Lenovo Group Limited · HKEX:992
Lenovo — Q3 2026 Earnings Presentation
31 slides from Lenovo's earnings presentation, Feb 12, 2026
Slide 1: Q3FY26 Earnings Announcement
Q3FY26 Earnings Announcement February 12, 2026 2026 Lenovo Internal. All rights reserved. 2026 Lenovo Internal. All rights reserved.
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation contains “forward-looking statements”, which are statements that refer to the expectations and plans for the future and include, without limitation, statements regarding Lenovo’s future results of operations, financial condition or business prospects as we
Slide 3: Yuanqing Yang, Chairman & CEO
Yuanqing Yang Chairman & CEO February 12, 2026 2026 Lenovo Internal. All rights reserved.
Slide 4: Outstanding quarter, commitments delivered, relentless innovation
Outstanding quarter Relentless innovation Commitments delivered Operational excellence 2023 Lenovo Internal. All rights reserved. 4
Slide 5: Performance: Group
Performance: Group Extraordinary results • Revenue: $22.2 billion, record high, delivering on commitments +18% YoY • Adjusted net income*: $589 million, +36% YoY • Main businesses(IDG/ISG/SSG): all double-digit YoY revenue growth • AI becoming leading growth engine: AI related revenue 32% of group t
Slide 6: Performance: IDG
Performance: IDG Extraordinary results • Revenue $15.8 billion, +14% YoY delivering on commitments • Strong profitability, operating margin 7.3% • PC: revenue +18% YoY; industry-leading profitability; premium-to-market growth for 10 consecutive quarters; 2025 full year market share 24.9%, all time h
Slide 7: Performance: ISG
Performance: ISG Extraordinary results delivering on commitments • Revenue $5.2 billion, +31% YoY • AI infrastructure revenue +59% YoY with strong pipeline • Neptune liquid cooling solutions revenue +300% YoY • Strategic restructuring: better capturing market trend, delivering $200 million annualize
Slide 8: Performance: SSG
Performance: SSG Extraordinary results delivering on commitments • Revenue $2.7 billion, +18% YoY • Operating margin 22.5% • Managed Services revenue +22% YoY • Projects & Solutions revenue +16% YoY • Support Services revenue +16% YoY • AI solutions: accelerated growth in manufacturing, retail, spor
Slide 9: Outlook: Strategic Execution & Outlook
Outlook: Strategic Execution & Outlook Strive forward ⚫ Driving Hybrid AI strategy, capturing the through innovation & growth opportunity of AI democratization operational excellence ⚫ Personal AI: building global AI super agent Lenovo Qira & a series of smart devices ⚫ Enterprise AI: bringing AI in
Slide 10: Smarter AI for All
Smarter AI for All 2025 Lenovo Internal. All rights reserved. 10
Slide 11: Winston Cheng, Chief Financial Officer
Winston Cheng Chief Financial Officer February 12, 2026 2026 Lenovo Internal. All rights reserved.
Slide 12: Record Quarter Revenue Driven by Hypergrowth in AI
Record Quarter Revenue Driven by Hypergrowth in AI ✓ Record quarter revenue of US$22.2B Record revenue and YoY (+18% YoY), with double-digit YoY revenue operating margin expansion growth across all Business Groups SSG Record revenue with robust AI server revenue growth and pipeline ISG PCSD ✓ AI-rel
Slide 13: Strong Operating Results Demonstrating Resilience
Strong Operating Results Demonstrating Resilience 3QFY25/26 Net Income1: Non-HKFRS Adjustments ($M) ✓ Excluding non-operating non-cash items, and one-time benefits and charges: 589 ✓ Adjusted operating income increased 28% 29 -45 546 -40 285 YoY to US$903M -186 ✓ Adjusted net income1 grew 36% YoY to
Slide 14: IDG: Intelligent Devices Group
IDG Intelligent Devices Group ($M) Revenue ($M) Operating Profit ✓ Expanded PC market leadership with 25.3% 1 (+1.0pt YoY) global market share, extending our lead over the next +14% +15% competitor by 5pts; 2nd consecutive quarter as the only 15,755 1,153 vendor to surpass 25% global PC market share
Slide 15: IDG Key Product Launches at CES 2026
IDG Key Product Launches at CES 2026 Aura Edition ThinkBook Plus Gen 7 ThinkCentre X Series Moto Signature & Adaptive Intelligence Auto Twist All-in-One Design Moto Razr Fold Yoga Pro 9i ThinkPad X1 2-in-1 • Yoga Pro 9i Aura Edition – • Featuring a motorized dual- • Modern workspace delivering AI- •
Slide 16: Cross-Device AI Ecosystem Enabled by End-to-end Super-Agent
Cross-Device AI Ecosystem Enabled by End-to-end Super-Agent Leveraging Lenovo’s Multi-device Advantage Your Personal AI Twin Presence Actions Perception System-level, always-available Executes tasks using on-device + Learns user context with a fused intelligence across devices cloud AI and orchestra
