Ticker: ATS.VI (Vienna Stock Exchange) | ISIN: AT0000969985
Ticker: ATS.VI (Vienna Stock Exchange) | ISIN: AT0000969985
AT&S Austria Technologie & Systemtechnik Aktiengesellschaft is an Austrian electronics manufacturing company that makes the physical connective tissue of modern chips. Its two core product lines — printed circuit boards (PCBs) and IC substrates — are the platforms on which semiconductors are mounted and interconnected. Without IC substrates, chips like AMD’s MI300 GPU or Intel’s latest server processors cannot function. AT&S makes the most complex version of these components: ABF (Ajinomoto Build-up Film) FC-BGA substrates for high-performance computing, AI accelerators, and advanced packaging architectures.
The business model is capital-intensive manufacturing. AT&S sells engineered components to the world’s largest semiconductor and OEM companies, competing on technical complexity rather than volume cost. Margins expand as product mix shifts toward high-end IC substrates and away from commodity PCBs.
| Field | Detail |
|---|---|
| Full legal name | AT&S Austria Technologie & Systemtechnik Aktiengesellschaft |
| Ticker / Exchange | ATS / Vienna Stock Exchange (Prime Market) |
| ISIN | AT0000969985 |
| Sector / Industry (GICS) | Information Technology / Electronic Components |
| Headquarters | Leoben, Austria |
| Founded | 1987 |
| IPO | Frankfurt Stock Exchange, July 1999 (€12.50 split-adjusted); relisted Vienna 2008 |
| Website | ats.net |
| Employees | ~13,600 (Dec 2025) |
| Segment | Description | Revenue Share (H1 2025/26) |
|---|---|---|
| Microelectronics | ABF FC-BGA IC substrates for CPUs, GPUs, AI accelerators (high-end HPC clients); includes Kulim and Leoben IC substrate fabs | ~38% |
| Electronics Solutions | High-end HDI and multi-layer PCBs; embedded solutions for automotive, medical, industrial, mobile devices | ~62% |
Note: A third “Others” segment exists but is immaterial to top-line.
AT&S is a B2B contract manufacturer. Revenue is generated by selling precision-engineered PCBs and IC substrates to semiconductor companies (AMD, Apple, unnamed AI chip customers) and OEMs. Pricing is negotiated at the program level and is volume-linked but not commodity spot-priced. The mix shift from standard PCBs to IC substrates is the key margin driver: IC substrates carry higher gross margins but far higher capex intensity and start-up costs.
Recurring revenue dynamics: multi-year supply agreements with anchor customers (AMD, Apple), though individual program volumes fluctuate with end-market demand cycles. No pure-play recurring SaaS; revenue is tied to shipment volumes.
AT&S does not publicly disclose revenue by customer geography in precise terms. Based on plant-level production routing: - China operations (Shanghai, Chongqing): primarily mobile devices and IC substrate production for Asia-based customers - Malaysia (Kulim): IC substrates for global HPC/AI clients (AMD-anchored, ramping) - Austria (Leoben, Fehring): high-end PCBs and IC substrate R&D/production for European and global customers - India (Nanjangud): industrial and automotive PCBs for smaller-volume programs
Workforce distribution as proxy: China 62.9%, Malaysia 11.4%, Austria 16.4%, India 8.7%.
Available at AT&S Investor Relations. Most recent quarterly slides: Q1-Q3 FY 2025/26 (released early 2026). Annual report for FY 2024/25 published May 2025.
| Facility | Location | Production | Status |
|---|---|---|---|
| Leoben HTB1/HTB2 | Leoben, Austria (HQ) | ML/HDI PCBs, embedded solutions, IC substrate cores | Operating |
| Leoben HTB3 | Leoben, Austria | Europe’s first IC substrate production (opened June 2025); ~700 additional jobs targeted | Operating — ramping |
| Fehring | Fehring, Austria | Standard and specialty PCBs | Operating |
| Shanghai | Shanghai, China | High-volume IC substrates and mobile device PCBs; group R&D hub | Operating |
| Chongqing | Chongqing, China | High-volume PCB production | Operating |
| Nanjangud | Karnataka, India | Small/medium series industrial and automotive PCBs | Operating |
| Kulim Campus | Kulim Hi-Tech Park, Kedah, Malaysia | Large-scale ABF FC-BGA IC substrates; ~255,000 sqm gross floor area; ~500 high-tech machines; RM 5B (~€1B) invested | Operating — high volume manufacturing since May 2025; further expansion ongoing |
| Ansan, Korea | Ansan, South Korea | PCB production | Divested Sep 2024 for ~€405M to SO.MA.CI.S. |
AT&S is heavily asset-intensive. Capex as % of revenue has run 30-55% in expansion years. The Kulim investment is the defining capex event of the 2023-2027 cycle — a €1B greenfield IC substrate campus built in two years, now ramping AMD production.
