Sandisk Corporation · NASDAQ:SNDK
Sandisk — Investor Day (February 2025)
105 slides from Sandisk's investor day presentation, Feb 11, 2025
Slide 1: Disclaimers
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Disclaimers FORWARD-LOOKING STATEMENTS FINANCIAL INFORMATION This presentation contains forward-looking anticipated timeline or at all, including the Registration Statement filed with the SEC on
Slide 2: Investor Day - David Goeckeler, CEO
INVESTOR DAY 02.11.25 PHASE 01 /// DAVID GOECKELER /// CEO (→)
Slide 3: The world is more technology enabled and technology dependent
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED OUR MARKETS (→) STRONG AND GROWING THE WORLD IS MORE (→) TECHNOLOGY ENABLED AND (→) TECHNOLOGY DEPENDENT THE WORLD’S TECHNOLOGY PLATFORM FROM THIS Powerful Cloud Connected to Intelligent COMES De
Slide 4: Cloud build-out and device enablement
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED OUR MARKETS (→) STRONG AND GROWING CLOUD CLOUD TAM 2024 BUILD-OUT 224EB DEVICE ENABLEMENT Cloud growth (→) emerging use cases (→) eSSD demand 2000 2010 2020 DEVICES TAM 2024 645EB • PCs grow to 2
Slide 5: AI accelerating growth across cloud and devices
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED OUR MARKETS (→) STRONG AND GROWING Edge Inference AI (→) ACCELERATING AI Inference GROWTH ACROSS AI Infrastructure CLOUD AND DEVICES Run Rate: PC / MobilE / Consumer / Core DC • 2024 eSSD grew •
Slide 6: Innovation, Scale, Agility, Resilience
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED INNOVATION SCALE AGILITY RESILIENCE
Slide 7: Innovation
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED INNOVATION DECADES OF FLASH INNOVATION EXTENSIVE SYSTEMS EXPERTISE DEEP MEMORY & STORAGE FOUNDATIONAL OVER 11,000 TOTAL SEMICONDUCTOR NAND IP PATENT ASSETS EXPERTISE WORLDWIDE
Slide 8: Scale
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED + JV SCALE 2000 (→) TODAY (→) 2034 BiCS INNOVATIONS MANUFACTURING • Multi-Dimensional Scaling • Yokkaichi and Kitakami Japan Megasites • Capital Efficiency • Sandisk Jointly Develops and Owns
Slide 9: Agility
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AGILITY CAPABILITIES TO BROAD PORTFOLIO CAPTIVE BACKEND TO MOVE AT THE SPEED TO INCREASE DYNAMICALLY MIX BITS OF THE MARKET OPTIONALITY FOR OPTIMAL OUTCOME
Slide 10: Resilience
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED RESILIENCE MULTIBILLION IP LICENSING LINE OF SIGHT TO DOLLAR BRANDED REVENUE CASH POSITIVE CONSUMER BALANCE SHEET PORTFOLIO
Slide 11: Innovation, Scale, Agility, Resilience
2.0 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED INNOVATION SCALE AGILITY RESILIENCE
Slide 12: A Board Built For This Industry
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Board Built For This Industry Kimberly Alexy Thomas Caulfield David Goeckeler Matthew Massengill Miyuki Suzuki Necip Sayiner Rick Cassidy Ellyn Shook Devinder Kumar
Slide 13: A Management Team Built For Our Opportunity
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Management Team Built For Our Opportunity David Goeckeler Luis Visoso Christine Bastian Jerry Kagele Bernard Shek Chief Executive Officer Finance People Solutions Revenue Legal Don Angspatt Alp
Slide 14: Future Fwd Investor Day Agenda
