意法半導體 (STM) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the STMicroelectronics first quarter 2026 earnings release conference call and live webcast. I am Moira, the Chorus Call operator. (Operator Instructions) The conference is being recorded.

各位女士、先生，歡迎參加意法半導體（STMicroelectronics）2026 年第一季財報發布電話會議與線上直播。我是 Chorus Call 的接線員 Moira。（接線員指示）本次會議將被錄音。

The conference must not be recorded for publication or broadcast. (Operator Instructions) At this time, it's my pleasure to hand over to Jerome Ramel, EVP, Corporate Development and Integrated External Communications. Please go ahead.

本次會議不得錄音用於出版或廣播。（接線員指示）現在，我很榮幸將會議交給企業發展與整合外部溝通執行副總裁 Jerome Ramel。請開始。

Thank you, Moira. Thank you, everyone, for joining our first quarter 2026 financial results call. Hosting the call today is Jean-Marc Chery, ST President and Chief Executive Officer. Joining Jean-Marc on the call are Lorenzo Grandi, President and CFO; and Marco Cassis, President, Analog, Power and Discrete, MEMS and Sensor Group, and Head of STMicroelectronics Strategy, System Research and Applications and Innovation Office.

謝謝你，Moira。也謝謝各位參加我們 2026 年第一季財務結果電話會議。今天主持會議的是 ST 總裁兼執行長 Jean-Marc Chery。與 Jean-Marc 一同出席的還有總裁兼財務長 Lorenzo Grandi；以及總裁 Marco Cassis（類比、電源與分離式元件、MEMS 與感測器事業群負責人），同時也是意法半導體策略、系統研究與應用暨創新辦公室主管。

This live webcast and presentation materials can be accessed on ST Investor Relations website. A replay will be available shortly after the conclusion of this call. This call will include forward-looking statements that involve risk factors that could cause ST results to differ materially from management expectations and plans. We encourage you to review the safe harbor statement contained in the press release that was issued with the results this morning and also in ST's most recent regulatory filings for a full description of these risk factors.

本次線上直播與簡報資料可於 ST 投資人關係網站取得。本次電話會議結束後不久將提供重播。本次會議將包含前瞻性陳述，涉及可能導致 ST 結果與管理層預期與計畫出現重大差異的風險因素。我們建議您查閱今早隨同財報新聞稿發布的「安全港」聲明，以及 ST 最近的監管申報文件，以完整了解這些風險因素。

Also, to ensure all participants have an opportunity to ask questions during the Q&A session, please limit yourself to one question and a brief follow-up. Now I'd like to turn the call over to Jean-Marc Chery, ST President and CEO.

此外，為確保所有與會者在問答環節都有機會提問，請每位與會者限制為一個問題並可簡短追問。現在我想把電話會議交給 ST 總裁兼執行長 Jean-Marc Chery。

Thank you, Jerome. Good morning, everyone, and thank you for joining ST for our Q1 2026 earnings conference call. I will start with an overview of the first quarter, including business dynamics, and I will hand over to Lorenzo for the detailed financial overview. I will then comment on the outlook and conclude before answering your questions. So starting with Q1.

謝謝你，Jerome。各位早安，感謝各位參加 ST 2026 年第一季財報電話會議。我將先概述第一季的表現，包括業務動態，接著交由 Lorenzo 進行詳細的財務說明。之後我會就展望發表評論並作結，然後回答各位的問題。那麼先從第一季開始。

Our first quarter net revenues were $3.1 billion, including about $40 million revenues associated with NXP's MEMS sensor business, which we acquired during the quarter. Excluding this contribution on a sequential basis, net revenues were above the midpoint of our business outlook range, driven mainly by higher revenues in our engaged customer programs in Personal Electronics and in Communication Equipment and Computer Peripherals.

我們第一季淨營收為 31 億美元，其中包含約 4,000 萬美元、與我們於本季完成收購的恩智浦（NXP）MEMS 感測器業務相關的營收。若排除此項貢獻，以季比來看，淨營收高於我們業務展望區間的中點，主要由個人電子與通訊設備及電腦周邊領域中、我們重點客戶專案（engaged customer programs）的較高營收所帶動。

Gross margin was 33.8% or 34.1%, excluding the impact of the purchase price allocation, so-called PPA, following our acquisition of NXP's MEMS sensor business. Excluding impairment, restructuring charges and other related phase-out costs and purchase price allocation, PPA effects from our acquisition of NXP's MEMS sensor business, non-US GAAP diluted earnings per share was $0.30.

毛利率為 33.8%；若排除因收購 NXP MEMS 感測器業務所產生的購買價格分攤影響（purchase price allocation，簡稱 PPA），則為 34.1%。若排除減損、重組費用與其他相關退場成本，以及因收購 NXP MEMS 感測器業務所產生的購買價格分攤（PPA）影響，非美國通用會計準則（non-US GAAP）稀釋後每股盈餘為 0.30 美元。

During the first quarter, inventory in our balance sheet increased slightly, and we continue to work down inventories in distribution. They are now normalized. We generated a negative $720 million free cash flow, including $895 million cash out related to the payment of our acquisition of NXP MEMS sensor business. Let's now discuss our business dynamics during Q1.

第一季期間，我們資產負債表上的存貨小幅增加，而我們仍持續降低通路端存貨；目前已回到正常水位。我們產生了負 7.2 億美元的自由現金流，其中包含與支付收購 NXP MEMS 感測器業務相關的 8.95 億美元現金流出。接下來我們討論第一季的業務動態。

Well, first, we had a strong booking momentum during Q1 with book-to-bill well above one across all end markets and regions. In Automotive, during the quarter, revenue declined 10% sequentially. Year-over-year, revenues increased 15%, marking the return to year-over-year growth. Automotive design momentum progressed with various OEM and Tier 1 ecosystems.

首先，第一季接單動能強勁，所有終端市場與各地區的接單出貨比（book-to-bill）均遠高於 1。在車用領域，本季營收季減 10%；年比則成長 15%，標誌著年比成長的回歸。車用設計導入動能持續推進，涵蓋多家 OEM 與一級供應商（Tier 1）生態系。

We had design wins across electric, hybrid and traditional vehicles, spanning onboard chargers, DC-DC converters, powertrain active suspension and vehicle control electronics. Key products include power semiconductors, smart power devices, automotive microcontrollers, analog devices and sensors.

我們在純電、油電混合與傳統車款上取得多項設計導入，涵蓋車載充電器、DC-DC 轉換器、動力系統主動懸吊與車輛控制電子。關鍵產品包括功率半導體、智慧功率元件、車用微控制器、類比元件與感測器。

In February, we completed the acquisition of NXP's MEMS sensor business. The acquired technology and product portfolio are highly complementary to STs and strengthen our automotive sensor business. We are progressing as planned with the integration into our portfolio and operational flows. Industrial decreased by 1% sequentially and improved 26% year-over-year. Importantly, inventories in distribution further decreased and are now normalized.

2 月，我們完成收購 NXP 的 MEMS 感測器業務。所收購的技術與產品組合與 ST 高度互補，並強化我們的車用感測器業務。我們正按計畫推進整合，納入我們的產品組合與營運流程。工業領域營收季減 1%，年比改善 26%。更重要的是，通路端存貨進一步下降，目前已回到正常水位。

In Industrial, our broad portfolio of microcontrollers, sensing, analog and power devices is strongly aligned with industrial transformation trends and the evolving needs of physical AI. During the quarter, we saw design wins across industrial automation and robotics, building automation, power systems, health care and home appliances.

在工業領域，我們涵蓋微控制器、感測、類比與功率元件的廣泛產品組合，與工業轉型趨勢及實體 AI（physical AI）不斷演進的需求高度契合。本季我們在工業自動化與機器人、樓宇自動化、電力系統、醫療保健與家電等領域取得設計導入。

We announced our collaboration with NVIDIA to integrate ST sensors, microcontrollers and motor control solutions with NVIDIA Robotics ecosystem. This aims to help developers design, train and deploy humanoid robots and other physical AI systems with higher efficiency, reliability and scalability. We are also proud to have been ranked the number one vendor worldwide for general purpose microcontrollers for the fifth consecutive year based on research by Omdia.

我們宣布與 NVIDIA 合作，將 ST 感測器、微控制器與馬達控制解決方案整合至 NVIDIA Robotics 生態系。此合作旨在協助開發者以更高的效率、可靠性與可擴展性，設計、訓練並部署人形機器人及其他實體 AI 系統。我們也很自豪，根據 Omdia 的研究，我們已連續第五年在全球通用型微控制器（general purpose microcontrollers）市場排名第一。

During March, we announced that the first batch of STM32 wafers fully produced in China for ST by our partner, Huahong, has been delivered to customers in China. This was a major step forward in ST China for China supply chain strategy. For Personal Electronics, first quarter revenues were down 14% sequentially, reflecting the seasonality of our engaged customer programs and up 21% year-over-year, reflecting increasing content.

