52231 - DCM_Perp AT&S II

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Summary of Investment Information

Project Number

52231

Company Name

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft

Date SPI Disclosed

Jul 7, 2026

Country

India

Region

South Asia

Projected Board Date

Jun 5, 2026

Environmental Category

B - Limited

Status

Active

Last Updated Date

Jul 7, 2026

Department

Regional Industry - MAS Asia & Pac

Industry

other

Previous Events

Approved : Jun 5, 2026
Signed : Jun 12, 2026
Invested : Jun 23, 2026

Sector

other

Project Description

AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (AT&S or the Company) is a leading global manufacturer of High-Density Interconnect (HDI) Printed Circuit Boards (PCBs) and Integrated Circuit (IC) substrates, which are critical components in modern devices and applications.

The proposed IFC investment consists of subscription by IFC for an amount of €15 million (approximately US$17.5 million equivalent) to convertible perpetual bonds issued by AT&S. The proceeds of IFC’s investment will be earmarked for financing the capital expenditure and associated working capital requirements for expansion of: (i) PCB manufacturing capacity in Nanjangud, Karnataka, India; and (ii) IC substrates capacity in Kulim, Kedah, Malaysia (the “Project”).

Sponsor / Cost / Location

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Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	58.22
Equity

Development Impact

(A) Project Level: The most significant expected Project level outcomes are economy-wide effects and stakeholder effects. By localizing production of advanced printed circuit boards and IC substrates, where reliance on imported components remains significant, the Project will increase domestic value addition, support foreign exchange savings, create employment throughout the extended value chain, and enhance industrial competitiveness. The Project will also deepen local supplier ecosystems by supporting the upgradation and qualification of domestic vendors. (B) Market Creation: Beyond the Project, the investment is expected to strengthen supply chain resilience in a market dominated by low-end production and imports, reducing reliance on imported advanced boards for priority sectors, and demonstrate the commercial viability of higher-value manufacturing, supporting market development and future investment.

(A) Financial additionality: The investment will strengthen the Company's capital base and will also support using funds raised in developed markets for investments in emerging markets. (B) Non-financial additionality: In an underdeveloped supply chain, IFC will leverage its relationships to support the Company building local partnerships. IFC will also provide guidance on implementation of IFC Performance Standards across the Company's India operations, improving the Company's ability to manage E&S risks and strengthening the capacity of the local supply chain.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals	Not Available	Not Available	Not Available
Foreign Exchange Revenues	USD M	Not Available	Not Available	Not Available
Gross Value Added	USD M	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The environmental category of this project is B as the impacts are limited in scale and can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The current AT&S Malaysia project is compliant with the Environmental and Social Action Plan (ESAP) and is performing satisfactorily against IFC PS. Key risks for the India operations include: appropriate assessment of risks and impacts of the new facility; development and implementation of an ESMS; internal E&S capacity and contractor management; labor, working conditions and OHS; energy/water use, pollution prevention focused on air, waste and metal-contaminated wastewater; community health & safety; supply-chain risks (gold, copper, laminates); and stakeholder engagement given proximity to dense residential areas. For the Malaysian facility, the project will be limited to installing a new production line in an existing building and will rely upon the mitigation measures already in place at the existing plant (Project #48999), limiting risks to, labor risks, including migrant workers, workers accommodation and OHS risks given the limited scale of the Project.

Contacts

For Inquiries About the Project, Contact

AT & S Austria Technologie & Systemtechnik Aktiengesellschaft
Philipp Gebhardt
Vice President Investor Relations
+43 3842 200 2274
p.gebhardt@ats.net
Austria
www.ats.net

For Inquiries and Comments About IFC, Contact

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IFC Communications
2121 Pennsylvania Avenue, NW
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Telephone: 202-473-3800
Fax: 202-974-4384

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Environmental documents will be made accessible to locally affected communities.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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