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臻 鼎 科技 控股 Zhen Ding Tech . Holding Zhen Ding Technology Holding ( 4958 TT ) 1H26 Investor Conference August 11 , 2026
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2 2 2 02 Disclaimer ▪ This presentation, along with related information released concurrently, contains forward-looking information obtained from both internal and external sources. ▪ The Company's actual future operating results, financial condition, and business outlook may differ from the estimates expressed or implied in such forward-looking information due to various risks beyond the Company's control. ▪ The forward-looking statements in this presentation reflect the Company's views as of the date hereof. The Company assumes no obligation to update or revise these views in light of future changes or developments. 2
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3 3 3 Agenda 3 1 2 3 1H26 Financial Results Company Strategy Operation Planning & Execution Eddie Chiang, Chief Financial Officer Charles Shen, Chairman Jeff Chien, President
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1H26 Financial Results Eddie Chiang, Chief Financial Officer
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5 Quarterly Operating Results Notes: (1) Weighted average shares outstanding as of 2Q26: 1,090,870 thousand shares (actual issuance 1,108,887 thousand shares, with 424 thousand shares held in treasury). (2) Including current financial assets at amortized cost (time deposits, etc.). (3) ROE is annualized data calculated based on the average of equity attributable to owners of parent. 2Q26 2Q25 YoY Change (%) Revenue 48,431 38,203 +26.8% Gross Profit 11,186 7,011 +59.6% Gross Margin 23.1% 18.4% +4.7ppts Operating Expenses 7,425 4,586 +61.9% Operating Profit 3,761 2,425 +55.1% Operating Margin 7.8% 6.3% +1.5ppts Non-Operating Income/Expenses 1,170 (153) Foreign Exchange Gain/Loss (668) (742) Net Income 3,727 1,387 +168.6% Net Margin 7.7% 3.6% +4.1ppts Net Income Attributable to Owners of the Parent 2,392 605 +295.3% EPS (NT$) (1) 2.19 0.63 R&D Expenses 4,218 2,611 +61.6% Depreciation & Amortization 5,171 4,516 +14.5% Capital Expenditures 17,009 8,751 +94.4% Cash and Cash Equivalents (2) 97,098 74,194 +30.9% Return on Equity (%) (3) 7.8% 3.9% Quarterly Financial Results 5 Unit: NT$ million, unless otherwise stated
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6 1H26 Operating Results 1H26 1H25 YoY Change (%) Revenue 89,159 78,285 +13.9% Gross Profit 19,998 12,896 +55.1% Gross Margin 22.4% 16.5% +5.9ppts Operating Expenses 13,733 9,415 +45.9% Operating Profit 6,265 3,481 +80.0% Operating Margin 7.0% 4.4% +2.6ppts Non-Operating Income/Expenses 1,067 248 +330.4% Foreign Exchange Gain/Loss (1,598) (639) Net Income 5,774 2,413 +139.3% Net Margin 6.5% 3.1% +3.4ppts Net Income Attributable to Owners of the Parent 3,817 1,237 +208.5% EPS (NT$) (1) 3.55 1.30 R&D Expenses 7,794 5,173 +50.7% Depreciation & Amortization 10,122 9,255 +9.4% Capital Expenditures 29,688 14,388 +106.3% Cash and Cash Equivalents (2) 97,098 74,194 +30.9% Return on Equity (%) (3) 6.1% 3.4% 1H26 Financial Results 6 Notes: (1) Weighted average shares outstanding as of 1H26: 1,074,541 thousand shares (actual issuance 1,108,887 thousand shares, with 424 thousand shares held in treasury). (2) Including current financial assets at amortized cost (time deposits, etc.). (3) ROE is annualized data calculated based on the average of equity attributable to owners of parent. Unit: NT$ million, unless otherwise stated
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7 40,082 38,203 47,366 56,870 40,728 48,431 10,000 1Q 2Q 3Q 4Q 2025 2026 Quarterly Operating Results Unit: NT$ million Revenue Gross Margin (%) Net Margin (%) Quarterly Operation Results 7 +1.6% YoY +26.8% YoY 14.7% 18.4% 22.0% 22.6% 21.6% 23.1% 2025 2026 2.6% 3.6% 7.6% 8.1% 5.0% 7.7% 1Q 2Q 3Q 4Q
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銷售分析–產品應用別 Mobile Communication, 58.9% Computers and Consumer Electronics, 29.4% Server/Optical Module/IC Substrate & Others, 11.7% Mobile Communication, 53.6% Computers and Consumer Electronics, 24.8% Server/Optical Module/IC Substrate & Others, 21.6% 1H25 Revenue: NT$78.3bn 1H26 Revenue: NT$89.2bn Revenue Breakdown – By Applications 8