3 月，我們宣布由合作夥伴華虹（Huahong）在中國為 ST 完整生產的首批 STM32 晶圓，已交付給中國客戶。這是 ST「中國為中國」（China for China）供應鏈策略的一大重要進展。就個人電子而言，第一季營收季減 14%，反映我們重點客戶專案的季節性；年比成長 21%，反映單機含量提升。

During the quarter, we reinforced our position in mobile platforms and connected consumer devices, supported by both engaged programs and a broad open market portfolio spanning sensors, secure solutions and power management. We announced support for motion sensing and secure wireless technology on Qualcomm Technologies' newly launched Personal AI platform based on ST smart sensor and secure NFC controllers.

本季我們在行動平台與連網消費裝置的地位進一步鞏固，受惠於重點客戶專案以及涵蓋感測器、安全解決方案與電源管理的廣泛開放市場產品組合。我們宣布支援 Qualcomm Technologies 新推出的個人 AI 平台之動作感測與安全無線技術，該平台採用 ST 智慧感測器與安全 NFC 控制器。

For Communications Equipment and Computer Peripherals, first quarter revenues were above our expectations, up 3% sequentially and 41% year-over-year. We continue to reinforce our position as a supplier of critical semiconductors that power cool and connect AI data centers from the grid to the core and from the core to the user.

在通訊設備與電腦周邊方面，第一季營收高於我們預期，季增 3%、年增 41%。我們持續強化作為關鍵半導體供應商的地位，為 AI 資料中心提供「冷卻」與「連接」能力，涵蓋從電網到核心、以及從核心到使用者端。

ST is now strategically positioned to capture upside from new AI-driven program, leveraging specialized technologies to enable the evolving AI infrastructure. We confirm our data centers revenue expectation to be nicely above USD500 million for 2026 and well above $1 billion for 2027.

ST 現已具備策略性布局，可掌握由 AI 驅動的新專案所帶來的上行機會，並運用專用技術支援不斷演進的 AI 基礎設施。我們確認 2026 年資料中心營收預期將明顯高於 5 億美元，並在 2027 年遠高於 10 億美元。

In a major development, we expanded our strategic engagement with Amazon Web Services through a multiyear multibillion US dollar commercial engagement to enable new high-performance compute infrastructure for cloud and AI data centers.

在一項重大進展中，我們透過一項多年期、數十億美元規模的商業合作，擴大與 Amazon Web Services 的策略性合作，以支援雲端與 AI 資料中心的新一代高效能運算基礎設施。

This engagement covers a broad range of semiconductor solutions, leveraging ST portfolio of proprietary technologies. During the quarter, we secured multiple design wins for silicon and silicon carbide-based power solutions. These supports the drive for higher power density and increased energy efficiency for next-generation AI compute and data center architectures.

此合作涵蓋廣泛的半導體解決方案，並運用 ST 產品組合中的自有技術。本季我們在矽（silicon）與碳化矽（silicon carbide）功率解決方案方面取得多項設計導入。這些成果支援下一代 AI 運算與資料中心架構對更高功率密度與更高能源效率的需求。

We announced the expansion of our 800-volt DC AI data center power conversion portfolio with new 12-volt and 6-volt architectures in collaboration with NVIDIA. With this, ST now provides a complete portfolio for the 800-volt VDC power distribution inside gigawatt scale compute infrastructure, leveraging ST power, analog and mixed signal and microcontroller products.

我們宣布擴充 800 伏直流（DC）AI 資料中心電源轉換產品組合，並與 NVIDIA 合作推出新的 12 伏與 6 伏架構。藉此，ST 現可為 GW（gigawatt）級運算基礎設施內部的 800 伏 VDC 配電提供完整產品組合，涵蓋 ST 的功率、類比與混合訊號以及微控制器產品。

We also announced the start of high-volume production for our silicon photonics-based photonics ICs 100 -- PIC100 platform used by hyperscalers for optical interconnect for data centers and AI clusters. The technology enables higher bandwidth, low latency and greater energy efficiency. As I mentioned last quarter, the momentum in optical interconnect technologies is also driving demand growth for our high-performance microcontrollers in pluggable optics.

我們也宣布開始量產以矽光子（silicon photonics）為基礎的光子 IC（photonics ICs）100——PIC100 平台，該平台由超大規模雲端業者（hyperscalers）用於資料中心與 AI 叢集的光互連。此技術可提供更高頻寬、更低延遲與更佳能源效率。如同我在上季所提到的，光互連技術的動能也正帶動我們可插拔光學（pluggable optics）用高效能微控制器的需求成長。

We are also seeing initial demand for our secure element in data server power supply units to support authentication and detect data manipulation attacks. Our low-earth-orbit satellite business based mainly on our BiCMOS and panel-level packaging technologies strongly progressed during the quarter.

我們也看到在資料伺服器電源供應器（PSU）中，對我們安全元件的初步需求，以支援身分驗證並偵測資料竄改攻擊。我們以 BiCMOS 與面板級封裝技術為主的低地球軌道衛星業務在本季強勁進展。

We were selected to develop a power amplifier controller for direct-to-cell satellites based on our proprietary BCD technology by our main low earth orbit customer, and we continued to ramp shipments to our second largest customer. For sustainability, we issued our annual integrated report during the quarter. This report integrates our sustainability statement detailing our performance in 2025.

我們的主要低地球軌道客戶選擇我們，基於我們專有的 BCD 技術，為直連蜂巢（direct-to-cell）衛星開發功率放大器控制器；同時，我們也持續提升對第二大客戶的出貨量。就永續發展而言，我們在本季發布了年度整合報告。該報告整合了我們的永續聲明，詳述我們在 2025 年的績效。

We made further progress and remain on track for our commitment to becoming carbon neutral by '27 on Scopes one and two and on product transportation, business travel and employee commuting for Scope 3. We also target the sourcing of 100% renewable electricity by 2027 and achieve 86% in 2025. Now over to Lorenzo, who will present our key financial figures.

我們取得了進一步進展，並持續按計畫履行承諾：在 27 年前於範疇一與範疇二，以及範疇三中的產品運輸、商務差旅與員工通勤達成碳中和。我們也以 2027 年達成 100% 再生電力採購為目標，並於 2025 年達到 86%。接下來交給 Lorenzo，他將介紹我們的關鍵財務數據。

Thank you, Jean-Marc. Good morning, everyone. Let's start with a detailed review of the first quarter, starting with revenues on a year-over-year basis. By reportable segment. Analog products, MEMS and Sensors grew 23.2%, mainly due to Imaging and MEMS and to a lesser extent, Analog. Power and Discrete products decreased 1.8%.

謝謝你，Jean-Marc。各位早安。我們先從第一季的詳細回顧開始，先看按年（year-over-year）的營收表現，並依可報導部門（reportable segment）拆分。類比產品、MEMS 與感測器成長 23.2%，主要來自影像與 MEMS，類比亦有部分貢獻。功率與分離式元件產品下降 1.8%。

Embedded Processing revenues were up 31.3% due to general purpose MCU and to a lesser extent, custom processing and RF and optical communication grew 33.9%. By end market, Communication Equipment and Computer Peripherals grew 41%; Industrial 26%, Personal Electronic, 21% and Automotive 15%. Year-over-year, sales to OEMs and distribution increased 24.5% and 19.2%, respectively.

嵌入式處理營收成長 31.3%，主要由通用 MCU 帶動，客製化處理亦有部分貢獻；RF 與光通訊成長 33.9%。按終端市場來看，通訊設備與電腦周邊成長 41%；工業 26%、個人電子 21%、汽車 15%。按年比較，對 OEM 與經銷通路的銷售分別成長 24.5% 與 19.2%。

On a sequential basis, Analog product, MEMS and Sensor decreased by 9.1%, Power and Discrete by 5.4%, Embedded Processing by 4% and RF & optical communication by 9%. by end market, on a sequential basis, Communication Equipment and Computer Peripheral was up 3%, while the other end markets declined. Industrial was down 1%, Automotive, 10%; and Personal Electronic, 14%.

