Q4 2025 Qnity Electronics Inc Earnings Call

February 26, 2026

Speaker #2: Good morning and welcome to the Qnity Fourth Quarter and Full Year 2025 Conference and Webcast Call. Currently, all callers have been placed in the listen-only mode, and following management's prepared remarks, the call will be open for your questions.

Operator: Good morning, welcome to the Qnity Q4 and full year 2025 Conference and Webcast Call. Currently, all callers have been placed in a listen-only mode, and following management's prepared remarks, the call will be open for your questions. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any time you should need operator assistance, please press star zero. Please be advised that today's call is being recorded. I will now turn the call over to Nahla Azmy, Vice President of Investor Relations. You may begin.

Speaker #2: If you would like to ask a question at that time, please press star one on your telephone keypad. If at any time you should need operator assistance, please press star zero.

Speaker #2: Please be advised that today's call is being recorded. I will now turn the call over to Nala Azmi, Vice President of Investor Relations. You may begin.

Speaker #2: Thank you. And good morning, everyone, and welcome to Qnity's Fourth Quarter and Full Year 2025 earnings call. I'm joined by John Kemp, Qnity's Chief Executive Officer, and Mike Goff, Qnity's Interim Chief Financial Officer.

Nahla Azmy: Thank you, and good morning, everyone, and welcome to Qnity's Q4 and full year 2025 Earnings Call. I'm joined by Jon Kemp, Qnity's Chief Executive Officer, and Mike Goss, Qnity's Interim Chief Financial Officer. Earlier today, we issued our earnings release, along with a supplemental slide presentation, which can be found on ir.qnityelectronics.com. Before we begin, I would like to remind you that today's discussion will include some forward-looking statements. These statements represent our best view, predictions, and expectations for the future, but numerous risks and uncertainties may cause actual results to differ. Please refer to our earnings release and SEC filings for a discussion of these risks. We will also be discussing certain non-GAAP financial measures, and I refer you to our earnings materials for information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measure.

Speaker #2: Earlier today, we issued our earnings release along with a supplemental slide presentation, which can be found on ir.qnityelectronics.com. Before we begin, I would like to remind you that today's discussion will include some forward-looking statements.

Speaker #2: These statements represent our best view of predictions and expectations for the future. But numerous risks and uncertainties may cause actual results to differ. Please refer to our earnings release and SEC filings for a discussion of these risks.

Nahla Azmy: These statements represent our best view, predictions, and expectations for the future, but numerous risks and uncertainties may cause actual results to differ. Please refer to our earnings release and SEC filings for a discussion of these risks. We will also be discussing certain non-GAAP financial measures, and I refer you to our earnings materials for information regarding our non-GAAP financial measures and reconciliations to the most directly comparable GAAP measure.

Speaker #2: We will also be discussing certain non-GAAP financial measures and I refer you to our earnings materials for information regarding our non-GAAP financial measures and directly comparable GAAP measure.

Speaker #2: With that, it's now my pleasure to turn it over to John.

Nahla Azmy: With that, it's now my pleasure to turn it over to Jon.

Speaker #3: Thank you for joining us this morning for our first earnings call as a standalone public company. When we launched Qnity late last year, we detailed our focus on establishing ourselves as the premier technology solutions provider across the semiconductor value chain.

Jon Kemp: Thank you for joining us this morning for our first earnings call as a standalone public company. When we launched Qnity late last year, we detailed our focus on establishing ourselves as the premier technology solutions provider across the semiconductor value chain. That means being the partner of choice to customers at every stage, from chip fabrication to advanced packaging and interconnects to thermal management. It means understanding where the market is going so that we can stay one step ahead, delivering more innovative and integrated solutions to address our customers' most complex challenges. As the industry continues to rapidly evolve, we're proving that the next leap in AI and other advanced technologies will be powered by materials innovation, and that's where Qnity leads. With chip designs becoming more complex, materials that smooth, shape, connect, and protect are paramount.

Speaker #3: That means being the partner of choice to customers at every stage, from chip fabrication to advanced packaging and interconnects to thermal management. And it means understanding where the market is going, so that we can stay one step ahead, delivering more innovative and integrated solutions to address our customers' most complex challenges.

Jon Kemp: It means understanding where the market is going so that we can stay one step ahead, delivering more innovative and integrated solutions to address our customers' most complex challenges. As the industry continues to rapidly evolve, we're proving that the next leap in AI and other advanced technologies will be powered by materials innovation, and that's where Qnity leads. With chip designs becoming more complex, materials that smooth, shape, connect, and protect are paramount.

Speaker #3: As the industry continues to rapidly evolve, we're proving that the next leap in AI and other advanced technologies will be powered by materials innovation, and that's where Qnity leads.

Speaker #3: With chip designs becoming more complex, materials that smooth, shape, connect, and protect are paramount. As the leading pure-play provider of integrated solutions for the semiconductor value chain, this dynamic creates powerful near and long-term growth drivers for Qnity.

Jon Kemp: As the leading pure-play provider of integrated solutions for the semiconductor value chain, this dynamic creates powerful near and long-term growth drivers for Qnity. We're leveraging three core structural advantages to capitalize on these demand tailwinds. First, the unparalleled breadth and depth of our portfolio enable us to offer end-to-end solutions to our customers. Second, our innovation capabilities have earned us a seat at the design table with global technology companies. Third, our local-for-local approach, with manufacturing facilities and R&D centers located close to customers wherever they operate. Turning our attention to last year's financial results, our Q4 and full year 2025 performance is a testament to the strength of our portfolio, the trust our customers place in us, and our ability to execute on our value creation strategy.

Speaker #3: We're leveraging three core structural advantages to capitalize on these demand tailwinds. First, the unparalleled breadth and depth of our portfolio enable us to offer end-to-end solutions to our customers.

Speaker #3: Second, our innovation capabilities have earned us a seat at the design table with global technology companies. And third, our local-for-local approach with manufacturing facilities and R&D centers located close to customers wherever they operate.

Jon Kemp: Third, our local-for-local approach, with manufacturing facilities and R&D centers located close to customers wherever they operate. Turning our attention to last year's financial results, our Q4 and full year 2025 performance is a testament to the strength of our portfolio, the trust our customers place in us, and our ability to execute on our value creation strategy.

Speaker #3: Turning our attention to last year's financial results, our fourth quarter and full year 2025 performance is a testament to the strength of our portfolio, the trust our customers place in us, and our ability to execute on our value creation strategy.

Speaker #3: We delivered our seventh consecutive quarter of strong organic growth, and we outperformed the market, exceeding our full year 2025 financial objectives. We grew organic sales by 10%.

Jon Kemp: We delivered our 7th consecutive quarter of strong organic growth. We outperformed the market, exceeding our full year 2025 financial objectives. We grew organic sales by 10%, including strong growth in both operating segments. Reflecting a full year of standalone public company costs, pro forma adjusted operating EBITDA was up 11% year-over-year, with strong margins. In our semiconductor technology segment, we grew organic sales 8% in 2025, driven mostly by strong demand for Semi-fab consumables. AI and high-performance computing-led demand drove double-digit sales growth in advanced nodes and advanced packaging. We benefited from ongoing improvements in mature nodes and NAND. Our Interconnect Solutions segment had an exceptional year, growing organic sales 12%, led by continued AI and data center tailwinds. Our core drivers in this segment continue to be advanced packaging, advanced interconnect, and thermal management.

Speaker #3: Including strong growth in both operating segments. Reflecting a full year of standalone public company costs, pro forma adjusted operating EBITDA was up 11% year over year, with strong margins.

Speaker #3: In our semiconductor technology segment, we grew organic sales 8% in 2025, driven mostly by strong demand for semi-fab consumables. AI and high-performance computing-led demand drove double-digit sales growth in advanced nodes and advanced packaging.

Jon Kemp: AI and high-performance computing-led demand drove double-digit sales growth in advanced nodes and advanced packaging. We benefited from ongoing improvements in mature nodes and NAND. Our Interconnect Solutions segment had an exceptional year, growing organic sales 12%, led by continued AI and data center tailwinds. Our core drivers in this segment continue to be advanced packaging, advanced interconnect, and thermal management.

Speaker #3: And we benefited from ongoing improvement in mature nodes and NAND. Our interconnect solutions segment had an exceptional year. Growing organic sales 12%. Led by continued AI and data center tailwinds.

Speaker #3: Our core drivers in this segment continued to be advanced packaging, advanced interconnects, and thermal management. Across the portfolio, our innovation engine remains at the heart of our growth strategy.

Jon Kemp: Across the portfolio, our innovation engine remains at the heart of our growth strategy. In chip fabrication, our customers require improved performance, quality, and yield. That's because even small gains in quality or yield can create huge value. We're continuing to execute our strategy to increasingly shift our portfolio to leading-edge technologies. In 2025, our advanced logic and high bandwidth memory business grew mid-teens, and we made further progress towards reaching the 45% to 50% advanced node exposure target we highlighted at our Investor Day. Our CMP portfolio is evidence of that strategy at work. It's a structurally growing opportunity that's directly linked to advancing the AI semiconductor roadmap. In October, we introduced our Emblem CMP pad platform, a breakthrough innovation that set a new standard for pad design, defects control, and performance.

Speaker #3: In chip fabrication, our customers require improved performance, quality, and yield. That's because even small gains in quality or yield can create huge value. We're continuing to execute our strategy to increasingly shift our portfolio to leading-edge technologies.

Speaker #3: In 2025, our advanced logic and high-bandwidth memory business grew mid-teens, and we made further progress towards reaching the 45 to 50 percent advanced node exposure target we highlighted at our investor day.

Speaker #3: Our CMP portfolio is evidence of that strategy at work. It's a structurally growing opportunity that's directly linked to advancing the AI semiconductor roadmap. In October, we introduced our emblem CMP PAD platform, a breakthrough innovation that set a new standard for PAD design, defect control, and performance.

Jon Kemp: It's a structurally growing opportunity that's directly linked to advancing the AI semiconductor roadmap. In October, we introduced our Emblem CMP pad platform, a breakthrough innovation that set a new standard for pad design, defects control, and performance.

Speaker #3: These new PADs address the aggressive planarization requirements of the most advanced chips, including N3 and N2 logic, and HBM3 and 4 memory. The feedback from customers has been outstanding.

Jon Kemp: These new pads address the aggressive planarization requirements of the most advanced chips, including N3 and N2 logic, and HBM3 and 4 memory. The feedback from customers has been outstanding, and the platform's external recognition underscores the differentiated value we're bringing to the market. Similarly, we're continuing to see strong growth from our CMP advanced cleans and slurries products across leading-edge logic and memory devices. By targeting specialized formulations, we're building on our leadership in CMP and extending our position in this critical manufacturing process, securing new wins across both front-end chip fabrication and advanced packaging. As you can see, our innovation approach is driven by listening to our customers, building on decades of experience as a partner of choice to leading fabs and OEMs, pushing the boundaries of what's possible, and investing in the kind of collaborative innovation that moves the industry forward.

Speaker #3: And the platform's external recognition underscores the differentiated value we're bringing to the market. Similarly, we're continuing to see strong growth from our CMP advanced cleans and slurries products across leading-edge logic and memory devices.

Speaker #3: By targeting specialized formulations, we're building on our leadership in CMP and extending our position in this critical manufacturing process, securing new wins across both front and chip fabrication and advanced packaging.

Jon Kemp: By targeting specialized formulations, we're building on our leadership in CMP and extending our position in this critical manufacturing process, securing new wins across both front-end chip fabrication and advanced packaging. As you can see, our innovation approach is driven by listening to our customers, building on decades of experience as a partner of choice to leading fabs and OEMs, pushing the boundaries of what's possible, and investing in the kind of collaborative innovation that moves the industry forward.

Speaker #3: As you can see, our innovation approach is driven by listening to our customers. Building on decades of experience as a partner of choice to leading fabs and OEMs, pushing the boundaries of what's possible, and investing in the kind of collaborative innovation that moves the industry forward.

Speaker #3: As we continue to roll out new solutions, our process of record, or POR wins, are building meaningful, long-term momentum. These wins are tied to high-growth opportunities aligned directly with our customers' technology roadmaps.

Jon Kemp: As we continue to roll out new solutions, our process of record, or POR wins, are building meaningful long-term momentum. These wins are tied to high-growth opportunities aligned directly with our customers' technology roadmaps. In 2025, we secured POR wins across every single line of business. These wins represent early design selections that typically scale into commercial production over the next 2 to 3 years, positioning our technology to be embedded in future generations of semiconductors and other advanced electronics. This only deepens our level of partnership, expands our content with leading players in the semiconductor value chain, and gives us greater visibility into future sales growth and conviction that our strategy is working.

