Good morning, ladies and gentlemen. I'm Benjamin Poh, Head of Investor Relations, and today I will be moderating the call.

On behalf of ASMPT Limited, welcome to our first quarter 2026 investor conference call. Thank you all for your interest and continued support.

Please note that all participants will be in listen-only mode during the presentation by the management. We will start the Q&A session after the presentation.

During the Q&A session, priority will be given to the covering analysts. Before we start, let me go through our disclaimer.

Please note that there may be forward-looking statements about the company's business and finances during this call. Such forward-looking statements could involve known and unknown uncertainties and risks that could cause actual results, performance, and events to differ materially from those expressed or implied during this conference call.

For your reference, the investor relations presentation on our recent results is available on our website. On today's call, we have the Group Chief Executive Officer, Mr.

Robin Ng, and the Group Chief Financial Officer, Ms. Katie Xu.

Robin will cover the group's key highlights for the first quarter 2026 and provide outlook and guidance for the following quarter. Katie will provide details on the financial performance for the quarter.

Now, I will hand the time over to our Group Chief Executive Officer, Robin.

Thank you, Ben. Good morning, and good afternoon, and good evening to all.

Thank you for joining us today for our first quarter 2026 earnings conference call. Now, let me start with the key business highlights for Q1.

This quarter, I'm pleased to share that ASMPT achieved the highest quarterly bookings and billings in the last few years. We continue to see AI drive demand across multiple products as the rapid evolution of AI increases the value and complexity of back-end semiconductor manufacturing.

New AI architectures demand heterogeneous integration, tighter interconnect pitch, higher bandwidth and power efficiency, and these requirements are driving higher precision, alignment, and process control needs across packaging flows, benefiting a wide range of the group's product, from TCB, photonics, CPO, flip chip, and mainstream wire and die bonding, and pick-and-place solutions. Let me provide some color on these specific product areas.

First, let's look at TCB. In logic, we delivered sizable shipments for chip-to-substrate applications, reinforcing our leadership in chip-to-substrate TCB.

We received bookings for four ultra-fine pitch chip-to-wafer TCB tools featuring our fluxless plasma-based AOR technology from a leading advanced logic customer. We are also actively engaging key logic players across multiple programs, and we are well-positioned for more opportunities as the industry advances towards more complex logic chip architectures.

In memory, our TCB tools remain at the forefront of technology development. A key memory player is using our flux-based TCB tool for assembly, and this customer is also qualifying our fluxless AOR solution for HBM4 16-high.

Next, we'd like to share an update on photonics. I'm pleased to report that our photonics revenue grew nearly fivefold year on year, benefiting from strong demand for high-speed optical transceivers of 800G and above.

In addition, our 1.6T transceiver solution received bulk orders from leading optics suppliers in the data center networking supply chain. This demonstrates strong traction for our optical transceiver solution as the market leader.

I would like now to touch a bit on co-packaged optics, for CPO, before we move on to the next item. CPO represents a paradigm shift in AI system design, bringing optical engines closer to compute silicon to reduce electrical losses, lower power consumption, and improve system efficiency.

Our CPO solutions enable high-precision bonding to integrate diverse components, including fiber array unit, microlens, electronic IC, and photonic IC into a single high-performance optical engine. We have deepened our engagement with multiple leading global players, and this positioned the group well to gain market share as CPO adoption accelerates.

Looking now at our flip chip solutions, I'm pleased to update that they registered strong bookings growth both Q-on-Q and year on year. This momentum is coming from two areas.

First, there is an accelerated adoption of 2.5D packaging for larger AI package sizes that is driving a steady pipeline of opportunities for embedded bridge die bonding solutions for both chip-on-wafer and chip-on-panel solutions. Second, we also gained traction in panel-level fan-out for radio frequency and power devices.

Both these areas are well-served by our flip chip solutions, which combine cost efficiency, scalability, high placement accuracy, and strong throughput. Finally, in our mainstream business, we registered strong bookings for both semi and SMT.

Semi's mainstream business benefited from sustained utilization at leading global IDMs and OSATs, alongside rising demand for AI data center power management solutions. In China, there was increased demand for wire and die bonding applications.

For SMT, we achieved record bookings in Q1, driven by strong customer demand across AI servers, optical transceivers, and China EVs. In particular, SMT high-flex, high-force solutions for large format boards are leading choice for AI server SMT.

