maturity >90 days (due date May 5) • Solid financial structure with € 886 MM cash, cash equivalents and unused credit lines • Current financing costs of 3.07% (as of Q3 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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166 171 145 170 195 216 467 454 482 341 390 365 -336 -340 -313 -355 -345 -348 19.3% 18.5% 19.8% 9.5% 14.6% Q2 2024/25 Q3 2024/25 Q4 2024/25 Q1 2025/26 Q2 2025/26 Q3 2025/26 Working capital development Conference Call Q1-3 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 10 in € MM Working capital and relation to revenue 13.6%
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€ MM Q1-3 24/25 Q1-3 25/26 YoY Change in % CF from operating activities -29 332 n.a. CF from investing activities -306 -26 +92% CF from financing activities 192 83 -57% Operating free CF1 -357 223 n.a. Net CAPEX -328 -108 -67% Cash flow Conference Call Q1-3 2025/26 1 Cash flow from operating activities minus Net CAPEX 11 CAPEX reduction well on track • Strong EBITDA • Factoring extended • Cash deposits decreased • Lower CAPEX
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Balance sheet Conference Call Q1-3 2025/2612 Improved leverage € MM March 31, 25 December 31, 25 Change in % Total assets 4,622 4,612 0% Equity 1,075 961 -11% Equity ratio 23.3% 20.8% -2.4pp Net debt 1,491 1,316 -12% • Net debt/EBITDA ratio: 2.0 • Impacted by FX • Including higher cash & cash equivalents
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45 88 130 Cost saving and efficiency program Conference Call Q1-3 2025/2613 Strong focus on sustainable OPEX savings Kulim and HTB-ICS OPEX saving excluded from the program and managed separately, due to the ramping situation [Sustainable saving in € MM ] Actual Actual Actual Expected ▪ Full-year savings expected at least € 160 MM, exceeding the planned saving target of € 130 MM ▪ Savings driven by structural measures across Operations, Procurement, and SG&A Q1 H1 Q3 Full Year 160+ FY25/26 saving development, expected Comment
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2025/26 guidance Conference Call Q1-3 2025/2614 FY 2025/26e Revenue Approx. € 1.7 BN Profitability EBITDA margin of approx. 23% Investments Net CAPEX approx. € 200 MM Others Maintain positive EBIT and Operating Free Cash Flow
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2026/27 guidance Conference Call Q1-3 2025/2615 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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Technological trends Conference Call Q1-3 2025/2616 Conference Call Q3 2025/2616
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HBM GPU/CPU HBM GPU/CPU HBM GPU/CPU The role of Substrates and PCBs in Advanced Packaging 17 Conference Call Q1-3 2025/26 Package Substrate PCB Embedded silicon bridge Package Substrate PCB Interposer SLP Interposer ▪ Cutting-edge substrate technology ▪ Moving complexity to the substrate ▪ Scales cost efficient with size ▪ Advanced substrate technology ▪ Complexity balanced between interposer & substrate ▪ Size scaling requires larger interposer ▪ Essentially merging Substrate and PCB technology ▪ Several new technology to be industrialized ▪ Size scaling requires larger interposer EMIB(-T) Embedded Multi-die Interconnect Bridge (with Through-Silicon Vias) CoWoS Chip-on-Wafer-on-Substrates CoWoP Chip-on-Wafer-on-PCB
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1 2 3 4 Conversion losses → Reduced by moving components closer Enabled by embedding as a packaging technology for PMICs Ohmic losses → Reduced by converting high voltages to high currents as close as possible to the chip Enabled by embedding in PCB and IC Substrate Core 18 Conference Call Q1-3 2025/26 Enabling next generation power levels Power stages at different locations enable unprecedented power levels MI350 PMIC
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Q&A Conference Call Q3 2025/2619
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Conference Call Q1-3 2025/2620 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 Q1-3 2025/2621