Speaker #3: And in 2025, we secured POR wins across every single line of business. These wins represent early design selections that typically scale into commercial production over the next two to three years, positioning our technology to be embedded in future generations of semiconductors and other advanced electronics.

Jon Kemp: These wins represent early design selections that typically scale into commercial production over the next 2 to 3 years, positioning our technology to be embedded in future generations of semiconductors and other advanced electronics. This only deepens our level of partnership, expands our content with leading players in the semiconductor value chain, and gives us greater visibility into future sales growth and conviction that our strategy is working.

Speaker #3: This only deepens our level of partnership and expands our content with leading players in the semiconductor value chain. And gives us greater visibility into future sales growth and conviction that our strategy is working.

Speaker #3: Our top priority is creating additional high-value opportunities to progress alongside customer roadmaps. And we're committed to making the R&D and manufacturing capacity investments necessary to support the strong advanced node ramp activity we expect in 2026 and beyond.

Jon Kemp: Our top priority is creating additional high-value opportunities to progress alongside customer roadmaps, and we're committed to making the R&D and manufacturing capacity investments necessary to support the strong advanced node ramp activity we expect in 2026 and beyond. Given this surge in activity, I'd like to share some more details on what we're currently seeing in each of our segments and how we expect our end markets to evolve in 2026. In Semi, customers continue to invest in their most advanced technologies. In advanced logic, this includes the continued scaling of 3 nanometer and early production of 2 nanometer. In memory, we're seeing next generation DRAM and HBM, as well as transitions to higher layer count NAND architectures.

Speaker #3: Given this surge in activity, I'd like to share some more details on what we're currently seeing in each of our segments and how we expect our end markets to evolve in 2026.

Jon Kemp: In Semi, customers continue to invest in their most advanced technologies. In advanced logic, this includes the continued scaling of 3 nanometer and early production of 2 nanometer. In memory, we're seeing next generation DRAM and HBM, as well as transitions to higher layer count NAND architectures.

Speaker #3: In semi, customers continue to invest in their most advanced technologies. In advanced logic, this includes the continued scaling of 3 nanometer and early production of 2 nanometer.

Speaker #3: In memory, we're seeing next-generation DRAM and HBM, as well as transitions to higher layer count NAND architectures. We remain ideally positioned to capitalize on this shift through both the increased use of more complex 3D structures and the adoption of more chip layers.

Jon Kemp: We remain ideally positioned to capitalize on this shift through both the increased use of more complex 3D structures and the adoption of more chip layers, giving us a stable, repeatable revenue stream as production volumes increase. In ICS, advanced packaging continues to be a core theme of every recent customer conversation because of the central role it plays in unlocking next-generation technologies, including increasing chip density and performance, while also reducing power consumption, facilitating development of smaller, more efficient devices. One of the reasons Qnity is so well positioned to capture meaningful growth in advanced packaging is because it integrates solutions from both Semi and ICS. In 2025, advanced packaging solutions represented approximately 10% of Qnity net sales. From an end market perspective, our portfolio continues to evolve based on more durable structural demand shifts.

Speaker #3: Giving us a stable, repeatable revenue stream as production volumes increase. In ICS, advanced packaging continues to be a core theme of every recent customer conversation, because of the central role it plays in unlocking next-generation technologies.

Speaker #3: Including increasing chip density and performance, while also reducing power consumption, facilitating development of smaller, more efficient devices. One of the reasons QND is so well positioned to capture meaningful growth in advanced packaging is because it integrates solutions from both semi and ICS.

Jon Kemp: One of the reasons Qnity is so well positioned to capture meaningful growth in advanced packaging is because it integrates solutions from both Semi and ICS. In 2025, advanced packaging solutions represented approximately 10% of Qnity net sales. From an end market perspective, our portfolio continues to evolve based on more durable structural demand shifts.

Speaker #3: In 2025, advanced packaging solutions represented approximately 10% of QND net sales. From an end market perspective, our portfolio continues to evolve based on more durable, structural demand shifts.

Speaker #3: Data centers are where we're seeing the most benefit from these dynamics. However, we're also seeing continued signs of increasing content and demand recovery in other industrial markets like automotive, communication infrastructure, and aerospace and defense.

Jon Kemp: Data centers are where we're seeing the most benefit from these dynamics. However, we're also seeing continued signs of increasing content and demand recovery in other industrial markets like automotive, communication infrastructure, and aerospace and defense. As these end markets start to incorporate more advanced AI-driven technology into applications, we expect meaningful opportunities to continue increasing Qnity's content. On the consumer side, next-generation devices are increasingly shifting towards edge computing, meaning on-device generative AI, which is also requiring greater content opportunities for us.... The significant demand for AI and high-performance computing workloads is creating additional pressure on the global memory market. We continue to watch for signs of potential downstream impacts into end market demand. The key here is that our exposure is primarily to premium devices, which we expect to be a more resilient part of the market.

Speaker #3: As these end markets start to incorporate more advanced AI-driven technology into applications, we expect meaningful opportunities to continue increasing QND's content. On the consumer side, next-generation devices are increasingly shifting towards edge computing.

Speaker #3: Meaning on-device generative AI, which is also requiring greater content opportunities for us. The significant demand for AI and high-performance computing workloads is creating additional pressure on the global memory market.

Jon Kemp: The significant demand for AI and high-performance computing workloads is creating additional pressure on the global memory market. We continue to watch for signs of potential downstream impacts into end market demand. The key here is that our exposure is primarily to premium devices, which we expect to be a more resilient part of the market.

Speaker #3: We continue to watch for signs of potential downstream impacts into end market demand. The key here is that our exposure is primarily to premium devices which we expect to be a more resilient part of the market.

Speaker #3: I also want to mention some of the trends we're seeing on the ground floor. Namely, the ongoing improvement in fab utilization rates. In advanced logic, we expect utilization to increase from the high 70s at year-end 2025 to the low to mid-80s in 2026.

Jon Kemp: I also want to mention some of the trends we're seeing on the ground floor, namely the ongoing improvement in fab utilization rates. In advanced logic, we expect utilization to increase from the high 70s at year-end 2025 to low to mid-80s in 2026, while mature logic will continue improving towards the mid to high 70s. In memory, we expect DRAM fab utilization to increase from mid-80s in 2025 to high 80s, while NAND utilization is expected to reach the upper 70s or low 80s in 2026. With strong utilization rates and accelerating capacity expansions, more than ever, customers are prioritizing supply security. We've spent the past several years making strategic investments in capacity and capabilities across our network to support growth in advanced logic and memory, as well as advanced packaging and thermal materials.

Speaker #3: While mature logic will continue improving towards the mid to high 70s. In memory, we expect DRAM fab utilization to increase from mid 80s in 2025 to high 80s, while NAND utilization is expected to reach the upper 70s or low 80s in 2026.

Jon Kemp: With strong utilization rates and accelerating capacity expansions, more than ever, customers are prioritizing supply security. We've spent the past several years making strategic investments in capacity and capabilities across our network to support growth in advanced logic and memory, as well as advanced packaging and thermal materials.

Speaker #3: With strong utilization rates and accelerating capacity expansions, more than ever, customers are prioritizing supply security. We've spent the past several years making strategic investments in capacity and capabilities across our network to support growth in advanced logic and memory, as well as advanced packaging and thermal materials.

Speaker #3: Our local-for-local model and recent expansion throughout Asia and the United States position QND to capture additional content and share while ensuring long-term strategic relevance.

Jon Kemp: Our local for local model and recent expansions throughout Asia and the United States position Qnity to capture additional content and share, while ensuring long-term strategic relevance. Before turning the call over to Mike, I'd like to touch on the multi-year transformation plan we're also announcing today, which is expected to deliver approximately $100 million EBITDA run rate benefit by the end of 2028. This plan, which Mike will step through in more detail, reflects our commitment to continuous improvement and ensuring Qnity remains well positioned to lead in the markets we serve across the semiconductor value chain. It's all about driving future growth and profitability by simplifying our operating structure, increasing quality and efficiency, unlocking innovation capacity, and concentrating our efforts on high potential markets and customers.

Speaker #3: Before turning the call over to Mike, I'd like to touch on the multi-year transformation plan we're also announcing today. Which is expected to deliver approximately $100 million EBITDA run rate benefit by the end of 2028.

Jon Kemp: This plan, which Mike will step through in more detail, reflects our commitment to continuous improvement and ensuring Qnity remains well positioned to lead in the markets we serve across the semiconductor value chain. It's all about driving future growth and profitability by simplifying our operating structure, increasing quality and efficiency, unlocking innovation capacity, and concentrating our efforts on high potential markets and customers.

Speaker #3: This plan, which Mike will step through in more detail, reflects our commitment to continuous improvement and ensuring QND remains well positioned to lead in the markets we serve across the semiconductor value chain.

Speaker #3: It's all about driving future growth and profitability by simplifying our operating structure. Increasing quality and efficiency. Unlocking innovation capacity. And concentrating our efforts on high-potential markets and customers.

Speaker #3: With that, I'll turn it over to our interim CFO, Mike Goss, to discuss our financial results and 2026 guidance. Mike brings deep experience and knowledge of the business, having served as QND's Chief Accounting Officer and FP&A leader.

Jon Kemp: With that, I'll turn it over to our interim CFO, Mike Goss, to discuss our financial results and 2026 guidance. Mike brings deep experience and knowledge of the business, having served as Qnity's Chief Accounting Officer and FP&A leader. I've known Mike for many years, and we've been fortunate that he was able to jump right in. Mike?

Speaker #3: I've known Mike for many years and we've been fortunate that he was able to jump right in. Mike?

Speaker #2: Thanks, John. And good morning, everyone. We had a strong finish to the year, with fourth-quarter net sales of $1.2 billion, up 8% year over year, as we continue to capitalize on key growth drivers, namely advanced nodes, advanced packaging, and interconnects, as well as thermal management solutions.

Mike Goss: Thanks, Jon, Good morning, everyone. We had a strong finish to the year, with Q4 net sales of $1.2 billion, up 8% year-over-year, as we continue to capitalize on key growth drivers, namely advanced nodes, advanced packaging, and interconnects, as well as thermal management solutions. We delivered this strong performance even as $40 million of sales shifted from Q4 to Q3, due to our spin-related transition, as discussed on our last call. Adjusted pro forma operating EBITDA was $349 million, and adjusted pro forma EPS for Q4 was $0.82. For the full year, we grew net sales by 10% to $4.75 billion and achieved adjusted pro forma operating EBITDA of $1.4 billion, resulting in adjusted pro forma operating EBITDA margin of 29.5%.

Speaker #2: We delivered this strong performance even as $40 million of sales shifted from the fourth quarter to the third, due to our spin-related transition, as discussed on our last call.

Mike Goss: Adjusted pro forma operating EBITDA was $349 million, and adjusted pro forma EPS for Q4 was $0.82. For the full year, we grew net sales by 10% to $4.75 billion and achieved adjusted pro forma operating EBITDA of $1.4 billion, resulting in adjusted pro forma operating EBITDA margin of 29.5%.

Speaker #2: Adjusted pro forma operating EBITDA was $349 million, and adjusted pro forma EPS for the fourth quarter was $0.82. For the full year, we grew net sales by 10% to $4.75 billion, and achieved adjusted pro forma operating EBITDA of $1.4 billion.

Speaker #2: Resulting in adjusted proforma operating EBITDA margin of 29.5%. Margins reflect segment mix dynamics as the strong growth in ICS influenced our overall margin profile.

Mike Goss: Margins reflect segment mix dynamics as the strong growth in ICS influenced our overall margin profile. Adjusted pro forma EPS for the full year was $3.35, equating to a 12% year-over-year increase, including adjustments for amortization expense and other non-recurring items. Let me provide a little more detail on how each business segment performed this year. In Semi, we delivered net sales of $2.65 billion, with organic growth of 8%, led by double-digit growth from semi-fab consumables, including CMP pads, cleans and slurries, and lithography, as we benefited from stronger fab utilization and increased content. Our adjusted pro forma operating EBITDA margin was just above 35%, as strong growth was partially offset by product mix and strategic growth investments.

Speaker #2: Adjusted proforma EPS for the full year was $3.35. Equating to a 12% year-over-year increase. Including adjustments for amortization expense, and other non-recurring items. Let me provide a little more detail on how each business segment performed this year.