Slide 17: ISG: Infrastructure Solutions Group
ISG Infrastructure Solutions Group ✓ Record quarterly revenue, +31% YoY, driven by record ($M) Revenue ($M) Operating Profit/(Loss) CSP revenue from an expanding customer base, +31% -$12M Enterprise and SMB transformation, and accelerated AI server momentum; Continued sequential improvement 5,176 in
Slide 18: Setting the Stage to Capture the Enterprise AI Wave
Setting the Stage to Capture the Enterprise AI Wave Accelerated Transformation Plan to Enhance Core Competitiveness Why - Capturing the What - Clear Path to How - Positioned for Enterprise AI Wave Sustainable Profitability Long-Term Value Creation • AI adoption scaling into ESMB, creating Near Term
Slide 19: A Differentiated & Comprehensive AI Infrastructure Portfolio
A Differentiated & Comprehensive AI Infrastructure Portfolio CSP ESMB HPC & AI Strategic Collaboration with Newly Launched AI Neptune to Enable Reliable NVIDIA on AI Cloud Inferencing Portfolio for Formula 1 Live Broadcasts Gigafactory Various Workloads Powerful Inferencing ThinkSystem SR675i Most p
Slide 20: SSG: Solutions & Services Group
SSG Solutions & Services Group ✓ 19th consecutive quarter of double-digit growth (+18% ($M) Revenue ($M) Operating Profit YoY); Operating margin reached 22.5%, near historical high +18% +30% ✓ Managed Services and Project & Solutions1 revenue 596 2,652 mix reached 59.9%, generating sustainable servi
Slide 21: SSG Strategically Positioned in the Fastest Growing Segments
SSG Strategically Positioned in the Fastest Growing Segments Revenue Mix SSG Core Growth Drivers US$360B Managed Services + Project & Solutions: 4-yr CAGR 23.9% Attractive Market Opportunities • Differentiated, tech-led service cost optimization for in DWS, Hybrid Cloud & AI, Sustainability Managed
Slide 22: Launch of Lenovo Agentic AI and Lenovo xIQ
Supercharging Enterprise AI with the Launch of Lenovo Agentic AI and Lenovo xIQ Lenovo Agentic AI A full-lifecycle enterprise AI solution: AI-native delivery platforms: • Create, deploy & manage • xIQ Agent Platform: rapid, no-code AI production-ready AI agents agent creation in minutes • Governance
Slide 23: Lenovo at CES 2026: Broadest Product Portfolio at Scale
Lenovo at CES 2026 The Broadest Product Portfolio at Scale Showcasing Innovation Leadership for the Global AI Ecosystem 2026 Lenovo Internal. All rights reserved. 23
Slide 24: 2026 Lenovo Internal. All rights reserved.
2026 Lenovo Internal. All rights reserved.
Slide 25: Supplemental Financial Materials
Supplemental Financial Materials 1. Financial Summary 2. Condensed Consolidated Income Statement 3. Condensed Consolidated Balance Sheet 4. Condensed Consolidated Cash Flow Statement 5. Non-HKFRS Adjustments 2026 Lenovo Internal. All rights reserved.
Slide 26: 1. Financial Summary
1. Financial Summary US$ Million 3Q FY24/25 3Q FY25/26 YoY% Revenue 18,796 22,204 18% Gross profit 2,959 3,349 13% Operating expenses (2,271) (2,401) 6% Operating profit 688 948 38% Operating profit (Adjusted) 708 903 28% Other non-operating income/ (expenses) - net (171) (130) -24% Profit before ta
Slide 27: 2. Condensed Consolidated Income Statement
2. Condensed Consolidated Income Statement US$ Million 3Q FY24/25 3Q FY25/26 Revenue 18,796 22,204 Cost of sales (15,837) (18,855) Gross profit 2,959 3,349 Selling and distribution expenses (954) (1,059) Administrative expenses (710) (729) Research and development expenses (621) (638) Other operatin
Slide 28: 3. Condensed Consolidated Balance Sheet
3. Condensed Consolidated Balance Sheet US$ Million As of Dec 31, 2024 As of Dec 31, 2025 Current assets 28,334 35,438 Bank deposits and cash 4,071 5,335 Trade, lease, notes and other receivables 14,542 20,510 Inventories 9,148 9,077 Others 573 516 Non-current assets 16,147 17,194 Property, plant an
Slide 29: 4. Condensed Consolidated Cash Flow Statement
4. Condensed Consolidated Cash Flow Statement US$ Million 3Q FY24/25 3Q FY25/26 Net cash generated from operating activities 344 952 Net cash used in investing activities (335) (591) Net cash used in financing activities (99) (237) (Decrease)/increase in cash and cash equivalents (90) 124 Effect of
Slide 30: 5. Non-HKFRS Adjustments
5. Non-HKFRS Adjustments US$ Million 3Q FY24/25 3Q FY25/26 Profit Profit Operating Profit before Profit for the attributable Operating Profit before Profit for the attributable profit taxation period to equity profit taxation period to equity holders holders As reported 688 517 701 693 948 818 648 5
Slide 31: Smarter technology thanks. Lenovo
Smarter technology thanks. Lenovo