按季（sequential）來看，類比產品、MEMS 與感測器下降 9.1%，功率與分離式下降 5.4%，嵌入式處理下降 4%，RF 與光通訊下降 9%。按終端市場、以按季來看，通訊設備與電腦周邊上升 3%，其他終端市場則下滑：工業下降 1%、汽車下降 10%、個人電子下降 14%。

Turning now to profitability. Gross profit in the first quarter was $1.05 billion, increasing 24.3% on a year-over-year basis. Gross margin was 33.8%, increasing 40 basis points year-over-year, mainly due to lower unused capacity charges and better product mix. On a sequential basis, gross margin decreased by 140 basis points.

接著看獲利能力。第一季毛利為 10.5 億美元，按年增加 24.3%。毛利率為 33.8%，按年提升 40 個基點，主要因未使用產能費用較低以及產品組合改善。按季來看，毛利率下降 140 個基點。

Gross profit included $11 million purchase price allocation PPA effects from our acquisition of NXP's MEMS sensor business. Non-US GAAP gross margin, excluding this item, was 34.1%, excluding the impact of NXP's MEMS sensor business and related PPA effects, gross margin stood at 33.9%, 20 basis points better than the midpoint of ST guidance, which did not include any impact related to our acquisition of NXP's MEMS sensor business.

毛利包含我們收購恩智浦（NXP）MEMS 感測器業務所產生的 1,100 萬美元購買價格分攤（PPA）影響。剔除此項目後，非美國 GAAP 毛利率為 34.1%；若再排除 NXP MEMS 感測器業務及相關 PPA 影響，毛利率為 33.9%，較 ST 指引中位數高 20 個基點，而該指引並未納入我們收購 NXP MEMS 感測器業務的任何影響。

Q1 gross margin included about 50 basis points of negative impact resulting from a nonrecurring cost related to our manufacturing reshaping programs. The negative impact on gross margin from the just mentioned nonrecurring cost is expected to remain at similar level over the rest of the year. Total net operating expenses, excluding restructuring, amounted to $904 million in the first quarter.

第一季毛利率亦包含約 50 個基點的負面影響，源自與我們製造重塑計畫相關的一次性成本。上述一次性成本對毛利率的負面影響，預期在今年剩餘期間將維持在相近水準。第一季總淨營業費用（不含重組）為 9.04 億美元。

Excluding the purchase price allocation PPA effects from our acquisition of NXP's MEMS sensor business, non-US GAAP OpEx stood at $885 million. Non-US GAAP net OpEx included OpEx related to the acquired NXP MEMS sensor business and a one-off impact related to a settlement with a supplier. Excluding these two items, non-US GAAP net OpEx was broadly in line with the expectations given in January, which did not include any impact related to our acquisition.

若排除收購 NXP MEMS 感測器業務所產生的購買價格分攤（PPA）影響，非美國 GAAP 營業費用（OpEx）為 8.85 億美元。非美國 GAAP 淨 OpEx 包含與所收購的 NXP MEMS 感測器業務相關的 OpEx，以及與供應商和解相關的一次性影響。排除這兩項後，非美國 GAAP 淨 OpEx 大致符合我們在 1 月給出的預期，而該預期並未納入任何與本次收購相關的影響。

For the second quarter of 2026, we expect non-US GAAP net OpEx to stand between $950 million and $960 million. The sequential increase is mainly due to calendar base effect, start-up costs and one incremental month of OpEx related to the acquired NXP's MEMS sensor business. Excluding these items, Q2 '26 non-US

對於 2026 年第二季，我們預期非美國 GAAP 淨 OpEx 將介於 9.50 億至 9.60 億美元。按季增加主要來自日曆基期效應、啟動成本，以及與所收購的 NXP MEMS 感測器業務相關的 OpEx 多計入一個月。排除這些項目後，2026 年第二季非美國

GAAP net OpEx would slightly decrease sequentially. In light of our acquisition of NXP's MEMS sensor business and the new AI revenues opportunity, let me give you some more color on the 2026 OpEx. For full year 2026, we now expect like-for-like net OpEx to be up mid- to high single digit year-over-year versus our previous expectation for a low single-digit increase as we are accelerating our investment in new business opportunities, including NXP's MEMS sensor business acquisition and the exchange rate impact, net OpEx should be up low double digit year-over-year.

GAAP 淨 OpEx 將按季小幅下降。鑑於我們收購 NXP 的 MEMS 感測器業務以及新的 AI 營收機會，讓我補充一些 2026 年 OpEx 的細節。就 2026 全年而言，我們目前預期在可比基礎（like-for-like）下的淨 OpEx 將按年增加中到高個位數百分比，高於先前預期的低個位數增幅，因為我們正加速投資新的業務機會；若納入 NXP MEMS 感測器業務收購及匯率影響，淨 OpEx 預期將按年增加低雙位數百分比。

In the first quarter, we reported $70 million of operating income, which includes $71 million for impairment, restructuring charges and other related phase-out costs. These charges are related to the execution of the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base.

第一季我們報告的營業利益為 7,000 萬美元，其中包含 7,100 萬美元的減損、重組費用及其他相關的汰除（phase-out）成本。這些費用與我們執行先前已宣布的全公司計畫有關，該計畫旨在重塑我們的製造版圖並調整全球成本基礎規模。

Q1 operating income also included $30 million purchase price allocation effects from our acquisition of NXP's MEMS sensor business. Excluding these items, Q1 non-US GAAP operating income stood at $171 million and non-US GAAP operating margin was 5.5% with Analog product, MEMS and Sensors at 12.2%, Power and Discrete negative 21.5%, Embedded Processing at 16.9% and RF & Optical Communication at 14.9%.

第一季營業利益亦包含我們收購 NXP MEMS 感測器業務所產生的 3,000 萬美元購買價格分攤影響。排除這些項目後，第一季非美國 GAAP 營業利益為 1.71 億美元，非美國 GAAP 營業利益率為 5.5%；其中類比產品、MEMS 與感測器為 12.2%，功率與分離式為負 21.5%，嵌入式處理為 16.9%，RF 與光通訊為 14.9%。

First quarter 2026 net income was $37 million compared to a net income of $56 million in the year ago quarter. Diluted earnings per share were $0.04 compared to $0.06 one year ago. Non-US GAAP net income stood at $122 million and non-US GAAP diluted earnings per share stood at $0.13.

2026 年第一季淨利為 3,700 萬美元，去年同期淨利為 5,600 萬美元。稀釋每股盈餘為 0.04 美元，去年同期為 0.06 美元。非美國 GAAP 淨利為 1.22 億美元，非美國 GAAP 稀釋每股盈餘為 0.13 美元。

Net cash from operating activities totaled $534 million in the first quarter compared to $574 million in the year ago quarter. Net CapEx was $362 million in the first quarter compared to $530 million in the year ago quarter. Free cash flow was negative at $723 million in the first quarter compared to a positive $30 million in Q1 2025. Q1 '26 free cash flow includes $895 million cash out related to the payment for the acquisition of NXT's MEMS sensor business.

第一季營運活動淨現金流入合計 5.34 億美元，去年同期為 5.74 億美元。第一季淨資本支出（Net CapEx）為 3.62 億美元，去年同期為 5.30 億美元。第一季自由現金流為負 7.23 億美元，而 2025 年第一季為正 3,000 萬美元。2026 年第一季自由現金流包含與支付收購 NXT 的 MEMS 感測器業務相關的 8.95 億美元現金流出。

Inventory at the end of this quarter was $3.17 billion compared to $3.14 billion in Q4 2025 and $3.01 billion in Q1 2025. Days sales of inventory at quarter end were 140 days, in line with our expectation compared to 130 days of the previous quarter and 167 days in the year ago quarter. Cash dividend paid to stakeholders in the first quarter of 2026 totaled $71 million.

本季末庫存為 31.7 億美元，較 2025 年第四季的 31.4 億美元增加，亦高於 2025 年第一季的 30.1 億美元。季末庫存銷售天數為 140 天，符合我們的預期；前一季為 130 天，去年同期為 167 天。2026 年第一季支付給利害關係人的現金股利合計 7,100 萬美元。

ST maintained its financial strength with a net financial position that remained solid at $2 billion as of March 28, 2026, reflecting total liquidity of $4.57 billion and total financial debt of $2.57 billion. Now back to Jean-Marc, who will comment on our outlook.

截至 2026 年 3 月 28 日，ST 維持穩健的財務實力，淨財務部位仍穩固為 20 億美元，反映總流動性 45.7 億美元與總金融負債 25.7 億美元。接下來交回 Jean-Marc，他將評論我們的展望。

Thank you, Lorenzo. Now let's move to our business outlook for Q2 2026. We are expecting Q2 2026 revenues at $3.45 billion, plus or minus 350 basis points. At the midpoint, our Q2 2026 net revenues will increase 11.6% sequentially and by 24.9% year-over-year.

