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Companies involved in the deal. The two customer-partners are AMD (named) and another leading technology company (not publicly identified) . AT&S will supply high-end IC substrates for AI and high-performance computing chips under long-term agreements.

Investment amount and locations. AT&S plans a total investment of €1.5 billion to €2.0 billion (approximately $1.74–$2.3 billion) . The expansion spans two sites:

• Kulim, Malaysia — a new/second facility focused on AI substrate capacity
• Chongqing, China — capacity expansion at the existing plant, also backed by long-term customer commitments

Revised guidance for FY 2026/27. AT&S raised its outlook:

• Currency-adjusted revenue growth of 30–35% (previously the guidance had been cut in late 2024 to €2.1–2.4 billion; this new guidance represents a significant upgrade back toward stronger growth)
• EBITDA margin of 25–29%
• The company also confirmed it may issue up to €500 million in hybrid capital market instruments as part of its long-term financing strategy

Strategic rationale for the Malaysia and China expansion. The expansion is driven by sustained, strong demand for AI infrastructure and advanced packaging technologies . By adding capacity at Kulim (Malaysia) and Chongqing (China), AT&S aims to:

• Capture the booming AI and HPC chip substrate market
• Deepen strategic partnerships with AMD and other tech leaders
• Diversify geographic production footprint while maintaining financial discipline

CEO Andreas Mertin on dividends. AT&S has not paid a dividend for the 2024/25 financial year and has announced it will also skip a dividend for FY 2025/26 . The management board proposed no distribution because the company remained loss-making at the net level in FY 2025/26, and it is prioritizing reinvestment of cash flow into capacity expansion . Mertin has indicated the company will resume dividend payments only once sustained profitability is restored .