Interim report
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AT&S INTERIM REPORT FIRST QUARTER 2024/25 ADVANCED TECHNOLOGIES & SOLUTIONS 1
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 2 AT&S kicks off the new financial year with a strong quarter and confirms the full-year outlook Q1 2026/27 Currency-adjusted revenue growth of 40% EBITDA up 134% to € 165 million; EBITDA margin at 30.1% At € 73 million, EBIT exceeds the figure for the entire previous financial year EPS of € 0.93 vs. €-1.55 in the previous year Hybrid convertible bond of € 400 million successfully placed Outlook financial year 2026/27 Increased outlook confirmed: currency-adjusted revenue growth of 45–55% and EBITDA margin of 32–37% Strong market demand continues Capacity expansions based on long-term customer agreements fully on schedule Keyfigures € in millions (unless otherwise stated) Q1 2026/27 Q1 2025/26 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% Cash flow from operating activities 39.9 184.0 (78.3%) Earnings per shares outstanding end of reporting period (in €) 0.93 (1.55) >100% Employees (Number)1 14,569 12,800 13.8% 1 Incl. contract staff, average. As of June 30, 2026: 14.939 Highlights Q1 2026/27
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 3 Business development and situation AT&S had a very successful start to the new financial year. Unlike in previous years, all key performance indicators are positive and underscore the strength of the company’s strategy. AT&S is benefiting from continued strong demand in the core markets and – like its customers – sees significant growth potential in the coming years. The expansion of the sites in China and Malaysia, supported by customer agreements as well as the expansion in Austria, are a clear sign of the trust that customers place in AT&S. Therefore, they are joining AT&S in the commitment to expand the production capacities, because AT&S possesses a broad range of technological expertise and can thus best ensure technological flexibility for the future. First quarter of 2026/27 In the first three months of the financial year 2026/27, consolidated revenue increased by 37.5% from € 398.9 million in the prior -year period to € 548.7 million. Adjusted for currency effects, consolidated revenue rose by 39.7%. Exchange rate effects, especially due to the weaker US dollar, had a negative impact of € 8.7 million on the development of revenue. Due to a positive volume and price development, AT&S was able to successfully counter negative exchange rate effects during the reporting period. EBITDA improved by 133.7% from € 70.6 million to € 165.0 million. The earnings improvement is primarily due to higher volumes, the comprehensive cost optimization and efficiency program and a better pricing environment. Adjusted for currency effects, EBITDA improved by 163.0%. Currency fluctuations of the US dollar and the Chinese renminbi had a negative influence on the EBITDA development of € 20.7 million. The EBITDA margin amounted to 30.1%, thus exceeding the prior-year level of 17.7%. Depreciation and amortization increased by € 4.7 million to € 91.6 million (16.7% of consolidated revenue) due to additions to assets and technology upgrades. EBIT increased from € -16.3 million to € 73.4 million. The EBIT margin amounted to 13.4% (previous year: -4.1%). Finance costs – net improved from € -43.6 million to € -32.0 million. This was mainly attributable to a change in exchange rate effects of € 12.5 million (from € -21.3 million to € -8.8 million), which had a positive impact on finance costs – net. The interest result remains at the level of the previous year and amounts to € 20.6 million as of June 30, 2026. Gross interest expenses of € 25.6 million were € 1.0 million below the previous year’s level of € 26.6 million despite the higher financing volume, in particular due to lower interest rates. Interest income, at € 5.0 million, was also € 1.0 million below the prior - year level of € 6.0 million as a result of the lower interest rate level. The Result for the period improved from € -55.9 million by € 96.7 million to € 40.8 million. Taking into account interest on hybrid capital of € 4.6 million (previous year: € 4.4 million), this results in earnings per share of € 0.93 (previous year: € -1.55), which was an improvement by € 2.48. Business development by segments The AT&S Group breaks its operating activities down into three segments: Electronics Solutions, Microelectronics and Others. For further explanations on the segments and segment reporting, please refer to the Annual Report 2025/26. Electronics Solutions segment Third-party revenue in the Electronics Solutions segment amounted to € 205.0 million, down 5.9% on the prior -year level of € 217.9 million. In the same period of the previous year, revenue still included € 19 million from the Ansan plant, Korea, which has since been sold . In addition, negative currency Economic Report