謝謝你，Lorenzo。現在讓我們進入 2026 年第二季的業務展望。我們預期 2026 年第二季營收為 34.5 億美元，上下浮動 350 個基點。以中位數計算，我們 2026 年第二季淨營收將較前一季成長 11.6%，並較去年同期成長 24.9%。

We expect our gross margin to be about 34.8%, plus or minus 200 basis points, including about 100 basis points of unused capacity charges. Non-US GAAP gross margin is expected to be about 35.2%. This business outlook does not include any impact for potential further change to global trade tariffs compared to the current situation.

我們預期毛利率約為 34.8%，上下浮動 200 個基點，其中包含約 100 個基點的閒置產能費用。非美國 GAAP 毛利率預期約為 35.2%。本業務展望未納入相較於目前情況、全球貿易關稅可能進一步變動的任何影響。

To conclude, in the first quarter, despite the macroeconomic uncertainty, we saw improving demand with strong booking and normalized inventory in distribution. In the second quarter, we expect revenues well above average seasonality as well as an increased gross margin. We have a clear path to improve gross margin while staying at the forefront of innovation.

總結來說，第一季儘管宏觀經濟存在不確定性，我們仍看到需求改善，訂單強勁，且通路庫存已正常化。第二季，我們預期營收將明顯高於一般季節性水準，毛利率也將提升。我們有清晰的路徑在保持創新領先的同時改善毛利率。

We expect 2026 revenues to show double-digit growth beyond our addressable market dynamics and our already engaged customer programs. This growth will be driven by new AI programs for which we leverage our specialized technologies to enable the evolving AI infrastructure.

我們預期 2026 年營收將呈現雙位數成長，超越我們可服務市場的動態以及既有已啟動的客戶專案。此成長將由新的 AI 專案所驅動，我們將運用專精技術來支援持續演進的 AI 基礎設施。

Before handing over to Jerome, I am pleased to announce that as we did in March for Cloud AI and intelligent sensing, on May 4, we will host a dedicated call on ST's low-earth-orbit satellites, explaining how we are going to achieve our ambition of well above $3 billion cumulative revenues over the period '26 to '28 for this opportunity. You will receive the invitation today. Thank you, and we are now ready to answer your questions.

在交棒給 Jerome 之前，我很高興宣布：如同我們在 3 月針對雲端 AI 與智慧感測所做的那樣，我們將於 5 月 4 日舉辦一場專題電話會議，聚焦 ST 的低地球軌道衛星，說明我們將如何在 2026 至 2028 年期間，於此機會上達成累計營收遠超過 30 億美元的目標。您今天將會收到邀請函。謝謝，我們現在準備回答各位的問題。

(Operator Instructions)

（接線員指示）

Joshua Buchalter, TD Securities.

Joshua Buchalter，TD Securities。

Congrats on the very solid results. So you have a lot of idiosyncratic growth drivers hitting this year across data center, silicon photonics, LEO satellite and then your largest customers, normal seasonal ramp. Can you sort of help us with the shape of the year and how we should expect them to layer into the model? Like should we expect 3Q and 4Q this year to also be above seasonal because of these company-specific growth drivers?

恭喜你們交出非常穩健的成績。今年你們有許多公司特有的成長動能同時發力，涵蓋資料中心、矽光子、低地球軌道（LEO）衛星，另外還有你們最大客戶的正常季節性拉升。你們能否協助我們理解今年的走勢輪廓，以及我們應該如何把這些因素分層納入模型？例如，今年第三季與第四季是否也會因為這些公司特定的成長動能而高於季節性？

I am taking the question. Well, of course, I will not guide on '26, but maybe we can share a few elements. First of all, okay, the strong booking of Q1 has shown absolutely no pull-in order. It is, let's say, a well-balanced loading of the 2026 quarter-to-quarter.

我來回答這個問題。當然，我不會對 2026 年提供指引，但我們或許可以分享幾個要點。首先，第一季強勁的接單完全沒有出現提前拉貨。可以說，2026 年各季之間的負載分配相當均衡。

So the billable on '26 from the booking we received in Q1 represent approximately 85% to 90% of the booking we received. So this is positive to make us confident that in H2, we could achieve the usual seasonality H2 versus H1. Then what will be again positive on the year 2026, looking at the current dynamic in terms of growth.

因此，第一季我們收到的訂單中，可在 2026 年認列的可開立帳單金額約占該季接單的 85% 到 90%。這是正面的，讓我們有信心在下半年能達到上半年對下半年的正常季節性表現。接著，從目前的成長動態來看，2026 年全年也會再度呈現正向。

In automotive, we confirm that '26 will be a growth for ADAS for sensor, of course, and also with the boost of the acquisition of MEMS from NXP and for silicon carbide. In Industrial, we will see a solid and strong growth on general purpose microcontroller. In Personal Electronics, okay, as we have already seen in Q1, our engaged customer programs in Sensor and Analog will be, let's say, a contributor of the growth but not a big one in H2 because a change of profile in the introduction of the new device.

在車用方面，我們確認 2026 年 ADAS 將帶動成長，包含感測器，當然也包括自 NXP 併購 MEMS 帶來的助益，以及碳化矽。在工業方面，我們將看到通用型微控制器的穩健且強勁成長。在個人電子方面，如同我們在第一季已看到的，我們在感測器與類比領域已啟動的客戶專案將對成長有所貢獻，但由於新裝置導入時程的輪廓改變，下半年貢獻不會太大。

Well, in data center, it is clear that here we are seeing a really strong growth in terms of demand, acceleration, including cloud optical interconnect, both for our PIC100 for our BiCMOS but I repeat for our general purpose microcontroller and analog and power discrete as well. So we confirm the revenue nicely well above USD500 million. But the only negative aspect of the revenue in '26 is capacity reservation fees that will decrease, okay, $140 million compared last year.

至於資料中心，很明顯我們看到需求面非常強勁的成長與加速，包含雲端光學互連，不論是我們的 PIC100、我們的 BiCMOS；但我再強調，也包括我們的通用型微控制器，以及類比與功率分離元件。因此我們確認營收將漂亮地遠高於 5 億美元。不過，2026 年營收唯一的負面因素是產能預留費用將下降，較去年減少 1.4 億美元。

So this is how we see the year 2026. So I repeat, backlog now well loaded, great confidence level to have H2 versus H1 at the usual seasonality on top of ADAS, SiC, sensor, general purpose micro, clearly, AI infrastructure and low-earth-orbit satellite will be very strong contributor to the performance of ST in 2026.

這就是我們對 2026 年的看法。我再重申，目前在手訂單已相當充足，我們非常有信心下半年相較上半年能呈現正常季節性；此外，ADAS、SiC、感測器、通用型微控制器，以及 AI 基礎設施與低地球軌道衛星，都將是 ST 在 2026 年表現的非常強勁貢獻者。

Really appreciate it. I was hoping you could comment on the pricing backdrop. I mean, one of your large competitors last night said it was coming in a little bit better than they originally planned and now expect flat pricing. Have you seen changes in the pricing environment over the last three months? And sort of what are your expectations on pricing for the year?

非常感謝。我想請你們評論一下定價環境。我的意思是，你們一位大型競爭對手昨晚表示情況比他們原先規劃的稍好，現在預期價格持平。過去三個月你們是否看到定價環境的變化？以及你們對今年定價的預期是什麼？

So, here, I'll let Lorenzo comment.

這部分我讓 Lorenzo 來回應。

Yes. Thank you for the question. If you remember last quarter, we were talking about pricing decline on low to mid-single-digit expectation. But clearly, there is some evolution in respect to this expectation. I would say that in Q1, our price decline was as expected, low single digit.

好的，謝謝你的問題。如果你記得上一季，我們談到對價格下滑的預期為低到中個位數。但很明顯，這個預期出現了一些變化。我會說，在第一季，我們的價格下滑如預期，為低個位數。

What today we see, we see an environment in which actually there is some selected price increase that also we expect. So at this point, I would say that in terms of pricing, our expectation is to have a very low single-digit, let's say, price decline. So it means that actually, in terms of pricing, we see a better situation in respect to what was a few months ago.

而我們今天看到的是一個環境：實際上存在一些選擇性的漲價，而且我們也預期會發生。因此在此時點，我會說就定價而言，我們的預期是非常低個位數的價格下滑。也就是說，就定價面而言，我們看到的情況比幾個月前更好。

Francois Bouvignies, UBS.

Francois Bouvignies，UBS。

Maybe just a follow-up on the pricing. I mean we have seen some announcements that you will increase your pricing in April and you are not the only one. So can you just give us an idea of how much of your revenues would be impacted by the margins?