As we broaden our AI customer base, we are fully committed to delivering the highest quality of solutions and services. ASMPT was recently recognized with a prestigious Intel EPIC Supplier Award for 2026, the highest supplier recognition award for excellence in business collaboration.

This is a reflection of our strong technical capability and deep engagement with our customers. With these highlights, now let me hand over the time to Katie, who will walk you through our group and segment financial performance.

Thank you, Robin. Good morning and good evening, everyone.

Before I start, I would like to say that, unless otherwise specified, the numbers I'll be referring to today are for the group's continuing operations only, with adjustments made under non-HKFRS measures. This slide covers our group financial results for Q1 2026.

In Q1, the group delivered revenue of $507.9 million, flat Q-on-Q, but up 32.0% year on year, driven by SMT and semi. Group revenue came in above market consensus, and it was the highest in the last three years.

Group quarterly bookings exceeded expectations, with SMT bookings at a record level. Group's booking reached $727.0 million, up 46.0% Q-on-Q, and 71.6% year on year, the highest in the last four years.

The strong growth came from multiple products, notably SMT products, wire bonders and die bonders, and photonics. Group adjusted gross margin was 39.5% Q-on-Q, up 357 basis points, due to higher gross margin and a revenue contribution from semi.

The year-on-year decline of 151 basis points was due to a higher revenue contribution from SMT. Group's adjusted opex declined 4.6% Q-on-Q, but increased 12.4% year on year, largely due to unfavorable FX impact, and from strategic infrastructure and R&D investments, as we have guided for 2026 during our last earnings call.

Both adjusted operating profit and adjusted net profit improved Q-on-Q and year on year, due to higher revenue and operating leverage. Adjusted EPS was at 81 cents Hong Kong dollars, up 118.9% Q-on-Q, and 189.3% year on year, which was above market consensus.

Moving on to the Semiconductor Solutions segment. In Q1, semi revenue delivered $274.5 million, up 12.2% Q-on-Q, and 14.6% year on year.

Q-on-Q growth was driven by high-end die bonders and TCB, while year-on-year growth came from multiple products, largely driven by AI-related applications. Semi bookings were $309.6 million, up 22.6% Q-on-Q, and 43.2% year on year, due to higher demand for wire bonders and die bonders, driven by China OSATs, high-end smartphone-related applications, AI-related power management applications, and optical transceivers.

Semi achieved a book-to-bill ratio of 1.13, which marks three consecutive quarters of improvement. Semi adjusted gross margin reached 46.4%, achieving the guidance we set last quarter.

Adjusted gross margin improved by 594 basis points Q-on-Q, but declined slightly by 37 basis points year on year. The significant Q-on-Q improvement was mainly driven by high volume and a favorable product mix.

Semi adjusted segment profit was 309.4 million Hong Kong dollars, up 165.9% Q-on-Q, and 16.8% year on year. The strong Q-on-Q improvement was mainly driven by higher gross margin and operating leverage.

Now, let me move to SMT. SMT Q1 revenue was $233.5 million, down 11.0% Q-on-Q, but up 60.7% year on year.

Q-on-Q decline was due to seasonality, while year-on-year increase was due to strong demand from AI servers and China EVs. As mentioned earlier, SMT achieved a record bookings of $417.4 million, up 70.0% Q-on-Q, and 101.1% year on year.

This was primarily driven by strong demand from AI servers, optical transceivers, and China EVs, together with robust China demand arising from global data center expansion. SMT adjusted segment profit was 141.8 million Hong Kong dollars, down 28.3% Q-on-Q, due to lower volume, but it improved year on year.

Now, let me hand the time back to Robin for the outlook and revenue guidance.

Let me present our Q2 2026 revenue guidance. The group expects Q2 2026 revenue to be in the range of US$540 million and US$600 million.

At a midpoint of US$570 million, this represents an increase of 12.2% Q-on-Q, and 37.0% year on year. Notably, our midpoint revenue guidance exceeds current market consensus, and it will be mainly driven by semi.

Group bookings in Q2 2026 are expected to remain elevated for both segments, though SMT will be down Q-on-Q, due to the high base effect from Q1. The continued proliferation of AI is expected to drive structural demand growth for both semi and SMT in 2026 across multiple products.

