AT&S stock: Record quarter drives earnings rebound, outlook holds

AT&S reported a record second quarter on Thursday, November 5, 2026, and maintained its full-year outlook. The Austrian manufacturer of high-end IC substrates and printed circuit boards said the result reflected higher utilization, new capacity ramps, stronger volumes, a better product mix and improved pricing. The company detailed the figures in its AT&S investor release.

Second-quarter revenue reached 681.9 million euros, compared with 447.4 million euros a year earlier. Currency-adjusted growth was 52 percent, marking the highest quarterly revenue in AT&S history. EBITDA climbed to 244.0 million euros from 104.1 million euros, while the margin widened to 35.8 percent from 23.3 percent.

Operating profit also strengthened materially. EBIT rose to 153.0 million euros from 16.3 million euros, and net income reached 125.4 million euros after a loss of 7.6 million euros in the comparable quarter. Earnings per share increased to 3.05 euros from a loss of 0.31 euros.

Capacity expansion remains central

AT&S said the quarterly improvement was mainly driven by higher utilization and the gradual ramp-up of new production capacity. Chief Executive Michael Mertin said discussions with key US technology customers during an October technology tour confirmed strong demand and significant opportunities ahead. The company also said the expansion in Kulim, Malaysia, and upgrades at other locations were progressing according to plan.

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

The stronger earnings came alongside heavier investment and working-capital requirements. Net capital expenditure reached 111.0 million euros in the first half, while operating free cash flow was negative at 11.0 million euros. AT&S attributed the cash-flow pressure to business growth, higher safety inventories and a reduction in international factoring.

Guidance remains unchanged

Management confirmed 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 1.0 billion to 1.2 billion euros, and 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.

AT&S stock traded at 108.40 euros on Lang & Schwarz at 10:19 CET on Monday, November 9, 2026. Investors are now weighing the strong earnings recovery against the cash demands of the capacity expansion and the execution risk attached to the ambitious investment program. The real-time quote of AT&S stock is available for current trading information.

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