Seagate Technology Holdings Plc · NASDAQ:STX
Seagate Technology — Investor Day (May 2025)
96 slides from Seagate Technology's investor day presentation, May 22, 2025
Slide 1: Seagate Investor and Analyst Event 2025
Seagate Investor and Analyst Event 2025 Thursday, May 22, 2025 Park Hyatt, NYC (153 W 57th)
Slide 2: Safe Harbor Statement
Safe Harbor Statement This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly r
Slide 3: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information To supplement the financial measures presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses non-GAAP measures of gross profit, gross margin, operating expenses, income from operations, operating margin, net income, di
Slide 4: SEAGATE 2025 INVESTOR AND ANALYST EVENT
SEAGATE 2025 INVESTOR AND ANALYST EVENT 4
Slide 5: Seagate's Winning Formula to Build Value in a Data-driven World
Seagate’s Winning Formula to Build Value Dr. Dave Mosley in a Data-driven World Chief Executive Officer
Slide 6: Seagate's Winning Formula: Key Takeaways
Right Markets KEY TAKEAWAYS Enabling global technology megatrends Seagate’s Winning Right Technology Formula to Build Value Innovating data storage at scale in a Data-driven World Right Execution Enhancing value for customers and shareholders SEAGATE 2025 INVESTOR AND ANALYST EVENT 6
Slide 7: The Strength of Seagate
Operating Built on The Strength of Seagate 45+ 7 Manufacturing 4 R&D Sites Years of Innovation Facilities INNOVATING Hard drive storage solutions to meet the world’s growth in data LEADING Producer of the world’s exabytes¹ SUPPORTING Produce Dedicated Team ~30K 550 Nearly all the world’s cloud and e
Slide 8: Right Markets
Right Markets 01 Enabling global technology megatrends Seagate’s Winning Right Technology Formula to Build Value Innovating data storage at scale in a Data-driven World Right Execution Enhancing value for customers and shareholders SEAGATE 2025 INVESTOR AND ANALYST EVENT 8
Slide 9: Technology Innovation is Generating Unprecedented Volumes of Data
Technology Innovation is Generating Unprecedented Volumes of Data <1ZB Generated in CY2005 72 ZB Generated in CY2020 394 ZB Generated in CY2028 Source: IDC Worldwide Global Datasphere Forecast 2024-2028 doc #US52076424, May 2024. SEAGATE 2025 INVESTOR AND ANALYST EVENT Zettabytes represent the estim
Slide 10: Data Generation Fueling Data Center Storage Demand
Data Generation Fueling Data Center Storage Demand Mid 20% EB CAGR Mid 20% EB CAGR Mobile-Cloud Era AI Era 2.4ZB 1.1ZB ~600EB ~200EB CY2016 CY2018 CY2020 CY2022 CY2024 CY2026 CY2028 SEAGATE 2025 INVESTOR AND ANALYST EVENT Source: IDC Worldwide Hard Disk Drive 2024-2028 Forecast Update doc #US5274692
Slide 11: Data Generation Fueling Data Center Storage Demand
Data Generation Fueling Data Center Storage Demand Mid 20% EB CAGR Mid 20% EB CAGR Low double-digit% Revenue CAGR Mid teens% Revenue CAGR ~$23B Mobile-Cloud Era AI Era 2.4ZB $13B ~$10B 1.1ZB ~$6B ~600EB ~200EB CY2016 CY2018 CY2020 CY2022 CY2024 CY2026 CY2028 SEAGATE 2025 INVESTOR AND ANALYST EVENT S
Slide 12: AI Poised to Drive Next Wave of Mass Capacity Storage Demand
AI Poised to Drive Next Wave of Mass Capacity Storage Demand More data improves the quality of AI model output Hard drives feed data to AI models With AI, people and machines will AI RELIES ON generate data at a pace unlike any before MASS CAPACITY Hard drives preserve valuable content STORAGE creat
Slide 13: Aligning Our Markets With Cloud and Edge
Aligning Our Markets With Cloud and Edge S E A G A T E 2 0 2 5 IANNVAELSYTSOT RA A NND DI NA VNEASL TY O SRT EVENT 13
Slide 14: Right Technology