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED FUTURE FWD (→) INVESTOR DAY AGENDA Structurally Improving Industry Value Creation Opportunity IVAN DONALDSON LUIS VISOSO NAND Flash Technology Leadership Next Wave of Technology Innovation ALPER
Slide 15: Structurally Improving Industry
STRUCTURALLY IMPROVING (→) INDUSTRY INVESTOR DAY 02.11.25 PHASE 01 /// Ivan Donaldson /// Vp, Investor Relations (→)
Slide 16: Focused on Generating Higher Returns
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Focused on Generating Higher Returns Healthy Demand – Headed Towards $100B TAM 1 • Diverse and stable demand drivers • Maturing growth outlook moving beyond previous market shocks • AI-driven dem
Slide 17: Diverse and Improving Demand Forecast
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Diverse and Improving Demand Forecast NAND DEMAND BY END MARKET Growth Drivers Forecast CAGR 2,000 12% (←) (→) Historical Forecast Autonomy / Robotics 1,800 IoT / Industry 5.0 +35% CAGR 1,600 AR
Slide 18: Healthy WFE CapEx Outlook and Capital Intensity
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Healthy WFE CapEx Outlook (→) 3D era economics required higher average WFE spend INDUSTRY NAND WFE CAPEX & CAPITAL INTENSITY, CY12-CY26E to maintain similar volume $B growth targets $25 60% 57% 5
Slide 19: Slowing Cost/Bit Reductions Best Suited for Margin Improvement
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Slowing Cost/Bit Reductions Best Suited for Margin Improvement Technology Evolution and Bit CAGR of Four CAGR of Four 2D NAND 3D NAND Cost Reduction Generations Generations Bit Growth Rate 27% 39
Slide 20: Short-Term Headwinds, Slowing Supply Growth, Forecasted Undersupply 2H'25
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Short-Term Headwinds, Slowing Supply Growth, Forecasted Undersupply 2H’25 Future Demand Exceeds Industry Supply Demand Supply Suppliers Consumed Excess Inventory EB Supply Correction Aligned with
Slide 21: Structurally Improving Industry
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Structurally Improving Industry 1 Maximizing return on investment 2 3
Slide 22: NAND Flash Technology Leadership
(→) NAND FLASH TECHNOLOGY LEADERSHIP INVESTOR DAY 02.11.25 PHASE 01 /// Alper Ilkbahar /// SVP, Memory Technology (→)
Slide 23: Legacy of Innovation
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED LEGACY OF INNOVATION 2D NAND Flash (→) 3D NAND Flash (→) 1 Gb (→) 10 Gb (→) 100 Gb (→) 1 Tb (→) 1Gb 2Gb >1,000x X2-160nm X2-130nm 4Gb * X2-90nm World’s Cost reduction COST (LOG SCALE) 8Gb (2001~2
Slide 24: BiCS8 218-Layer NAND With CBA Technology
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED BiCS8 218-Layer NAND With CMOS Bonded Array (CBA) Technology Improvements Over Previous Generation Engineered Around Performance, Power Efficiency, and Density >50% Memory Density +12% Layer Dens
Slide 25: Four Vectors of 3D NAND Scaling
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Cost Reduction % / Bit Growth %1 Four Vectors of 3D NAND Scaling Higher is Better Lateral Overhead Overhead Memory Hole Staggering and Scaling Density Overhead Reduction ~1 Logical à Scaling ER 1
Slide 26: Balancing Vertical and Lateral Scaling
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Balancing Vertical and Lateral Scaling 400 350 Competition 300 NUMBER OF LAYERS 250 GB/CM 2 200 150 100 50 30 40 50 BIT DENSITY PER LAYER [Bits/um2] SOURCE: SANDISK ESTIMATES.