EU Chips Act Grant: AT&S received €500M from the EU Chips Joint Undertaking to expand its Leoben IC substrate plant, adding ~20,000 FC-BGA panels/month targeting production in 2027. This is a grant/incentive, not a JV.
IFC Debt Financing: In March 2025, AT&S secured $250M in debt financing from the International Finance Corporation (IFC) to support the Kulim expansion.
AMD Partnership: AMD is AT&S’s anchor IC substrate customer at Kulim. The Kulim plant received AMD’s HVM (high-volume manufacturer) certification in May 2025. Revenue from AMD substrate production is expected to grow significantly as data center CPU/GPU demand rises.
Intel: AT&S conducted pilot production of double-sided ABF substrates for Intel’s 3nm processors (2024). AT&S is one of the few non-Asian suppliers in Intel’s packaging supply chain.
No formal equity JVs disclosed.
| # | Customer | Ticker | Est. Revenue Share | Relationship Type |
|---|---|---|---|---|
| 1 | AMD | AMD (NASDAQ) | ~20-25% (est.) | IC substrate supplier; Kulim HVM certified |
| 2 | Apple | AAPL (NASDAQ) | ~15-20% (est.) | PCB supplier; listed in Apple Top 200 suppliers |
| 3 | Intel | INTC (NASDAQ) | ~5-10% (est.) | IC substrate pilot production for 3nm; advanced packaging supply chain |
| 4 | Unnamed AI chip companies | — | Growing | AT&S disclosed winning “three additional U.S. technology firms focused on AI solutions” in FY2023/24 |
| 5 | Sony Ericsson / Fairphone | — | Minor | PCB supply for mobile devices |
Concentration risk: AT&S does not disclose individual customer revenue percentages. AMD appears to be the single largest IC substrate customer post-Kulim ramp. Given Kulim was purpose-built in part for AMD, AMD concentration at the IC substrate segment level is likely >30%. Overall, top-3 customers likely represent 50-60% of consolidated revenue. This is a meaningful concentration risk, particularly AMD’s capex cycle and server/GPU demand.
Dependency flags: AMD’s move to in-house or competing substrate suppliers would be a material negative. Apple smartphone cycle weakness directly impacts the Electronics Solutions segment. Intel’s own financial difficulties and foundry strategy pivots create uncertainty around the Intel substrate relationship.
Advanced chips no longer run on a single piece of silicon. Modern AI accelerators, server CPUs, and high-bandwidth memory systems are built from multiple chiplets and dies that must be connected at extraordinary density. IC substrates are the physical bridge that makes chiplet architectures possible — they route thousands of power and signal connections between the chip and the circuit board beneath it. As chips become more complex (Intel Foveros, AMD 3D V-Cache, NVIDIA GB200 multi-die packages), the IC substrate becomes more technologically demanding and more valuable. AT&S is one of only five or six companies in the world that can make the highest-end version of this product at scale, and the only one headquartered in Europe.
| Market | Size (2025E) | Projected Size | CAGR | Source |
|---|---|---|---|---|
| ABF Substrate (FC-BGA) global | ~$5.3B | ~$10.2B (2030) | ~9.9% | Valuates Reports / Market Growth Reports |
| Advanced IC Substrates (broader) | ~$7-8B | ~$12-15B (2031) | ~8-10% | Mordor Intelligence |
| ABF Substrates for Server/HPC | ~$312M | ~$524M (2032) | ~7.7% | 360iResearch |
AT&S’s estimated share of the ABF substrate market: ~8% (ranked #5 globally). Serviceable addressable market is concentrated in high-end FC-BGA for HPC/AI, where AT&S competes directly for the most complex programs.
