Slides
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AT&S AG CONFIDENTIAL AT&S Results Q1 2026/27 August 4, 2026
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Strong start to the year Conference Call Q1 2026/272 • All communicated projects are on track • Continued strong market momentum • Further customer diversification ongoing – all in the three-digit million range • Operations in China accelerating local-for-local business • Successfully placed € 400 MM convertible hybrid bond € 549 MM Revenue +40% cc YoY € 0.93 EPS PY: -€ 1.55 € 165 MM EBITDA +134% vs. PY Margin: 30.1% € 73 MM EBIT >+500% vs. PY Margin: 13.4% cc = constant currency
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Technologies that drive the next wave of growth Conference Call Q1 2026/273 High-end IC Substrates Optical connectivity Advanced PCBsAI/HPC test infrastructure Enabling efficient power management in high-performance systems Supporting validation of increasingly complex technologies Scaling and lower-power data transmission Enabling next-generation XPU, server and accelerator platforms AI and HPC applications require higher computing performance XPU and accelerator architectures become larger and more complex AT&S is leading across the technologies driving AI infrastructure growth Leading today. Enabling What’s Next.
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Long-term vision: Optical fabrics become a native part of AI compute, memory and networking architectures. Lower power consumption Next generation of AI infrastructure: Co-packaged optics Optics are moving closer to silicon to overcome AI bandwidth and power limitations Conference Call Q1 2026/27 Pluggable optics → On-board optics → Co-packaged optics → Chip/Interposer Integrated optics Long-term vision: Optical fabrics become a native part of AI compute, memory, and networking architectures. Higher bandwidth Enable continued AI scaling 4
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Expanding technology and manufacturing footprint AT&S is expanding to address the structural growth driven by AI and high-performance computing Conference Call Q1 2026/27 Kulim expansion Ramp-up of Kulim Campus 2.0 Additional cleanroom capacity Enhanced technology differentiation: MTH, MLC & EMB Core Next-generation manufacturing Chongqing expansion Additional manufacturing capacity Enhanced technology mix for AI, HPC, and networking applications Future-proofing manufacturing capabilities European expansion Expansion of strategic European partnerships Investment in Embedded Component Packaging to support growing needs for efficient power delivery 5
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Core building Kulim 2 Kulim 1 Kulim 1 Production is already ongoing and additional capacity is being added Kulim 2 Building is wind- and watertight – cleanrooms are being set up and machinery is being ordered Core Announced plant for in- house core production and additional available space AT&S in Kulim – ready for expansion Available space Available space Conference Call Q1 2026/276
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Timing and financial impact of major growth programs Capacity expansion for ABF substrates fully backed by long-term customer commitments 7 Conference Call Q1 2026/27 CAPEX • Chongqing: high double-digit million range till summer 2027 • Kulim: € 1.5 to 2.0 billion till beginning 2028/29 General assumption: CAPEX:Revenue relation in the industry roughly 1:1 p.a. KPI Earnings impact Strong Customer payments Strong Customer payments & sales Strong Mainly sales incl. first repayments FCF impact Broadly neutral Increasingly positive Strongly positive Program 2026/27 2027/28 2028/29 Chongqing expansion Capacity build & ramp Ramp & HVM HVM Kulim 1 expansion Capacity build Capacity build & ramp HVM Kulim 2 incl. Cores Capacity build Capacity build Ramp to HVM
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399 447 468 477 549 17.7% 23.3% 26.1% 25.4% 30.1% 0, 0% 1 0, 0% 2 0, 0% 3 0, 0% 4 0, 0% 5 0, 0% 6 0, 0% 7 0, 0% 8 0, 0% 9 0, 0% 10 0, 0% 0 1 00 2 00 3 00 4 00 5 00 6 00 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 3rd party revenue EBITDA margin Conference Call Q1 2026/278 +40% cc • Revenue: Significant volume growth through further improved loading, first positive pricing impacts in June • Margin: Utilization, improved pricing and volume/mix all contributing • Q2 with further accelerating momentum for growth and margin expected, each reaching guidance range Significantly accelerating momentum in € MM Quarterly performance