Slide 27: Technology Design Guiding Principles
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Technology Design Guiding Principles AI Compute Edge & DC What Features Matter? Node Generations Designed to Support Various Features Across Different Market Applications Capacity Performance Pow
Slide 28: Nodes Designed to Optimize Sandisk Capital Intensity
7 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Nodes Designed to Optimize Sandisk Capital Intensity FLASH CAPEX / % PETABYTE OUTPUT INCREASE* + Rolling 3 Year Average from 2018 - 2024 INDUSTRY INDUSTRY / ( + ) CAPEX/% OUTPUT INCREASE [au] 1
Slide 29: World's Highest Capacity Memory Die in Production
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED WORLD’S BiCS8 2Tb QLC HIGHEST (→) With CBA Technology CAPACITY MEMORY DIE IN PRODUCTION Designed to Meet Data Center / AI Storage Needs
Slide 30: BiCS8 Is Performance and Power Leader
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED BiCS8 Is Performance and Power Leader SANDISK QLC PERFORMANCE AND POWER EFFICIENCY VS. COMPETITION HIGH SPEED Low Latency High Efficiency 67% 11% 34% 27% 30% 28% Competition Competition Gen9* Gen
Slide 31: BiCS8 CBA Technology Enables a New Vector of Innovation
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED BiCS8 CBA Technology Enables a New Vector of Innovation A B C Cell/ Array Wafer CMOS Wafer
Slide 32: CBA: Higher Cell and I/O Performance
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA Cell/Array Wafer Higher Cell and I/O Performance CMOS Bonded Array CMOS Wafer
Slide 33: CBA: Lower Fab Cycle Time
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA Lower Fab Cycle Time
Slide 34: CBA: Chip X Shrink
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA CHIP X SHRINK Staircase Staircase Staircase Staircase Cell Array Cell Array Staircase Staircase Staircase Staircase Cell Array Cell Array Staircase Staircase Staircase Staircase Cell Arra
Slide 35: CBA: Chip Y Shrink
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA CHIP Y SHRINK 20 19 18 17 Str4 Dummy Row 20 16 19 15 18 14 17 Str4 13 Str3 16 Dummy Row 15 12 14 13 Str3 BiCS6 11 10 12 9 Str2 11 BiCS8 Dummy Row 10 8 7 9 8 Str2 New Advanced Scaling Tech
Slide 36: CBA-Enabled Roadmap Flexibility
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) CBA CBA-ENABLED INNOVATION FLEXIBILITY POWER EFFICIENCY PERFORMANCE/ Traditional Technology Roadmap BiCS9 Next Gen BiCS BiCS8 BiCS6 CBA-Enabled Roadmap Flexibility LAYERS/BITS/CAPEX
Slide 37: Test Technology as a Competitive Advantage
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Test Technology as a Competitive Advantage (→) AI Assisted Manufacturing TEST COST/PRODUCT COST (→) Maximize Bit Consumption % (→) Internal Test Platforms WITHOUT Test Innovations +320% Wafer Lev
Slide 38: Sneak Preview: Next Gen BiCS
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED SNEAK (→) Next Gen BiCS PREVIEW 3xx-Layer 1Tb TLC CBA Technology Improvements Over Previous GeneratioN >59% Memory Density >30% Transfer Speed +18% Program Bandwidth +10% Read Bandwidth Debuting
Slide 39: Product Leadership
PRODUCT (→) LEADERSHIP INVESTOR DAY 02.11.25 PHASE 01 /// KHURRAM ISMAIL /// SVP, Flash ENGINEERING & Product MGMT (→)
Slide 40: 30 Years of Flash Innovation
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 30 Years of Flash Innovation Evergreen & Resilient Flash Industry : Bit Shipments (EB) By Calendar Year Boom! PRE-2005 2005-2022 2025+ 2500 Themes / Drivers Themes / Drivers: AI Boom! 2236 Intern
Slide 41: Talented Global Systems Team
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Talented Global Systems Team Engineering & Product Scotland China USA Israel Milpitas Korea Irvine Longmont Chandler Rochester India Taiwan SANDISK PATENT HOLDINGS DECADES OF FLASH INNOVATION WW
Slide 42: Data Center Platform
