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AT&S on Growth Course Again: Revenue and EBITDA Outlook for 2024/25

AT&S Austria Technologie & Systemtechnik AG, an Austrian technology company, has announced its financial results for the fiscal year 2023/24. The company reported a decline in revenue to €1,550 million, compared to €1,791 million in the previous year. The adjusted EBITDA margin stood at 24.8%.

AT&S faced a challenging market environment in the past fiscal year, with weak demand in some market segments. While there was a slight recovery in the notebook and PC market, the mobile devices and industrial applications market experienced significant softening. However, the company expects to return to growth in the new fiscal year 2024/25, with a general market recovery anticipated in the industry.

AT&S plans to start IC substrate production in its new plants in Kulim and Leoben by the end of the fiscal year 2024/25. These new plants will contribute to doubling the company's revenue by 2026/27. The company also aims to diversify its customer portfolio for IC substrates and focus on applications in data management and artificial intelligence (AI). AT&S sees AI as an important growth driver for its future business success.

To counter price pressure in the industry, AT&S plans to intensify its efficiency programs and reduce up to 1,000 employees at its existing locations. The company expects its customer diversification efforts to continue successfully.

In terms of financial performance, AT&S reported a decline in EBITDA by 26% to €307 million, primarily due to the decline in consolidated revenue. The EBITDA margin stood at 19.8%. The company's asset and financial position was characterized by investing activities, resulting in a 12% increase in total assets to €4,675 million.

AT&S has also made some strategic decisions. It has decided not to conduct a capital increase for now and will consider selling its plant in Ansan, Korea. The company expects the market environment to recover in terms of volume in the second half of the fiscal year 2024/25, but strong price pressure will continue. AT&S plans to invest roughly €500 million in the fiscal year 2024/25, primarily for IC substrate production.

For the fiscal year 2024/25, AT&S expects to generate annual revenue of €1.7 to €1.8 billion, with an adjusted EBITDA margin between 25 and 27%. Looking ahead to 2026/27, the company anticipates generating revenue of approximately €3.1 billion and maintaining an EBITDA margin of 27 to 32%.

AT&S CEO Andreas Gerstenmayer emphasized the company's focus on AI technology and its position as a technology partner in various industries. AT&S has established itself as an innovative and reliable partner, attracting new customers for different cutting-edge applications.

It is important to note that these results are specific to AT&S Austria Technologie & Systemtechnik AG and may not be representative of the entire technology industry or the Austrian economy as a whole.

Table: Key Figures

Q4 2023/24 Change FY 2023/24 Change
Revenue 345 +14% 1,550 -13%
EBITDA 39 >+100% 307 -26%
EBITDA adjusted 63 >+100% 384 -18%
EBITDA margin (in %) 11.3 - 19.8 -
EBITDA margin adjusted (in %) 18.2 - 24.8 -
EBIT -33 - 31 -79%
EBIT adjusted -7 -95% 113 -53%
EBIT margin (in %) -10 - 2.0 -
EBIT margin adjusted (in %) -2 - 7.2 -
Profit/loss for the period -44 - -37 -
ROCE (in %) n.a. - 0.6 -
Net CAPEX 156 -19% 855 -14%
Cash flow from operating activities 159 - 653 +37%
Earnings per share (in €) -1.25 - -1.39 -

Source: AT&S Austria Technologie & Systemtechnik AG



Quelle: AT&S Austria Technologie & Systemtechnik AG / ots

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