AT&S develops and produces leading-edge interconnect technologies for key digital industries: mobile devices, automotive & aerospace, industrial, medical and high-performance computing for AI applications. Two new large manufacturing sites in Malaysia and Austria are operational with ramp-ups underway, while artificial intelligence remains a key driver for substrate and PCB demand. The company benefits from secular trends in 5G, IoT, autonomous driving, and edge AI computing.
Cyborg Score Rationale
AT&S delivered a 14% year-on-year revenue increase in Q1 with EBITDA margin reaching 18%, though cost savings efforts continue. The company posted a net loss of €55.9 million in Q1 2025/26 due to heavy finance costs and start-up expenses from delayed capacity ramp-ups at new plants. Near-term profitability challenges mask strong structural demand tailwinds.
Top Insights
Management is targeting additional EUR 130 million in annual cost savings this year.
Currency movements, especially the U.S. dollar, had a major negative effect on both reported revenue and equity.
Mobile devices and media account for 56.6% of revenue while industrial, medical and automotive equipment represent 43.4%.
AT&S's strategic focus includes advancing technologies for applications such as 5G networks, IoT, autonomous driving, and artificial intelligence.
Named Competitors
Advanced PCB Solutions — High-end PCB and packaging substrates manufacturer
HDI and IC Substrates — Taiwan-based PCB and substrate manufacturer
Specialized Interconnects — Japanese circuit board and substrate provider
Recent Developments
(February 2026) AT&S achieved positive group profit in Q3 2025/26.
(January 2026) Major investment program announced; €30+ million allocated to Fehring plant for new technologies, sustainability, and workforce development.
(Q4 2025) High-volume production at Kulim and Leoben plants commenced one to two quarters later than planned, incurring start-up costs.
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