艾克爾 (AMKR) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Amkor Technology second-quarter 2026 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 Amkor Technology 2026 年第二季財報電話會議。我叫 Diego，今天將擔任本次會議的主持人。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我想把電話交給投資人關係主管 Jennifer Jue。Jue 女士，請開始。

Good afternoon, and welcome to Amkor's second-quarter 2026 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.

各位下午好，歡迎參加 Amkor 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Kevin Engel 與財務長 Megan Faust。我們的財報新聞稿已於今天下午向美國證券交易委員會（SEC）提交，並可在我們網站的投資人關係頁面取得；同時也提供與今日電話會議搭配的簡報投影片。

During this presentation, we will use non-GAAP financial measures, and you can find 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 on the risk factors and uncertainties that may affect our future results.

在本次簡報中，我們將使用非 GAAP 財務衡量指標；您可在投影片中找到與可比 GAAP 財務衡量指標的調節表。我們今天將基於目前的信念、假設與預期，發表前瞻性陳述。請參閱我們的新聞稿中關於前瞻性陳述的免責聲明，以及我們向 SEC 提交的文件中對可能影響未來業績之風險因素與不確定性的討論。

I will now turn the call over to Kevin.

現在我把電話交給 Kevin。

Thank you, Jennifer. Good afternoon, everyone. Thank you for joining. Amkor delivered a strong quarter, achieving second quarter revenue of $1.9 billion, up 26% year on year. Revenue growth was broad-based across our business with all end markets increasing year on year.

謝謝你，Jennifer。各位下午好。感謝各位參與。Amkor 本季表現強勁，第二季營收達 19 億美元，年增 26%。營收成長遍及我們的各項業務，所有終端市場均較去年同期成長。

Record revenue in computing as well as automotive industrial markets reflects the strength of our customer engagements and the increasing value of the technologies we provide. Both advanced and mainstream revenue increased year on year with mainstream achieving its fifth consecutive quarter of year-on-year growth. This continued improvement demonstrates the breadth of demand across our portfolio and strong execution by our global teams.

運算以及汽車與工業市場的創紀錄營收，反映出我們客戶合作關係的強勁，以及我們所提供技術價值的提升。先進與主流業務營收皆較去年同期成長，其中主流業務已連續第五季實現年增。這項持續改善展現了我們產品組合需求的廣度，以及全球團隊強勁的執行力。

Earnings per share was $0.70, a significant increase from the prior year, reflecting the benefits of higher utilization. These trends contributed to stronger profitability and are beginning to demonstrate the benefits of our strategic investments. The first half of 2026 highlights the breadth of demand across our business. Revenue increased 26% year on year with growth across every end market. Communications led the increase supported by strength in the iOS ecosystem.

每股盈餘為 0.70 美元，較去年同期大幅增加，反映出更高稼動率所帶來的效益。這些趨勢推動獲利能力提升，並開始展現我們策略性投資的成果。2026 年上半年凸顯了我們業務需求的廣度。營收年增 26%，且各終端市場皆有成長。通訊業務在 iOS 生態系強勁表現的支撐下，領先帶動整體增幅。

While computing, in addition to automotive and industrial, each delivered strong double-digit growth driven by advanced technologies and increasing semiconductor content. Consumer improved as demand continued to recover across a broad set of applications. Importantly, growth has not been limited to our advanced product portfolio. Mainstream revenue increased 21% during the first half of the year, and the overall average utilization percent improved from the 50s into the 70s across our manufacturing network.

同時，運算業務以及汽車與工業業務，皆在先進技術與半導體含量提升的帶動下，繳出強勁的雙位數成長。消費性業務亦有所改善，因需求在多元應用領域持續復甦。重要的是，成長並不僅限於我們的先進產品組合。今年上半年主流業務營收成長 21%，而整體平均稼動率百分比也在我們的製造網路中，從 50% 多提升至 70% 多。

Several technology platforms are now operating at full capacity, reflecting strong demand and improved loading across the business. At Investor Day, we outlined a clear path to increasing earning power through higher utilization in a richer mix of advanced packaging technologies. The progress we achieved during the first half reflects disciplined execution against that strategy and reinforces our confidence in the long-term opportunities.

目前已有多個技術平台滿載運轉，反映出需求強勁以及整體業務載入改善。在投資人日上，我們闡述了透過更高稼動率與更豐富的先進封裝技術組合來提升獲利能力的清晰路徑。上半年所取得的進展，反映出我們對該策略的紀律性執行，並強化我們對長期機會的信心。

Semiconductor demand remains robust particularly in AI data center applications where packaging complexity and performance requirements continue to increase. As advanced packaging becomes increasingly strategic, customers are placing greater emphasis on manufacturing scale, technology leadership, and supply chain resiliency. Our global footprint and deep customer relationships position us well to support this evolving requirements.

半導體需求仍然強勁，尤其是在 AI 資料中心應用方面，封裝複雜度與效能需求持續提升。隨著先進封裝日益成為策略要務，客戶更加重視製造規模、技術領先地位與供應鏈韌性。我們的全球布局與深厚的客戶關係，使我們能夠良好地支援這些不斷演進的需求。

As demand continues to accelerate across AI and HPC applications, we are optimizing our manufacturing network to align capacity with the highest growth opportunities. This approach supports additional participation in high-value computing applications while improving the overall mix of the business over time.

隨著 AI 與 HPC 應用需求持續加速，我們正優化製造網路，使產能與最高成長機會相匹配。此一作法可支持我們在高價值運算應用中取得更多參與，同時隨時間推進改善整體業務組合。

Now let me share an update on our strategic initiatives. I'll begin with our first pillar, enhancing strategic partnerships in key markets. As we discussed during Investor Day, advanced packaging has become increasingly critical to enabling next-generation semiconductor technologies. As packaging complexity increases, the development cycle lengthens. Customer engagements occur earlier in the design process and extend across multiple product generations. These dynamics create deeper partnerships, improve planning visibility, and enable closer alignment on technology roadmaps and capacity requirements.