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 4 effects of € 3.5 million reduced the third-party revenue. The Segment’s EBITDA, at € 31.2 million, was € 12.5 million below the prior -year level of € 43.7 million. This resulted in an EBITDA margin of 14.6%, which was lower than in the previous year (19.8%). EBIT declined by € 16.2 million from € 19.3 million to € 3.1 million. The EBIT margin amounted to 1.5 % (previous year: 8.8 %). Microelectronics segment Third-party revenue in the Microelectronics segment amounted to € 343.7 million, exceeding the prior - year figure of € 181.0 million by 89.9%. This increase is attributable to both higher volumes and higher prices as well as the expansion of production in Kulim, Malaysia, and in Leoben, Austria. The segment’s EBITDA, at € 145.2 million, exceeded the prior -year figure of € 26.8 million by € 118.5 million. Negative effects from currency translation of € -9.3 million (previous year: € -37.5 million) were overcompensated by the additional contributions to earnings generated by the increase in revenue. Government grants for expenses increased from € 2.7 million to € 7.2 million in the first quarter. The EBITDA margin rose by 29.3 percentage points from 13.0% to € 42.3 %. EBIT increased from € -33.0 million to € 84.9 million. The EBIT margin amounted to 24.7% (previous year: -16.0%). Financial Position Total assets increased by 12.8% in the first three months of the financial year, from € 4,651.3 million as of March 31, 2026 to € 5,246.7 million as of June 30, 2026. The increase is primarily attributable to the issuance of a hybrid convertible bond in the amount of € 400 million in June. Property, plant and equipment reported in the consolidated statement of financial position as of June 30, 2026 include right-of- use assets according to IFRS 16 of € 425.4 million. Correspondingly, financial liabilities include lease liabilities of € 314.2 million. Inventories rose from € 234.9 million to € 292.3 million. As a result of the issuance of the hybrid convertible bond in the amount of € 400.0 million, cash and cash equivalents rose to € 1,184.1 million (March 31, 2026: € 738.5 million). In addition, AT&S had unused credit lines of € 91.0 million to secure the financing of the future investment program and short-term repayments. Equity increased by 44.6% from € 1,051.2 million at the balance sheet date to € 1,520.4 million. The increase is primarily attributable to the issuance of a hybrid convertible bond in the amount of € 400 million. In addition, positive effects from the translation of net assets of subsidiaries (€ 34.9 million) and the profit for the period of € 40.8 million increased equity. The change in hedging instruments for cash flow hedges (€ -3.4 million) reduced equity. The equity ratio increased by 6.4 percentage points from 22.6% as of March 31, 2026 to 29.0%. Net debt decreased by € 378.1 million, or 28.4%, from € 1,332.1 million to € 954.0 million. The reduction is mainly due to the issuance of the hybrid convertible bond, which is recognized in equity. Cash flow from operating activities in the first three months of the current financial year amounted to € 39.9 million (previous year: € 184.0 million). In addition to higher earnings after tax (change in EBITDA € +94.4 million) and lower interest payments (change € +2.5 million), the main change in cash flow from operating activities was caused by changes in working capital. Working capital was affected by a € 54.1 million rise in inventory resulting from the higher order backlog as well as a € 129.0 million increase in trade receivables, contract assets and other receivables result ing from higher revenues and an increase in order volume as well as from contract
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 5 liabilities, which are included in other receivables, for which cash flow will occur at a later point as agreed. Net CAPEX amounted to € -34.8 million (previous year: € -53.6 million), resulting in operating free cash flow of € 5.1 million (previous year: € 130.4 million). Cash flow from financing activities amounted to € 403.2 million (previous year: € 103.5 million) and is due in particular to the issuance of a hybrid convertible bond in the amount of € 400.0 million. Outlook 2026/27 AT&S confirms the outlook for the financial year 2026/27 with constant -currency revenue growth of 45 to 55% compared to the previous year. The expected EBITDA margin of 32 to 37% means another significant increase in profitability. The management plans CAP EX of roughly € 1.0 to 1.2 billion for 2026/27 and positive operating free cash flow supported by the operating business and expected customer payments. The forecast does not include a significant deterioration of the geopolitical situation and of the currently tight supply situation for certain materials. The management continues to monitor the developments very carefully in order to be able to respond to changes at any time. Leoben-Hinterberg, August 4, 2026 Management Board Michael Mertin m.p. Peter Griehsnig m.p. Gerrit Steen m.p.
