AT&S stock: Revenue rises 52% to record quarterly level

AT&S reported record second-quarter revenue and a sharp improvement in profitability on Thursday, November 5, 2026. The Austrian manufacturer of IC substrates and printed circuit boards also reaffirmed its full-year outlook in a release published by Deutsche Boerse.

AT&S stock traded at 120.70 euros on Lang & Schwarz at 10:07 CET on Thursday, November 5, 2026, 10.33 percent below the Xetra close of Wednesday, November 4.

Record revenue meets stronger margins

Revenue in the second quarter of fiscal 2026/27 rose to 681.9 million euros from 447.4 million euros a year earlier. The company said the increase reflected higher utilization and the ramp-up of new capacity, making it the highest quarterly revenue in AT&S history.

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 an improved pricing environment. EBIT increased to 153.0 million euros from 16.3 million euros, while net income turned positive at 125.4 million euros after a loss of 7.6 million euros in the prior-year quarter. Earnings per share rose to 3.05 euros from negative 0.31 euros.

First-half performance raises earnings base

For the first six months of fiscal 2026/27, revenue increased 45.4 percent to 1,230.6 million euros from 846.3 million euros. EBITDA advanced to 409.0 million euros from 174.7 million euros, lifting the margin to 33.2 percent from 20.6 percent. EBIT reached 226.4 million euros after 0.0 million euros in the comparable period, and net income improved to 166.2 million euros from a loss of 63.5 million euros.

The strong earnings performance came with higher investment and working-capital requirements. Net capital expenditure reached 111.0 million euros in the first half, while operating cash flow fell to 100.4 million euros from 209.4 million euros. AT&S attributed the cash-flow decline to business growth, higher safety inventories and a reduction in its international factoring program. Operating free cash flow was negative at 11 million euros.

Guidance remains tied to expansion

AT&S confirmed its outlook for fiscal 2026/27, calling for currency-adjusted revenue growth of 45 to 55 percent and an EBITDA margin of 32 to 37 percent. Planned capital expenditure is approximately 1.0 to 1.2 billion euros, while management continues to expect positive operating free cash flow.

Chief Executive Michael Mertin said discussions with key US technology customers during an October technology tour confirmed strong demand. The company also said its capacity expansion in Kulim and upgrades at other sites were progressing according to plan. The outlook assumes no significant deterioration in geopolitical conditions or the supply situation for selected materials.

For investors, the report strengthens the case that capacity additions and demand from AI infrastructure are translating into higher utilization and margins. The morning share price, however, showed that strong operating figures and a confirmed outlook did not prevent a substantial intraday decline; the release itself does not establish a direct reason for that move.

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