接下來我將分享我們策略性計畫的最新進展。我先從第一個支柱開始：在關鍵市場強化策略夥伴關係。如同我們在投資人日所討論，先進封裝對於實現下一代半導體技術愈發關鍵。隨著封裝複雜度提高，開發週期也隨之拉長。客戶合作會更早發生在設計流程中，並延伸至多個產品世代。這些動態促成更深層的夥伴關係、提升規劃能見度，並使技術藍圖與產能需求能更緊密對齊。

Recently, we announced two significant partnership agreements that demonstrate this trend. First, we announced a 10-year advanced packaging agreement with TSMC. The agreement establishes a framework to expand advanced packaging and test capacity while strengthening the US semiconductor supply chain. Together, we are working to provide customers with more integrated manufacturing solutions, spanning advanced silicon fabrication through advanced packaging and test. By combining TSMC's leading-edge wafer fabrication capabilities with Amkor's advanced packaging and test expertise, we are helping build a more resilient semiconductor ecosystem in Arizona and enabling faster time to market for our customers.

近期，我們宣布了兩項重要的合作協議，展現了這一趨勢。首先，我們宣布與台積電（TSMC）簽訂為期 10 年的先進封裝協議。該協議建立了一個框架，用以擴充先進封裝與測試產能，同時強化美國半導體供應鏈。我們正共同努力，為客戶提供更整合的製造解決方案，涵蓋先進矽晶製造到先進封裝與測試。透過結合台積電的先進晶圓製造能力與 Amkor 的先進封裝與測試專業，我們正協助在亞利桑那州打造更具韌性的半導體生態系，並讓客戶更快將產品推向市場。

We also announced a multi-year strategic partnership with NVIDIA. This agreement focuses on advanced packaging and test supporting next-generation AI infrastructure. This collaboration aligns long-term technology roadmaps, supports expansion of advanced packaging capacity, and reinforces the important role advanced packaging plays in enabling computing platforms.

我們也宣布與 NVIDIA 建立多年期策略夥伴關係。此協議聚焦於先進封裝與測試，以支援下一代 AI 基礎設施。這項合作將對齊長期技術藍圖、支持先進封裝產能擴充，並強化先進封裝在實現運算平台方面所扮演的重要角色。

While these agreements are important individually, together they demonstrate a broader industry transition. As advanced packaging moves onto the critical path of system performance, customers are seeking deeper engagement, earlier collaboration, and longer-term alignment with strategic partners. These types of partnership agreements are not unique to the US supply chain as we have several Asia-based agreements. These capacity discussions outside of the US manufacturing are building a high level of confidence in our long-term loading in our Asia facilities.

雖然這些協議各自都很重要，但合在一起更顯示出產業更廣泛的轉變。隨著先進封裝進入系統效能的關鍵路徑，客戶正尋求更深度的互動、更早期的協作，以及與策略夥伴更長期的對齊。這類夥伴協議並非僅限於美國供應鏈；我們在亞洲也有多項協議。在美國以外製造據點所進行的產能討論，正為我們亞洲廠區的長期載入率建立高度信心。

Across our global footprint, customer engagements increasingly include longer planning horizons, capacity alignment discussions, and other forms of investments to help facilitate further growth. The level of long-time collaboration and visibility we are experiencing today is meaningfully different from previous industry cycles.

在我們的全球布局中，客戶合作日益包含更長期的規劃視野、產能對齊討論，以及其他形式的投資，以協助促進進一步成長。我們目前所經歷的長期合作程度與能見度，與過往產業循環相比有顯著不同。

Beyond these announcements, we continue to strengthen relationships across the semiconductor ecosystem, including foundries, fabless companies, integrated device manufacturers, hyperscalers, and OEMs. As we help our partners achieve their technology and growth objectives, we continue to deepen relationships that create value for both parties and support durable multi-year growth opportunities for Amkor.

除了這些公告之外，我們也持續強化在半導體生態系中的關係，包括晶圓代工廠、無晶圓廠公司、整合元件製造商（IDM）、超大規模雲端業者（hyperscalers）以及 OEM。在協助合作夥伴達成其技術與成長目標的同時，我們也持續深化能為雙方創造價值的關係，並支持 Amkor 穩健的多年期成長機會。

Our second pillar is elevating our technology leadership. Our investments in advanced packaging and test platforms position Amkor to participate in early co-development activities that customers increasingly require. We continue to see growing customer engagements across our leading-edge packaging and test technologies with active programs spanning 2.5D, high-density fan-out, and emerging technologies such as co-packaged optics.

我們的第二個支柱是提升我們的技術領導地位。我們在先進封裝與測試平台上的投資，使 Amkor 能夠參與客戶日益需要的早期共同開發活動。我們持續看到客戶在我們的領先先進封裝與測試技術上的合作日益增加，且有多項活躍專案涵蓋 2.5D、高密度扇出（HDFO），以及共同封裝光學等新興技術。

These engagements extend across AI infrastructure, high-performance computing, and network applications, reinforcing our confidence in the durability and growth potential of our technology platform across our global manufacturing footprint. These high-value advanced packaging platforms are being adopted to support increasingly complex computing architectures. We are engaged in several HDFO programs this year, and our newest data center CPU program began ramping in Q2 and is expected to continue scaling throughout the second half of the year.

