FULLTEXT DEL 1 AV 2
10-Q – 2025-10-28 – amkr-20250930.htm
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COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-29472 AMKOR TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 23-1722724 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 2045 East Innovation Circle Tempe , AZ 85284 (Address of principal executive offices and zip code) ( 480 ) 821-5000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $0.001 par value AMKR The NASDAQ Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ The number of outstanding shares of the registrant’s Common Stock as of October 21, 2025 was 247,193,437 . QUARTERLY REPORT ON FORM 10-Q For the Quarter Ended September 30, 2025 TABLE OF CONTENTS Page PART I. Financial Information Item 1. Financial Statements (unaudited) 3 Consolidated Statements of Income - Three and Nine Months Ended September 30, 2025 and 2024 3 Consolidated Statements of Comprehensive Income - Three and Nine Months Ended September 30, 2025 and 2024 4 Consolidated Balance Sheets - September 30, 2025 and December 31, 2024 5 Consolidated Statements of Stockholders’ Equity - Three and Nine Months Ended September 30, 2025 and 2024 6 Condensed Consolidated Statements of Cash Flows - Nine Months Ended September 30, 2025 and 2024 8 Notes to Consolidated Financial Statements 9 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3. Quantitative and Qualitative Disclosures About Market Risk 33 Item 4. Controls and Procedures 34 PART II. Other Information Item 1. Legal Proceedings 36 Item 1A. Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 54 Item 3. Defaults Upon Senior Securities 54 Item 4. Mine Safety Disclosures 54 Item 5. Other Information 54 Item 6. Exhibits 55 Signatures 56 Forward-Looking Statements This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding (1) the amount, timing and focus of our expected capital investments in 2025, (2) our ability to fund our operating activities and financial requirements for the next twelve months, (3) the effect of changes in revenue levels and capacity utilization on our gross margin, (4) the impact of natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions on our operations, financial results and supply chain, (5) the focus of our research and development activities, (6) the anticipated impact of tax law changes in the jurisdictions in which we operate, (7) the grant and expiration of conditional reduced tax rates in jurisdictions in which we operate and expectations regarding our effective tax rate and the availability of tax incentives, (8) the creation or release of valuation allowances related to taxes in the future, (9) our repurchase or repayment of outstanding debt, (10) payment of dividends, (11) compliance with restrictive covenants in the indentures and agreements governing our current and future indebtedness, (12) liability for unrecognized tax benefits and the potential impact of our unrecognized tax benefits on our effective tax rate, (13) the effect of foreign currency exchange rate exposure on our financial results, (14) the volatility of the trading price of our common stock, (15) changes to our internal controls related to integration of acquired operations and implementation of an enterprise resource planning system, (16) our efforts to enlarge our customer base in certain geographic areas and markets, (17) demand for advanced packages and our technology leadership and potential growth in our end markets, (18) projects to install or integrate new information technology systems or upgrade our existing systems, (19) our expected revenue recognition, (20) the anticipated benefits from our new manufacturing facility in Bac Ninh, Vietnam (the “Vietnam Facility”), (21) the anticipated schedule for construction of our new facility in Arizona, United States (the “Arizona Facility”), (22) the receipt of government awards and incentives and the conditions and obligations thereto, (23) the effects of business, -1- QUARTERLY REPORT ON FORM 10-Q For the Quarter Ended September 30, 2025 TABLE OF CONTENTS economic, political, legal and regulatory impacts, conflicts or natural disasters on our global operations, (24) the impact of interest rate changes on our investment portfolio and (25) other statements that are not historical facts. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or “intend,” by the negative of these terms or other comparable terminology or by discussions of strategy, plans or intentions. All forward-looking statements in this Form 10-Q are made based on our current expectations, forecasts, estimates and assumptions. Because such statements include risks and uncertainties, actual results may differ materially from those anticipated in such forward-looking statements as a result of various factors, including those set forth in Part II, Item 1A and other sections of this Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”) and from time to time in our other reports filed with or furnished to the Securities and Exchange Commission (“SEC”). You should carefully consider the trends, risks and uncertainties described in this Form 10-Q, the 2024 Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties continues or occurs, our business, financial condition or operating results could be materially and adversely affected, the trading prices of our securities could decline and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We assume no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this Form 10-Q except as may be required by applicable law. -2- Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands, except per share data) Net sales $ 1,986,968 $ 1,861,589 $ 4,819,935 $ 4,688,574 Cost of sales 1,702,478 1,589,105 4,195,965 4,002,072 Gross profit 284,490 272,484 623,970 686,502 Selling, general and administrative 83,211 80,753 211,541 262,379 Research and development 42,352 42,364 130,012 120,103 Total operating expenses 125,563 123,117 341,553 382,482 Operating income 158,927 149,367 282,417 304,020 Interest expense 21,231 15,622 54,850 47,866 Other (income) expense, net ( 16,701 ) ( 8,130 ) ( 35,833 ) ( 39,273 ) Total other expense, net 4,530 7,492 19,017 8,593 Income before taxes 154,397 141,875 263,400 295,427 Income tax expense 27,715 19,185 59,813 45,693 Net income 126,682 122,690 203,587 249,734 Net income attributable to non-controlling interests ( 93 ) ( 121 ) ( 1,453 ) ( 1,371 ) Net income attributable to Amkor $ 126,589 $ 122,569 $ 202,134 $ 248,363 Net income attributable to Amkor per common share: Basic $ 0.51 $ 0.50 $ 0.82 $ 1.01 Diluted $ 0.51 $ 0.49 $ 0.81 $ 1.00 Shares used in computing per common share amounts: Basic 247,158 246,480 247,035 246,239 Diluted 248,302 247,922 248,054 247,798 The accompanying notes are an integral part of these statements. -3- Table of Contents AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Net income $ 126,682 $ 122,690 $ 203,587 $ 249,734 Other comprehensive income (loss), net of tax: Adjustments to net unrealized gains (losses) on available-for-sale debt investments 482 662 1,616 143 Adjustments to unrealized components of defined benefit pension plans ( 95 ) ( 84 ) ( 2,670 ) ( 254 ) Foreign currency translation ( 797 ) 5,456 5,433 ( 5,991 ) Total other comprehensive income (loss) ( 410 ) 6,034 4,379 ( 6,102 ) Comprehensive income 126,272 128,724 207,966 243,632 Comprehensive income attributable to non-controlling interests ( 93 ) ( 121 ) ( 1,453 ) ( 1,371 ) Comprehensive income attributable to Amkor $ 126,179 $ 128,603 $ 206,513 $ 242,261 The accompanying notes are an integral part of these statements. -4- Table of Contents AMKOR TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2025 December 31, 2024 (In thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 1,495,656 $ 1,133,553 Short-term investments (amortized cost of $ 613,568 and $ 513,494 in 2025 and 2024, respectively) 614,703 512,984 Accounts receivable, net of allowances 1,399,446 1,055,013 Inventories 399,892 310,910 Other current assets 98,393 61,012 Total current assets 4,008,090 3,073,472 Property, plant and equipment, net 3,833,008 3,576,148 Operating lease right of use assets 101,015 109,730 Goodwill 19,076 17,947 Restricted cash 60,758 759 Other assets 165,535 166,272 Total assets $ 8,187,482 $ 6,944,328 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings and current portion of long-term debt $ 547,447 $ 236,029 Trade accounts payable 925,268 712,887 Capital expenditures payable 368,308 123,195 Short-term operating lease liability 24,665 26,827 Accrued expenses 395,294 356,337 Total current liabilities 2,260,982 1,455,275 Long-term debt 1,264,501 923,431 Pension and severance obligations 82,996 70,594 Long-term operating lease liabilities 54,426 57,983 Other non-current liabilities 181,633 253,880 Total liabilities 3,844,538 2,761,163 Commitments and contingencies (Note 15) Stockholders’ equity: Preferred stock, $ 0.001 par value, 10,000 shares authorized, designated Series A, none issued — — Common stock, $ 0.001 par value, 500,000 shares authorized; 293,636 and 293,052 shares issued; and 247,192 and 246,684 shares outstanding in 2025 and 2024, respectively 294 293 Additional paid-in capital 2,047,017 2,031,643 Retained earnings 2,475,936 2,335,132 Accumulated other comprehensive income (loss) 11,889 7,510 Treasury stock, at cost, 46,444 and 46,368 shares in 2025 and 2024, respectively ( 226,770 ) ( 225,033 ) Total Amkor stockholders’ equity 4,308,366 4,149,545 Non-controlling interests in subsidiaries 34,578 33,620 Total equity 4,342,944 4,183,165 Total liabilities and equity $ 8,187,482 $ 6,944,328 The accompanying notes are an integral part of these statements. -5- Table of Contents AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) Additional Paid- In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Amkor Stockholders’ Equity Noncontrolling Interest in Subsidiaries Total Equity Common Stock Treasury Stock Shares Par Value Shares Cost (In thousands) Balance at June 30, 2025 293,577 $ 294 $ 2,041,548 $ 2,369,797 $ 12,299 ( 46,435 ) $ ( 226,514 ) $ 4,197,424 $ 34,650 $ 4,232,074 Net income — — — 126,589 — — — 126,589 93 126,682 Other comprehensive income (loss) — — — — ( 410 ) — — ( 410 ) — ( 410 ) Treasury stock acquired through surrender of shares for tax withholding — — — — — ( 9 ) ( 256 ) ( 256 ) — ( 256 ) Issuance of stock through share-based compensation plans 59 — 328 — — — 328 — 328 Share-based compensation — — 5,141 — — — — 5,141 — 5,141 Cash dividends declared ($ 0.08269 per common share) — — — ( 20,450 ) — — — ( 20,450 ) — ( 20,450 ) Subsidiary dividends to non-controlling interests — — — — — — — — ( 165 ) ( 165 ) Balance at September 30, 2025 293,636 $ 294 $ 2,047,017 $ 2,475,936 $ 11,889 ( 46,444 ) $ ( 226,770 ) $ 4,308,366 $ 34,578 $ 4,342,944 Balance at December 31, 2024 293,052 $ 293 $ 2,031,643 $ 2,335,132 $ 7,510 ( 46,368 ) $ ( 225,033 ) $ 4,149,545 $ 33,620 $ 4,183,165 Net income — — — 202,134 — — — 202,134 1,453 203,587 Other comprehensive income (loss) — — — — 4,379 — — 4,379 — 4,379 Treasury stock acquired through surrender of shares for tax withholding — — — — — ( 76 ) ( 1,737 ) ( 1,737 ) — ( 1,737 ) Issuance of stock through share-based compensation plans 584 1 1,229 — — — — 1,230 — 1,230 Share-based compensation — — 14,145 — — — — 14,145 — 14,145 Cash dividends declared ($ 0.24807 per common share) — — — ( 61,330 ) — — — ( 61,330 ) — ( 61,330 ) Subsidiary dividends to non-controlling interests — — — — — — — — ( 495 ) ( 495 ) Balance at September 30, 2025 293,636 $ 294 $ 2,047,017 $ 2,475,936 $ 11,889 ( 