These include our flagship TCB and HB solutions, photonics, and CPO, to mainstream wire and die bonding, and pick-and-place solutions that enable AI infrastructure deployment. Looking ahead, structural AI-driven demand is expected to support revenue growth across both semi and SMT in 2026.

This concludes our first quarter 2026 presentation. Thank you, and we are now ready for Q&A.

Let me pass the time back to Ben to facilitate.

Thank you, Robin. Ladies and gentlemen, we will now begin the Q&A session.

To ask a question, please click raise hand on Zoom, and I will request you to unmute. Please limit yourself to two questions each time.

I see a raised hand from Gokul of JPM. Gokul, please unmute and raise your question.

Hi. Good morning.

Thanks, Ben, and good morning Robin and Katie. Great results, and also thanks, Robin, for your amazing leadership over the years.

First question is on memory TCB. What are we seeing in terms of bookings and potential for bulk orders for memory TCB given that we haven't really seen any big bulk orders in the last maybe a couple of quarters now?

At the same time, the R&D progress seems to be quite good on both flux-based and fluxless. In addition to that, could you also talk a little bit about your engagement with the bigger memory vendor that the market is talking about, which has largely been using internal TCB tools?

Do you see that there is an opportunity opening up with this customer, which will definitely expand your addressable market?

Thank you, Gokul. I think there are a number of questions within your questions.

Let me address I think the first one first. You're asking about memory TCB bookings and potential for bulk orders for TCB, any bulk order in the last few quarters.

The last bulk order that we received was in Q4 2025. We're still confident that we are well-positioned to receive orders from memory makers as far as they're ready to dish out orders for equipment suppliers like ourselves.

Now, I think your second question is on fluxless, R&D fluxless. How is it going?

I think we are making good progress, especially on the logic side, as we have mentioned. We have won four tools in Q1 for CoW fluxless applications.

We believe this is a start of this particular exciting program. I think as the industry continue to migrate to more a complicated GPU or even ASIC architecture, I think at some point they may have to switch to a chiplet kind of configuration rather than using SoC.

That's where the opportunity to use our TCB fluxless tool for chip-on-wafer application would be there. Since now that we are already in that supply chain, again, I think we are really well-positioned to capture more opportunities for CoW fluxless application going forward.

I believe your third question relates to about the biggest memory player who's used to using internal TCB tools. Yes, I think we are unable to really name or confirm any specific collaboration with any customer.

I hope you understand. What I can say that we are in the process of finalizing an evaluation program with a key memory player.

We definitely see this as a positive step, possibly in the future enabling our group's technology for memory as a process standard in the future. We are excited about this potential collaboration going forward.

Gokul, really quick, just going back to your question on the memory TCB bulk order. I just want to re-emphasize, or probably say that we want to reiterate, right, our TAM forecast is actually of the $1.6 billion is intact.

You're probably referencing to some of the recent adjustments for the next generation of GPU and HBM4 roadmaps. Maybe quarter-to-quarter there might be some variability in the times of a customer's decision, but our activity level remains very healthy, but it could be uneven from quarter to quarter.

Got it. That's very clear.

Second question I have is on your photonics, obviously very strong growth, 5x kind of growth. Could you help us size the photonics business?

I think we've said it long back that it was probably under $100 million annual run rate ballpark, or is it now much bigger than that?

Yes, I think, Gokul, you're

very... When we transition...

Yeah. Maybe I answer the photonics first, Gokul.

Go ahead, Robin. I'll ask the follow-up later then.

There's a little bit of feedback on this.

Your line is breaking up actually, Gokul.

Anyway, I'll answer the photonics question first, Gokul. Yes, indeed, when we deep dive into the photonics and the CPO market recently, actually the TAM looks even more promising than before, right?

We are not ready to disclose the TAM at this point in time, but I can tell you the TAM looks bigger than before. When we combine the optical transceiver TAM and the CPO TAM, I must say that the TAM looks interesting.

We are definitely paying a lot of attention in this area. Fortunately, I think for photonics, we are already a very strong player in the optical transceiver market.

I think for the CPO, you probably will follow up with your question on CPO as well, I think we're well-positioned with some key players already. Our solutions, I would say, have been designed in with a number of key CPO players.