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Scalable Enterprise Architecture Enable BiCS Generations AI Compute (→) (→) (→) (→) (→) (→) Data Center (→) (→) (→) cSSD eSSD Platform Leverage Decades of Innovation Customized Controller AI Stor
Slide 43: Product Segment Strategy
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Product Segment Strategy Auto+, 19 Aggressive Growth Sustained Leadership Data Center Client, 277 Consumer & Client Data Center, 298 1+ZB Consumer, 59 Mobile, 372 Selective Focus 2025 EB Demand F
Slide 44: Sustained Leadership
SUSTAINED (→) LEADERSHIP INVESTOR DAY 02.11.25 PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 45: Client SSD Market Leading Portfolio
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Client SSD Market Leading Portfolio PC MAINSTREAM PC PERFORMANCE PC VALUE Leading Supplier +25% Blue Green Client Global Market Share Handheld PC Xbox Series X|S Black PlayStation 5 SOURCE: SOURC
Slide 46: Client SSD PC Technology Transitions
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Client SSD PC Technology Transitions QLC CLIENT RAMP GEN 5 PCIe CLIENT RAMP 100% 100% QLC 90% Capacity Drivers 90% 80% 80% • 8K Content Creation 70% • Media Upscaling 70% 60% • Generative AI Tool
Slide 47: 2025 Client Product Introductions
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 2025 Client Product Introductions QLC Platform TLC Platform VALUE PERFORMANCE PCIe® Gen 4 PCIe® Gen 5 From BiCS6 to From BiCS6 to BiCS8 BiCS8 Target Performance Performance Increase Specification
Slide 48: Selective Focus
SELECTIVE (→) FOCUS INVESTOR DAY 02.11.25 PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 49: Selective Focus in Mobile & IoT
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Selective Focus in Mobile & IoT 2025 MOBILE & IoT TAM EB MIX MCP Discrete 49% 51% Multi Chip Stand Alone Package Storage Value Premium Devices Devices Focus On Discrete Solutions Utilizing Our Fu
Slide 50: High-Growth Segment of Automotive
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED High-Growth Segment of Automotive 2025 to 2028 Automotive EB Shipment CAGR +35% (→) Autonomous Driving First to Market (→) Advanced Driver Assist Systems UFS 4.1 (→) eCockpit (→) UFS 4.1 (→) NVMe
Slide 51: Aggressive Growth: Data Center
AGGRESSIVE GROWTH (→) DATA CENTER INVESTOR DAY 02.11.25 PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 52: AI Storage Needs Across All 6 Stages of the AI Data Cycle
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AI Storage Product Needs Will Grow Across All 6 Stages of the AI Data Cycle STAGE 1 STAGE 2 STAGE 3 STAGE 4 STAGE 5 STAGE 6 Raw Data Data AI Model Interface & AI Inference New Archives, Preparati
Slide 53: AI Data Lake Storage Needs 100PB+
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AI Data Lake Storage Needs Massive High-Performance Data Set Used for Training and Inference Real World AI Cluster Example 16 GPUs × 252 RACKS = 4,032 GPUs/RACK GROUP × 8 RACK GROUPS = 32,256 GPU
Slide 54: Data Center Compute Performance eSSD
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Compute Performance eSSD Cutting-Edge PCIe® Gen5 PCIe® Gen5 DC SN861 E1.S SSDs Enterprise-Class Speeds Certified to Support the NVIDIA® GB200 NVL72 Rack-Scale System Maximizing GPU Ut
Slide 55: AI Data Lake Storage Needs 100PB+
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AI Data Lake Storage Needs Massive High-Performance Data Set Used for Training and Inference Real World AI Cluster Example 16 GPUs × 252 RACKS = 4,032 GPUs/RACK GROUP × 8 RACK GROUPS = 32,256 GPU
Slide 56: AI Data Lake Storage Needs
01 252 01 252 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 01 02 ... 01 02 ... 01 02 ... 01 02 AI Data Lake Storage Needs 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× 8× Massive High-Performance Data Set Used for Training and Inference RACK
Slide 57: UltraQLC
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED New Technology (→) (→) UltraQLC ™ (→) (→) (→) (→) Density, Performance, and Power Efficiency. No Compromise.
