EARNING REPORTS OF TOP 50 CORPS:

This comprehensive review distills key financial data, operational insights, and strategic guidance
across the earnings reports for the specified entities.

ASML (1Q 2025)

The first quarter of 2025 saw a moderation in the financial position compared to the prior year-end,
which market participants should monitor closely.

Balance Sheet Highlights (in millions €):

• Total Assets: Declined notably from €48,589.6 at December 31, 2024, to €45,478.8 at March 30,
2025.

• Current Assets: Total current assets fell from €30,737.4 to €27,524.4 over the three-month period.

• Liquidity: Cash and cash equivalents experienced a significant reduction, dropping from €12,735.9
to €9,098.4.

• Inventory: Inventories increased slightly from €10,891.5 to €11,024.7.

• Equity and Liabilities: Total liabilities decreased from €30,112.8 to €27,978.1, paralleled by a
decrease in total shareholders' equity from €18,476.8 to €17,500.7.

• Definitions: For reporting purposes, lithography systems do not include metrology and inspection
systems. Net bookings reflect all system sales orders and inflation-related adjustments for which
written authorizations have been accepted.

Abbott (1Q 2025 and 2Q 2025 Insights)

Abbott highlighted strong commercial performance, particularly within its cardiovascular segments,
and noted strategic advancements in innovation.

Operational and Strategic Focus:

• Structural Heart: This business saw robust 15% growth, benefiting from successful efforts to build
a full portfolio beyond the flagship MitroClip product. The company is seeing excellent results from
the TriClip launch, which is anticipated to annualize around $250 million, supported by a strong
safety record and favorable two-year data presented at ACC. A next-generation TriClip is being
launched to enhance ease of use.

• Vascular/Intervention: The company is enthusiastically entering the Intravascular Lithotripsy (IVL)

category, viewing it as a billion-dollar market opportunity. The team is progressing quickly, expecting
to complete enrollment in the IVL trial and file for approval next year.

• Diabetes Technology: The strategic utility of Continuous Glucose Monitoring (CGM) is expanding,
with ketone monitoring expected to establish a pathway for physicians to prescribe SGLT2 inhibitors
for Type 1 diabetes, enabling patients to access cardiovascular benefits despite the associated DKA
risk. Management acknowledges ongoing regulatory discussions, noting proposed competitive
bidding for CGM.

Agricultural Bank of China (1Q 2025)

The bank executed standard capital activities during the quarter.

• Ordinary Dividends: A 2024 interim cash dividend of RMB 0.1164 per ordinary share (tax inclusive)
was distributed, totaling RMB 40,738 million.

• Preference Share Dividends: Cash dividends of RMB 4.84 per preference share (tax inclusive) were
distributed to holders of "農行優 2" (stock code: 360009).

• Preference Shareholding: There were 41 total holders of "農行優 1" preference shares. Sun Life
Everbright Asset Management Co., Ltd. was the largest holder with 53,400,000 shares, representing
13.35%.

Alibaba (1Q 2025 Webcast)

Alibaba is committing substantial resources to strategic high-growth areas.

• Investment Strategy: The company is allocating "historic" amounts of capital, utilizing cash
reserves, cash flows, and assets across the entire balance sheet, primarily directed toward quick
commerce and food delivery.

• Management Focus: The immediate priority for management is effectively balancing the pursuit of
short-term returns against the realization of long-term value from these large-scale investments.

Alphabet/Google (1Q 2025 and 2Q 2025)

The technology giant is seeing acceleration in foundational costs as prior investment cycles mature.

• Expense Outlook: Depreciation growth is projected to accelerate throughout 2025 due to the
substantial capital expenditure deployed in prior periods for technical infrastructure assets entering
service. Depreciation grew 31% year-on-year in the first quarter.

• Key Business Scale: The Cloud and YouTube segments exited 2024 at a combined annualized run
rate of $110 billion.

• Financing: In May 2025, Alphabet successfully issued fixed-rate senior unsecured notes, generating
net proceeds of $12.5 billion intended for general corporate needs.

Amazon Web Services (2Q 2025 Webcast)

Discussions focused primarily on scaling the cloud segment and leveraging AI initiatives.

• AWS Constraints: Management was asked to address the status of the AWS backlog and whether
supply constraints are still anticipated to be resolved by the second half of the year.

