AT&S rally lifts Austria’s market past eurozone peers

Austria’s stock market has become one of the eurozone’s strongest performers in 2026, driven by AT&S rather than the banks and cyclical companies that usually dominate Vienna. The benchmark ATX index has gained 21.3% since the beginning of January, ahead of Italy’s FTSE MIB at 16.1%, the Netherlands’ AEX at 15.5%, Spain’s IBEX 35 at 11.5%, Germany’s DAX at 1.6% and France’s CAC 40 at 2.3%.

AT&S, formally Austria Technologie & Systemtechnik AG, has surged 459% since the first trading session of the year, rising from €32.20 at the end of December to €174 on Thursday. Its market capitalisation has climbed from roughly €1.25 billion to about €7 billion in just over six months, outpacing several better-known semiconductor names linked to the AI boom.

The company makes integrated circuit substrates, advanced platforms that support high-performance processors and carry microscopic connections for power and data. AT&S is the only major European manufacturer in this specialised market, competing mainly with Japanese and Taiwanese companies such as Ibiden and Shinko Electric.

Financial results have reinforced the rally. During its 2025/26 financial year, AT&S reported revenue of €1.8 billion, growth of 21% at constant exchange rates, EBITDA of €418 million excluding proceeds from the Ansan plant sale, and positive free cash flow of €236 million. Agreements announced on 13 June with AMD and another major technology customer added plans for investment of between €1.5 billion and €2 billion in Malaysia and China.