Austria’s ATX index has become Europe's top-performing equity market in 2026, fueled by the rapid growth of semiconductor substrate manufacturer AT&S.
Key facts
- •The Austrian ATX index has outperformed other major eurozone markets, including Italy's FTSE MIB and Germany's DAX, with a 21.3% gain since January.
- •AT&S shares climbed from €32.20 at the end of December to €174 as of Thursday.
- •AT&S is now the fourth-largest holding in the iShares MSCI Austria ETF, accounting for 5.9% of the portfolio.
- •The global market for integrated circuit substrates was projected to grow 18% in 2025 to approximately $11.1 billion.
- •AT&S CEO Michael Mertin described the 2025/26 period as a pivotal financial year for the company during the 21 May annual results report.
The Vienna Stock Exchange has emerged as the best-performing equity market in the eurozone in 2026, with the benchmark ATX index rising 21.3% since January. This growth is primarily driven by AT&S, a Styria-based semiconductor supplier that has seen its share price surge 459% this year. While the Austrian market has historically been dominated by banks and industrial groups, the performance of AT&S has shifted the composition of major investment vehicles.
By the numbers
The Role of AT&S in AI Infrastructure
AT&S, or Austria Technologie & Systemtechnik AG, specializes in integrated circuit substrates, which are essential components for modern artificial intelligence processors. These substrates provide mechanical support and facilitate power and data transfer for high-performance chips. As one of the few global manufacturers with the expertise to produce advanced versions of these components, AT&S competes primarily with firms in Japan and Taiwan. The company is the only major European manufacturer in this specialized market.
Financial Growth and Expansion
The company reported strong financial results for the 2025/26 fiscal year, with revenue reaching €1.8 billion, a 21% increase at constant exchange rates. EBITDA grew by approximately 50% to €418 million, and free cash flow turned positive at €236 million. On 13 June, AT&S announced production capacity expansion agreements with AMD and Intel for its facilities in Malaysia and China. This planned investment of up to €2 billion has significantly bolstered investor confidence, with the company's market capitalization rising from roughly €1.25 billion to about €7 billion in six months.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Euronews Business.
