FISCAL FOURTH QUARTER AND FISCAL 2025 HIGHLIGHTS October 22, 2025 PLEXUS CONFIDENTIAL SAFE HARBOR AND FAIR DISCLOSURE STATEMENT Some of the statements made and information provided during our call as well as information included in the supporting materials will be forward looking statements, including, without limitation, those regarding revenue, gross margin, selling and administrative expense, operating margin, other income and expense, taxes, cash cycle, capital allocation and future business outlook. Fo ...

Core Points - Kitron ASA's board of directors has approved the issuance of 1,600,000 options under its long-term incentive program for the period 2024 to 2030 [1] - The options are divided into two subprograms: 800,000 options for Subprogram A (2024 – 2027) and 800,000 options for Subprogram B (2025 – 2028) [2] - A total of 1,030,000 options are allocated to primary insiders, in compliance with market abuse regulations [3] Company Overview - Kitron is a leading Scandinavian electronics manufacturing services company, serving sectors such as Connectivity, Electrification, Industry, Medical devices, and Defence/Aerospace [3] - The company operates in multiple countries, including Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China, and the United States [3] - Kitron employs approximately 2,400 individuals and reported revenues of EUR 647 million in 2024 [3]

Core Insights - Kitron reported strong quarterly sales and profits, with significant growth driven by demand in the Defence/Aerospace sector [1][2] - The company achieved a record order intake and backlog, indicating robust future growth potential [1][2] Financial Performance - Revenue for Q3 was EUR 167.8 million, up from EUR 145.1 million in the same quarter last year, reflecting a year-over-year increase of approximately 15.5% [1] - Operating profit (EBIT) for Q3 was EUR 14.6 million, compared to EUR 10.7 million in the same quarter last year, resulting in an EBIT margin of 8.7%, up from 7.4% [2] - Profit after tax reached EUR 9.1 million, an increase from EUR 6.1 million in the same quarter of the previous year, translating to earnings per share of EUR 0.05, compared to EUR 0.03 last year [2] Order Backlog and Outlook - The order backlog at the end of Q3 was EUR 598 million, representing a 31% increase compared to the previous year and an 18% increase from Q2 [2] - Kitron expects full-year revenue for 2025 to be between EUR 700 million and EUR 740 million, with operating profit (EBIT) projected between EUR 59 million and EUR 66 million, an upward revision from previous estimates [3] Company Overview - Kitron is a leading Scandinavian electronics manufacturing services company, operating in sectors such as Connectivity, Electrification, Industry, Medical devices, and Defence/Aerospace [4] - The company has approximately 2,400 employees and reported revenues of EUR 647 million in 2024 [4]

Core Points - Sanmina Corporation will host its fourth quarter and fiscal year 2025 earnings conference call on November 3, 2025, at 5:00 p.m. ET [1] - The live webcast and supporting materials will be available on the Sanmina website, with a replay accessible after the event [2] - Sanmina is a leading integrated manufacturing solutions provider in the Electronics Manufacturing Services (EMS) market, serving various sectors including industrial, medical, defense, aerospace, automotive, communications networks, and cloud infrastructure [3]

Corporate Finance and M&A Activity - Coinbase (COIN) is set to acquire the crypto-investing platform Echo for approximately $375 million, marking its eighth acquisition this year and reflecting its active expansion amid favorable U.S. cryptocurrency policies [2][9] - Hon Hai Precision Industry Co. Ltd., a key supplier for Apple (AAPL), has mandated banks for its inaugural Euro bond sale, which could provide new capital to support operations and expand capabilities within the global technology supply chain [3][9] Q3 2025 Earnings Season Highlights - Elevance Health (ELV) reported adjusted earnings per share (EPS) of $6.03, significantly exceeding the estimated $4.93, with revenue of $50.09 billion surpassing the $49.38 billion estimate, although medical membership was slightly below projections [4][9] - Danaher (DHR) posted adjusted EPS of $1.89 against an estimated $1.72, with revenue of $6.1 billion exceeding the $6.01 billion estimate, reaffirming its full-year adjusted EPS outlook in the range of $7.70 to $7.80 [5][9] Currency Markets and European Politics - The USD/JPY currency pair extended its gains by 0.8% to reach a one-week high of 151.95, reflecting ongoing dynamics in global foreign exchange markets [6][9] - French President Emmanuel Macron reiterated the possibility of a referendum on pension reform, emphasizing its importance despite recent indications from Prime Minister Sebastien Lecornu to suspend the reform until after the 2027 presidential elections [7][9]

