Earlier customer engagement and execution at scale. Second, this is not a single-year outcome. It's a result of a multi-year strategy executed with discipline. Megan will walk you through this framework in detail. Let's talk about how our revenue mix shifts based on our strategy and market trends. On the left, you'll see Amkor's% of revenue by end market in 2025. Historically, communications has been our largest market. In 2025, it represented 46% of our revenue. In the middle, you'll see our market projection growth rates using Gartner as a starting point. We expect all markets to grow, but at slightly different rates. We expect computing to grow faster than market. Communications and automotive to grow with market, and consumer to lag slightly as this area becomes more commoditized. Our strategy enables us to capture more opportunities as these markets grow. Over time, we expect this mix to shift to the right. Computing grows at a faster rate and becomes a larger portion of our revenue mix. These high-value packages bring incremental value to Amkor. Finally, I want to highlight something just as important as strategy and targets, the team accountable for delivering them. The strategy is being executed by an experienced leadership team with deep backgrounds across advanced packaging, global manufacturing, operations, supply chain, and financial discipline. You'll hear from Megan, Farshad, and Doug today. Importantly, this team is aligned to execute on our strategy. I want to express my gratitude to them and the thousands of our colleagues working together to deliver on our customer promises. Let me close by reinforcing three key takeaways that frame our strategy. First, the semiconductor industry has entered a structural shift. Advanced packaging has moved onto the critical path of system performance, integration, and delivery. This makes our role in delivering our promises even more critical. Second, advanced packaging content per end system is structurally increasing. This is the economic lens we believe matters most in evaluating shareholder value creation. Third, Amkor is aligned to capitalize on this shift. We are deepening customer partnerships, scaling technology leadership, and expanding our global footprint to bridge the packaging critical path. This is a multi-year value creation strategy grounded in execution and discipline. Farshad will now walk you through customer partnerships. Good morning, everyone, and thank you for being here. I'm Farshad Haghighi, Chief Sales Officer at Amkor. I joined Amkor in 1994 after spending more than a decade in various engineering roles at Fairchild Semiconductor and National Semiconductor. That engineering foundation still shapes how I think about customer partnerships, especially when execution matters. Over the past 35+ years, I have worked side by side with customers as packaging has evolved from a back-end step to a system-defining differentiator. Today, I will share how advanced packaging moving on to the critical path is changing how customers engage with us, and why that leads to deeper, longer-term partnerships. Let me expand on what directly Kevin just laid out. What you just heard is that advanced packaging has moved onto the critical path of system performance and delivery. That structural shift is fundamentally changing how customers engage with partners like Amkor. Packaging is no longer a downstream manufacturing decision. It is system defining. When packaging defines the system, engagement must start earlier in the process. Let me frame that in three parts. First, engagement is changing. As customers move to chiplet architectures, integrate high-bandwidth memory, and design power and thermal solutions, they simply cannot afford late decisions or execution surprises. Packaging choices now directly impact performance, manufacturability, yield and reliability, and ultimately, time to market. Because of that, customers are pulling us upstream into architecture and design much earlier than before, and that's the structural shift behind this transition. Second, engagement is now vital. This is not about more meetings. It's about the co-development. Customers want product alignment across multiple generations. This means longer planning horizons and earlier agreement on technology, capacity, and execution. The goal is to identify and resolve risk before the programs are ramping, not after. That's why engagements move from transactional programs to multi-year partnerships. Third, there is a direct economic benefit to this improved process. Earlier and deeper engagements provide better visibility into the customer roadmaps, timing, and scale. That visibility enables more disciplined capacity planning, smoother ramps, and better utilization through the cycles. The result is a more predictable and more resilient business model, even as complexity increases. The takeaway is as packaging moves onto the critical path, customer partnerships become deeper and more strategic, and that shift improves both economics and execution for everyone involved. Let me elaborate more about the four key end markets we are serving and some of the mega trends that are driving those earlier engagements. Let me start with the fastest-growing end market where partnership dynamics are most pronounced today. High-Performance Computing and AI. The growth in this market is fundamentally changing how customers partner with us. The reason is systems are getting dramatically more complex, more power-dense, and more tightly integrated. That complexity pushes packaging decisions earlier, requiring deeper collaboration upfront. Compute performance is exploding from hundreds to thousands of zettaFLOPS. Rack density is moving from tens of kilowatts toward hundreds of kilowatts, and ultimately, a megawatt. Tokens are the new unit of value in AI compute. Advanced packaging enables token efficiency and is a system performance enabler. The ability to process tokens at scale now depends on heterogeneous integration. Chiplets, 2.5D packaging, high-density interconnect, co-packaged optics, and proximity to HBM. You simply cannot build or scale systems like this with a late-stage transactional engagement. This shift is pivotal. Packaging decisions become system-defining, and it's no longer something you finalize at the end, and that is where the partnership model changes. Customers are engaging us earlier into the critical architectural decisions around power delivery, thermal management, interconnect density, and manufacturability at scale. These require earlier and careful decision-making. Once the system is defined, the packaging strategy is locked. Engagement here is different. It's about co-developing platforms that can scale from the first systems through full volume deployment across multiple generations. Many of the fastest-growing AI customers are hyperscalers and fabless companies that rely heavily on outsourcing. They depend on partners like Amkor for integrating, testing, and execution on a global scale. That naturally deepens the partnerships we have with our customers. Let's turn into automotive, where the partnership model is also evolving, just in a different way. Automotive customers are engaging us earlier because architecture is changing. As vehicles move toward electrification and software-defined vehicles, semiconductors and packaging decisions are being made much earlier in the design cycle. System complexity is forcing deeper alignment upfront. ADAS, domain controllers, centralized computing, and power modules all require advanced SoC packaging because those applications require long-term performance and reliability. Once designed in, these programs run for years. Automotive life cycles are long, qualification standards are stringent, and reliability expectations are zero defects. That naturally drives a multiyear, highly structured partnership and one that is hard to disconnect, and where early technical alignment and execution discipline matters as much as the technology itself. That's why packaging quality and executions are mission-critical. As semiconductor content per vehicle continues to grow, customers depend on partners who can deliver consistent quality, yield, and reliability at scale over long production runs. Electrification deepens that partnership even further. Power-discrete silicon carbide modules introduce new packaging and reliability requirements, which increases the need for early collaboration and long-term capacity alignment. This is where Amkor engagement model is strong. With decades of automotive experience, we support customers from early design in and qualification through sustained production, building trust, durability, and repeatable execution across multiple vehicle generations. Let's turn into communications, where at a high level, Amkor is everywhere in the smartphone. We support nearly all functions in the premium devices, from apps processors and modems to RF Front-End modules, sensors, storage, and subsystem modules. What's driving change here is not unit growth. It's the content growth. Semiconductor content per smartphone is increasing substantially. As devices adopt more AI features and capabilities, advanced SoCs, and more complex 5G RF-Semiconductor value per premium tier smartphone is increasing from $225 today toward $400 over the next few years. That increase is enabled by advanced packaging. Higher performance must fit in the same physical footprint. This means more integration, more miniaturization, and more system-in-package solution. This is where the partnership dynamics shift. In premium smartphones, customer engage us earlier because packaging decisions directly impact performance, power, form factor, and reliability. Engagement is built around repeatable platforms, launch execution, and consistent delivery through the seasonal ramps. We're also disciplined in how we participate. Our focus is on premium and high-end smartphones, where the demand for advanced packaging increases and execution requires precision. Although communication has a different cycle than HPC, the engagement model is similar. As integration and content increases, partnerships deepen with OEM, IDM, and fabless customers. Engagement is earlier because execution consistency becomes a differentiator, and that is how Amkor creates value in this market. Now let's look at IoT, where everything is getting connected, and packaging is what makes all that functionality fit in a tiny form factor. Engagement in IoT starts earlier because integration is the product. Customers in consumer IoT devices like wearables, hearables, smart homes, health devices, all require extremely small form factors where multiple functions tightly integrated and packaging decisions directly shape that final product. Miniaturization and system integration are driving upstream collaboration. Customers must optimize power, connectivity, sensing, security, and battery life simultaneously. That forces earlier engineering engagement to develop solutions to optimize fit and performance. Complexity increases the need for trusted execution partners. As more sensors, wireless connectivity, and security are integrated into a single module, customers rely on partners who can execute consistently. IoT programs reward repeatable platforms. While consumer cycles can be seasonal, successful IoT platforms scale across multiple SKUs and generations. Amkor's engagement model fits this market well. We support customers through early package architecture, integration, and volume ramps, enabling compact, reliable system-in-a-package solutions that scale across multiple product families. Across all of our end markets, the strongest impact shows up where complexity, scale, and continuity matters most. That's exactly what I'll discuss next. Let's bring all this together and look at how these partnership dynamics play out across all of our end markets, and why technology and scale matters most in each. The strongest shift toward earlier and deeper and more structured engagements happen in markets where complexity, scale, and continuity matters most. In computing, particularly in AI and other high-performance applications, where system-level integration