Lenovo Group Limited · HKEX:992
Lenovo — FY2025/26 Earnings Presentation
34 slides from Lenovo's earnings presentation, May 22, 2026
Slide 1: 4Q & FY25/26 Earnings Announcement
4Q & FY25/26 Earnings Announcement May 22, 2026 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 May 22, 2026 2026 Lenovo Internal. All rights reserved.
Slide 4: Record quarter concluded the Best year in Lenovo's history
Record quarter concluded the Best year in Lenovo’s history Strengthened Significant growth in ISG positioned market competitiveness revenue and net income on profitable growth path Strategic foresight | Relentless innovation | Operational excellence 4
Slide 5: Group FQ4 performance
Group FQ4 performance Record FQ4 New heights, Net income* Revenue enhanced competitiveness $521 million $21.6 billion +479% YoY Record high of FQ4，+27% Adjusted net income* YoY $559 million +101% YoY Main businesses AI - leading growth engine （IDG ISG SSG） All double-digit YoY AI related revenue +84
Slide 6: IDG FQ4 performance
IDG FQ4 performance Record FQ4 New heights, enhanced competitiveness • Exceptional results despite industry-wide supply challenges and cost increase • Revenue $14.6 billion, +24% YoY • Operating margin 6.9% • PCSD: revenue +26% YoY, highest growth in 5 years • PC: industry-leading profitability; shi
Slide 7: ISG FQ4 performance
ISG FQ4 performance Record FQ4 New heights, enhanced competitiveness • Reached significant inflection point • Operating profit $202 million, operating margin 3.6%, both record high • Revenue $5.6 billion, +37% YoY • AI server: strong pipeline of $21 billion • Lenovo Hybrid AI Advantage solutions wit
Slide 8: SSG FQ4 performance
SSG FQ4 performance Record FQ4 New heights, enhanced competitiveness • 20 consecutive quarters of double-digit YoY revenue growth with continued strong operating margins • Revenue $2.6 billion, +19% YoY • Operating margin 22.4% • Non-hardware-tied solutions and services revenue mix 62%, record high
Slide 9: Full year performance
Full year performance Best year Group Revenue in history $83.1 billion Adjusted group net income* Breakthroughs across the board, record high，+20% YoY $2,049 million leading Hybrid AI • IDG $58.9B, +17% YoY +42% YoY • ISG $19.2B, +32% YoY • SSG $10.0B, +19% YoY ISG turnaround as planned Committed to
Slide 10: Strategic Execution & Outlook
Strategic Execution & Outlook Outlook Building an AI-native company, win in Leveraging structural resilience to navigate market volatility and AI democratization era strengthen competitiveness Accelerating Hybrid AI strategy execution, capturing the growth opportunity of AI democratization Personal
Slide 11: Smarter AI for All
Smarter Al for All _. Lenovo »
Slide 12: Winston Cheng, Chief Financial Officer
Winston Cheng Chief Financial Officer May 22, 2026 2026 Lenovo Internal. All rights reserved.