• Alexa Plus Potential: Analysts sought clarity on the anticipated financial drivers of Alexa Plus,
including potential contributions from increased customer engagement, new services revenue,
advertising opportunities, and friction reduction.

Bank of America (1Q 2025 and 2Q 2025)

Bank of America reported steady overall credit quality metrics but saw capital ratios contract in the
second quarter.

Credit Quality (Q2 2025 vs. Q1 2025):

• Provision for Credit Losses: Increased to $1,592 million, up from $1,480 million in the prior
quarter.
• Nonperforming Loans and Leases Ratio: Improved slightly to 0.52% from 0.55%.

• Allowance for Loan and Lease Losses Ratio: Decreased slightly to 1.17% from 1.20%.

Capital Management (Q2 2025 vs. Q1 2025):

• CET1 Capital: Remained stable at $201.2 billion.

• CET1 Ratio (Standardized Approach): Decreased to 11.5%, down from 11.8%.

• Risk-Weighted Assets (RWA): Under the Standardized approach, RWA increased to $1,750 billion
from $1,711 billion.

• Tangible Common Equity Ratio: Declined to 6.1% from 6.3%.

Operational Metrics (Q2 2025 vs. Q1 2025):

• Efficiency: The efficiency ratio improved substantially to 51%, down from 56%.

• Lending: Average loans and leases expanded, reaching $1,128.5 billion, up from $1,093.7 billion.

Bank of China (1Q 2025 and 2Q 2025)

Capital optimization and generation were major activities reported in the first half of 2025.

Capital Actions:

• A-Share Offering: A plan was approved for offering A-Shares to specific investors to raise proceeds
not exceeding RMB 165 billion, with the net proceeds earmarked entirely to bolster the Common
Equity Tier 1 capital base.

• Preference Share Redemption: All 197,865,300 Offshore Preference Shares (Second Tranche) were
redeemed in March 2025, resulting in a total payment of $2,921,520,000. This redemption, totaling
$2.82 billion, was also cited as a key factor in equity changes during the second quarter.

• Equity Growth: Total equity increased by 5.85% (RMB 172.701 billion) in the first half of 2025,
driven mainly by realized profit and the proceeds from the A Share offering.

Berkshire Hathaway (1Q 2025 and 2Q 2025)

Berkshire Hathaway sustained high levels of liquidity and continued to navigate shifts in its liability
structure.

Balance Sheet Movement (June 30, 2025 vs. December 31, 2024):

• Liquidity: Cash, cash equivalents, and U.S. Treasury Bills held by insurance and other businesses
reached $339.8 billion. U.S. Treasury Bills with maturities of three months or less when purchased
stood at $67.0 billion at June 30, 2025.

• Liabilities: Total liabilities decreased to $493,692 million (from $502,226 million). Unpaid losses
and loss adjustment expenses increased to $118,788 million (from $115,151 million).

• Equity: Total shareholders' equity grew to $670,276 million (from $651,655 million).

• Fixed Maturity Investments: The fair value of fixed maturity securities was $15,084 million at June
30, 2025, registering overall unrealized gains of $336 million.

Lending and Debt:

• Loans and Receivables: Net loans and finance receivables were $28,722 million at June 30, 2025.
The allowance for credit losses increased slightly to $1,307 million.

• Debt Activity: Consolidated borrowings stood at $127 billion. BHE's aggregate borrowings
increased by $1.75 billion to $58.1 billion in the first six months of 2025. BHE subsidiaries issued $2.4
billion of term debt in Q1 2025 with a weighted average interest rate of 6.5% and long maturities
(2035 to 2055).

Cisco (Q1 2025 and Q2 2025 FY)

Discussions centered on significant infrastructure deals and new silicon technology adoption.

Product and Market Focus:

• Sovereign Deployment: Management highlighted a large sovereign deployment opportunity.

• Silicon Advancement: The company is now shipping its 51.2T G200 silicon, positioning it as a key
catalyst for growth in data center and switching businesses over the next few quarters.

Coca-Cola (Q2 2025 Guidance)

The company indicated plans for strategic allocation of capital in the near term.

• Reinvestment Focus: Management confirmed intentions for incremental reinvestment focused on

the second half of the year.

Eli Lilly (Lilly) (1Q 2025 and 2Q 2025)

Lilly continues to dominate the discourse around metabolic health, balancing pipeline development
with market access challenges.

