AT&S IR Presentation FY_2019_20

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse 13 | A-8700 Leoben
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AT&S
First choice for advanced applications
Investor and Analyst Presentation
FY 2019/20

Investor and Analyst Presentation 1
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Company overview

Among the top
PCB producers
worldwide
A world leading high-tech PCB & IC substrates company
* For CY 2018
Source: Prismark
** For AT&S FY 2019/20
High-end interconnect solutions
for
Mobile Devices, Automotive, Industrial,
Medical Applications and Semiconductor
Industry
Outperforming
market growth
over the last
decade
# 1
high-end PCB producer
worldwide*
€ 1bn
revenue in
FY 2019/20
~ 10,000
Employees**
Efficient global production
footprint with
6
plants in Europe and Asia

Leading provider of high-end PCBs and IC substrates
 Unique market position
 Broad product portfolio to serve all growth markets
 Long-standing customer relationships with technology and market leaders
 Technology innovator due to continuous R&D efforts
 Quality benchmark with outstanding process know-how, productivity and efficiency
 Growth oriented strategy
 Megatrend-driven markets with attractive growth potential
 Address growth opportunities with incremental investments
 Sustainable profitability
 AT&S has constantly outperformed the PCB and substrates market over the last years
 EBITDA margin of 20 – 25% above industry average
 Strong cash flow generation and therefore improved internal financing capabilities
 Solid balance sheet and attractive dividend policy
Well positioned for the future
3

Market Segments & Product Applications
4
Computer,
Communications,
Consumer Appliances
Smartphones, Tablets,
Wearables, Ultrabooks,
Cameras
Industrial
Machine-2-Machine
Communication,
Robots, Industrial
Computer,
X2X Communication
Automotive
Advanced Driver
Assistance Systems,
Emergency-Call, X2X
Communication
Medical
Patient
Monitoring,HearingAids,
Pacemaker,
Neurostimulation, Drug
Delivery, Prosthesis
IC substrates
High Performance
Computer, Microserver
Segment Mobile Devices & Substrates Segment Automotive, Industrial, Medical

AT&S – Key Facts
763
815
992
1,028 1,001
168
131*
226 250
195
77*
7*
90 117
47
2015/16 2016/17 2017/18 2018/19 2019/20
Revenue EBITDA EBIT
(2.7%)
Strong growth track record1 Balanced portfolio/Global customer base2
7%
+7%
+22%
€ in millions
*Based on ramp-up effects for new plants in China
+4%
Revenue growth
Revenue split by segment: FY 2019/20
Revenue split by customer: FY 2019/20
(based on customer’s headquarters)
5
69%
31%
Mobile Devices & Substrates
Automotive, Industrial,
Medical
68%
16%
8%
8%
Americas
Germany/Austria
Asia
Other European countries

Global footprint ensures proximity
to supply chain & cost efficiency
977* 395* 1,315* 2,676* 4,542* 258*
Shanghai
China
Ansan
Korea
Chongqing
China
Leoben, Headquarters
Austria
Fehring
Austria
Nanjangud
India
AT&S plant & sales office
AT&S sales office
AT&S Headquarters
*Staff, Average, FTE, FY 2019/20; 75 employees in other locations

Market players in the high-end segment
7
Market position HDI Technology (2018)
Rank Supplier Country/Region mSAP IC Substrates
HDI
(revenue in USD millions)
1 AT&S AUT   838
2 Unimicron TWN   799
3 Compeq TWN  779
4 TTM USA   681
5 Meiko JPN 472
6 Tripod TWN 443
7 Zhen Ding TWN 349
8 DAP KOR 276
9 CMK JPN 259
10 SEMCO KOR 245
Source: Prismark

Strategic focus on high-end technologies
AT&S revenue structure – based on technologies
High-end
HDI PCBs and
IC substrates
~ 30%
Single-sided (SS), double-sided (DS), multilayer- (ML),
flex and rigid-flex (RF) PCBs
~ 70%
High-end technology share > 80%*
HDI and any-layer PCBs,
Embedding, IC substrates
Complementary technology
share: < 20%*
SS, DS, ML,
Flex, RF
Structure of general PCB market – based on technologies
* for FY 2019/20
Source: Prismark, AT&S