When that adoption takes place, I think we're in a good position to capitalize this opportunity for CPO. Maybe back to you for second question, please.

Thank you very much. I think just to follow up on that CPO comment, Robin, the market understanding obviously is that hybrid bonding plays an important role in CPO for the EIC-PIC attach,

and

obviously your hybrid bonder is still in qualification, especially the second generation. Could you talk a little bit about the progress there?

Maybe also help clarify, I think there are multiple die attach steps, not just hybrid bonding, I think beyond that as well. Just wanted to understand what is the span of ASMPT's involvement when it comes to CPO just beyond the EIC-PIC attach?

That's right. I think we also said in our MD&A, we are participating in several key high-precision bonding areas for CPO.

One of which is FAU attach on PIC. The other one is what you mentioned, stacking EIC on PIC.

The third application we can think of is microlens attach on PIC, and also finally the whole optical engine on substrate. We have solutions actually for all these key bonding solutions.

As I said, we feel particularly quite excited about the CPO market. As I said earlier, I think the TAM looks interesting, maybe not in the initial years, but I think the CPO will accelerate probably from '28 onwards, and the TAM in fact looks very interesting for CPO.

These are the areas we are participating. Now back to your question on EIC on PIC, hybrid bonding is one solution.

I think CPO players are also exploring whether they can use TCB for that application as well. If they use TCB, that will be also very an interesting market segment for us.

Understood. Thank you very much.

I'll go back to the queue.

Thank you, Gokul. I'm seeing a next raised hand from Daisy.

Daisy, could you please unmute yourself and raise question?

Yeah. Thank you.

My first question is regarding the OSAT capex. We saw that the OSAT capex is getting higher and higher for this year.

Which area do you expect to record the highest growth for the year based on the current order visibility, and I mean the regions? Also China is the largest revenue contributor last year, around 41% of your total revenue.

Within China, do you see that still advanced packaging, I mean your TCB and other hybrid bonding tools, growth outgrows the mainstream, or mainstream for this year is also very strong? That's my first question.

Thank you, Daisy. I think your first question first, in terms of OSAT capex, yes, in fact we are experiencing a strong demand, I would say, on the OSAT front mainly coming from wire bond, die bond because of the AI demand for infrastructure.

I think we have been talking about this for a few quarters already, but in Q1 the demand is particularly very strong. What's driving this is really power applications that go into data center, this requires new power devices and because of that new capacities is required, so that's driving a lot of our wire bond and die bond.

Also not forgetting SMT as well. We mentioned that SMT had a fantastic booking in Q1, highest so far in history, largely also driven by AI server boards, and in there, there are a lot of power packages using SiP tools from SMT as well.

All this infrastructure deployment and spending are driving a lot of our mainstream tools, both in semi as well as in SMT. Now, I think your second question is about China region, whether AP growth, is it faster than mainstream, or mainstream is still very strong.

I think typically in China, I would say especially on the semi side, the mainstream side are definitely stronger than the AP side. However, on the SMT side, the rest of the region still stronger than the China side.

There's a mix in terms of China demand coming from our semi and SMT segment.

Thank you, Robin, for the explanation. My second question is also regarding the optics, your photonics solution.

You mentioned that the revenue delivered fivefold increase year on year this quarter, and may I ask why we suddenly saw a very strong pick-up in this segment? I believe you mentioned that regarding the booking, the photonics solution is both in your semi solution segment and the SMT segment.

May I ask what tools for the SMT and what tools within the semi solution?

Yeah. I think it's really all AI-driven, data center-driven, as you can imagine.

As the industry continue to increase the silicon compute, the transmission side has to match that capability as well. That drive a lot of growth presently in terms of optical transceivers, and the industry is moving from 400G to 800G to 1.6T, and we have very, very good solution for optical transceivers.

This segment has been seeing steady growth for a few quarters already. We've been reporting that, it's nothing new to us.

We have been saying that optical transceiver is a good market for us. We have been quite dominant in the space.

We've been winning market share as well. That's something that we are experiencing for many quarters already in terms of photonics.

Now, your second question is for both segments indeed are participating in this area. Now for SMT, as I mentioned, in the optical transceiver there are many, many components.

Some require higher precision than others. For those components that require higher precision bonding, they use our semi tools for that purpose.

