艾克爾 (AMKR) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology fourth-quarter and full-year 2025 earnings conference call. My name is Diego, and I will be your conference facilitator today. (Operator Instructions) As a reminder, this conference is being recorded.

各位女士、先生，大家好，歡迎參加安靠科技2025年第四季及全年業績電話會議。我叫迭戈，今天我將擔任你們的會議主持人。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the call over to Jennifer Jue, Head of Investor Relations. Ms. Jue, please go ahead.

現在我將把電話交給投資者關係主管珍妮佛朱。Jue女士，請繼續。

Good afternoon, and welcome to Amkor'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.

下午好，歡迎參加安靠集團2025年第四季財報電話會議。今天和我一起出席的有執行長凱文·恩格爾和財務長梅根·福斯特。我們已於今天下午向美國證券交易委員會提交了盈利新聞稿，該新聞稿以及今天電話會議的演示文稿均可在公司網站的投資者關係頁面上找到。

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.

在本次簡報中，我們將使用非GAAP財務指標，您可以在投影片中找到與可比較GAAP財務指標的調整表。今天，我們將根據我們目前的信念、假設和預期發表一些前瞻性聲明。有關前瞻性聲明的免責聲明，請參閱我們的新聞稿；有關可能影響我們未來業績的風險因素和不確定性的討論，請參閱我們向美國證券交易委員會提交的文件。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

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 Amkor. 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 Giel for his leadership and vision, which guided us to where we are today.

謝謝你，珍妮弗。各位下午好，感謝各位今天參加我們的節目。在公佈結果之前，我想先表達我的榮幸，這是我第一次以Amkor首席執行官的身份與各位交談。我感謝董事會對我的信任，讓我帶領公司進入下一個發展階段。我要感謝吉爾的領導能力和遠見卓識，正是他的領導和遠見卓識引領我們走到今天。

Having spent more than two decades with Amkor, 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 in periods of uncertainty. Amkor is an exceptional organization with a team dedicated to delivering customer value and advancing leading-edge technologies.

在安靠公司工作了二十多年，我親眼見證了員工的實力、客戶的信任，以及我們與時俱進、靈活適應市場變化並在不確定時期成功應對市場轉型的能力。Amkor是一家卓越的企業，其團隊致力於為客戶創造價值並推動尖端技術的發展。

My leadership approach is grounded in transparency, disciplined execution, and a strong customer focus. I'm energized to lead Amkor as we enter the next chapter of growth.

我的領導方式以透明、嚴謹的執行和以客戶為中心為基礎。我充滿熱情地帶領安固集團邁入下一個發展篇章。

I'll turn to our fourth-quarter performance. Amkor delivered strong fourth-quarter results to close out a dynamic year. Q4 revenue was $1.89 billion, and EPS was $0.69 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.

接下來我將談談我們第四季的業績。Amkor第四季業績強勁，為充滿活力的一年畫上了圓滿的句點。第四季營收為 18.9 億美元，每股收益為 0.69 美元，超出我們預期的上限。所有終端市場均超出預期，其中以通訊產業的成長最為顯著，這主要得益於iOS需求的強勁成長。

For the full year, revenue grew 6% to $6.7 billion. Computing continued its multiyear acceleration. Automotive delivered strong advanced content growth. Consumer demand improved, and communication stabilized with a key socket gang. Our team executed exceptionally well, navigating shifts in market conditions, a fluid geopolitical environment with agility and precision, which enabled us to deliver strong fourth-quarter results.

全年營收成長 6%，達到 67 億美元。電腦技術繼續保持多年的快速發展勢頭。汽車產業實現了強勁的高級內容成長。消費者需求改善，與關鍵插座組的通訊趨於穩定。我們的團隊表現出色，靈活精準地應對了市場狀況的變化和瞬息萬變的地緣政治環境，從而取得了強勁的第四季業績。

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.

回顧 2025 年，這一年我們在策略的各個支柱方面都取得了實質進展。我們透過與人工智慧和高效能運算領域的深度客戶互動，實現了創紀錄的高階運算收入。我們成功地將首批高密度扇出專案投入大規模生產，拓展到多個客戶，並為我們的平台在 2026 年的強勁發展勢頭奠定了基礎。

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.

在越南的營運方面，我們取得了穩步進展，第四季度實現了盈虧平衡。我們在亞利桑那州的校區也破土動工，第一期工程目前正在興建中。總而言之，這些成就鞏固了我們的策略地位，擴大了我們的全球影響力，並加強了我們與塑造半導體產業的最快成長的大趨勢的契合度。

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.

現在，讓我向大家報告我們的策略舉措的最新進展。我們的策略依然穩固，並與當前市場動態高度契合。隨著我們進入下一個成長階段，我們看到了進一步加強執行力的機會，同時繼續紮根於我們的三大戰略支柱：第一，提升我們的技術領先地位；第二，擴大我們的地域覆蓋範圍；第三，加強戰略合作夥伴關係並聚焦市場。這些支柱一直是我們進步的核心，並將繼續塑造我們前進的道路，以支持對先進包裝的加速需求，並為我們的客戶提供更大的韌性、靈活性和價值。

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.

在技​​術領先方面，我們將繼續投資於先進的封裝平台，包括HDFO、倒裝晶片和測試，這些對於下一代人工智慧和高效能運算至關重要。

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.

2026年，我們的重點是在這些平台上推出新項目。除了我們之前討論過的兩款 HDFO PC 設備之外，我們還有兩個額外的項目和最終的 HDFO 支援 AI 資料中心的資格認證。

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.

我們的韓國團隊正在為下半年大規模推出這兩個項目做準備。我們2026年的設備投資大多集中在HDFO和測試方面。隨著人工智慧和高效能運算需求的持續成長，我們已做好充分準備，推動下一波先進產品的湧現。

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.

我們正在擴大業務範圍，為客戶提供多樣化的區域性先進包裝和測試方案。我們在亞洲、歐洲以及即將進入的美國均設有分支機構，這為客戶帶來了實際的供應鏈彈性。

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.

2026 年，我們的重點工作包括完成亞利桑那州工廠的建設里程碑、擴大韓國和台灣的先進封裝產能，以及繼續擴大在越南的規模。越南持續的產能提升，包括從韓國向越南轉移SIP產品，預計將為韓國的HDFO和測試成長騰出製造空間。這為我們在亞利桑那州的工廠投入營運提供了必要的靈活性。

We're also working closely across the ecosystem with foundries, fabless companies, IDMs, and OEMs to align technology road maps and scale capacity. In 2026, our focus is on enhancing these partnerships with clear milestones and investment commitments.