Slide 58: UltraQLC: Density, Performance, and Power Efficiency
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC ™ NEW NEW Density, Performance, and Power Efficiency. No Compromise. Customized Controller Advanced System Design Specialized Hardware Accelerators Sandisk Flash System Optimizations BiC
Slide 59: UltraQLC Customized Controller
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC Customized Controller ™ (→) (→) (→) (→) (→) (→) Specialized Hardware Accelerators Power Scaling Per Achieving Peak Performance Workload Demand (→) (→) (→) (→) (→) (→) Scalable to Integra
Slide 60: UltraQLC Advanced System Design
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED UltraQLC Advanced System Design ™ (→) Flash System Optimizations that Optimization Example (→) Enable the High-Performance QLC, (→) Leveraging Our Leading NAND Nodes and Controllers Machine Learn
Slide 61: Data Center Storage New Product Launch: UltraQLC
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Storage New Product Launch UltraQLC ™ Projected Performance Increase Compared to DC SN670 NVMe ™ Leading Gen 5 128TB QLC SSD* +68% Random Read Speed +55% Random Write Speed (→) PCIe®
Slide 62: DC SN670 Shipping Q3 2025
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Storage New Product Launch UltraQLC ™ DC SN670 NVMe ™ Shipping Q3 2025 128TB 122.88TB Usable Capacity (→) PCIe® Gen 5 QLC SSD (→) BiCS8 NAND Technology 64TB 61.44TB Usable Capacity ON
Slide 63: 1 Petabyte eSSD Drive Platform
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED 1 Petabyte eSSD Drive Platform Meeting the High-Capacity Demand of AI 1PB 512TB 256TB 128TB CY25 CY26 CY27
Slide 64: Data Center Complete Portfolio Compute and Storage
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Data Center Complete Portfolio Compute and Storage Compute STORAGE DC SN861 DC SN670 High-Performance High-Capacity PCIe® Gen5 PCIe® Gen 5 TLC UltraQLC™ 128TB 2TB 4TB 122.88TB Usable Capacity 8TB
Slide 65: Consumer Business
(→) CONSUMER BUSINESS INVESTOR DAY 02.11.25 PHASE 01 /// Janet Allgaier /// SVP, Consumer Products (→)
Slide 66: Janet Allgaier, SVP Consumer Products
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED (→) JANET 25 Years of Experience Brand Management & Marketing Procter & Gamble ALLGAIER SVP, Consumer Products Iconic Pampers Global Always Brands Olay Gillette Safeguard Old Spice
Slide 67: Brand Equity: Sandisk is a Powerful Brand
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED Brand Equity (→) Sandisk is a Powerful Brand Industry Pioneer with a Leadership Presence Consumers Trust Sandisk has Strong Our Brand (→) Brand Recognition Willing to Pay ~73% Aided Brand Awareness a Premium
Slide 68: Best in Class Innovation with Delightful Design Cues & Partnerships
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED Best in Class Innovation with (→) Delightful Design Cues & Partnerships Cards SSD USB #1 uSD, SD Cards #1 Portable SSDs #1 USBs SOURCE: SANDISK INTERNAL COMPANY ANALYSIS (2024 MARKET SHARE IN SELECT REGIONS)
Slide 69: Sandisk is Especially Loved by a Few Key Targets
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk is Especially Loved by a Few Key Targets Camera Enthusiasts Gamers Creators 3.4B 300M SOURCE: NEWZOO, ADOBE.
Slide 70: Value Creation Opportunity
VALUE CREATION STRICTLY CONFIDENTIAL (→) OPPORTUNITY INVESTOR DAY 02.11.25 PHASE 01 /// LUIS VISOSO /// EVP & CFO (→)
Slide 71: Winning with Customers and Shareholders
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Winning with Customers and Shareholders Creating Customer Value Creating Shareholder Value Innovation Revenue Growth Agility Margin Expansion Brand Asset Efficiency Scale Where It Matters
Slide 72: Our Drivers of Shareholder Value Creation
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Our Drivers of Shareholder Value Creation Revenue Growth Margin Expansion Asset Efficiency (→) Secular Growth in Data (→) Reevaluating Costs to (→) Optimize CapEx and Creation and Storage be More
Slide 73: Sandisk Focused Strategies to Win
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk Focused Strategies to Win Client Consumer Cloud (→) Lead With TLC in (→) Strengthen Our (→) Disrupt Storage With Performance Strengths: Brand, BiCS8 UltraQLC™ and Mainstream Product Super