Right Markets 02 Enabling global technology megatrends Seagate’s Winning Right Technology Formula to Build Value Innovating data storage at scale in a Data-driven World Right Execution Enhancing value for customers and shareholders SEAGATE 2025 INVESTOR AND ANALYST EVENT 14
Slide 15: Seagate's Storage Innovation Enabling Every New Data-Driven Era
Seagate’s Storage Innovation Enabling Every New Data-Driven Era 0.5TB LMR 18TB PMR 50TB HAMR SEAGATE 2025 INVESTOR AND ANALYST EVENT Represents Seagate’s highest capacity drive shipped in CY2005, CY2020, and CY2028 (projected). 15
Slide 16: Seagate is Leading Mass Capacity Storage Innovation With HAMR
Our strengths: Areal Density Leadership Most cost-efficient way to scale drive capacities Seagate is Leading Mass Capacity Storage Economies of Scale Innovation With Reducing customers’ total cost of ownership (TCO) HAMR Technology Broad Data Storage Portfolio Delivering solutions to diverse markets
Slide 17: The Value of Areal Density
MOZAIC (HAMR) The Value of Areal Density Cost-efficient Capacity Scaling We are scaling drive capacity by Areal density is the amount of storing more data on every disk. data that can be stored on the surface area of a hard drive disk. Not by adding more disks. SEAGATE 2025 INVESTOR AND ANALYST EVEN
Slide 18: Mozaic (HAMR) vs. PMR
THE POWER OF AREAL DENSITY AT SCALE Mozaic (HAMR) vs. PMR At the Disk Level 4TB / Disk VS PMR 2.4TB / Disk SEAGATE 2025 INVESTOR AND ANALYST EVENT 18
Slide 19: Mozaic (HAMR) vs. PMR
THE POWER OF AREAL DENSITY AT SCALE Mozaic (HAMR) vs. PMR 40TB / Drive VS PMR 24TB / Drive At the Disk Level 4TB / Disk vs. 2.4TB / Disk At the Drive Level SEAGATE 2025 INVESTOR AND ANALYST EVENT 19
Slide 20: Mozaic (HAMR) vs. PMR
THE POWER OF AREAL DENSITY AT SCALE Mozaic (HAMR) vs. PMR At the Disk Level 4 TB / Disk vs. 2.4 TB / Disk 1 EXABYTE DEPLOYMENT 25,000 Units VS At the Drive Level 40 TB / Drive vs. 24 TB / Drive PMR 42,000 Units At the Data Center Level SEAGATE 2025 INVESTOR AND ANALYST EVENT 20
Slide 21: Mozaic (HAMR) vs. PMR
THE POWER OF AREAL DENSITY AT SCALE Mozaic (HAMR) vs. PMR At the Disk Level 1 EXABYTE DEPLOYMENT 4 TB / Disk vs. 2.4 TB / Disk 240 Sq. Ft. ~2.0M kWh / Year VS 400 Sq. Ft. At the Drive Level PMR ~3.3M kWh / Year 40 TB / Drive vs. 24 TB / Drive At the Data Center Level 25,000 Units vs. 42,000 Units 24
Slide 22: Improvement with Seagate Mozaic 4+ (HAMR)
AT THE DISK LEVEL AT THE DRIVE LEVEL AT THE DATA CENTER LEVEL 25,000 240 ~2.0M Units Sq. Ft. kWh / Year 4TB / Disk 40TB / Drive 10 Disks 42,000 400 ~3.3M Units Sq. Ft. kWh / Year 2.4TB / Disk 24TB / Drive 10 Disks 40% Improvement with Seagate Mozaic 4+ (HAMR) With a 1 exabyte deployment SEAGATE 2025
Slide 23: HAMR-based Mozaic Products Address Workloads From Cloud to Edge
HAMR-based Mozaic Products Address Workloads From Cloud to Edge Cloud Data Center Exabyte-scale cloud data centers are first Edge to adopt the highest capacity drives Data Center Edge Enterprise data centers seek reliable, cost-efficient Edge-IoT storage solutions Smart City / Smart Factory and othe
Slide 24: The Value of Areal Density: Cost and Manufacturing Efficiency
MOZAIC (HAMR) The Value of PMR 20TB HAMR 20TB Areal Density Cost and Manufacturing Efficiency • Reducing unit cost by 10% - 15% • Reducing number of platforms We are leveraging HAMR technology to redesign our lower capacity products using fewer disks. SEAGATE 2025 INVESTOR AND ANALYST EVENT 24
Slide 25: HAMR-based Mozaic Products Gaining Customer Momentum
3+TB / Disk 4+TB / Disk Now qualified with Sampling with leading 3 global cloud customers; CSP, qualification starting shipping EB scale volume Q3 CY2025, volume ramp starting 1H CY2026 HAMR-based Mozaic Products Gaining Customer Momentum 100% 50% Leading CSPs qualified Exabyte shipments on on Mozai