| Name | Title | Tenure | Background |
|---|---|---|---|
| Dr.-Ing. Michael Mertin | President & CEO | May 1, 2025 – April 30, 2028 | Doctorate (physics/engineering) from Fraunhofer Institute; former Chairman of the Executive Board at JENOPTIK AG; prior roles at Carl Zeiss AG. High-tech manufacturing and optics background. |
| Gerrit Steen | CFO | February 1, 2026 – 2029 | MBA from Otto Beisheim School of Management; prior CFO roles at Damac Group and Fresenius Kabi AG; has Asia-Pacific operational experience. Joined amid AT&S’s financial stabilization phase. |
| Dr. Peter Griehsnig | CTO | April 1, 2023 – 2028 | Doctorate in Applied Physics from TU Graz; 20+ years at AT&S China operations, progressing to COO of multiple business units. Deep operational knowledge of the company’s core manufacturing. |
Note: The previous CEO Andreas Gerstenmayer resigned September 30, 2024, following a boardroom conflict with Hannes Androsch (major shareholder). Petra Preining retired as CFO August 31, 2025. The management team is freshly reconstituted.
| Name | Role | Independent? | Background | Committee Seats |
|---|---|---|---|---|
| Andy Mattes | Chairman | Yes | Degree in business administration; former CEO of Coherent Inc. (laser/photonics) and Diebold Nixdorf; prior M&A advisory at McKinsey. Elected July 3, 2025. | Financing / Strategy |
| Hannes Androsch* | Significant influence via Privatstiftung (~17.55% voting rights) | No | Austrian industrialist and former Finance Minister; co-founded Androsch Privatstiftung. Key power figure in AT&S governance — his conflict with former CEO Gerstenmayer led to the CEO’s 2024 resignation. | — |
| 6 additional members | Various | Mix | Board has 8 members total; committees include Audit, Nominations/Compensation, and Financing/Strategy | Various |
*Androsch is not formally listed as a board member in the executive sense but exercises supervisory board influence as a major shareholder representative.
Governance flags: - No dual-class shares (confirmed single class: AT0000969985) - Two dominant shareholder blocs with a history of boardroom conflict; the Androsch-Dörflinger dynamic is a governance risk - Supervisory board refreshed in 2025 (new Chairman Andy Mattes) - Fresh CEO and CFO appointments in 2025-2026; significant management continuity risk during a critical capex ramp
| Company | Ticker | HQ | Est. ABF Market Share | Notes |
|---|---|---|---|---|
| Unimicron | 3037.TW | Taiwan | ~26.6% | World’s largest ABF substrate maker; key AMD, Intel, NVIDIA supplier |
| Ibiden | 4062.T | Japan | ~14.6% | Specializes in high-density HPC/AI substrates; major Intel supplier |
| Nan Ya PCB | 8046.TW | Taiwan | ~13.5% | Part of Formosa Plastics group; strong mobile and server exposure |
| Shinko Electric | 6967.T | Japan | ~12.8% | Japanese-based; premium automotive and HPC substrates |
| AT&S | ATS.VI | Austria | ~8.0% | Only European player at scale; unique geographic positioning for Western supply chain |
AT&S is the #5 player by market share in a concentrated oligopoly. The top 5 control ~75% of the global ABF substrate market.
AT&S’s moat is narrow but real in specific contexts:
Moat is not wide: Unimicron, Ibiden, and Shinko are larger, better-capitalized, and have deeper customer penetration. AT&S competes on geography + program-specific qualification rather than absolute scale.
| Force | Assessment |
|---|---|
| Supplier power | Medium-High. Key inputs (ABF film from Ajinomoto, copper foil, specialty laminates) are controlled by a small number of suppliers. Ajinomoto’s ABF film is essentially a monopoly input. |
| Buyer power | High. AMD, Apple, and Intel are enormous counterparties with significant negotiating leverage; price pressure is structural. AT&S acknowledged ongoing price pressure in every recent earnings call. |
| Competitive rivalry | Medium-High. 5-6 serious competitors; Unimicron and Ibiden are significantly larger. Competition is primarily on technology qualification, yield, and delivery, not just price. |
| Threat of substitutes | Low-Medium. No meaningful near-term alternative to ABF substrates for leading-edge chips; silicon interposers (CoWoS) serve a different architecture niche. Long-term, photonic integration could disintermediate some substrate content. |
| Threat of new entry | Very Low. Capital requirements ($1B+), 2-3 year build time, 18-36 month customer qualification, and proprietary process knowledge create near-insurmountable barriers. |
AT&S’s fiscal year runs April 1 – March 31.