R&D as the key for technological leadership
International
R&D Partners
as of FY 2019/20
* Revenue generated with products with new, innovative technologies introduced to the market within the last three years
R&D
Headquarters
Austria
Industrialization at the respective
production site
9.5%
R&D Quota
(equivalent to € 94.8 million)
30.8%
Innovation Revenue Rate *
International
R&D Partners
326
Patents

More than AT&S
Printed circuit boards
Leading producer of high-
end PCB
IC substrates
One of the leading
producers
mSAP / SLP
Technology leader
PCBs/substrates
for modules
High growth
potential
Substrates for HPC
modules
Diversification of
application and
customer portfolio
Broadening the service range and opening up of new business opportunities
Module integration
services
Build-up of additional
capabilities
Technology
Innovation power
Clear focus on dedicated applications
Leading
provider of
interconnect
solutions

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Market update &
growth drivers

PCB & IC substrates market outlook
6.8 8.9
2.7
3.1
2.6
3.2
1.3
1.54.8
9.3
17.2
23.8
14.5
16.9
8.0
10.0
CY 2019 CY 2025
Consumer
Computer
Communication
Substrates
Medical
Industrial
Aviation
Automotive
2019
76.6+4.7%
58.0
+2.4%
+3.8%
+2.5%
+5.6%
+11.4%
+4.5%
+2.8%
+3.1%
CAGR 2025
in US-$ billion
Source: Prismark, April 2020

5G Big data AI IoT
Game changers for innovative applications

92.7% CAGR
Total smartphones
2019: 1.37 billion units
2025: 821 million units
+1.9% CAGR
5G smartphones
2019:
16 million units
Source: IDC (2020), AT&S Analysis
5G
Big data
AI
5G – The new standard for connectivity
Significant growth opportunities ahead

5G
Big data
AI
IoT Source: IDC (2019)
2025: 175 Zetabyte
2019:
40 Zetabyte
Connected devices Global data volume
2025: 56 billion units
2019: 38 billion units
+26.0% CAGR+6.9% CAGR
IoT and Big data
Strong growth drivers for IC substrates

+11.4% CAGR
2025: US-$ 9.2 billion
2019:
US-$ 4.8 billion
High-end processor modules High-end IC substrates
+8.0% CAGR
More powerful
processors modules
require larger form factor,
higher layer count and
thus higher value IC
substrates
Embedding of
components further
increases AT&S value add
Source: IDC (2019) Prismark (2019), Yole (2019)
Growth by adding
value for AT&S5G
Big data
AI
IoT
IoT and Big data
Strong growth drivers for IC substrates

Process and equipment
characterization
CertificationEquipment move
in and installation
Decision for IC substrates
expansion for HPC
Additional capacities
out of phase II (CHQ I)
Additional capacities
out of phase III (CHQ
III)
Start main building
structure CHQ III
Full capacities on
stream
190%
220%
360%
500%IC substrates capacities
 Strategic focus on business with
IC substrates for high-performance
computing modules
 Despite travel bans qualification of
new capacities out of phase II (CHQ I)
in 2020/21 fully on track
 Significant new capacities and
revenues out of phase II (CHQ I) in
2020/21
 CHQ3: Covid-19 related construction
delay of 7 weeks, catch-up plans
implemented and bearing fruits
1.9x
1.2x
1.6x
1.4x
100%
IC substrates business in Chongqing
Capacity expansion and technology investment pushed forward

Module business

Increased functionality - lower
space
Increased performance
Reduced time to market
Reduced cost
Scalable for various
applications
Customer requirements driving
demand for modularization
CAGR: 11.3%
 Changing customer requirements
driving the need for modularization
 Strong growth potential in module
integration market volume
 AI and 5G are further drivers for
module integration
2025: US-$ 60.6 billion
2019: US-$ 32.0 billion
Module integration market
Source: A.T. Kearney (8/2018), AT&S (4/2020)
Modules & module integration
AT&S solutions for the electronics industry

AT&S solutions for the electronics industry
New business opportunities through entry into the module market

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FY 2019/20
Financials and
key figures