For those that do not require a lot of precision, they use our SMT pick-and-place tool to bond those components. Both segment, SMT and semi, are actually benefiting from this surge in demand for optical transceivers.

Got it. Very clear.

Thank you.

Thank you, Daisy. Next, I will request Kevin from Citi to unmute.

Hello. Hi.

Good morning. Thank you for taking my questions, and especially thank Robin for your past leadership.

I have two questions. Number one is that I would like to get some more detail on the booking guidance outlook.

As you say, right now our booking is back to, especially like SMT, back to record levels. For the coming quarters, do we have a rough sense of a breakdown for booking into the, say, semi and SMT?

Specifically, which region are we seeing the most growth from? Also, I think last time we mentioned perhaps we are seeing some improving visibility.

Is this still the case? If so, right now approximately how many months of visibility do we have right now?

Thanks, Kevin, for the question. Now, I think you're referring to Q2 booking.

Now, as we don't really guide, but we can definitely give you some color. We see bookings in Q2, this quarter, to remain elevated.

Booking may, however, moderate Q-on-Q, but still expected to grow strongly on a year-on-year basis. We believe, in large part, we continue to benefit from the secular demand for AI-related applications and in the infrastructure spending, plus, of course, overall improving market condition as a whole.

I give you a little bit of color as to what's the segment booking. Now, for semi, Q2 semi bookings are expected to increase Q-on-Q and more significantly higher on a year-on-year basis.

However, for SMT, bookings are likely to decrease Q-on-Q due to high base effect. As we have reported, Q1 booking for SMT was a record high, we don't expect that kind of level to continue on a Q-on-Q basis.

However, having said that, SMT bookings are also expected to be higher on a year-on-year basis. Now, you asked about visibility.

Looking ahead, while we are definitely more optimistic about business compared to some quarters back, there is less visibility for the second half of 2026 for the whole group. I think this is pretty normal for business, right?

We can't really look too far away. I hope I answer your question, Kevin.

Yes, maybe really quick, I think Kevin was asking about the booking by region. Kevin, we actually sort of answered it already when Robin was addressing Daisy's question.

Since overall the regional mix will stay relatively stable, but like what Robin was mentioning about the strength of China OSATs, there would be a little bit more booking from China, but overall it's quite steady.

Great. Thank you, Robin and Katie.

My second question is on the EMIB outlook. I think recently there has been some demand pick up on this technology.

Just wondering what type of her tool are addressing this kind of demand, and also our position in the share allocation in this type of technology. Do we need special type of TCB and that require customization as well?

Yeah. I think, Kevin, I can't hear you properly.

I think you mentioned EMIB, right?

Yes.

Okay. A couple layers we have to understand on the EMIB program.

If you're talking about embedded die bonding, we believe this is on a large substrate, probably 510 510 by 500. Unfortunately, TCB, we are not ready for that yet in terms of that kind of panel size, because it will take some time for us to deliver a tool of that size for TCB.

However, if this EMIB program takes off, and we believe it will, this particular customer is already using our tool for CoW applications. If this program proliferate, right, they will probably need also more tools to place a lot more components on the EMIB substrate.

I think we will benefit from that particular area, that means on the CoW tools, which we are already in. If you're talking about embedded die bonding for the EMIB, we are not there yet.

Great, thank you.

Okay. Thank you, Kevin.

Next, I will move to Sunny. Sunny, could you please unmute and raise your question?

Hello, could you hear me okay?

Yes, clear and loud.

Thank you very much for taking my questions. Congrats on the very good results, and thank you, Robin, for all your leadership over the years.

My first question is on your opportunity on the logic, especially on chip-on-wafer. Robin, earlier you mentioned the chip-on-wafer migration for TCB could be somewhat related to chiplet.

That was a bit surprising to me because I always think that the chip-on-wafer migration for TCB should be related to larger package. How should we think about from here, you just secure four tools from a leading-edge foundry customer.

How aggressive are they in migrating to TCB for chip-on-wafer from here? How should we think about when you may get another book orders?

Would that be in second half, or would need to wait until maybe 2027?

Okay. Thanks, Sunny, for your question.

Now, when I mentioned about chiplet between chiplet and SoC, when the GPU architecture is using SoC, there is less need to use TCB to place the SoC onto the interposer, because you don't need that kind of precision. When you go into SOIC kind of packaging, you need more precision to put those chips onto interposer.