Slide 13: Record Quarterly Revenue
Record Quarterly Revenue Well-Positioned for an AI-Driven Multi-Year Supercycle SSG Record quarterly revenue of US$21.6B Managed Services & Project & (+27% YoY), marking the highest YoY Solutions revenue mix growth rate in 5 years ISG reached a record high of 62% Highest quarterly revenue and operat
Slide 14: Record Year in Our 40-Year Journey
Record Year in Our 40-Year Journey Striving for Continuous Growth and Profitability Improvement Highest annual revenue of US$83.1B (+20% YoY), with strong double-digit YoY SSG revenue growth across all Business Groups; Reached new revenue AI-related revenues more than doubled milestone of US$10B and
Slide 15: 4Q Adjusted Net Income Doubled YoY
4Q Adjusted Net Income Doubled YoY 4Q adjusted net income increased nearly four 4QFY25/26 Net Income1: Non-HKFRS Adjustments (US$M) times faster YoY than revenue 49 521 -40 29 559 Adjusted operating income increased 73% YoY to US$834M As Reported Fair Value Gain Notional Interest on Other Non- Adjus
Slide 16: FY25/26 Adjusted Operating & Net Margin Expanded
FY25/26 Adjusted Operating & Net Margin Expanded Full year adjusted operating and net margin FY25/26 Net Income1: Non-HKFRS Adjustments (US$M) expanded driven by operating efficiency, scale, and 114 -45 13 2,049 mix improvement 1,912 -230 285 Adjusted net income YoY growth more than doubled revenue
Slide 17: IDG: Intelligent Devices Group
IDG Intelligent Devices Group Strong 24% YoY revenue grew to US$14.6B in 4Q with operating (US$M) Revenue (US$M) Operating Profit margin well maintained at 6.9%, driven by disciplined execution, operational excellence, and continued innovation +24% +26% Record global 4Q PC market share of 24.4% (+1.
Slide 18: Key Highlights of IDG New Products & Innovations
Key Highlights of IDG New Products & Innovations ThinkPad T14s Gen7 Legion 7a (15’’) Gen11 ThinkCentre Neo 50q ThinkVision P40WD-40 Razr Family & Signature Lightest T-Series design to date Premium Gaming Notebook Enabling OpenClaw functionality Ultra-wide energy-saving FIFA World Cup Edition product
Slide 19: Personal AI: Cross-Device Intelligence across the Entire Ecosystem
Personal AI: Cross-Device Intelligence across the Entire Ecosystem More Devices, New Experiences, Expanding Partnerships Cross-Ecosystem in Personal Ambient Partnerships & AI Devices Intelligence Your Personal AI Twin Premiumization Captures the industry’s broadest Always Present | Context Aware Pre
Slide 20: ISG: Infrastructure Solutions Group
ISG Infrastructure Solutions Group (US$M) Revenue (US$M) Operating Profit Record quarterly revenue of US$5.6B, +37% YoY, with operating profit reaching a record US$202M +37% +5,667% 5,635 4,120 Record full-year revenue of US$19.2B, +32% YoY; Full-year operating 201.8 profit of US$73M 3.5 Continued s
Slide 21: Positioned as a Key Player in the Multi-Year AI Supercycle
Positioned as a Key Player in the Multi-Year AI Supercycle Accelerating AI Momentum Strong Inflection Towards Sustainable Growth & Profitability ✓ High double-digit AI server revenue YoY growth in FY25/26 ✓ Optimized portfolio fully aligned to capture multi-year AI training and inferencing growth op
Slide 22: Completion of the Infinidat Acquisition
Completion of the Infinidat Acquisition Critical Proprietary IPs Expanding Lenovo’s Presence into High-End Enterprise Storage Strategic Rationale Market Opportunity ✓ Acquired proprietary enterprise storage IPs: Infinidat’s differentiated US$38B high-end storage solutions strengthen Lenovo’s enterpr
Slide 23: SSG: Solutions and Services Group
SSG Solutions and Services Group Revenue increased 19% YoY to US$2.6B in 4Q with operating margin of 22.4% (US$M) Revenue (US$M) Operating Profit Full year reached US$10B revenue milestone and more than doubled operating profit over the past five years +19% +18% 2,563 20 consecutive quarters of doub
Slide 24: Enterprise AI: Lenovo Hybrid AI Advantage
Enterprise AI: Lenovo Hybrid AI AdvantageTM Accelerating Production-Ready Enterprise AI — From Edge to Gigafactory Inferencing is Unlocking Full Enterprise AI Value Measurable Business Results at Every Scale ✓ AI is shifting from model training to real-time decision-making, ✓ Hybrid AI platforms: Co
Slide 25: Lenovo's AI Library: 60+ Enterprise-Ready, Proven AI Use Cases
Lenovo’s AI Library: 60+ Enterprise-Ready, Proven AI Use Cases Delivering Value Per Token at Scale across Industries and Geographies “Lights Out” Autonomous Infrastructure AI For Sport Contact Center Monitoring ✓ Global enterprise customer running an ✓ AI-powered RoboDog deployed in live ✓ Enterpris
Slide 26: Lenovo: A Leader in ESG
Lenovo: A Leader in ESG A More Sustainable Future for All Accelerating Environmental Smarter Social Impact Governing Ethical Innovation Progress Placed on CDP’s A list for Climate and Distinguished as a 2025 World’s Top Awarded Platinum Medal by EcoVadis Water in 2025 Company for Women by Forbes Nam
Slide 27: 2026 Lenovo Internal. All rights reserved.