Mike Goss: In Semi, we delivered net sales of $2.65 billion, with organic growth of 8%, led by double-digit growth from semi-fab consumables, including CMP pads, cleans and slurries, and lithography, as we benefited from stronger fab utilization and increased content. Our adjusted pro forma operating EBITDA margin was just above 35%, as strong growth was partially offset by product mix and strategic growth investments.

Speaker #2: In semi, we delivered net sales of $2.65 billion, with organic growth of 8%. Led by double-digit growth from semi-fab consumables, including CMP pads, cleans and slurries, and lithography, as we benefited from stronger fab utilization and increased content.

Speaker #2: Our adjusted proforma operating EBITDA margin was just above 35%, as strong growth was partially offset by product mix and strategic growth investments. In interconnect solutions, we delivered net sales of $2.1 billion, with organic growth of 12%.

Mike Goss: In Interconnect Solutions, we delivered net sales of $2.1 billion, with organic growth of 12%, led by advanced packaging, advanced interconnects, and thermal management, all of which increased more than 20% for the year as we scaled up several exciting wins at leading fabs and OEMs. As a reminder, these are the fastest-growing solutions in our ICS portfolio, which led to significant operating leverage for the year. Segment adjusted pro forma operating EBITDA margin was just over 25%, as strong growth more than offset strategic investments, driving margin expansion of over 175 basis points year-over-year. For the full year, we generated $706 million of adjusted pro forma free cash flow, equating to 15% of net sales, reflecting strong operating performance, disciplined execution, and favorable working capital following the spend.

Speaker #2: Led by advanced packaging, advanced interconnects, and thermal management. All of which increased more than 20% for the year, as we scaled up several exciting wins at leading fabs and OEMs.

Speaker #2: As a reminder, these are the fastest growing solutions in our ICS portfolio. Which led to significant operating leverage for the year. Segment adjusted proforma operating EBITDA margin was just over 25%, as strong growth more than offset strategic investments, driving margin expansion of over $175 basis points year over year.

Mike Goss: Segment adjusted pro forma operating EBITDA margin was just over 25%, as strong growth more than offset strategic investments, driving margin expansion of over 175 basis points year-over-year. For the full year, we generated $706 million of adjusted pro forma free cash flow, equating to 15% of net sales, reflecting strong operating performance, disciplined execution, and favorable working capital following the spend.

Speaker #2: For the full year, we generated $706 million of adjusted pro forma free cash flow, equating to 15% of net sales. This reflects strong operating performance, disciplined execution, and favorable working capital following the spin.

Speaker #2: At year end, our total cash balance was over $900 million. This healthy cash position enhances our overall financial flexibility, enabling us to fund strategic investments, and maintain a balanced returns-focused capital allocation framework.

Mike Goss: At year-end, our total cash balance was over $900 million. This healthy cash position enhances our overall financial flexibility, enabling us to fund strategic investments and maintain a balanced, returns-focused capital allocation framework. At our Investor Day last fall, we outlined a clear and comprehensive set of capital allocation priorities. Our first priority will always be organic reinvestment into the business to sustain above-market growth. We anticipate elevating CapEx investment in 2026 to 9% of sales, driven by investments to strengthen our local for local footprint in key geographies and our transformation initiatives. Consistent with our midterm financial objectives, we expect CapEx to return to our normal run rate of roughly 6% of net sales in future years. As John highlighted, the industry is continuing to see advanced node ramp activity in 2026, supported by substantial global investment.

Speaker #2: At our investor day last fall, we outlined a clear and comprehensive set of capital allocation priorities. Our first priority will always be organic reinvestment into the business to sustain above-market growth.

Speaker #2: We anticipate elevating CapEx investment in 2026 to 9% of sales. Driven by investments to strengthen our local-for-local footprint in key geographies, and our transformation initiatives.

Mike Goss: We anticipate elevating CapEx investment in 2026 to 9% of sales, driven by investments to strengthen our local for local footprint in key geographies and our transformation initiatives. Consistent with our midterm financial objectives, we expect CapEx to return to our normal run rate of roughly 6% of net sales in future years. As John highlighted, the industry is continuing to see advanced node ramp activity in 2026, supported by substantial global investment.

Speaker #2: Consistent with our midterm financial objectives, we expect CapEx to return to our normal run rate of roughly 6% of net sales in future years.

Speaker #2: As John highlighted, the industry is continuing to see advanced node ramp activity in 2026, supported by substantial global investment. Over the last three years, we've added new capacity in all of our semi businesses.

Mike Goss: Over the last three years, we've added new capacity in all of our Semi businesses, and we'll continue to invest in growth to keep pace with the industry. Importantly, as these near-term investments moderate and CapEx returns to our normalized run rate, we expect free cash flow margins to be in the mid-teens as a percentage of net sales. With our strong financial position, we have the optionality to explore selective, accretive M&A. The industry is growing rapidly, and we view acquisitions as a compelling use of capital to bolster our trajectory. We're actively pursuing a robust pipeline that would further enhance our portfolio and will remain disciplined in evaluating any potential transactions. We're also committed to capital returns. In December, we declared our Q1 dividend. In addition, today, we announced that our board of directors approved a $500 million share repurchase authorization.

Speaker #2: And we'll continue to invest in growth to keep pace with the industry. Importantly, as these near-term investments moderate, and CapEx returns to our normalized run rate, we expect free cash flow margins to be in the mid-teens as a percentage of net sales.

Speaker #2: With our strong financial position, we have the optionality to explore selective, accretive M&A. The industry is growing rapidly, and we view acquisitions as a compelling use of capital to bolster our trajectory.

Mike Goss: The industry is growing rapidly, and we view acquisitions as a compelling use of capital to bolster our trajectory. We're actively pursuing a robust pipeline that would further enhance our portfolio and will remain disciplined in evaluating any potential transactions. We're also committed to capital returns. In December, we declared our Q1 dividend. In addition, today, we announced that our board of directors approved a $500 million share repurchase authorization.

Speaker #2: We're actively pursuing a robust pipeline that would further enhance our portfolio, and will remain disciplined in evaluating any potential transactions. We're also committed to capital returns, in December, we declared our first quarter dividend.

Speaker #2: In addition, today we announced that our board of directors approved a $500 million share repurchase authorization. This program is designed to provide flexibility for opportunistic purchases, depending on market conditions.

Mike Goss: This program is designed to provide flexibility for opportunistic purchases, depending on market conditions. Finally, we have the option to voluntarily pay down debt to continue strengthening our balance sheet. We ended the year with net leverage of approximately 2.2 times, well below our long-term target of less than 3 times. I'd now like to share some additional details on our transformation plan, which we expect to further improve our growth potential and financial strength. Our actions will focus on 3 key areas. First, commercial and innovation excellence to enhance speed and sales effectiveness, deepen our foothold with customers on the cutting edge of technology, and continue spurring innovation within our powerful R&D engine. Second, driving productivity and quality improvements across the company through operational automation and tailored AI applications. This work will be further enabled by our ongoing IT systems independence effort.

Speaker #2: Finally, we have the option to voluntarily pay down debt to continue strengthening our balance sheet. We ended the year with net leverage of approximately 2.2 times, well below our long-term target of less than 3 times.

Speaker #2: I'd now like to share some additional details on our transformation plan, which we expect to further improve our growth potential and financial strength. Our actions will focus on three key areas.

Mike Goss: Our actions will focus on 3 key areas. First, commercial and innovation excellence to enhance speed and sales effectiveness, deepen our foothold with customers on the cutting edge of technology, and continue spurring innovation within our powerful R&D engine. Second, driving productivity and quality improvements across the company through operational automation and tailored AI applications. This work will be further enabled by our ongoing IT systems independence effort.

Speaker #2: First, commercial and innovation excellence to enhance speed and sales effectiveness, deepen our foothold with customers on the cutting edge of technology, and continue spurring innovation within our powerful R&D engine.

Speaker #2: Second, driving productivity and quality improvements across the company through operational automation and tailored AI applications. This work will be further enabled by our ongoing IT systems independence effort.

Speaker #2: Finally, strengthening our local-for-local operating model by streamlining our supply chain, simplifying our legal entity structure, and optimizing our footprint to more effectively leverage our scale.

Mike Goss: Finally, strengthening our local for local operating model by streamlining our supply chain, simplifying our legal entity structure, and optimizing our footprint to more effectively leverage our scale. We expect these combined actions to deliver approximately $100 million in EBITDA run rate benefit by the end of 2028, with approximately $140 million in cost to achieve over the next 2 to 3 years. We will pursue long-term structural investments, executing against three key areas during these early phases of the program, resulting in a majority of these one-time costs occurring in 2026 and 2027. Now I'd like to talk about our financial guidance for 2026. Overall, our strong financial performance in 2025 positions us to enter the year with solid momentum.

Speaker #2: We expect these combined actions to deliver approximately $100 million in EBITDA run rate benefit by the end of 2028, with approximately $140 million in cost to achieve over the next two to three years.

Speaker #2: We will pursue long-term structural investments executing against three key areas during these early phases of the program. Resulting in a majority of these one-time costs occurring in 2026 and 2027.

Mike Goss: We will pursue long-term structural investments, executing against three key areas during these early phases of the program, resulting in a majority of these one-time costs occurring in 2026 and 2027. Now I'd like to talk about our financial guidance for 2026. Overall, our strong financial performance in 2025 positions us to enter the year with solid momentum.

Speaker #2: Now I'd like to talk about our financial guidance for 2026. Overall, our strong financial performance in 2025 positions us to enter the year with solid momentum.

Speaker #2: Looking ahead, our competitive advantages and consistent execution give us confidence in our ability to continue driving growth as we capitalize on the demand trends we're seeing across end markets fueled by AI, high-performance computing, and advanced connectivity.

Mike Goss: Looking ahead, our competitive advantages and consistent execution give us confidence in our ability to continue driving growth as we capitalize on the demand trends we're seeing across end markets fueled by AI, high-performance computing, and advanced connectivity. MSI wafer start data remains a good indicator for Qnity's overall demand. We continue to expect MSI to grow approximately mid-single digits this year. For full year 2026, we expect net sales to be in the range of $4.97 to $5.17 billion. Adjusted operating EBITDA to be in the range of $1.465 to $1.575 billion. Adjusted EPS to be in the range of $3.55 to $3.95, and adjusted free cash flow to be in the range of $450 to $550 million.

Speaker #2: MSI Wafer start data remains a good indicator for QND's overall demand. And we continue to expect MSI to grow approximately mid-single digits this year.

Speaker #2: For full year 2026, we expect net sales to be in the range of $4.97 to $5.17 billion. Adjusted operating EBITDA to be in the range of $1.465 to $1.575 billion, adjusted EPS to be in the range of $3.55 to $3.95, and adjusted free cash flow to be in the range of $450 to $550 million.

Mike Goss: For full year 2026, we expect net sales to be in the range of $4.97 to $5.17 billion. Adjusted operating EBITDA to be in the range of $1.465 to $1.575 billion. Adjusted EPS to be in the range of $3.55 to $3.95, and adjusted free cash flow to be in the range of $450 to $550 million.

Speaker #2: Looking ahead at the first quarter, momentum from AI-led demand continues across high-performance computing and advanced connectivity with notable strength in the ICS segment. Overall, we expect sequential net sales growth of high single digits with a similar margin profile to the fourth quarter.

Mike Goss: Looking ahead at Q1, momentum from AI-led demand continues across high-performance computing and advanced connectivity, with notable strength in the ICS segment. Overall, we expect sequential net sales growth high single digits, with a similar margin profile to Q4. Our team continues to be focused on keeping pace with customer demand and delivering solutions for the most advanced technologies. With that, let me turn it back over to Jon for his final thoughts before we begin the Q&A.

Speaker #2: Our team continues to be focused on keeping pace with customer demand and delivering solutions for the most advanced technologies. With that, let me turn it back over to John for his final thoughts before we begin the Q&A.

Speaker #1: Thanks, Mike. I'd like to briefly recap a few key takeaways from today's discussion. First, we sustained our strong organic growth momentum in 2025 and delivered on each of our financial objectives for the year.

Jon Kemp: Thanks, Mike. I'd like to briefly recap a few key takeaways from today's discussion. First, we sustained our strong organic growth momentum in 2025 and delivered on each of our financial objectives for the year. Our newly introduced full year 2026 guidance reflects our conviction that we can continue building on this momentum. Second, we've established ourselves as a partner of choice to customers in the semiconductor value chain, and we are relentlessly focused on investing in cutting-edge innovation and capacity to create high-value growth opportunities alongside our customers. Finally, as we look ahead, we're taking decisive steps to create even more value for shareholders, including our transformation plan and share repurchase authorization, providing avenues to increase returns. In short, our team is focused on delivering on our strategic priorities. We have strong confidence in the strength of our platform and our ability to capitalize on the opportunities ahead.

