AT&S raises guidance sharply — Kulim expansion signals multi-year growth cycle; raising est. & PT

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AT&S raises guidance sharply — Kulim expansion signals multi-year growth cycle; raising est. & PT

Technology Hardware, Storage & Peripherals

AT&S (ATS AV)

EQUITY RESEARCH Company Update

June 15, 2026

AT&S raises guidance sharply — Kulim expansion Price: €154.20

Price Target: €245.00 (From signals multi-year growth cycle; raising est. & PT

€166.00)

AT&S raised guidance sharply, as a major capacity expansion in Kulim, Rating: Overweight

Malaysia unlocks significant incremental revenue from AI-driven demand

Key Statistics: for high-end IC substrates. For FY26/27E, AT&S now guides for FX-adjusted Symbol VSX: ATS AV

revenue growth of 45%-55% y/y, up from 30%-35%, and an EBITDA margin 52-Week Range 14.92 - 154.20

Market Cap 5,990.7 of 32%-37%, up from 25%-29%. At the mid-point, the updated EBITDA

ADV (3 mo) 178,145 outlook sits c.35% above current consensus.

Shares Out (M) 38.9

The expansion covers two fronts: additional production lines within the

existing Kulim 1 plant, and the activation of Kulim 2 — currently a shell Research Analysts:

Tim Wunderlich building — into active production. Named customers are existing partner

Cantor Europe AMD and one undisclosed 'leading technology company'. In our view, the

+49 176 1031 4495 undisclosed customer could potentially be Intel, given AT&S’ historical Tim.Wunderlich@cantor.com

relationship and previously announced expansion plans. Intel was expected

Sales (€) to be a customer for the Kulim 2 facility when the investment was

FYE Mar 2026E 2027E 2028E first announced in 2021. That said, Intel’s subsequent foundry business

Year 2.6(B)E 3.1(B) 3.4(B) struggles prompted AT&S to defer further Kulim 2 investment in early

Prev 2.4(B)E 2.8(B) 3.1(B) 2024. The recent stabilisation of Intel’s roadmap could have triggered fresh