GLP-1 Portfolio and Pipeline:

• Orforglipron (Oral GLP-1): Phase 3 clinical data for orforglipron in Type 2 diabetes (ACHIEVE-1 trial)
met expectations. The strategic objective is to deliver injectable GLP-1-like efficacy, safety, and
tolerability via a convenient, scalable once-daily pill.

• Market Strategy: Management is exploring diverse applications for orforglipron beyond core
weight loss and diabetes, including combination therapies (I&I/autoimmune, neurosych) and cardio
investments.

• Unmet Needs: New studies, known as "maintain studies," are planned to investigate switching
patients from injectable to oral GLP-1 for weight maintenance, addressing a major need in the
market.

Market Dynamics and Access:

• Pricing and Compounding: The company is intensely focused on the long-term pricing path for its
GLP-1 products amid competition and the complex issue of compounding, particularly concerning
Tirzepatide.

• Employer Coverage: US employer coverage for anti-obesity medications has been relatively flat on
a net basis since January 2024.
• CVS Formulary Impact: The NOBO deal with CVS regarding injectables, initially assessed as having
a modest impact, is now recognized as potentially meaningful, with impact anticipated starting in
Q3.

ExxonMobil (1Q 2025 and 2Q 2025)

Earnings remained substantial, largely driven by international upstream activity, and the company
confirmed significant resource depth in key basins.

Segment Earnings (Q2 2025, in millions):

• Total Earnings: GAAP earnings amounted to $7,082 million.

• Upstream: Non-U.S. Upstream contributed the largest share at $4,190 million.

• Corporate & Financing: Reported a loss of $759 million.

Strategic Resource Depth:

• Permian Inventory: The company confirms it possesses a 20-year inventory in the Permian,
defined based on the number of wells brought to sale annually.

• LNG Portfolio: ExxonMobil has increased its LNG offtake capacity to seven million tonnes per
annum, a move integral to its strategy of building a globally-connected LNG portfolio.

GE Aerospace (1Q 2025 and 2Q 2025)

GE Aerospace delivered robust financial performance, especially in cash flow, driven by commercial
service growth.

Financial Performance (Q2 2025 Y-o-Y):

• Total Revenue: Increased 21% to $11,023 million.

• Free Cash Flow (FCF): Surged 92% year-over-year to $2,105 million.

• Operating Profit: Increased 23% to $2,337 million, with the operating profit margin sustaining
strong levels at 23.0%.

• Backlog: The company continues to operate against a significant backlog of approximately $175
billion.

Service and Platform Trends:

• Narrowbody Service: Revenue from narrowbody services, largely driven by the CFM56 engine, is
projected to be 15% higher through 2028.

• Engine Service Model: The LEAP service platform profitability is expected to be comparable to that
of overall service profitability or the CFM56. Longer-in-service foundational platforms (CFM56, GE90)
are entering higher-calorie shop visits, contributing positively to the mix effect.

Industrial and Commercial Bank of China (ICBC) (1Q 2025 and 2Q 2025)

ICBC maintains a strong capital position relative to global regulatory requirements and
demonstrated expansion in lending activities.

Capital Adequacy and Risk:

• Total Loss-Absorbing Capacity (TLAC): ICBC reported a TLAC as a percentage of risk-weighted
assets of 21.83% as of March 31, 2025, exceeding the minimum required external TLAC risk-
weighted ratio of 20% (including buffers) that became effective January 1, 2025.

• Risk-Weighted Assets (RWA): Credit Risk RWA stood at RMB 24,165,347 million at March 31, 2025,
an increase from the end of 2024.

Lending and Financial Position (June 30, 2025):

• Total Loans: Increased to RMB 30,185,659 million. Corporate loans account for 62.3% and Personal
loans for 30.4%.

• Credit Quality: The Allowance to Non-Performing Loans (NPLs) ratio strengthened to 217.71%.

• Liabilities: Interest expense on debt securities and certificates of deposit increased 13.5% year-
over-year, mainly due to the enlarged scale of Negotiable Certificates of Deposit (NCDs).

Johnson & Johnson (JNJ) (1Q 2025)

JNJ highlighted key pharmaceutical assets and pipeline developments following recent strategic
moves.

• Neuropsychiatric Focus: Following the acquisition of Intra-Cellular, the company is emphasizing

CAPLYTA, noting its balanced pharmacology, robust efficacy, and favorable tolerability profile for
neuropsychiatric disorders.