Speaker #1: Our newly introduced full-year 2026 guidance reflects our conviction that we can continue building on this momentum. Second, we've established ourselves as a partner of choice to customers in the semiconductor value chain, and we are relentlessly focused on investing in cutting-edge innovation and capacity to create high-value growth opportunities alongside our customers.

Speaker #1: Finally, as we look ahead, we're taking decisive steps to create even more value for shareholders, including our transformation plan and share repurchase authorization providing avenues to increase returns.

Jon Kemp: Finally, as we look ahead, we're taking decisive steps to create even more value for shareholders, including our transformation plan and share repurchase authorization, providing avenues to increase returns. In short, our team is focused on delivering on our strategic priorities. We have strong confidence in the strength of our platform and our ability to capitalize on the opportunities ahead.

Speaker #1: In short, our team is focused on delivering on our strategic priorities, we have strong confidence in the strength of our platform, and our ability to capitalize on the opportunities ahead.

Speaker #1: Thank you again for joining. Operator, we can now open the line for Q&A.

Jon Kemp: Thank you again for joining. Operator, we can now open the line for Q&A.

Speaker #3: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two.

Operator: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. In the interest of time, please limit yourself to one question and one follow-up. Once again, that is star one to ask a question. We'll go first to Bhavesh Jadiya with BMO Capital Markets. Your line is now open.

Speaker #3: In the interest of time, please limit yourself to one question and one follow-up. Once again, that is star one to ask a question. And we'll go first to Bhavesh Ladaya with BMO Capital Markets.

Speaker #3: Your line is now open.

Speaker #4: Hi, good morning, John. Semiconductor trends are pretty strong here—appreciate some of the color you provided on your prepared remarks. As we look at your EBITDA guide, can you provide some thoughts on what you're building into that? Maybe perhaps on MSI, PCBs, or any other key metrics that you would like to touch on?

Bhavesh Jadiya: Hi, good morning, John. Semiconductor trends are pretty strong here. Appreciate some of the color you provided on your prepared remarks. As we look at your EBITDA guide, can you provide some thoughts on what you're building into that, maybe perhaps on MSI, PCBs, or any other key metrics that you would like to touch on?

Bhavesh Lodaya: Hi, good morning, John. Semiconductor trends are pretty strong here. Appreciate some of the color you provided on your prepared remarks. As we look at your EBITDA guide, can you provide some thoughts on what you're building into that, maybe perhaps on MSI, PCBs, or any other key metrics that you would like to touch on?

Speaker #1: Yeah, thanks, Bhavesh. I appreciate that. And when we think about it, we're expecting MSI, as Mike indicated in his prepared remarks, we're expecting MSI to be mid-single digits, not terribly different from what we saw in 2025.

Jon Kemp: Yeah, thanks, Bhavesh. I appreciate that. When we think about it, you know, we're expecting MSI, as Mike indicated in his prepared remarks, we're expecting MSI to be mid-single digits, not terribly different from what we saw in 2025. I would say, on the printed circuit board side, you know, we believe MSI is the best overall indicator. If you look at the indicators around PCB, they're kind of in that same ballpark, kind of that mid-single-digit range.

Speaker #1: And I would say on the printed circuit board side, we believe MSI is the best overall indicator, but if you look at the indicators around PCB, they're kind of in that same ballpark, kind of that mid-single digit range.

Speaker #1: So there's not a lot of spread between some of the broader macro indicators, which is really kind of why we've anchored our guidance to kind of where the right down the fairway towards where the market estimates are plus our outperformance content advantage, which is kind of how we got to the midpoint of the guidance range that we gave today.

Jon Kemp: There's not a lot of spread between some of the broader macro indicators, which is really kind of why we've anchored our guidance to kind of where the, you know, right down the fairway towards where the market estimates are, plus our outperformance content advantage, which is kind of how we got to the midpoint of the guidance range that we gave today.

Speaker #4: Got it. And in terms of if I caught the tail end of your remarks correct, for the first quarter, you're expecting high single digit top-line growth sequentially, and similar margins to fourth quarter.

Bhavesh Jadiya: Got it. In terms of, if I caught the tail end of your remarks correct, for Q1, you're expecting high single-digit top-line growth sequentially and similar margins to Q4. Just because it's your first year, could you touch on how your quarterly cadence is for the year?

Bhavesh Lodaya: Got it. In terms of, if I caught the tail end of your remarks correct, for Q1, you're expecting high single-digit top-line growth sequentially and similar margins to Q4. Just because it's your first year, could you touch on how your quarterly cadence is for the year?

Speaker #4: Could you touch on how you see just because it's your first year, could you touch on how your quarterly cadences for the year?

Speaker #1: Yeah, thanks for the question. At a high level, ever since we came out of the 2023 downturn, we've seen less seasonality in our business.

Jon Kemp: Yeah, thanks for the question. At a high level, you know, ever since we came out of the 2023 downturn, we've seen less seasonality in our business. As we move into 2026, the guide we have for Q1, like you said, is high single digits. We will expect to see consistent, steady performance through the year. We do tend to see a peak, a little bit of a peak in Q3, but overall, we do see that steady performance through the year, and that's what's reflected in our, at least in our Q1 guide that we've talked about. I would say that's not terribly different from what we saw in 2025.

Mike Goss: Yeah, thanks for the question. At a high level, you know, ever since we came out of the 2023 downturn, we've seen less seasonality in our business. As we move into 2026, the guide we have for Q1, like you said, is high single digits. We will expect to see consistent, steady performance through the year.

Speaker #1: And so, as we move into 2026, the guide we have for the first quarter, like you said, is high single digits, and we expect to see consistent, steady performance through the year.

Speaker #1: We do tend to see a peak a little bit of a peak in the third quarter. But overall, we do see that steady performance through the year, and that's what's reflected in our at least in our first quarter guide that we talked about.

Mike Goss: We do tend to see a peak, a little bit of a peak in Q3, but overall, we do see that steady performance through the year, and that's what's reflected in our, at least in our Q1 guide that we've talked about.

Speaker #2: And I would say that's not terribly different from what we saw in 2025, but keep in mind, as Mike alluded to in his prepared remarks, we had a little bit of a timing swing of some sales.

Jon Kemp: I would say that's not terribly different from what we saw in 2025. Keep in mind, as Mike alluded to in his prepared remarks, we had a little bit of a timing swing of some sales in Q3, which created a little bit of an elevated peak in Q3 of 2025 because of the IT system cutover. If you strip that out, we expect a very similar seasonal pattern, 2025, 2026.

Jon Kemp: Keep in mind, as Mike alluded to in his prepared remarks, we had a little bit of a timing swing of some sales in Q3, which created a little bit of an elevated peak in Q3 of 2025 because of the IT system cutover. If you strip that out, we expect a very similar seasonal pattern, 2025, 2026.

Speaker #2: In the third quarter, which created a little bit of an elevated peak in the third quarter 2025 because of the IT system cutover. But if you strip that out, we expect a very similar seasonal pattern 2025, 2026.

Speaker #3: Thank you. And we'll go next to John Roberts with Mizuho. Your line is now open.

Operator: Thank you. We'll go next to John Roberts with Mizuho. Your line is now open.

Speaker #5: Thank you. The base tax rate in 2026 is low, 20%. That's a nice improvement from the initial pro forma rate but it's still above many of our other companies.

John Roberts: Thank you. The base tax rate in 2026 is low 20%. That's a nice improvement from the initial pro forma rate, but it's still above many of our other companies. Do you have a long-term rate target? Do you know, how much further reduction in tax rate do you think you can do?

Speaker #5: Do you have a long-term rate target, and how much further reduction in tax rate do you think you can do?

Speaker #1: Yeah, thanks, John. It's a good question. At a high level, yeah, we've seen nice improvement, obviously, from '25 versus where we're forecasting for '26.

Jon Kemp: Yeah, thanks, John. It's a good question. At a high level, yeah, we've seen nice improvement, obviously, from 2025 versus where we're forecasting for 2026. You know, over the medium term, you know, I expect we'll continue to work through that and eventually get into the, you know, place consistent with our peers in that high teens percentage.

Mike Goss: Yeah, thanks, John. It's a good question. At a high level, yeah, we've seen nice improvement, obviously, from 2025 versus where we're forecasting for 2026. You know, over the medium term, you know, I expect we'll continue to work through that and eventually get into the, you know, place consistent with our peers in that high teens percentage.

Speaker #1: Over the medium term, I expect we'll continue to work through that and eventually get into the place consistent with our peers in that high teens percentage.

Speaker #5: Great. And then is CMP used in advanced packaging as well? Is there a planarization step before the devices are directly connected to each other?

John Roberts: Great. Is CMP used in advanced packaging as well? Is there a planarization step before the devices are directly connected to each other?

Speaker #2: Yeah, John, great question. So at a high level, yes. CMP processes, including pads, slurries, cleans, are used in advanced packaging. It's one of the fastest growth areas within our advanced packaging portfolio.

Jon Kemp: Yeah, John, great question. At a high level, yes, CMP processes, including pads, slurries, cleans, are used in advanced packaging. It's one of the fastest growth areas within our advanced packaging portfolio, that continues to increase over time as you get into taller, more complex structures, the planarization, to ensure that really efficient copper-to-copper bonding, whether that's in traditional formats or even going to hybrid bonding formats, that planarization step is critical for advanced packaging.

Speaker #2: And that continues to increase over time as you get into taller, more complex structures. The planarization to ensure that really efficient copper-to-copper bonding, whether that's in traditional formats or even going to hybrid bonding formats, that planarization step is critical for advanced packaging.

Speaker #3: Thank you. And we'll move next to Christopher Parkinson with Wolf Research. Your line is now open.

Operator: Thank you. We'll move next to Christopher Parkinson with Wolfe Research. Your line is now open.

Speaker #6: Thank you so much. So I'll keep it simple. Now that you're fully independent company and you've gone through the CMD and kind of all the outlooks and we have a pretty good sense of your algo relative to your end market expectations, how should we be thinking about op leverage throughout the year in both semi and ICS?

Chris Parkinson: Thank you so much. I'll keep it simple. Now that you're, you know, a fully independent company and you've gone through the CMD and kind of all the outlooks, and we have a pretty good sense of your algo relative to your end market expectations, how should we think about, you know, op leverage throughout the year in both, you know, Semi and ICS? You know, where you've been the last couple of quarters, and where you expect to be, and kind of what the street should be monitoring, to assess that aspect of your business? Thanks.

Christopher Parkinson: Thank you so much. I'll keep it simple. Now that you're, you know, a fully independent company and you've gone through the CMD and kind of all the outlooks, and we have a pretty good sense of your algo relative to your end market expectations, how should we think about, you know, op leverage throughout the year in both, you know, Semi and ICS? You know, where you've been the last couple of quarters, and where you expect to be, and kind of what the street should be monitoring, to assess that aspect of your business? Thanks.

Speaker #6: Where you've been the last couple of quarters, and where you expect to be, and kind of what the street should be monitoring to assess that aspect of your business?

Speaker #6: Thanks.

Speaker #1: Yeah, John, I think that overall, I think if you take a look at how we performed in 2025, I think we're pleased with that performance.

Jon Kemp: Jon, I think that overall, you know, if you take a look at how we performed in 2025, I think we're pleased with that performance. You know, given the relative segment mix, that 29.5 overall margin performance, 40 bips of margin expansion year-over-year is a nice outcome. Obviously, really strong operating leverage within the ICS segment. Within the semi segment, you know, margins came in kind of in the mid-30s, kind of right in line with our expectations. In that business, with all of the intense activity around the scaling of advanced nodes, you know, we've made some incremental investments in our R&D and engineering organizations to support the scale-up of those advanced nodes.

Speaker #1: Given the relative segment mix that 29.5 overall margin performance, 40 bips of margin expansion year over year is a nice outcome. Obviously, really strong operating leverage within the ICS segment.

Jon Kemp: Obviously, really strong operating leverage within the ICS segment. Within the semi segment, you know, margins came in kind of in the mid-30s, kind of right in line with our expectations. In that business, with all of the intense activity around the scaling of advanced nodes, you know, we've made some incremental investments in our R&D and engineering organizations to support the scale-up of those advanced nodes.

Speaker #1: Within the semi segment, margins came in kind of in the mid-30s, kind of right in line with our expectations. In that business, with all of the intense activity around the scaling of advanced nodes, we've made some incremental investments in our R&D and engineering organizations to support the scale-up of those advanced nodes.