我們也與整個生態系統中的代工廠、無晶圓廠公司、整合裝置製造商和原始設備製造商密切合作，以協調技術路線圖並擴大產能。2026 年，我們的重點是加強這些合作關係，並制定明確的里程碑和投資承諾。

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.

例如，今年開始量產的 HDFO CPU 設備之一包含了客戶對我們產能投資的支持承諾，這表明我們的三大支柱是如何緊密結合以支持 AI 市場擴張的。在所有三大支柱中，我們仍然專注於透過卓越營運、日本的優化、越南產能提升效率、更有利的定價環境以及持續向高價值先進封裝的混合轉型來提高利潤率。我們期待在五月的投資者日上分享更多細節。

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.

預計 2026 年全年，營收成長將主要得益於運算領域的持續加速發展（預計成長超過 20%）以及先進汽車領域的持續強勁成長。預計我們其餘業務的成長將達到個位數。我們將繼續關注出口管制和貿易政策，以及基板、先進矽和記憶體供應方面的動態。我們在第一季的指導方針中已經考慮了這些因素。

With a strong technology roadmap, targeted capital investments, and deep customer partnerships, Amkor is well-positioned to enable the industry's next wave of innovation.

憑藉強大的技術路線圖、有針對性的資本投資和深厚的客戶合作關係，Amkor 已做好充分準備，引領業界下一波創新浪潮。

I will now turn the call over to Megan to provide more details on our fourth-quarter performance and near-term outlook.

現在我將把電話交給梅根，讓她詳細介紹我們第四季的業績和近期展望。

Thank you, Kevin, and good afternoon, everyone. Fourth-quarter revenue was $1.89 billion, down 5% sequentially and up 16% year on year. The sequential decline reflected typical seasonal trends in communications and consumer, following strong Q3 builds, partially offset by continued strength in advanced automotive.

謝謝你，凱文，大家下午好。第四季營收為 18.9 億美元，季減 5%，年增 16%。繼第三季強勁成長之後，通訊和消費品產業的環比下滑反映了典型的季節性趨勢，但先進汽車產業的持續強勁成長部分抵消了這一下滑。

In communications, revenue grew 28% year on year in Q4 and 1% for the full year, reflecting a stronger footprint in the current generation of iOS phones and healthy demand across both iOS and Android ecosystems.

在通訊領域，第四季營收年增 28%，全年成長 1%，這反映出當前一代 iOS 手機的市佔率不斷擴大，以及 iOS 和 Android 生態系統的良好需求。

Computing revenue increased 6% year on year in the fourth quarter and 16% for the full year, driven by strength in AI-related PC devices and networking infrastructure.

第四季運算業務營收年增 6%，全年成長 16%，主要得益於人工智慧相關 PC 設備和網路基礎設施的強勁成長。

Automotive and industrial revenue increased 25% year on year in Q4 and 8% for the full year, driven by strength in advanced automotive content for ADAS applications. Mainstream automotive continued a gradual recovery in Q4, marking the third-consecutive quarter of sequential growth.

第四季汽車和工業收入年增 25%，全年成長 8%，這主要得益於 ADAS 應用的先進汽車零件的強勁表現。主流汽車產業在第四季持續逐步復甦，連續第三個季度實現環比成長。

In consumer, revenue declined 10% year on year in the fourth quarter reflecting the product life cycle of a high-volume wearable product introduced in the second half of 2024. For full year, consumer grew 9% with growth driven by both a full year of the wearable product and a broad improvement across traditional consumer applications.

在消費領域，第四季營收年減 10%，反映了 2024 年下半年推出的高銷量穿戴產品的產品生命週期。全年來看，消費者成長了 9%，成長主要得益於穿戴式產品全年的銷售以及傳統消費者應用領域的全面改善。

Gross profit for the quarter was $315 million, which included a benefit of approximately $30 million from asset sales as noted in guidance for the quarter. Gross margin was 16.7%. Operating expenses for the quarter were $130 million. Operating income was $185 million, and operating income margin was 9.8%.

本季毛利為 3.15 億美元，其中包括本季業績指引中提到的資產出售收益約 3,000 萬美元。毛利率為16.7%。本季營運支出為1.3億美元。營業收入為 1.85 億美元，營業利益率為 9.8%。

Our effective tax rate for the quarter was 4.8%, primarily due to discrete tax benefits related to the recognition of deferred tax assets. Net income was $172 million resulting in EPS of $0.69. EBITDA was $369 million, and EBITDA margin was 19.5%.

本季實際稅率為 4.8%，主要原因是確認遞延所得稅資產所帶來的特定稅收優惠。淨利潤為 1.72 億美元，每股收益為 0.69 美元。 EBITDA 為 3.69 億美元，EBITDA 利潤率為 19.5%。

Now, let's turn to our full-year performance. 2025 revenue increased 6% to $6.7 billion. All end markets grew, and we achieved record revenue in the computing end market. Advanced packaging revenue also set a new record, growing 7% year on year, driven by growth in computing, automotive, and consumer.

現在，讓我們來看看全年業績。 2025年營收成長6%，達67億美元。所有終端市場均實現成長，我們在電腦終端市場取得了創紀錄的收入。先進封裝收入也創下新紀錄，年增 7%，這主要得益於電腦、汽車和消費品產業的成長。

Full-year gross profit was $939 million, and gross margin was 14%, which includes a 90-basis-point headwind from the ramp up of our Vietnam facility. Operating income was $467 million, and operating income margin was 7%.

全年毛利為 9.39 億美元，毛利率為 14%，其中包括越南工廠投產帶來的 90 個基點的不利影響。營業收入為 4.67 億美元，營業利益率為 7%。

Our full-year effective tax rate was 15.4%, lower than anticipated due to the discrete tax benefits recognized in the fourth quarter. Net income for the year was $374 million, resulting in EPS of $1.50. EBITDA was $1.16 billion, and EBITDA margin was 17.3%.

由於第四季度確認了單獨的稅收優惠，我們全年的實際稅率為 15.4%，低於預期。該年度淨利潤為 3.74 億美元，每股收益為 1.50 美元。 EBITDA 為 11.6 億美元，EBITDA 利潤率為 17.3%。

Capital expenditures for 2025 were $905 million, lower than our guidance due to the timing of cash payments for our Arizona facility. These investments remain in our plan and will shift into 2026. Full-year free cash flow was $308 million.