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9 9 Balance Sheet & Key Financial Ratios 2026-6-30 2025-6-30 Change Amount % Amount % Amount % Cash and Cash Equivalents (2) 97,098 27.8% 74,194 30.6% 22,904 +30.9% Notes & Accounts Receivable 30,359 8.7% 18,409 7.6% 11,950 +64.9% Inventories 28,590 8.2% 16,178 6.7% 12,412 +76.7% Property, Plant and Equipment (3) 152,794 43.7% 109,642 45.3% 43,152 +39.4% Total Assets 349,706 100.0% 242,172 100.0% 107,534 Debt 70,950 51.1% 55,438 22.9% 15,512 +28.0% Notes & Accounts Payable 53,780 15.4% 41,265 17.0% 12,515 +30.3% Total Liabilities 138,872 39.7% 109,026 45.0% 29,846 Total Equity 210,834 60.3% 133,145 55.0% 77,689 Key Indices A/R Turnover Days 62 57 5 Inventory Turnover Days 67 51 16 Current Ratio (x) 1.61 1.54 0.07 PPE Turnover (x) (4) 1.28 1.40 (0.13) Consolidated Balance Sheet and Key Indices 9 Unit: NT$ million Note: (1) Weighted average shares outstanding as of 1H26: 1,090,870 thousand shares (actual issuance of 1,108,887 thousand shares less 424 thousand treasury shares). (2) Cash and cash equivalents include current financial assets measured at amortized cost, such as time deposits. (3) PPE includes investment property. (4) PPE Turnover = annualized net revenue / average net property, plant and equipment.
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10 歷年營運成果 Y ear 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 82,393 109,238 117,913 120,068 131,279 155,022 171,356 151,398 171,664 182,522 Gross Profit 12,542 17,833 26,061 27,222 26,584 30,537 39,888 27,459 32,461 36,136 Net Income 3,456 6,772 11,536 12,402 11,508 13,694 20,535 9,432 13,096 10,605 Net Income to Parent 3,456 5,172 8,448 8,685 8,095 9,651 14,197 6,189 9,180 6,791 Depreciation & Amortization 5,295 5,679 6,820 7,955 8,405 11,875 14,638 16,323 17,749 18,552 EPS (NT$) 4.29 6.43 10.50 9.93 8.90 10.21 15.02 6.55 9.67 6.91 DPS (NT$) 2.20 3.30 4.46 4.50 4.50 5.00 6.00 3.275 4.80 3.45 Payout Ratio (%) 51% 51% 43% 45% 51% 49% 40% 50% 50% 50% Cash and Cash Equivalents* 30,241 33,296 49,154 43,071 46,775 35,179 57,599 65,970 79,830 71,152 Property, Plant and Equipment 32,262 36,681 41,913 46,243 68,177 86,073 104,814 109,965 113,462 126,808 Capital 8,047 8,047 8,047 9,022 9,470 9,470 9,470 9,470 9,567 10,706 Capital Expenditures 9,682 12,747 16,224 16,211 21,645 31,149 29,032 26,066 16,431 33,257 ROE (%) 8.59% 14.49% 17.30% 14.72% 11.84% 12.59% 16.67% 7.10% 9.15% 6.57% Debt Ratio (%) 59.72% 55.33% 44.25% 35.41% 42.56% 42.01% 42.87% 44.67% 42.85% 39.04% 10 * Including current financial assets at amortized cost (time deposits, etc.) Unit: NT$ million 2016-2025 Financial Summary
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Company Strategy Charles Shen, Chairman
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Business Review and Outlook 12 1H26 Revenue Reached a Record High for the Same Period, with an Upgraded AI Product Mix Driving Margin Expansion: Driven by sustained growth in demand for high-end AI applications, 1H26 revenue reached NT$89,159 million, up 13.9% YoY and setting a record high for the period. Combined revenue from Servers/Optical Modules/IC Substrates increased 113% YoY and accounted for 21.6% of total revenue. As high- value-added products contributed a larger share of sales, 1H26 gross margin and operating margin rose to 22.4% and 7.0%, respectively, demonstrating that the company’s growth momentum is increasingly translating from top-line expansion into stronger profitability. 1 2 AI Infrastructure Buildout Ushers in a Long-Term Growth Cycle for High-End PCBs; Zhen Ding Enters Its Next Phase of Growth through Comprehensive Technology Deployment: As next-generation AI platforms progressively enter mass production, the company’s Servers/Optical Modules business is expected to strengthen sequentially from 2Q26 through the remainder of the year. The company maintains its target of more than doubling full-year revenue from the related business. Over the medium to long term, AI demand is expected to expand beyond servers and optical modules into end applications such as Edge AI and humanoid robots, further increasing high-end PCB content, technical complexity, and product value. The Company remains highly confident in its growth prospects for 2026-2030. 3 Building the Next Phase of Growth through the Industry’s Largest Capacity Expansion: High-end PCB capacity buildout and customer qualification require long lead times. Investing ahead of demand is therefore essential to capture the long-term growth opportunities created by AI. The company plans capital expenditures of NT$80 billion in 2026 and expects to continue its strategic investments in 2027–2028, focusing on high-growth, high-value-added areas including HDI/mSAP, HLC, IC substrates, and advanced FPCs. The company currently has 13 new plants under construction and another 16 plants in the planning stage. New capacity will come online in phases from 2026 to 2030, in line with customer qualification and mass-production schedules, progressively converting capital investment into revenue and profit contributions. 4 Leading Interconnect Semiconductor Technology Formally Submitted an Application for a Main Board Listing on the Hong Kong Stock Exchange on July 2, 2026: The listing application is currently under review. All relevant information is subject to the documents submitted by the company and published on the HKEX website.