is absolutely mission-critical. These systems bring together multiple logic devices, high-bandwidth memory, and robust power delivery into a single scalable platforms. When the packaging is that central to how the system performs, customers simply cannot afford execution uncertainty as their programs ramp. That naturally drives their earlier engagement, deeper embeddedness, and longer planning horizons. In automotive and industrial markets, that durability comes from a different set of drivers, but the engagement model is similarly structured. Qualification requirements are stringent, life cycles are long, and supply continuity matters. Once the platforms are designing, they tend to run in for years, which supports multiyear planning and deeper alignment. Communication and consumer markets have a different cycle dynamics. Even here, when advanced packaging is deployed at scale, execution consistency is crucial, especially around product launches and seasonal ramps. Across all these markets, the common thread is strong demand for execution certainty. Where systems are complex, where ramps matter, and where continuity is the key, customers require partners who can deliver with confidence. That's exactly where Amkor's value, early engagement, stronger partnerships, and proven execution makes the biggest difference for our customers. As engagements and architectures become more heterogeneous and packaging becomes system-defining, when you engage becomes just as important as what you build. In these systems, key decisions, die partitioning, placement, interconnect density, power delivery, and thermal paths are made early, alongside the system architecture. Once those decisions are set, they largely determine not only the performance, but manufacturability, yield, and reliability at scale. That's why early co-development is no longer optional. It's central to success. Co-development is not a meeting cadence, it is co-optimization. It means engineering the package, materials, and processes early and in parallel with the system design. With early alignment, you build impressive designs at scale with the proper risk mitigation. From here, I will walk through how this co-optimization approach leads to scalable platforms and what it takes to enable advanced packaging for reliable high-volume execution. This slide shows how customer engagement is evolving in practice as advanced packaging moves onto the critical path. When customers optimize for execution certainty, engagement naturally shifts earlier into architecture and design because that's where the manufacturability, yield, and risks are addressed. As a result, planning horizons extend and capacity decisions become pre-aligned to reduce execution risk and ensure consistency through the ramps. The key outcome here is visibility and predictability. Earlier alignment enables more deliberate planning, smoother ramps, and better utilization through the cycles. This evolution from tactical access to strategic partnership is what enables deeper and longer-term customer relationships built around confidence in execution, not just capacity. Now, let me pause and share a customer perspective that really captures why deep partnerships matter. Sabih Khan, the COO at Apple, generously shared his vision, confirming that advanced packaging is now core to system design. Collaboration must be deep across the ecosystem. Scale, quality, and consistency are what customers need as architectures evolve. This is exactly the engagement model we have built and increasingly is now being deployed across geographies, including the U.S. Watch the video. Earlier this year, I had the chance to visit the construction site for the new Amkor facility in Arizona, and it was incredibly exciting to see the scale of the project and the speed of progress, building the future of chip packaging in the Arizona desert. Apple silicon is vital to making the best products in the world, and advanced packaging is a key component of that. Now, as we work to bring even more production to America, Amkor is a critical partner in helping us build an end-to-end U.S. silicon supply chain. For so many years, our partners at Amkor have helped us push the limits of innovation. They deliver the quality and scale our products demand, and we can't wait until they are packaging the Apple silicon produced just down the road at TSMC's new facility. As you saw and heard in this video, Apple emphasizes that advanced packaging is central part of a system design. Their message aligns perfectly with what you just heard today. Success requires deep collaboration across the supply chain and partners who can execute at scale with quality and consistency. As technology evolves, this approach is now being deployed to Amkor U.S. manufacturing location. Now, I would like to spend a minute discussing how this shift in customer behavior matters economically. The core impact of earlier engagement and deeper partnership is increased visibility. When customers align earlier and plan over longer horizons, it allows us to plan capacity more deliberately. That planning discipline improves utilization, especially during the ramps. Utilization is one of the most powerful financial drivers of returns in our business. There's a secondary effect as well. Risk is shared earlier in the investment curve. The result is growth as well as smoother ramps, better utilization, and more profitable returns through the cycles. That's why the evolution from engagement to commitment matters. It's the bridge between customer behavior, execution discipline, and long-term shareholder value. Delivering that execution certainty ultimately depends on having the right capabilities in the right places, which is why our diversified global footprint has become so strategic. Let me ground this discussion in reality. This engagement model and execution model isn't just theory. It's how we work today with a group of leading semiconductor companies who rely on advanced packaging to deliver complex systems at scale. These relationships span multiple technology generations and multiple market cycles, proven over 30 years of engagement. The common thread is trust. Trust is built through execution, scale, and reliability, especially when packaging sits on the critical path. That is why the world's top semiconductor leaders choose to work with us year after year and generation after generation. As the industry continues to evolve, these deep, trusted partnerships will only become more important, driving innovation, reducing risk, and enabling success. Now, I would like to leave you with three key takeaways. First, as advanced packaging is fundamentally changing how we engage with our customers, these are deeper, more strategic partnerships where decisions are made earlier. Second, Amkor is meeting our customers' evolving needs with earlier roadmap alignment, predictable ramps, quality and delivery to ensure critical needs are met. Third, and finally, all of this is improving the economics. We're reducing the risk, improving capital efficiency, utilization, and accelerating profitability through the cycles. As the industry continues to shift, we're building a more predictable and more resilient business. Amkor is ideally positioned to capitalize on this growth, and that is why we're excited about our future. Now, to walk you through our advanced packaging technology leadership behind this strategy, I would like to hand it over to Doug Scott. Thank you. Thank you, Farshad. Good morning, and thank you for joining us today. My name is Doug Scott, Corporate Vice President of Advanced and Mainstream Business Units. 25 years ago, I moved from Seattle to Phoenix and started my career in the semiconductor industry. I began on the equipment side and then spent the last 21 years in device packaging. For the past 11, I've been at Amkor. During that time, I've seen record growth in semiconductors and advanced packaging and, maybe most impressively, Arizona's rising importance in the global semiconductor ecosystem. Today, I'm excited to talk about two of Amkor's strategic pillars, technology leadership and geographic footprint. These pillars didn't just get us to where we are today. They are fundamental in how we drive our next phase of accelerated growth. This is especially true now. As AI-driven packaging demand accelerates, our industry is moving faster than ever, and Amkor is uniquely positioned to lead. Let's jump in. Kevin showed why advanced packaging is now on a critical path and why packaging content per end system is structurally rising. Farshad Haghighi covered Amkor's strategic partnerships and co-development activities. My job is to make this tangible. Amkor sells high-tech packaging and test services that are essential to turning raw silicon into usable high-performance devices. This is a very important point, so let me repeat that correctly this time. Amkor sells high-tech packaging and test services that are essential to turning raw silicon into usable high-performance devices. The clearest example is AI and high-performance computing, also called HPC. These systems are being built as integrated platforms, not single chips. I'll focus on a few key areas, what's driving the architectural shift, what it demands from packaging, and how our platforms execute at scale. In a packaging-led era, advanced isn't enough. It has to be built to scale from day one. When packaging is on the critical path, the win is industrialization, repeatable, reliable, high-volume execution. This slide shows Amkor's technology strategy for this reality. First, we engage early with strategic customers. We develop and optimize the package systems, power, performance, form factor, while package architectures are still being made. In AI and HPC, you feel this immediately in power delivery, thermal dissipation, and bandwidth. Co-development with our customers starts early. Second, scale wins. Our roadmaps are platform-based, including flip chip, 2.5D, and high-density fan-out. That's how innovation moves into high-volume production with high quality and consistency. Third, we invest to execute. We're accelerating advanced packaging and test investments to deliver full turnkey solutions that cut cycle time by removing logistic steps, eliminating time needed for shipments out of factory and shipments out of country, and raises execution quality through real-time validation checks as programs scale globally. Fourth, technology leadership builds earnings power. It enables more complex, higher-value programs. As they scale, it improves Amkor's value add to the market and drives margin accretion. What changed? Architecture shifted, and now advanced packaging and test are system-defining. For decades, computing performance came from transistor scaling, classic Moore's Law. Now, the biggest gains come from package system architecture. Multiple pieces of silicon integrated into one heterogeneous package system. That's More than Moore. Back-end packaging innovation driving AI and HPC performance gains as transistor miniaturization hits both physical and economic limits. We have shifted from chips to systems of chips. Packaging is the integration layer, optimizing bandwidth, latency, power delivery, and reliability. This powers AI training, inferencing, agentic AI, and future quantum computing solutions. Here's what this looks like inside the advanced package. As you move from monolithic packaging to heterogeneous integration and beyond, size and complexity jump. In monolithic packaging, typically one die sits on a substrate. This single die package then goes on a printed circuit board with other die, including memory and passives. Notice the big performance shift comes from memory and IO being closer to logic die within the package. AI and HPC lead this shift. More chiplets, more memory, higher IO density integrated inside a heterogeneous package. This could be with silicon interposer, organic redistribution layer, or integrated bridge technologies. Higher performance? Yes, also larger packages, increased complexity, and tighter process windows. This is true for GPUs, CPUs, XPUs, switches, and CPO, co-packaged optics. More die, higher interconnect