這些合作涵蓋 AI 基礎設施、高效能運算與網路應用，進一步強化我們對於在全球製造佈局下，我們技術平台具備持久性與成長潛力的信心。這些高價值的先進封裝平台正被採用，以支援日益複雜的運算架構。今年我們參與了多個 HDFO 專案，而我們最新的資料中心 CPU 專案已於第二季開始量產爬坡，並預期在下半年持續擴大規模。

By combining advanced packaging and test capabilities through turnkey solutions, we can reduce cycle time, accelerate product ramps, and improve execution as packaging complexity increases. This integrated approach strengthens our competitive position while enabling the scalable and repeatable manufacturing requirements to support demand for next-generation AI and high-performance computing.

透過以交鑰匙解決方案整合先進封裝與測試能力，我們可以縮短週期時間、加速產品量產爬坡，並在封裝複雜度提升時改善執行效率。這種整合式方法在強化我們競爭地位的同時，也能滿足可擴充且可重複的製造需求，以支援下一代 AI 與高效能運算的需求。

Our third strategic pillar is disciplined and intentional expansion of our global footprint. This pillar is about more than just adding capacity. It's about providing customers with geographic flexibility, supply chain resiliency, and regional execution where they need it the most. Phase 1 construction of our Arizona facility continues to progress and remains a key component of our long-term growth strategy. The facility is designed to provide high-volume advanced packaging and test capabilities in the United States and support growing customer demand for regional semiconductor manufacturing.

我們的第三個策略支柱是有紀律且有目的地擴展全球佈局。這個支柱不僅僅是增加產能。更重要的是，為客戶提供地理彈性、供應鏈韌性，以及在其最需要的地區提供在地執行能力。我們亞利桑那州廠房第一期工程建設持續推進，並仍是我們長期成長策略的關鍵組成。該設施旨在於美國提供高產量的先進封裝與測試能力，並支援客戶對區域性半導體製造日益成長的需求。

Our projections now show Phase 1 as fully committed, and we continue to evaluate future expansion plans as part of our long-term strategy to align our capacity with our customers operations. In Korea, construction remains on schedule for completion of a new assembly and test building on our Songdo campus by the end of the year. Planned expansion is also underway on our Gwangju campus where we expect incremental manufacturing space will provide cleanroom capacity to support data center and advanced packaging growth opportunities in 2028 and beyond.

我們目前的預測顯示第一期產能已全數承諾（fully committed），我們也持續評估未來擴建計畫，作為長期策略的一部分，以使我們的產能與客戶的營運相匹配。在韓國，松島園區的新組裝與測試大樓建設仍按計畫進行，預計於年底完工。我們在光州園區的擴建也在推進中，預期新增的製造空間將提供無塵室產能，以支援 2028 年及以後資料中心與先進封裝的成長機會。

To round out our expansion plans, incremental cleanroom expansion and equipment installations are underway in Vietnam, Portugal, and Taiwan. In Vietnam, we are continuing to build out of our facility through a phased expansion approach as we increase SiP and NAND memory capacity to support communications and consumer end markets. The SiP move from Korea to Vietnam enables additional capacity for our rapidly scaling Computing programs in Korea.

為完善我們的擴張計畫，越南、葡萄牙與台灣也正在進行額外的無塵室擴建與設備裝機。在越南，我們正透過分階段擴建方式持續擴充廠房，同時提升 SiP 與 NAND 記憶體產能，以支援通訊與消費終端市場。將 SiP 由韓國移轉至越南，可為韓國快速擴張的運算專案釋出更多產能。

The semiconductor industry is undergoing a structural transition as advanced packaging becomes increasingly critical to system performance and value creation. This transition is driving greater packaging complexity, deeper customer engagement, and increasing demand for regional manufacturing capabilities. Success in this environment requires scalable technology platforms, strong strategic partnerships, and geographical flexibility.

隨著先進封裝對系統效能與價值創造的重要性日益提升，半導體產業正經歷結構性轉變。此一轉變正推動更高的封裝複雜度、更深度的客戶合作，以及對區域製造能力日益增加的需求。在此環境中取得成功，需要可擴充的技術平台、強健的策略夥伴關係，以及地理彈性。

Our strategy is intentionally aligned with our customer demand and industry trends, and we believe our execution against these priorities position Amkor to capture significant long-term opportunities, increase our earnings power, and create sustainable long-term shareholder value.

我們的策略有意識地與客戶需求及產業趨勢對齊，我們相信在這些優先事項上的執行，將使 Amkor 能夠掌握可觀的長期機會、提升獲利能力，並創造可持續的長期股東價值。

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

接下來我將把電話會議交給 Megan，請她提供更多關於我們第二季表現與短期展望的細節。

Thank you, Kevin, and good afternoon, everyone. Amkor delivered record second-quarter revenue of $1.9 billion, a sequential increase of 13%, outperforming the high end of our guidance. Revenue upside was driven by strong demand within the computing and automotive and industrial end markets. High factory utilization and favorable product mix contributed to results exceeding our expectations across gross margin and EPS. Revenue in the communications end market increased 6% sequentially driven by double-digit growth in the iOS ecosystem.

謝謝你，Kevin，各位下午好。Amkor 第二季營收創下 19 億美元的歷史新高，較前一季成長 13%，並優於我們財測區間的上緣。營收超預期主要由運算以及汽車與工業終端市場的強勁需求所帶動。高工廠稼動率與有利的產品組合，促使毛利率與每股盈餘（EPS）均優於我們的預期。通訊終端市場營收較前一季成長 6%，主要受 iOS 生態系雙位數成長所帶動。

Android revenue declined 20% reflecting the impact of memory supply dynamics. For the third quarter, we expect communications revenue to decline in the high single digits sequentially, which is a departure from the typical seasonal patterns. This outlook reflects three primary factors: first, the strategic initiative outlined by Kevin to move SiP to Vietnam; second, ongoing memory supply constraints; and third, build pattern changes.