Global market development
 Global trade frictions have eased, but are still creating some uncertainties in the market
 Economic environment further dampened by situation around COVID-19
 Covid-19 outbreak effected global logistics as well as production chains
 Uncertain consumer behavior causes low visibility especially in Mobile devices
 Growth in data drives the need for processor modules and therefore high-end IC substrates
 Although increase in electronic content partly compensates for lower units sales difficult market
situation in the automotive sector is expected to continue until 2021
 European industrial investment behaviour on low level
 Medical market so far resilient and supported by health systems
22

AT&S development in FY 2019/20
Satisfying operating performance despite challenging environment
 Excellent crisis management helped to mitigate impact on revenue
 Lower volume and unfavourable product mix in Mobile Devices segment
 Strong trend at IC substrates business
 Automotive segment with almost stable performance despite difficult market situation
 Reduced volume in the Industrial segment
 Weaker market environment in the Industrial and Automotive segment causes temporary higher
price pressure
 Medical & Healthcare continued positive trend
23

Financials in FY 2019/20
Revenue exceeds the one-billion-euro mark again
 Revenue at € 1,000.6 million (PY: € 1,028.0 million)
 Positively impacted by FX effects
 EBITDA at € 194.5 million (PY: € 250.1 million)
 Ongoing preparations for future applications demand higher R&D expenses
 Covid-19 impact due to downtime costs and lost production
 EBITDA margin with 19.4% (PY: 24.3%) within guided margin range of 18 – 20%
 EBIT at € 47.4 million (PY: € 117.2 million)
 Deviation from EBITDA development explained by higher depreciation
 Operating free cash flow at € -33.4 million (PY: € 69.7 million)
 IC substrates investment caused higher Capex
 Earnings per share down to € 0.34; dividend of € 0.25 proposed
24

COVID-19 – Status quo
 Extensive measures in place to protect our people
 Experience from China was helpful in the group-wide implementation – no diagnosed cases
 Productions are in operations
 All sites in China have been manufacturing since mid-February
 India produces medical components despite governmental restrictions
 Other locations in Austria and Korea are in operations
 No shortages in the supply chain
 Increase in safety stocks
 Supply chain managed very well
Worldwide extensive measures are effective
has

237.9 222.7
267.6 262.9 247.3
1,028.0
1,000.6
29.6 29.6
66.2 55.3 38.1
250.1
194.5
Q4 2018/19Q1 2019/20Q2 2019/20Q3 2019/20Q4 2019/20 FY 2018/19 FY 2019/20
Revenue EBITDA and margin
24.7%15.7%12.5% 21.0% 15.4% 24.3% 19.4%
Revenue and EBITDA development
in € millions
68%
16%
8%
8%
Americas
Germany/Austria
Asia
Other European countries
Revenue split by segment: FY 2019/20
Revenue split by region*: FY 2019/20
26
69%
31%
Mobile Devices & Substrates
Automotive, Industrial,
Medical
26
*based on customer’s headquarters*based on customer’s headquarters

Business development – Mobile Devices & Substrates
150.6 143.8
186.0 190.1
166.0
16.3 23.8
55.4 50.1
29.4
Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Q4 2019/20
Revenue EBITDA
 Sales increase in IC substrates partly
compensates for unfavourable mix and
volume effects in Mobile Device and impact
of COVID-19 pandemic
 Market-related volume reduction caused
underutilization in Mobile Devices
 Revenue and earnings positively impacted
by FX effects
€ in millions (unless
otherwise indicated)
FY 2018/19 FY 2019/20 Change in %
Revenue 776.0 778.5 +0.3%
Revenue with external
customers 683.9 685.9 +0.3%
EBITDA 193.5 158.6 -18.1%
EBITDA margin 24.9% 20.4%
In € millions; * Revenue with external customers
Revenue* and EBITDA