2025 年的資本支出為 9.05 億美元，低於我們的預期，原因是亞利桑那州工廠的現金支付時間表。這些投資仍在我們的計劃之中，並將推遲到 2026 年進行。全年自由現金流為3.08億美元。

Throughout 2025, we proactively positioned our balance sheet without its strength and flexibility, meaningfully enhancing liquidity. At year end, we held $2 billion in cash and short-term investments, and total liquidity was $3 billion, a 30% increase from the prior year. Total debt was $1.4 billion, and debt to EBITDA ratio was 1.2 times.

2025 年全年，我們積極調整資產負債表，增強其實力和靈活性，從而顯著提高流動性。截至年底，我們持有 20 億美元的現金和短期投資，總流動資金為 30 億美元，比前一年增長了 30%。總負債為 14 億美元，負債與 EBITDA 比率為 1.2 倍。

Now, turning to our outlook, Q1 2026 revenue is expected to be between $1.6 billion and $1.7 billion, representing a 25% year-on-year increase at the midpoint. We see strong growth year on year in communications, computing, and the automotive and industrial end markets.

現在，展望未來，預計 2026 年第一季的營收將在 16 億美元至 17 億美元之間，其中數值表示年增 25%。我們看到通訊、電腦以及汽車和工業終端市場逐年強勁成長。

Gross margin is projected to be between 12.5% and 13.5%. We expect operating expenses to increase to approximately $135 million as we continue to invest in R&D for anticipated growth. Our full-year effective tax rate is expected to be around 20%. Net income is forecasted to be between $45 million and $70 million resulting in EPS between $0.18 and $0.28, a strong start to the year.

預計毛利率將在 12.5% 至 13.5% 之間。隨著我們繼續加大研發投入以滿足預期成長，預計營運費用將增加至約 1.35 億美元。預計我們全年的實際稅率約為 20%。預計淨收入將在 4,500 萬美元至 7,000 萬美元之間，每股收益將在 0.18 美元至 0.28 美元之間，這將是一個強勁的開年。

2026 CapEx is expected to increase to a range of $2.5 billion to $3 billion. 65% to 70% is projected for facility expansion, including Phase 1 of our Arizona campus. About 30% to 35% is projected for HDFO, test, and other advanced packaging capacity. The remaining spend is projected for R&D and quality programs.

預計2026年資本支出將增加至25億至30億美元。其中65%至70%預計將用於設施擴建，包括我們亞利桑那州園區的1期工程。預計 HDFO、測試和其他先進包裝產能將佔 30% 至 35%。剩餘的支出預計將用於研發和品質控制項目。

In closing, our fourth-quarter and full-year 2025 results reflect Amkor's focus and discipline on executing our strategic pillars. We enter 2026 with strong momentum, a clear strategy, and an investment agenda to enable our next chapter of growth.

最後，我們2025年第四季和全年業績反映了安靠集團在執行策略支柱方面的專注和嚴謹。我們帶著強勁的發展勢頭、清晰的策略和投資計畫進入 2026 年，這將開啟我們下一個成長篇章。

This concludes our prepared remarks. We will now open the call up for your questions. Operator?

我們的發言稿到此結束。現在開始接受大家的提問。操作員？

(Operator Instructions) Charles Shi, Needham & Company.

（操作說明）Charles Shi，Needham & Company。

Hi, thanks for taking my question. Kevin, Megan, especially Kevin, welcome on board. I'm looking forward to working with you going from here.

您好，感謝您回答我的問題。凱文、梅根，特別是凱文，歡迎加入我們。我期待著接下來與您合作。

Maybe the first question regarding your CapEx guidance, obviously, that's well above what we thought. So when you announced -- when Amkor announced the plan in Arizona, there was a $7 billion total CapEx investment. So we automatically thought that was like a more incrementally, you're going to do that over multiple years. But if we kind of have to guess that embedded in your pretty large CapEx guidance, a good amount of that investment can going to be a little bit more from loading than we thought.

或許第一個問題是關於你們的資本支出預期，顯然，這遠高於我們的預期。所以，當你們宣布——當Amkor在亞利桑那州宣布該計劃時，總資本支出投資為70億美元。所以我們自然而然地認為，這應該是一個循序漸進的過程，需要幾年才能完成。但如果我們必須猜測，在你相當龐大的資本支出指引中，相當一部分投資可能比我們預想的要多一些，例如裝卸貨。

So wonder, is there something we kind of missed or what has changed over the last three or four months? I didn't notice you mentioned that there was a customer commitment for a data center HDFO project that feels like that has played a role there. Mind if you give us some sense on why the CapEx numbers are so high and what's the reason for that? Thank you.

所以我想知道，是不是我們錯過了什麼，或是在過去的三個月或四個月裡發生了什麼變化？我沒注意到你提到過客戶對資料中心 HDFO 專案的承諾，感覺這可能在其中發揮了作用。能否解釋一下為什麼資本支出數字如此之高，以及背後的原因？謝謝。

Yeah, sure. Thanks, Charles. Good to hear from you. So I think you're going to have to break it into two pieces. If you look at the CapEx projection, again, what Megan highlighted in her prepared remarks, it about 65% to 70% of that is for facilities. So then you take that percentage, and let's talk about the US spend.

當然可以。謝謝你，查爾斯。很高興收到你的來信。所以我覺得你得把它分成兩個部分。如果你看一下資本支出預測，正如梅根在她準備好的演講稿中所強調的那樣，其中大約 65% 到 70% 用於設施建設。那麼，我們就用這個百分比來討論美國的支出狀況。

So when we talk about the US, the $7 billion, we talked about two-phased approach. Phase 1 is you can think about half of that $7 billion. And then the construction is about 60% of that. So and then if you think about the construction timeframe that we talked about, we talked about the building being completed in 2027, basically around middle of the year. So if you kind of overlay that together, you can imagine that between this year and the first half of next year, you get an idea of that capital spending for the Phase 1 build out.

所以當我們談到美國那70億美元時，我們談到了兩階段實施的方法。第一階段，你可以把這70億美元的一半考慮進去。然後，建築成本約佔其中的 60%。所以，如果你想想我們之前討論過的施工時間，我們說過這棟建築將在 2027 年竣工，基本上就是年中左右。所以，如果你把這些加在一起，你就可以想像，從今年到明年上半年，你就能大致了解第一階段建設的資本支出狀況。

In general, if you talk about the other portion of the CapEx, the 30% to 35% that's equipment, I think there's a couple key things to highlight there. Obviously, that's not equipment for US manufacturing. That's all in support of Korea, supporting the HDFO and test, as well as 300-millimeter capacity expansion in Taiwan. That is an increase year on year, pretty significantly, about a 40% increase on equipment, and that just highlights the strong demand that we're seeing in this advanced packaging area.