Slide 74: Flash JV with Kioxia: Operating at Scale
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Flash JV with Kioxia: Operating at Scale Strategic Benefits of Joint Venture LTM CQ3'24 NAND MARKET PRODUCTION EB* Supply Fab capacity: 80% JV, 20% Kioxia JV capacity split 50/50 + + Nearly 1
Slide 75: A Deeper Dive: Financial Statements
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Deeper Dive: Financial Statements Pro Forma P&L (1) Pro Forma Balance Sheet Adjusted Free Cash Flows (1) Select Disclosure Select Disclosure FQ1'25 $M $M 9/27/24 $M FQ1'25 Pro Forma Income Stat
Slide 76: A Deeper Dive: Activities Related to Flash Ventures
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED A Deeper Dive: Activities Related to Flash Ventures Gross and Cash CapEx ($M) $M FY22 FY23 FY24 Sandisk share of JV Gross CapEx $ 1,571 $ 1,407 $ 533 • Gross CapEx spending fluctuates based on %
Slide 77: Historical Financial Performance
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Historical Financial Performance Revenue (GAAP) $M Net Income (GAAP) $M Adjusted Free Cash Flow $M Gross NI Adjusted Margin 33% 7% 16% 36% Margin 11% (35%) (13%) 9% FCF 7% (15%) (1%) (8%) (GAAP)
Slide 78: Capitalization at Separation
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Capitalization at Separation $M 9/27/24 Capital Allocation Priorities • First, achieve a net cash position. We believe Cash and Cash Equivalents $1,339 we have line of sight to get there over the
Slide 79: Expected Trends of Major Market Segments
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Expected Trends of Major Market Segments DC surge driven by AI Data Cycle (+). Cloud Poor Consumer Sentiment (-). PC, Mobile, due to AI adoption and O/S refresh (-). Consumer 150% DC depressed po
Slide 80: Through-Cycle Model
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Through-Cycle Model Through-Cycle Metric Performance Market Assumptions Bit Growth/Year In Line With Market Mid-to-High Teens Cost Reduction/Bit/Year Low-teens Gross Margin % ~35% (non-GAAP) Oper
Slide 81: Earnings / Free Cash Flow Generation Power
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Earnings / Free Cash Flow Generation Power Metric Free Cash Flow Power • At $10B in revenue, we expect to be capable Revenue ~$10B of delivering 20% non-GAAP operating margin and ~$1.2B in free c
Slide 82: FQ3'25 is Expected to be a Transition Quarter
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED FQ3’25 is Expected to be a Transition Quarter Metric FQ3’25 Guidance • Expect bit growth sequentially down mid-single digits, with stronger demand in Cloud and Revenue ($M) $1,550 - $1,650 Client
Slide 83: Expectations for the Balance of 2025
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Expectations for the Balance of 2025 Sequential • Bits growth: Expect bit growth to improve sequentially Change Jan-Mar Apr-Jun Jul-Dec with key acceleration in Client. • ASP: Expect improving pr
Slide 84: Winning with Customers and Shareholders
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Winning with Customers and Shareholders Creating Customer Value Creating Shareholder Value Innovation Revenue Growth Agility Margin Expansion Branding Asset Efficiency Scale Where It Matters
Slide 85: Appendix
APPENDIX INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 86: Reconciliation: Adjusted Free Cash Flow
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Reconciliation: Adjusted Free Cash Flow $M FY22 FY23 FY24 FQ1'25 Cash Flows: Cash Flows provided by (used in) operating activities 1,151 (713) (309) (131) Purchases of property, plant and equipme
Slide 87: Reconciliation: Pro Forma Net Income to Adjusted EBITDA
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Reconciliation: Pro Forma Net Income to Adjusted EBITDA FY24 FQ1'25 $M Pro Forma Pro Forma Commentary • Detailed explanation of line items Net income (loss) (GAAP) (856) 172 through Adjusted EBIT
Slide 88: GAAP to Non-GAAP Reconciliations
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED GAAP to Non-GAAP Reconciliations FOOTNOTES: This presentation contains the following financial (3) Employee termination, asset impairment and other. measures that are not in accordance with U.S.