2026 Lenovo Internal. All rights reserved. 27
Slide 28: Supplemental Financial Metrics
Supplemental Financial Metrics 4Q and FY25/26 | Lenovo Group Limited 1. Financial Summary 2. Condensed Consolidated Income Statement 3. Condensed Consolidated Balance Sheet 4. Condensed Consolidated Cash Flow Statement 5. Non-HKFRS Adjustments 2026 Lenovo Internal. All rights reserved. 28
Slide 29: 1. Financial Summary
1. Financial Summary US$ Million 4Q 24/25 4Q 25/26 YoY% FY24/25 FY25/26 YoY% 4Q 24/25 4Q 25/26 FY24/25 FY25/26 Revenue 16,984 21,588 27% 69,077 83,075 20% Gross margin 16.4% 16.4% 16.1% 15.4% Gross profit 2,783 3,539 27% 11,098 12,809 15% Operating 2.0% 4.1% 3.1% 3.9% Operating expenses (2,452) (2,6
Slide 30: 2. Condensed Consolidated Income Statement
2. Condensed Consolidated Income Statement US$ Million 4Q 24/25 4Q 25/26 FY24/25 FY25/26 Revenue 16,984 21,588 69,077 83,075 Cost of sales (14,201) (18,049) (57,979) (70,266) Gross profit 2,783 3,539 11,098 12,809 Selling and distribution expenses (927) (1,071) (3,585) (4,049) Administrative expense
Slide 31: 3. Condensed Consolidated Balance Sheet
3. Condensed Consolidated Balance Sheet US$ Million As of Mar 31, 2025 As of Mar 31, 2026 Current assets 27,905 39,202 Bank deposits and cash 4,817 4,983 Trade, notes and other receivables 14,731 21,933 Inventories 7,924 11,721 Others 433 565 Non-current assets 16,326 17,927 Property, plant and equi
Slide 32: 4. Condensed Cash Flow
4. Condensed Cash Flow US$ Million 4Q 24/25 4Q 25/26 FY24/25 FY25/26 Net cash (used in)/generated from operating activities (1,022) 310 1,099 4,024 Net cash used in investing activities (196) (539) (1,056) (1,909) Net cash generated from/(used in) financing activities 1,963 (111) 1,190 (1,997) Incre
Slide 33: 5-1. 4QFY25/26 Non-HKFRS Adjustments
5-1. 4QFY25/26 Non-HKFRS Adjustments US$ Million 4Q 24/25 4Q 25/26 Operating Profit Profit attributable Operating Profit Profit attributable profit for the period to equity holders profit for the period to equity holders As reported 331 124 90 886 594 521 Non-HKFRS adjustments − Net fair value chang
Slide 34: 5-2. FY25/26 Non-HKFRS Adjustments
5-2. FY25/26 Non-HKFRS Adjustments US$ Million FY24/25 FY25/26 Operating Profit Profit attributable Operating Profit Profit attributable profit for the year to equity holders profit for the year to equity holders As reported 2,164 1,462 1,384 3,262 2,160 1,912 Non-HKFRS adjustments − Net fair value