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Electronic Product Evolution Drives Higher Technology Content and Value in the PCB Industry 13 Source：Prismark (2026/6) Global PCB Market Size US$bn Representative Companies: NEC, Toshiba, Motorola Representative Companies: Intel, Toshiba, TI, STMicroelectronics Representative Companies: Intel, Samsung, TSMC, Qualcomm Representative Companies: Intel, Samsung, TI Representative Companies: NVIDIA, TSMC, Microsoft, Google, Amazon 2001~ (3G Era) Laptops, Feature Phones 2011~ (4G Era) Smartphones, Tablets, Wearables, Cloud/Big Data 2021~ (5G → 6G Era) GenAI, Data Centers, 5G Communications, AIoT, Autonomous Vehicles, Robotics, Smart Healthcare and Satellite Connectivity 1991~(2G Era) Personal Computers, Internet 1981~(1G Era) Home Appliances Global Financial Crisis U.S. Restrictions on Huawei Dot-com Bubble
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Global Production Footprint Continues to Expand, with Benefits Expected to Materialize from 2026 ◼ Thailand Fab 1: ◼ Fab 1 primarily manufactures high-end HDI, HLC and optical module products and entered mass production in 3Q25. ◼ The production ramp-up has progressed smoothly. Fab 1 has completed customer qualification and commenced mass production for multiple customers, while qualification is underway with several other leading global server and optical module customers. ◼ Fab 1 achieved break-even in July 2026. ◼ Three additional fabs and one mechanical drilling center are currently under construction, with trial production expected to commence progressively from 4Q26. ◼ Huai’an Campus: ◼ By the end of 2026, six new high-end PCB plants are scheduled to be completed across the HA, HB and HC campuses in Huai’an. ◼ The HD campus broke ground in 2026/8/10, with the planned HDI/mSAP and HLC plants expected to be topped out by the end of July and commence production in March 2027. ◼ Shenzhen Campus: ◼ The Smart Manufacturing Base at Shenzhen Campus III officially broke ground in July 2026. The project will comprise three smart manufacturing plants, with production capabilities focused on high-end substrate-like PCBs for AI servers and optical modules, as well as advanced FPCs for AI devices and other high-end products. Mainland China Thailand Prachinburi Campus 14 Capacity Expansion Plan
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Total Site Area: 1,262,777 sq. m. / 1,893 mu Total Gross Floor Area: 2,038,683 sq. m. (Updated May 29, 2026) Zhen Ding Huai’an Technology City Master Plan 15 Huai’an HB Campus (505 mu) Huai’an HC Campus (321 mu) Huai’an HD Campus (557 mu) Huai’an HA Campus (322 mu) FPC Campus Rigid PCB Campus Industrial Supply Chain Zone
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Zhen Ding’s Shenzhen Campus Master Plan 16 Avary Campus I (152 mu) Avary Campus III (212 mu)
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Total land area at full build-out: 423,204 sq.m. / 635 mu / 264 rai Phase 1 gross floor area: 53,590 sq.m. Gross floor area under construction: 406,824 sq.m. (Updated: March 20, 2026) Under Construction Planned Completed PA01 Factory PA02 Factory PA03 Factory PA11 Admin Building PA15 Substation PA17 Waste Storage PA18 Water Treatment ( Phase 3 ) PA07 Factory PA08 Central Warehouse (Drilling Center) PA06 Factory PA13 Liquid Nitrogen Station PA18 Water Treatment ( Phase 1 ) PA18 Water Treatment (Phase 2) PA12 Cafeteria Motorcycle Parking Area Reserved Area for Biochemical Treatment Chemical Warehouse PA05 Factory PA20 Waste Room PA16 Chemical Warehouse LPG Zhen Ding’s Prachinburi Campus Master Plan 17
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Co-creating a Thriving Industry Ecosystem On July 24, 2026, Zhen Ding Technology Group hosted its Global Supplier Conference in Shenzhen, bringing together 247 suppliers and more than 400 representatives.