• Immunology Portfolio: The company is strategically positioning TREMFYA to expand into

Inflammatory Bowel Disease (IBD). Emerging oral opportunities, such as icotrokinra, are being
developed as part of a synergistic portfolio approach within immunology.

JPMorgan Chase (1Q 2025 and 2Q 2025)

The firm demonstrated operational strength while management voiced continued concerns over
regulatory frameworks impacting lending capacity.

Q1 2025 Financial Outlook and Results:

• Expense Reduction: Noninterest expense was down $1.1 billion year-on-year to $185 million,
largely attributed to changes in the FDIC special assessment accruals.

• NII Guidance: The full year outlook for Net Interest Income (NII) excluding Markets remains firm at
approximately $90 billion. Firmwide NII guidance was raised to about $94.5 billion, reflecting higher
Markets NII.

• Credit Guidance: Card net charge-off rate remains guided at approximately 3.6%.

• Acquisition Gain: The settlement reached with the FDIC regarding the First Republic acquisition
resulted in a recorded gain of $588 million in other income in the first quarter.

Q2 2025 Strategy and Regulation:

• G-SIB Framework: Management believes the Global Systemically Important Bank (G-SIB)
framework requires aggressive action due to flaws that create strong disincentives for American
banks to be globally competitive.
• Lending Environment: Commercial loan growth was strong in the second quarter. RWA utilization,
particularly within wholesale lending (CIB), drove capital consumption. Management advocates for
regulatory streamlining to reduce the cost of making loans, pointing out that excessive requirements
add 30–50 basis points to mortgage costs.

L'Oréal (Q2 2025)

The European market saw deceleration, prompting focus on market resilience and investment
strategy.

Market Performance and Outlook:

• Europe Slowdown: European growth slowed in the second quarter, representing the region's
lowest quarterly growth since the COVID years. This deceleration involved a noted discrepancy
between sell-in and sell-out, though management remains optimistic about the long-term structural
changes in the European beauty market.

• Investment Plan: Management addressed the nature of its "beauty stimulus plan," fielding
questions on whether this high investment level is a temporary response to volatile environments or
a sustainable, multi-year strategy.

• Net Profit: Net profit after non-controlling interests decreased to €3,368.0 million as of June 30,
2025, compared to €3,744.6 million in June 2024.

LVMH (Q2 2025)

The luxury goods conglomerate prioritized efficient cash management while noting market segment
variation.

Financial and Cash Flow Management (H1 2025):

• Net Profit: Net profit before minority interests for the first half was €5,915 million.

• Cash Generation: Despite maintaining elevated investments, the company successfully generated
incremental cash flow through rigorous lean management of inventories. Net cash from operating
activities was €7,881 million.

• Confidence: Management remains highly confident in the future and the durability of its Maisons'
competitive advantages once macro headwinds subside.

Segment Highlights:

• Selective Retailing: This division delivered strong results, particularly Sephora, which
demonstrated accelerating growth and market share gains. DFS losses narrowed but the business
has not yet reached break-even status.

Mastercard (1Q 2025 and 2Q 2025)

Mastercard reported strong transaction volumes globally and is actively pursuing the vast
commercial payments opportunity.

Volume Growth (Q2 2025 Worldwide, Local Currency Y-o-Y):

• Purchase Volume: Grew 10.0%.

• Regional Strength: Latin America exhibited particularly strong local currency growth in Gross
Dollar Volume (GDV) (17.2%) and Purchase Volume (19.1%). Europe also showed strong Purchase
Volume growth of 14.9%.

• Debit vs. Credit: Debit Programs demonstrated higher growth across GDV (11.2% USD) and
Purchase Volume (12.4% Local) compared to Credit and Charge Programs (7.4% USD GDV; 8.1%
Local Purchase Volume).

Commercial Strategy:

• Market Opportunity: The Commercial Point-of-Sale (POS) market is estimated to be a $16 trillion
opportunity, where cards currently hold less than 10% market share.

• Growth Drivers: The company is staffed globally with specialized teams focused on expanding the
commercial POS business through issuer relationships, fleet cards, and supporting small business
digitization.

Meta Platforms (1Q 2025 and 2Q 2025)

AI infrastructure capacity remains a critical limiter for various internal projects.

• AI Bottleneck: Management indicated that a number of projects and even testing for core
advertising ranking teams are currently bottlenecked by existing AI capacity.

• Strategic Direction: The company is focusing on key learnings from the evolving AI strategy to
inform future shifts in talent acquisition and M&A.