Android 營收下滑 20%，反映記憶體供應動態的影響。對於第三季，我們預期通訊營收將較前一季下滑高個位數百分比，這與典型的季節性模式不同。此一展望反映三項主要因素：第一，Kevin 所提到將 SiP 移轉至越南的策略性計畫；第二，持續的記憶體供應限制；第三，建置（build）模式的變化。

Communications remains the largest end market for Amkor and a core component of our long-term strategy. Our global manufacturing footprint provides the flexibility to support both next-generation mobile platforms as well as rapidly growing computing applications, aligning capacity with evolving customer requirements. Revenue in the computing end market reached a new quarterly record in Q2, increasing 20% sequentially, driven by growth across a broad customer base for data center applications.

通訊仍是 Amkor 最大的終端市場，也是我們長期策略的核心組成。我們的全球製造佈局提供彈性，可同時支援下一代行動平台以及快速成長的運算應用，並使產能與客戶不斷演進的需求相匹配。第二季運算終端市場營收創下新的單季紀錄，較前一季成長 20%，主要由資料中心應用在廣泛客戶基礎上的成長所帶動。

Computing growth is expected to accelerate to nearly 30% sequentially in Q3, driven by AI data center demand and the HDFO CPU ramp Kevin referenced earlier. Revenue in the automotive and industrial end market also achieved a new quarterly record, increasing 17% sequentially. ADAS was the primary driver of growth supported by higher semiconductor content and strong demand for advanced packaging in next-generation vehicle platforms.

預期第三季運算業務成長將加速至接近較前一季成長 30%，主要受 AI 資料中心需求以及 Kevin 先前提到的 HDFO CPU 量產爬坡所帶動。汽車與工業終端市場營收也創下新的單季紀錄，較前一季成長 17%。ADAS 是成長的主要驅動因素，受更高的半導體含量以及下一代車用平台對先進封裝的強勁需求所支撐。

Revenue within the automotive and industrial end market is expected to grow mid-single digits sequentially in Q3. Consumer revenue increased 15% sequentially due to broad-based demand across customers primarily within IoT applications. Revenue in Q3 is expected to grow in the mid-teens percent sequentially driven by continued strength in IoT demand. Across the portfolio, demand remained robust for our high-value advanced technology platforms, supporting record revenue and improved profitability during the quarter.

預期第三季汽車與工業終端市場營收將較前一季成長中個位數百分比。消費性營收較前一季成長 15%，主要因 IoT 應用帶動、且來自多家客戶的廣泛需求。預期第三季營收將較前一季成長中十位數百分比，主要由 IoT 需求持續強勁所驅動。整體產品組合方面，我們高價值先進技術平台的需求依然強勁，支撐本季創紀錄營收並提升獲利能力。

Gross margin was 16.8%, expanding over 250 basis points sequentially. Gross profit for the quarter was $319 million, up 33% compared to Q1. Operating expenses for Q2 came in as expected at $119 million and included a $21 million gain on the sale of real estate. Operating income was $200 million, and operating income margin was 10.5%. Our effective tax rate for the quarter was lower than expected at 14% due to $14 million in net discrete tax benefits.

毛利率為 16.8%，較前一季擴張超過 250 個基點。本季毛利為 3.19 億美元，較第一季成長 33%。第二季營業費用如預期為 1.19 億美元，其中包含出售不動產帶來的 2,100 萬美元收益。營業利益為 2.00 億美元，營業利益率為 10.5%。本季有效稅率低於預期，為 14%，主要因 1,400 萬美元的一次性（離散）稅務淨利益。

Net income was $174 million, and EPS was $0.70. EBITDA was $400 million, and EBITDA margin was 21%. As Kevin discussed, our first-half performance reflects strong execution across the business. Revenue increased 26% year on year, producing a record first half. Gross margin expanded 360 basis points.

淨利為 1.74 億美元，每股盈餘（EPS）為 0.70 美元。EBITDA 為 4.00 億美元，EBITDA 利潤率為 21%。如 Kevin 所述，我們上半年表現反映出公司在各項業務上的強勁執行力。營收年增 26%，創下歷史新高的上半年紀錄。毛利率擴張 360 個基點。

Operating income more than doubled and earnings per share more than tripled compared to the first half of 2025. The magnitude of these improvements demonstrates the leverage in our financial model as revenue scales and factory utilization improves.

與2025年上半年相比，營業利益增加逾一倍，每股盈餘增加逾三倍。這些改善的幅度顯示，隨著營收規模擴大與工廠稼動率提升，我們的財務模型具備明顯的營運槓桿。

In early May, we issued $1.15 billion of 0% convertible debt, resulting in an increase in cash, liquidity, and total debt. This financing provides additional flexibility to support our strategic growth initiatives as we progress through our current investment phase. As of June 30, we held $2.5 billion in cash and short-term investments, and total liquidity was $3.6 billion. Total debt was $2.5 billion, and our debt to EBITDA ratio was 1.8 times.

5月初，我們發行了11.5億美元的0%可轉換公司債，使現金、流動性與總負債均有所增加。在目前投資階段推進之際，這項融資為支持我們的策略性成長計畫提供了額外的彈性。截至6月30日，我們持有25億美元的現金與短期投資，總流動性為36億美元。總負債為25億美元，負債對EBITDA比率為1.8倍。

Now turning to our third-quarter outlook. Accelerated growth in computing and continued momentum in automotive industrial are expected to drive another solid quarter of revenue and improved profitability. Q3 revenue is expected to be between $1.95 billion and $2.05 billion. Gross margin is projected to be between 18.5% and 19.5%, driven by a richer mix of advanced technologies and continued operating leverage across the business.

