GlobalFoundries Inc.

Thank you for standing by. Welcome to Global Foundry's first quarter 2026 Financial Results Conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Eric Chow, Head of Investor Relations. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and welcome to Global Foundry's first quarter 2026 earnings call. On the call with me today are Tim Breen, CEO, and Sam Franklin, CFO. A short while ago, we released GF's first quarter 2026 financial results, which are available on our website at investors.gf.com, along with today's accompanying slide presentation. This call is being recorded, and a replay will be made available on our investor relations webpage. During this call, we will present both IFRS and non-IFRS financial measures. The most directly comparable IFRS measures and reconciliations for non-IFRS measures are made available in today's press release and accompanying slides. Please note that these financial results are unaudited and subject to change. Certain statements on today's call may be deemed to be forward-looking statements. Such statements can be identified by the terms such as believe, expect, intend, anticipate, and may, or by the use of the future tense. you should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today. For more information about factors that may cause actual results to differ materially from forward-looking statements, please refer to the press release we issued today, as well as risks and uncertainties described in our SEC filings including in sections under the caption Risk Factors in our annual report on Form 20F and in any current reports on Form 6K, Furnished with the SEC. In terms of upcoming events, we look forward to hosting our Investor Day this Thursday, May 7th, with live public webcasts beginning at 9 a.m. Eastern Time. During the event, our leadership team will provide updates on GF strategy, growth initiatives, and long-term outlook, followed by a Q&A session. We will also be participating in fireside chats at the J.P. Morgan Global Technology, Media, and Communications Conference in Boston on May 19th, and the T.D. Cohen Technology, Media, and Telecom Conference in New York City on May 27th. We will begin today's call with Tim providing a summary update on the business environment, technologies, and end markets, followed by Sam, who will provide details on our first quarter results and second quarter guidance. We will then open the call for questions with Tim and Sam. We request that you please limit your questions to one with one follow-up. I'll now turn the call over to Tim.

Thank you, Eric, and welcome everyone to our first quarter 2026 earnings call. GS delivered a strong first quarter with all of our non-IFRS profitability metrics at or above the high end of their respective guidance ranges. This was the result of excellent execution by the team with a focus on delivering for our customers. These results demonstrate a strong step forward in our multi-year journey to enhance the quality of our revenue composition, improve our structural cost position, and achieve efficient scale across our world-class fabs. We have made meaningful traction in secular growth and markets where our differentiated technology drives share growth and outsized value creation. The first quarter continued to demonstrate proof points of this transformation. We delivered strong double-digit percentage growth in both automotive and comms infrastructure and data center. I am proud of our team's accomplishments this quarter. We continue to execute to our proven three-pillar strategy to innovate and deliver a unique technology roadmap, to deepen our engagement throughout our customers' design cycles, and to scale our diverse and fungible global footprints. Let me now update you on our progress on each. First, our unique and innovative technology roadmap. There is no better proof of our technology innovation than with our industry leadership in optical networking, which includes both our silicon photonics and silicon germanium capabilities. With the advent of optical for scale across, scale out, and scale up networks, the market is moving to adopt our solutions for pluggable, near, and co-packaged optics. With process technology leadership, in-house design, assembly, test, and packaging ecosystems all supported with high-volume manufacturing in our advanced 300-millimeter fab footprint, including here in the U.S., we believe no other company has our suite of photonics offerings at our scale. Beyond silicon photonics, we also believe we have robust growth and opportunity within our silicon germanium solutions in the AI data center. SIGI by CMOS, or just SIGI, is another great example of GF preparation and foresight meeting a strong positive inflection point in the market. Our SIGI technology is a critical enabler for data center networks where transimpedance amplifiers, TIAs, and drivers using GF solutions support the conversion between high-speed electrical and optical signals. GF SIGI has industry-leading FT and SMAX performance. This means faster, cleaner signal amplification, more headroom, and lower data loss across the system. TIAs and drivers are required on virtually every data center connection, and industry forecasts are anticipating significant unit growth in the coming years. Correspondingly, we are seeing very strong customer demand for our SIGGY solutions, with capacity at our Vermont fab oversubscribed through well into 2027. As these CIGI offerings are meaningfully margin accretive to our overall business, we are expanding CIGI capacity to meet the accelerating customer demand. We expect GS CIGI opportunity to be a substantial driver of high-quality, long-term revenue growth that complements silicon photonics to form a comprehensive optical networking portfolio. Another notable proof point of GS leadership was announced at the Optical Fiber Communications Conference, OFC, in March. At OFC, founding members of the Optical Compute Interconnect Multisource Agreement, or OCIMSA, including AMD, Broadcom, NVIDIA, Meta, Microsoft, and OpenAI, established the CPO industry standard for scale-up networks that perfectly aligns with the capabilities GF has spent years developing. This was no accident. Thanks to our proven development and leadership in Dense Wavelength Division Multiplexing, or DWDM, GF and our partners provided industry proof points, lending confidence to the OCI founders to define this high standard. As a result, just a month after the OCI standard was announced, yesterday GF announced its complete optical module solution for NPO and CPO known as SCALE, or Silicon Photonics' co-packaged Advanced Light Engine. This is not just the industry's first OCI MSA-capable platform, The technical specs exceed the MSA requirements, supporting our customers' roadmaps for multiple generations. For example, scale fiber coupling is natively broadband, which enables it to excel at minimizing insertion loss, a key differentiator for CPO. After years of development, including partnering with our customers to design scale from the ground up, feedback so far has been excellent. In the first quarter, we saw new tapeouts in Malta, New York, for a pair of CPO design wins that support the new optical compute interconnect OCI standard for scale-up networks. We are excited to share more details on scale and other developments at our Investor Day on May 7th. Also at OFC in March, GF made