Nestlé (Q2 2025 Guidance)

Management is prioritizing internal growth metrics and margin stability.

• Real Internal Growth (RIG): Management sought to provide clarity regarding the factors
influencing RIG in the second half of 2025 and reaffirmed confidence in achieving positive RIG
results.

• Margin Outlook: Questions addressed the outlook for 2026 margins and sought clarification on
whether the margin guidance incorporates indirect effects of tariffs or is solely focused on currency
effects.

Netflix (1Q 2025)

Netflix's geographic revenue composition showed diverse growth rates, while the company
maintained focus on long-term strategy.

Regional Revenue Growth (Q1 2025 Y/Y % Growth):

• UCAN: Revenue reached $4,617 million, growing 9%.

• EMEA: Revenue reached $3,405 million, growing 15%.

• APAC: Revenue reached $1,259 million, leading with 23% growth.

Financial Outlook:

• Operating Margin: The full-year operating margin forecast remains 29%. Quarterly margins are
volatile, primarily driven by the timing of content costs, which are expected to ramp up in Q3 and Q4
due to major title returns and a dense Q4 film slate.
• Non-GAAP Focus: Management stresses the importance of non-GAAP measures like Free Cash
Flow for assessing liquidity, debt repayment, and strategic investments.

NVIDIA (Q1 FY26 and Q2 FY26)

NVIDIA continues its aggressive pace of product development, positioning new architecture and
networking solutions to capture AI market growth.

AI Architecture and Performance:

• Grace Blackwell (GB200): This platform is identified as the optimal solution for reasoning AI,
capable of delivering inference performance up to 40 times higher speed and throughput compared
to Hopper.

• Product Cycle Strategy: The company is now on an annual architectural rhythm (Blackwell
followed by Ruben) to accelerate customer cost reduction and maximize revenue generation
capabilities, recommending partners align their data center builds accordingly.

Networking Ecosystem:

• Advanced Networking: NVIDIA now offers three core networking technologies: MVLink (scale up),
Infiniband (scale out for supercomputing), and Spectrum Ethernet (scale out/across).

• Spectrum X: This specialized Ethernet solution is a high-growth area, already achieving over $10
billion in annualized revenue despite its relative youth.

Novo Nordisk (1Q 2025 and 2Q 2025)

Novo Nordisk faced market challenges related to compounding competition, despite phenomenal
growth in key obesity products.

Sales Performance (Q1 2025 CER):

• Total Sales Growth: Grew 18%. US Operations grew 17%; International Operations grew 19%.

• Wegovy Growth: Sales surged 83% overall, driven by International Operations growing 392% and
EUCAN growing 150%. US growth was 39%.

• Total GLP-1: Sales totaled DKK 39,574 million, growing 11%. Novo Nordisk remains the global GLP-
1 volume market leader, serving nearly two-thirds of all patients.

Financial Outlook Revision and Strategy:

• Guidance Downgrade: The 2025 full-year outlook was reduced due to lower-than-anticipated
branded GLP-1 penetration, primarily impacted by the rapid expansion of compounding in the US.

◦ Sales growth forecast reduced from 16–24% CER to 13–21% CER.

◦ Operating profit growth reduced from 19–27% CER to 16–24% CER.

• Patient Retention: The current average duration of GLP-1 therapy is approximately 7.4 months, a
figure that continues to increase.

• Alternative Channels: The company has an option for cash channel distribution of obesity products
via NovoCare Pharmacy, reflecting a long-term view on meeting patient access needs.

Oracle (Q2 FY25 and Q4 FY25)

Oracle's cloud strategy is aggressively focused on integrating within competitors' infrastructures to
expand reach.

• Multi-Cloud Strategy: Oracle is pursuing a strategy of embedding its OCI data centers inside rival
cloud platforms (AWS, Google, Azure) globally.

• Expansion Target: Management aims to have 40 Oracle cloud regions operating within 12 months
(around Q2 FY26), providing multinational customers with necessary primary and backup data
centers across North America, Europe, and Asia.

• Q4 Financials: Total revenues grew 11% year-over-year to $15,903 million. Non-GAAP operating
margin decreased 244 basis points to 44%. Property, plant and equipment doubled from $21,536
million (May 31, 2024) to $43,522 million (May 31, 2025), reflecting massive infrastructure
investment.

