AT&S stock posts record quarter as full-year guidance holds

AT&S reported record fiscal second-quarter results on Thursday, November 5, 2026, and kept its full-year outlook unchanged. In its official release, the Austrian technology group said higher utilization, new capacity and a better pricing environment drove the improvement.

AT&S stock traded at 123.30 euros on Lang & Schwarz at 10:04 CET on Friday, November 13, 2026.

Revenue reaches a new quarterly peak

Revenue for the second quarter of fiscal 2026/27 rose to 681.9 million euros from 447.4 million euros a year earlier. Currency-adjusted growth was 52.4 percent, making the quarter the highest-revenue period in the company's history. AT&S attributed the increase mainly to higher utilization and the ramp-up of new production capacity.

EBITDA more than doubled to 244.0 million euros from 104.1 million euros. The margin widened to 35.8 percent from 23.3 percent, supported by higher volumes, a more favorable product mix and improved pricing. EBIT reached 153.0 million euros, compared with 16.3 million euros in the prior-year quarter.

Net income turned positive at 125.4 million euros after a loss of 7.6 million euros a year earlier. Earnings per share rose to 3.05 euros from negative 0.31 euros. Depreciation and amortization increased by 6 million euros to 93 million euros as AT&S continued to invest in assets and technology.

Expansion supports the full-year outlook

For the first half of fiscal 2026/27, revenue increased 45.4 percent to 1.2306 billion 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 reached 166.2 million euros after a prior-year loss of 63.5 million euros.

Management confirmed its target for currency-adjusted revenue growth of 45 to 55 percent in fiscal 2026/27 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 depends on continued demand across key end markets and does not assume a significant deterioration in geopolitical conditions or the supply situation for selected materials. AT&S said capacity expansions based on long-term customer agreements remain on schedule.

Cash flow and financing remain key watchpoints

Operating cash flow reached 100.4 million euros in the first half, down from 209.4 million euros a year earlier. The company linked the decline to higher working capital, increased safety inventories and a reduced factoring contribution. Operating free cash flow was negative at 11 million euros, although AT&S said it would have been approximately 120 million euros if the prior-year factoring amount had been maintained.

AT&S redeemed its 2022 hybrid bond for a nominal 350 million euros on October 22, 2026, after placing a 2026 hybrid convertible bond. The company said the new financing has a coupon approximately 50 percent below the earlier instrument, which should reduce recurring financing costs.

For investors, the record quarter strengthens the earnings-recovery case, but execution of the large capacity program and the conversion of demand into cash flow remain important. The next focus is the second-half contribution from new products and technologies in power electronics, optical transceivers and advanced testing.

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AT&S Austria Technologie & Systemtechnik AG

• ISIN: AT0000969985
• Ticker: ATS.VI
• Lang & Schwarz quote: 123.30 euros at 10:04 CET on November 13, 2026
• Fiscal period: Second quarter and first half of fiscal 2026/27
• Sector: IC substrates and printed circuit boards