Summary of Foxconn Industrial Internet (FII) Conference Call Company Overview - **Company**: Foxconn Industrial Internet (FII) - **Ticker**: 601138.SS - **Market Cap**: Rmb1.2 trillion / $172.9 billion - **Investment Rating**: Buy - **Price Target**: Rmb83.80, representing a 35.0% upside from the current price of Rmb62.06 Key Industry Insights 1. **Profitability Focus**: Management emphasized the importance of maintaining margins, particularly in the AI server segment. Strategies include: - **Scale Expansion**: FII plans to add new customers and increase allocations to existing ones to enhance production efficiency [2][2] - **Margin Improvement**: Targeting leading cloud service providers (CSPs) for better margins compared to brand customers [2][2] - **R&D and Automation**: Continued investment in robotics and AI to improve production efficiency and cash flow [2][2] - **Management Efficiency**: Strong local management in production sites enhances relations with local stakeholders [2][2] 2. **Competitive Advantages**: FII is confident in its competitive position in the AI server market, drawing parallels to previous tech cycles where customers consolidated suppliers. Key points include: - **High Entry Barriers**: The need for strong R&D and global production capabilities increases entry barriers, benefiting FII [3][3] - **Comprehensive Offerings**: FII's partnerships with major suppliers like NVIDIA and AMD enhance its market position [3][3] - **Ecosystem Collaboration**: Close collaboration with supply chain partners, such as TECO, accelerates customer deployment in AI [6][6] 3. **Networking Equipment Expansion**: FII is optimistic about its networking business, driven by the Gen-AI trend. Key developments include: - **Specification Upgrades**: Transitioning from 800G in 2025 to 1.6T in 2026, and up to 3.2T by 2027, significantly increasing switching capacity [7][7] - **Market Share**: FII holds over 75% market share in global switch sales as of 1H25 [7][7] Financial Projections - **Revenue Growth**: Forecasted AI revenue contribution is expected to grow from 8% in 2022 to 68% by 2026 [8][8] - **Earnings Estimates**: Projected EPS growth from Rmb1.17 in 2024 to Rmb3.56 in 2027 [11][11] Risks and Challenges 1. **Demand Fluctuations**: Potential for worse-than-expected demand in the AI server business [10][10] 2. **Competitive Pressures**: Strong competition in the iPhone component business could impact growth [10][10] 3. **Capacity Constraints**: Slower-than-expected ramp-up in new factories may hinder production [10][10] Conclusion - FII is well-positioned to capitalize on the growing demand for AI servers and networking equipment, supported by strong R&D, strategic partnerships, and a focus on profitability. The company maintains a positive outlook despite potential risks associated with market competition and demand fluctuations.

Core Viewpoint - Fabrinet is set to release its financial results for the first quarter of fiscal year 2026 on November 3, 2025, after market close, followed by a conference call to discuss the results [1][2]. Company Overview - Fabrinet is a leading provider of advanced optical packaging and precision manufacturing services for original equipment manufacturers, focusing on complex products such as optical communication components, automotive components, medical devices, and industrial lasers [3]. - The company offers a comprehensive range of capabilities throughout the manufacturing process, including design, supply chain management, manufacturing, advanced packaging, integration, final assembly, and testing [3]. - Fabrinet operates engineering and manufacturing facilities in Thailand, the USA, China, and Israel, emphasizing high complexity products in various mixes and volumes [3].