Slide 26: Right Execution
Right Markets 03 Enabling global technology megatrends Seagate’s Winning Right Technology Formula to Build Value Innovating data storage at scale in a Data-driven World Right Execution Enhancing value for customers and shareholders SEAGATE 2025 INVESTOR AND ANALYST EVENT 26
Slide 27: Our Strategic Evolution
Our Strategic Evolution Since 2021 Analyst Day Enhanced Predictability Technology Innovation Expanded Profitability 12+ months 1M Mozaic (HAMR) ~10% Demand visibility Drives shipped cumulatively1 Expanded gross margin2 ~70% Mozaic technology >$4B Data center business on Build to Order extends TCO va
Slide 28: Enhancing Shareholder Value
Enhancing Shareholder Value 11% >$4B Quarterly dividend raise Free cash flow generation FY2021 FY2022 FY2023 FY2024 FY2025 18% >$7B Reduction in shares Cash returned to Cumulative dividends paid Cumulative share repurchases outstanding at an average shareholders through cost of ~$72 dividends and sh
Slide 29: Enhancing Shareholder Value
Enhancing Shareholder Value 11% >$4B Quarterly dividend raise Free cash flow generation FY2021 FY2022 FY2023 FY2024 FY2025 Cumulative dividends paid Cumulative share repurchases 18% >$7B Reduction in shares Cash returned to $5B outstanding at an average shareholders through Today: Raising share cost
Slide 30: Well Positioned to Build Value in Today's Data-driven World
Well Positioned to Build Value in Today's Data-driven World Experienced Industry-leading Operational Strong Global Team Technology Scale and Financial Model Innovation Efficiency To drive strategic To meet the growing To address customers To deliver enhanced execution through demand for mass needs f
Slide 31: The Seagate Team
The Seagate Team The Leaders Paving the Way to the Next Era of Data Storage Dr. Dave Mosley Gianluca Romano B.S. Teh Dr. John Morris Chief Executive Officer Executive Vice President and Executive Vice President and Senior Vice President and Chief Financial Officer Chief Commercial Officer Chief Tech
Slide 32: Customer Testimonial: Microsoft
SEAGATE ANALYST AND INVESTOR EVENT CUSTOMER TESTIMONIAL Higher capacity hard drives enables us to reach the desired capacity that we want in the data center with less number of devices. Less number of devices means lower power per terabyte, and that means that we can either save energy or actually s
Slide 33: Innovating in a Data-driven World
Innovating John Morris in a Data-driven World Senior Vice President and Chief Technology Officer
Slide 34: Innovating in a Data-driven World: Key Takeaways
Delivering Innovation Today with Mozaic 3+ Bringing HAMR technology first to market and first to scale KEY TAKEAWAYS Innovating Delivering Innovation Tomorrow with Mozaic 4+ in a Data-driven World Proprietary vertically-integrated laser to enable capital- efficient production at scale Leading the In
Slide 35: Delivering Innovation Today with Mozaic 3+
Delivering Innovation Today with Mozaic 3+ Bringing HAMR technology first to market and first to scale 01 Innovating Delivering Innovation Tomorrow with Mozaic 4+ in a Data-driven World Proprietary vertically-integrated laser to enable capital- efficient production at scale Leading the Innovation of
Slide 36: Hard Drive Capacity Scaling is Reaching Limits With PMR Technology
Hard Drive Capacity Scaling is Reaching Limits With PMR Technology CY2010 CY2015 CY2020 CY2025 9 10 7 8 5 6 # Disks / Drive PMR HAMR Areal Density 0.6 0.8 1.0 1.33 1.43 1.5 1.75 1.78 2.0 2.0 2.2 2.4 3.0 (TB / Disk) Drive Capacity 3 4 6 8 10 12 14 16 18 20 22 24 30 (TB / Drive) SEAGATE 2025 INVESTOR
Slide 37: The Next Chapter in Hard Drive Capacity Expansion
