AT & S Austria Technologie & Systemtechnik AG
VSE:ATS
AT & S Austria Technologie & Systemtechnik AG
AT & S Austria Technologie & Systemtechnik AG engages in the development, manufacture, and trade of printed circuit boards (PCB) and IC substrates. The company is headquartered in Leoben, Steiermark and currently employs 12,821 full-time employees. The firm specializes in manufacturing and distributing printed circuit boards (PCBs). Its activities are divided into three business units: Mobile Devices & Substrates, which produces PBCs for mobile devices, such as smart phones, tablets, digital cameras and portable media players; Industrial & Automotive, supplying PBCs to automotive, aviation, and medical sectors, among others; and Advanced Packaging, which is responsible for components integration in the product. AT&S operates production plants in Austria, India, China and Korea. Furthermore, the Company controls a number of subsidiaries in India, Germany, Austria, China, Hong Kong, Japan, South Korea, Taiwan and the United States.
AT & S Austria Technologie & Systemtechnik AG engages in the development, manufacture, and trade of printed circuit boards (PCB) and IC substrates. The company is headquartered in Leoben, Steiermark and currently employs 12,821 full-time employees. The firm specializes in manufacturing and distributing printed circuit boards (PCBs). Its activities are divided into three business units: Mobile Devices & Substrates, which produces PBCs for mobile devices, such as smart phones, tablets, digital cameras and portable media players; Industrial & Automotive, supplying PBCs to automotive, aviation, and medical sectors, among others; and Advanced Packaging, which is responsible for components integration in the product. AT&S operates production plants in Austria, India, China and Korea. Furthermore, the Company controls a number of subsidiaries in India, Germany, Austria, China, Hong Kong, Japan, South Korea, Taiwan and the United States.
Revenue Growth: AT&S reported strong revenue growth for the first 9 months, reaching EUR 1.3 billion, up about 10% year-to-date, and highlighted an 18% increase quarter-over-quarter.
Profitability & Margins: Margin recovery was supported by improved product mix, favorable pricing, and ongoing efficiency programs, despite FX headwinds from a weaker US dollar.
Cash Flow Turnaround: Operating free cash flow turned positive at EUR 223 million, compared to negative EUR 357 million last year, reflecting strong cash discipline and factoring program restart.
Guidance Maintained: Full year 2025/26 revenue guidance remains at EUR 1.7 billion and for 2026/27 at EUR 2.1–2.4 billion, with management signaling a conservative outlook due to FX and potential supply constraints.
Cost Savings: The cost-saving program target of EUR 130 million was achieved in Q3, with expectations to reach over EUR 160 million by year-end, and management expects most savings to be sustainable.
Technology Trends: The call featured deep insights into AI substrate technology challenges and opportunities, including new architectures and materials, with AT&S positioning itself for future industry shifts.