我想就定價再追問一下。我是說，我們看到一些公告指出你們將在 4 月調漲價格，而且不只你們一家。你們能否讓我們了解一下，大約有多少營收會受到毛利率的影響？

And also, Lorenzo, what about the gross margin with this pricing increase? I mean, should we -- I would imagine it takes a bit of time to fuel into your P&L. So when should we expect some gross margin impact from this gross margin increase that we see in the press? That's my first question on pricing, gross margin.

另外，Lorenzo，這次漲價對毛利率的影響如何？我的意思是，我想它需要一些時間才會反映到損益表（P&L）中。那麼我們應該在何時預期會看到媒體所提到的這些毛利率提升，對你們毛利率產生影響？這是我第一個關於定價、毛利率的問題。

No. Clearly, let's say, when we look at the price environment, I would say that at this stage, yes, there is some selective price increase. It's not a price increase for what concern us across all, let's say, customer and products. Anyway, what I can say is that when we look at the dynamic, of course, of the -- dynamic of our gross margin moving from Q1 to Q2, and we may say that pricing is quite neutral in respect, let's say, to this dynamic, means that at the end, it's not a boost but it's not even a detractor.

不。很明確地說，當我們看定價環境時，我會說在這個階段，確實有一些選擇性的漲價。但就我們而言，這並不是針對所有客戶與所有產品全面漲價。無論如何，我能說的是：當我們看第一季到第二季毛利率變動的動態時，我們可以說定價對這個動態基本上是中性的；也就是說，它不是推升因素，但也不是拖累因素。

It will remain substantially flattish when we look at the evolution of the gross margin. That is not what is the normal trend when we look, let's say, the seasonality between these two quarters. For sure, as a positive when we look at our gross margin, there is the mix. Mix is continuing to be, let's say, positive on our gross margin evolution. But clearly, there is also lower unused capacity charges.

當我們看毛利率的演變時，它將大致維持平坦。這並不是我們在觀察這兩個季度之間季節性時的正常趨勢。當然，從毛利率的正面因素來看，有產品組合（mix）。產品組合仍持續對毛利率的演變帶來正面影響。但很明顯地，還有較低的閒置產能費用。

Our fabs that are better loaded capacity charges is declining moving from Q1 to Q2. But there are still some negative. The negative is mainly related to our manufacturing efficiency. Why? Because there is some temporary suboptimal efficiency in the context of our reshaping plan. We are moving technologies, products from 200-millimeter fab to 300-millimeter from the 150-millimeter of silicon carbide to 200-millimeter.

我們晶圓廠在產能負載較佳時所產生的產能費用，從第一季到第二季正在下降。但仍然有一些負面因素。這些負面主要與我們的製造效率有關。為什麼？因為在我們的重塑計畫背景下，存在一些暫時性的次佳效率。我們正在進行技術與產品的轉移，從 200 毫米晶圓廠轉到 300 毫米，並且從 150 毫米的碳化矽轉到 200 毫米。

And we are really in the middle of this kind of programs that, for sure, let's say, are somehow impairing a little bit the efficiency of our fabs. And this, I would say, is the main detractor when we look at the evolution over the -- on a sequential basis of our gross margin. Pricing, as I said, is really neutral at this stage.

而我們確實正處於這類計畫的中段，這些計畫當然在某種程度上會稍微影響我們晶圓廠的效率。我會說，當我們以季對季的角度來看毛利率的演變時，這就是主要的拖累因素。至於定價，如我所說，在這個階段基本上是中性的。

Maybe one for Jean-Marc. I mean, if we look at your customer programs, if I exclude the Personal Electronics, so if I take silicon carbide, photonics and satellites, so your big programs. Should we expect your revenues to grow quarter-on-quarter from here, like the fundamental that is increasing gradually. So no seasonality, I would imagine. So you should be able to see a growth across the board here quarter-on-quarter for the year. Is that the right assumption excluding Personal Electronics?

也許這題給 Jean-Marc。我是說，如果我們看你們的客戶專案，若排除個人電子（Personal Electronics），也就是看碳化矽、光子與衛星等你們的大型專案。我們是否應該預期你們的營收從現在起會逐季成長，因為基本面是在逐步上升。所以我想應該沒有季節性。那麼今年你們應該能看到各業務線逐季成長。排除個人電子後，這樣的假設正確嗎？

Of course, excluding Personal Electronics, this is what we expect.

當然，排除個人電子後，這就是我們的預期。

Janardan Menon, Jefferies.

Janardan Menon，Jefferies。

Just a follow-up on gross margin, Lorenzo. Looking into the second half, what would you see as the various puts and takes on that gross margin evolution? Your top line is growing perhaps much faster than what we had thought a few months ago. So would it be that, that utilization and underloading charges will get used up faster? And what is -- there's normally a lag between the revenue trend and the gross margin.

Lorenzo，我想就毛利率再追問一下。展望下半年，你認為毛利率走勢的各項拉抬與拖累因素會是什麼？你們的營收成長可能比我們幾個月前想的快得多。所以會不會是產能利用率提升、以及產能未充分負載費用會更快被消化？而且通常營收趨勢與毛利率之間會有一段落後。

So just if you could give us any commentary on how -- not in terms of actual numbers but just the puts and takes perhaps of the second half? And how do you feel about your sort of your model of getting to 45% given the kind of strength that you're seeing in end markets and the favorable product mix that you're seeing right now?

所以如果你能給我們一些評論——不是實際數字，而是下半年可能的拉抬與拖累因素？以及在你們目前看到終端市場的強勁需求與有利的產品組合之下，你對於你們達到 45% 的模型目標感受如何？

No. What I can say about the gross margin is definitely that the gross margin, let's say, this year will improve in respect to what has been in last year, definitely and will improve sequentially when we look Q1, Q2, Q3 and Q4. This is something that definitely we expect. This is what we expect to continue to see a sequential increase and sequential improvement over Q3 and Q4. What are, let's say, the driver we expect?

不。我能說的是，毛利率今年肯定會比去年改善，而且當我們看第一季、第二季、第三季與第四季時，毛利率也會逐季改善。這是我們明確的預期。我們預期會持續看到逐季上升、在第三季與第四季也會逐季改善。我們預期的驅動因素是什麼？

Clearly, as you said, the unused capacity charges will improve, thanks to the fact that we will have higher revenues, even if I confirm that will not completely disappear. We will still have some areas in which especially related to the legacy technology that we will still have a little bit of unused capacity charge but much lower than what we saw, let's say, last year definitely.

很明顯，如你所說，未使用產能費用會改善，因為我們的營收會更高；不過我也確認它不會完全消失。我們仍會在某些領域——特別是與既有（legacy）技術相關的部分——仍有一些未使用產能費用，但會比我們去年看到的水準低很多。

There will be progressively some manufacturing efficiency improvement. Even if I repeat what I said before, we are not yet optimized because, let's say, we are in this transition. We will start to see this benefit of the transition mainly in 2027 more and then in 2026.

製造效率也會逐步改善。即使我重申先前所說，我們尚未達到最佳化，因為我們正處於這個轉換期。我們將在 2026 開始看到一些效益，但主要會在 2027 看到更多轉換帶來的好處。

But for sure, there will be some improvement moving forward from Q2. Mix will be another positive impact. We will continue positive impact on mix. But clearly, we know that capacity reservation fees now are out. There will not be, I mean, much lower, let's say, there will not be a significant variation moving from Q2, Q3 and Q4, but are much lower in respect to what it was, let's say, last year.

但可以確定的是，從第二季往後會有一些改善。產品組合（mix）也會是另一個正面影響。我們會持續看到組合帶來的正面效益。但很明顯，我們知道產能預訂費（capacity reservation fees）現在已經沒有了；也就是說，從第二季到第三季與第四季不會有顯著變動，但相較於去年，水準已經低很多。

As I said, there is this cost related to this transformation of our manufacturing infrastructure. Maybe what we will have, let's say, in the second half is a little bit higher input cost for our manufacturing considering, let's say, the overall situation. But definitely, I confirm that starting from our, let's say, 35.2% Gross margin in the second quarter, we will continue to see progressively improvement in Q3 and Q4.

如我所說，還有與我們製造基礎設施轉型相關的成本。下半年我們可能會看到製造端的投入成本略高一些，考量到整體情勢。但我可以確認的是，從第二季 35.2% 的毛利率開始，我們將在第三季與第四季持續逐步改善。

And maybe just a quick follow-up. On your Q2 outlook of 11.6%, is there already a very significant contribution from the optical connectivity on the data center, which is driving that upside? Or is the Q2 more driven by a pickup in industrial, general purpose microcontrollers, et cetera, and the optical kicks in more meaningfully into the second half of the year?