86.2
78.9 81.6
72.9
81.3
14.4 10.9 8.0 5.2 4.8
Q4 2018/19 Q1 2019/20 Q2 2019/20 Q3 2019/20 Q4 2019/20
Revenue EBITDA
Business development – Automotive, Industrial, Medical
 Medical & Healthcare continued robust
trend
 Automotive segment with almost stable
performance despite difficult market
situation
 Reduced volume in the Industrial segment
 Weaker market environment in the
Automotive and Industrial segments causes
temporary higher price pressure and
underutilization
€ in millions (unless
otherwise indicated)
FY 2018/19 FY 2019/20 Change in %
Revenue 365.2 350.4 -4.0%
Revenue with external
customers 338.9 314.7 -7.1%
EBITDA 52.6 28.9 -45.1%
EBITDA margin 14.4% 8.2%
Revenue* and EBITDA
In € millions; * Revenue with external customers

Net CAPEX
in € millions
164.8
254.3
240.7
141.7
100.8
218.5
2014/15 2015/16 2016/17 2017/18 2018/19 2019/20
Investments in IC substrates and technology upgrades main reason for increase

102.0 62.8
45.0
338.7
87.2
2020/21 2021/22 2022/23 2023/24 2024/25
Repayments Cash & Financial Assets
1,044.8
Unused credit lines
Unused credit lines
Solid finance structure
Existing funds and cashflow generation help to meet repayments and capex needs
Currency: EUR
Note: as of 31.03.2020
490.4
554.4
 High level of existing liquid funds
 Cash: € 418.0 million
 Financial assets: € 136.4 million
 Additional unused credit lines of € 490.4 million
 Future cashflow still to be considered

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Outlook

Outlook for 2020/21
AT&S is well positioned to positively participate in intact market trends
 Future trends not harmed by COVID-19 pandemic
 Influences on customer demand in the coming months expected
 Product launches may be delayed in the Mobile Devices segment
 Visibility in Automotive business is limited
 Industrial segment continues to develop at a low level
 Stable development for medical applications
 Demand for IC substrates remains strong according to current forecasts
 Solid performance in Q1 with revenue and EBITDA at the level of previous year
 Outlook update as soon as economic framework conditions can be better quantified
 Investments in the IC substrate and module business to be consistently continued
 Depending on market developments CAPEX for maintainance and tech-upgrade of up to € 80 million
 CAPEX for strategic projects of up to € 410 million

Medium-term guidance confirmed
Expansion of technology leadership
 Leading provider of new interconnect solutions
 Innovation revenue rate: > 20%
Focus on continued profitable growth
 Revenue target of € 2 billion
 Prosecution of sustainable margin improvement
 Medium-term EBITDA margin target of 25-30%
Creation of shareholder value
 Medium-term ROCE above 12%
Sustainability management
 80% renewable energy
 Eco-balancing of product groups
 30 % women in management positions
First choice
for advanced
applications
Technology development to module integration and capacitiy expansion

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Annex

STATEMENT OF PROFIT OR LOSS
€ in thousands
01 Apr 2018 –
31 Mar 2019
01 Apr 2019 –
31 Mar 2020
Change
YoY
Revenue 1,027,983 1,000,577 (2.7%)
EBITDA 250,098 194,529 (22.2%)
EBITDA margin 24.3% 19.4% (4.9pp)
EBIT 117,210 47,402 (59.6%)
EBIT margin 11.4% 4.7% (6.7pp)
Finance costs – net (2,018) (6,465) (>100%)
Profit/(loss) for the year 89,027 21,456 (75.9%)
Earnings per share € 2.08 € 0.34 (83.7%)
Financials FY 2019/20
Revenue still above € 1 billion
lower volume out of market situation,
positive FX effects
Unfavourable product mix and temporary
underutilization in Mobile Devices,
Automotive and Industrial
higher R&D costs for future applications
Higher depreciation due to growing fixed
asset base and first-time application of
IFRS 16
Higher negative FX-effects

Positive profit for the year and negative FX
effects, dividend and hybrid coupon payout
Due to higher financial liabilities
Effect out of lower equity and
higher total assets
STATEMENT OF FINANCIAL POSITION
€ in thousands 31 Mar 2019 31 Mar 2020
Change
YoY
Equity 803,451 760,259 (5.4%)
Total assets 1,784,106 1,853,510 3.9%
Net debt 150,258 246,747 64.2%
Net working capital 160,537 144,418 (10.0%)
Equity ratio 45.0% 41.0% (4.0pp)
Lower trade receivables and higher trade
payables
Higher property plant and equipment

