AT&S: Feedback from London roadshow

Research evidence excerpt

AT&S: Feedback from London roadshow

Deutsche Bank

Research

Rating Company Date

Buy AT&S 2 July 2026

Company Update

Europe

Austria

Reuters Bloomberg Exchange Ticker Price at 1 Jul 2026 (EUR) 194.80

ATSV.VI ATS AV VIE ATSV

Price Target (EUR) 310.00

Technology

52-week range (EUR) 239.00 - 17.20

Semiconductors

Feedback from London roadshow

Valuation & Risks

George Brown

We were fortunate to host AT&S' CEO Dr. Michael Mertin, CFO Gerrit Steen and

Research Associate

Director of IR Philipp Gebhardt, on an investor roadshow in London earlier this +44-20-754-74893

week. Below, we summarize our key takeaways:

Robert Sanders

Research Analyst

New management, new focus, with back-end innovations driving AI forwards +44-20-754-58394

AT&S has undergone a remarkable transformation over the past year, with the

Melissa Weathers

shares up >500% YTD (best performing stock in SX8P) & the company having

announced a major capacity expansion (€1.5-2bn capex) in Kulim financed fully by

+1-212-250-2134

AMD & Intel (DBe). Whilst a favorable demand backdrop helps, new management

have clearly played a key role in the company's turnaround, with management

Price/price relative

citing a renewed focus on profitability, cashflow, governance & deepening

customer relationships. Here, AT&S flags the increasing relevance of packaging as

a critical enabler of performance in the AI era, given diminishing returns from 200

transistor scaling (Moore's Law) - as we detailed in a recent note (read here: Back 0

in favour). This is not only driving up demand for more complex PCBs & IC -200

2024 2025 2026

substrates, but also deepening relationships with customers to co-develop & define

future packaging tech. Whilst unconfirmed, it is clear to us that Intel has chosen AT&S – (Rebased)