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 6 Consolidated Statement of Profit or Loss € in thousands Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Revenue 548,697 398,925 Cost of sales (426,792) (376,826) Gross profit 121,905 22,099 Distribution costs (14,990) (11,920) General and administrative costs (34,920) (25,323) Other operating income 12,169 9,134 Other operating costs (10,806) (10,292) Other operating result 1,363 (1,158) Operating result (EBIT) 73,358 (16,302) Finance income 5,983 6,329 Finance costs (37,935) (49,958) Finance income/costs – net (31,952) (43,629) Profit/Loss before tax 41,406 (59,931) Income taxes (556) 4,066 Profit/Loss for the period 40,850 (55,865) Attributable to owners of hybrid capital 4,555 4,363 Attributable to owners of the parent company 36,295 (60,228) Earnings per share attributable to equity holders of the parent company (in € per share): – basic 0.93 (1.55) – diluted 0.93 (1.55) Consolidated Statement of Comprehensive Income € in thousands Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Profit/(Loss) for the period 40,850 (55,865) Items to be reclassified: Currency translation differences, net of tax 34,926 (142,333) Gains/(Losses) from the fair value measurement of hedging instruments for cash flow hedges, net of tax (3,420) (87) Other comprehensive income/(loss) for the period 31,506 (142,420) Total comprehensive income/(loss) for the period 72,356 (198,285) Attributable to owners of hybrid capital 4,555 4,363 Attributable to owners of the parent company 67,801 (202,648)
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 7 Consolidated Statement of Financial Position € in thousands Jun 30, 2026 Mar 31, 2026 ASSETS Property, plant and equipment 3,147,260 3,152,767 Intangible assets 11,162 12,074 Financial assets 11,375 13,426 Deferred tax assets 20,409 16,562 Other non-current assets 41,085 29,574 Non-current assets 3,231,291 3,224,403 Inventories 292,350 234,878 Trade and other receivables and contract assets 512,623 388,754 Financial assets 24,001 61,766 Current income tax receivables 2,423 3,051 Cash and cash equivalents 1,184,061 738,492 Current assets 2,015,458 1,426,941 Total assets 5,246,749 4,651,344 EQUITY Share capital 141,846 141,846 Other reserves 19,344 (12,162) Hybrid capital 744,719 347,956 Retained earnings 614,451 573,601 Equity attributable to owners of the parent company 1,520,360 1,051,241 Total equity 1,520,360 1,051,241 LIABILITIES Financial liabilities 1,727,245 1,630,012 Contract liabilities 733,206 759,076 Provisions for employee benefits 34,989 35,536 Deferred tax liabilities 2,205 3,443 Other liabilities 84,789 70,881 Non-current liabilities 2,582,434 2,498,948 Trade and other payables 507,734 441,288 Financial liabilities 446,147 515,818 Contract liabilities 174,033 126,816 Current income tax payables 2,068 1,460 Other provisions 13,973 15,773 Current liabilities 1,143,955 1,101,155 Total liabilities 3,726,389 3,600,103 Total equity and liabilities 5,246,749 4,651,344
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 8 Consolidated Statement of Cash Flows € in thousands Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Operating result (EBIT) 73,358 (16,302) Depreciation, amortization and impairment of property, plant and equipment and intangible assets 91,642 86,915 Losses from the disposal of fixed assets (19) (71) Changes in non-current provisions (691) (1,355) Changes in contract liabilities 48,823 (2,000) Non-cash expense/(income), net (11,882) (20,461) Interest paid (12,964) (15,494) Interest received 4,983 6,016 Income taxes paid (3,042) (2,645) Cash flow from operating activities before changes in working capital 190,208 34,603 Inventories (54,062) (32,827) Trade and other receivables and contract assets (128,965) 123,420 Trade and other payables 34,639 58,555 Other provisions (1,909) 234 Cash flow from operating activities 39,911 183,985 Capital expenditure for property, plant and equipment and intangible assets (36,100) (53,983) Proceeds from the sale of property, plant and equipment and intangible assets 1,320 362 Capital expenditure for financial assets (14,638) (11,849) Proceeds from the sale of financial assets 50,866 97,343 Cash flow from investing activities 1,448 31,873 Proceeds from borrowings 122,040 216,168 Repayments of borrowings (116,104) (114,466) Proceeds from issuing of hybrid capital 395,796 – Proceeds from government grants 1,475 1,807 Cash flow from financing activities 403,207 103,509 Change in cash and cash equivalents 444,566 319,367 Cash and cash equivalents at beginning of the year 738,492 485,079 Exchange gains/(losses) on cash and cash equivalents 1,003 (32,293) Cash and cash equivalents at end of the period 1,184,061 772,152
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 9 Consolidated Statement of Changes in Equity € in thousands Share capital Other reserves Hybrid capital Retained earnings Equity attribut- able to owners of the parent company Non- controlling interests Total equity Mar 31, 2025 141,846 (31,543) 347,956 616,691 1,074,950 – 1,074,950 Loss for the period – – – (55,865) (55,865) – (55,865) Other comprehensive loss for the period – (142,420) – – (142,420) – (142,420) thereof currency translation differences, net of tax – (142,333) – – (142,333) – (142,333) thereof change in hedging instruments for cash flow hedges, net of tax – (87) – – (87) – (87) Total comprehensive loss for the period – (142,420) – (55,865) (198,285) – (198,285) Jun 30, 2025 141,846 (173,963) 347,956 560,826 876,665 – 876,665 Mar 31, 2026 141,846 (12,162) 347,956 573,601 1,051,241 – 1,051,241 Profit for the period – – – 40,850 40,850 – 40,850 Other comprehensive income for the period – 31,506 – – 31,506 – 31,506 thereof currency translation differences, net of tax – 34,926 – – 34,926 – 34,926 thereof change in hedging instruments for cash flow hedges, net of tax – (3,420) – – (3,420) – (3,420) Total comprehensive income for the period – 31,506 – 40,850 72,356 – 72,356 Proceeds hybrid capital – – 396,763 – 396,763 – 396,763 Jun 30, 2026 141,846 19,344 744,719 614,451 1,520,360 – 1,520,360
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 10 Segment Reporting The AT&S Group now breaks down its operating activities into the following three segments ▪ Electronics Solutions ▪ Microelectronics ▪ Others The Electronics Solutions and Microelectronics segments are structured based on technology. The Electronics Solutions segment encompasses the area of printed circuit boards and will also increasingly cover the modules and embedding business areas through t he development of high -tech solutions. The Microelectronics segment comprises the production of IC substrates for PCs and servers. The Others segment is still characterised by Group and holding activities.