Positive effects from higher working capital and
negative effects from result
Higher net capex and lower temporary net
investment in financial assets
Previous year period impacted by issuance
of promissory note
Higher net capex mainly due to IC
substrates investment
STATEMENT OF CASH FLOWS
€ in thousands
01 Apr 2018 –
31 Mar 2019
01 Apr 2019 –
31 Mar 2020
Change
YoY
Cash flow from operating activities 170,534 185,123 8.5%
Cash flow from investing activities (276,579) (116,629) 57.8%
Cash flow from financing activities 147,199 17,924 (87.8%)
Change in cash and cash equivalents 41,154 86,418 >100%
Operating free cash flow1)
69,698 (33,404) (>100%)
Free cash flow2)
(106,045) 68,494 >100%
1) Cash flow from operating activities minus Net CAPEX
2) Cash flow from operating activities minus cash flow from
investing activities
Mainly due to shift between short- and
long-term financing activities

AT&S – Stock Profile
Listing: Vienna Stock Exchange,
Prime Standard
Indices: ATX, Vönix, WBI
Thomson Reuters (A): ATSV.VI
Bloomberg (A): ATS:AV
Annual general meeting 09 July 2020
Publication of the first quarter 2020/21 04 August 2020
Publication of the first half-year 2020/21 03 November 2020
Financial Calendar Shareholder structure
# of shares outstanding 38.85m
Dividend for 2019/20*: € 0.25 per share
*Proposed to the AGM

Gross debt, financial assets and cash, net debt
Key credit figures
523
593
540
717
801
260
212
331
567 554
263
381
209
150
247
2015/16 2016/17 2017/18 2018/19 2018/19
Gross debt Financial assets and cash Net debt
1.6
2.9
0.9
0.6
1.3
2015/16 2016/17 2017/18 2018/19 2019/20
 Target: < 3x
Net debt/EBITDA
Net debt increase due to higher financial liabilities
€ in millions Multiple

AT&S PRODUCT PORTFOLIO – I
ECP®:
Embedded Component Packaging IC substrates Substrate-like printed circuit boards
mSAP
Embedded Component Packaging allows to embed
active/passive components (e.g. wafer level dies) within
the layers of a PCB – contributes to miniaturization.
IC substrates serve as interconnection platform with
higher density (Line/Space < 15 micron) between
semiconductors (Chips) & PCBs .
Substrate-like PCBs (mSAP technology) are the next
evolution of high-end HDI PCBs with higher density:
Line/Space < 30 micron.
Production site
Leoben, Shanghai Chongqing Chongqing, Shanghai
Applications
Devices such as smartphones, tablets, digital
cameras and hearing aids
High-end processors for
Computer, Communication, Automotive, Industrial
Mobile applications like smartphones

HDI
any-layer printed circuit
boards
HDI microvia printed
circuit boards – high
density interconnect
Multilayer printed circuit
boards
Double-sided printed
circuit boards
IMS printed circuit boards
– insulated metal
substrate
Further technological
enhancement to HDI microvia:
All electrical connections in HDI
any-layer boards consist of laser-
drilled microvias. Advantage:
further miniaturization, and
higher performance and
reliability. AT&S produces HDI
any-layer in 4 to 12 layers.
HDI: high density interconnect,
meaning
laser-drilled connections
(microvias). HDI is first step
towards miniaturization.
AT&S can produce 4-layer
laser PCBs up to 6-n-6
HDI multi layer PCBs.
Found in almost every area of
industrial electronics. AT&S
produces printed circuit boards
with 4 to 28 layers, in quantities
from individual prototypes to
small batches and mass
production.
Used in all areas of electronics.
AT&S focuses on double-sided
printed circuit boards with
thicknesses in the range of 0.1-
3.2mm.
IMS: insulated metal substrate.
Primary function: heat
dissipation for use mainly with
LEDs and power components.
Production site
Shanghai Shanghai, Leoben Leoben, Nanjangud, Fehring Fehring, Nanjangud Fehring
Applications
Smartphones, Tablets,
Notebooks
Mobile phones and nearly all
electronic applications including
automotive (navigation,
infotainment and driver
assistance systems)
Used in all electronic
applications including touch
panels, and in products ranging
from aircraft to motorcycles,
from storage power plants to
solar arrays
Primarily industrial and
automotive applications
Lighting industry
AT&S PRODUCT PORTFOLIO – II