FROM PMR TO HAMR The Next Chapter in Hard Drive Capacity Expansion LASER Principle building blocks of Mozaic (HAMR) technology WAVE GUIDE SPINTRONIC READER GRANULAR FePt MEDIA MAGNETIC WRITER SEAGATE 2025 INVESTOR AND ANALYST EVENT 37
Slide 38: Delivering Innovation Tomorrow with Mozaic 4+
Delivering Innovation Today with Mozaic 3+ Bringing HAMR technology first to market and first to scale 02 Innovating Delivering Innovation Tomorrow with Mozaic 4+ in a Data-driven World Proprietary vertically-integrated laser to enable capital- efficient production at scale Leading the Innovation of
Slide 39: 300um
300um SEAGATE 2025 INVESTOR AND ANALYST EVENT 39
Slide 40: Proven Laser-on-slider HAMR Manufacturing Capabilities
Proven Laser-on-slider HAMR Manufacturing Capabilities Light Delivery Unit Slider with milled cavity Laser On Slider Externally-Sourced Laser Slider Assembly SEAGATE 2025 INVESTOR AND ANALYST EVENT 40
Slide 41: Vertically Integrated Laser Technology Unlocks Zettabyte-scale Manufacturing
Seagate Vertically Integrated Laser Technology Unlocks Manufacturing at Zettabyte-scale Solas On Wafer Laser Wafer-Laser Integration Vertically-Integrated Laser Wafer Integration SEAGATE 2025 INVESTOR AND ANALYST EVENT 41
Slide 42: Improving Capital Efficiency, Design Control, and Customer TCO
Improving Capital Efficiency, Design Control, and Customer TCO Externally-Sourced Laser Vertically-Integrated Laser Slider Assembly Wafer Integration SEAGATE 2025 INVESTOR AND ANALYST EVENT 42
Slide 43: Mozaic 4+
40TB MOZAIC 4+ SAMPLES Customer Qualification DELIVERED Starting in Q3 CY2025 Full-family capability 12TB - 44TB Common head & media across capacity points Leveraged from Mozaic 3+ 4+TB SEAGATE 2025 INVESTOR AND ANALYST EVENT 43
Slide 44: Product Maturity Cycle Within 5 Years
Product Maturity Cycle Within 5 Years From Lab Demonstration to Productization 10TB / Disk 11 10 9 Lab Demonstration 8 6.5TB / Disk 7 6 5 INTEGRATION PERIOD 4 INTEGRATION PERIOD 50TB 3 INTEGRATION PERIOD 40TB 2 30TB 1 0 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020 CY 2021 CY 2022 CY 2023 CY 2024
Slide 45: Mozaic (HAMR) Leads the Industry in Areal Density Progression
Mozaic (HAMR) Leads the Industry in Areal Density Progression... 10+ Mozaic Technology Introduction TB / DISK STORAGE CAPACITY 5+ 4+ 3+ CY 2024 CY 2025 CY 2026 CY 2027 CY 2028 CY 2029 CY 2030 CY 2031 CY 2032 CY 2033 SEAGATE 2025 INVESTOR AND ANALYST EVENT 45
Slide 46: Accelerated Transition From Technology Introduction to Volume Shipments
...And Accelerated Transition From Technology Introduction to Volume Shipments 10+ Mozaic Technology Introduction TB / DISK STORAGE CAPACITY Mozaic Volume 5+ 4+ 3+ 30-36 TB 40-44 TB 50-60 TB 80+TB CY 2024 CY 2025 CY 2026 CY 2027 CY 2028 CY 2029 CY 2030 CY 2031 CY 2032 CY 2033 SEAGATE 2025 INVESTOR A
Slide 47: Leading the Innovation of the Future
Delivering Innovation Today with Mozaic 3+ Bringing HAMR technology first to market and first to scale 03 Innovating Delivering Innovation Tomorrow with Mozaic 4+ in a Data-driven World Proprietary vertically-integrated laser to enable capital- efficient production at scale Leading the Innovation of
Slide 48: Continuing To Break Barriers: Advancing HAMR to 10TB / Disk
Continuing To Break Barriers Advancing HAMR Technology to 10TB / Disk Technology Design Progress 200 18 nm Spinstand Sector 6.5TB / Disk 10TB / Disk 0 -60 0 60 CY2024 CY2028 Demonstrated viability for delivering 10TB / Disk SEAGATE 2025 INVESTOR AND ANALYST EVENT 48
Slide 49: Beyond 10TB / Disk
Beyond 10TB / Disk Trailblazing the Path to Future Capacity Scaling ~100TB 100 - 150TB >150TB 65TB Based on Maximum Demonstrated Areal Density Low Cost & Mass Pro Ordered-Granular or Media Type: Enhanced Granular Advanced Architect: 3D Patterning Technology (Innovation) Areal Density Outlook: 2 - 10