接著談我們對第三季的展望。運算領域的加速成長，以及車用與工業領域的持續動能，預期將帶動另一個營收穩健的季度並提升獲利能力。第三季營收預期介於19.5億至20.5億美元之間。毛利率預估介於18.5%至19.5%之間，主要受惠於更高比重的先進技術組合，以及全公司持續的營運槓桿。

We expect operating expenses of approximately $140 million. Our full-year 2026 effective tax rate is expected to be around 20%. Net income is forecasted to be between $180 million and $205 million, resulting in EPS between $0.72 and $0.82.

我們預期營業費用約為1.4億美元。我們2026全年有效稅率預期約為20%。淨利預估介於1.8億至2.05億美元之間，對應每股盈餘（EPS）介於0.72至0.82美元。

Our estimated 2026 CapEx spend remains between $2.5 billion and $3 billion. Approximately 65% to 70% is projected for facilities 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.

我們對2026年的資本支出（CapEx）估計仍維持在25億至30億美元之間。其中約65%至70%預計用於廠房擴建，包括亞利桑那園區第一期。約30%至35%預計用於HDFO、測試及其他先進封裝產能。其餘支出預計用於研發與品質計畫。

In closing, as the business scales, we expect that disciplined execution will continue to strengthen our financial performance. We delivered record second-quarter results, and our strong third-quarter outlook reflects our continued focus on our strategic initiatives.

最後，隨著業務規模擴大，我們預期嚴謹的執行將持續強化我們的財務表現。我們繳出創紀錄的第二季成果，而強勁的第三季展望反映我們持續聚焦於策略性計畫。

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

以上為我們事先準備的發言。接下來我們將開放提問。接線員？

(Operator Instructions) Randy Abrams, UBS.

(接線員指示) UBS 的 Randy Abrams。

Okay, thank you. Hey, I wanted to ask the first question on the smartphone outlook where I believe you're guiding down versus normal. You get the PCs and iOS builds. Could you go through between Android and iOS your expectation?

好的，謝謝。我想先問第一個問題，關於智慧型手機的展望；我認為你們的指引相較於正常水準是下修的。你們涵蓋PC與iOS的備貨/組裝。你能否說明一下你們對Android與iOS各自的預期？

And also, you mentioned one factor was the SiP moving to Vietnam. If you could discuss that, that is a timing that as you do the transition, it's a delay, and you ramp up later? So maybe as part of that, you could discuss implication with the lower third quarter base if it swings the buildup in fourth quarter.

另外，你提到其中一個因素是SiP轉移到越南。如果可以的話，請談談這件事：在轉移過程中是否會有時間差，導致短期延遲、之後才拉升？因此也請談談第三季基期較低是否會使第四季的備貨/拉貨更明顯。

Okay, thanks, Randy. It's good to hear you. So as Megan kind of went through, you can think of a few different dynamics going on, and I'll kind of touch on both of them or all three of them. Two of those, I would say, are more market-driven type dynamics, and then one that Amkor has a little bit more control of.

好的，謝謝你，Randy。很高興聽到你的聲音。如同Megan剛才提到的，你可以把目前的情況視為幾個不同的動態同時發生，我會分別觸及其中兩個或三個面向。其中兩個我會說比較偏市場驅動，另一個則是Amkor相對更能掌控的。

So if you think of the market-driven dynamics, I think there's two buckets there. There's obviously material constraints. You can think of that related to memory and then memory pricing and potentially how that affects the end market, the selling of the phones per unit volume. And then the other is just typical build patterns that we're seeing. So I'd say that's probably about 50% of what we're seeing from a typical type of seasonal Q3 lift.

若從市場驅動的動態來看，我認為可分成兩個面向。首先顯然是材料供應限制。你可以把它與記憶體供應、記憶體價格，以及其可能如何影響終端市場（手機）以單位出貨量的銷售連結起來。另一個則是我們看到的典型備貨/組裝節奏。因此我會說，這大概占我們所看到的、相對於典型第三季季節性拉升的約50%。

The other 50% would be driven by, again, this SiP move and you can think of that a lot about, we've been very focused on our operational efficiencies. And one component of that is working on getting the right products that are in the right locations so that we can scale and really be efficient with those products over time.

另外50%則是由這次SiP轉移所驅動；你可以把它理解為我們一直非常專注於營運效率。其中一個組成部分，就是確保產品放在正確的地點，以便我們能擴大規模，並在時間推進下讓這些產品的生產更有效率。

This helps us obviously stay competitive longer term, and it helps us also to optimize our cost structure at the same time. So you're right, this move, there's a little bit timing. We've been, over the past year plus, we've been working with all of our SiP customers to migrate the products into Vietnam to really build the efficiency and scale in that Vietnam facility. And then on the flip side of that, as we move those products out of Korea, that's freeing up space for us to continue to scale our high-value advanced products.

這顯然有助於我們在長期保持競爭力，也同時幫助我們優化成本結構。所以你說得沒錯，這次轉移確實存在一些時點因素。在過去一年多的時間裡，我們一直與所有SiP客戶合作，把產品移轉到越南，以在越南廠建立效率與規模。另一方面，當我們把這些產品從韓國移出後，也為我們騰出空間，讓我們能持續擴大高價值的先進產品。

Then the last part of the question, thinking about Android versus iOS. We're definitely seeing demand components in both of them. Megan highlighted for Android, even in Q2, we started seeing some weaknesses. I'd say we continue to see that moving forward, mostly driven again by materials and overall demand.

最後一部分問題是Android與iOS的差異。我們確實在兩者都看到需求面的因素。Megan提到Android方面，即使在第二季我們就開始看到一些疲弱。我會說我們接下來仍持續看到這種情況，主要同樣是由材料供應與整體需求所驅動。

And then iOS, a little bit different dynamics there. But again, overall, if you look at GFK and Gartner, they would expect unit volumes to be down this year. So we're definitely seeing some of that.

