Here’s a polished English translation of the Chinese title: **”AT&S Closes 2025/26 Fiscal Year on a Strong Note with Successful Fourth Quarter”**

ShanghaiMay 28, 2026 /PRNewswire/ — Michael Mertin, CEO of AT&S, stated: “The 2025/26 fiscal year was a strong and milestone year for AT&S. We continued our growth trajectory, achieved a significant increase in revenue, and further enhanced our operational profitability. Through targeted cost optimization and efficiency improvement programs, we improved our overall competitiveness and returned to positive net profit in the fourth quarter. We aim to maintain this momentum in the 2026/27 fiscal year, building a solid financial foundation under the current robust market conditions to achieve sustainable growth and continue advancing the company’s core technology strategy. This is also reflected in our announced plans to expand our plant in Chongqing, China.”

Fiscal Year 2025/26

Throughout the quarters of the fiscal year, the company showed positive growth trends in both revenue and profitability.

In the 2025/26 fiscal year, AT&S’s global revenue increased to EUR 1.8 billion (previous fiscal year: EUR 1.6 billion), representing a 21% year-on-year increase at constant exchange rates. This not only met but significantly exceeded the historical revenue record set in the 2022/23 fiscal year on a constant currency basis. Benefiting from positive shipment volume growth, AT&S successfully offset the negative impact of exchange rate fluctuations during the reporting period.

Excluding the gain from the sale of the Ansan plant in South Korea, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by approximately 50% to EUR 418 million; at constant exchange rates, the increase reached 77%. The profit growth was primarily driven by higher shipment volumes, comprehensive cost optimization and efficiency improvement programs, and a more favorable market pricing environment. The EBITDA margin reached 23.3%, an increase of over 5 percentage points compared to the previous fiscal year.

Due to new asset investments and technology upgrades, depreciation and amortization expenses increased by EUR 24 million to EUR 352 million, accounting for 20% of revenue, but the growth rate was significantly lower than the profit growth rate.

EBIT (Earnings Before Interest and Taxes) reached EUR 66 million (after deducting the gain from the sale of the Ansan plant), achieving significant positive growth despite substantial negative currency effects. The EBIT margin reached 3.7%, an increase of nearly 7 percentage points compared to the previous fiscal year.

Cost Optimization and Efficiency Improvement Programs

In the 2025/26 fiscal year, the company cumulatively reduced its cost base by EUR 170 million, significantly exceeding the set target. In comparison, the cost reduction scale in the previous fiscal year (2024/25) was EUR 120 million. The substantially improved cost reduction results in this fiscal year not only fully offset the negative impact of exchange rate fluctuations but also further demonstrated the efficient execution and continuous advancement of AT&S’s cost optimization and efficiency improvement programs.

In the 2026/27 fiscal year, AT&S plans to achieve further cost optimization of approximately EUR 110 million.

Outlook for Fiscal Year 2026/27

Over 80% of AT&S’s revenue comes from US customers, and the vast majority of revenue is settled in US dollars. At the same time, the company’s production costs are primarily denominated in Asian currencies, while financial reports are prepared in euros. Therefore, forecasting based solely on absolute amounts can no longer fully reflect the company’s actual operational development.

For this reason, AT&S will no longer provide absolute revenue forecasts in the future, but will instead use percentage revenue growth at constant exchange rates as guidance.

With the continuous growth in demand for computing power in the field of artificial intelligence, demand from AT&S’s core customers for high-end semiconductor packaging substrates is rapidly increasing. To meet larger-scale production needs, AT&S has decided to expand the relevant capacity at its Chongqing plant. The investment required for this expansion, amounting to tens of millions of euros, will be fully borne by the customer based on long-term agreements signed with them. The company expects that these investments will contribute positively to EBIT in the 2026/27 fiscal year, also in the tens of millions of euros.

At constant exchange rates, global revenue in the 2026/27 fiscal year is expected to grow by 30% to 35% year-on-year (2025/26 fiscal year revenue was EUR 1.8 billion), meaning the company’s revenue will reach the upper end of the previously forecast range of EUR 2.1 billion to EUR 2.4 billion for the 2026/27 fiscal year.

At the same time, the company expects an EBITDA margin of 25% to 29%, with profitability expected to improve further significantly (2025/26 fiscal year: 23%; previous EBITDA margin expectation for the 2026/27 fiscal year was 24% to 28%).