Speaker #1: And within there, from any quarter to quarter, there's always a little bit of fluctuation in product mix, and that's what's really driving that in that segment.

Jon Kemp: Within there, from any quarter to quarter, there's always a little bit of fluctuation in product mix, and that's what's really driving that in that segment. When you look at the ICS business, you look at where the growth drivers of that business continue to be between advanced packaging, advanced interconnects, and thermal management. All of those grew more than 20% in 2025. Those are also the highest value parts of that business. We got the benefit of, you know, really great volumes in that business, combined with some favorable product mix, that led to the 175 basis points of margin expansion.

Speaker #1: When you look at the ICS business, you look at where the growth drivers of that business continue to be between advanced packaging, advanced interconnects, and thermal management, all of those grew more than 20% in 2025.

Jon Kemp: All of those grew more than 20% in 2025. Those are also the highest value parts of that business. We got the benefit of, you know, really great volumes in that business, combined with some favorable product mix, that led to the 175 basis points of margin expansion.

Speaker #1: Those are also the highest value parts of that business. And so we got the benefit of really great volumes in that business combined with some favorable product mix.

Speaker #1: That led to the 175 basis points of margin expansion. I would expect kind of similar dynamics next year and we've talked about even going back to our capital markets day that we believe that the interconnect segment had opportunity to kind of grow margins at a faster pace than the semi.

Jon Kemp: You know, I would expect kind of similar dynamics next year, and we've talked about even going back to our Investor Day, that we believed that the interconnect segment had opportunity to kind of grow margins at a faster pace than the Semi. Over time, I think there's opportunity to do better in both segments.

Speaker #1: But over time, I think there's opportunity to do better in both segments.

Speaker #6: Great. And a quick follow-up, could you just once again, a lot of moving parts out of the spin on the balance sheet for cash flow.

Chris Parkinson: Great. As a quick follow-up, you know, once again, a lot of moving parts out of the spin on the balance sheet for cash flow. I think people are going to be pleasantly surprised with the $500 million share repo. In terms of just the free cash flow, in terms of the outlook conversion, you know, where you currently are and where you expect to be, you know, can you just give us a little walk, you know, throughout the year and how you believe things are ultimately going to play out? Thank you.

Christopher Parkinson: Great. As a quick follow-up, you know, once again, a lot of moving parts out of the spin on the balance sheet for cash flow. I think people are going to be pleasantly surprised with the $500 million share repo. In terms of just the free cash flow, in terms of the outlook conversion, you know, where you currently are and where you expect to be, you know, can you just give us a little walk, you know, throughout the year and how you believe things are ultimately going to play out? Thank you.

Speaker #6: I think people are going to be pleasantly surprised with the $500 million share repo. But in terms of just the free cash flow, in terms of the outlook conversion, where you currently are and where you expect to be, could you give us a little walk throughout the year and how you think how you believe things are ultimately going to play out?

Speaker #6: Thank you.

Speaker #1: Yeah, thanks. Great question. Yeah, we've ended the year with obviously a real strong cash position and strong cash flow generation in the $700 million range.

Mike Goss: Thanks. Great question. We've ended the year with obviously a real strong cash position and strong cash flow generation in the $700 million range. As you said, in the guide for 2026, we are guiding to about $500 million of free cash flow on an adjusted basis. That's really driven by the main update is, our accelerated or elevated rather CapEx to around 9% of sales, and that's driven by, you know, the continued ramps that we're seeing in node transitions. We're accelerating or elevating that CapEx to support our local for local investments. We also have the IT independence work that we're continuing through, as well as the transformation program that we've announced today.

Speaker #1: And as you said, in the guide for '26, we are guiding to about $500 million of free cash flow on an adjusted basis. And that's really driven by the main update is our accelerated or elevated, rather, CapEx to around 9% of sales.

Speaker #1: And that's driven by the continued ramps that we're seeing in node transitions. And so we're accelerating or elevating that CapEx to support our local for local investments.

Mike Goss: We're accelerating or elevating that CapEx to support our local for local investments. We also have the IT independence work that we're continuing through, as well as the transformation program that we've announced today.

Speaker #1: We also have the IT independence work that we're continuing through as well as the transformation program that we've announced today. And so that really drives an elevated CapEx in '26.

Mike Goss: That really drives an elevated CapEx in 2026, and that's the main driver versus what we talked about back in Investor Day and puts us in that $500 million range for free cash flow for the year.

Speaker #1: And that's the main driver versus what we talked about back in Investor Day and puts us in that $500 million range for free cash flow for the year.

Speaker #2: What I would add, Chris, there is the way that we think about it is this business really kind of generates cash flow on an annual basis.

Jon Kemp: What I would add, Chris, there, is the way that we think about it is this business, it really kind of generates cash flow on an annual basis in that mid-teens percentage of sales, right? That's really kind of as you think about us over time. You know, Mike said we've got some of these one-time items that will influence kind of the cash flow in 2026, but over time, we should be generating cash in that mid-teens percent of sales.

Speaker #2: In that mid-teens percentage of sales, right? And so that's really kind of as you think about us over time, Mike said we've got some of these one-time items that will influence kind of the cash flow in 2026.

Speaker #2: But over time, we should be generating cash in that mid-teens percent of sales.

Speaker #3: Thank you. We'll go next to Jim Schneider with Goldman Sachs. Your line is now open.

Operator: Thank you. We'll go next to Jim Schneider with Goldman Sachs. Your line is now open.

Speaker #7: Good morning. Thanks for taking my question. I was wondering if you maybe address specifically how you expect the interconnect growth to play out over the course of 2026, whether that's sort of higher or lower than the overall corporate average you outlined.

Jim Schneider: Good morning. Thanks for taking my question. I was wondering if you maybe address specifically how you expect the Interconnect Solutions growth to play out over the course of 2026, whether that's sort of higher or lower than the overall corporate average you outlined. The reason I ask is because, as you talked about, the memory pricing seems to be generating some demand destruction in the consumer electronic supply chain, particularly in China. Maybe, can you talk about whether you've baked in any kind of material headwind in ICS for this year? Related to that, can you specifically talk about your China sales in the quarter and what you're expecting for China over the course of this year? Thank you.

Speaker #7: And the reason I ask is because, as you talked about, the memory pricing seems to be generating some demand destruction in the consumer electronics supply chain.

Speaker #7: Particularly in China. So maybe can you talk about whether you've baked in any kind of material headwind in ICS for this year and then related to that, can you specifically talk about your China sales in the quarter and what you're expecting for China over the course of this year?

Jim Schneider: Maybe, can you talk about whether you've baked in any kind of material headwind in ICS for this year? Related to that, can you specifically talk about your China sales in the quarter and what you're expecting for China over the course of this year? Thank you.

Speaker #7: Thank you.

Speaker #1: Yeah, Jim, you'll have to help me. I think that was like three or four questions in one. So I'll try and cover some of these pieces.

Jon Kemp: Yeah, Jim, you'll have to help me. I think that was, like, three or four questions in one. I'll try and cover some of these pieces. Maybe just to roadmap this a little bit, I'll start with some of the dynamics that we're seeing in the memory market. I'll give it to Mike and have him comment on kind of the ICS segment, how we think about kind of the segment differences between the segments in the year, and then I'll come back to your China question to finish. When we think about the from a growth perspective, you know, we're excited about the progress that the memory market continues to make, especially in next generation DRAM and HBM, as well as the ongoing transition to higher layer count NAND architectures.

Speaker #1: Maybe I'll start with just to roadmap this a little bit. I'll start with some of the dynamics that we're seeing in the memory market.

Speaker #1: I'll give it to Mike and have him comment on kind of the ICS segment, how we think about kind of the segment differences, between the segments in the year.

Speaker #1: And then I'll come back to your China question to finish. So when we think about from a growth perspective, we're excited about the progress that the memory market continues to make, especially in next-generation DRAM and HBM, as well as the ongoing transition to higher-layer count NAND architectures.

Jon Kemp: When we think about the from a growth perspective, you know, we're excited about the progress that the memory market continues to make, especially in next generation DRAM and HBM, as well as the ongoing transition to higher layer count NAND architectures.

Speaker #1: We're capturing nice growth from rising content in those advanced technologies. And we're still seeing utilization rates. Obviously, there's some capacity concerns there that I think everybody is aware of.

Jon Kemp: We're capturing nice growth from rising content in those advanced technologies, and we're still seeing, you know, utilization rates. Obviously, there are some capacity concerns there that I think everybody is aware of. It's been a hot topic over the last few weeks. Just want to level set, you know, our exposure to the memory market is about 20% of our Semi portfolio. About 80% is on the logic side. Within memory, our exposure is largely driven to unit-driven consumable. So kind of take pricing kind of out of the equation. It's really driven by the volumes on that side.

Speaker #1: It's been a hot topic over the last few weeks. Just want to level set our exposure to the memory market is about 20% of our semi portfolio, about 80% is on the logic side.

Jon Kemp: Just want to level set, you know, our exposure to the memory market is about 20% of our Semi portfolio. About 80% is on the logic side. Within memory, our exposure is largely driven to unit-driven consumable. So kind of take pricing kind of out of the equation. It's really driven by the volumes on that side.

Speaker #1: And within memory, our exposure is largely driven to unit-driven consumables. So kind of take pricing kind of out of the equation. It's really driven by the volumes on that side.

Speaker #1: It is important to note that our exposure is primarily on what I would call premium devices. And in any type of constrained environment, we would expect premium devices to be the more resilient side of the overall market, which kind of limits our relative exposure.

Jon Kemp: It is important to note that our exposure is primarily on what I would call premium devices, and in any type of constrained environment, we would expect premium devices to be the more resilient side of the overall market, which kind of limits our relative exposure. Obviously, we're closely monitoring the situation and constant conversations with our customers. If you take a step back for a minute, and you think about where these chips are going, whether they're going to data centers or whether they're going to consumer devices, we're really well positioned to pick up that demand no matter which end market it ultimately goes to. That's kind of why we feel really good about our growth prospects for the year. Mike, I'll hand it off to you. Yeah, thanks. Thanks, John.

Speaker #1: Obviously, we're closely monitoring the situation in constant conversations with our customers. And then if you take a step back for a minute and you think about where these chips are going, whether they're going to data centers or whether they're going to consumer devices, we're really well positioned to pick up that demand no matter which end market it ultimately goes to.

Jon Kemp: If you take a step back for a minute, and you think about where these chips are going, whether they're going to data centers or whether they're going to consumer devices, we're really well positioned to pick up that demand no matter which end market it ultimately goes to. That's kind of why we feel really good about our growth prospects for the year. Mike, I'll hand it off to you.

Speaker #1: And that's kind of why we feel really good about kind of our growth prospects for the year. Mike, I'll hand it off to you.

Speaker #1: Yeah, thanks, John. And just to reground, obviously, we've guided for first quarter at high single digits for the total company. And for full year, we've got a midpoint.

Mike Goss: Yeah, thanks. Thanks, John. Just to re-ground us, obviously, we've guided for Q1 at high single digits for the total company. For full year, we've got a midpoint. The implied midpoint in our guidance puts sales at that little over 6.5% growth year-over-year, and obviously, that's a mix of the two segments.

Jon Kemp: Just to re-ground us, obviously, we've guided for Q1 at high single digits for the total company. For full year, we've got a midpoint. The implied midpoint in our guidance puts sales at that little over 6.5% growth year-over-year, and obviously, that's a mix of the two segments. We exited the year nicely, with ICS continuing to see a lot of strength where they, you know, outperformed the Semi growth a bit. We're really expecting to see that same momentum and that same mix profile continue through the year, where ICS will be probably a little bit stronger than Semi. Maybe just to finish up, Jim, on the China question, to come back to that.

Speaker #1: The implied midpoint in our guidance puts sales at that little over 6.5% growth year over year. And obviously, that's a mix of the two segments.

Speaker #1: We exited the year nicely with ICS continuing to see a lot of strength where they outperformed the semi growth a bit. And so we're really expecting to see that same momentum and that same mixed profile continue through the year, where ICS will be probably a little bit stronger than semi.

Mike Goss: We exited the year nicely, with ICS continuing to see a lot of strength where they, you know, outperformed the Semi growth a bit.We're really expecting to see that same momentum and that same mix profile continue through the year, where ICS will be probably a little bit stronger than Semi.

Speaker #2: And maybe just to finish up, Jim, on the China question to come back to that, China remains a critical market for us given its central role in the semiconductor value chain.

