AT&S

What AT&S does

AT&S Austria Technologie & Systemtechnik AG is a publicly listed Austrian manufacturer (WBAG:ATS, founded 1987, ~13,000 employees) specializing in high-end printed circuit boards (PCBs) and integrated circuit (IC) substrates. The company operates six production sites in Austria (Leoben, Fehring), India (Nanjangud), China (Shanghai, Chongqing), and Malaysia (Kulim), supported by seven regional sales offices across Europe and Asia. AT&S serves semiconductor manufacturers, automotive OEMs and tier suppliers, mobile device makers, and aerospace, medical, and industrial equipment companies, with semiconductors, mobile devices, and automotive identified as primary segments.

The company's technology stack centers on advanced interconnect and packaging for next-generation microelectronics: mSAP (modified semi-additive process) enables conductor tracks as narrow as 5 micrometers; ECP® (Embedded Component Packaging) embeds components inside PCBs to achieve up to 98% power efficiency; 2.5D® and Ultra-High-Density Interconnect (UHDI) support chiplet integration and sub-10-micrometer architectures; glass core substrates offer superior dimensional stability for AI, HPC, and photonics; and flip-chip technology scales to thousands of connections per die. The portfolio is protected by 1,700+ patents granted since 2019 and was rated highest in HDI patent quality by Patentsight. R&D is anchored in Leoben (HTB3 competence center opened June 2025) with university partnerships at TU Graz and Montanuniversität Leoben.

AT&S generates revenue primarily through B2B hardware sales of high-end PCBs and IC substrates via direct enterprise field sales, complemented by design, simulation, and turnkey services. FY 2025/26 revenue reached €1.8 billion (+21% constant currency) with EBITDA of €418 million (23.3% margin) and operating free cash flow of €236 million. Named customers include AMD (multi-year AI/data-center substrate supply), Sony (20-year partnership for consumer electronics), and Gapwaves (automotive radar etching). Capital is sourced from EU institutional partners (EIB, IFC), sustainability-linked loans, and a €400 million convertible bond issued June 2026. The company was included in the STOXX Europe 600 index in June 2026 and is positioned as the only European manufacturer of high-end IC substrates, aligning with the European Chips Act.

Name

AT&S

Legal name

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

Website

https://ats.net

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

AT&S is an Austrian public manufacturer of high-end printed circuit boards and IC substrates, supplying semiconductor, automotive, mobile, aerospace, medical, and industrial customers across six production sites in Europe and Asia, with technology focus on advanced packaging for AI and high-performance computing.

Ownership category

akta.pro rank

Product category

Printed Circuit Board and IC Substrate Manufacturing

NAICS

Bare Printed Circuit Board Manufacturing (334412), Semiconductor and Related Device Manufacturing (334413)

SIC

Printed Circuit Boards (3672), Electronic Components, Nec (3679)

akta.pro primary industry

Printed Electronics & Advanced Substrates (HDI, IC Substrates, Embedded Components) (HDAHAOAK)

akta.pro secondary industries

PCB Fabrication (Rigid PCBs) (HDAHAOAG), PCB Fabrication (Flex & Rigid-Flex PCBs) (HDAHAOAH), Package Substrates & Interposers (ABF/BT, Silicon/Glass) (HDAHADAE), Industrial PCB & Substrate Components (Bare PCBs, rigid-flex, ceramic substrates, thick-film) (IMAGAJAM)

Keywords

• High-end printed circuit boards
• IC substrate manufacturing
• Advanced semiconductor packaging
• HDI PCB production
• Embedded component packaging

Headquarters

HQ city

Leoben

HQ country

Austria

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. High-end PCB and IC Substrate Manufacturing: AT&S generates revenue primarily through the manufacture and sale of high-end printed circuit boards and IC substrates, serving semiconductor manufacturers and electronics companies across mobile devices, automotive, industrial, medical, aerospace, and communications sectors.
2. Custom Manufacturing Services: Revenue from custom manufacturing services including R&D collaboration, prototyping, and production of specialized electronic components with long-term customer agreements

Go-to-market motion1 record

Distribution channels2 records

Marketing channels8 records

Core offering

AT&S manufactures and sells high-end printed circuit boards (PCBs) and IC (Integrated Circuit) substrates for the semiconductor, mobile device, automotive, aerospace, industrial, and medical industries. Products include HDI PCBs, multilayer PCBs (up to 28 layers), flexible/rigid-flex PCBs, double-sided PCBs, substrate-like PCBs (SLP), thermally enhanced PCBs, modules, and advanced IC substrates with conductor tracks as narrow as 5 micrometers. The company also offers proprietary technology platforms such as ECP (Embedded Component Packaging), 2.5D, advanced packaging, mSAP, glass core substrates, and UHDI, complemented by design, simulation, and turnkey manufacturing services.

