Aem Holdings Ltd. · SGX:AWX
Aem — Q1 2026 Earnings Presentation
15 slides from Aem's earnings presentation, May 1, 2026
Slide 1: AEM 1Q2026 Results
AEM 1Q2026 Results Strong Start to a Multi-Year AI / HPC Earnings Cycle A E M ｜ 1 Q 2 0 2 6 ｜ I N V E ST O R U P D A T E
Slide 2: Disclaimer
Disclaimer This is a presentation of general information relating statements are not and should not be construed as a to the current activities of AEM Holdings Ltd. (“AEM”). representation as to the future of AEM, and are not It is given in summary form and does not purport to intended to be profit
Slide 3: 1Q2026 Key Highlights
1Q2026 Key Highlights Revenue • AI / HPC production continues to ramp, driving S$116.9M +35.8% vs 1Q2025 +4.5% vs 4Q2025 revenue and margin gains • Announced strategic partnership with ASE, the Profit Before Tax (PBT) world’s largest OSAT, to deliver next-generation test solutions tailored for the A
Slide 4: Unprecedented Investment in AI Driving Semicon Content Growth
Unprecedented Investment in AI … … Driving Unprecedented Semicon Content Growth Global semiconductor market2 , $T 1.6 ~$7T 62% 0.5 +$0.8T (109%) of growth in 2024- +$0.3T 30 expected from (65%) 0.8 leading-edge chips Data center investment1 primarily for AI needed over 2025-30 0.5 2018 2024 2030 1.
Slide 5: AI is Driving Unparalleled Generational Leaps in Device Designs
AI is Driving Unparalleled Generational Leaps in Device Designs 2025 2020 2013 Generational increase across… PC: Ivy Bridge → Haswell Mobile: A13 → A14 AI GPUs: MI250 → MI350 Power (TDP) +10% No change +80% Silicon footprint +10% -10% +215% Transistors +40% +39% +217% Release Cadence 12-24 months 12
Slide 6: The Test Challenge: Exponentially Increasing Complexity & Cost
The Test Challenge: Exponentially Increasing Complexity & Cost Larger form factors Longer test times Greater heterogeneity Test time (S) Integrated CPO +216% ASIC Interposer Optics Optical I/Os larger package (JEDEC DG4.10E) Substrate Fiber Board >2kg 90nm 65nm 45nm 28nm 14nm 7nm 5nm 3nm package wei
Slide 7: US$3 Billion Serviceable Addressable Market
• Encompasses opportunities across 4 customer categories AEM is in active engagements with, spanning: • PC / Foundry US$3 • • AI / HPC Memory Billion • OSAT • Aim to capture meaningful share over the next 3-5 years Serviceable Addressable Market today AE M ｜ 1Q 2026 ｜ INVE ST OR U PD A T E 7
Slide 8: Investment Thesis
Investment Thesis 4 Earnings Leverage Increased scale drives improved operating leverage 3 & cash generation AEM Differentiation Innovating high parallel test solutions that deliver cost- efficient, leading-edge capabilities to address test needs 2 Test Complexity Increasing AI/HPC device complexity
Slide 9: FY2026 & Beyond – Strategic Priorities Across Five Business Pillars
FY2026 & Beyond – Strategic Priorities Across Five Business Pillars PC / Foundry PC / AI Fabless Memory Contract OSATs Customer Customer Segment Manufacturing • Maintain & grow • Support high-volume • Complete package Final • Explore short- and mid- • Support AEM’s market share with ramp enroute to
Slide 10: ASE Strategic Partnership: Accelerating AI/HPC Test Innovation
ASE Strategic Partnership: Accelerating AI/HPC Test Innovation Strategic Rationale 2024 OSAT Market Share World-Class Scale Meets Proprietary Technology ASE is the world’s largest OSAT (45% global market share). The Amkor partnership combines AEM’s proprietary PiXLTM thermal and high- 15% parallel t
Slide 11: FY2026 Revenue Guidance: S$550M - S$600M
Outlook & Guidance FY2026 Revenue Guidance: S$550M - S$600M +38-50% Revised upward from S$460M to S$510M vs. FY2025 Revenue Fabless AI/HPC Customer Ramp Continues Memory Segment: Early Revenues Expected 2H26 On track to become AEM’s largest revenue Active engagements progressing. Memory is a contrib
Slide 12: 1Q2026 Key Financial Highlights
1Q2026 Key Financial Highlights • 1Q2026 revenue was S$116.9M, up 35.8% YoY, Revenue up 4.5% QoQ, primarily driven by continued high-volume production ramp of the Group’s +35.8% vs 1Q2025 fabless AI/HPC customer and stronger order S$116.9M +4.5% vs 4Q2025 intake from the Group’s C/Foundry customer •
Slide 13: TCS Revenue S$88.1M, Contributing 75% of Group Revenue
TCS Revenue S$88.1M, Contributing 75% of Group Revenue Configurables & Collaterals mix at ~78% in Q4 0 5 & Q1 0 6 with “fully loaded” systems revenue Total Revenue Mix (S$M) Test Cell Solutions Revenue Mix (S$M) Attached% = ∑ Rev(Configurables & Collaterals) ∑ Rev([Configurables & Collaterals], [Tes
Slide 14: Balance Sheet
Balance Sheet A robust balance sheet with low debt As at • As at end-March 2026, net assets were valued at S$516.5M, up from end-December 2025, contributed Mar. ‘26 Dec. ’25 Change mainly by net profit for the period S$M S$M % • As a result, NAV per share increased to 163 cents at end-March 2026 vs.
Slide 15: Thank You
Thank You Investor Relations Contact Samir MOWLA samir.mowla@aem.com.sg Financial PR Pte Ltd Kamal SAMUEL / Rishika TIWARI / LIM En Tong Tel: 6438 2990 / Fax: 6438 0064 kamal@financialpr.com.sg rishika@financialpr.com.sg A E M ｜ 1 Q 2 0 2 6 ｜ I N V E ST O R U P D A T E entong@financialpr.com.sg