| Metric | Value |
|---|---|
| Share price | ~€86.90 (Apr 23, 2026 per search data) |
| Shares outstanding | 38.85M |
| Market cap | ~€3.4B |
| Enterprise value | ~€4.2B (est., adding ~€800M net debt) |
| P/E (TTM) | Negative (net loss on LTM basis) |
| EV/EBITDA | ~11x (on TTM adj. EBITDA of ~€375M) |
| FCF yield | Negative to near-zero (heavy investment phase) |
| Dividend yield | 0% (no dividend; suspended during investment cycle) |
| 52-week range | €10.42 – €35.65 (note: data may reflect prior period; share has re-rated sharply — up ~192% from May 2025 lows to ~€48, and further to ~€87 as of Apr 2026) |
| Beta | Elevated (high-cyclicality, small float, sentiment-driven) |
Note on 52-week range: The €10.42-€35.65 range cited by Yahoo Finance appears to reflect a historical window. The share has staged a dramatic recovery — from ~€16.54 in May 2025 to ~€87 by April 2026, implying >420% gain. This appears driven by AMD ramp confirmation at Kulim, AI substrate demand momentum, and broader semi re-rating.
| Metric | FY2022/23 | FY2023/24 | FY2024/25 | FY2025/26E |
|---|---|---|---|---|
| Revenue | €1,791M | €1,550M | €1,590M | ~€1,700M |
| Revenue growth (YoY) | — | -13.5% | +2.6% | +7% (est.) |
| Gross profit | N/A | N/A | N/A | N/A |
| Gross margin % | N/A | N/A | N/A | N/A |
| EBIT | €146M | €31M | €277M* | +ve (guided) |
| EBIT margin % | ~8.2% | 2.0% | 17.5%* | ~2-5% (adj. est.) |
| Net income | €137M | -€37M | €90M* | Negative (loss guided) |
| Net margin % | ~7.7% | -2.4% | 5.7%* | Negative |
| EPS | €3.03 | -€1.39 | €1.86* | ~-€1.93 (consensus) |
| Adj. EBITDA | ~€417M | €384M | €408M | ~€390-435M |
| Adj. EBITDA margin | ~23.3% | 24.8% | 25.7% | ~23% |
*FY2024/25 EBIT and net income were significantly boosted by the ~€317M after-tax gain from the Korea plant sale. Adjusted EBIT was €97M (6.1% margin). Reported numbers are distorted.
| Metric | FY2022/23 | FY2023/24 | FY2024/25 | H1 FY2025/26 |
|---|---|---|---|---|
| Operating cash flow | N/A | €653M | -€75M† | €209M |
| Net capex | ~€855M+ | €855M | €415M | ~€108M |
| Free cash flow | Negative | Negative | Negative | Positive (early) |
| FCF margin % | Negative | Negative | Negative | ~Positive |
| Net debt | N/A | N/A | ~€1.4B‡ | ~€1.3B (est.) |
| Net debt / EBITDA | N/A | 6.1x (Dec 2024) | 2.5x (Mar 2025) | 2.2x (Sep 2025) |
| ROIC | N/A | Negative | 2.2% (Q1-Q3 FY25/26) | 2.2% |
| Equity ratio | 27%+ | 20.7% | 23.2% | 19.2% |
| Cash on hand | N/A | €676M | N/A | €793M |
†FY2024/25 operating cash flow was distorted by working capital; the Korea sale proceeds (€317M after-tax) went to balance sheet, not operating cash flow. ‡Net debt approximate; reported Net Debt/EBITDA of 2.5x on adjusted EBITDA of ~€408M implies net debt ~€1.0B at March 2025.
Key balance sheet observations: - Equity ratio dropped to 19.2% (Sep 2025) — thin; management flagged risk of covenant breach if business cases deviate significantly - Cash strong at €793M, providing near-term liquidity cushion - Net Debt/EBITDA at 2.2x (Sep 2025) improving from the 6.1x peak; trajectory positive but leverage remains meaningful - IFC $250M facility and EU grant provide additional funding runway
AT&S guided €2.1-2.4B revenue and 24-28% EBITDA margin for FY2026/27. Relative to FY2024/25 revenue of €1.59B, this implies 32-51% revenue growth — almost entirely driven by Kulim reaching near-full capacity.