一般來說，如果你談到資本支出的另一部分，也就是佔30%到35%的設備部分，我認為有幾點需要強調。顯然，這並非美國製造業所需的設備。這一切都是為了支持韓國，支持HDFO測試，以及台灣300毫米產能的擴張。與去年相比，設備需求顯著成長，增幅約 40%，這充分體現了我們在先進包裝領域所看到的強勁需求。

On the commitment side, let me touch on that. So obviously, we're not going to talk about the details of commitments, but in general, that comes in multiple forms. There could be items like a prepayment agreement or loading agreements, other things that give us confidence that we're going to have high utilization in that facility once it's ready.

關於承諾方面，我想談談我的看法。顯然，我們不會討論承諾的細節，但總的來說，承諾有多種形式。可能包括預付款協議或裝載協議等條款，這些都能讓我們確信，一旦該設施準備就緒，我們將能夠實現高利用率。

Thanks. Maybe a follow-up question on the CapEx. So at least for your Arizona facility, you do have a 35% investment tax credit. You may also have that the CHIPS Act, the direct funding that's available to you. We know that the US companies benefiting from those programs, there's a little bit of a varied in terms of how they guide CapEx, some were guiding growth. CapEx, some were guiding net CapEx.

謝謝。或許可以就資本支出問題提出後續問題。所以至少對於您在亞利桑那州的工廠來說，您可以享受 35% 的投資稅收抵免。您可能還可以獲得《兒童健康保險計劃法案》(CHIPS Act) 的直接資助。我們知道，從這些計劃中受益的美國公司在引導資本支出方面存在一些差異，有些公司是為了促進成長。資本支出，其中一些是淨資本支出。

So Megan, this is question for you. What's the number -- CapEx number? Is it the growth or is it the net? And if it's growth, how should we think about how to flow through the benefits government subsidies into the numbers, into our models? Thank you.

梅根，這個問題要問你。具體數字是多少－資本支出數字？是成長還是網？如果目標是成長，我們應該如何考慮如何將政府補貼帶來的好處轉化為實際數據，轉化為我們的模型？謝謝。

Yeah, great question, Charles. So those government incentives as well as the investment tax credits as well as the grants, those are going to come in on a lag. So you're highlighting a really good point that the Arizona CapEx is going to be frontloaded. And so our Arizona investment most likely could peak in '26 because we'll start to have those benefits come through subsequent to the investment periods.

是的，查爾斯，問得好。因此，政府的激勵措施、投資稅收抵免以及補助金等，都會有一段時間才能到位。所以你強調的這一點非常重要，那就是亞利桑那州的資本支出將集中在前期。因此，我們在亞利桑那州的投資很可能在 2026 年達到頂峰，因為在投資期結束後，我們將開始獲得這些收益。

So to come around to your original question, there's really minimal offsets in our guide with regards to investments benefits. And going forward, we will net those. But this is a net position, but there's really minimal in the 2026 guide.

所以回到你最初的問題，我們的指南中關於投資收益的抵銷條款真的很少。接下來，我們將努力實現這些目標。但這只是一個淨位置，2026 年指南中的內容確實很少。

(Operator Instructions) Craig Ellis, B. Riley Securities.

（操作說明）Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question. I wanted to follow up on some of the full-year end-market color, which was very helpful. And as I do, Kevin, welcome. Good luck in the role, and I look forward to working with you.

好的，謝謝你回答這個問題。我想了解一些全年的終端市場狀況，這對我很有幫助。凱文，歡迎你。祝您在新職位上一切順利，期待與您共事。

So I'll start with computing. In the 20% year-on-year growth, can you help us with color on how the potential size of the two data center HDFO programs might compare to the existing PC-related programs? And as you look at the data center contribution in 2026, would you expect those programs to be at full volume by the time we exit the year, or are they still ramping up as we exit the year? Just some additional color on how that plays out will be helpful.

那我就從計算機科學開始吧。在 20% 的年增長率中，您能否為我們詳細說明一下，這兩個資料中心 HDFO 專案的潛在規模與現有的 PC 相關專案相比如何？展望 2026 年資料中心的貢獻，您認為到年底這些專案會達到滿載運轉，還是到年底它們仍在逐步推進？如果能再補充一些關於事情如何發展的細節就更好了。

Okay. Hey, Craig, and thanks for the remarks. We think about the Compute segment, maybe I'll focus on the Q1 color first.

好的。嘿，克雷格，謝謝你的評論。我們考慮一下計算領域，也許我會先專注在第一季的顏色。

We talked about 20% year-on-year growth for the year. What we're talking about there is again, you need to remember that compute is obviously PC as well as data center. If we look at the PC market in general, that's showing some headwinds. I'd say that's relatively soft compared to data center. And if we pivot that over to on the technology side and we look at the 2.5D and HDFO platforms, we're expecting that to nearly triple over the course of this year.

我們討論了今年年增20%的情況。我們在這裡要討論的是，你需要記住，計算顯然既包括個人電腦也包括資料中心。如果我們縱觀整個個人電腦市場，就會發現它正面臨一些不利因素。我覺得這比資料中心容易得多。如果我們把目光轉向技術方面，看看 2.5D 和 HDFO 平台，我們預計今年內其規模將增長近三倍。

Commenting on the devices that are ramping, we would expect one of those to be in very high volume. It'll be a pretty steep ramp. The other one is also ramping, hard to project if it'll really be full volume towards the end of the year, but definitely meaningful revenue contribution.

就目前產能正在提升的設備而言，我們預期其中一款設備的產量會非常高。那將是一個相當陡峭的斜坡。另一款產品也在逐步增產，很難預測到年底是否真的能達到滿載生產，但肯定會對收入做出重大貢獻。

Got it, that's helpful. And then, Megan, going back to one of the questions Charles asked just on investment, it certainly seems like you'll have a lot of help from credits and government funding next year. But to the extent that you would need to augment your current cash balance with supplements, are you able to take advantage of debt markets that historically have been very attractive, such as Japan, to provide any additional cash as we work through this first phase of increased investment?