That's why TCB will be needed going forward. As the industry migrate from an SoC structure to an SOIC structure, we see increasing use of TCB for that application.

However, having said that, we have been telling you guys that for 2026, the number of tools for CoW will not be significant, because it all depends on the migration to the next chip architecture. We believe '26 would not be high for CoW, but going forward in the years to come, I think there's a meaningful TAM over there for CoW application for logic.

Now, how aggressive is this migrating to CoW? Yes, I think I already answered your second question as well.

So '26 would not be high, but '27 would be meaningful.

Got it. Thank you, Robin.

Also, if I may follow up on my first question, also these leading-edge logic customer, they're already working on the follow-up solution beyond CoWoS, meaning CoPoS. From your perspective, for their CoPoS they will start from smaller form factor, 310 by 310.

From your perspective, are you seeing any signs of clients trying to pull forward the technology development? For CoPoS, how should we think about your overall opportunity, especially around chip-on-panel?

Yes. I think, as we speak, we're developing tools for CoP.

We are due to deliver demonstration tools sometime this year. That part, we are already engaged with a key advanced logic customer.

That's another exciting area for TCB. If you look at TCB in general, we have a wide customer base.

We have a very diverse applications. We don't just depend on certain applications, but a very diverse application both on the logic side as well as on the HBM side.

Certainly, panel packaging at CoP level is an interesting development for us as well.

Thank you, Robin. Also, if I may, I do want to ask a question on SMT.

Also, any update on your strategic review for the division, and have you identified specific option that you want to go for, and what would be the timeline?

To answer your second question first, no, I think we're still in the progress of evaluating, but certainly we have received some interest in the SMT business. That's all I can say at this point in time, yeah.

Got it. Very clear.

Thank you.

Thank you, Sunny. Next, I would like to request Arthur.

Arthur, please unmute.

Hi, Robin. Can you hear me?

Can. Yes.

Congrats strong results and guidance. I will have two questions.

Number one is on the CPO. You just mentioned that you have a deep dive into the whole process, right?

You mentioned the timing is '28. I want to confirm that's the optical engine shipment or that's your equipment shipment timing?

Shipment TAM. We're referring to our equipment TAM for CPO.

It looks interesting from '28 onwards.

Okay. Interesting on the '28.

Because what we heard from the supply chain is that actually some of the CPO equipment already kicked off. Can you share more color on your targeted, for example, is for the GPU side of maker or is for the ASIC side of maker?

I think the clientele that we have are probably serving both, Arthur. I don't think we can really differentiate whether it's ASIC or GPU, yeah.

Okay. Got you.

Both, yeah.

Okay. My second question is about the HBM.

Thanks for sharing this good progress. Do you think, for the HBM4 and 4E, actually the you can continue to So my question is about the HB progress, hybrid bonding progress and your your your tool.

Do you think the visibility is getting longer and longer in the HBM side?

Not really. I think the roadmap from our customers are pretty clear, but like what Katie said, if there's adjustment to the roadmap, of course, the demand will vary from quarter to quarter.

However, in the long run, I think we are still sticking to a very significant TAM of $1.6 billion in 2028, and we intend, and we have never wavered from our aim to target 35% to 40% market share for the whole TCB market.

Got you. Finally, a question to Katie.

On the modeling perspective, we know there's a strong booking, right? How about your component supply lead time?

Is it getting longer, or is remained, controllable? How should we think of the real billing seasonality of this year?

Do we see any constraint?

Arthur, thank you for the question. Maybe I'll answer it by segment.

On the SMT front, I'll go there first. Though we have very, very strong booking, as we've mentioned a few times now, the revenue conversion is somewhat impacted by the lead time of our suppliers.

The team is actually actively addressing this, and we expect that in the second half this kind of situation actually will get better. On the semi side, there's always the kind of tight supply chain, especially given all the uncertainties around the globe.

Far, we would say that we are managing the supplier situation just fine.

Okay. Thank you.

I'll be on queue.

Okay. Thank you, Arthur.

Next, I would like to request Alex Chao to unmute. [unclear] Alex?

Alex, please go ahead.

We can't hear you, Alex.

I think Alex will have some technical problem. Maybe we'll go to the next one.

Next, I would like to invite Donnie. Donnie, could you please unmute?