Management noted €euro appreciation of 10% since Dec 2024 guidance shifts expectations toward the lower end of the €2.1-2.4B range.
AT&S operates R&D centers in Leoben (Austria) and Shanghai. The company is pioneering double-sided ABF substrates (essential for next-generation 3D chip stacking), embedded component technology, and next-generation IC substrate designs for sub-3nm class chips. R&D spend as % of revenue: not separately disclosed; estimated mid-single digits as % of revenue (typical for semiconductor substrate peers).
AMD IC Substrate Supply — Kulim - Counterparty: AMD (NASDAQ: AMD) - Status: HVM certified May 2025; in active production - Value: Not publicly disclosed; AMD’s data center GPU and CPU substrate requirements at scale; estimated multi-hundred million EUR revenue potential at full ramp - Revenue impact: Ramping through FY2025/26; expected major contribution FY2026/27
EU Chips Act Grant — Leoben HTB3 - Counterparty: EU Chips Joint Undertaking - Value: €500M grant - Purpose: Expand Leoben IC substrate capacity, adding ~20,000 FC-BGA panels/month - Status: HTB3 opened June 2025; expansion capex ongoing toward 2027 production target
IFC Debt Facility - Counterparty: International Finance Corporation (IFC / World Bank Group) - Value: $250M - Status: Secured March 2025; supports Kulim and broader expansion
| Risk | Likelihood | Existing Mitigants | Mgmt De-risk Plan | Can It Be Closed? |
|---|---|---|---|---|
| Customer concentration (AMD, Apple) | Medium-High. AMD likely >20% of IC substrate revenue; Apple material for PCBs. | Multi-year supply agreements; HVM certification creates switching costs | Adding “further key players of the global AI chip industry” as Kulim customers | Partially closable — diversification improves over 2-3 years as new AI chip clients ramp |
| Kulim ramp execution | Medium. New greenfield at scale; first time AT&S has run IC substrate production at this volume | EU grant + IFC facility backstop capex; AMD certification achieved | Active cost and yield optimization; management team has China HVM experience (CTO) | Closes as yield and utilization improve — key milestones Q2-Q4 FY2025/26 |
| Leverage / balance sheet fragility | Medium. Equity ratio 19.2%; Net Debt/EBITDA 2.2x; management flagged covenant risk | €793M cash; IFC facility; Korea sale proceeds used to de-lever | Cost reduction €130-150M; capex declining (€415M FY24/25 → €250M FY25/26E) | Structural improvement — closes as Kulim reaches EBITDA contribution; target ratio disclosed as key KPI |
| FX headwinds (USD/EUR, CNY/EUR) | High. AT&S invoices in USD for IC substrates (Kulim), costs partially EUR; 10% EUR appreciation since Dec 2024 has already pressured revenue guidance | Natural hedge partially in place (Kulim costs in MYR, revenues in USD) | No aggressive hedging program disclosed; management acknowledged FX as structural headwind | Not closable — structural, can only be managed via operational hedging |
| Management transition | Medium. New CEO (May 2025), new CFO (Feb 2026), during the most critical capex ramp in company history | CTO Peter Griehsnig provides continuity (20+ years AT&S) | Supervisory board refreshed; Andy Mattes brings tech M&A experience | Closes over 12-18 months as new team proves execution track record |
| Governance / shareholder conflict | Medium. Androsch-Dörflinger bloc (~35% combined) have historically clashed; prior CEO was forced out | Single-class shares; Supervisory board oversight | New Chairman Andy Mattes independent; board refresh in 2025 | Cannot be fully closed — structural, depends on alignment between two founding family blocs |
AT&S postponed a planned capital increase in 2023/24 (citing market conditions). As of now, no equity raise is currently underway. AT&S shares outstanding have been relatively stable at 38.85M.
The Korea asset sale (€405M proceeds) materially reduced dilution necessity. The IFC $250M debt facility and EU €500M grant further reduce equity funding need. Current FCF trajectory is turning positive as capex falls. Self-funding appears feasible by FY2025/26 end, assuming Kulim ramp proceeds on schedule.
No material convertible notes or warrants are disclosed. Options pool exists (standard executive compensation) but immaterial relative to float.
Assessment: Dilution risk is LOW for the near term, but would re-emerge if Kulim ramp significantly underperforms and management needs emergency liquidity.