明白了，這很有幫助。然後，梅根，回到查爾斯之前問的一個關於投資的問題，看來你明年肯定會得到很多信貸和政府資助的幫助。但是，如果您需要透過補充資金來增加您目前的現金餘額，您是否能夠利用歷史上非常有吸引力的債務市場（例如日本）來提供任何額外的現金，以便我們能夠順利完成第一階段的增資工作？

Hey, Craig. Yes. So as we had mentioned, a significant portion of funding will come from government incentives on the total project, so that could be upwards of $2.85 billion.

嘿，克雷格。是的。正如我們之前提到的，很大一部分資金將來自政府對整個計畫的激勵措施，因此可能高達 28.5 億美元。

I also want to comment before we talk about the debt capacity that we do have, I would say, commitments from customers. Also, we have some that have already been executed and others that are in discussion. So we expect that that will also contribute to funding.

在我們討論現有的債務能力之前，我還想補充一點，那就是我們目前擁有的債務能力，也就是來自客戶的承諾。此外，我們還有一些已經執行的方案，以及一些正在討論中的方案。因此我們預計這也將有助於資金籌集。

And then as it relates to the Amkor finance piece, we have been preparing for this for some time to give us, I would say, the flexibility on how to manage that. So yes, we do have access to debt capacity in various forms, especially being at only 1.2 times debt to EBITDA. So we are evaluating those options carefully, and we will manage that in order to optimize that return to shareholders.

至於安靠的財務方面，我們已經為此準備了一段時間，以便讓我們在管理方面擁有更大的靈活性。所以，是的，我們確實可以透過各種形式獲得債務融資，尤其是目前債務與 EBITDA 的比率僅為 1.2 倍。因此，我們正在仔細評估這些方案，並將進行妥善管理，以最大限度地提高股東回報。

That's very helpful. Thank you.

那很有幫助。謝謝。

Randy Abrams, UBS.

瑞銀集團的蘭迪·艾布拉姆斯。

Yes, hi, thank you. Yeah, my first question wanted to just touch more on the outlook outside of the advanced packaging. The other segments for the single-digit growth, could you talk about the puts and takes within that for comms, the iOS versus Android, and also the SIP programs, if you expect much on the consumer or a communication SIP and then into the auto industrial. Just want to see a bit more color what you're seeing across the other markets outside the compute.

是的，你好，謝謝。是的，我的第一個問題只是想更多地探討先進封裝技術以外的前景。對於其他實現個位數成長的細分市場，您能否談談其中的利弊，例如通訊領域、iOS 與 Android 的競爭，以及 SIP 程序，您是否對消費者或通訊 SIP 以及汽車產業抱有很大期望？想更詳細地了解計算領域以外的其他市場的情況。

Hey, Randy. So let me have a couple of comments here. So some of this will be more market-driven data rather than what we're seeing internally. But let me give you some color at least.

嘿，蘭迪。我想在這裡補充幾點。因此，其中一些數據更多是市場驅動型數據，而不是我們內部觀察到的情況。但至少讓我為你們增添一些色彩吧。

On comms, obviously, market data would project that the phone units are roughly flat. I think there's some potential benefits there as there continues to be more of this shift towards premium tier. And typically that would benefit Amkor due to our content and the more premium phones.

顯然，通訊領域的市場數據顯示，手機銷量大致持平。我認為隨著這種向高端市場轉變的趨勢不斷增強，這其中蘊含著一些潛在的好處。通常情況下，這將有利於Amkor，因為我們擁有內容和更高階的手機。

When we think in compute, again, the PC market, projected to be slightly down on units. So that's a little bit of headwind. But then we continue to expect the shift to AI applications as well as more ARM-based, where again, that benefits Amkor a little bit, basically because we're moving from a vertically integrated kind of IDM model versus outsourced -- sorry, outsourced fabless company type model with ARM.

當我們再次談到計算領域時，個人電腦市場預計銷量將略有下降。所以這算有點逆風吧。但我們仍然期待向人工智慧應用以及更多基於 ARM 的架構的轉變，這再次對 Amkor 有利，主要是因為我們正在從垂直整合的 IDM 模式轉向外包——抱歉，是外包的無晶圓廠公司模式，採用 ARM。

Then on auto and industrial, again, expected overall unit sales in cars to be roughly flat, continued migration over to hybrid NEVs. That's helping to continue to increase the semi content per car.

在汽車和工業領域，預計汽車總銷量將大致持平，並繼續向混合動力新能源汽車轉型。這有助於持續提高每輛車的拖車比例。

So we basically are seeing on the mainstream side, very slow recovery. We have seen three quarters of positive direction in mainstream. We expect to continue that slow progression out of the trough.

所以，從主流市場來看，復甦非常緩慢。我們已經看到主流媒體朝著正面的方向發展了四個季度。我們預計將繼續緩慢走出低谷。

And then on the advanced side, again, think about things like computing in the car, ADAS, infotainment. That's an area we're seeing very strong growth for this year. So very, very positive momentum there.

然後，在更高級的方面，再想想車載計算、ADAS、資訊娛樂系統之類的東西。這是今年我們看到成長非常強勁的領域。所以目前形勢非常非常正面。

So I think overall, and then on the consumer side, again, I think that'll be heavily driven by consumer sentiment and new product launches potentially. But in general, what we see across that kind of non-AI, non-advanced auto area is that it will be single-digit type growth.

所以我認為總體而言，再從消費者的角度來看，我認為這將在很大程度上受到消費者情緒和新產品發布的影響。但總的來說，我們看到在非人工智慧、非先進汽車領域，成長速度將只有個位數。

Okay, thanks for the color on those. And if I could follow up, then it might be a question for Megan on the outlook for the margins. I think, first, just into first quarter, is that the leverage effect in the one-time coming out for the lower guide for Q1?

好的，謝謝你提供的配色資訊。如果我能繼續追問，那麼關於利潤率前景的問題，或許可以問梅根。我認為，首先，就第一季而言，一次性下調第一季業績預期是否會產生槓桿效應？

And then as we go through the year with the mix more toward the advanced packaging, which I think you said is accretive, but want to see as it ramps in the ramp-up phase, if you're at the point it's a creative how to think about the incremental leverage with the stronger growth out of the Compute segment?

然後，隨著我們今年的業務組合更多地轉向先進封裝，我想您說過這會帶來增長，但我想看看在增長階段，當它加速發展時，如果您正處於一個需要創造性思考如何利用計算領域更強勁的增長來發揮增量槓桿作用的階段？

Thanks, Randy. Yeah, so for Q1, the guide at the midpoint of 13%, there is the, I'm going to say, asset sale that happened in Q4 that's going to impact that flow through. Without that, the sequential flow through would pretty much be in line with our 30% model. We are -- sequentially, there is some favorable product mix, and then that's being offset by some incremental costs.