Philip Morris International (PMI) (1Q 2025 and 2Q 2025)

PMI's ZYN brand showed exceptional early growth, but challenges related to inventory and
regulation remain key discussion points.

• ZYN Performance: Q1 ZYN shipment growth was 53%. However, subsequent inventory restock
levels were lower than anticipated. Management raised the full-year ZYN shipment guidance but this
implies a deceleration of growth for the remainder of the year.

• Regulatory Environment (EU): The initial proposal for the EU Tobacco Excise Directive (EU TED) is
notable because it introduces tax differentiation between smoke-free and combustible products, a
favorable dynamic for PMI's Next Generation Products (NGPs).

Procter & Gamble (P&G) (Q2 FY26 Guidance)

P&G provided insight into the timing of future productivity gains.

• Productivity Savings: The company expects productivity savings, which will offset headwinds, to
start materializing primarily in the second half of the fiscal year. The midpoint of headwinds and
mitigation efforts is factored into the midpoint of the company's overall guidance range.

Roche (Q2 2025)

Roche reported impressive growth in its core pharmaceutical segments and outlined future pipeline
milestones.

Pharmaceuticals Performance (H1 2025 CER):

• Total Sales Growth: The Pharmaceuticals Division achieved 10% sales growth, totaling CHF 23,985
million.

• Key Drivers: Oncology/Haematology grew 7%, driven strongly by Haematology sales growth of
19%. Immunology grew 14% and Ophthalmology grew 17%.

• Hemlibra: The blood disorder drug showed strong performance, particularly driven by increased
penetration in the non-inhibitor patient group.

Pipeline and Diagnostics:

• Trontinemab: The Alzheimer's disease candidate is proceeding to Phase 3, supported by Phase 2
data demonstrating plaque reduction and a highly acceptable safety profile, addressing a large
market opportunity.

• Diagnostics Innovation: Roche announced the FDA clearance (with CLIA waiver) of the Cobas at
CTNG point-of-care solution, which expands the molecular diagnostics menu leveraging the installed
base of over 13,500 LEAD analyzers.

SAP (Q1 2025 and Q2 2025)

SAP demonstrated resilience against macroeconomic headwinds, though large deals are facing
elongation.

Macro and Sales Trends:

• Deal Elongation: While the company has not lost any mega deals, deal cycles have lengthened due
to customers requiring additional top-level approval and stricter cost controls amid macro
uncertainty. A slight deceleration in Cloud Consumption Business (CCB) growth is anticipated in the
second half of the year.

• Business Data Cloud (BDC): Management aims for normalization of BDC trends over the next three
years, assessing whether the new data lake platform will be purely additive or substitute existing SAP
spend.

Cash Management:

• Transformation Credits: Management explained that "transformation credits" (cash vouchers

given to customers for non-recurring cloud migration costs) temporarily result in negative cash
conversion in the early phases of a deal, which is recovered over the full transaction term.

Salesforce (Q2 FY26)

Salesforce executed a large, strategic M&A deal focused on integrating AI capabilities.

• Informatica Acquisition: Salesforce signed a definitive agreement to acquire Informatica for $8

billion, intending to merge its #1 AI CRM capabilities with Informatica's #1 AI Master Data
Management (MDM) and Extract, Transform, Load (ETL) technology.

Samsung (Q2 2025)

Samsung emphasized significant strides in High Bandwidth Memory (HBM) production and detailed
its advanced foundry roadmap.

Memory Business (HBM):

• Shipment Growth: HBM bit shipments increased 30% quarter-on-quarter in Q2.

• HBM 3E Ramp: The share of HBM 3E in total HBM sales volume reached the high 80% range in Q2
and is projected to exceed 90% in Q3.

• HBM4 Development: Samples of HBM4 (based on the 1C process) have been developed and
shipped to major clients. HBM4 is designed to offer twice the performance and substantial energy
efficiency improvements over HBM3E.

Foundry Strategy:
• 2-Nano Roadmap: Development of 2-nanometer (N2) nodes is underway, with the objective of
enhanced performance and maturity. Profitability for N2 is forecast to be superior to N3.

• Dual-Track Approach: To improve execution and manage complexity, the company is adopting a
"two-track development approach" distinguishing between leading technologies (for lead
customers) and platform technologies (for broader global customers).

T-Mobile US (Q1 2025 and Q2 2025)

The company is focused on execution, profitable growth, and a defined strategy for fixed broadband
expansion.