density, more memory integration. Yield sensitivity spikes, process control, test strategy, reliability qualification become non-negotiable. That's why execution discipline matters. Scaling advanced packaging is an industrial challenge. It's no longer just an architectural choice. Very few companies in the world can manage this. I've been focusing on AI and HPC. This also applies with the increasing complexity we're seeing in automotive, connectivity, power, and system- and- package SiP modules. Amkor's value to the market accelerates as packaging complexity increases. Advanced packaging only creates value if you can deliver it end-to-end, fast, consistent, with high yield, and at scale. That's why we're accelerating advanced packaging and test investments. It's full turnkey, end-to-end support. Wafer bump, wafer probe, package assembly, and final test. Fewer logistics, condensed cycle times, higher execution quality as programs scale. As AI and HPC products ramp, cycle time and yield learnings can be bottlenecks. Full turnkey support helps customers move faster without giving up reliability or quality. As customers diversify supply chains, they need the same execution quality across geographies. Turnkey offerings also reduce risk, which result in better outcomes at scale. A great example of this is Amkor's South Korea K5 factory. This is where we have developed and scaled many of our advanced packaging techniques, test solutions, and packaging solutions. The learnings generated in our K5 factory have been directly applied to bring up other Amkor locations around the world and will be used to enable our new Arizona campus with known advanced packaging technologies. Add it all up: co-development, roadmap alignment, scalable platforms, and turnkey execution. That's a durable advantage. It's the Amkor advantage. Now I want to spend a moment on Amkor's technology roadmap because it is intentionally platform-based. We've invested for years in scalable foundations, flip chip, 2.5D, high-density fan-out. They hit the balance of performance, flexibility, and manufacturability. These platforms let customers innovate at the system level on repeatable flows that scale across product families and sites. The benefit of this approach? Equipment fungibility. We can redeploy much of the tool sets across programs and often adjacent flows. We flex capacity as demand shifts without rebuilding a factory for every design iteration, and we maximize the utilization of our investments. Flip chip, either flip chip CSP or BGA, remains a versatile, cost-effective solution. It is ideal for single functional die to substrate interconnects that don't require a heterogeneous assembly inside the package. This package family will continue to hold significant market share in advanced packaging going forward. 2.5D is a great fit when you need high bandwidth die-to-die connectivity, typically logic plus memory. This package delivers high interconnect density with tightly controlled electrical paths. High-density fan-out delivers fine line redistribution and our integrated bridge technologies with high IO density and strong electrical performance. It also brings the flexibility across product types and end markets. 2.5D and high-density fan-out keep showing up in AI and HPC applications. High bandwidth and controlled electrical paths are paramount. As architectures evolve, Amkor engages early with our customers, but we also engineer for production, not just demonstrations. That next generation box shown on the right is about early alignment, understanding customer needs, evaluating the newest technologies available, and designing for manufacturability at scale. 3D stacking and co-packaged optics are two great examples highlighting the increased packaging complexity and the need for early alignment to ensure processes are ready when the market is ready. Financially, a platform strategy lowers risk and improves scalability. These are higher value add platforms, and the margin is earned by ramping to steady utilization, high yields, and true repeatability in high volume. Now let's talk about our advanced packaging pipeline. Amkor is well-positioned to not only benefit from near-term advanced packaging opportunities, but also long-term. This is only accelerating as we deepen our partnerships with hyperscalers, IDMs, and fabless customers. We now have over a dozen 2.5D engagements. Four high-density fan-out RDL devices ramping to production this year, two for data center, and two for PC. We expect our first high-density fan-out bridge package to ramp next year for our customer, AMD. AMD refers to this as Elevated Fanout Bridge, or EFB. This CPU device will initially ramp in Amkor South Korea with planned U.S. onshoring at Amkor Arizona, reflecting our collaboration with AMD to support Amkor's advanced packaging factory in Arizona. Beyond our established pluggables business, we are developing three CPO opportunities. Collectively, these projects are billion-dollar opportunities over their product life cycles. Amkor is directly tied into continued growth opportunities in Asia and in the U.S. when our Arizona factory comes online in 2028. A proof point of turning advanced packaging architectures into high volume reality. Please enjoy a video of support from NVIDIA's Executive Vice President of Operations, Debora Shoquist. NVIDIA's pace of innovation depends on a strong ecosystem of partners. Amkor has contributed advanced packaging solutions that support the performance and reliability of our products. As AI demand continues to grow, collaborations like this enable the development and delivery of our new technologies, while ongoing investments in the United States support a more resilient supply chain. Our work with Amkor and the broader manufacturing ecosystem will advance the future of AI. NVIDIA's validation underscores two points: deep technical capability matters, and high volume execution earns trust. As AI demand surges, our partners must move fast without compromising reliability, quality, or manufacturability. Now, let's talk more about technology and Amkor's differentiated high-value technology toolbox. This is a snapshot of what is required as architectures evolve. Interconnect options, bonding process solutions, thermal management, substrate innovations, and test program optimizations. Advanced packages are getting larger, more die are being integrated. That demands expert-level technical depth and tight process control. This is where Amkor shines. We build on decades of packaging expertise. We engage with industry leaders. Our R&D teams continuously evaluate new packaging processes and technologies, so we're ready when our customers need them. We are expanding solutions across large body flip chip, RDL and bridge technologies, and larger panel-based formats. In parallel, we work closely with customers and suppliers on advanced chip attach, thermal dissipation solutions, including materials development, AI-based defect and process monitoring improvements, and we are pathfinding innovations such as glass core substrates and hybrid bonding. The point isn't that we're trying to do everything. The point is scale and deep involvement within the entire supply chain. Advanced packaging requires significant investment, breadth across the integrated stack, and a discipline to industrialize these tools into repeatable, high-value processes. As you saw in the previous testimonials, customers value Amkor for this. That is how value is maximized for the market and for Amkor. As you know, OSAT stands for outsourced semiconductor assembly and test. Test strategy is just as critical as assembly for system performance and reliability. From wafer probe to burn-in, final test, and system-level test, Amkor is deeply involved across the entire test flow. Aligning test and assembly is a core value proposition. Wafer probe ensures known good units before costly logic and memory die are added. Burn-in and final test validate reliability at the package level. System-level test ensures performance targets are met in real-world conditions. Every test step is critical. With the increasing cost of testers and the complexity of requirements, this creates a high barrier of entry and demands strong end-to-end technical execution. That leads me to the final point of this slide. Amkor provides high value add, turnkey execution, and support. Let's talk a bit more about turnkey. Turnkey means speed and accountability. We integrate the flow end to end. Wafer processing, wafer probe, package assembly, final test. The goal is simple: cut cycle time and increase value. Customers want fewer handoffs, clear accountability, and faster time to volume. Full turnkey delivers that, whether it's 2.5D high-density fan-out, wire bond, MEMS and sensors, or system-in-package SiP applications. Every step in the turnkey flow matters. A typical high-density fan-out package uses dozens of materials. Wafer bumping and RDL creation can take well over 250 process steps. Yes, over 250 individual process steps. Test requirements can be extreme and time-consuming. That is why very few companies in the world can truly support high-yielding, full-turnkey advanced packaging, especially in HPC. That is why this reflects Amkor's technology leadership. Now, a short video to bring this to life, from architectural choices to manufacturing execution. As you watch, notice how these flows connect design enablement with advanced assembly and test. This is what it takes to scale AI HPC-class packages, and it's the end-to-end execution customers value as programs ramp. [Presentation] Honestly, that's quite impressive. That's also technology built for scale, and the execution that turns complexity into predictable high-volume delivery. Let's tie all this to earnings. Quite simply, technology leadership drives earnings power. Let me walk you through this. On the input side, it starts with how we engage. We're doing early co-development with strategic customers, building scalable advanced packaging platforms, and delivering full turnkey solutions where packaging and test are engineered together. That combination positions us early and keeps us embedded throughout the lifecycle, translating into stronger business outcomes. We drive higher content per package. We participate in more complex, higher-value designs. It's not just more programs, it's the right programs, and that's what drives financial impact. We see a more favorable revenue mix, stronger margin accretion as programs scale, and ultimately, stronger earnings power over time. The takeaway is clear. Disciplined execution across technology and customer engagements drive better mix, better scale, and better margins. Megan will cover the financial benefits in a bit more detail later. To wrap up, technology leadership at Amkor isn't capability. As Farshad highlighted, it's how customers work with us. When we co-develop early, build on scalable platforms like flip chip, 2.5D, and high-density fan-out, and execute with full turnkey discipline, including test, customers engage earlier, trust us with tougher programs, and scale faster with consistent quality. That is why these investments matter. Amkor's unique ability to integrate the latest fab technologies into a highly complex advanced package is why we are winning and why we will continue to win advanced packaging opportunities. This enables strategic partnerships, not transactions, and puts Amkor at the center of advanced packaging deployment across the industry. With that, we have all earned a much-deserved 15-minute break. When we come back, we will continue our discussions with geographic footprint, financial earnings power, and then a Q&A session. Thank you, and we'll restart in a few minutes. Ladies and gentlemen, we'll be starting the presentation shortly. Ladies and gentlemen, welcome back to the stage, Doug Scott. Welcome back. Before I begin my next section, I want to recognize that Amkor's success starts with our world-class employees. Everything we achieve is a direct result of your hard work and dedication. I'm very proud to be part of this team. Let's continue our discussion as it relates to Amkor's expanding geographic footprint. As