AT&S stock: Record quarter drives earnings recovery

Published on 11/11/2026 at 10:01 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

AT&S stock follows a record fiscal quarter and a strong earnings recovery. Management kept its full-year targets unchanged despite continued expansion spending.

Record quarter resets earnings profile

AT&S posted its highest quarterly revenue on record in fiscal 2026/27.
Higher utilization, new capacity ramps, product mix and pricing supported the earnings recovery.
Management retained its full-year revenue-growth and EBITDA-margin targets.

At&S, AT0000969985, Illustration mit AI erstellt.

AT&S reported record second-quarter revenue and a sharp earnings recovery on Thursday, November 5, 2026. In its official results release, the Austrian technology group said higher utilization and the ramp-up of new capacity drove the performance.

Revenue in the fiscal second quarter rose to 681.9 million euros from 447.4 million euros a year earlier. Currency-adjusted growth reached 52.4 percent, making the quarter the highest-revenue period in AT&S history. EBITDA increased to 244.0 million euros from 104.1 million euros, while the margin widened to 35.8 percent from 23.3 percent.

Profitability improves sharply

EBIT climbed to 153.0 million euros from 16.3 million euros in the comparable quarter. Net income reached 125.4 million euros after a loss of 7.6 million euros a year earlier. Earnings per share rose to 3.05 euros from a loss of 0.31 euros.

AT&S attributed the EBITDA improvement to higher volumes, a better product mix and an improved pricing environment. Depreciation and amortization increased by 6 million euros to 93 million euros as the company added assets and upgraded technology, but the increase was substantially slower than the revenue expansion.

For the first half of fiscal 2026/27, revenue advanced to 1,230.6 million euros from 846.3 million euros. EBITDA rose to 409.0 million euros from 174.7 million euros, lifting the margin to 33.2 percent from 20.6 percent. Net profit turned positive at 166.2 million euros after a loss of 63.5 million euros in the prior-year period.

Expansion remains the key test

Capital spending and working capital weighed on cash generation. Net capital expenditure reached 111.0 million euros in the first half, compared with 84.3 million euros a year earlier. Operating free cash flow was negative at 11.0 million euros, although AT&S said it would have been approximately 120 million euros if the prior-year level of factoring had been maintained.

The company also completed the redemption of its 2022 hybrid bond with a nominal amount of 350 million euros on October 22, 2026. AT&S said the refinancing through a 2026 hybrid convertible bond should reduce recurring financing costs, with the new coupon approximately 50 percent below that of the redeemed instrument.

Management maintained its fiscal 2026/27 target for currency-adjusted revenue growth of 45 to 55 percent and an EBITDA margin of 32 to 37 percent. Planned capital expenditure remains between 1.0 billion and 1.2 billion euros, while the company continues to expect positive operating free cash flow for the full year. The outlook assumes no significant deterioration in geopolitical conditions or the supply situation for selected materials.