Summary of Lens Technology Investor Meetings Company Overview - **Company**: Lens Technology (6613.HK) - **Date of Meetings**: 15 October 2025 - **Market Cap**: HK$169,718 million (US$21,829 million) [6] Key Industry Insights Humanoid Robots - Lens Tech's humanoid robot factory is set to begin operations in November with a designed capacity of 20,000 units per day [2] - The company plans to supply 3,000 humanoid robots and 20,000 robot dogs in 2025, with a projection of at least 20,000 humanoid robots in 2026 [1][2] - Lens Tech is the largest supplier of dexterous hands in terms of shipment [2] - Breakeven is expected if annual production reaches 100,000 units of humanoid robots [2] Server-Related Revenue - Expected revenue from server-related products is projected to be tens of millions in 2025 and Rmb5 billion in 2026, primarily from metal structural parts [1][3] - The content value for metal structural parts is estimated between US$3,000-8,000 per chassis and US$800-1,000 for liquid cooling modules [3] Smartphone and PCs - Anticipated content value for a key foldable phone model in 2H26 is US$150, with management optimistic about favorable pricing and shipment [1][4] - Lens Tech is likely to benefit from supplying cover glass and touch sensors for iOS notebooks adopting touch panels [4] Automotive Sector - The company will have glass capacity to support 1.5 million vehicles in 2026, with plans to expand capacity for a US EV customer's Shanghai factory [5] - Additional revenue projections include Rmb10 billion from glass, communication modules, and domain controllers, plus Rmb2 billion from smart cockpit solutions in 2026 [1][5] XR (Extended Reality) - Lens Tech aims to support 300,000 Rokid AI glasses in 2025 and 1-2 million in 2026 [8] - The first glasses assembly line is expected to undergo customer acceptance in November [1][8] Financial Projections - **Target Price**: HK$31.00, representing a potential return of 16.8% and a total expected return of 18.7% including a 1.9% dividend yield [6][9] - **Valuation**: Target price based on 23.0x 2026E EPS, reflecting a 25% discount to A-share P/E target multiple [9][11] Risks - Key risks include potential delays in the foldable iOS smartphone launch, lower-than-expected growth in global smartphone, tablet, automotive, XR, and AI smart glasses markets, and FX volatility due to macro uncertainties [10][12] Conclusion - Lens Technology is positioned for growth across multiple sectors, including humanoid robots, automotive, and XR technologies, with significant revenue potential projected for 2026. However, investors should remain cautious of the outlined risks that could impact performance.

The Taiwanese company's shares surged in yet another stock jump driven by investor enthusiasm about AI. ...

Summary of Foxconn Industrial Internet (FII) Conference Call Company Overview - **Company**: Foxconn Industrial Internet (FII) - **Ticker**: 601138.SS - **Market Cap**: Rmb1.3 trillion / $176.3 billion - **Current Price**: Rmb63.38 - **12M Price Target**: Rmb83.8, representing a 32.2% upside Key Industry Insights - **AI Servers Market**: FII is positioned as a leader in the AI servers segment, with significant market share gains attributed to its scale, global coverage, and supply chain influence during the AI technology revolution [1][2][25]. - **Revenue Growth**: FII's revenue from AI servers is expected to grow from 8% in 2022 to 68% in 2026E, indicating a strong shift towards AI-driven products [25]. Financial Performance and Projections - **Earnings Estimates**: - 2026E Net Income revised up by 8% to Rmb56.432 billion - 2027E Net Income revised up by 7% to Rmb70.725 billion - 2026E EPS projected at Rmb2.84, up from Rmb2.63 [11][12][14]. - **Revenue Forecasts**: - 2025E Revenue: Rmb945.957 million - 2026E Revenue: Rmb1,470.954 million - 2027E Revenue: Rmb1,955.424 million, with AI servers contributing 75% of total revenue [10][12][28]. - **Operating Metrics**: - Operating income margin expected to improve from 4.2% in 2024 to 4.5% in 2026E [12][14]. Market Position and Competitive Advantages - **R&D and Execution**: FII's strong R&D capabilities and early product deliveries have allowed it to penetrate leading US Cloud Service Providers (CSPs) [2][14]. - **Vertical Integration**: Partnership with TECO enhances FII's capabilities in AI data center construction, supporting client deployments of AI servers [2][14]. - **Cost Management**: Operating expenses are projected to grow at an 18% CAGR from 2025E to 2027E, leading to a reduction in the operating expense ratio from 2.9% in 2024 to 1.3% in 2027E [7][12]. Valuation and Price Target - **Target P/E Ratio**: Updated to 29.5x for 2026E, reflecting a market re-rating due to the strong fundamentals in the AI server segment [19][26]. - **Comparison with Peers**: FII's 2026E trading P/E is 24.1, compared to peers like Gigabyte (11.7) and Wistron (14.0) [22]. Risks and Concerns - **Market Concerns**: There are worries about the sustainability of FII's market share in AI servers due to client diversification preferences [2][27]. - **Operational Risks**: Potential risks include worse-than-expected demand for AI servers, slower capacity ramp-up in new factories, and lower-than-expected iPhone shipments [27]. Conclusion - **Investment Recommendation**: Maintain a Buy rating with a target price of Rmb83.8, supported by strong growth prospects in the AI server market and improved operational efficiencies [1][25][26].