Farshad Haghighi highlighted earlier, customer behavior is shifting as advanced packaging moves onto the critical path. Which advanced packaging platforms are available, when, and where matters. Customer engagement happens earlier. Visibility improves. That visibility gives us the confidence to invest more in the right strategic regions. Amkor's Arizona expansion is a great example of this in practice. I want to be clear about what our geographic footprint is. Our footprint is intentional and strategic. In the slides ahead, I'll show how we built this global footprint deliberately, scale it with discipline, and how this positions Amkor as the critical enabler of end-to-end semiconductor manufacturing where customers require it. This slide is the core thesis of our global geographic footprint strategy. Our footprint is how we deliver supply security and resiliency. Geographic manufacturing flexibility is becoming a must for our customers as they are redesigning global supply chains. They expect the same execution standards and quality wherever their programs run. Each of Amkor's footprint decisions is deliberate, demand-led, and built to protect utilization and returns as we scale. The importance of being able to maximize outgoing device yield cannot be understated. Amkor's investments in automation, real-time process monitoring, and AI-driven defect detection create reliable output that benefits the financial performance of our customers and Amkor. In that context, advanced packaging and test go together. To enable end-to-end regional semiconductor manufacturing, especially in the United States, you need advanced packaging and tests to complete the flow and ensure high-yielding output. This is the role Amkor plays. We have production scale today in several regions, including large-scale presence in South Korea, Taiwan, Vietnam, and Portugal, giving customers real optionality. As we extend into the U.S., Arizona adds domestic high-volume advanced packaging and test to our portfolio. Our customers, partners, and suppliers have all clearly stated the need for Amkor in the U.S., and this is becoming increasingly valuable to hyperscalers, automotive OEMs, and defense-related supply chains. Amkor's expansion unlocks both known and unrealized opportunities where U.S. execution is required. There is a tremendous upside potential with this expansion. Our footprint delivers supply security and completes regional flows with the discipline that protects utilization and shareholder returns. Next, I'll show how we scale deliberately, demand-led, and tied to visibility. We expand based on demand, not speculation. We scale tied to qualified programs and demand visibility while protecting utilization and returns. We expand when customers require it, but after we've vetted timelines and return thresholds. This is how we deliver for our customers and the capital discipline for our shareholders. It is important to highlight our existing strong presence in both Asia and Europe. Amkor has scale. Nine factories. Sorry, nine countries, 20 factories, 30,000 employees, and long-standing relationships with the largest companies in the world. Amkor founded the OSAT model 55 years ago. I would like to highlight two things from this slide. First, we already operate at global scale across multiple regions. Second, we invest in scale with discipline. This slide highlights where we are expanding advanced packaging and test today. South Korea, Taiwan, Vietnam, and Portugal give our customers options across Asia and Europe. South Korea is our existing high-volume, advanced packaging and test location, along with our R&D center of excellence. Flip chip, 2.5D, high-density fan-out, and new advanced packaging process developments have all started in Korea for Amkor. Taiwan has substantial scale to support leading-edge, advanced wafer-level technology and test. Vietnam, the most recent region in our offering, provides geodiversity with an attractive cost structure for several of Amkor's key technologies. Our Portugal location allows not only automotive supply resiliency within Europe, but a location for advanced wafer-level support. They are the foundation of our model. They bring the advanced packaging process maturity and operating discipline. Plus, they bring the learning cycles we need to run complex advanced packaging at high volume with consistent quality and yield. That's how we think of the U.S. It's a significant extension of our existing model. Our global scale continues to drive volume and utilization, and Arizona adds in-region advanced packaging and test for U.S.-required flows. This allows us to ramp up at the pace customers require. Now, I'll get specific on our new Arizona location. Amkor Arizona is a significant investment that completes the U.S. flow, adding high-volume advanced packaging and test in region. Again, having leading-edge wafer fabs and downstream system assembly is not enough. The U.S. ecosystem is incomplete without high-volume advanced packaging and test. Amkor completes the end-to-end U.S. model delivered with the execution standards our customers require. It uniquely positions Amkor as the only large-scale OSAT with a high-volume advanced packaging footprint in the U.S. We are focused on providing advanced packaging solutions in Arizona with wafer bump, wafer probe, flip chip, high-density fan-out assembly, and final tests being initially offered. Operationally, this is a disciplined build, starting with the construction of 355,000 sq ft of clean room space for our first construction phase. This new build will have the highest level of automation of any factory within Amkor. As we announced a few days ago, we're also securing an additional 67 acres of land adjacent to our 104-acre Arizona property, positioning Amkor for additional growth in the U.S. long term. A defined timeline is underway with construction, workforce development, equipment install, line verification and qualification, moving quickly to high-volume production as programs clear qual in 2028. We scale Arizona with qualified programs, protecting utilization as capacity ramps and protecting returns before deploying more capital. Amkor Arizona is the critical link for the U.S. semiconductor ecosystem. It completes the U.S. regional flow. It expands our addressable opportunities and addresses new, real need in the market. It ties us into our customers' regional support pipelines. It stays inside the same disciplined framework we apply across our global footprint. This slide underscores a key point. Regional manufacturing only works as an ecosystem. End-to-end regional supply requires coordination of wafer fab, advanced packaging and test, and final system assembly. Those pieces have to scale in lockstep to deliver consistent quality, reliability, and execution. That is why footprint isn't just a geography discussion. It's an ecosystem decision. The value is plugging into an end-to-end regional flow and delivering the same execution standards from leading-edge wafers through finished systems. That is exactly why advanced packaging and test is the critical link. End-to-end regional manufacturing requires front-end and back-end coordination. Here's how Kevin Zhang, Deputy Co-CEO of TSMC, describes the need for strategic alignment in the U.S. semiconductor ecosystem. TSMC and Amkor have been long-standing trusted partners in Asia, and our collaboration in Arizona extends this partnership to the U.S. Together, we combine advanced front-end fabrication with advanced packaging and test to support customers' needs for geographic flexibility across end-to-end semiconductor manufacturing. The takeaway is simple. Regional supply chains require end-to-end alignment, and advanced packaging and test completes this model. Next, a short video that shows the physical scale and progress and the disciplined expansion that supports U.S. needs and requirements. As you watch, keep three things in mind. First, these are already operating within Amkor today, driving volume, efficiency, and learning in advanced packaging and test. Second, you'll see tangible execution as we connect Amkor's proven global expertise to U.S. manufacturing. And third, everything you see reflects our focus on protecting utilization and returns. It's about scale, execution, and progress delivered with discipline. Let's take a look. [Presentation] Let me close with the key takeaways. First, our footprint is intentional and strategically sequenced. We're not chasing short-term cycles. Every decision is demand-led to protect utilization and returns as we scale. Second, advanced packaging and test are the critical link for regional semiconductor supply chains. As manufacturing regionalizes, you must have scaled advanced packaging and test in region to support an end-to-end ecosystem. This is the essential role Amkor plays. Third, Amkor Arizona is demand led and based on known high-volume technologies. It completes the U.S. ecosystem with scaled advanced packaging and test and unlocks new, significant opportunities. Finally, utilization is the guiding principle behind every footprint decision. With that, I will now hand off to Megan to detail how our disciplined geographic footprint, along with our technology leadership and customer partnerships, translates directly into earnings power. Thank you. Good morning. I'm Megan Faust, when I joined Amkor over 20 years ago, I never imagined we would be having manufacturing in the United States. As a native to Arizona, it is even more exciting that our U.S. expansion is happening right in my home state. Today, I'm going to focus my time on connecting partnerships, technology, and geographic footprint with our financial outcomes. As you've heard from my colleagues, we are strategically investing amid a structural industry shift to build a stronger earnings profile with key milestones, disciplined capital deployment, and a clear path to durable shareholder value creation. We think about our financial trajectory in two phases. The first phase is the invest and ramp phase. The second phase is the ramp and leverage phase. From 2025 through 2028, we are in the invest and ramp phase. This is when we make deliberate growth investments, bring capacity online, qualify programs, and scale our advanced packaging platforms. The timing of our investments and scaling is critical to optimizing financial outcomes. The goal is not simply to add capacity, but to scale deliberately, execute clean ramps, and proactively manage risk as complexity increases. This phase includes upfront investment and cost as capacity ramps, particularly as our first Arizona facility comes online. These investments are deliberate and aligned with customer demand. From 2028 onward, we enter the second phase, the ramp and leverage. This is where the model becomes increasingly powerful. Utilization improves as ramps mature. Our product mix shifts to higher value advanced packaging, and operating leverage compounds with automation and scale. When we say full model leverage, we mean the combination of higher utilization, richer mix, and operating efficiency working together. These levers translate into materially stronger earnings power. Each strategic pillar that you've heard about today ties directly to earnings. Partnerships improve visibility and reduce risk, enabling better capacity planning and higher utilization through cycles. Technology leadership drives participation in more complex, higher valued programs, enabling margin accretion as they scale. Footprint expansion unlocks incremental addressable market, particularly where regional supply is required. All of this is supported by strong balance sheets and disciplined capital allocation, which allows us to invest through the ramp phase while protecting long-term returns. I want to make one point very clear. We are intentionally investing today, so as these levers mature and compound, our earnings power scales meaningfully over time. With that framework in mind, here are the financial targets that Kevin shared earlier. Starting on the left, in 2025, we delivered $6.7 billion in revenue, 14% gross margin, and $1.50 of earnings per share. The first phase in the middle of the