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AT&S AG CONFIDENTIAL AT&S Results Q2 2026/27 November 05, 2026
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Q2 2026/27: Record quarterly results Conference Call Q2 2026/272 • Q2 performance reinforces full-year guidance • Increasing connectivity requirements drive additional structural demand • Further customer diversification in Kulim • Project execution at all sites fully on track • Market fundamentals remain strong € 682 MM Revenue +52% cc vs. PY € 244 MM EBITDA +152% cc vs. PY Margin: 35.8% € 153 MM EBIT PY: € 16 MM Margin: 22.4% € 3.05 EPS PY: € -0.31 cc = constant currency
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AI infrastructure investments drives long-term demand Conference Call Q2 2026/27 Sources: public earnings coverage, July –October 2026. IDC Q1 2026 data, September 2026.Capex midpoint $725–745bn. Company definitions differ. Spending measures overlap. Component inflation affects dollar growth. 1 YoY in Q2 2026 Server revenue mix, Q1 2026 GPU and other accelerated systems 29% Non-accelerated >$1,000 BN Data center capex, 2026, +92% YoY1 3x FC-BGA substrates 2025: $ 8 bn 2030: $ 23 BN +24% CAGR 71% accelerated 3 AT&S technology tour in October to all key U.S. tech customers confirmed strong demand for solutions & significant opportunities ahead
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4 Conference Call Q2 2026/27 Advanced Substrates and PCBs enable next-generation AI infrastructure PACKAGE TODAY PACKAGE TOMORROW HBM GPU/CPU Interposer Package Substrate PCB HBM GPU/CPU Package Substrate 10:10 cm | 20 Layers PCB incl. Components e.g. Converter HBM GPU/CPU Package Substrate 24:24 cm | 28 Layers Core incl. Components e.g. Converter PCB incl. Components e.g. Converter OPTICAL TRANSCEIVERS EMBEDDED BRIDGE OPTICAL TRANSCEIVERS EMBEDDED BRIDGE
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5 Conference Call Q2 2026/27 AT&S in Kulim – ready for expansion 1 2 3 4 5 1 2 3 4 Kulim 3 Utilities 1 2 3 4 In HVM Ramping Committed Marvell Kulim 2 Kulim 1 Core • Announced plant for in-house core production • Additional available space Kulim 1 - AMD • Room for 4 lines • Currently ramping 3rd line • 4th line committed Kulim 2 • Room for 5 lines • 3 lines confirmed for long- standing customer • 4th line announced for Marvell • 5th line TBA Available space • Space for Kulim 3 on the current site • Land next to the current site has been secured, with space for 3 additional plants Potential Production lines shown schematically Core
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Conference Call Q2 2026/276 AT&S Kulim Campus with further potential for growth Kulim 4 Kulim 5 Kulim 6 This is a drone-captured image and should be used for illustrative purposes only, as it is not drawn to scale.
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AI infrastructure investments drive long-term growth – fully backed by customer commitments 7 Conference Call Q2 2026/27 CAPEX • Chongqing: high double-digit million range till summer 2027 • Kulim: Approx. € 2.0 billion till 2028/29 Program 2026/27 2027/28 2028/29 2029/2030 Chongqing Tech upgrade Kulim 1 (AMD) 3rd line 4th line Kulim 2 1st line 2nd line 3rd line 4th line (Marvell) 5th line Kulim 3-6 HVM = High-Volume Manufacturing Start HVM Start HVM Start HVM Start HVM Start HVM Start HVM TBA TBA Start HVM
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447 468 477 549 682 23.3% 26.1% 25.4% 30.1% 35.8% 0, 0% 1 0, 0% 2 0, 0% 3 0, 0% 4 0, 0% 5 0, 0% 6 0, 0% 0 1 00 2 00 3 00 4 00 5 00 6 00 7 00 8 00 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 Q2 26/27 3ʳᵈ party revenue EBITDA margin Conference Call Q2 2026/278 +52% cc • Revenue: Driven by strong demand from AI- & HPC-applications, sequential QoQ acceleration with 23% cc growth • Margin: Higher utilization, improved pricing and a favorable volume/mix support strong margin expansion of 12.5%-pts. • Material availability continues to be tight • Approx. € 35 MM contribution from new customer agreements Higher volumes and improved pricing drive margin expansion in € MM Quarterly performance
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185 254 290 344 423 24.6% 29.8% 36.3% 42.3% 45.1% 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 50 1 00 1 50 2 00 2 50 3 00 3 50 4 00 4 50 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 Q2 26/27 3rd party revenue EBITDA margin Conference Call Q2 2026/279 +127% cc • Revenue: Production ramps and higher utilization drives revenue growth across all sites • Margin: Operational leverage, improved pricing, and a shift towards more complex substrates supports margin expansion • Expansion projects in Kulim and Chongqing fully on track to start delivering first incremental revenue and margins as of next year Microelectronics: Strong growth & margin expansion in € MM Quarterly performance 1 EBITDA margin is calculated from total revenue. 1