Slide 50: Expertise in Photonics Research & Manufacturing is a Critical Enabler
Expertise in Photonics Research & Manufacturing is a Critical Enabler for Seagate’s Future SEAGATE 2025 INVESTOR AND ANALYST EVENT 50
Slide 51: Innovating in a Data-driven World
Innovating in a Data-driven World Today Tomorrow In The Future HAMR technology leadership. First Proprietary vertically-integrated 5TB / Disk development is to market. First to scale. laser enables capital-efficient underpinned with path to 10TB / production at scale. Disk. SEAGATE 2025 INVESTOR AND
Slide 52: Customer Testimonial: Dell Technologies and Microsoft
SEAGATE ANALYST AND INVESTOR EVENT CUSTOMER TESTIMONIAL Dell Technologies Microsoft Arthur Pablo Lewis Ziperovich President of Infrastructure General Manager of the Solutions Group Azure Memory and Storage Center of Excellence Within private cloud environments, storage is Mass capacity storage is es
Slide 53: Enabling Today's Data-driven World
Enabling Today’s BS Teh Data-driven World Executive Vice President and Chief Commercial Officer
Slide 54: Enabling Today's Data-driven World: Key Takeaways
AI is fueling exponential data growth, KEY TAKEAWAYS enabling industries to capture data value Enabling Today’s Hard drives remain the optimal mass storage solution Data-driven World as data centers evolve to meet AI-driven demand Our portfolio addresses critical data center challenges: cost, scale,
Slide 55: Enabling Today's Data-driven World
AI is fueling exponential data growth, 01 enabling industries to capture data value Enabling Today’s Hard drives remain the optimal mass storage solution Data-driven World as data centers evolve to meet AI-driven demand Our portfolio addresses critical data center challenges: cost, scale, sustainabi
Slide 56: Technology Innovation is Generating Unprecedented Volumes of Data
Technology Innovation is Generating Unprecedented Volumes of Data <1ZB Generated in CY2005 72ZB Generated in CY2020 394ZB Generated in CY2028 SEAGATE 2025 INVESTOR AND ANALYST EVENT Source: IDC Worldwide Global Datasphere Forecast 2024-2028 doc #US52076424, May 2024. Zettabytes represent the estimat
Slide 57: AI Innovation is Driving Exponential Growth in the Volume and Value of Data
AI Innovation is Driving Exponential Growth in the Volume and Value of Data Emerging Edge AI Use Cases Drive Extraordinary CAGRs Financial Video Smart Factory Smart Grid Hospitals Services Intelligence +40 % Real-time, +36 % Autonomous, +31 % Optimized, near-perfect +29 % Efficient, reliable energy
Slide 58: Four Key Drivers Accelerating Data Growth
Richer Content Replication & Transformation Four Key Drivers Accelerating Data Growth Longer Retention Regulation & Data Sovereignty SEAGATE 2025 INVESTOR AND ANALYST EVENT 58
Slide 59: Four Key Drivers Accelerating Data Growth: Richer Content
Richer Content Faster Creation 15 billion photos taken in the last 150 years. AI took 1.5 years to create the same volume. Four Key Drivers Higher Definition Accelerating Data Growth A typical 1-minute video has a file size 100× more than a high-definition image Replication & Transformation Longer R
Slide 60: Four Key Drivers: Replication & Transformation
Richer Content Replication & Transformation More Replication Four Key Drivers Data is being replicated and stored closer to the end user to improve access time Accelerating Data Growth Data Transformation Gen AI transforms data from text to image to video in seconds Longer Retention Regulation & Dat
Slide 61: Four Key Drivers: Longer Retention