Oh, thank you Robin, Katie, Ben for taking my question. Can you hear me?

Yes, Donnie. Go ahead.

Thank you, Robin. My first question is regarding to your NEXX business.

I remember in the past few years, NEXX, one of NEXX's major business was plating tool, and it can be sold to some PCB companies. Recently, I think PCB companies or substrate companies are expanding capacity due to they are running out of the fab.

I think I just want to ask is that if NEXX can generate some revenue momentum recovery in the future, are you still considering to sell this business? Also, in terms of timeline, when are we expect that we can dispose SIPLACE and NEXX, these two businesses in the future?

Would that be in second quarter? This is the first question.

Yeah. I think let me answer your second part of question first.

We don't have an exact timing for you. Whenever there is a deal, we'll announce it, but so far we have nothing to mention here.

Now, you're talking about NEXX. Yes, they are into deposition.

When we make a decision to divest NEXX, we don't just look at financial alone. We look at strategic fit to our whole business, right?

We feel that we want to divest NEXX because we want to focus more on the semi back-end. NEXX is not exactly in the back-end.

NEXX is what we classify on the middle-end. That's the reason why we make the decision to divest NEXX, not because of purely on financial, but because of strategic fit.

Okay. Understood.

Just one follow-up on this. When you decide to divest NEXX, have you already seen the pick-up of the orders from those PCB and substrate makers?

I would say yes, as I said, but our decision is not based on financial alone, it's really more on strategy.

Okay. No problem.

Thank you. My second question is regarding to the CPO.

My understanding was that our Amicra, for example, can be used for laser bonding, or as you say, maybe microlens bonding onto the PIC. I guess that's the major business still today.

I'm also wondering if you can quantify a little bit more on the 5x growth in the first quarter this year. It's what kind of base in the last year?

Also, in terms of the inspection, as for CPO, the FAU alignment with optical engine is also very critical, and it also requires inspection. We have AA tool, we have AOI tool.

I'm wondering if we can explore some of the business opportunities there, or we are mainly staying at the die bonding market?

Yeah. Very good question, Donnie.

Actually, when we deep dive into the photonics business, right, we also think that maybe we shouldn't just focus on the die bonding, because there's indeed a lot of opportunities in the photonics, in the CPO, as well as in the optical transceiver business. Too early.

I don't have any concrete answer for you at this point in time. Coming back on the FAU, yes, I think Amicra has a solution actually for FAU attach onto the PIC.

As I said earlier, I think as far as CPO concerned, we feel good. We feel excited about this particular development.

We will probably have more to share as we move throughout the quarters in the year to come.

In terms of 5x growth, can you elaborate a little more? It's what kind of base we are growing from in last year?

I would say, Donnie, right now it's still a small base, but again in terms of growth, it was a significant growth. We thought it's worth to highlight to you guys as well that we're making good progress in terms of optical transceivers as well as CPO.

Okay. Got it.

Thank you, Robin.

Yeah.

Okay. Thank you, Donnie.

I'm afraid this is the time that we have, and then now I'll pass the time back to Robin for his closing remarks.

Yeah. Thank you for a very good discussion today.

Let me take a step back and say that this quarter really marks an important point for ASMPT. We delivered one of strongest quarter in recent years, not just in terms of revenue and bookings, but notably also how broadly AI is translating into more opportunity for ASMPT.

From TCB and advanced packaging to photonics, CPO, and mainstream platform, we are indeed seeing AI driving demand across multiple products and customer segments at the same time. I would say this breadth matters because it reflects the increasing complexity of AI system architecture and the value of back-end manufacturing, an area where our range of solutions, our skill, our capabilities are allowing us to participate meaningfully across the technology space.

We are indeed very encouraged by the operational leverage we have demonstrated this quarter. Our adjusted margins improved sequentially, supported by product mix and volume, and our results came in ahead of market expectations.

Looking ahead, we continue to see AI as a multi-year, structural driver for our business. With strong engagement across advanced logic and memory, photonics and CPO, and mainstream wire and die bonding, and SMT pick-and-place solutions, we believe ASMPT is well-positioned to support this next phase of industry growth across both semi and SMT.

Once again, thank you for your interest and your continued support. We look forward to updating you more in the next quarter.

This concludes our call. Thank you, and take care.