The CTO, Dr. Peter Griehsnig, is the institutional memory of AT&S’s manufacturing operations. His 20+ years in AT&S China make him effectively irreplaceable in the near term. No succession plan for the CTO role has been publicly disclosed. The new CEO (Mertin) and CFO (Steen) lack AT&S-specific operational background, making Griehsnig’s continuity especially important during the Kulim ramp.
The EU Chips Act grant is tied to AT&S as an entity, not to specific individuals.
Latest earnings: Q1-Q3 FY2025/26 results (9 months ended December 2025) - Revenue: €1,314M (+9.8% YoY) - EBITDA: €296.8M, 22.6% margin - EBIT: €34M, 2.6% margin - Net loss: €39.3M (improved from €95.3M loss prior year) - Operating cash flow: €331.8M (strong recovery) - Net capex: €108.4M (down 66.9% YoY — capex cycle peak past)
Q3 standalone (Oct-Dec 2025): - Revenue: €467.7M (+17.9% YoY) - EBITDA: €122.1M, 26.1% margin — accelerating margin improvement - Net profit: €24.2M (first profitable quarter in a while)
Full year FY2025/26 guidance (ending March 31, 2026): - Revenue: ~€1.7B - EBITDA margin: ~23% - Capex: ~€250M - Positive EBIT and positive FCF anticipated for full year
Key news (last 90 days through April 2026): - Q3 results confirm accelerating Kulim ramp; revenue up ~18% YoY - Management highlighted “further key players of the global AI chip industry” joining the Kulim customer base in FY2025/26 - Share price re-rated dramatically from ~€16 (May 2025) to ~€87 (Apr 2026) driven by AMD ramp confirmation and AI substrate demand
Next earnings: Full year FY2025/26 results expected May 2026 (based on prior year pattern of May 15 announcement).
| Holder | Type | Who They Are | Shares (est.) | % Outstanding | Source |
|---|---|---|---|---|---|
| Dörflinger Privatstiftung | Founder / Family | Foundation of Willi Dörflinger, one of AT&S’s founding family; long-term strategic holder | ~7.0M | ~18% | AD-HOC filings / Austrian securities disclosures |
| Androsch Privatstiftung + AIC Androsch Intl. | Founder / Strategic | Hannes Androsch, Austrian industrialist and former Finance Minister; influential governance figure; combined with AIC vehicle | ~6.8M | ~17.55% | Austrian disclosure filings |
| Free float (institutional + retail) | Mixed | ~64% in free float | ~24.9M | ~64% | Implied |
| Vanguard (various funds) | Passive institutional | Index funds; largest: Vanguard Total International Stock Index Fund | ~509K combined est. | ~1.3% | Fintel.io (June 2025 data) |
| Norges Bank | Sovereign wealth (passive) | Norwegian Government Pension Fund; passive index inclusion | ~645K est. | ~1.66% | Per search data |
| Fidelity Series International Small Cap | Active institutional | Fidelity small-cap international strategy | ~150K | ~0.39% | Fintel.io |
| DFA Continental Small Company | Passive/factor | Dimensional Fund Advisors; factor/index strategy | ~124K | ~0.32% | Fintel.io |
Note on institutional data: At only ~2.49% institutional holdings through June 2025, AT&S was significantly under-owned by major institutions — consistent with the stock being in distress territory at €16-20. As the share has re-rated to ~€87, institutional ownership data is likely to show increases when next reported. The Dörflinger and Androsch blocs (~35% combined) effectively mean a thin free float of ~24-25M shares.
Short interest: No data available for Vienna-listed equities via standard sources. AT&S is thinly traded relative to US/UK equities; short positions likely limited.
AT&S is lightly covered by US institutions; European small/mid-cap analysts dominate the coverage universe. This creates potential information edge for investors doing primary research on the Kulim ramp trajectory.
AT&S is not SEC-registered (Austrian company; primary exchange Vienna). No 10-K, 10-Q, 8-K or proxy filings exist. Financial reporting is under Austrian GAAP / IFRS, filed with the Vienna Stock Exchange and the Austrian Financial Market Authority (FMA). Key filings: - Annual Report (Geschäftsbericht): Published ~May each year - Half-year report: Published ~November each year - Quarterly trading updates: Q1 and Q3
Director/officer dealings are disclosed under Austrian Securities Supervision Act (WAG) and published on ad-hoc-news.de and AT&S IR website.