slide reflects the invest and ramp phase. In terms of targets for 2028, we expect revenue to grow to $9 billion, ±$500 million, as capacity comes online and programs move through qualification. Gross margins expand to 17.5%, ±100 basis points, reflecting early benefits from richer advanced packaging mix, partially offset by ramp costs related to our first Arizona facility. Earnings per share of $2.50, ±$0.25, reflects capacity coming online as utilization builds, as well as initial ramp-up costs related to our Arizona facility. By 2030, our financial targets reflect the ramp and leverage phase shown on the right. At this point, we expect our first Arizona factory will be fully scaled. Utilization will be maximized, delivering strong incremental flow-through, and our product mix will have shifted favorably. At that point, we anticipate more than $11 billion in revenue, more than 22% gross margin, and greater than $5 in EPS, or more than three times our 2025 results. This is not a singular story. It's the compounding of levers that you've heard throughout the day. Improved visibility as engagements move up much earlier in the process, higher utilizations as ramps mature, richer product mix due to high-value advanced packaging, and stronger operating leverage through efficiencies and platform scale. You'll notice we've included some key assumptions on the right to assist in modeling. First, we assume a continued mix shift towards high-value advanced packaging, which expand margins as these programs scale. There are initial ramp costs in 2027 and 2028 tied to the Arizona build-out. This will initially be reflected in OpEx until products are qualified and move into production. At that time, costs will move into cost of goods sold and begin being reflected in gross margin. Revenue growth accelerates in 2029 and 2030 as the first Arizona facility comes online. We have not yet included the second Arizona facility in this model. We have experience in this invest, ramp, and leverage framework, and that's what gives us confidence in our ability to execute and achieve these targets. Let's look at some historical results. The semiconductor industry is cyclical, here we have aggregated a comparison of peak to peak for the years 2018 and 2022, right before entering a semiconductor cycle, as well as the trough to trough for the years 2019 and 2024, the bottom of those respective cycles. What this demonstrates is that as Amkor has scaled, our financial performance through cycle has structurally improved. The key message, we continue to raise the bar with higher highs and higher lows across every major financial metric. Revenue, gross profit, operating income, EBITDA, and EPS. You see a critical pattern. Both peak and trough has improved over time. This is a profound proof point that demonstrates our ability to execute. In this approach, we focus on things we can control. How we manage CapEx in a disciplined manner, moving away from customer dedicated lines. How we manage ramps with CapEx and labor coming online as close to launch as practical without impacting quality and execution. How we improve yield and productivity, and how we allocate capital. This improvement isn't tied to a single market or cycle. It represents a focus on execution with operating discipline. We have strengthened the foundation of our business to enable further financial improvement, especially as we continue to scale advanced packaging, even in a more complex and rapidly changing environment. This next phase of growth is larger and even more complex. Advanced packaging programs are more capital intensive and even more system critical. We are entering this phase with a more resilient model, an improved margin structure, and a track record of executing ramps with increasing discipline. That's why we're confident that the investments that we're making now in technology, partnerships, and footprint will translate into durable earnings power. That's the backdrop for the earnings framework and the leverage story that follows. In addition to credible execution, Amkor has the financial strength and flexibility to support this next investment phase. As a reminder, for 2026, we guided $2.5 billion-$3 billion of CapEx spend. Let's review our liquidity and funding strategy for these investments. As of March 31st and pro forma to include the $1.2 billion of convertible notes we issued earlier this month, we had $3 billion in cash and short-term investments and $1.1 billion on our line of credit, which equates to $4.1 billion in total liquidity. With $2.6 billion of total debt, our gross leverage is 2.1x. In the aggregate, this liquidity landscape enables significant flexibility in how we navigate funding our investments. We also have the capacity to increase leverage temporarily during peak investment periods. Our financial strength enables us to fund growth without compromising resilience. This gives us the ability to invest through the ramp using a disciplined capital deployment strategy. With that foundation in place, I'll now walk you through how we think about capital allocation, specifically how we deploy capital deliberately with demand visibility and return discipline at the center of decision-making. Our top priority is investing in organic growth that is aligned with customer demand. That includes expanding advanced packaging and automation, investing in global footprint to support regional supply chains, and continuing to fund R&D in partnership with leading customers. All of these investments are directly tied to programs, platforms, and execution at scale, not speculative build-out. Next, strategic investments. We deploy capital selectively to support structural shifts in technology. This includes investments that enable regional semiconductor supply chains, particularly in the U.S. and other strategic markets, as well as select tuck-in M&A, where it meaningfully enhances technology, geography, or customer alignment. These are targeted moves that strengthen our core strategy. Throughout all of this, financial resilience remains non-negotiable. We manage to a long-term debt-to-EBITDA target of 1.5x or below, and we maintain strong liquidity to ensure flexibility to invest through cycles. This is what allows us to invest with confidence during a ramp phase like the one we are in now. Last, returning capital to shareholders remains a priority. Over time, we target a return of 40%-50% of free cash flow. We remain committed to growing the regular quarterly dividend, and we have a share repurchase authorization of up to $300 million that can be used opportunistically and to offset stock-based compensation dilution. This reinforces Amkor's credibility as a disciplined steward, which is even more critical given the size of our Arizona investment. Arizona is a very important part of our financial model and a growth driver of our strategy. As leading-edge wafer fabrication and system assembly is increasing in the U.S., advanced packaging and test are required to enable end-to-end flow. Amkor is a critical link in adding high-volume advanced packaging and test. We are uniquely positioned as the only scaled advanced packaging OSAT that is expanding in the U.S. Let me repeat that. Amkor is the only scaled advanced packaging OSAT that is expanding in the U.S. Our approach to the Arizona campus is phased, demand-led, and aligned to customer programs. We have announced that there will be two phases to this expansion, with an estimated total investment of $7 billion. Construction of phase one is underway. High-volume manufacturing for the first phase is targeted to begin in 2028, with full-scale build-out by 2030. At full scale, our current visibility suggests revenue of around $1 billion and gross margins exceeding 30%. The profitability of U.S. manufacturing has been a priority, given the high cost of construction and the high cost of labor. We have designed an approach that will drive profit well above our corporate average. It is centered around 4 factors. First, prioritize high-value advanced products, which will benefit our product mix over time. Second, high volume, low mix of products with turnkey services, which reduces changeover costs and improves cycle time and utilization. Third, level loading throughout the year. This minimizes the impacts of seasonality on utilization. Last, high automation. The Arizona factory will be our most automated site. We have fully considered phase one in our financial model. For phase two, we have begun site preparation. However, the timing for when to begin construction is still in discussion with our customers. Once we have finalized the ramp timing with products and scale, we will include it in our long-term model. This phasing is deliberate and it is explicitly tied to customer commitments and visibility. As Doug mentioned, we recently announced we have secured an adjacent 67 acres of land, further positioning Amkor for future growth. The funding sources for Arizona include not only our balance sheet liquidity and debt capacity, but also significant government incentives and partner co-investments. The Arizona campus is a critical component of building out the full U.S. semiconductor supply chain. This is how our first Arizona facility fits into our financial model and how we expect the economics to develop over time. During the invest and ramp phase, we complete construction, install tools, and begin to qualify the manufacturing lines. Utilization begins at low levels. Financially, this phase includes upfront costs, which start to build before the facility reaches scale. We anticipate a 1%-2% dilution to operating income starting in 2027, which is dependent on construction completion and the speed of ramp-up. This will improve into 2028 as we scale production. As we move through the ramp phase, utilization begins to build meaningfully as qualified programs scale into production and productivity improves as learning curves mature and automation scales. We expect Arizona to reach break even around 2029 as these factors start to offset initial ramp costs. In the ramp and leverage phase and beyond, the model becomes increasingly powerful. Sustained utilization drives fixed cost absorption. Further product mix shifts towards high-value advanced packaging, improving margins, and productivity gains compound through automation, platform reuse, and operational scale. By this point, Arizona is meaningfully contributing to our consolidated financial results. This is the same proven playbook that we have already executed in our most recent Vietnam build-out. Now, let me walk you through how we anticipate revenue to grow from $6.7 billion in 2025 to over $11 billion by 2030, and more importantly, what will drive that growth. As Farshad explained earlier, the key market driving our growth is the computing end market, focused on high-value advanced packaging for high-performance computing and AI-related applications. This market grows materially faster than the rest of the portfolio. The growth continues with the step-up in capacity for phase one of our new Arizona facility, beginning in 2028 and accelerating in 2029 and 2030. We are also excited about advanced packaging growth in the automotive and industrial market. Growth areas here include in-car computing, ADAS semi content, and continued adoption of hybrid and EVs. Communications will continue to be a large and important market for us. While the overall growth rate is slowing, continued growth will be driven by on-device AI and refresh cycles. The consumer market will continue to grow modestly as more connected devices come to market. With that revenue backdrop in place, I will now connect it to earnings power. Earnings growth comes from the compounding of levers. First, we have product mix. As we scale higher value advanced packaging across our portfolio, particularly in our advanced packaging center of excellence in Korea, the shift in product mix is a significant factor in our margin and profit expansion. Second, operating leverage. Earlier engagement improves visibility. Visibility improves utilization, and utilization drives efficient fixed cost absorption. Operating leverage also encompasses automation