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256 212 185 205 259 22.5% 18.5% 9.8% 14.6% 17.7% 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 Q2 25/26 Q3 25/26 Q4 25/26 Q1 26/27 Q2 26/27 3rd party revenue w/o Ansan EBITDA margin Conference Call Q2 2026/2710 +1% cc • Revenue: Strong QoQ growth of 26% driven by better volumes • Preparing sites in Austria and Shanghai for future growth in power module and optical transceiver businesses • Margin: EBITDA margin improves sequentially, YoY impacted by higher material cost not yet passed on and some FX headwind • Significant YoY growth acceleration in H2 expected Electronics Solutions: Revenue and margin improve sequentially in € MM Quarterly performance 1 EBITDA margin is calculated from total revenue. 1
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519 260 423 484 293 339 26/27 27/28 28/29 29/30 30/31 >30/31 738 827 31.03.2026 30.09.2026 3,2 2,0 31.03.2026 30.09.2026 Strong liquidity & lower leverage strengthen financial position 11 Conference Call Q2 2026/27 1 Amounts by maturity as of September 30, 2026. Promissory note loans, term loans with banks, bank borrowings, and others; including accrued interest and placement costs and finance leases • Solid financial structure with € 918 MM cash, cash equivalents, and unused committed credit lines • Current financing costs of 4.1% (as of Q2 2026/27) • Placed convertible hybrid bond of € 400 MM with interest rate of 2.5% p.a. partly used to repay 2022 hybrid in Oct. in € MM in € MM Net debt/EBITDA Maturity of outstanding debt instruments1 Cash & cash equivalents 2022 hybrid bond
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€ MM Q2 25/26 Q2 26/27 Change in % CF from the result 68 513 656% Driven by strong result and client contributions Change in Working Capital -42 -453 967% Key Working Capital impacts: Reduction of factoring program Increase in receivables due to higher revenue Higher inventories to maintain supply chain resilience thereof: Factoring 32 -157 - CF from operating activities 25 60 138% Net CAPEX 31 76 148% Operating free CF1 -5 -16 -199% Significant increase expected in H2 € MM Mar 31, 26 Sep 30, 26 Change in % Total equity and liabilities 4,651 5,566 20% Incl. new 2026 convertible bond Equity 1,051 1,329 26% Incl. 2026 convertible & excl. 2022 hybrid bond Equity ratio 22.6% 23.9% +1.3pp 25.5% after 2022 hybrid bond repayment Net debt 1,332 1,333 0% Supporting growth & strengthened balance sheet Conference Call Q2 2026/27 1 Cash flow from operating activities minus Net CAPEX12
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2026/27 guidance fully confirmed Conference Call Q2 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 Leverage Net debt/EBITDA: <2 Guidance subject to supply and geopolitical situation as well as currency developments. cc = constant currency
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Q&A Conference Call H1 2026/2714 Conference Call Q2 2026/27
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Conference Call Q2 2026/2715 Appendix
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Q2 results confirm strong business dynamics Conference Call Q2 2026/2716 € MM (unless otherwise stated) Q2 2026/27 Q2 2025/26 YoY change in % H1 2026/27 H1 2025/26 YoY change in % Revenue 681.9 447.4 52.4% 1,230.6 846.3 45.4% EBITDA 244.0 104.1 >100% 409.0 174.7 >100% EBITDA margin (in %) 35.8% 23.3% – 33.2% 20.6% – EBIT 153.0 16.3 >100% 226.4 0.0 >100% EBIT margin (in %) 22.4% 3.7% – 18.4% – – Profit for the period 125.4 (7.6) >100% 166.2 (63.5) >100% ROCE (in %) n.a. n.a. – 17.7% 0.3% – Net CAPEX (76.2) (30.7) (>100%) (111.0) (84.3) (31.6%) CF from operating activities 60.5 25.5 >100% 100.4 209.4 (52.1%) Earnings per share (in €) 3.05 (0.31) >100% 3.98 (1.86) >100% Employees (headcount)1 15,460 12,953 19.4% 15,014 12,876 16.6% 1 Incl. contract staff, average. As of September 30, 2026: 15,657
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Conference Call Q2 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 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 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 Q2 2026/2718