Richer Content Replication & Transformation Longer Retention Four Key Drivers Retention Policy Accelerating Data Growth Industries and governments are extending data retention policies for stronger accountability Trustworthy AI Training checkpoints and inference data must be stored to improve effici
Slide 62: Four Key Drivers: Regulation & Data Sovereignty
Richer Content Replication & Transformation Longer Retention Four Key Drivers Regulation & Data Sovereignty Accelerating Data Growth Data Protection >150 countries now have digital data protection laws with on-shore data requirements Data Center Concentration More than 80% of the data centers in the
Slide 63: Gen AI Data Creation
Gen AI Data Creation Transformation From Text to Video, From Kilobytes to Terabytes to Exabytes < 1MB 1MB 5MB 50MB ( per m inute) 50MB ( per m inute) x m ultiple videos “Create a series of “Create a song “Create a video “Translate that video images…” about…” using the images into 10 languages…” and
Slide 64: Enabling Today's Data-driven World
AI is fueling exponential data growth, 02 enabling industries to capture data value Enabling Today’s Hard drives remain the optimal mass storage solution Data-driven World as data centers evolve to meet AI-driven demand Our portfolio addresses critical data center challenges: cost, scale, sustainabi
Slide 65: Client-Server Era
Client-Server Era Converged Storage and Compute SEAGATE 2025 INVESTOR AND ANALYST EVENT 65
Slide 66: Mobile-Cloud Era
Mobile-Cloud Era Converged Storage and Compute SEAGATE 2025 INVESTOR AND ANALYST EVENT 66
Slide 67: AI Era
AI Era Accelerating Disaggregated Storage and Compute Flexible, Independent Scalability Efficient Technology Refreshes Cost Savings SEAGATE 2025 INVESTOR AND ANALYST EVENT 67
Slide 68: Viral Video Reel
Viral Video Reel LOWEST LATENCY Your personalized newsfeed serves you the latest viral LOWEST CAPACITY video which is retrieved at lightning speed from a local edge cache based on low-latency memory and SSD. HIGHEST $ / GB SEAGATE 2025 INVESTOR AND ANALYST EVENT 68
Slide 69: Photo Album
Photo Album NOMINAL-TIME LATENCY You browse last season's Superbowl photos which have HIGHEST CAPACITY been ingested and stored on mass-capacity Hard Drives for long-term retention and moderate-to-infrequent access. LOWEST $ / GB SEAGATE 2025 INVESTOR AND ANALYST EVENT 69
Slide 70: Targeted Advertising
Targeted Advertising NOMINAL-TIME LATENCY You're served a targeted digital ad. Hard Drives feed HIGHEST CAPACITY compute resources with the data-heavy AI/ML pipelines required to continually optimize advertising algorithms for LOWEST $ / GB hyper-personalization. 1 IDC Cloud Infrastructure Index 202
Slide 71: AI Era
AI Era Accelerating Disaggregated Storage and Compute Flexible, Independent Scalability Efficient Technology Refreshes Cost Savings SEAGATE 2025 INVESTOR AND ANALYST EVENT 71
Slide 72: Hard Drives Remain the Preferred Solution for Mass Data Storage
Hard Drives Remain the Preferred Solution for Mass Data Storage Cost Advantaged Capital Efficient Capacity Optimized Enterprise hard drive cost/TB ~6x NAND suppliers will need to spend Hard drives store 87% of exabytes in large lower than SSD¹ ~$240B in CapEx to replace future data center deployment
Slide 73: Hard Drives Deliver Cost, Scale, and Sustainability Advantages
Hard Drives Deliver Cost, Scale, and Sustainability Advantages for Mass Data Storage CY2020 to CY2024 Average DRAM1 SSD2 HDD3 Cost Price per GB >$3 ~10¢ ~1.5¢ Enterprise Grade Devices Scale EBs Shipped ~10 ~170 ~825 Efficiency Capex Intensity (% of revenue) ~40% ~35% 4%-5% Sustainability Embodied Ca
Slide 74: Enabling Today's Data-driven World