至於iOS，動態稍有不同。但整體而言，如果你看GFK與Gartner，他們預期今年的單位出貨量會下滑。所以我們確實也看到其中一部分反映在需求上。

Okay. I appreciate the color. And I'll just ask one quick follow-up on that one. But just to be, if that's an issue that is a one quarter timing, and you pick back up some of that half that has or that something may extend through this cycle, and then you kind of pick up more later?

好的。感謝你提供的補充說明。我再就這點追問一個簡短問題。只是想確認一下：如果這是單一季度的時點問題，你們是否會在之後把那一半的量補回來？還是說這個影響可能會延續到本次產品週期，然後你們在更後面才會回補更多？

And then the second question, I wanted to ask on inflection of computing. It looks like a very strong ramp of this initial big CPU project. Could you talk about pipeline where at the Analyst Day, you talked about other projects like the fan-out bridge, your expectation and where you see that coming in over the next year and how the pipeline is expanding into 2027?

第二個問題我想問運算業務的拐點。看起來這個初期的大型CPU專案拉升非常強勁。你能否談談專案管線：在分析師日你們提到其他專案，例如fan-out bridge，你們的預期是什麼、你們認為未來一年會在何時貢獻，以及管線如何擴展到2027年？

Yes. So I think everything that we've announced related to all the individual products, or projects for 2.5D, we talked about 11 customers, a lot of different programs. For HDFO, we talked about 5 customers, 10 active engagements.

是的。所以我認為，我們已宣布的所有與各個單一產品相關的事項，或是2.5D的專案，我們談到有11位客戶、許多不同的專案。至於HDFO，我們談到有5位客戶、10個進行中的合作案。

Across all of those, we still see traction to have four of these -- four in each, four 2.5D, four HDFO products launching this year. The CPU program that we've been talking about most recently ramping today is definitely the largest from a scale perspective. And then the other ones will continue to ramp up throughout the course of the year.

綜合以上所有項目，我們仍然看到動能，預計今年會有其中四個——每一類各四個，也就是四個2.5D、四個HDFO產品在今年推出。我們最近談得最多、目前正在放量爬坡的CPU專案，從規模角度來看絕對是最大的一個。接著其他專案也會在今年的過程中持續放量爬坡。

If I think forward, you mentioned bridge-type technologies, again, that would be more of a 2028 type timeline. So still a little bit of time to go there. And then coming back to the SiP dynamics with the move in this one quarter, if we look across all the customers that are migrating, there's a lot of different phases that the customers are in.

如果往前看，你提到橋接型技術（bridge-type technologies），同樣地，那會比較偏向2028年的時間表。所以距離那個時間點還有一段時間。再回到這一季變動所反映的SiP動態，如果我們看所有正在遷移的客戶，客戶所處的階段其實各不相同。

Some of them are already in volume production today. Others are ramping today. Others are in qualification. There is one application space where we see that this headwind will last longer. So it's not a one quarter dynamic. It's probably going to extend into Q4 and even into the first half of next year.

其中一些今天已經在量產。另一些目前正在爬坡放量。還有一些正在做認證（qualification）。有一個應用領域，我們看到這個逆風會持續更久。所以這不是單一季度的現象。它很可能會延續到第四季，甚至到明年上半年。

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

(接線員指示) Craig Ellis，B. Riley Securities。

Thanks for taking the question. I wanted to start just by making sure I understood the SiP issue that Randy dug into as it relates to impact around the third quarter where your guidance is clear as you get ready for that transition. Was there any communications benefit in Q2? And as we look at the fourth quarter, Kevin, can you speak more specifically to what we should expect coming off of this initial impact with SiP move?

謝謝讓我提問。我想先確認一下我是否理解Randy深入探討的SiP議題，特別是與第三季影響相關、而你們在準備進行該轉換時給出的指引也很清楚。第二季是否有任何通訊業務方面的受益？另外，展望第四季，Kevin，你能否更具體談談，在SiP移轉的初始影響之後，我們應該預期會是什麼情況？

Okay. So first, I wouldn't say there was any benefit for Q2, especially related to this transfer. I think we potentially saw a little bit of pull-in into Q2 in general, but I wouldn't say that was related to this transfer.

好的。首先，我不會說第二季有任何受益，尤其是與這次移轉相關的部分。我認為整體而言第二季可能有看到一點提前拉貨（pull-in），但我不會說那是因為這次移轉。

If we look forward to Q4, we would expect that communications in general will continue to have some good terminology, but maybe a little bit of softness. So we wouldn't expect to see a significant lift like we typically would in the second half even going into Q4.

如果看向第四季，我們預期整體通訊業務仍會維持一些良好的趨勢，但可能會有一點疲軟。因此，我們不預期在下半年、甚至進入第四季時，會看到像以往通常會出現的那種明顯拉升。

Okay, that's really helpful. Thank you. And then the second question is related to the NVIDIA agreement. So congratulations on signing an agreement that seems very significant. The question is this. As you do R&D work to develop technology with that partner, what should we think of as the impact to R&D and operating expense? And when would that happen for the technology development work? And then what's the timing on the $1.5 billion in receipt for that partnership? And when does it come onto the balance sheet? Thank you.

好的，這非常有幫助。謝謝。第二個問題與NVIDIA的協議有關。恭喜你們簽下看起來非常重要的一項協議。問題是：當你們與該合作夥伴進行研發工作、共同開發技術時，我們應該如何看待對研發與營業費用的影響？技術開發工作會在什麼時點發生？另外，這項合作的15億美元款項入帳時點為何？何時會反映在資產負債表上？謝謝。

Okay. Thanks, Craig. I'll take some of that, and then Megan can add in. So first, around R&D. So I would say there's no step function change in our standard engagements for high-value advanced packaging versus this agreement with NVIDIA related to our R&D activities. So it's not like I would expect some huge step-up. We continue to work with all of our customers related to advancing the next-generation technologies.

