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AT&S reports on EUR 1 billion in revenue for 1H/2022-23

AT&S continued its growth course in the first half of the financial year 2022/23, achieving record revenue and earnings levels. Revenue increased by 53% to EUR 1,070 million in the first half of 2022/23, compared with EUR 698 million during the previous year.

Consolidated revenue improved by 53% to EUR 1,070 million in the first half of the financial year 2022/23 (PY: EUR 698 million). Adjusted for currency effects, consolidated revenue rose by 37%. The positive development was primarily driven by the additional capacity for ABF substrates in Chongqing, China.

EBITDA rose by 141% from EUR 131 to 315 million. The improvement in earnings is primarily attributable to the increase in consolidated revenue. Currency fluctuations of the US dollar and the Chinese renminbi had a positive influence of EUR 79 million on earnings. Start-up costs in Chongqing and Kulim, Malaysia, as well as Leoben, Austria, and higher material, transport and energy costs had a negative impact on earnings. Research and development expenditures were further increased to ensure that AT&S will remain "an innovation driver going forward", the latest fiscal report states.

“We monitor the different developments in our target markets very closely and are preparing to manage volatilities and limited visibility, as we did in comparable situations in the past. Among other things, we are preparing for different scenarios regarding our cost position and our investment projects,” says CEO Andreas Gerstenmayer, in a press release. “In general, we are convinced that the major digitalisation and electrification trends are still intact. Depending on the further development of the overall environment, delays may occur."

Depending on the market development, AT&S will continue to concentrate on the start-up of the new production capacities at plant III in Chongqing, push ahead the investment project in Kulim and the expansion of the site in Leoben and implement technology upgrades at other locations in the financial year 2022/23. In view of the highly volatile environment, the ongoing investment projects will be reviewed at frequent intervals and adapted to the respective current situation if required.

AT&S says that despite the current fluctuations in demand, the market conditions for IC substrates continue to offer significant growth opportunities in the medium term. The 5G mobile communication standard as well as the module printed circuit board business will remain positive drivers in the area of Mobile Devices. In the Automotive segment, the semiconductor shortage should continue to ease and the growth trend should consequently intensify as the share of electronics per vehicle continues to increase. In the Industrial and Medical segments, AT&S expects a positive development for the current financial year.

As part of the strategic projects, the management is planning investments totalling up to EUR 1 billion for the financial year 2022/23 depending on the market environment and the progress of projects. Roughly EUR 150 million are budgeted for basic investments. Planned investments amounting to EUR 100 million of the investment budget for the financial year 2021/22 have been postponed to the financial year 2022/23. As a result, the planned investment volume totals up to EUR 1,250 million.

After the good development in the first half of the year, AT&S expects the market environment to deteriorate in the second half of the year and now anticipates revenue in the mid-single-digit percentage range below the previous projection of EUR 2.2 billion. 

The company states progress of the production capacity expansion in Chongqing and in Kulim, as well as the expansion of the site in Leoben is still positive despite the challenging global economic and health situation. The management is convinced that the major trends – digitalisation and electrification – are intact. Therefore, AT&S assumes that revenue of EUR 3.5 billion will be generated in the financial year 2025/26 and expects an EBITDA margin in the range from 27 to 32%.


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