Amkor Technology, Inc.

Good day, ladies and gentlemen, and welcome to the AMCOR Technology fourth quarter and full year 2025 earnings conference call. My name is Diego, and I will be your conference facilitator today. At this time, all participants are in a listen-only mode. After the speaker's remarks, we will conduct a question-and-answer session. As a reminder, this conference is being recorded. I would now like to turn the call over to Jennifer Ju, Head of Investor Relations. Ms. Chu, please go ahead.

Good afternoon, and welcome to AMCOR's fourth quarter 2025 earnings conference call. Joining me today are CEO Kevin Engel and CFO Megan Faust. Our earnings press release was filed with the SEC this afternoon and is available on the investor relations page of our website, along with the presentation slides that accompany today's call. During this presentation, we will use non-GAAP financial measures, and you can find the reconciliation to the comparable GAAP financial measures in the slides. We will make forward-looking statements today based on our current beliefs, assumptions, and expectations. Please refer to our press release for a disclaimer on forward-looking statements and our SEC filings for a discussion of the risk factors and uncertainties that may affect our future results. I will now turn the call over to Kevin.

Thank you, Jennifer. Good afternoon, everyone. And thank you for joining us today. Before I get to results, I want to begin by saying how honored I am to speak with you for the first time as a CEO of Amcor. I'm grateful to the board for placing their confidence in me to lead the company into the next phase of our journey. I want to acknowledge Heal for his leadership and vision. which guided us to where we are today. Having spent more than two decades with Amcor, I've seen firsthand the strength of our people, the trust of our customers, and the ability to evolve with the industry, adapting with agility and executing through market transitions and periods of uncertainty. Amcor is an exceptional organization with a team dedicated to delivering customer value and advancing leading-edge technologies. My leadership approach is grounded in transparency, disciplined execution, and a strong customer focus. I'm energized to lead Amcor as we enter the next chapter of growth. I'll turn to our fourth quarter performance. Amcor delivered strong fourth quarter results to close out a dynamic year. Q4 revenue was $1.89 billion. and EPS was 69 cents, outperforming the high end of our guidance. All end markets exceeded expectations, with the largest upside coming from communications, driven primarily by strong iOS demand. For the full year, revenue grew 6% to $6.7 billion. Computing continued its multi-year acceleration. Automotive delivered strong advanced content growth. consumer demand improved, and communication stabilized with a key socket gain. Our team executed exceptionally well, navigating shifts in the market conditions, a fluid geopolitical environment with agility and precision, which enabled us to deliver strong fourth quarter results. As we look back on 2025, it was a year marked with meaningful progress across each pillar of our strategy. We delivered record advanced and computing revenue driven by deep customer engagements across AI and HPC. We successfully ramped our first high density fan out programs into high volume production, expanding across multiple customers and positioning our platform for strong tailwinds in 2026. Operationally, we made solid progress in Vietnam, reaching breakeven in Q4. We also broke ground on our Arizona campus, with construction of Phase 1 now underway. Collectively, these accomplishments strengthened our strategic position, expanded our global footprint, and reinforced our alignment with the fastest-growing megatrends shaping the semiconductor industry. Now let me share an update on our strategic initiatives. Our strategy remains firmly grounded and well aligned with current market dynamics. As we move into the next phase of growth, we see opportunities to further strengthen our execution while staying anchored in our three strategic pillars. First, elevate our technology leadership. Second, expand our geographic footprint And third, enhance strategic partnerships and focus markets. These pillars have been central to our progress and will continue to shape our path forward as we support accelerated demand for advanced packaging and deliver greater resiliency, flexibility, and value to our customers. On technology leadership, we will continue to invest in advanced packaging platforms including HDFO, flip chip, and test, which are critical to next generation AI and high performance computing. In 2026, our focus is on launching new programs across these platforms. We have two additional programs and final qualification for HDFO supporting AI data centers, in addition to the two HDFO PC devices we've discussed previously. Our Korea team is preparing for launching both programs into high volume in the second half of the year. The majority of our 2026 equipment investment is focused on HDFO and tests. As AI and HPC demand continues, we are well positioned to enable the next wave of advanced products. We are expanding our footprint to provide customers with diversified regional options for advanced packaging and test. Our presence across Asia, Europe, and soon the US gives customers meaningful supply chain flexibility. In 2026, our priorities include meeting construction milestones of our Arizona facility, expanding advanced packaging capacity in Korea and Taiwan, and continuing to scale in Vietnam. The ongoing ramp in Vietnam, including the migration of SIP products from Korea, is expected to free up manufacturing space in Korea for HDFO and test growth. This provides needed flexibility until our Arizona facility comes online. We're also working closely across the ecosystem with foundries, fabulous companies, IDMs, and OEMs to align technology roadmaps and scale capacity. In 2026, our focus is on enhancing these partnerships with clear milestones and investment commitments. For example, one of the HDFO CPU devices ramping this year includes customer commitments to support our capacity investment, demonstrating how tightly our three pillars come together to support AI market expansion. Across all three pillars, we remain focused on margin improvement driven by operational excellence, optimization in Japan, Vietnam ramp-up efficiencies, a more favorable pricing environment, and a sustained mixed shift towards high-value advanced packaging. We look forward to sharing more details at the Investor Day in May. For full year 2026, we expect revenue growth to be driven by continued acceleration in computing with expected to grow over 20%, and continued strong growth in advanced automotive. The remainder of our business is expected to grow in the single digits. We continue to monitor export control and trade policies, as well as dynamics around substrates, advanced silicon, and memory supply. We have considered these items in our guidance for Q1. With a strong technology roadmap, targeted capital investments, and deep customer partnerships, Amcor is well positioned to enable the industry's next wave of innovation. I will now turn the call over to Megan to provide more details on our fourth quarter performance and near-term outlook.