Q1 2027 AT & S Austria Technologie & Systemtechnik AG Earnings Call Transcript
Key Points
- Strong revenue growth of 40% constant currency year-on-year, reaching approximately EUR 550 million in Q1.
- Clear turnaround in profitability with EPS improving from EUR -1.55 to EUR 1.93 and EBITDA margin exceeding 30%.
- Successful execution of expansion projects, including Kulim 2.0 and Chongqing debottlenecking, with all projects on track.
- Successful placement of a EUR 400 million convertible hybrid bond, strengthening the balance sheet and improving leverage to below 2 times.
- Strong demand and customer commitments, including utilization guarantees and take-or-pay clauses, providing long-term visibility and reducing risk.
- Electronics Solutions segment had a slower start to the year, with temporary pricing effects and cost increases not yet fully passed on to customers.
- Working capital increased due to inventory builds and higher receivables, impacting operating cash flow in the quarter.
- Supply chain constraints and material shortages require close management and may impact production ramps.
- FX effects, particularly the strengthening of the Chinese yuan, negatively impacted results in the quarter.
- The company is capacity-limited in co-packaged optics, unable to meet all customer demand, and faces potential risks from technology transitions.
Ladies and gentlemen, welcome and thank you for joining the Austria Technology and Systemtechnik AG conference call on results for the first quarter 2026-27. (Operator Instructions) I would now like to turn the conference over to Mr. Philipp Gephardt.
Thank you, Viara. Good morning or afternoon, ladies and gentlemen. Welcome to the AT&S Q1 2026/27 conference call. Today with us is Michael Mertin, CEO, and Gerrit Steen, CFO. Mr. Mertin will give an overview of the key developments, and Mr. Steen will comment on the financial figures and our guidance. As Viara mentioned, the presentation will be followed by a Q&A session. I would like to hand over to Mr. Mertin. The floor is yours.
Thank you very much. Ladies and gentlemen, a very warm welcome from my side. My name is Michael
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