謝謝你，蘭迪。是的，所以對於第一季度，指導值中位數為 13%，但第四季度發生的資產出售將會影響到這一成長。如果沒有那部分，順序流程將基本上符合我們的 30% 模型。從順序上看，我們有一些有利的產品組合，但這些優勢被一些新增成本所抵消。

When I look year over year, there is a, I would say, material content impact as well as some potential currency headwinds that are impacting that. So Q1 is typically our seasonally lowest top line but also bottom line.

從年比來看，我認為存在實質的內容影響，以及一些潛在的匯率不利因素。所以第一季通常是我們營收和利潤都最低的季度。

As it relates to the full year, we're able to see good progression in the profit initiatives that Kevin had outlined in prepared remarks such that we would anticipate being able to achieve that 30% incremental flowthrough, absent the one-time asset sale.

就全年而言，我們看到凱文在準備好的發言稿中概述的盈利計劃取得了良好的進展，因此我們預計，在不進行一次性資產出售的情況下，能夠實現 30% 的增量利潤。

Okay, great. Thanks, Kevin and Megan.

好的，太好了。謝謝凱文和梅根。

Ben Reitzes, Melius Research.

本‧雷茨，梅利烏斯研究公司。

Yeah, hi. How are doing? Welcome, Kevin. Good to be talking with you.

嗨，你好。你好嗎？歡迎你，凱文。很高興能和你聊天。

I wanted to ask about comms again, because I know it was mentioned in a prior question, but be a little more specific, because Qualcomm's guidance obviously indicated a pretty severe decline in the Android, and you tend to have much higher exposure to your large customer and the premium tier. So I was just wondering if you could be a little more specific about the guide for the quarter and the year in terms of comms. It would seem like it'd be significantly, meaningfully better than flat, just given those premium tier and who you're exposed to, but I just wanted to be sure. Thanks.

我想再次詢問有關通信方面的問題，因為我知道之前有人提到過，但我想更具體地說明一下，因為高通的指導意見顯然表明安卓業務出現了相當嚴重的下滑，而你們往往對大客戶和高端客戶群的依賴程度更高。所以我想問一下，能否更具體地說明本季和本年度的溝通指南？考慮到高級會員等級以及你接觸到的人群，它似乎會比普通會員好得多，但我只是想確認一下。謝謝。

Yeah, thanks Ben. So a couple things. I think when we think about iOS, obviously, and I'm talking more about Q1 at this point. I think about iOS, we're exiting a pretty solid cycle in the phone launches, so I'd say that we're pretty positive on what we're seeing for Q1.

謝謝你，本。有兩件事。我認為當我們談到 iOS 時，顯然，我現在更多地是在談論第一季的情況。我認為 iOS 系統目前正處於手機發布週期的尾聲，所以對第一季的前景相當樂觀。

For Android, you're right. I think what we're seeing is that, and maybe this is related to memory and other things, but we're continuing to see relative strength in Android. And it may be a little bit of a step down, but in general, nothing that's concerning for us. And again, that could be related to the shift to more premium where we participate a little more heavily.

對於安卓系統來說，你說得對。我認為我們看到的情況是，這或許與記憶體和其他因素有關，但我們仍然看到安卓系統相對強勢。這或許算得上是略有退步，但總的來說，這對我們來說沒什麼好擔心的。這或許與我們更參與高端市場有關。

Okay, got it. Thanks. And then with regard to the Arizona project, do you mind just clarifying a little bit more on your partnership with TSMC? How's that progressing? How does that impact that CapEx guidance of yours, and how's the partnership going? Obviously, significant shortages being reported out of them or like be some and it seems like they really need your help so just hoping for a bit of an update there on them. Thanks.

好的，明白了。謝謝。那麼關於亞利桑那州的項目，您能否再詳細解釋一下您與台積電的合作關係？進展如何？這會對你們的資本支出預期產生什麼影響？合作進展如何？顯然，據報導他們那裡出現了嚴重的物資短缺，或者說某些物資短缺，他們似乎真的需要你的幫助，所以只是希望能夠得到一些關於他們的最新消息。謝謝。

Yeah, thanks for the question. Obviously, US manufacturing is still a couple years away. So when we think about the constraints today, slightly different dynamics, we're trying to support those dynamics out of our Korea facility, a little bit out of Taiwan as well.

謝謝你的提問。顯然，美國製造業還需要幾年時間才能發展起來。所以，當我們考慮當今的限制因素和略有不同的動態時，我們正在努力透過我們在韓國的工廠來支持這些動態，也透過我們在台灣的部分工廠來支持。

You would think about the partnership with TSMC. I'd say that discussion continues. We have a very strong ongoing relationship on technology, as well as what type of manufacturing is going to be needed in the US. And then you can imagine that collaboration also kind of spirals down to the end customers that are going to ultimately benefit from that US supply chain.

你會考慮與台積電的合作。我認為這場討論還會繼續。我們在技術方面以及美國未來需要什麼樣的製造業方面都保持著非常牢固的合作關係。然後你可以想像，這種合作也會像螺旋一樣向下延伸到最終客戶，他們最終將從美國供應鏈中受益。

If I think about the overall interest level for the US is continuing to increase. If you go back to our -- as an example, our groundbreaking in October last year, that groundbreaking had many customers that attended that, just again, reinforcing their interest. And it was really across all of the markets that we support. So it was communications, comms, automotive, as well as even customers that support consumer products.

我覺得美國整體的興趣水準正在持續上升。例如，回顧我們去年十月的奠基儀式，當時有許多客戶出席，這再次增強了他們的興趣。而這種情況確實遍及我們所支持的所有市場。所以，涉及的領域包括通訊、汽車，甚至包括支援消費品的客戶。

So we feel really good about the momentum from the customer perspective and expect that to increase as we start to build out the facility.

因此，我們對客戶方面的發展勢頭感到非常滿意，並預計隨著我們開始建造該設施，這種勢頭還會增強。

Okay, thanks.

好的，謝謝。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. First question, Megan, I'm kind of struggling with the plan for the balance sheet for the coming year. Fully recognizing that obviously you're going to have government benefit inflows after you put the cash out, but relative to doing a couple hundred million dollars of free cash flow in 2005 (sic - 2025), and I assume excess cash on the balance sheet, can you maybe help us maybe prepare for how much of a debt increase you're going to have to do during the year, the timing, and how quickly you've then de-leveraged after that, maybe in '27? And then I have follow-up.