好的。謝謝你，Craig。我先回答其中一部分，接著Megan可以補充。首先談研發。我會說，與我們在高價值先進封裝的標準合作案相比，這份與NVIDIA的協議在我們研發活動上並沒有出現那種「跳躍式」的變化。所以我不會預期會有很大的突然增加。我們會持續與所有客戶合作，推進下一代技術。

Typically, we spend between 3% and 5% of our capital on R&D activities. I would expect that level to continue. Related to timing, so the structure here is that this is a prepayment that would basically be received in 2027 and returned back to the customer as we provide the services in the US. So with that, the longevity of agreement can fluctuate a bit. We would expect it to be between 5 to 10 years.

通常我們會把資本支出的3%到5%用於研發活動。我預期這個水準會持續。就時點而言，這裡的架構是：這是一筆預付款，基本上會在2027年收取，並在我們於美國提供服務的過程中再回饋/返還給客戶。因此，協議的年限可能會有些波動。我們預期會落在5到10年之間。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey, guys, thanks a lot. Can we bridge the gross margin going up at the midpoint, 220 basis points sequentially? What's the impact of the SiP in that? And what is the utilization expectation as we go from 2Q to 3Q to get that much improvement? Thanks.

嗨，各位，謝謝。能否拆解一下毛利率在中位數上升、季比提升220個基點的橋接因素？其中SiP的影響是什麼？另外，從第二季到第三季，為了達到這麼大的改善，產能利用率的預期是什麼？謝謝。

Ben, so Megan will provide a lot more detail on the numbers, but I just wanted to add a little bit of background or color. When we think about utilization, so again, in Q1, we were in the 70s. In Q2, we were in the high 70s. I think when we're working on moving the assets from Korea over to Vietnam and in some cases, incrementally adding additional assets, you can imagine there's assets in flight between cradling them up in one location, shipping them to the other location, uncradling, qualifying.

Ben，Megan會就數字提供更多細節，但我想先補充一些背景或說明。談到產能利用率，第一季我們在70%多。第二季我們在接近80%、高70%多。當我們把資產從韓國移到越南、並在某些情況下額外增加一些資產時，你可以想像，資產在「運送途中」——從在一個地點裝箱固定（cradling）、運到另一個地點、再拆箱（uncradling）、以及認證（qualifying）——這段期間都在發生。

So to me, that's kind of stalled capacity that we're not really thinking about. So if we take that piece off the table, then I'd say utilization across the board is pretty high. Especially for the advanced application spaces, very high utilization. We still have some buckets of open capacity in some of our mainstream, even though we've seen improvements there, especially in the Philippines. So utilization overall is definitely on the profitability side, and then I'll let Megan comment on any additional color.

對我而言，那基本上是某種停滯的產能，我們並沒有真正把它納入考量。所以如果把那一塊先排除，我會說整體利用率其實相當高。尤其在先進應用領域，利用率非常高。即便我們在主流業務也看到改善，特別是在菲律賓，我們在某些主流領域仍然有一些可用的閒置產能。因此整體利用率確實有利於獲利表現，接著我讓Megan補充更多說明。

Ben, specific to SiP, we actually had an increase in our overall SiP portfolio between Q1 and Q2. So when you look at that over 250-basis-point expansion, I would characterize two-thirds of that expansion was volume or utilization related, and one-third was favorable product mix. And so with that, we're getting great profit expansion at the gross profit line. Operating income is also increasing 100%, and EPS increased 100% as well with the fall-through.

Ben，針對SiP，我們的整體SiP產品組合在第一季到第二季之間其實是增加的。所以當你看那超過250個基點的擴張，我會把其中三分之二歸因於出貨量或產能利用率，三分之一來自有利的產品組合。因此，我們在毛利（gross profit）這一行看到很好的獲利擴張。營業利益也隨之增加100%，每股盈餘（EPS）也因為利潤傳導（fall-through）而增加100%。

Yes, sorry. So then going into the third quarter, bridging to the guidance, what is the impact of those issues, both utilization and the SiP issue, to get the big increase for the third quarter?

是的，抱歉。那麼進入第三季、銜接到財測指引，這些問題（包括產能利用率以及 SiP 的問題）對第三季大幅成長的影響是什麼？

Yes. So third quarter, predominantly the impact on that gross margin expansion is related to product mix. We are having a very steep accelerated ramp in our compute portfolio. And then with the decrease in communications, that is the dynamics around the product mix shift driving that profit expansion.

是的。第三季方面，毛利率擴張的影響主要與產品組合有關。我們的運算產品組合正以非常陡峭、加速的速度爬坡。再加上通訊業務下滑，這些圍繞產品組合轉移的動態推動了獲利擴張。

Denis Pyatchanin, Needham & Company.

Denis Pyatchanin，Needham & Company。

Great. Thank you very much. So I also had a question about gross margins, but it seems like it may have been partially answered already. So maybe you could just clarify a little bit about the mix and utilization impact.

太好了。非常感謝。我也有一個關於毛利率的問題，但看起來可能已經部分回答了。所以也許你可以再稍微釐清一下產品組合與產能利用率的影響。

So going from Q1 into Q2, did I correctly understand that it was about one-third mix and two-thirds utilization? And then going from Q2 to Q3, the mix would be the bigger driver of the upside?

所以從第一季到第二季，我的理解是否正確：大約三分之一來自產品組合、三分之二來自產能利用率？然後從第二季到第三季，產品組合會是上行的更大驅動因素？

That's correct, Denis.

