ASMPT Limited

Good morning, ladies and gentlemen.

I'm Ben Poh, Head of Investor Relations, and today I will be moderating the call.

expertise and customer engagement and the potential to position the company at the forefront of this transition is a major reason I chose to join ASMPT. My mandate from the board is clear to build on our technology leadership and market position and lead ASMPT into its next phase of sustainable growth, enhanced profitability and long-term value creation. Two months in, I have engaged in numerous discussions with colleagues, met with customers across the globe, and spoken with shareholders and investors. My conviction has only strengthened. I've been particularly impressed by the depth of our technology and engineering capabilities, perhaps even more than I expected. Our opportunity now is to focus those capabilities where we can create the greatest differentiation, move faster, and translate our innovation into greater customer and business impact. Technology will be central to how I lead, but it must translate into impact, solving critical customer problems, scaling faster, and creating attractive returns. We will be technology led, customer driven, and financially disciplined. It is still early, and I'm continuing to listen and learn, but I'm very excited about the opportunity ahead for ASMPT. With that, let's turn to our results. Let me briefly share our business highlights for this solid quarter. First, we achieved record group bookings, driven by all-time high bookings for TCB, SMT, and photonics. Next, in TCB logic, orders for our C2S solutions reached a record high, driven by strong demand from AI data centers. Third, our photonics business achieved record booking and revenue, driven by production ramps of 800G, 1.60, and next-generation optical modules. Fourth, Our group adjusted gross margin of 42.9% was up 35 basis points Q and Q and 517 basis points year on year, reflecting improvements in both SMT and CENI. Finally, both our group revenue and adjusted EPS exceeded consensus. Now let me cover our business highlights in more color. Let's look at TCB, which achieved record booking in Q3. First, in Logic, we received bulk orders for C2S solutions driven by AI data centers. Specifically, this came from strong demand for larger compound dye TCB tools from the OSAP partners of a leading advanced Logic customer, as well as orders for other AI-related applications. In C2W, we secured repeat orders from a leading global IDM for advanced CPUs to support client computing and AI inference, reflecting this customer's continued confidence in our C2W solutions. In memory, the industry is reassessing the optimal balance between memory density, thermal management, and cost, reflecting a recalibration of customer investment schedules. Thus, even though larger capability-driven investments are being pushed out, we believe the need for capacity additions and selective upgrades remains intact. Meanwhile, we continue to develop next-generation TCP solutions designed to deliver superior throughput, yield, and process performance, which positions us well for the next phase of HBM-related customer investments. Next, for TCP panel-level packaging, we're making good progress. Our quarter panel solution is currently undergoing sample bonding with a leading advanced logic customer while we help develop solutions for leading global IDMs embedded and surface silicon bridge die architectures. Our next key area of focus is photonics. We have a comprehensive portfolio that spans pluggable optical transceivers, near packaged optics or NPO and co-packaged optics or CPO. This quarter, our photonics business in SEMI achieved record bookings and revenue, driven by production ramps of 800G, 1.6T, and next-generation optical modules. Meanwhile, our pluggable optical transceiver solutions secured significant orders, reinforcing our leading position in the transceiver market. Notably, our Amicra business achieved a breakthrough NPO bulk order. In addition, and Micra's ultra high precision bonding solutions received major orders from a leading communication services provider for optical transceiver solutions. In CPO, we continue to deepen our engagement with multiple leading global CPO players. Together, these developments demonstrate the breadth of our Photonics portfolio and create a multi-year growth opportunity. In hybrid bonding, our second generation platform combines competitive alignment precision, bonding accuracy, footprint efficiency, and throughput. We continue to work with leading logic and memory customers on programs at various stages of sampling, evaluation, and qualification. Let's now cover the semi-mainstream based business. Revenue and bookings remained elevated, and it continued to be supported by AI-related demand for power management and server boards for data centers. AI infrastructure expansion also drove wire bonding and die bonding tool demand alongside high utilization in OSAS. And finally, SMT booking hit a record high for the third consecutive quarter and highest booking market share. Demand was driven largely by AI server boards and optical transceivers. SMT's high flex solutions for large format board assembly continued to attract strong demand for AI server manufacturing. Notably, Booking's growth in the Americas accelerated on the back of strong demand for AI servers. With these highlights, let me now hand the time over to Katie, who will work you through our group and segment financial performance.