您好，下午好。梅根，第一個問題是，我對來年的資產負債表計畫有點不知所措。我們完全理解，在您發放現金後，肯定會有政府補貼流入，但相對於 2005 年（原文如此 - 2025 年）產生數億美元的自由現金流，並且我假設資產負債表上有盈餘現金，您能否幫助我們預估一下您在這一年中需要增加多少債務，增加債務的時間安排，以及之後（比如在 2027 年的槓桿速度？然後我還有後續工作。

Yeah, great question. So as it relates to our approach for funding, we are, I would say, pursuing various different mechanisms. I had mentioned earlier that we're in discussions with customers, and so we're evaluating that in parallel with what -- if any we would need to do this year with respect to the balance sheet. So there's not any updates on timing or magnitude at this time.

嗯，問得好。所以，就我們的籌資方式而言，我認為我們正在探索各種不同的機制。我之前提到過，我們正在與客戶進行討論，因此我們正在評估這與我們今年在資產負債表方面需要採取的任何措施（如果有的話）並行進行。所以目前還沒有關於時間安排或規模的最新消息。

As you mentioned, we do have significant liquidity that exists today, so we are confident in how we'll be able to manage the balance sheet and that CapEx need for 2026.

正如您所提到的，我們目前擁有充足的流動資金，因此我們有信心管理資產負債表，並滿足 2026 年的資本支出需求。

I guess just a couple of things maybe you could help with. Can you give us a sense for what you can run the business on, how much cash you need to run the business in '26? And should we be thinking of a better material increase in interest expense later in the year? And then just to follow up on the business in general.

我想可能有兩件事你能幫上忙。您能否大致說明一下，您在 2026 年需要多少現金才能維持公司營運？我們是否應該考慮在今年稍後大幅增加利息支出？然後，再跟進一下公司的整體業務狀況。

Sure. I'll answer your second question first, because I think it's important to note that we'll actually expect a decrease in interest expense even in the event where we may increase debt and that's associated with capitalizing interest as far as the construction project.

當然。我先回答你的第二個問題，因為我認為需要指出的是，即使我們可能增加債務，我們實際上也會預期利息支出減少，這與建設項目利息資本化有關。

And then the first part of your question really centers around the amount of cash that we would say we'd be comfortable having on the balance sheet. And I would say we can operate with $500 million on the balance sheet. That's a comfortable level for us.

那麼，你問題的第一部分其實圍繞著我們認為資產負債表上可以接受的現金金額。我認為我們可以用5億美元的資產負債表來營運。對我們來說，這是一個可以接受的水平。

Great. That explains a lot. And then just from a bigger picture with the expansions that are going on in Korea and I guess more broadly with the advanced packaging. I know you mentioned sort of a 3x increase year over year. Like how do we think about sort of that flowing through in terms of a curve of ramping and whether there's any kind of income statements -- income statement impacts or margin impacts that we should consider as you ramp. Thank you very much.

偉大的。這就解釋了很多問題。從更宏觀的角度來看，韓國正在進行擴張，而且我認為更廣泛地說，包裝技術也在進步。我知道你提到過同比增長大約 3 倍。例如，我們如何看待這種成長曲線，以及在成長過程中是否應該考慮任何損益表影響或利潤率影響。非常感謝。

So I'll start with the profile, then Megan can talk a bit more about the other financial aspects. So if we look at the ramp profile, again, we have these PC-related products that are ramping earlier in the year, went already in production today.

那我先從個人情況介紹開始，然後梅根可以再談談其他財務上的問題。所以如果我們看一下產能爬坡曲線，就會發現這些與個人電腦相關的產品在今年稍早就開始量產，現在已經投入生產了。

Then as we get into the second half of the year, there'll be a pretty sizable step up in the CPU data center type devices. So I would expect it to definitely be back end second-half loaded related to revenue growth. And Megan, can you add anything on that?

然後，到了下半年，CPU 資料中心類型的設備將會有相當大的成長。因此，我預計下半年業績成長將主要與營收成長有關。梅根，你還有什麼要補充的嗎？

Sure. So that -- those investments that we've been putting in place even second half of '25 and I would say the equipment will be front end loaded in '26, that is going to put pressure on depreciation expense. And as we ramp those, as Kevin mentioned, in the second half of the year, we will see efficiencies such that we will be able to get some accretive outcome from those products.

當然。因此，我們在 2025 年下半年投入的那些投資，以及我認為設備將在 2026 年前期投入使用，將會對折舊費用造成壓力。正如凱文所提到的，隨著我們在下半年逐步提高這些產品的產量，我們將看到效率的提高，從而能夠從這些產品中獲得一些增值收益。

Steve Barger, KeyBanc Capital Markets.

史蒂夫·巴格爾，KeyBanc Capital Markets。

Thanks. I'll echo the congratulations to you, Kevin. Maybe first for Megan, as you think about revenue growth and mix for 2026, do you expect to recover the 90-basis-point headwind from ramping Vietnam last year, meaning you can get gross margin back in line or better to 2024's 14.8%, or will something in mix make that hard to get all the way to?

謝謝。凱文，我也要向你表示祝賀。首先，梅根，在考慮 2026 年的收入成長和產品組合時，你預計能否彌補去年越南市場擴張帶來的 90 個基點的不利影響，從而使毛利率恢復到 2024 年的 14.8% 或更高？還是說產品組合中的某些因素會讓這個目標難以達成？

Hi, Steve. Great question. So we are seeing great ramp in '26 as far as our visibility today. So I want to reiterate Kevin's remarks that we did have, I would say, breakeven in Q4, which was a significant milestone for us in Vietnam. And we see that continuing in Q1, which usually is the lowest quarter. So that's really good foundation.

嗨，史蒂夫。問得好。就我們目前的預期而言，2026 年的成長動能非常強勁。因此，我想重申凱文的觀點，那就是我們在第四季度實現了收支平衡，這對我們在越南的業務來說是一個重要的里程碑。我們看到這種情況在第一季仍在持續，而第一季通常是業績最差的季度。所以這確實是一個很好的基礎。

As it relates to the whole year, if you think about with or without, I think you've nailed it. There will be a product mix story in Vietnam related to the products that we have there, which is SIP. But what we will have is, I would say, fall through to the bottom line as it relates to that business.