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 11 BU ES (Electronics Solutions) BU ME (Microelectronics) Others Elimination/ Consolidation Group € in thousands Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Segment revenue 213,139 220,798 343,662 206,543 – – (8,104) (28,416) 548,697 398,925 thereof internal revenue 8,104 2,857 – 25,559 – – (8,104) (28,416) – – thereof external revenue 205,035 217,941 343,662 180,984 – – – – 548,697 398,925 Operating result before depreciation/amortization (EBITDA) 31,199 43,717 145,238 26,754 (11,437) 142 – – 165,000 70,613 Depreciation/amortization incl. appreciation (28,092) (24,382) (60,343) (59,734) (3,207) (2,799) – – (91,642) (86,915) Operating result (EBIT) 3,107 19,335 84,895 (32,980) (14,644) (2,657) – – 73,358 (16,302) Finance costs - net (31,952) (43,629) Profit/(Loss) before tax 41,406 (59,931) Income taxes (556) 4,066 Profit/(Loss) for the period 40,850 (55,865) Property, plant and equipment and intangible assets1 574,753 437,992 2,502,526 2,645,049 81,143 81,800 – – 3,158,422 3,164,841 Additions to property, plant and equipment and intangible assets 39,763 10,975 24,233 15,793 1,476 1,045 – – 65,472 27,813 1 Actual values as of June 30, 2026, previous year values as of March 31, 2026
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 12 Information by geographic region Revenues broken down by customer region, based on customer’s headquarters: € in thousands Apr 1 - Jun 30, 2026 Apr 1 - Jun 30, 2025 Austria 3,584 4,533 Germany 41,544 42,734 Other European countries 11,480 23,039 China 11,811 2,095 Other Asian countries 23,060 23,590 Americas 457,218 302,934 Revenue 548,697 398,925 Property, plant and equipment and intangible assets broken down by domicile: € in thousands Jun 30, 2026 Mar 31, 2026 Austria 708,944 703,006 Malaysia 1,267,134 1,267,214 China 1,165,071 1,175,857 Others 17,273 18,764 Property, plant and equipment and intangible assets 3,158,422 3,164,841
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AT&S Interim Repo rt First Qu arter 2026/27 Advanced Technologies & Solutions 13 Imprint Published by and responsible for content AT & S Austria Technologie & Systemtechnik Aktiengesellschaft Fabriksgasse 13 - 8700 Leoben Austria www.ats.net Contact Philipp Gebhardt Phone: +43 (0)3842 200 2274 ir@ats.net Disclaimer This report contains forward -looking statements which were made on the basis of the information available at the time of publication. These can be identified by the use of such expressions as “expects”, “plans”, “anticipates”, “intends”, “could”, “will”, “aim” and “estimation” or other similar words. These statements are based on current expectations and assumptions. Such statements are by their very nature subject to known and u nknown risks and uncertainties. As a result, actual developments may vary significantly from the forward -looking statements made in this report. Recipients of this report are expressly cautioned not to place undue reliance on such statements. Neither AT&S nor any other entity accept any responsibility for the correctness and completeness of the forward-looking statements contained in this report. 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. Percentages and individual items presented in this report are rounded, which may result in rounding differences. Negative amounts are shown in brackets. This report in no way represents an invitation or recommend-dation to buy or sell shares in AT&S. The report is published in German and English. In case of doubt, the German version is binding. No responsibility accepted for errors or omissions. Published on August 4, 2026
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AT&S INTERIM REPORT FIRST QUARTER 2024/25 ADVANCED TECHNOLOGIES & SOLUTIONS 14