and the benefits of scaling platforms across product generations. Third, we have the impact from the Arizona facility. As Arizona ramps, there will be temporary ramp-up costs, such as depreciation and other incremental costs until that factory is at scale. In the invest and ramp phase, earnings growth is muted relative to revenue growth, and that's intentional. We are bringing capacity online. Utilization is building, but not yet optimized, and we are incurring depreciation and start-up costs ahead of full volume manufacturing. During this period, EPS expands from $1.50- $2.50 by 2028. This includes dilution from the first Arizona facility as it prepares to scale. The full leverage model is not yet realized. As we move to the ramp and leverage phase, the earnings profile changes materially. As the Arizona utilization increases and operating efficiencies improve around yields, automation, and standardization, there will be meaningful margin and profitability expansion. The same revenue drivers produce significant earnings expansion. Here, we see EPS grows to greater than $5 by 2030, over 3x the earning power of 2025. Let me close with three key takeaways. Amkor is on a multi-year value creation path, deliberately investing today so that the full earnings potential becomes visible as utilization, mix, and productivity mature. Investments are disciplined and phased. Second, strong revenue growth and increasing utilization translate into more than 3x earnings power. Third, our global footprint and partnerships reduce risk, improve capital efficiency, and support more resilient margins. This is not just about where we're going, it's about how we are managing the business as we get there with discipline, which results in a structurally stronger earnings profile. With that, I'll hand it back to Jennifer, who will begin our Q&A session. Thank you, Megan. We'll now move into the Q&A portion of the program. This is an opportunity to go deeper into any of the topics that you've heard today. Partnerships, technology, footprint, or the financial framework. I'll moderate today's discussion, and we have two mic runners circulating the room. Please state your name and your firm before asking your question. Executives, please join me back up on stage, and we'll begin. I believe Jim had the first question. Good morning. James Schneider, Goldman Sachs. Thank you for doing the presentation. I appreciate it. First one, I actually have two. First one would be in terms of the financial model, Megan, thanks for giving that. How do you think about the level of confidence you have in achieving the 2028 and especially the 2030 financial models? Should we be thinking about these as at least models or cross-cycle models? How do you think about the resilience to a potential cyclical downturn? Sure. Good question. Our view on these models is this represents the visibility of what we have in our portfolio and as well as our confidence in the growth. Trying to put a factor on that, we see these as models that we expect to execute against, and we would plan to beat those. In your context, the at least, I think, is how you framed it. Yeah, maybe let me add a little bit there. The way I would say, when we set the targets, we thought about what was achievable, that we had confidence in, looking at programs where we really have high visibility and high confidence. We have other programs that I'd say are earlier in the pipeline, right? I think those will continue to evolve. Megan mentioned in her prepared remarks that we didn't put phase two in the model. Again, that's another opportunity that we think about as something that, as we get more confidence around when that is triggered, that we'll update the model around that. I think the confidence there. Related to a cycle, cycles can happen. I think that's definitely something that we didn't build in a strong cycle in the downward direction. Obviously, we're in a very positive direction right now, and we would expect that to continue for some time. Maybe as a follow-up, just about Arizona specifically, how do you think about that facility's suitability for, I'm assuming it's mainly for products that are fabbed inside the United States, but how do you think about its suitability from a cost perspective for products fabricated outside, wafers fabricated outside the United States? Can you maybe also address how much potential there is for non-standard products such as, for example, quantum products, where government subsidy program was announced this morning with respect to potential quantum products in the future? Thank you. Yes, let me talk about maybe cost first. The investment community is pretty aware of most of the customers we're talking about for that site. I think the vision there is that there'll be a portion of their business in the U.S. and still maintain a higher level of business in Asia. In that as the market fluctuates, that they'll maintain a very high utilization in the U.S. and then fluctuate across Asia, again, with the goal of keeping the U.S. very highly utilized over time. To me, when we think about the applicableness of the U.S. for products going overseas, we don't typically see that in our business model today. That may change over time, but today we're more focused on U.S. onshoring activities. When I think about different product types, CPO is one that's an example of, I think, longer term will be probably supported in our facility. Quantum is still relatively early on what those package structures will look like. I think if we think about one dimension of we want to support what's important for national security in the U.S., but on the other side, we're very focused on high volume, low mix. That's really critical for us to make sure that, again, we get the highest level of utilization to support the cost structure we have in the U.S. Second question, Steve. Thanks. Steve Barger from KeyBanc. Megan, the 2030 plan looks like it anticipates 600 or 700 basis points of margin expansion from 2025. You talked about both scaling and operating leverage. Can you just talk about how much of the margin expansion comes from utilization versus better unit economics? Sure. If you think about the slide we showed you with the invest ramp and the ramp leverage, in that first section, you're going to have more mix impact to margin, followed by leverage, which would include utilization. That utilization is going to be a bigger factor in that first phase. In the second piece of that, you're going to have more on the operating leverage and less on the product mix because it will have leveled out at 2028. That's where you're going to get, I'm going to say, less volume and more leverage as we're scaling from 2028 to 2030. Overall, from an Arizona perspective, that is providing a significant impact to that earnings expansion in that ramp and leverage piece of the model. To that point on Arizona, just thinking about phase two and the 67 acres to the extent you're willing to talk about it, the demand environment's obviously really strong. You showed the number of engagements that you have with customers. Do you have any early look on timing or customer conversations in terms of when they're going to want that capacity and what the CapEx requirements might be? Maybe let me start on the customer dynamic, and then Megan can talk about CapEx. When we think about phase two, first of all, I'd say the discussions with the customers are progressing pretty rapidly. Like you said, the demand is definitely there. We're in an environment now, even for phase one, where it's about how can we go faster to really ramp up the capacity and scale as quickly as possible. Stay tuned for phase two, but I think the momentum is definitely there. The additional land is really about optionality for the future. We could see an environment where obviously TSMC is continuing to invest in the U.S. We have other foundry sources investing in the U.S., co-packaged optics and other things. I think over time, there will be more opportunities, and we wanted to make sure that we had availability to scale if we needed to. I think that's the overview of what we see in the U.S. Yeah, just to comment on the visibility with respect to those customer programs and the timing. I think the key message today is these engagements with our customers are giving us that visibility so that as that CapEx is needed, it's not about placing a bet, it's about an arrangement, and we're going to time those to be as close to those programs as possible. We've disclosed what programs that we're going to see in production in 2026. Doug talked about that. We talked about a program that we expect to see coming online in 2027. But the idea was to show you that the pipeline, the level of pipeline, and the nature of customers that are in that pipeline. We'll do Charles. Hi. Charles Shi from Needham. Two questions. The first one, I think one of the most incremental thing we heard today is that HDFO Bridge Program, you got the AMD as a lead customer. Provide a little bit more context, how did this program come along? Trying to zoom out a little bit, compare with the 2.5D program, which did have the AI accelerators programs in there, the HDFO program seems like it's very CPU centric, and it may not necessarily be a bad place to be, probably a good place to be given the lots of discussion about CPU or agentic AI. Why is it that evolving the program evolved into this, like it's becoming a pretty CPU centric program? What do your customers see the competitive advantage of the HDFO program? That's the first question. Thank you. Yeah, maybe I can start and then Doug can talk a little bit more about the technology advantages. If we look at the customer base, you're right in that the first programs we're ramping in that HDFO platform are CPU based. Again, two of those for PCs. The ones that we announced today for AMD is data center related, obviously we have two other data center for the organic RDL type structure with non-bridge that are ramping this year as well for data center. I think what has happened is we see, obviously for AI training, very GPU focused. As you get more into agents and agentic AI, the CPU workload is increasing significantly. I think we've heard that from all of the suppliers of the CPU structures, whether it's AMD, NVIDIA or Intel. I think that dimension is what we're seeing, that the demand there is just really accelerating, and that's creating an environment where we're expanding in Korea. We've talked a little bit about the footprint that we have going on in our existing building that we've announced. We've also been looking at doing an additional bolt-on building within our Gwangju facility to expand that location. Longer term, obviously the U.S. That we really feel is a multi-year journey. That platform in general will extend to other technologies and other application spaces. We don't see it as just a CPU technology. Maybe Doug, you can add a little bit more to that. This goes back to our platform-based technology and our early co-development, right? We've been supporting 2.5D applications for almost a decade, and certainly it was a great application when AI originally rolled out a couple of years ago. The same equipment is essentially used for RDL-based technologies, for high-density fan-out RDL and bridge. We look at the progression of complexity within the packaging spaces and incremental increase of what we currently offer. When we look at what we're currently supporting, we do see a lot of CPU opportunities. Most of the advanced technology opportunities we are seeing for advanced packaging are right now focused on CPU. Certainly, as I mentioned in my presentation, the processing, the technology certainly could roll out to other spaces, but it's really coming down to as the packages get more complex, fewer companies are able to support it, and certainly we're positioned there. Thanks. Maybe a second question, maybe for Megan. Looking at your expected revenue for the phase one of Arizona and $1 billion revenue run rate expected. Let's say that once you ramp up the second phase, let's time that by two, a $2 billion run rate, but compare with the $7 billion CapEx, it feels