AT&S
High-end IC substrates and printed circuit boards — the interconnect layer beneath the avionics, sensors and compute in almost any modern airborne system.
Latest event found: 8 Oct 2026 · 9 days ago
Vitality Radar
Pillar Analysis
Strategic Assessment
Strategic Vector
AT&S is accelerating from a diversified high-end PCB and IC-substrate manufacturer toward an AI-infrastructure-focused advanced-packaging supplier, led by major Kulim expansion and deeper AMD and Marvell relationships. The strategy combines aggressive capacity investment with customer-backed commitments and improving profitability.
Efficiency Ratio
Resource intensity is very high, but recent revenue growth, margin expansion, customer-backed capital deployment, and positive operating cash-flow expectations indicate improving resource-to-output efficiency.
Evidence Signals
AT&S announced more than €30 million of investment in new technologies, sustainability, and additional jobs at its Fehring plant, including 50 new positions and an apprentice workshop.
AT&S announced an expanded collaboration with Marvell Technology to increase advanced IC-substrate capacity for next-generation AI and cloud infrastructure.
AT&S reported first-quarter fiscal 2026/27 revenue of €549 million, up 40% adjusted for currency effects, and reaffirmed constant-currency full-year revenue growth guidance of 45–55%.
AT&S successfully placed a €400 million deeply subordinated perpetual hybrid convertible bond carrying 2.5% interest, with settlement expected around June 23, 2026.
AT&S announced a planned €1.5–2.0 billion expansion of its Kulim, Malaysia manufacturing site, supported by long-term customer commitments from AMD and another technology company; fiscal-year capital expenditure guidance increased to approximately €1.0–1.2 billion.
AT&S announced that the Kulim expansion is based on agreements with AMD and another leading technology company, with long-term customer commitments supporting the planned investment.
The announced Kulim expansion includes fit-out of Plant 2 and construction of a new manufacturing facility for IC-substrate cores and advanced packaging.
AT&S reported fiscal-year 2025/26 consolidated revenue of €1.8 billion, representing 21% growth on a currency-adjusted basis compared with the prior year.
Gerrit Steen was appointed Chief Financial Officer, effective February 1, 2026; AT&S also streamlined its Executive Board to three members.
- About
- Founded in 1987 and headquartered at Fabriksgasse 13 in Leoben, Styria, AT&S is a global manufacturer of high-end IC substrates and printed circuit boards, developing what it describes as leading-edge interconnect technologies. Around 14,000 employees of 81 nationalities, revenue of EUR 1.8 billion, 80.2% renewable energy in operations. Listed, with regular voting-rights disclosures under Austrian securities law. TARGET INDUSTRIES: mobile devices, automotive and aerospace, industrial, medical, and high-performance computing for AI applications. The company positions itself wherever data is processed, transmitted or stored, or where complex systems need control or power. FOOTPRINT: production sites in Austria (Leoben and Fehring), China (Shanghai and Chongqing), Malaysia (Kulim) and India (Nanjangud), with the European competence centre for R&D and IC substrate production in Leoben. Ten locations in total. Technology showcases include HDI microvia PCB and ECP embedded component packaging.
- Relevancy
- Leoben manufacturer of the high-end circuit boards and chip substrates that sit underneath the flight computers, sensors and radios in modern aircraft. Not a drone supplier, but part of the Austrian electronics foundation any unmanned system is built on.
- Tags
- #PCB #ICsubstrates #interconnect #microelectronics #HDImicrovia #embeddedpackaging #advancedpackaging