AI is fueling exponential data growth, 03 enabling industries to capture data value Enabling Today’s Hard drives remain the optimal mass storage solution Data-driven World as data centers evolve to meet AI-driven demand Our portfolio addresses critical data center challenges: cost, scale, sustainabi
Slide 75: Our Mozaic Portfolio Addresses Mass Capacity Workload Requirements
Our Mozaic Portfolio Addresses Mass Capacity Workload Requirements From Cloud to Edge SEAGATE 2025 INVESTOR AND ANALYST EVENT 75
Slide 76: Cloud: Why Seagate Wins With Mozaic
Cloud Why Seagate Wins With Mozaic Cloud Data Center 30+TB, 40+TB,… CAPACITIES Exabyte-scale Context-rich Trustworthy data storage pools machine learning retention Maximum density storage for optimal space, power, and carbon efficiency. 3.3× 3.5× 3.7× the data center better power reduction in capaci
Slide 77: Edge: Why Seagate Wins With Mozaic
Edge Why Seagate Wins With Mozaic Edge Data Center 20+TB CAPACITIES • Edge servers • Network-attached-storage General-purpose and network- attached high-density storage and server platforms deployed at the edge and on premises. Edge IoT 10+TB CAPACITIES • Video and image applications • Smart cities
Slide 78: The World Continues to Innovate and so Does Seagate
The World Continues to Innovate and so Does Seagate. Seagate addresses diverse Hard drives remain the Seagate’s Mozaic (HAMR) workloads in the new AI era foundational mass storage portfolio meets customer needs solution for data centers from the cloud to the edge SEAGATE 2025 INVESTOR AND ANALYST EV
Slide 79: Enhancing Value in a Data-driven World
Enhancing Value Gianluca Romano in a Data-driven World Executive Vice President and Chief Financial Officer
Slide 80: Enhancing Value in a Data-driven World: Key Takeaways
Structurally improved business model KEY TAKEAWAYS for enhanced profitability and predictability through cycles Enhancing Value Differentiated product roadmap in a Data-driven World positions us for profitable growth Attractive financial framework and strong FCF generation drives compelling sharehol
Slide 81: We Structurally Improved Our Business Model Over the Last Several Years
We Structurally Improved Our Business Model Over the Last Several Years... Implemented Executed Maintained Accelerated Mix Optimized Cost Build-to-order Pricing Strategy Supply Discipline Shift to Higher Structure Strategy Capacity Drives To extend demand With consistent “like And effective To addre
Slide 82: And Delivered on Our Profitability Goals
Gross Margin (Non-GAAP) Mid 30%s 40% Target 30-33% 30% 28% 20% FY2021 FY2025E ...And Delivered on Our Profitability Goals Operating Margin (Non-GAAP) As Outlined at Our 2021 Analyst Event Mid 20%s 24% Target 18-22% 17% 15% 10% FY2021 FY2025E SEAGATE 2025 INVESTOR AND ANALYST EVENT Non-GAAP Gross Mar
Slide 83: Data Growth is the Primary Driver of Seagate's Business
Data Growth is the Primary Driver of Seagate’s Business and Fueling Data Center Storage Demand Data Center Project mid 20%s EB CAGR to continue Data Center: Exabytes • Cloud Nearline • Edge Enterprise Nearline • VIA Nearline Edge IoT: • Consumer • Client • VIA Client • NAS FY2016 FY2017 FY2018 FY201
Slide 84: Capturing More Value of Each Exabyte Sold
Capturing More Value of Each Exabyte Sold • Consistent “Like for Like” pricing strategy, Increasing Gross Profit / EB (Non-GAAP) methodically adjusting pricing • Mixing into higher capacity drives, supporting gross profit expansion Gross Profit / EB Continue to retain more value of exabytes sold FY2
Slide 85: Mozaic (HAMR) Delivers Attractive TCO Economics for Customers
Mozaic (HAMR) Delivers Attractive TCO Economics for Customers and Expands Opportunities for Improved Profitability Reducing cost / TB with each technology transition PMR 2.4TB / Disk HAMR 3+TB / Disk HAMR 4+TB / Disk HAMR 5+TB / Disk HAMR 6+TB / Disk SEAGATE 2025 INVESTOR AND ANALYST EVENT Chart ill