Product overview

AT&S is a global manufacturer of high-end printed circuit boards (PCBs) and IC (Integrated Circuit) substrates. The company's product portfolio consists of core manufacturing products including IC Substrates, HDI Printed Circuit Boards, Multilayer PCBs, Flexible/Rigid-Flex PCBs, Double-Sided PCBs, Substrate-Like PCBs (SLP), Test & Reference Boards, Thermally Enhanced PCBs, and Modules. These products are supported by advanced technologies including ECP® (Embedded Component Packaging), Power Packaging, 2.5D® Technology, Advanced Packaging, System in Package (SiP), mSAP (modified Semi-Additive Process), Z-Interconnect, Radio Frequency Electronics, and SLP & HDI. The company also offers complementary services including Design Services, Simulation Services, and Turnkey Solutions. AT&S operates production facilities across Europe and Asia (Austria, India, China, Malaysia), with a focus on serving key markets including automotive, aerospace, communications/5G, consumer electronics, industrial, medical, and semiconductors/computing. The company positions itself as the first and only European manufacturer with local capabilities for developing and manufacturing IC substrates for high-performance microchips used in AI applications.

Differentiator

Problem solved

Functional benefit

Brands

• ECP®: Embedded Component Packaging technology that enables miniaturization of printed circuit boards by embedding components inside them
• 2.5D®
• Hinterberg 3 (HTB3)

Products and services

• IC Substrates Integrated Circuit substrates that connect complex microchips to printed circuit boards, with conductor tracks as narrow as five micrometers and thousands of connections for high-performance semiconductors. Used in AI applications, data centers, supercomputers, 5G/6G networks, and autonomous vehicles.
• HDI Printed Circuit Boards High Density Interconnection printed circuit boards with advanced layer counts and fine line/spacing capabilities, supporting miniaturization requirements for mobile devices, consumer electronics, and automotive applications.
• Multilayer Printed Circuit Boards Multi-layer printed circuit boards with layer counts up to 28 layers at the Leoben facility, supporting complex electronic systems for industrial, automotive, and aerospace applications.
• Flexible and Rigid-Flex Printed Circuit Boards Flexible and rigid-flex PCBs that can bend and conform to different shapes, enabling design freedom for compact electronic devices in medical, consumer electronics, and automotive applications.
• Double-Sided Printed Circuit Boards Two-sided printed circuit boards with conductive patterns on both sides, suitable for simpler electronic applications in industrial and automotive sectors.
• Substrate-Like Printed Circuit Boards (SLP) Substrate-like PCBs with fine line/spacing capabilities (e.g., 18/22 μm at Chongqing, 5 μm at Kulim) that bridge the gap between traditional PCBs and IC substrates, enabling advanced packaging solutions.
• Test & Reference Boards Specialized PCBs used for testing and validation of electronic components and systems during development and production quality assurance.
• Thermally Enhanced Printed Circuit Boards PCBs with enhanced thermal management properties, including thermal inlays and insulated metallic substrates (IMS), designed for power electronics applications requiring effective heat dissipation.
• Modules Integrated electronic modules that combine multiple components and functions in a single package, serving various applications across automotive, industrial, and consumer electronics.
• ECP® (Embedded Component Packaging) Embedded component packaging technology that enables miniaturization by embedding components inside printed circuit boards, achieving up to 98% power efficiency and 40% higher power density compared to conventional surface-mounted circuits. Applied in ultra-thin smartphones, power electronics, medical implants, and data centers.
• 2.5D® Technology 2.5D interposer and packaging technology enabling advanced integration of multiple chips in a compact configuration, supporting high-performance computing and AI applications.
• Advanced Packaging Advanced packaging systems that enable bundling of multiple specialized microchips (chiplets) into compact modules, addressing the semiconductor industry's shift away from transistor miniaturization due to prohibitive costs.
• Design Services Professional design services supporting customers in developing optimized PCB and IC substrate solutions for their specific applications.
• Simulation Services Advanced virtual modeling and simulation tools to improve product reliability and reduce physical prototype testing, including material characterization and early error detection capabilities.
• Turnkey Solutions Comprehensive turnkey solutions providing end-to-end support from design through manufacturing and delivery.