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Operation Planning & Execution Jeff Chien, President
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Business Overview by Product Application 20 AI ServerOptical Module ◼ For AI servers, Intelligent HDI (iHDI) and HLC products for GPU and ASIC customers are progressively entering mass production, with the company targeting continued market- share gains going forward. ◼ The company continues to work closely with customers on product development for platforms spanning the next 2-3 generations. ◼ For optical modules, 1.6T and subsequent generations require mSAP technology. Demand for high-end optical module PCBs continues to outstrip supply globally, and Zhen Ding is actively expanding its related production capacity. ◼ The company’s orders are primarily driven by 1.6T high-speed boards. Revenue is expected to grow more than double YoY in 2026, and customers have already begun reserving 2027 capacity. The company targets becoming the world’s largest supplier of high-end optical module PCBs by 2027. AI Smartphone AI Glasses/VR/AR ◼ Specification upgrades for new smartphone models in 2026 are expected to increase the PCB content value per device across both flexible and rigid PCBs. The resulting improvement in product mix is expected to support gross margin performance. ◼ As AI glasses evolve toward lighter, thinner and more highly integrated designs, the number of FPCs per device is increasing, while rigid PCBs are adopting finer-line circuitry and mSAP processes. These developments are significantly raising the technical barriers for PCB suppliers. Revenue from AI glasses applications is expected to maintain rapid growth in both 2026 and 2027. Edge AI-Related Applications
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Optical Module Demand Is Surging, Bringing Forward the 1.6T Era 21 Global Optical Module Market Forecast (Shipment Value)Unit: US$100 mn 0 200 400 600 800 1,000 1,200 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 光模塊 NPO&CPO 98 160 1,123 (Optical Modules: 90%) (NPO & CPO: 10%) 5G infrastructure upgrades and server platform transitions ’21-23 CAGR 6.4% Rise of generative AI, AI servers and hyperscale data centers ’24-31’ CAGR 30.2% 0 5,000 10,000 15,000 20,000 25,000 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 3.2T+ 1.6T 800G 400G <200G Unit: 10,000 units Source: Yole Group(2026/5) Global Optical Module Market Forecast (Shipment Volume) 3.2T+ 25’~31’CAGR= 384.4% 1.6T 25’~31’CAGR= 112.6% 800G 25’~31’CAGR= 12.6% 400G 25’~31’CAGR= -29.6% <200G 25’~31’CAGR= -5.7% The AI era is driving strong demand for 800G-and-above optical modules 1.6T to increase significantly 1.6T to become the dominant shipment specification Optical module
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One ZDT Driving Structural Upgrade, with Server, Optical Module, and IC Substrate Revenue Contribution Exceeding 20% in 1H26 22 6.2% 7.4% 9.9% 11.7% 21.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2022 2023 2024 2025 1H26 Zhen Ding's Server/Optical Module/IC Substrate Revenue (NT$bn) % of Consolidated Revenue
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Steadily Advancing Server/Optical and IC Substrate Businesses to Drive Increasing Revenue Contribution ZDT：2025 Revenue Breakdown by Applications ZDT：2030 Target Revenue Breakdown by Applications Mobile Communications, 61.3% Computer & Consumer Electronics, 27.0% Server/Optical Module/IC Substrate and others, 11.7% 23 Mobile Communications, 35-40% Computer & Consumer Electronics, 15-20% Server/Optical Module/IC Substrate and others, 45-50%
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24 24 24 Thank You 24