Slide 86: Driving Expansion of Gross Margins
Driving Expansion of Gross Margins Supported by Structural Changes to Business and Transition to Next Generation Products Factors contributing to gross margin expansion: Adoption of HAMR 40% … 36% GROSS MARGIN NON-GAAP GROSS MARGIN NON-GAAP Increased Utilization 19% Cost Optimization GROSS MARGIN NO
Slide 87: Expect Mozaic (HAMR) to be a Majority of Nearline Exabytes by 1H FY2027
Expect Mozaic (HAMR) to be a Majority of Nearline Exabytes by 1H FY2027, a Profitability Tailwind 1H FY2027 Crossover ~50% NL EBs FY2025 FY2026 FY2027 FY2028 CSP Qualifications and Exit run-rate Exit run-rate Exit run-rate Initial Shipments ~40% NL EBs ~70% NL EBs ~80% NL EBs SEAGATE 2025 INVESTOR A
Slide 88: We Are Driving OPEX and CAPEX Efficiency
We Are Driving OPEX and CAPEX Efficiency Non-GAAP Operating Expenses Capital Expenditures % of Revenue Maintaining target of 6% Targeting ~10% 4%-6% of revenue of revenue over time $1.4B 15% 4% $1.1B 10% 2% 5% 0% 0% FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Future FY2019 FY2020 FY2021 FY2022
Slide 89: New Financial Targets
New Financial Targets Strong Top and Bottom-line Growth Supported by the Adoption of HAMR Technology Target Performance How We Deliver • Technology driven leadership Revenue Low-to-mid teens CAGR • Data center nearline exabyte CAGR in mid-20%’s Gross Margin 40% with further expansion opportunity, an
Slide 90: Our Disciplined Capital Allocation Strategy
Our Disciplined Capital Allocation Strategy Continues to Enhance Shareholder Value Cumulative Investments From FY2021 - FY2025 YTD Investing to Support Future Growth • Optimized R&D investment levels $3.6B R&D Investments • Maintaining CAPEX discipline to align supply with demand • Strategic investm
Slide 91: Supported by a Strong Balance Sheet
$2.1B $5.1B Liquidity Gross Debt Supported by a Includes revolving credit Reduced by 15% over last ~2 Strong Balance Sheet facility of $1.3B years, approaching target level Demonstrated Agility Through Business Cycles 2.1x $2.1B Net Leverage Ratio¹ Adjusted EBITDA² Expect further reduction as (Last
Slide 92: Seagate is Uniquely Positioned to Unlock Value in a Data-driven World
Data Growth Continues to Drive Secular Demand Supporting strong revenue growth opportunities for Hard Drive Storage Capture Growth Mozaic (HAMR) addresses cost, scale, and power challenges With Our HAMR ~1M Mozaic drives shipped Technology Seagate is Uniquely Mozaic 3+ qualified with 3-cloud custome
Slide 93: Reconciliation Tables
Reconciliation Tables Reconciliation of Gross Profit to Non-GAAP Gross Profit ($M) FY21 FY22 FY23 FY24 FY25 YTD Gross Profit 2,917 3,469 1,351 1,536 2,286 Accelerated depreciation, impairment and other charges related to cost saving efforts 2 1 60 13 - Amortization of acquired intangible assets 12 4
Slide 94: Reconciliation Tables
Reconciliation Tables Reconciliation of Income (Loss) From Operations to Non-GAAP Income From Operations ($M) FY21 FY22 FY23 FY24 FY25 YTD Income (Loss) From Operations 1,492 1,955 (342) 452 1,322 Accelerated depreciation, impairment and other charges related to cost saving efforts 2 14 85 13 - Acqu
Slide 95: Reconciliation Tables
Reconciliation Tables Reconciliation of Non-GAAP EBITDA to Non-GAAP Adjusted EBITDA ($M) FY21 FY22 FY23 FY24 FY25 LTM Non-GAAP EBITDA 1,963 2,377 320 1,026 2,114 Accelerated depreciation, impairment and other charges related to cost saving efforts - - - - - Acquisition-related charges - - - - 5 Amor
Slide 96: Placeholder for a Q&A slide
Placeholder for a Q&A slide…
Seagate Technology Holdings — Investor Day (May 2025) on 6ix