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202 256 212 185 205 19.8% 22.5% 18.5% 9.8% 14.6% 0, 0% 1 0, 0% 2 0, 0% 3 0, 0% 4 0, 0% 5 0, 0% 6 0, 0% 7 0, 0% 8 0, 0% 9 0, 0% 10 0, 0% 0 50 1 00 1 50 2 00 2 50 3 00 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 3rd party revenue w/o Ansan Ansan revenue EBITDA margin Conference Call Q1 2026/279 +3% cc • Revenue: Good volume growth partly offset by tail of negative pricing effects early in the quarter, sites esp. in Austria being prepared for future growth • Margin: Sequential improvement despite rising material costs which have not yet been fully passed on to customers • Slower growth and margin below expectations, significant acceleration in coming quarters expected Electronics Solutions: Positioned for growth in € MM Quarterly performance 1 EBITDA margin is calculated from total revenue. 1
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181 185 254 290 344 13.0% 24.6% 29.8% 36.3% 42.3% 0, 0% 1 0, 0% 2 0, 0% 3 0, 0% 4 0, 0% 5 0, 0% 6 0, 0% 7 0, 0% 8 0, 0% 9 0, 0% 10 0, 0% 0 50 1 00 1 50 2 00 2 50 3 00 3 50 4 00 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 3rd party revenue EBITDA margin Conference Call Q1 2026/2710 +93% cc • Revenue: Kulim and Leoben ramp, a strong demand from existing and new customers leading to improved utilization across all sites and improved pricing • Margin: Volume leverage, improved pricing, and a shift towards more complex products driving margin • High single-digit € MM impact from new customer agreements Microelectronics: Profitable growth further accelerates in € MM Quarterly performance 1 EBITDA margin is calculated from total revenue. 1
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415 239 416 472 294 338 26/27 27/28 28/29 29/30 30/31 >30/31 738 1184 31.03.2026 30.06.2026 3,2 1,9 31.03.2026 30.06.2026 Solid financial position further strengthened by recent financing 11 Conference Call Q1 2026/27 1 Amounts by maturity as of March 31, 2026. Promissory note loans, term loans with banks, bank borrowings, and others; including accrued interest and placement costs and finance leases 2 Net debt/EBITDA adjusted for 2022 Hybrid: 2.5 • Solid financial structure with € 1,275 MM cash, cash equivalents, and unused credit lines • Current financing costs of 3.7% (as of Q1 2026/27) • Placed convertible hybrid bond of € 400 MM with interest rate of 2.5% p.a. in € MM in € MM Net debt/EBITDA Maturity of outstanding debt instruments1 Cash & cash equivalents 2
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€ MM Q1 25/26 Q1 26/27 YoY Change in % CF from operating activities 184 40 -78% Prior year impacted by higher factoring Increase in receivables due to higher revenue Higher inventories to maintain supply chain resilience CF from financing activities 103 403 >200% Net CAPEX -54 -35 -35% Operating free CF1 130 5 -96% Total assets 4,651 5,247 13% Including higher cash & cash equivalents and 2022 hybrid bond Equity 1,051 1,520 45% Includes 2026 convertible & 2022 hybrid bond Equity ratio 22.6% 29.0% +6.4pp Excl. 2022 hybrid bond 23.9% Net debt 1,332 954 -28% Excl. 2022 hybrid bond € 1,304 MM Positive cash conversion and strong balance sheet KPIs Conference Call Q1 2026/27 1 Cash flow from operating activities minus Net CAPEX12
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2026/27 guidance fully confirmed Conference Call Q1 2026/2713 FY 2026/27e Revenue +45–55% cc (FY 2025/26 base: € 1.8 BN) Profitability EBITDA margin of 32–37% Investments Net CAPEX approx. € 1–1.2 BN Stability Net debt/EBITDA: <3 Guidance subject to supply and geopolitical situation as well as currency developments. cc = constant currency
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Q&A Conference Call Q1 2026/2714
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Conference Call Q1 2026/2715 Appendix
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Successful start to the fiscal year with a strong first quarter Conference Call Q1 2026/2716 € MM (unless otherwise stated) Q1 2026/27 Q1 2025/26 YoY change in % Revenue 548.7 398.9 37.5 % EBITDA 165.0 70.6 >100 % EBITDA margin (in %) 30.1 % 17.7 % – EBIT 73.4 (16.3) >100 % EBIT margin (in %) 13.4 % (4.1 %) – Profit for the period 40.8 (55.9) >100 % ROCE (in %) 12.0 % (2.0 %) – Net CAPEX (34.8) (53.6) 35.1 % CF from operating activities 39.9 184.0 (78.3 %) Earnings per share (in €) 0.93 (1.55) >100 % Employees (headcount)1 14,569 12,800 13.8 % 1 Incl. contract staff, average. As of June 30, 2026: 14,939
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Conference Call Q1 2026/2717 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 headquarters 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 completen ess 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 ob ligation 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 does 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 2026/2718