like that number is maybe a little bit light. The expected revenue run rate number feels like a little bit light. Is there some kind of a conservatism built into that? Should there be more upside to that $1 billion per phase revenue run rate? Any thoughts behind that number? Thank you. Yeah. Two thoughts there. One, it's a lot more expensive to build in the United States. Trying to compare the $7 billion to two phases compared to say, our Vietnam build, they're not comparable. The second aspect is I'm looking at profit. While the $1 billion might seem light, I'm looking at 30% gross margins. That's how we're ensuring that this business is going to be able to provide the return that we expect over time. As far as whether it's conservative or not, this is based on our visibility of those programs. We have not yet ordered all the tools for that first phase. We're still in discussion with customers on the nature of those programs and scale, we knew we needed to give you some visibility as to what we were thinking for that top line. Don't forget the incentives. The incentives definitely help there as well to offset some of that cost. We'll do an online question. Sure. Have you considered pausing or decreasing the dividend to fund your growth? Megan, you want to take that one? Yeah. No, we have not considered pausing or stopping the dividend. We're committed to continuing to grow our regular dividend over time. Just stepping back to our capital allocation priorities, organic investment is our priority. We'll evaluate other strategic investments, financial stability, and then, yes, we're committed to bringing returns to our shareholders. We'll do Ian. Morning, guys. Thank you so much. It is Ian Lieberman from Talos Asset Management. I had a few. The first question I had was, I guess, as we look out to 2030, do you have a view in terms of where testing revenue would come in as a% of the mix, versus packaging here? Let me take that one. Today, we're in low teens, from a test versus total revenue. We do expect that to increase over time. What we see is, especially as we start seeing more OEMs engaged, if you go back to, as an example, whether it's car manufacturers or data center hyperscalers now. Hyperscalers are starting to get involved with doing chip design. Typically, they don't have a test footprint. They're looking for options to where OSATs can support that type of business. That will help us with a test attach rate on this market that we're saying is going to be our fastest-growing market. We would expect that to increase the overall test percentage over time. What that will look like, just to kind of give you a gauge, we're envisioning in the mid to high teens, as we go into that 2029, 2030 timeframe. Great. Okay. Second question I had was, if you look at the 2030 Arizona slide, there's a little pocket up there that says, "Multi-year contracts with top customers." If I think about that statement relative to the billion-dollar statement, do you guys have visibility that as you look out over the different programs on that different slide, that that $1 billion is, I don't want to say mostly in pocket, but you have excellent visibility as it relates to phase one of Arizona? I would say we have very good visibility. When you look at these structures with the customers, most of them are contractually based structures. Those can look like multiple things, whether there's loading agreements or prepayments. We feel very confident with the customers that we're working with phase one. We want to get to that level of confidence for phase two. Great. The last question I had was on the 2028 guide. Just wanted to understand a little bit more on the $9 billion insofar as right now, whether it's maybe the upcoming quarter or prior quarters. We're run rating at $8 billion. What went into your thinking for the $9 billion on the 2028? Is there a capacity element that you're capped? Is it something else that we should be thinking about that informs your view on that relative, obviously, to the opportunity in call it phase two into 2030? Thank you. Yeah, for me, there's a couple components there. We wanted to put numbers out that we felt was achievable, that we were very comfortable with. When we look at opportunities that are out there are more opportunities. We see challenges on scaling. Definitely, we've talked about some of the space dynamics to where we're trying to increase our space pretty aggressively. There could be some dynamics there. Again, when we look at it's more about giving this community achievable numbers that we have high confidence in. We'll take another online question. Sure. We have a couple on Arizona. Megan, can you be more specific on how the ramp costs flow through the income statement in 2027 and 2028 for Arizona? Once the Arizona facility completes and that triggers depreciation expense, we will see those costs begin in OpEx, specifically in SG&A. This is consistent with when we brought our Vietnam facility online. As we are getting ready to ramp, those costs will be in OpEx. At the time that we qualify our first program, those costs will then all move into cost of goods sold because we now have costs of manufacturing. We expect that will happen sometime in 2028, depending upon the speed of those qualifications. There will be a beginning in 2027 in OpEx that will be a dilution impact. As we move into 2028, that will continue in OpEx, and then it will shift up into cost of goods sold. For the full year of 2028, we do anticipate continued dilution, albeit probably less than 2027, as we'll start some production in 2028. One more on Arizona. For the additional land purchase announced this week, is this opportunistic in that that land is available, or do you see accelerating business and potential that you could start an additional phase? I can start. I think we touched on it already a little bit. The opportunity we definitely see is increasing, so I think from a customer perspective, there's definitely more opportunity. The actual purchase of that land was more about the future, making sure we had optionality in the future. We'll see what that timing looks like. No firm plans for that additional land today. In the back? Suraj in the back. Yes. Thank you. We're laying out aggressive plans for adding capacity aligned with major customers. We've seen a lot of these customers sort of help fund these projects. Maybe help us understand the calculus behind raising other forms of capital versus getting direct investment from customers. How are you weighing those two options? I'm sure you kind of have both on the table. Thanks. Megan, you want to take that one? Sure. Suraj, we're definitely looking at all of those options. I'm sure you're probably referring to our capital raise we had just a few weeks ago. That's one component. We have some commitments already that were in the form of advanced payments, and we are in discussions today with other customers with regards to other commitments. From my perspective, we're utilizing all of those different tools in order to fund that and to ensure that we're as financially flexible as needed in order to capture this growth. We'll take another online question. This one's for Doug. Doug, can you talk about your capacity as it relates to 2.5D, HDFO, and bridge, including flip chip and wafer level, which areas are currently constrained and which areas are underutilized? Okay. When it comes to wafer-based processing, high-density fan-out processing, advanced assembly, there really are two pieces. There's the wafer-based processing, and there's the on-substrate assembly. When we have high demand and we have fungible programs, that same equipment is used across the board. We're seeing high utilization across our advanced packaging within Amkor, and we continue to invest in the equipment to bring our capacity even higher to support a customer's demand. I would say, to specifically that question, we are looking at increasing our spend to meet our customers' demands as long as we can financially justify the returns from those opportunities that exist in the market. I have another question for Doug. Sure. You mentioned advanced packaging opportunities of $1 billion plus in collective revenues. Can you discuss the cadence that these projects moved into production and the revenue potential for the advanced packaging group? Sure. Our engagements are with very large customers who have very high demand. We have platforms that have been either in production or in qualification for a number of years. We're able to engage with those customers, begin qualification very quickly, pass qual, have go through customer characterization and qual, and then ramp. Really it comes down to making sure that we understand the customer's timeline for ramp and how do we invest to make sure that the equipment and the processes and the people are in place to support that. Certainly, we are working with customers continuously on that, and that's part of what you've seen from our increased capital intensity this year and what we're looking at doing next year and the following years. Nakul in the back. Hi, Nakul with Trueline Capital. I think you guys had a slide up there about all the advanced packaging programs that is in the pipeline. Maybe just a clarification on that. I think in some of our conversations before, you guys have talked about maybe $400 million or $500 million of advanced packaging revenue, I think in the compute business. I just wanted to make sure, one, if that is in the right ballpark, and then maybe among those active programs that you indicated on that slide, maybe just a rough revenue contribution this year and when that full pipeline comes in, that is the number that is going to like $1 billion roughly? I just wanted to make sure I understand the evolution and rough quantification of that. Okay, let me start there. What we've talked about for this year is a tripling of that advanced packaging revenue this year, and you're right, that's all in that compute market that we highlight. I think if you look at that circle chart that I represented that had our 2025 revenue and then the 2030 mix, what you'll see is that computing market is what's growing significantly, and that's obviously which Megan had in her bridge as well. If we look at that growth, majority of that growth would come from this AI data center type space. We wouldn't expect the PC market to have significant incremental growth from where we are today. I think, for you to kind of get some numbers around that, you need to look at what that growth trajectory looks like in the compute market for us. You're right, these billion-dollar opportunities that Doug Scott was talking about are more directly related to data center. There's other applications in there, but these larger opportunities are some of the CPU opportunities that we've been talking about. We'll take another online question. With the uptick in industry growth in advanced packaging, should we think about a higher capital intensity rising from low teens? Do you see high potential to need to lift capital intensity or raise spending to meet some of these opportunities? Megan, you want to take that? Sure. Many of you who know us, our historical capital intensity has been in the low teens. We've been very consistent in that 12%-13%, and then 2026 increased significantly with our construction in Arizona. We'll expect that to continue into 2027 and 2028 as we bring that factory online. When we look at a more normalized but different mix of products, which is going to be more heavily weighted to the compute segment and the products that Doug talked about, we do see that being more capital intensive, but we see that moving up into the mid-teens, maybe mid to high teens. That would be without significant expansion, but we are able to do what I would call modular expansion, whether that's putting up another building on an existing footprint or building out another module. That can all be managed within that mid to high teens capital intensity. We'll take another online question. Can you clarify how Amkor is thinking about your geographic capacity allocation across your advanced packaging sites, Korea, Vietnam, Portugal, and