就全年而言，如果你考慮有或沒有的情況，我認為你已經說得很透徹了。在越南，我們將推出一個與我們在那裡的產品（即SIP）相關的產品組合故事。但我認為，最終影響到這家企業的盈虧底線的是，這一點。

So we are going to have, I would say, not meaningful gross margin impact, and it's more about product mix at that point going forward.

因此，我認為不會對毛利率產生實質影響，未來更多的是產品組合的問題。

Got it, thank you. And Kevin, with compute showing the strongest growth this year, can you just help nail down what you expect for AI-related packaging revenue this year, or maybe what AI-related advanced packaging revenue as a percentage of total revenue is? We get this question a lot from investors, and just any light you could shed on that would be great.

明白了，謝謝。Kevin，鑑於今年計算領域成長最為強勁，你能否幫忙確定今年人工智慧相關包裝收入的預期，或者人工智慧相關高級包裝收入佔總收入的百分比？我們經常收到投資者提出的這個問題，如果您能對此提供一些見解，那就太好了。

Yeah, not a whole lot more color I can give there. I can -- obviously, compute in general, it exited '25 at about 20% of revenue. So you can take that. then obviously, there have been some estimates that we've given in the past related to the growth rate for the advanced going back into last year. That's about all I want to talk about. But definitely, we're going to continue to see accelerated growth in that AI data center/even PC area.

是的，我能提供的資訊也就這麼多了。我可以——顯然，一般來說，它在 2025 年結束時收入約為 20%。所以你可以參考這個數據。顯然，我們過去也曾對去年的高級市場成長率做出一些預測。我只想談這些。但可以肯定的是，人工智慧資料中心乃至個人電腦領域將持續加速成長。

Peter Peng, JPMorgan.

Peter Peng，摩根大通。

Hey, thanks for taking my questions, and congratulations, Kevin. Looking forward to working with more closely.

嘿，謝謝你回答我的問題，也恭喜你，凱文。期待與你們更緊密合作。

Just on your computing, you guys are ramping pretty aggressively and talked about three times. I guess maybe if you can talk about whether there's any constraints, and how much capacity you have to capture additional opportunities?

就你們的運算能力而言，你們的成長速度非常快，而且已經討論過三次了。我想，或許您可以談談是否有任何限制，以及您有多少能力抓住更多機會？

Yeah, thanks, Peter. So when we think about limitations, I won't say necessarily constraints, but limitations on growth, I'd say there's a couple things there. So obviously, labor in general, and this is predominantly on the R&D side, we think about the amount of MPIs that customers want to run, making sure the calls are successful. And that is creating some constraints where we're prioritizing larger opportunities, specifically in Korea.

謝謝你，彼得。所以當我們思考限制時，我不會說是約束，而是成長的限制，我認為這裡有幾點要考慮。所以很明顯，總體而言，勞動力，這主要體現在研發方面，我們會考慮客戶想要運行的 MPI 數量，確保呼叫成功。因此，我們在優先考慮更大機會（尤其是在韓國）時，會受到一些限制。

I think another dynamic is space. In the prepared remarks, we talked a little bit about how SIP is migrating over to Vietnam. That helps to free up space in our Korea facility.

我認為另一個驅動因素是空間。在準備好的發言稿中，我們簡要地談到了SIP如何遷移到越南。這有助於騰出我們在韓國工廠的空間。

Also, over the course of 2025, we basically converted some of our existing building space into clean room area. So we saw a little bit of an increase in space in 2025. And then we're continuing to build out a new building where we had the groundbreaking last year. And that new building will come online as we exit 2026.

此外，在 2025 年期間，我們基本上將現有建築空間的一部分改造成了無塵室區域。因此，我們看到 2025 年的空間略有增加。然後，我們正在繼續建造去年破土動工的新大樓。這棟新大樓將於 2026 年底投入使用。

So overall, by the time we exit 2026, we'll basically be increasing our career space around 20% since the beginning of 2025. So space is definitely an area that we're accelerating. And then obviously, the equipment delivery, as Megan said, that will be more front-end loaded in the year to make sure that we're able to support these second-half launches.

因此，總體而言，到 2026 年底，我們的職業空間將比 2025 年初增長約 20%。所以太空絕對是我們正在加速發展的領域。顯然，正如梅根所說，設備交付方面，我們會把更多精力集中在年初，以確保我們能夠支持下半年的這些產品發布。

Got it. And then in your prepared remarks, you also talked about two additional programs and final qualification. Can you maybe provide some color, whether this is existing customers for any products, these are new customers, any color on that?

知道了。然後，在您事先準備好的演講稿中，您還談到了另外兩個項目和最終資格認證。您能否提供一些細節訊息，例如這些客戶是現有產品的客戶，還是新客戶？能否提供一些相關資訊？

Well, they're existing customers, but one of them is new to the HDFO platform. So I'll say that they're both, we mentioned before, they're both CPU related. And yeah, so a lot of positive momentum that we've been working with these customers for quite some time on rolling out that next-generation technology to them.

他們是現有客戶，但其中一位是 HDFO 平台的新用戶。所以我想說，正如我們之前提到的，它們都與CPU有關。是的，我們與這些客戶合作了相當長一段時間，向他們推廣下一代技術，這帶來了許多積極的勢頭。

Thank you. And at this time, I am showing no further questions. I would like to turn the call back over to Kevin for closer remarks.

謝謝。目前，我不再提出任何問題。我想把電話轉回給凱文，讓他做更詳細的說明。

Thank you. Now, let me give a quick recap of our key messages. 2025 was a pivotal year for Amkor. We delivered strong results, advanced our strategic initiatives, and we position -- we strengthened our position in the fastest-growing areas of the semiconductor industry.

謝謝。現在，讓我快速回顧一下我們的關鍵訊息。 2025年對安靠集團來說是至關重要的一年。我們取得了顯著的成果，推進了我們的策略性舉措，並鞏固了我們在半導體產業成長最快的領域中的地位。

As we enter 2026, we are doing so with strong momentum, a clear strategy, and deep engagements with partners across the ecosystem. Our first-quarter guidance is $1.65 billion reflecting a 25% year-on-year growth rate.

進入 2026 年，我們擁有強勁的發展勢頭、清晰的策略，並與整個生態系統中的合作夥伴建立了深入的聯繫。我們第一季的業績預期為 16.5 億美元，年增 25%。

I'm confident in our ability to execute with discipline and for Amkor to enable and capture the next wave of advanced packaging growth. Thank you for joining the call today.

我對我們嚴謹執行的能力充滿信心，也相信安靠能夠推動並抓住下一波先進包裝成長浪潮。感謝您今天參加電話會議。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線了。