沒錯，Denis。

Wonderful. And then let's see for my follow-up, just about the kind of revenue dynamics between Q2 and Q3. Would you be able to say if there were any pull-ins from Q3 into Q2 on which technologies? Because it seems like the revenue did come in a little bit higher than some expectations perhaps, but I wasn't sure if there was things shifting around or if there was no activity like that.

太好了。接著我的追問是關於第二季與第三季之間的營收動態。你能否說明是否有任何技術的訂單從第三季提前拉到第二季？因為看起來營收確實比一些預期略高，但我不確定是否有時點移轉，或是沒有這類情況。

Yeah, I'll take that. So nothing obvious, no obvious pull-ins. Like I mentioned earlier, there could have been some comms pull-ins. But across the other markets, we did not see any pull-in dynamics there.

好的，我來回答。所以沒有明顯的提前拉貨，沒有明顯的 pull-in。如我先前提到的，通訊可能有一些 pull-in。但在其他市場，我們沒有看到任何提前拉貨的動態。

Understood. I think that's it for me. Thank you very much.

了解。我這邊就這些。非常感謝。

Steve Barger, KeyBanc Capital Markets.

Steve Barger，KeyBanc Capital Markets。

Hey, thanks. Over the past few years, in 4Q, the gross margin steps up sequentially from 3Q. And from where you're guiding this 3Q at 19%. So as the volume ramping compute and auto, and that's offset by some Comms weakness, is there any reason that we should think the seasonal pattern would be different this year? Do you expect that step up? Or how would you expect that to play out?

嗨，謝謝。過去幾年在第四季，毛利率通常會較第三季呈現季增。而你們對今年第三季的指引是 19%。所以在運算與車用的量持續爬坡、同時被部分通訊疲弱所抵銷的情況下，有沒有任何理由讓我們認為今年的季節性型態會不同？你們預期會有那個季增嗎？或者你們預期會如何發展？

Yeah. I would just say that it will be dependent on the mix. Mix and utilization are going to be the two primary drivers. If the utilization continues to remain high and the mix stays about the same, we wouldn't expect any significant deltas from Q3.

是的。我會說這將取決於產品組合。產品組合與產能利用率會是兩個主要驅動因素。如果產能利用率持續維持在高檔、且產品組合大致相同，我們不預期相較第三季會有顯著差異。

Okay. The reason I ask is if you do get that same gross margin or a little bit better, if my math is right, you're going to end up this year around 17.5% gross margin, and an EPS would be plus or minus $2.50, which is where the 2028 targets were from the Analyst Day. So can you just frame up how you expect this year to play out versus 2027 and into that 2028 target just to help us think about that cadence?

好的。我之所以這樣問，是因為如果你們能維持相同的毛利率或略好一些，若我算得沒錯，今年全年毛利率大約會落在 17.5%，而 EPS 會在正負 2.50 美元左右，這正是分析師日所提出的 2028 年目標水準。所以你能否幫我們框架一下，你們預期今年相較 2027 年、以及邁向 2028 目標會如何演進，讓我們更好理解那個節奏？

Well, I think your math is right. So then it just comes down to next year, we need to be thinking about the US manufacturing burden. So that's going to be a headwind. So we need to continue to -- when we looked at our longer-term targets, we tried to contemplate the headwinds from the US that will be a drag for a little while.

嗯，我認為你的計算是對的。接下來就回到明年，我們需要考量美國製造的負擔。那會是一個逆風。因此我們需要持續——當我們檢視長期目標時，我們試著把來自美國的逆風納入考量，這會在一段時間內造成拖累。

The operating margin dilution from the depreciation?

是折舊造成的營業利益率稀釋嗎？

Yeah, Megan can --

是的，Megan 可以--

Yes. And in '28, we will also have some of that in gross margin. So that's part of the bridge that you're trying to understand is why would '28 match '26 because there will be ramping underutilized Arizona manufacturing in both gross margin and operating margin in 2028.

是的。而在 2028 年，我們也會在毛利率中反映其中一部分。所以你試著理解的那段銜接之一是：為什麼 2028 會與 2026 相當，因為在 2028 年，亞利桑那製造產能在爬坡且仍處於未充分利用狀態，會同時影響毛利率與營業利益率。

Understood. Thanks.

了解。謝謝。

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

謝謝。此刻我這邊顯示沒有其他問題。我想把電話交回 Kevin 作結語。

Thank you for your questions. Now for a recap of our key messages. Amkor delivered record second-quarter revenue of $1.9 billion with record computing as well as automotive and industrial revenue. We saw year-on-year growth across all end markets. The first half of 2026 performance demonstrates the strength in our customer partnerships, technology leadership, and a global footprint strategy.

感謝各位的提問。現在我來回顧我們的重點訊息。Amkor 第二季營收創下 19 億美元的歷史新高，運算以及車用與工業營收也同創新高。我們在所有終端市場都看到年對年成長。2026 年上半年的表現展現了我們客戶夥伴關係的強度、技術領先，以及全球佈局策略。

Demand for advanced packaging continues to expand, and our advanced packaging programs remain on track to support growth in the second half of 2026. Recent strategic partnerships with TSMC and NVIDIA reinforce the increasingly critical role advanced packaging plays and strength of our long-term growth opportunities. We are executing with discipline against our strategic priorities and remain confident in our ability to create long-term value for customers and shareholders. Thank you for joining the call today.

先進封裝的需求持續擴大，而我們的先進封裝專案仍按計畫推進，以支援 2026 年下半年的成長。近期與台積電與 NVIDIA 的策略合作，強化了先進封裝日益關鍵的角色，以及我們長期成長機會的強勁動能。我們以紀律執行策略優先事項，並對於為客戶與股東創造長期價值的能力仍具信心。感謝各位今天參與本次電話會議。

Thank you.

謝謝。

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

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。