Flexible printed
circuit boards
Semi-flexible printed
circuit boards
Rigid-flex printed
circuit boards
Flexible printed circuit
boards on aluminum
AT&S patented
technologies
Used to replace wiring and
connectors, allowing for
connections and geometries that
are not possible with rigid
printed circuit boards.
More limited bend radius than
flexible printed circuit
boards. The use of a
standard thin laminate
makes them a cost-effective
alternative.
Combine the
advantages of flexible
and rigid printed circuit
boards, yielding benefits
for signal transmission,
size and stability.
Used when installing LEDs
in car headlights, for
example, where the
printed circuit board is
bonded to an aluminum
heat sink to which the
LEDs are then attached.
Production site
Ansan, Fehring Fehring Ansan Ansan
Applications
Nearly all areas of
electronics, including
measuring devices and
medical applications
Automotive applications Industrial electronics,
such as production
machines and industrial
robots
Lighting, automotive,
building lighting
AT&S PRODUCT PORTFOLIO – III
ECP®: Embedded
Component Packaging
ECP® is a patented AT&S packaging
technology used to embed active
and passive electronic components
in the inner layers of a printed circuit
board. ECP® technology is used in
ever smaller, more efficient and
more powerful devices, such as
smartphones, tablets, digital
cameras and hearing aids.
Production sites: Leoben, Shanghai
2.5D® Technology
Platform
Combines mechanical and electronic
miniaturization, and enables partial
reduction of the thickness of a
circuit board. Advantage: populated
assemblies have a thinner profile.
Can be also used to make cavities in
the printed circuit board, e.g. for
acoustic channels. Major application
for this technology is the 2.5D® rigid-
flex printed circuit board, a lower
cost alternative for flex-to install
applications.
Production sites: Leoben, Shanghai

MILESTONES IN THE GROUP’S HISTORY
1987
Founding of the Group, emerging
from several companies owned by
the Austrian State Owned
Industries
1994
Privatization and
acquisition by Messrs
Androsch, Dörflinger, Zoidl
1999
Initial public offering on Frankfurt Stock Exchange
(„Neuer Markt“). Acquisition of Indal Electronics
Ltd., largest Indian printed circuit board plant
(Nanjangud) – today, AT&S India Private Limited
2002
Start of production at new Shanghai
facility – one of the leading HDI
production sites in the world
2010
Start of production
at plant II in India
2009
New production direction: Austrian
plants produce for high-value niches
in the automotive and industrial
segment; Shanghai focuses on the
high-end mobile devices segment
2008
AT&S change
to Vienna Stock
Exchange 2006
Acquisition of Korean
flexible printed circuit
board manufacturer,
Tofic Co. Ltd. – today,
AT&S Korea Co., Ltd.
2015
AT&S again achieves record high sales and
earnings for financial year 2014/15 and
decides to increase the investment program in
Chongqing from € 350 million to € 480 million
2011
 Construction starts on new
plant in Chongqing, China
 Capacity increase in
Shanghai by 30%
2013
AT&S enters the IC substrate
market in cooperation with a
leading manufacturer of
semiconductors
2017
Successful introduction and
optimisation of the mSAP technology
in Shanghai and Chongqing
2016
AT&S starts serial production
of IC substrates at the plant
in Chongqing
2018
Start of the second
expansion phase at
plant 1 in Chongqing
2019
AT&S is the global
number one for high-
end printed circuit
boards

44
Thank you
for your attention!
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft | Fabriksgasse13 | A-8700 Leoben
Tel +43 (0) 3842 200-0
www.ats.net

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a result of changed assumptions or expectations, new information or future events.
This presentation does not constitute a recommendation, an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities, and neither this presentation
nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute any financial analysis or financial research and
may not be construed to be or form part of a prospectus. This presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or
resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would
require any registration or licensing within such jurisdiction.

AT&S IR Presentation FY_2019_20

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AT&S IR Presentation FY_2019_20