AT&S stock: Record quarter lifts earnings as full-year outlook holds

Published on 11/12/2026 at 10:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

AT&S stock follows a record fiscal quarter and a sharp earnings recovery. Management kept its full-year targets unchanged as capacity projects advance.

Record quarter and confirmed outlook

AT&S reported its highest quarterly revenue to date in the second quarter of fiscal 2026/27.
Higher utilization, new capacity and improved pricing supported the earnings recovery.
Management kept its revenue growth and EBITDA margin targets for fiscal 2026/27 unchanged.

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AT&S reported its highest quarterly revenue on record on Thursday, November 5, 2026, as higher utilization and the ramp-up of new capacity strengthened fiscal second-quarter results. In its results release, the company said it had fully confirmed its outlook for fiscal 2026/27.

AT&S stock traded at 128.40 euros on Lang & Schwarz at 10:12 CET on Thursday, November 12, 2026.

Revenue reaches a new quarterly peak

Second-quarter revenue 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 strongest in the company's history by revenue. AT&S attributed the increase mainly to higher utilization and the gradual start-up of new production capacity.

EBITDA increased to 244.0 million euros from 104.1 million euros, while the EBITDA margin reached 35.8 percent against 23.3 percent in the prior-year quarter. The company linked the improvement to higher volumes, a more favorable product mix and better pricing. EBIT rose to 153.0 million euros from 16.3 million euros, and net profit reached 125.4 million euros after a loss of 7.6 million euros a year earlier.

Second-quarter earnings per share came to 3.05 euros, compared with a loss of 0.31 euros in the prior-year period. The figures show that the capacity ramp is beginning to translate into stronger operating leverage, although the expansion program continues to require substantial investment.

Expansion remains central to guidance

For the first half of fiscal 2026/27, revenue rose 45.4 percent to 1.2306 billion euros and EBITDA increased to 409.0 million euros. Operating cash flow was 100.4 million euros, down from 209.4 million euros a year earlier as working capital and safety inventories increased. Operating free cash flow was negative at 11.0 million euros, while AT&S said it would have been approximately 120 million euros if the prior-year factoring level had been maintained.

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, with positive operating free cash flow expected for the full year. The forecast assumes no significant deterioration in geopolitical conditions or the currently tight supply situation for certain materials.

Chief Executive Michael Mertin said the expansion in Kulim and upgrades at other sites were progressing according to plan. The company is expanding capacity under long-term customer agreements, including projects serving demand for advanced IC substrates, artificial-intelligence infrastructure and complex printed circuit boards.

What investors should watch next

The combination of record revenue, recovering margins and unchanged guidance supports the earnings-recovery case for AT&S. Investors will nevertheless focus on the pace of capacity utilization, working-capital needs and cash conversion as spending rises in the second half of the fiscal year.

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