Slide 89: Next Wave of Technology Innovation
NEXT WAVE OF (→) TECHNOLOGY INNOVATION INVESTOR DAY 02.11.25 PHASE 01 /// Alper Ilkbahar /// SVP, Memory Technology (→)
Slide 90: End of Moore's Law for DRAM
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED End of Moore’s Law for DRAM DRAM COST PER GIGABYTE COMPUTE MEMORY CAPACITY/ GPU CARD HBM COST TREND LIMITED ERA BANDWIDTH LIMITED ERA $1B Baidu-RecSys- 10T 100% 10T Baidu-RecSys- Non-HBM 32% Cost
Slide 91: Solving the Memory Wall Problem
3 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Solving (→) The Memory Brute Force With Dollars Wall Problem Explore 3D DRAM New Scalable Memory Technologies
Slide 92: Scaling with Sandisk 3D Matrix Memory
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Scaling with Sandisk 3D Matrix Memory SANDISK 3D MATRIX MEMORY VS. DRAM COST SCALING 110% Higher Media Media Media Media Media 90% DRAM Bit Cost Improvements Media Media Media Media Media 70% $/G
Slide 93: Sandisk 3D Matrix Memory Development Roadmap
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk 3D Matrix Memory Development Roadmap (→) 150mm WD Research Fab (→) 300mm IMEC Facility 2017 2018 2021 2024 Isolated Passive CMOS Dev CMOS Dev Gen1 Gen1 Gen1 Qual/LVM Devices Arrays Vehicl
Slide 94: Max Mirgoli, Worldwide Strategic Partnerships: IMEC
MAX MIRGOLI (→) EVP Worldwide Strategic Partnerships IMEC INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED
Slide 95: Sandisk 3D Matrix Memory to the Stars
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Sandisk 3D Matrix Memory to the Stars Air Force Research Laboratory (AFRL) Next Generation Strategic Radiation Hardened (SRH) Memory SOLE 16X 16X AWARDEE advantage advantage SRH Capacity 4Gbit vs
Slide 96: Solving the Memory Wall Problem: Reimagining NAND
9 INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Solving (→) (→) The Memory Brute Force With Dollars Reimagining Wall Problem NAND Explore 3D DRAM New Scalable Memory Technologies
Slide 97: Reimagining NAND
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED (→) (→) Cost Optimized Reimagining NAND (→) Bandwidth Optimized
Slide 98: High Bandwidth Flash (HBF)
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED High Bandwidth Flash (HBF ) ™ HBF STACK Augmenting HBM Memory with NAND Flash for AI Inference Workloads HBF Core Die TSV Micro Bump ... 16 Die Stack (→) Match HBM Bandwidth HBF Core Die Deliver
Slide 99: HBM vs. HBF
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBM vs. HBF™ HBM HBM HBM HBM HBF HBF HBF HBM 1 2 3 4 1 2 3 1 GPU With HBM GPU With HBF HBM HBM HBM HBM HBF HBF HBF HBM 5 6 7 8 4 5 6 2 192GB Total Memory 3,120GB Total Memory
Slide 100: HBM vs. HBF
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBM vs. HBF™ HBM HBM HBM HBM HBF HBF HBF HBF 1 2 3 4 1 2 3 4 GPU With HBM GPU With HBF HBM HBM HBM HBM HBF HBF HBF HBF 5 6 7 8 5 6 7 8 192GB Total Memory 4,096GB Total Memory
Slide 101: Running Frontier LLMs with HBF
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED Running Frontier LLMs with HBF™ Running Frontier LLM (→) ~1.8T Parameters HBF HBF HBF HBF (→) 16-bit Weights 1 2 3 4 (→) 3,600GB Memory Capacity Needed GPU With HBF HBF HBF HBF HBF 5 6 7 8 4,096G
Slide 102: AI at the Edge
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED AI at the Edge > AI, what can you tell me about Sandisk? > Sandisk is the most innovative memory company. LLM on Smartphone (→) 64B Parameter Expert model 3 Expert model 7 Expert model 8 Expert m
Slide 103: HBF Roadmap
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBF™ Roadmap (→) GEN 1 GEN 2 GEN 3 CAPACITY 1x 1.5x 2x READ BANDWIDTH 1x 1.45x 2x ENERGY EFFICIENCY 1x 0.8x 0.64x
Slide 104: HBF Ecosystem
INVESTOR DAY FUTURE FWD (→) PHASE 01 /// ©2025 SANDISK CORPORATION OR ITS AFFILIATES ALL RIGHTS RESERVED HBF™ (→) HBF Not Drop-in Compatible With HBM Same Electrical Interface With Minor Protocol Changes Ecosystem (→) Sandisk to Drive Open Standard Ecosystem (→) To Enable Seamless System Integration
Slide 105: Investor Day
INVESTOR DAY (→) (→) SANDISK, THE SANDISK LOGO, HBF, ULTRAQLC, QUADBOOST, AND SANDISK 3D MATRIX MEMORY ARE REGISTERED TRADEMARKS OR TRADEMARKS OF SANDISK CORPORATION OR ITS AFFILIATES IN THE US AND/OR OTHER COUNTRIES. THE NVME WORD MARK IS A TRADEMARK OF NVM EXPRESS, INC. PCIE IS A REGISTERED TRADEM