several announcements in conjunction with partners that showcased our robust silicon photonics offerings. Notable highlights included the following. SENCO and GF demonstrated a wafer-level detachable fiber interface solution for CPO, a critical breakthrough that enables fiber connectivity to be attached and detached through the entire PIC development process for precise and repeatable testing. Together with Corning and Exfo, GF showcased a complete ecosystem of CPO technology, which combined detachable fiber connectivity and automated dye-level testing with our high volume silicon photonics manufacturing. Finally, we announced a strategic partnership with Silex Tech to mass produce 200 gig per lane receiver photonic ICs for pluggable optical transceivers using our process technology. All of these recent developments represent a growing body of proof points for the value our innovative technology roadmap provides. Let me now discuss our second key strategic pillar and provide an update on our customer partnerships and commercial engagement. Thanks to our robust product portfolio and deep partnerships with customers, we continue to accelerate our design win momentum. In the first quarter, we saw a 50% increase in design wins compared to the same period a year ago, with excellent representation across all four major end markets. Not only does this build on the record design win year in 2025, it is another leading indicator of our takeout and revenue momentum in the years to come. Notable commercial engagements in the quarter included the following highlights. GF and Renesas announced a multibillion-dollar strategic partnership that expands Renesas' access to GF technologies, including FDX, BCD, and feature-rich CMOS with integrated non-volatile memory. These platforms will support SOCs, power devices, and MCUs for applications such as data center power, advanced driver assistance systems, and secure industrial IoT connectivity. Tape-outs under the broadened collaboration are already underway, and we believe this partnership will contribute meaningfully to our continued outperformance and ramp of our data center business over time. In automotive, we are particularly encouraged by the strong customer momentum around our new AutoGrade 1 embedded MRAM capability on FDX. This technology offers industry-leading 100 megahertz class access times for code execution directly from MRAM, combined with ultra-low power operation and proven endurance and reliability up to 150 degrees C. Our lead customers have taped out with this feature, and as highlighted in our recent announcement, we are seeing growing engagement and traction with tier ones such as Bosch as this technology moves towards production. This underscores the differentiated value of our SDX platform as automotive customers transition to a next generation of software-defined, real-time systems. In our smart mobile devices end market, we continue to secure additional design wins in the quarter that expand our reach into new applications and emerging form factors that benefit from the features we offer, such as low power, greater reliability, and superior RF performance. For example, in the first quarter, we secured two new design wins on our FTX platform for micro-LED backplanes used in smart glasses, a fast-growing market only starting to gain adoption. In the realm of robotics and physical AI, in March, GF announced a partnership with Innova Semiconductors to deliver a robotics control reference platform that combines MIPS Open RISC-V compute and mixed signal technologies with Innova's high-speed communication links. This physical AI reference platform will simplify robot design, reduce bomb costs, and accelerate time to market, enabling next-gen humanoids and advanced robotics. Finally, for optical networking, reported within our comms infrastructure and data center and market, we saw substantial forward momentum in both customer wins and pipeline. In the first quarter, we executed additional tape-outs for silicon photonics that reinforce our confidence that we are on track to roughly double our silicon photonics revenue in 26 and to achieve greater than one billion silicon photonics revenue run rate exiting 2028. GS is now designed in at three of the top four pluggable optical transceiver companies. Customers continue to provide excellent feedback on our suite of pluggable offerings that enable 1.6T solutions as well as a roadmap to 3.2T and beyond. With our proven record of high-volume manufacturing at scale, we believe we can sustain a strong growth trajectory in this area for years to come. Now let me address our third strategic pillar, the value and importance of GF's unique diversified manufacturing footprint. Recent world events have only reinforced the reality that faces business and government leaders around the globe. Concentrated supply chains are now subject to previously unimagined risks. The antidote lies in diversification, flexibility, and security, all three areas that GF is uniquely positioned to provide our customers. In a fragmented geopolitical environment, our three-continent manufacturing footprint across the US, Germany, and Singapore is a tremendously valuable asset for our customers. In particular, we have invested for years to cross-qualify fungible capacity across our FAB network. meaning a customer needs only design with GF once and gain the flexibility to manufacture out of three continents. A one-of-a-kind footprint provides supply chain resilience, closer proximity to end demand, and greater nimbleness to shift supply quickly as market demand changes. For many of our customers, geographic flexibility is no longer a nice-to-have. It is a requirement. As a result, we continue to see a meaningful increase in customer engagements and design win activities specifically linked to on-shoring. For example, last month, Apple announced a joint collaboration with Cirrus Logic and GF to bring new process technologies to our Malta, New York fab. This marks the first U.S. availability of this silicon platform that supports critical functions in upcoming Apple devices, including next-generation components used in Face ID systems. GF is proud to be a founding partner in Apple's American manufacturing program. We see this as another step in a growing partnership and just one notable example of our onshoring value proposition. We are not just partnering with customers to onshore semiconductor supply, we are also working closely with the governments of the US, Germany, and Singapore In the US in particular, support frameworks such as CHIPS grants and investment tax credits are an important element to our long-term strategic roadmap. And we continue to deepen our partnership with the US government, both for capacity growth as well as innovation and technology onshoring. In summary, I'm deeply proud of our team's execution in this quarter, which advanced GF across all three strategic pillars. With our deep and differentiated technology portfolio, we are reaping the benefits of years of innovation With our customer-first approach and design enablement capabilities, we remain the partner of choice. With our unique and diversified scaled manufacturing footprint, we are empowering the global onshoring megatrend. All of these place GF at the heart of the industry transformations to come. I'll now pass the call over to Sam for a deeper dive on first quarter 2026 financials.