Quantifiable outcome

• 21% constant currency revenue growth to €1.8 billion in FY 2025/26
• +4 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• GapwavescoreStrategic or Co-development Partner · 13 May 2026Swedish waveguide technology company partnered with AT&S for production of ultra-precision etched waveguide antenna layers for next-generation automotive radar applications. AT&S, after nearly two years of R&D developing a dedicated etching process, marks its first engagement as a pure etching technology provider. The partnership secures scalable supply chain for high-volume production of MLW automotive radar antennas meeting stringent automotive quality requirements.
• Graz University of Technology (TU Graz)coreStrategic or Co-development Partner · 11 February 2026AT&S funded a new research group at TU Graz focused on microelectronics, specifically IC substrates and advanced packaging technologies. Five-year funded initiative anchored at three institutes within the Faculty of Electrical Engineering and Information Technology, hiring for two PhD positions, one PostDoc position, and a tenure-track professorship.
• Sony Group CorporationcoreStrategic or Co-development Partner · 23 October 2025Celebrated 20 years of partnership at Sony's headquarters in Tokyo, marking the same milestone for AT&S's Japan operations. AT&S supplies high-end circuit boards and components for optimized energy flow and digital signal processing to Sony.
• HiPower 5.0 Project ConsortiumcoreStrategic or Co-development Partner · 14 August 2025EU-funded research project for smart electric mobility. AT&S contributes expertise in semiconductor integration and high-performance circuit board technology for electric vehicles and marine sectors.
• Montanuniversität LeobencoreStrategic or Co-development Partner · 22 July 2025AT&S AG and Montanuniversität Leoben strengthening their collaboration to develop innovative solutions for future microelectronics, focusing on sustainability, resource efficiency, and high-tech materials. Partnership enhances regional innovation and positions Leoben as a hub for advanced research.
• HiEfficient Project ConsortiumcoreStrategic or Co-development Partner · 1 July 2025EU-funded research project developing advanced, compact, and intelligent electric drive solutions for sustainable mobility. AT&S contributed expertise in semiconductor integration and high-performance circuit board technology to improve efficiency and range in electric vehicles.
• SO.MA.CI.S. S.p.A.minorStrategic or Co-development Partner · 31 January 2025Italian company acquired AT&S Korea Co. Ltd., including the plant in Ansan, South Korea, for €405 million equity value plus approximately €17 million in interest income. Strategic sale to sharpen AT&S's focus.
• iRel40 and IPCEI ME/CT ProgramscoreStrategic or Co-development Partner · 18 December 2024EU-funded research initiatives supporting AT&S's virtual product development capabilities. AT&S built an extensive material database and simulation team to conduct virtual testing through these programs.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ibiden: Japanese manufacturer of IC substrates and PCBs for semiconductor packaging, serving similar high-end computing and mobile device customers. One of the dominant global IC substrate producers and the most direct comparable to AT&S's high-end substrate business.
• Shinko Electric Industries: Japanese IC substrate manufacturer (flip-chip BGA/CSP) serving semiconductor customers including AMD's competitors. Closely comparable to AT&S in advanced packaging technology and customer overlap in HPC/AI substrates.
• Unimicron Technology: Taiwanese PCB and IC substrate manufacturer with leading global market share in high-end substrates. Direct competitor to AT&S in HDI PCBs and IC substrates for mobile devices, networking, and AI applications.
• Kinsus Interconnect Technology: Taiwanese IC substrate specialist competing with AT&S in flip-chip and high-density substrates for computing, AI, and mobile applications. Closely comparable technology portfolio and customer base.
• Samsung Electro-Mechanics (SEMCO): Korean manufacturer of IC substrates and MLCCs serving Samsung and other semiconductor customers. Competes with AT&S in advanced packaging substrates and is a key Asian alternative supplier.
• Zhen Ding Technology Holding: Taiwanese PCB leader with significant flex PCB and HDI capacity for mobile devices, consumer electronics, and increasingly automotive. Comparable to AT&S in HDI and flex/rigid-flex PCBs but with a more mobile-device-skewed mix.
• Tripod Technology: Taiwanese PCB manufacturer producing multilayer, HDI, and flex PCBs for automotive, networking, and consumer applications. Overlaps with AT&S in HDI PCBs and automotive PCB segments.
• Compeq Manufacturing: Taiwanese HDI and multilayer PCB manufacturer serving mobile devices, networking, and computing customers. Comparable in HDI technology focus and Asian production footprint, competing with AT&S's Shanghai and Chongqing operations.
• Nippon Mektron: Japanese global leader in flexible PCBs, part of the NOK Group. Directly comparable to AT&S's flex and rigid-flex PCB product line for mobile devices, automotive, and consumer electronics applications.

Broad incumbents

• TTM Technologies: US-headquartered broad-line PCB manufacturer serving aerospace, defense, automotive, and computing customers. Comparable as a Western PCB incumbent but lacks AT&S's specific high-end IC substrate focus and is more diversified across lower-margin segments.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ATS_IR_PR
• YouTubeyoutube.com/user/ATundS
• Facebookfacebook.com/atsPCB
• LinkedInlinkedin.com/company/at&s
• Instagraminstagram.com/ats_ag

Compliance14 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AT&S