Jon Kemp: Maybe just to finish up, Jim, on the China question, to come back to that. You know, China remains a critical market for us, given its central role in the semiconductor value chain, and just the position as just a large domestic market as well. In 2025, China grew high single digits for us. Frankly, that was better than what we were expecting. China accounted for just over 30% of our total sales, you know, also kind of in line with our expectations.

Jon Kemp: You know, China remains a critical market for us, given its central role in the semiconductor value chain, and just the position as just a large domestic market as well. In 2025, China grew high single digits for us. Frankly, that was better than what we were expecting. China accounted for just over 30% of our total sales, you know, also kind of in line with our expectations. In terms of what we're seeing on the ground floor in China, I would say that particularly in the second half of the year, we sort of normalized what I would say, the same type of buying behavior we see in other geographies. Namely, that customers are buying based on a combination of performance, quality, and supply reliability.

Speaker #2: And a large domestic market as well. In 2025, China grew high single digits for us. Frankly, that was better than what we were expecting.

Speaker #2: And China accounted for just over 30% of our total sales also kind of in line with our expectations. In terms of what we're seeing on the ground floor in China, I would say that particularly in the second half of the year, we sort of normalized to what I would say the same type of buying behavior we see in other geographies.

Jon Kemp: In terms of what we're seeing on the ground floor in China, I would say that particularly in the second half of the year, we sort of normalized what I would say, the same type of buying behavior we see in other geographies. Namely, that customers are buying based on a combination of performance, quality, and supply reliability.

Speaker #2: Namely, that customers are buying based on a combination of performance, quality, and supply reliability. And that's where our local-for-local operating model really serves us well in places like China because we have that really well-built-out local infrastructure to be able to serve the market.

Jon Kemp: That's where our local for local operating model really serves us well in places like China, because we have that really well built out local infrastructure to be able to serve the market. If you think about it from a growth perspective, I mentioned the high single-digit growth rate in China. We are seeing faster growth, kind of, every in all of our other geographies. The rest of Asia, as well as the Americas, both grew double digits for us over the course of the year, and we're expecting similar dynamics going into 2026.

Speaker #2: If you think about it from a growth perspective, I mentioned the high single-digit growth rate in China. We are seeing faster growth kind of in all of our other geographies.

Speaker #2: The rest of Asia, as well as the Americas, both grew double digits for us over the course of the year. And we're expecting similar dynamics going into 2026.

Speaker #3: Thank you. And we'll go next to Arun. Viswanathan with RBC Capital Markets. Your line is now open.

Operator: Thank you. We'll go next to Arun Viswanathan with RBC Capital Markets. Your line is now open.

Speaker #8: Great. Thanks for taking my question. I guess I just wanted to ask a question about the guidance, first of all. So at the low end, I think you're up about 4.5%.

Arun Viswanathan: Great, thanks for taking my question. I guess I just wanted to ask a question about the guidance, first of all. At the low end, I think you're up about 4.5%. You know, what would be some of the things that would maybe push you towards that end? Similarly, at the high end, it's pretty significant growth. Maybe you can just kind of help us frame, you know, that, those two ranges as well. Thanks.

Speaker #8: What would be some of the things that would maybe push you towards that end? And similarly, at the high end, it's pretty significant growth.

Speaker #8: So maybe you can just kind of help us frame those two ranges as well. Thanks.

Speaker #2: Yeah, Arun, thanks for the question. When you think about the guidance range and some of the puts and takes, obviously, I characterized it before with Bhavesh's question on kind of what got us to the midpoint of the guide.

Jon Kemp: Yeah, Arun, thanks. Thanks for the question. When you think about the guidance range and some of the puts and takes, obviously, I characterized it before with Bhavesh's question on kind of what got us to the midpoint of the guide. When you think about kind of the low end of the range, what would have to happen for that to happen, it would be kind of more constraints really coming from the memory market, and if that started to see kind of significant demand destruction, that's outside the parameters of how we think the year is going to unfold.

Speaker #2: When you think about kind of the low end of the range, what would have to happen for that to happen? It would be kind of more constraints really coming from the memory market.

Jon Kemp: When you think about kind of the low end of the range, what would have to happen for that to happen, it would be kind of more constraints really coming from the memory market, and if that started to see kind of significant demand destruction, that's outside the parameters of how we think the year is going to unfold.

Speaker #2: And if that started to see kind of significant demand destruction, that's outside the parameters of how we think the year is going to unfold.

Speaker #2: If you go to the high end, a lot of the growth expectations that we have this year given the strong utilization rates in the most advanced technologies across our portfolio, it's really tied to capacity expansions that our customers.

Jon Kemp: If you go to the high end, a lot of the growth expectations that we have this year, given the strong utilization rates in the most advanced technologies across our portfolio, it's really tied to capacity expansions at our customers and their ability to scale new node transitions and bring that capacity online. Obviously, there's a significant amount of global investment in those most advanced technologies, and we're working closely with our customers to help them scale up that production as effectively as possible. If we can get some of that incremental capacity online, we've got a lot of really nice content growth connected to those node transitions and that capacity. As it comes online, we'll benefit not just from the volume growth, but from the increased content coming off of those advanced nodes.

Speaker #2: And the ability to scale new node transitions and bring that capacity online. Obviously, there's a significant amount of global investment in those most advanced technologies.

Speaker #2: And we're working closely with our customers to help them scale up that production as effectively as possible if we can get some of that incremental capacity online.

Jon Kemp: If we can get some of that incremental capacity online, we've got a lot of really nice content growth connected to those node transitions and that capacity. As it comes online, we'll benefit not just from the volume growth, but from the increased content coming off of those advanced nodes.

Speaker #2: We've got a lot of really nice content growth connected to those node transitions. And that capacity, so as it comes online, will benefit not just from the volume growth, but from the increased content coming off of those advanced nodes.

Speaker #8: Okay. Thanks for that. And on the transformation plan, is there a kind of a framework on how we should think that should play out over the next three years?

Arun Viswanathan: Okay, thanks for that. On the transformation plan, is there a, you know, a kind of a framework on how we should think that should play out over the next three years? Do you expect that those gains ratably? Maybe you can just detail some of the initiatives that you're undertaking there. Is it mainly kind of footprint optimization, SG&A reduction, or, you know, what else would you describe as part of the plan? Thanks.

Speaker #8: Do you expect those gains radically? And maybe you can just detail some of the initiatives that you're undertaking there. Is it mainly kind of footprint optimization, SG&A reduction, or what else would you describe as part of the plan?

Speaker #8: Thanks.

Speaker #2: Yeah, thanks. Thanks for the question. The transformation initiatives are in a couple of big buckets, as I said in my prepared remarks. Really around productivity efforts, commercial innovation, and our local-for-local model.

Jon Kemp: Yeah, thanks. Thanks for the question. The transformation initiatives are in a couple of big buckets, as I said in my prepared remarks. Really around productivity efforts, commercial and innovation, and our local for local model. I'd say roughly, you know, of that $100 million benefit for EBITDA, we'll expect to see that come roughly half in the productivity space, the other half is, you know, split equally across commercial innovation, as well as that local for local model. As far as, you know, what's in our guide for 2026, I do expect, you know, we'll have a small amount of that benefit, that's reflected in our guide. Ultimately, the remainder of that benefit comes in the 2027, 2028 time frame.

Mike Goss: Yeah, thanks. Thanks for the question. The transformation initiatives are in a couple of big buckets, as I said in my prepared remarks. Really around productivity efforts, commercial and innovation, and our local for local model.

Speaker #2: And I'd say roughly of that $100 million benefit for EBITDA, we'll expect to see that come roughly half in the productivity space. And then the other half is split equally across commercial innovation as well as that local-for-local model.

Mike Goss: I'd say roughly, you know, of that $100 million benefit for EBITDA, we'll expect to see that come roughly half in the productivity space, the other half is, you know, split equally across commercial innovation, as well as that local for local model. As far as, you know, what's in our guide for 2026, I do expect, you know, we'll have a small amount of that benefit, that's reflected in our guide. Ultimately, the remainder of that benefit comes in the 2027, 2028 time frame.

Speaker #2: As far as what's in our guide for '26, I do expect we'll have a small amount of that benefit. And that's reflected in our guide.

Speaker #2: And then ultimately, the remainder of that benefit comes in the 2027, 2028 timeframe. Maybe just to give you a little bit of specifics on some of the things we're excited about or as part of that.

Jon Kemp: Maybe just to give you a little bit of specifics on some of the things we're excited about or as part of that. You know, within the productivity space, you know, we're excited to really go aggressively after deploying some of the automation and tailored AI applications that we believe will help unlock incremental capacity, strengthen our quality, and ultimately improve our supply resiliency for our customers. That's a nice lever there. Some of the procurement benefits, and there's also some simplifications in our supply chain around optimizing our warehouse presence and how we're positioned around the globe to better serve our customers. If you think in some of the other categories-...

Speaker #2: Within the productivity space, we're excited to really go aggressively after deploying some of the automation and tailored AI applications that we believe will help unlock incremental capacity, strengthen our quality, and ultimately improve our supply resiliency for our customers.

Speaker #2: That's a nice lever there. Some of the procure, I think there's some procurement benefits. And there's also some simplifications in our supply chain. Around optimizing our warehouse presence and how we're positioned around the globe to better serve our customers.

Jon Kemp: That's a nice lever there. Some of the procurement benefits, and there's also some simplifications in our supply chain around optimizing our warehouse presence and how we're positioned around the globe to better serve our customers. If you think in some of the other categories-...

Speaker #2: And then if you think in some of the other categories, particularly on the commercial innovation excellence, it's really about how we're driving the right level of attention to each of our customer segments.

Jon Kemp: particularly on the commercial and innovation excellence, it's really about how we're driving the right level of attention to each of our customer segments. Obviously, historically, we've had a really strong focus kind of on our top 10, and we've talked about that in the past. There's, you know, a lot of folks in the middle and maybe at the lower end that we can still do better with. You know, taking advantage of digital tools to make sure that we can serve the customers more effectively and accelerate. On the innovation side, deploying some of those tools to increase the clock speed and the pace of our product development, which ultimately will give us an opportunity to work on more engagement with our customers.

Speaker #2: Obviously, historically, we've had a really strong focus, kind of on our top 10. And we've talked about that in the past. But there are a lot of folks in the middle, and maybe at the lower end, that we can still do better with.

Speaker #2: And so taking advantage of digital tools to make sure that we can serve the customers more effectively and accelerate and on the innovation side, deploying some of those tools to increase the clock speed and the pace of our product development, which ultimately will give us an opportunity to work on more engagement with our customers over the past few years.

Jon Kemp: You know, taking advantage of digital tools to make sure that we can serve the customers more effectively and accelerate. On the innovation side, deploying some of those tools to increase the clock speed and the pace of our product development, which ultimately will give us an opportunity to work on more engagement with our customers.

Jon Kemp: Over the past few years, you know, we've seen a steady increase in the number of engagements that we have with customers and OEMs. We want to unlock the innovation capacity to support as many of those as possible. Those are some of the bigger items inside this transformation program.

Speaker #2: We've seen a steady increase in the number of engagements that we have with customers and OEMs. And we want to unlock the innovation capacity to support as many of those as possible.

Speaker #2: So those are some of the bigger items inside this transformation program.

Speaker #3: Thank you. We'll go next to Melissa Weathers with Deutsche Bank. Your line is now open.

Operator: Thank you. We'll go next to Melissa Weathers with Deutsche Bank. Your line is now open.

Speaker #9: Hi there. Thank you for the question. I wanted to, I guess, first talk a little more high level on the ICS business. It seems like there's a lot of innovation happening over the next two years.

Melissa Weathers: Hi there, thank you for the question. I wanted to, I guess, first talk a little more high level on the ICS business. Seems like there's a lot of innovation happening over the next two years on the packaging side, on the thermal side. The thermal side is the piece that I understand the least. I think a lot of semiconductor investors don't really get that part of the story. Can you talk about, as we think about the next two years, like, which parts of this ICS business should we be excited for? What kind of content increases should we be expecting, maybe on a per device basis?

Speaker #9: On the packaging side, on the thermal side, the thermal side is the piece that I understand the least. I think a lot of semiconductor investors don't really get that part of the story.

Melissa Weathers: The thermal side is the piece that I understand the least. I think a lot of semiconductor investors don't really get that part of the story. Can you talk about, as we think about the next two years, like, which parts of this ICS business should we be excited for? What kind of content increases should we be expecting, maybe on a per device basis?

Speaker #9: So can you talk about, as we think about the next two years, which parts of this ICS business should we be excited for? What kind of content increases should we be expecting maybe on a per device basis?

Speaker #2: Yeah. So when you think about kind of the ICS business, the three core drivers in that business are really advanced packaging, advanced interconnect, and thermal management.