另外再快速追問一下。你們第二季 11.6% 的展望中，資料中心的光學互連是否已經有非常顯著的貢獻、並推動了這個上修？還是第二季主要是工業、通用微控制器等需求回升所帶動，而光學要到下半年才會更有意義地貢獻？

The optical are starting to contribute. In fact, since Q1 is mainly through the high-performance microcontroller. But the main part of the optical overall with photonics by BiCMOS will be in H2 but microcontroller are already participating to the growth.

光學業務已開始貢獻。事實上，從第一季開始主要是透過高效能微控制器帶動。但整體光學（含以 BiCMOS 為基礎的光子）主要會在下半年（H2）發力，不過微控制器已經在參與成長。

Gianmarco Bonacina, Banca Akros.

Gianmarco Bonacina，Banca Akros。

I have a question more for the midterm. You gave some figures for your, say, AI revenues for next year, above $1 billion. I just wanted to understand in terms of the commercial activity, we read -- we commented the big contract with AWS. So are you working on a commercial basis just to get potentially the revenues with other hyperscaler? And how confident you are that, let's say, the opportunity you realized with AWS can be also generated with other hyperscaler maybe, I mean, in the midterm, not just in the near term?

我有一個比較偏中期的問題。你們給了明年 AI 營收的一些數字，超過 10 億美元。我想了解在商務活動方面，我們看到——也評論過——你們與 AWS 的大合約。所以你們是否也在商務層面運作，爭取與其他超大規模雲端業者（hyperscaler）取得潛在營收？以及你們有多大信心，認為你們在 AWS 上實現的機會，也能在其他 hyperscaler 上複製、在中期（不只是短期）同樣產生？

If we speak about midterm, our strategy on hyperscaler are the following. Basically, if you break down this, let's say, infrastructure in three main application domain. What we call the network flow. This is where we have spoken about, let's say, the optical cable and near technology, let's say, evolution with packaged co optic or near-packaged optics clearly here, one of the main driver will be AWS but clearly, ST is positioned to provide -- to be a provider of product and solution for optical cable far beyond, only AWS. This is the point number one.

如果談中期，我們對 hyperscaler 的策略如下。基本上，如果你把這個基礎設施拆成三個主要應用領域。第一個是我們所稱的「網路流」（network flow）。這就是我們談到的光纜，以及技術演進，例如封裝式共封裝光學（packaged co-optic）或近封裝光學（near-packaged optics）。在這裡，AWS 會是主要驅動之一，但很明顯，ST 的定位是提供光纜相關產品與解決方案的供應商，遠不只服務 AWS。這是第一點。

And then the second big domain is clearly well known is what we call the power flow. So it means the capability for electronics to enable the supply of the processor from 20,000 volt to 0.8 volt. And here, ST is engaged now with a large product portfolio from, let's say, SPS, low-voltage MOSFET, microcontroller, driver, sensing and so on and so forth. And this will come far beyond AWS. Of course, AWS okay, will use this component but we will provide and we will compete far beyond AWS.

第二個大領域很清楚、也眾所周知，是我們所稱的「電力流」（power flow）。也就是讓電子系統能把處理器供電從 20,000 伏轉換到 0.8 伏的能力。在這裡，ST 目前以龐大的產品組合投入，包括例如 SPS、低壓 MOSFET、微控制器、驅動器、感測等，等等。這也會遠遠超出 AWS 的範圍。當然，AWS 會使用這些元件，但我們的供應與競爭範圍將遠不只 AWS。

Then last but not the least is all the infrastructure around the thermal cooling of this infrastructure, and we are already there with our power solution, microcontroller and analog. So clearly, AWS will be a fantastic driver for ST for the growth of the revenue during the next three, five years.

最後但同樣重要的是，圍繞這套基礎設施的散熱冷卻（thermal cooling）相關的一切，而我們已經在其中，透過我們的電源解決方案、微控制器與類比產品。因此，AWS 將會是 ST 在未來三到五年營收成長的一個極佳驅動力。

But our ambition is well above, thanks to our product portfolio. And I repeat ST is a unique company capable to provide on this infrastructure from photonic solution, MEMS solution that will come pretty soon, microcontroller definitively, power switches, power drivers, controllers and including other sensor. So this unique position, clearly position ST in the future, to be an important contributor in terms of supply to this business line.

但憑藉我們的產品組合，我們的企圖心更高。我再重申，ST 是一家獨特的公司，能在這套基礎設施上提供從光子解決方案、很快就會推出的 MEMS 解決方案、微控制器，當然還有功率開關、功率驅動器、控制器，以及其他感測器。這種獨特的定位，將使 ST 在未來能在對這條業務線的供應方面，成為重要的貢獻者。

Okay. Just a quick follow-up for Lorenzo, if I can. The change in the guidance in the OpEx, just to understand correctly. So you are talking about your clean OpEx excluding PPA and restructuring.

好的。我可以針對 Lorenzo 再快速追問一下嗎？關於 OpEx 指引的變動，我想確認我理解正確：你指的是剔除 PPA 與重組的淨 OpEx（clean OpEx）嗎？

Yes. Yes. Of course, we exclude PPA and restructuring. And as I was saying before, at the end, yes, apart of the fact that we have the addition of NXP that when we were talking previously was not taken into consideration.

是的。是的。當然，我們會排除 PPA 和重組。正如我先前所說，最後，除了我們新增了 NXP（而我們之前討論時並未將其納入考量）之外。

But I have to say that thanks to the fact that we see significant, let's say, opportunity in terms of revenues, we have some programs accelerating in terms of, let's say, development and bringing a little bit more level of expenses. I have to say that in any case, when we look at our net OpEx, the expense to sales ratio 2025 compared to 2026, let's say, in 2026, the expense to sales ratio will materially decline with respect to the previous year.

但我必須說，因為我們看到在營收方面有顯著的、可以說是機會，所以我們有一些計畫在開發上加速，並使費用水準略有提高。不過我也必須說，無論如何，當我們看我們的淨 OpEx 時，2026 年相較 2025 年，費用對銷售比（expense to sales ratio）將會相對前一年明顯下降。

Andrew Gardiner, Citi.

Andrew Gardiner，花旗（Citi）。

Just a couple of, I suppose, follow-ups to some of the topics that have already been discussed. First, on the AI side, Jean-Marc, you've -- I think it's a reiteration of what you were saying last month in terms of the nicely above $500 million of revenue for this year and well above $1 billion for next year. Just things are moving very quickly in this part of the market to put it mildly.

我想就幾個已經討論過的主題再追問兩點。首先在 AI 方面，Jean-Marc，你——我想這是在重申你上個月所說的：今年 AI 相關營收將明顯高於 5 億美元，明年將遠高於 10 億美元。坦白說，這個市場領域的變化速度非常快。

What is the potential for upside there? And I suppose, more importantly, for you, where are you seeing capacity constraints at the moment that may indeed limit the level of upside relative to the demand that you're seeing? And then a quick one for you, Lorenzo, just again on the OpEx. You said a low double-digit gain '26 on '25 on one of the items that you were looking at. Could you just provide us the baseline of that? I missed that when you were saying it in the prepared comments.

那麼這裡的上行空間有多大？以及我想更重要的是，就你們而言，你們目前在哪些地方看到產能限制，可能確實會限制相對於你們所看到需求的上行幅度？另外也快速問你一下，Lorenzo，還是關於 OpEx。你提到在你看的其中一個項目上，2026 年相較 2025 年是低雙位數成長。你能否提供那個基準值？我在你準備稿中提到時漏聽了。

Never mind. It is clear that we are on some part of the technology and components that are enabling the solution we provide to customers, we are in ramp-up mode. Clearly on photonics and associated technology, we are in a ramp-up mode. Overall, what I can confirm today that the unconstrained demand we have today for '26 and '27 is well above the nicely above $500 million and well above $1 billion.

沒關係。很明顯，在支撐我們為客戶提供解決方案的部分技術與元件上，我們正處於爬坡（ramp-up）模式。很明顯在光子（photonics）及相關技術上，我們也處於爬坡模式。總體而言，我今天可以確認的是，我們目前看到 2026 年與 2027 年的「不受限需求」（unconstrained demand）遠高於「明顯高於 5 億美元」以及「遠高於 10 億美元」的水準。

And our ambition is to fulfill this unconstrained demand but the company first has to ramp up, okay, the capacity already installed in the second half of the year to implement additional capacity. And our ambition is to fulfill as much as we can the unconstrained demand of customers. I will provide more color in July, clearly during our next meeting. But I really confirm that '26 will show a significant breakthrough in our revenue linked to AI data center.

