Amkor Technology (AMKR) UBS Global Technology and AI Conference summary

Financial performance and outlook

• Q3 saw a 27% sequential revenue increase and record advanced SiP sales, with EPS up 80%.

• Q4 guidance is down 11%, more than seasonal, due to a softer communications cycle.

• 2025 is expected to bring growth across computing, communications, consumer, and automotive, though at a moderated pace.

• Automotive recovery is anticipated to be gradual, with a trough in Q2 and improvement through 2025.

Technology and capacity expansion

• Tripled 2.5D capacity from 2023 to 2024, expecting to quadruple revenue in 2024; continued investment planned for 2025.

• Preparing for next-gen technologies like SWIFT (RDL interposer) and S-Connect (silicon bridge), with qualifications and ramps into 2025-2026.

• Panel-level packaging R&D ongoing in Portugal, with a focus on scaling to higher density applications.

• Over 75% of advanced packaging CapEx is fungible, allowing asset flexibility between technologies.

Market and customer trends

• AI, 5G, and automotive drive demand; communications and consumer IoT expected to grow, with AI refresh cycles potentially boosting units in 2025-2026.

• Advanced packaging adoption is broadening to data center, PC, and automotive, with chiplet architectures extending Moore's Law.

• PC segment sees opportunity from Arm migration and AI-driven refresh cycles, with advanced packaging adoption expected to start in late 2025-2026.

• No material impact from recent export controls or tariffs; customers value geographic diversity.