Jon Kemp: When you, when you think about kind of the ICS business, the three core drivers in that business are really advanced packaging, advanced interconnect, and thermal management. Within the advanced packaging space, we've got new technologies on solder and copper interconnect chemistry, which really brings great surface uniformity and purity to help make sure that those advanced packaging, you're maintaining the right level of signal integrity and reliability. It's being broadly adopted from kind of our key fab as well as the OSAT customers that are really driving the growth in advanced packaging.

Speaker #2: Within the advanced packaging space, we've got new technologies on solder and copper interconnect chemistry which really brings great surface uniformity and purity to help make sure that those advanced packaging that you're maintaining the right level of signal integrity and reliability.

Speaker #2: And it's being broadly adopted from kind of our key fab as well as the OSAT customers that are really driving the growth in advanced packaging.

Jon Kemp: We're also doing Within the advanced interconnect space, it's really getting to upgrading the circuit board technology from traditional circuit boards to high layer count and HDI circuit boards, where you're getting finer lines and tighter spaces in order to help drive the signal reliability in places like data centers. As you do that, you know, you're starting to get into that. That's again where there's nice technology leverage between kind of what maybe we were using 10, 15 years ago, and the Semi side is now relevant on the ICS side because of the tighter lines and spaces that those circuit boards are doing. Really nice technology leverage as you get into high density interconnect and high layer count circuit boards.

Speaker #2: We're also doing some within the advanced interconnect space, it's really getting to upgrading the circuit board technology from traditional circuit boards to high-layer count and HDI circuit boards where you're getting finer lines and tighter spaces in order to help drive the signal reliability in places like data centers.

Speaker #2: And as you do that, you're starting to get into that's again where there's nice technology leverage between kind of what maybe we were using 10, 15 years ago in the semi side is now relevant on the ICS side because of the tighter lines and spaces that those circuit boards are doing.

Jon Kemp: As you do that, you know, you're starting to get into that. That's again where there's nice technology leverage between kind of what maybe we were using 10, 15 years ago, and the Semi side is now relevant on the ICS side because of the tighter lines and spaces that those circuit boards are doing. Really nice technology leverage as you get into high density interconnect and high layer count circuit boards.

Speaker #2: So really nice technology leverage as you get into high-density interconnect and high-layer count circuit boards. And then on the thermal side, this is all three of these spaces grew by 20% year over year.

Jon Kemp: Then on the thermal side, this is, you know, all three of these spaces, you know, grew by 20% year-over-year in 2025, and they will really continue to be the source of growth going forward. On the thermal side, we've launched some new novel technologies in both thermal pads as well as gap filler, liquid gap fillers, some phase change materials, and we're excited by other innovations and working closely with some of our OEM partners. Obviously, it's a critical need, especially in the data center segment, and we've seen a rapid adoption by a lot of the cloud service providing companies and OEMs in that space, and we're excited by the opportunity to continue to partner with them to bring these next generation thermal solutions into the market.

Speaker #2: In 2025, and they will really continue to be the source of growth going forward. On the thermal side, we've launched some new novel technologies in both thermal pads as well as gap filler, liquid gap fillers.

Speaker #2: Some phase change materials and we're excited by other innovations and working closely with some of our OEM partners. Obviously, it's a critical need, especially in the data center segment.

Jon Kemp: Obviously, it's a critical need, especially in the data center segment, and we've seen a rapid adoption by a lot of the cloud service providing companies and OEMs in that space, and we're excited by the opportunity to continue to partner with them to bring these next generation thermal solutions into the market.

Speaker #2: And we've seen a rapid adoption by a lot of the cloud service providing companies and OEMs in that space. And we're excited by the opportunity to continue to partner with them to bring these next-generation thermal solutions into the market.

Speaker #2: All of this is connected to what I said in my prepared remarks, really around kind of the increasing number of POR wins across every business.

Jon Kemp: All of this is connected, to what I said in my prepared remarks, really around kind of the increasing number of POR wins across every business.

Speaker #9: Perfect. Thanks for all that color. If I could squeeze one more in, just on the mainstream side, the mainstream nodes, InFoundry Logic, I get it seems like you're expecting utilization to maybe gradually improve throughout the year.

Melissa Weathers: Perfect. Thanks for all that color. If I could squeeze one more in. Just on the mainstream side, the mainstream nodes, in foundry logic, I get it. It seems like you're expecting utilization to maybe gradually improve throughout the year. I think we've heard some pretty mixed takes from, like, say, the analog or the power semi guys on the demand trends they're seeing. Can you just give a little more color on what you're seeing in mainstream nodes, maybe across, I don't know, end markets? Just any other color there would be helpful.

Speaker #9: I think we've heard some pretty mixed takes from, say, the analog or the power semi guys on the demand trends they're seeing. So can you just give a little more color on what you're seeing in mainstream nodes?

Speaker #9: Maybe across, I don't know, end markets, just any other color there would be helpful.

Speaker #2: Yeah. Happy to do that. So at a high level, I would say we're encouraged by the ongoing recovery in mature logic we believe that inventories are relatively healthy.

Jon Kemp: Yeah, happy to do that. At a high level, I would say, you know, we're encouraged by the ongoing recovery in mature logic. We believe that inventories are relatively healthy. Customers are already seeing small sequential improvements in utilization rates. I think we've seen that from a lot of those players kind of through this earnings season. You know, we expect the recovery will likely, from a pacing standpoint, continue to be relatively modest, given the connection to the global memory market. From a utilization point of view, we expect utilization rates, you know, which kind of steadily improved through 2025, from the low 70s into the mid-70s.

Speaker #2: Customers are already seeing small sequential improvements in utilization rates. I think we've seen that from a lot of those players kind of through this earnings season.

Speaker #2: We expect the recovery will likely, from a pacing standpoint, continue to be relatively modest given the connection to the global memory market. From a utilization point of view, we expect utilization rates, which kind of steadily improved through 2025, from the low 70s into the mid 70s.

Jon Kemp: You know, we expect the recovery will likely, from a pacing standpoint, continue to be relatively modest, given the connection to the global memory market. From a utilization point of view, we expect utilization rates, you know, which kind of steadily improved through 2025, from the low 70s into the mid-70s.

Speaker #2: I would say our expectations are for a similar recovery in 2026 as to what we saw in 2025 maybe going from the mid 70s year-end to the mid maybe even start to get into the high 70s range depending on the availability and kind of how the broader industrial economy goes.

Jon Kemp: I would say our expectations are for a similar pace, a similar recovery in 2026 as to what we saw in 2025, maybe going from the mid-70s at year-end to the mid, maybe even start to get into the high 70s range, depending on the availability and kind of how the broader industrial economy goes. Obviously, you know, the biggest drivers there, the, you know, data center markets have done really well, and I think there's plenty of room in the broader industrial economy across communication, infrastructure, and automotive, just to name a few, for us to have some additional wins. As we see that, you know, that's really what will allow kind of the Semi segment to get back to kind of the more normalized growth rates that we would expect.

Speaker #2: Obviously, the biggest drivers there, data center markets have done really well. And I think there's plenty of room in the broader industrial economy across communication infrastructure and automotive just to name a few for us to have some additional wins.

Jon Kemp: Obviously, you know, the biggest drivers there, the, you know, data center markets have done really well, and I think there's plenty of room in the broader industrial economy across communication, infrastructure, and automotive, just to name a few, for us to have some additional wins. As we see that, you know, that's really what will allow kind of the Semi segment to get back to kind of the more normalized growth rates that we would expect.

Speaker #2: And as we see that, that's really what will allow kind of the semi-segment to get back to kind of the normal, the more normalized growth rates that we would expect.

Speaker #9: Thank you. And we'll go next to Alexei Yefromov with KeyBank Capital Markets. Your line is now open.

Operator: Thank you. We'll go next to Aleksey Yefremov with KeyBanc Capital Markets. Your line is now open.

Speaker #3: Thank you. Good morning. I wanted to come back to your first quarter comments. I think you talked about high single-digit sequential growth. It does seem quite a bit above your normal seasonality, if I look at the history.

Aleksey Yefremov: Thank you. Good morning. I wanted to come back to your Q1 comments. I think you talked about high single-digit sequential growth. It does seem quite a bit above your normal seasonality, if I look at the history. Is there anything unusual in Q1? As a result, are there any consequences for how we should think about Q2? Is kind of Q2 being flat versus Q1 the best guess for us at this point?

Speaker #3: Is there anything unusual in T1 and as a result, are there any consequences for how we should think about second quarter is kind of second quarter being flat versus Q1, the best guess for us at this point?

Speaker #2: So I'll maybe start there, Alexei, and then ask Mike to comment further. So when we think about the first quarter, we are seeing some different types of behaviors.

Jon Kemp: I'll maybe start there, Aleksey, and then ask Mike Goss to comment further. When we think about Q1, we are seeing some different types of behaviors. Usually, there would be a little bit of a seasonal decline, kind of Q3 to Q4, and then Q4 into Q1. I think, you know, I'll go back to what I mentioned in my prepared remarks around some of the structural demand shifts that we're seeing in some of our end markets. As we get into, you know, really a lot of the strength in the current market environment is really driven by data centers and high-performance computing.

Speaker #2: Usually, there would be a little bit of a seasonal decline kind of third quarter to fourth quarter. And then fourth quarter into first quarter.

Speaker #2: I think I'll go back to what I mentioned in my prepared remarks around some of the structural demand shifts that we're seeing in some of our end markets.

Speaker #2: That as we get into really a lot of the strength in the current market environment is really driven by data centers and high-performance computing.

Jon Kemp: As we get into, you know, really a lot of the strength in the current market environment is really driven by data centers and high-performance computing.

Speaker #2: And the benefits that we're seeing there are sort of overshadowing—the benefits there are greater than the normal seasonal weakness that we would see from consumer electronics.

Jon Kemp: That, and the benefits that we're seeing there is sort of overshadowing. The benefits there are greater than the normal seasonal weakness that we would see from consumer electronics. I think it's a testament to the strength of our portfolio that we're really well diversified and positioned across different end markets, to be able to pick up those benefits. The same type of trends that we saw in the Q4 results is continuing into the Q1 with that strength. You know, all things being equal, you know, that's kind of the state of play in the different end markets right now.

Speaker #2: And I think it's a testament to the strength of our portfolio that we're really well diversified and positioned across different end markets. To be able to pick up those benefits.

Speaker #2: And so at the same type of trends that we saw in the fourth quarter results is continuing into the first quarter with that strength.

Jon Kemp: The same type of trends that we saw in the Q4 results is continuing into the Q1 with that strength. You know, all things being equal, you know, that's kind of the state of play in the different end markets right now.

Speaker #2: And in all things being equal, that's kind of the state of play in the different end markets right now as we get through the year.

Jon Kemp: As we get through the year, as going back to the previous question, to the extent that we start to see, you know, opportunities in some of the other parts of the industrial markets, whether it's automotive, communication, infrastructure, aerospace, and defense, all of those represent nice content as you start to get AI capabilities, moving from, say, cloud computing and data centers to edge computing and kind of at point of interface, whether that's in the car, at the factory, or with the consumer. As we start to see more of that AI capability diversified into different end markets, you know, we expect that will continue to drive, you know, fairly robust growth rates. Mike, anything else to add there?

Speaker #2: As I'm going back to the previous question, to the extent that we start to see opportunities in some of the other parts of the industrial markets, whether it's automotive, communication infrastructure, aerospace, and defense, all of those represent nice content as you start to get AI capabilities moving from, say, cloud computing and data centers to edge computing and kind of at point of interface, whether that's in the car, at the factory, or with the consumer as we start to see more of that AI capability diversified into different end markets.

Jon Kemp: As we start to see more of that AI capability diversified into different end markets, you know, we expect that will continue to drive, you know, fairly robust growth rates. Mike, anything else to add there?

Speaker #2: We expect that will continue to drive fairly robust growth rates. Mike, anything else to add there?

Speaker #3: Yeah. Thanks, John. I think the thing I would add to that is, as I said before in one of the earlier questions, we do expect to see the steady demand through the year with a little bit of a peak in the third quarter.

Mike Goss: Yeah, thanks, John. I think the thing I would add to that is, as I said before, in one of the earlier questions, we do expect to see the steady demand through the year with a little bit of a peak in Q3. I'd say the other color I'd give is on the back half of the year, we do expect some scale-up on node transitions, as well as the ongoing evolution in the memory market dynamics. As you'd expect, we'll continue to provide additional perspective and information on, you know, what we're seeing as the year progresses.