而我們的企圖心是滿足這些不受限需求，但公司首先必須把產能拉升，好嗎——也就是把今年下半年已安裝的產能爬坡起來，並導入額外產能。我們的目標是盡可能滿足客戶的不受限需求。我會在 7 月、也就是我們下次會議時提供更多細節。但我確實可以再次確認，2026 年我們與 AI 資料中心相關的營收將出現顯著突破。

For what concern OpEx, I confirm that net OpEx sales ratio will decrease in 2026 compared to 2025. What we expect, now we expect when we say OpEx like-for-like means, let's say, the same FX and same perimeter means not including the NXP acquisition to be up mid- to single digit, let's say, in 2026 compared to 2025. You have to consider that half of this increase is related to the start-up cost that we have, let's say, in the fab 300-millimeter and, let's say, 200-millimeter for silicon carbide that is, let's say, related to our transfer from 200 to 300, 150 to 200 for silicon carbide.

至於 OpEx，我確認 2026 年的淨 OpEx 對銷售比將較 2025 年下降。我們目前的預期是，當我們說 OpEx like-for-like，意思是以相同匯率與相同範圍（perimeter）來看，也就是不包含 NXP 併購，2026 年相較 2025 年將上升中到個位數（mid- to single digit）。你必須考量，這個增幅的一半與我們的啟動成本有關，也就是在 300 毫米晶圓廠，以及用於碳化矽的 200 毫米產線的啟動成本——這與我們將碳化矽從 200 轉到 300、以及從 150 轉到 200 的轉移相關。

So it means that this is something that is not structural is coming this year but will not stay forever. If we include the NXP MEMS business acquisition, and also include the impact of the exchange rate, excluding the restructuring, we should be up low double digit versus 2025. This is assuming an exchange rate effective in the range of 1.15, 1.16 and is, of course, including, let's say, the operation of NXP MEMS business that we can estimate in the range of $50 million additional expenses for us in this year.

這表示這不是結構性的因素；它今年會出現，但不會永遠持續。如果我們納入 NXP MEMS 業務併購，並且也納入匯率影響（不含重組），那麼相較 2025 年，我們應該會是低雙位數成長。這是假設有效匯率落在 1.15、1.16 的區間，並且當然也包含 NXP MEMS 業務的營運影響；我們估計該業務今年將為我們帶來約 5,000 萬美元的額外費用。

Sebastien Sztabowicz, Kepler Cheuvreux.

Sebastien Sztabowicz，Kepler Cheuvreux。

On the transformation program, where are you standing right now in terms of capacity build and so on? And when do you expect to have the full synergies benefit? Is it for '27 or more for 2028? And the second question is on silicon carbide and your JV with Sanan in China. Where are you in the ramp-up mode with the JV? And when do you expect the first volume to start to ramp up meaningfully in China?

關於轉型計畫（transformation program），你們目前在產能建置等方面進展到哪裡？你們預期何時能看到完整的協同效益？是 2027 年，還是更偏向 2028 年？第二個問題是關於碳化矽以及你們在中國與三安（Sanan）的合資企業。合資公司目前的爬坡進度如何？你們預期何時在中國開始有意義地放量（volume）爬升？

For the transformation program, clearly now we are in the middle of the execution. Clearly, we have to respect the customer qualification time, when for analog technology, we move from 200-millimeter to 300-millimeter. This is -- they have a good incentive to do it because clearly, our capacity potential increase is related to Agrate in 300-millimeter.

就轉型計畫而言，很明顯我們現在正處於執行的中段。我們必須遵守客戶的認證時間；當我們在類比技術上從 200 毫米轉到 300 毫米時就是如此。客戶其實有很強的動機去做，因為很明顯，我們的產能潛在提升與 Agrate 的 300 毫米產能相關。

We expect that the benefits of Agrate at full speed will be more in the end of '27 and entering in '28, not related to the fact that we don't go at the right speed in terms of qualification internal, but more related to the customer normal constraint they have to qualify their own application. On silicon carbide, it's a bit similar, in fact, okay, because here, we are moving from 6-inch to 8-inch, and this is mandatory to do it here is the same.

我們預期 Agrate 在全速運轉下的效益會更多體現在 2027 年底並延伸到 2028 年初；這不是因為我們內部在認證（qualification）方面速度不對，而是更多與客戶本身在其應用上需要完成認證的正常限制有關。碳化矽方面其實也有點類似，因為我們正在從 6 吋轉到 8 吋，這在這裡是必須要做的，道理相同。

We are not limited by our own capability, both in Catania and in Sanan in Chongqing. The limitation is more related to the qualification time of our customer. And you know that we are engaged in a very, very famous platform with an important player in Europe, which currently has a great success for this new platform in electrical car.

我們不受自身能力限制，無論是在卡塔尼亞（Catania）或是在重慶的三安（Sanan）。限制更多來自客戶的認證時間。你也知道，我們正參與一個非常知名的平台，合作方是歐洲的一家重要業者；該業者目前在電動車的新平台上取得很大成功。

And here, of course, we cannot take any risk and it takes time before to move to 8-inch. So for sure, are the same. The benefits will be more end of '27 and entering in '28, and in Sanan, we expect to start the production and to load this nice infrastructure starting the end of 2026.

在這裡，當然我們不能承擔任何風險，從而轉到 8 吋需要時間。所以可以確定的是，情況相同：效益會更多落在 2027 年底並延伸到 2028 年初。而在三安方面，我們預期將在 2026 年底開始投產，並開始為這套良好的基礎設施導入產能負載（load）。

Sandeep Deshpande, JPMorgan.

Sandeep Deshpande，摩根大通（JPMorgan）。

My question is regarding the acquisition of the NXP sensors business. How -- I mean, how did that business grow in the past? And how will that contribute to growth in the current year? And then my follow-up question is regarding the gross margin of the company. You've said that your underutilization charges do not fully go away this year.

我的問題是關於收購 NXP 感測器業務。我是說，該業務過去的成長情況如何？它在今年將如何對成長做出貢獻？接著我的追問是關於公司的毛利率。你們提到產能利用不足費用（underutilization charges）今年不會完全消失。

But should we assume that in '27, the underutilization charges go away and with the mix shifting more to the AI products as well as some of the satellite products, et cetera, that there could be a much bigger move in the gross margin in full year '27?

但我們是否可以假設在 2027 年，產能利用不足費用會消失？再加上產品組合（mix）更多轉向 AI 產品以及一些衛星產品等，是否可能使 2027 全年的毛利率出現更大幅度的提升？

Thank you, Sandeep. So Marco Cassis will take the first question on NXP -- former NXP MEMS. And Lorenzo, of course, the second question.

謝謝你，Sandeep。那麼第一個關於 NXP——前 NXP MEMS——的問題將由 Marco Cassis 回答。當然第二個問題由 Lorenzo 回答。

Yes. On NXP, the combination of the capabilities of the two companies is translating in acceleration, of course, related to a market, which is automotive and clearly is moving at the speed of the automotive but it's an acceleration of opportunities of design-in and design win because we are putting together the best of the two worlds, which is a very strong positioning of NXP MEMS in accelerometers, where they do use -- sorry for a little bit of technical but monosilicon crystal, which are extremely good in terms of temperature performance for automotive and our capabilities on the 6-axis.

是的。關於 NXP，兩家公司能力的結合正在轉化為加速，當然這與汽車市場相關，而汽車市場的節奏很明顯就是汽車產業的節奏；但這是在 design-in 與 design win 機會上的加速，因為我們把兩個世界中最好的部分結合在一起：也就是 NXP MEMS 在加速度計（accelerometers）上的非常強勢定位——他們使用的是——抱歉稍微技術一點——單晶矽（monosilicon crystal），在汽車應用的溫度性能方面表現極佳；以及我們在 6 軸（6-axis）方面的能力。

So we do see that we are going to grow with NXP at faster speed than what is typically the market growth in safety application. So it's going to be a contribution of the growth of the overall MEMS business. I hope I'm answering to your question, Sandeep.

所以我們確實看到，與 NXP 合作的成長速度將快於安全應用通常的市場成長。因此，這將對整體 MEMS 業務的成長有所貢獻。Sandeep，希望我有回答到你的問題。

So how much was the growth in the past couple of years in that business?

那麼，過去幾年這項業務的成長幅度是多少？

Well, it was in the range around low single-digit growth, which is the typical growth of safety application in automotive.