U.S., as customers diversify supply chains? I think the way that I look at that is we're in a unique environment to where the most advanced packaging capacity is constrained. You look at the competitive environment, when suppliers that can do these most advanced packages, some of them are in Taiwan. The only option outside of Taiwan is Amkor in Korea, and that's created an environment where the customers that want some level of diversity outside of Taiwan, they're looking for opportunities for us to support them in Korea. That's why we're expanding there, especially on the most advanced type packages. We think about Portugal is a little bit more about supporting the European ecosystem. That's a little bit of automotive-based, some other types of applications. It's advanced, but not the most advanced type technologies. Vietnam is slightly different. That's about migrating some of our SiP type packages as well as memory from Korea into Vietnam, where there's a pretty attractive cost structure. That allows us to have more space in Korea to grow for the most advanced packages. Was there another region you mentioned? It was the advanced packaging sites. Korea- Okay. Yeah, obviously the U.S., longer term, is going to be a bigger play. We are also investing in Taiwan. I think it's important to continue to highlight that Taiwan is very important for us as well. That's where a lot of our advanced packaging, a lot of the wafer-based processing is as well. In the back. Hi, guys. Appreciate the questions. Saj from. Simple, high level, as we think about CoWoS moving to CoWoP, what does that look like for your roadmap? Yeah. Doug, you want to take that? Sure. Certainly there's a transition from essentially wafer-based processing to on-substrate-based processing. That will continue to migrate that direction as the technology is required. Cost is still a big play. The key is to highly utilize existing lines, look at what technologies can't be supported with those existing lines, and then you invest in essentially new technology. That will certainly be a play going forward. When you look at the total market, there might only be a piece that fits onto that initially, and there's a wide range of other applications that could certainly fill your existing line. As we mentioned, utilization is key, but we also actively work with our customer suppliers in the industry to see what's next, to make sure we're ready when the next step is needed, we are in place to support it. Not necessarily as the pipe cleaner, but certainly as a fast follower. It's certainly coming. The packages are getting larger and are more complex. The question is when, and then really it comes down to when does it make financial sense for us to invest and to ramp. It's certainly one of the technologies we continue to monitor. Thank you. We'll do Steve in the front. Steve. Thanks. Hi. Thanks. Just a question on auto. The content per vehicle story has been in place for several years, but it's been a tough business before kind of the recovery year this year. What gets you back to sustained double-digit growth? Is this content or share, or do you expect production increases? I'd say a little bit of everything, right? If we look at what we've seen the last couple of quarters is that mainstream is starting to recover. These are the more legacy type packages. That's been, like we've talked about, that's been this slow kind of step back up. I think we've, as well as you guys in other earnings calls, have heard that from the IDMs in that space, that that market is starting to get a little bit better. Inventories are more under control. The advanced products for us are continuing to grow pretty aggressively. We definitely see that, and some of that's related to the customers that we support and maybe them really prioritizing that, and that's a focus growth area for them. Others in that, again, that content per vehicle is increasing. I think that trajectory is going to continue. We definitely see that that is, at least today, our second fastest growing market, and as long as there's not any major issues across automotive in general, we would expect that to continue. We have a couple more Arizona questions. Okay. We'll do one that's quick. Have there been any discussions with the federal government for an equity stake to help fund Peoria build-out? Maybe I can take that. The first thing I'd like to say is the federal government and the state government in Arizona have been really supportive of our project. I mean, it's been really nice, actually, to work with both parties. They've been really supportive of what we're trying to do. When it comes to an equity position, there's been no discussions around that. I'd say I'd just park that to the side, but I think the overall support from the administration's been really supportive. The other Arizona question is regarding phase two timing and how that may impact the model that we've put out today. Okay. You want to talk about that one? As I mentioned, we are already underway in what I would call site development. We definitely see phase two as a not if, it's just when. The framework for that phase is underway in discussions, and it's really going to be dependent on the nature of the customer programs, the scale, et cetera. That impacts not only the construction, how the building is fit, but also then the tools. All of those aspects go into estimates. From a timing perspective, it's unclear yet when we would be announcing what phase two would look like. Given that site preparations are underway and customer dialogue is underway, I would expect that would be upcoming. We'll keep you posted when we're ready to update our model with phase two. Okay. Okay. We have more online questions. Okay. We have several regarding potential upsides, given the high demand and momentum there seems to be on CPU with our top computing customers. Can we talk about how much is built into our model versus upside potential? Yeah. Again, I tried to address that a little bit earlier. We see that when we set the targets, we want to put in programs that we had high confidence, we had good visibility into. There are other opportunities out there. I think there's definitely opportunities for other programs, and we'll have to see how those play out, and we'll update this community as those become higher level of confidence. Okay. One more. What's the most underappreciated aspect about Amkor as you speak with the investment community? Are there any misperceptions that you commonly encounter? When I look at why, one of the reasons we wanted to do this event, and again, it's been over 20 years, so it's pretty clear from listening to the investment community that our long-term vision wasn't totally understood, and we wanted to make sure that that visibility was out there. This shift in the semiconductor and packaging market is really fundamental. If we go back 10 years ago, 15 years ago, nobody thought about packaging in the design perspective. It was literally you design the chip for the performance, and then once you start the chip, okay, throw it in a package and then just put it on a motherboard or whatever. That is completely changing now, and it's really fundamentally different with these chiplet-based architectures where the package now is really integrating everything together. That shift should not be misunderstood, and it's really driving, fundamentally, our collaboration with the customers. I hope we got that point across today. I think that's the biggest message we want to get across, is that that market dynamic is fundamentally changing. Okay. One more just came in on CPO. As CPO architectures evolve, how does management view the increasing complexity of optical and system-level testing relative to package processing itself? Sure. CPO introduces, I guess, processes that aren't typically used in traditional packages, especially fiber attach, but there's benefits to CPO, obviously, from a thermal and power standpoint. CPO is going to be a package technology that will continue to percolate into the market. Different processes, different techniques are used to build those processes or build those packages. We certainly have been pathfinding and investigating those for a number of years. Had we invested in CPO when we were first asked to invest in CPO 10 years ago, we would have lines that were underutilized for 10 years. It's really important to understand where the technology is, when it needs to ramp, and then be there to support it. We have three engagements in CPO right now. We're actively working with our customers and making sure that we have the processes and technology and expertise to support those. I guess it's a progression in the complexity that we're seeing in packaging, and it's certainly an area that we continue to investigate in and we will scale in. Any final questions in the room? I'll take it if we have the time. Doug, you mentioned visibility extending. Is that over or under two years? It's over. By how much are you willing to quantify? We won't estimate from our customer perspective. I think what we see is there's clearly more momentum today than there has been in the past 10 years. I think that just switching to optical within the data center is going to be fundamental for power and speed and other things. It will happen. How fast it accelerates will really depend on how our customers decide to adopt that technology. Just two rapid fires. Are you talking to hyperscalers directly? If so, how are those conversations looking relative to historical? The second would be, clearly with the Quantum news today, clearly with what we're seeing with the likes of Intel and such, Arizona is becoming an area, geographically speaking, of national importance. How is that playing into the customer conversations you're having, particularly with CapEx rising for multiple players in that location? Hyperscalers first. I'd say, I touched on that earlier. As OEMs, I'll put hyperscalers in the OEM bucket, as they develop their own silicon, they're fabless companies, essentially, right? They need to work with foundries and OSATs to build those parts. They're all obviously in growth and investment phase, so a lot of good opportunities there. When it comes to the U.S., when you mentioned Intel, when we think about the U.S., there's multiple foundry sources within the U.S. We talked last year, I was on with Intel at their Intel Foundry Direct Connect day, talking about EMIB and how we are supporting bringing that technology into Korea for end of this year, capability-wise. I think when we look across the foundry space, obviously, we're collaborating with a lot of companies and how that's going to develop in the U.S. We've talked about our core fundamental customers that are really driving the growth there today. I would envision over time that that mix will change and the customer base in the U.S. will just grow. Thank you. Okay. Kevin, that looks like our last question. Okay. All right. I hope you all now have a better understanding of our vision and path forward. To summarize, the semiconductor industry has entered a structural shift. Advanced packaging is no longer a back-end step. It's on the critical path of system performance, integration, and delivery. That shift is being driven by AI, heterogeneous integration, and supply chain design, and it's not cyclical. It's a meaningful shift that we believe is sustainable. What you've seen today is how Amkor is positioned inside that shift. We are scaling deliberately in partnerships built on early engagement and execution certainty, in platform technologies that can execute at volume, in a footprint designed to deliver resiliency and scale where customers need it. Importantly, this is a multi-year value creation strategy. We're investing today with discipline so that our full earnings power in our model becomes visible as program scale, utilization builds, and mix strengthens over time. We believe Amkor has something significantly and fundamentally rare in the industry. Deep technology, proven execution, and a clear, disciplined path to stronger earnings power. That will wrap up our webcast today. Thank you very much for joining us.