Speaker #3: I'd say the other color I'd give is on the back half of the year, we do expect some scale-up on node transitions, as well as the ongoing evolution in the memory market dynamics.

Speaker #3: And so as you'd expect, we'll continue to provide additional perspective and information on what we're seeing as the year progresses.

Speaker #1: Thanks. And I think you said that you had 20% growth and or 20% plus growth in both advanced packaging and thermal management, EMI shielding.

Aleksey Yefremov: Thanks. I think you said that you had 20% growth or 20% plus growth in both advanced packaging and thermal management, EMI shielding. Just kind of a two-part question. Should we think about those types of growth rates as sort of achievable in your thoughts for 2026? Also, it seems to me that thermal management kind of stepped up because I recall you'd been talking about kind of growth there in the teens, now it's in the twenties. Is it the case that thermal management growth has accelerated?

Speaker #1: Just kind of a two-part question. Should we think about those types of growth rates as sort of achievable in your thoughts for 2026? And also, it seems to me that thermal management kind of stepped up because I recall you'd been talking about kind of growth there in the teens now.

Speaker #1: It's in the 20s. So is it the case that thermal management growth accelerated?

Speaker #2: Yeah, great question, Alexei. It's obviously a dynamic that we're watching closely, and we're in constant conversations with our customers. If I take a step back and I think about kind of what happened in 2025 and how that plays forward into 2026—in 2025, the ICS business, broadly, kind of the custodian of those key technologies, benefited from a lot of available capacity that was able to rapidly scale up in 2025.

Jon Kemp: Yeah, great question, Alexi. It's obviously a dynamic that we're watching closely, and we're in constant conversations with our customers. If I take a step back and I think about kind of what happened in 2025 and how that plays forward into 2026. In 2025, you know, the ICS business broadly, kind of the custodian of those key technologies, benefited from a lot of available capacity that was able to rapidly scale up in 2025. What we're seeing as we go into 2026, obviously, a lot of our customers and folks throughout the industry are making significant investments to expand the capacity for both advanced packaging, as well as kind of the place in the manufacturing process where the thermal materials would get added.

Jon Kemp: What we're seeing as we go into 2026, obviously, a lot of our customers and folks throughout the industry are making significant investments to expand the capacity for both advanced packaging, as well as kind of the place in the manufacturing process where the thermal materials would get added.

Speaker #2: And what we're seeing as we go into 2026, obviously, a lot of our customers and folks throughout the industry are making significant investments to expand the capacity for both advanced packaging as well as kind of the place in the manufacturing process where the thermal materials would get added.

Speaker #2: A lot of the pacing and the growth rates that we expect in 2026 are largely driven by the incremental capacity that our customers are able to bring online.

Jon Kemp: As a lot of the pacing and the growth rates that we expect in 2026 are largely driven by the incremental capacity that our customers are able to bring online. You know, demand is strong in those areas, so it's not a matter of demand, it's really a matter of how fast can we get that incremental capacity online. We'll work with our customers as we make those. You know, we're pretty consistently getting increasing content wins with the customers in both of those areas. As that incremental capacity comes online, we're confident in our ability to sustain that growth.

Speaker #2: So demand is strong in those areas. So it's not a matter of demand; it's really a matter of how fast we can get that incremental capacity online.

Speaker #2: And then we'll work with our customers as we make those we're pretty consistently getting increasing content wins with the customers in both of those areas.

Jon Kemp: We'll work with our customers as we make those. You know, we're pretty consistently getting increasing content wins with the customers in both of those areas. As that incremental capacity comes online, we're confident in our ability to sustain that growth.

Speaker #2: So, as that incremental capacity comes online, we're confident in our ability to sustain that growth.

Speaker #9: Thank you. And our last question comes from Edward Yang with Oppenheimer. Your line is now open.

Operator: Thank you. Our last question comes from Edward Yang with Oppenheimer. Your line is now open.

Speaker #10: Hi, John. Nice quarter, and thanks for the time. I just wanted to come back to the level of conservatism that's embedded in the 2026 revenue guide.

Edward Yang: Hi, Jon. Nice quarter, and thanks for the time. I just wanted to come back to the level of conservatism that's embedded in the 2026 revenue guide, you know, around 6.5% or so. Again, if we step back, you did 10% growth in 2025. It looks like, you know, according to their Q1 guidance, up high single digits sequentially, that would mean you'd be growing more like mid-teens year-over-year growth in Q1. You know, is it just conservatism? Mike Goss talked about, again, you know, steady growth throughout the year and even possibly second half, I guess, inflection, which would be consistent with what we're hearing from the rest of the Semi food chain.

Speaker #10: Around 6.5% or so. And again, if we step back, you did 10% growth in 2025. It looks like according to the first quarter guidance, up high single digits sequentially.

Speaker #10: That would mean you'd be growing more like mid-teens year-over-year growth in the first quarter. So is it just conservatism? And Mike talked about, again, steady growth throughout the year and even possibly second half, I guess, inflection, which would be consistent with what we're hearing from the rest of the semi-food chain.

Edward Yang: You know, is it just conservatism? Mike Goss talked about, again, you know, steady growth throughout the year and even possibly second half, I guess, inflection, which would be consistent with what we're hearing from the rest of the Semi food chain. Just some additional color to tie everything together, I suppose. Thank you.

Speaker #10: So just some additional color to tie everything together, I suppose. Thank you.

Edward Yang: Just some additional color to tie everything together, I suppose. Thank you.

Speaker #2: Sure, Ed. I think what I would maybe start with is just go back to kind of want to kind of where we started the Q&A part of today.

Jon Kemp: Sure, Ed. You know, I think, what I would maybe start with is just go back to kind of where we started the Q&A part of today in terms of how did we get to the midpoint of the guide. The midpoint of the guide was really anchored around the expectations for, you know, MSI and the PCB market as the two best market indicators. You know, both of those kind of being in that mid-single-digit range. Then, adding on that, our expectations that we can, you know, outperform that. Obviously, you know, we had nice outperformance in 2026. You know, I'd like to think that we could be able to, you know, we're in a good position to be able to sustain that outperformance.

Speaker #2: In terms of how did we get to the midpoint of the guide? And the midpoint of the guide was really anchored around the expectations for MSI and the PCB market as the two best market indicators.

Speaker #2: Both of those kind of being in that mid-single-digit range. And then adding on that, our expectations that we can outperform that. Obviously, we had nice outperformance in 2026.

Jon Kemp: You know, both of those kind of being in that mid-single-digit range. Then, adding on that, our expectations that we can, you know, outperform that. Obviously, you know, we had nice outperformance in 2026. You know, I'd like to think that we could be able to, you know, we're in a good position to be able to sustain that outperformance.

Speaker #2: I'd like to think that we can be able to we're in a good position to be able to sustain that outperformance. To some extent, it is contingent on getting some of the incremental capacity for those most advanced technologies.

Jon Kemp: To some extent, it is contingent on getting some of the incremental capacity for those most advanced technologies. Obviously, the memory market dynamics that we talked about is what's kind of keeping us a little bit on the. We wanna take a little bit more of a wait-and-see approach to see how that continues to evolve as we get into the year. Kind of given where we're at in the Q1, obviously, we're highly confident in where we're at for Q1, and then we'll provide additional color as to how these dynamics are unfolding as we get to the second half of the year. Mike, anything else you'd add there?

Speaker #2: And then obviously, the memory market dynamics that we talked about is what's kind of keeping us a little bit on the we want to take a little bit more of a wait-and-see approach to see how that continues to evolve as we get into the year.

Speaker #2: And kind of given where we're at in the first quarter, obviously, we're highly confident in where we're at for the first quarter. And then we'll provide additional color as to how these dynamics are unfolding as we get to the second half of the year.

Jon Kemp: Kind of given where we're at in the Q1, obviously, we're highly confident in where we're at for Q1, and then we'll provide additional color as to how these dynamics are unfolding as we get to the second half of the year. Mike, anything else you'd add there?

Speaker #2: Mike, anything else you'd add there?

Speaker #3: Yeah. I think the other thing I would add is just anchoring back to our overall midterm framework with sales growth in that 6 to 7 percent range.

Mike Goss: Yeah, I think the other thing I would add is just to, you know, anchoring back to our overall midterm framework with sales growth in that 6% to 7% range, and that's, you know, part of what drove the midpoint of the guide that we have this year. Obviously, we're continuing to see, as John said, the mix dynamics between the two segments. We'll obviously continue to strive for opportunities to drive margin expansion from volume and product mix enhancement as we continue to serve and see growth in the most advanced technology. Over time, I would also expect the transformation program that we're launching to help drive that, you know, enhanced performance as we move through the year.

Speaker #3: And that's part of what drove the midpoint of the guide that we have this year, obviously. We're continuing to see, as John said, the mixed dynamics between the two segments.

Speaker #3: And we'll obviously continue to strive for opportunities to drive margin expansion from volume and product mix enhancement as we continue to serve and see growth in the most advanced technology.

Mike Goss: We'll obviously continue to strive for opportunities to drive margin expansion from volume and product mix enhancement as we continue to serve and see growth in the most advanced technology. Over time, I would also expect the transformation program that we're launching to help drive that, you know, enhanced performance as we move through the year.

Speaker #3: So over time, I would also expect the transformation program that we're launching to help drive that enhanced performance as we move through the year.

Speaker #10: Okay. And for my follow-up, I just want to come back to this, I guess, your leverage to the memory cycle and the various puts and takes.

Edward Yang: Okay, for my follow-up, I just want to come back to this, I guess, your leverage to the memory cycle and the various puts and takes. Obviously, we understand what the upside is from your exposure to the memory cycle. John, you touched on, again, maybe there could be some potential offsets. I think during the call, you also mentioned you do expect ICS to grow stronger than semi in 2026. I guess the base scenario is it fair to say that you're not really seeing any offsets necessarily from, you know, higher memory cycle? Again, just to be conservative, you are baking in some potential impacts that may or may not occur.

Speaker #10: And obviously, we understand what the upside is from your exposure to the memory cycle. And John, you touched on, again, maybe there could be some potential offsets.

Speaker #10: But I think during the call, you also mentioned you do expect ICS to grow stronger than semi in 2026. So I guess the base scenario is, is it fair to say that you're not really seeing any offsets necessarily from higher memory cycle?

Edward Yang: I think during the call, you also mentioned you do expect ICS to grow stronger than semi in 2026. I guess the base scenario is it fair to say that you're not really seeing any offsets necessarily from, you know, higher memory cycle? Again, just to be conservative, you are baking in some potential impacts that may or may not occur.

Speaker #10: But again, just to be conservative, you are baking in some potential impacts that may or may not occur.

Speaker #2: Yeah. I think the way that we think about it is, as I said when I was talking a little bit about the specifics in the memory market, is that wherever those memory chips are going, we're going to pick up the benefit of that demand.

Jon Kemp: Yeah, I think that the way that we think about it is, as I said, when I was talking a little bit about the specifics in the memory market, is that wherever those memory chips are going, you know, we're gonna pick up the benefit of that demand. It's some of the reasons why we're, you know, confident in that ICS growth is, if we're getting growth in the consumer, from consumer electronics devices, that's great. We've got great content, a lot of that, especially on the premium side of the market, which we expect to be more resilient.

Speaker #2: So it's not so much as a some of the reasons why we're confident in that ICS growth is if we're getting growth in the consumer from consumer electronics devices, that's great.

Speaker #2: We've got great content—a lot of that, especially on the premium side of the market, which we expect to be more resilient. If instead those chips are being allocated more to serve the needs of data centers, I might argue that's slightly even more favorable, because we're going to pick up probably higher content in data centers and margin than even we will in the consumer electronics side.

Jon Kemp: If instead, those chips are being allocated more to serve the needs of the data centers, you know, I might argue that's slightly even more favorable because we're gonna pick up probably higher content in data centers and margin than even we will in the consumer electronic side. You know, we're really well positioned from the diversification of our portfolio to be in a position that no matter where that growth comes from, we're gonna be able to pick it up with kind of premium content.

Speaker #2: So we're really well positioned from the diversification of our portfolio to being in a position that no matter where that growth comes from, we're going to be able to pick it up with kind of premium content.

Speaker #9: Thank you. At this time, we have reached our allotted time for questions. This does conclude today's question-and-answer session, as well full-year 2025 call and webcast.

Operator: Thank you. At this time, we have reached our allotted time for questions. This does conclude today's question and answer session, as well as Qnity's Q4 and full year 2025 call and webcast. You may now disconnect your line at this time, have a wonderful day.

Q4 2025 Qnity Electronics Inc Earnings Call

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