嗯，大約是在低個位數成長的區間，這也是汽車安全應用的典型成長率。

And you expect that to accelerate is what you're saying?

所以你的意思是你預期它會加速？

I am expecting this one to accelerate, yes.

是的，我預期這一項會加速。

Understood.

了解。

Okay. Maybe I take the one of the gross margin, let's say, confirm what I was saying before, the gross margin will improve starting from our 35.2% this quarter of Q2 after, let's say, quarter after quarter this year driven by the seasonality of the revenues, the continued reduction of the unused capacity. As I said before, let's say, still there will be some but reducing over the second part of the year and then the continued improvement of the mix. Clearly, let's say, this is our trend to the path above 40%.

好的。也許我先回答毛利率那題，算是確認我先前所說的：毛利率將從本季 Q2 的 35.2% 開始改善，並在今年接下來一季一季地提升，主要受營收季節性、未使用產能的持續降低所帶動。如我先前所說，仍會有一些未使用產能，但在下半年會持續下降，另外產品組合也會持續改善。很明顯，這就是我們朝 40% 以上邁進的趨勢路徑。

We said that when the company, let's say, will be with revenues above $4 billion quarterly revenues, let's say, we expect to have our gross margin at 40%. After that, our reshaping plan will be completed. So this is going in this direction, let's say.

我們曾說過，當公司季度營收超過 40 億美元時，我們預期毛利率可達 40%。之後，我們的重塑計畫將完成。因此，這正朝這個方向前進。

So what I can say today is that clearly, let's say, in our gross margin, there is still some negative impact on this reshaping plan, temporary negative impact due to the activity that we are doing that we will progressively go down and transform, let's say, positive impact when we will start to have, let's say, the benefit of these programs. So yes, I confirm that at the end, let's say, there will be -- you will see a progressive improvement in our gross margin moving in Q3 and Q4 and then, of course, in 2027.

所以我今天能說的是，很明顯地，我們的毛利率目前仍受到這項重塑計畫的一些負面影響——這是暫時性的負面影響，來自我們正在進行的相關活動；這些影響會逐步下降，並在我們開始取得這些計畫效益時，轉化為正面影響。所以，是的，我確認最終你會看到毛利率逐步改善，從 Q3、Q4 開始，然後當然在 2027 年也會持續。

Thank you, Sandeep. We have time for a very last question.

謝謝你，Sandeep。我們還有時間再接最後一個問題。

Lee Simpson, Morgan Stanley.

Morgan Stanley 的 Lee Simpson。

Great. Maybe just a couple of questions, if I could, around data center power and then on the photonics side. Just on the data center power, it did look as though you were saying you've seen some design wins. It looked as though with silicon, silicon carbide, most all of it first stage.

好的。我想問兩個問題：一個關於資料中心電源，另一個關於光子（photonics）。先談資料中心電源，看起來你們提到已看到一些設計導入（design wins）。看起來以矽、碳化矽為主，幾乎都在第一級（first stage）。

I just wondered if you could give us a sense for the engagements you're seeing around gallium nitride, where regionally that may emerge? And then maybe just on the voltage regulation side on the second stage, anything really happening there, certainly as we look out to '27?

我想請你們談談在氮化鎵（GaN）方面看到的合作/接觸情況，以及它可能會在區域上從哪裡開始浮現？另外在第二級（second stage）的電壓調節（voltage regulation）方面，有沒有什麼實質進展，尤其是我們展望到 2027 年？

So Marco will answer the detail. Interestingly, for all of you, guys, maybe what I can tell you that the nicely above USD500 million in '26 will be spread approximately between 40% related to analog and power and 60% related to microcontroller and radio frequency optical cable. Just for you to have the span of our revenue for 2026. And I'll let Marco to answer the detail.

Marco 會回答細節。有趣的是，提供給各位一個資訊：2026 年「明顯高於」5 億美元的營收，約有 40% 來自類比與電源，60% 來自微控制器與射頻光纜。讓大家了解我們 2026 年營收的分布範圍。我把細節交給 Marco。

Yes. For what is related to power compared to our positioning one year ago, we put a major effort in expanding the portfolio to be sure that we can cover basically from grid up to driving the GPUs. And this goes through the full portfolio of ST, which is silicon-based, silicon carbide with different voltages and new packages that we are introducing where we are not present.

是的。就電源相關而言，相較於一年前我們的定位，我們投入了很大的努力來擴充產品組合，確保我們基本上能涵蓋從電網（grid）到驅動 GPU 的需求。這涵蓋了 ST 的完整產品組合：以矽為基礎的方案、不同電壓等級的碳化矽，以及我們正在導入、用來補足我們原本未涉足領域的新封裝。

And of course, the GaN, which is an important for the 800 volt where we are in sockets that I think will come to life during this year and next year. So the position overall in terms of portfolio is now much stronger than it was, and this will translate in revenues during '26 but mainly during '27.

當然還有 GaN，這對 800 伏應用很重要；我們已在一些插槽（sockets）中，我認為會在今年與明年開始放量。因此，整體而言，我們在產品組合上的定位現在比以前強很多，這會在 2026 年轉化為營收，但主要會在 2027 年體現。

And this goes across the different ecosystem of suppliers, which means power supply makers based in many cases in Taiwan and of course, the ecosystem that we have in US So overall, the trend is going through the full portfolio of ST, again, with a portfolio that has been expanded and now is rich and covering all the stages of the power conversion.

而且這涵蓋不同的供應商生態系，包含許多情況下位於台灣的電源供應器製造商，當然也包括我們在美國的生態系。因此整體趨勢是貫穿 ST 的完整產品組合；再次強調，我們的產品組合已擴充，現在更完整、更豐富，涵蓋電力轉換的所有階段。

That's very clear. Maybe if I sort of move it on to the photonics side. It always seems ST is extremely good at getting a big lead customer, pipe cleaning a new market opportunity and creating advantages, if you like, in technology, leveraging some of the IP in-house.

非常清楚。那我把問題轉到光子這邊。ST 似乎一直很擅長先拿下關鍵的領先客戶，先把新的市場機會「打通管道」（pipe cleaning），並利用部分自有 IP 在技術上建立優勢。

But that transition to a standard product in the market for us always feels like the real ROI where margins can be accretive. Are we seeing when we look at the PIC and some of the engagements you have in the market, the possibility that this PIC100 becomes a standard product in the market?

但對我們來說，真正的投資報酬（ROI）往往是在它轉變成市場上的標準化產品之後，因為那時毛利率才可能更具增益。當我們看 PIC 以及你們在市場上的一些合作案時，我們是否看到 PIC100 有可能成為市場上的標準產品？

Standard product, okay, I will not classify it as a standard product, okay? Maybe application standard specific, maybe yes. But one thing, I prefer to share with you again to show how ST is and will be a reference on silicon photonics. First of all, we are the unique company capable to provide silicon photonics technology on 12-inch.

標準產品，好，我不會把它歸類為標準產品，好嗎？也許是「特定應用的標準」（application standard specific），也許可以。但有一點我想再跟你分享，以展現 ST 現在以及未來如何成為矽光子領域的標竿。首先，我們是唯一能在 12 吋晶圓上提供矽光子技術的公司。

So we have the capability to increase our capacity in both in Crolles and possibly later on in Agrate. So for sure, ST, will compete on this market, largely to become a pure standard, you will have many innovation coming in the optical cable and optical solution. Again, the near-packaged optic, the co-package optics, all this will come maybe faster than expected. And silicon photon is a key enabler of all these technologies.

因此，我們有能力在 Crolles 擴增產能，之後也可能在 Agrate 擴增。所以可以確定的是，ST 會在這個市場競爭；至於要成為完全的純標準產品，光纜與光學解決方案仍會有大量創新出現。再說一次，近封裝光學（near-packaged optics）、共封裝光學（co-packaged optics）等，可能會比預期更快到來。而矽光子是所有這些技術的關鍵使能者。

Okay. Thank you. Thank you, everyone. This is the end of this call. So thank you for joining us today, and we remain at your disposal if you have any follow-up questions. So sorry for the one who we couldn't squeeze into the question. So thank you very much. Have a good day.

好的。謝謝。謝謝各位。今天的電話會議到此結束。感謝大家今天加入；若有任何後續問題，我們也隨時為各位服務。也很抱歉有些朋友的問題我們來不及納入。非常感謝，祝各位有美好的一天。

Thank you.

謝謝。

Thank you. Bye-bye.

謝謝。再見。

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

各位女士、先生，會議現在結束。感謝您選擇 Chorus Call，也感謝您參與本次會議。您現在可以掛斷電話線。再見。