46,444 ) $ ( 226,770 ) $ 4,308,366 $ 34,578 $ 4,342,944 The accompanying notes are an integral part of these statements. -6- Table of Contents AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) Additional Paid- In Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Amkor Stockholders’ Equity Noncontrolling Interest in Subsidiaries Total Equity Common Stock Treasury Stock Shares Par Value Shares Cost (In thousands) Balance at June 30, 2024 292,642 $ 293 $ 2,022,512 $ 2,246,795 $ 4,214 ( 46,340 ) $ ( 224,157 ) $ 4,049,657 $ 33,677 $ 4,083,334 Net income — — — 122,569 — — — 122,569 121 122,690 Other comprehensive income (loss) — — — — 6,034 — — 6,034 — 6,034 Treasury stock acquired through surrender of shares for tax withholding — — — — — ( 22 ) ( 725 ) ( 725 ) — ( 725 ) Issuance of stock through share-based compensation plans 350 — 1,892 — — — — 1,892 — 1,892 Share-based compensation — — 3,620 — — — — 3,620 — 3,620 Cash Dividends declared ($ 0.07875 per common share) — — — ( 19,426 ) — — — ( 19,426 ) — ( 19,426 ) Subsidiary dividends to non-controlling interests — — — — — — — — ( 165 ) ( 165 ) Balance at September 30, 2024 292,992 $ 293 $ 2,028,024 $ 2,349,938 $ 10,248 ( 46,362 ) $ ( 224,882 ) $ 4,163,621 $ 33,633 $ 4,197,254 Balance at December 31, 2023 292,167 $ 292 $ 2,008,170 $ 2,159,831 $ 16,350 ( 46,279 ) $ ( 222,335 ) $ 3,962,308 $ 32,727 $ 3,995,035 Net income — — — 248,363 — — — 248,363 1,371 249,734 Other comprehensive income (loss) — — — — ( 6,102 ) — — ( 6,102 ) — ( 6,102 ) Treasury stock acquired through surrender of shares for tax withholding — — — — — ( 83 ) ( 2,547 ) ( 2,547 ) — ( 2,547 ) Issuance of stock through share-based compensation plans 825 1 4,707 — — — — 4,708 — 4,708 Share-based compensation — — 15,147 — — — — 15,147 — 15,147 Cash Dividends declared ($ 0.23625 per common share) — — — ( 58,256 ) — — — ( 58,256 ) — ( 58,256 ) Subsidiary dividends to non-controlling interests — — — — — — — — ( 465 ) ( 465 ) Balance at September 30, 2024 292,992 $ 293 $ 2,028,024 $ 2,349,938 $ 10,248 ( 46,362 ) $ ( 224,882 ) $ 4,163,621 $ 33,633 $ 4,197,254 The accompanying notes are an integral part of these statements. -7- Table of Contents AMKOR TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended September 30, 2025 2024 (In thousands) Cash flows from operating activities: Net income $ 203,587 $ 249,734 Depreciation and amortization 476,277 445,470 Other operating activities and non-cash items ( 113 ) 22,558 Changes in assets and liabilities ( 228,625 ) ( 166,502 ) Net cash provided by operating activities 451,126 551,260 Cash flows from investing activities: Payments for property, plant and equipment ( 472,531 ) ( 458,067 ) Proceeds from sale of property, plant and equipment 5,142 5,097 Proceeds from foreign exchange forward contracts 51,947 32,185 Payments for foreign exchange forward contracts ( 45,784 ) ( 58,430 ) Payments for short-term investments ( 588,012 ) ( 441,851 ) Proceeds from sale of short-term investments 140,961 44,361 Proceeds from maturities of short-term investments 350,819 367,522 Other investing activities 2,941 7,431 Net cash used in investing activities ( 554,517 ) ( 501,752 ) Cash flows from financing activities: Proceeds from short-term debt — 5,012 Payments of short-term debt — ( 9,731 ) Proceeds from long-term debt 1,000,000 58,727 Payments of long-term debt ( 360,527 ) ( 147,603 ) Payments for debt issuance costs ( 13,235 ) — Payments of finance lease obligations ( 44,246 ) ( 56,359 ) Payments of dividends ( 61,299 ) ( 58,196 ) Other financing activities ( 1,830 ) 819 Net cash provided by (used in) financing activities 518,863 ( 207,331 ) Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 6,630 ( 2,868 ) Net increase (decrease) in cash, cash equivalents and restricted cash 422,102 ( 160,691 ) Cash, cash equivalents and restricted cash, beginning of period 1,134,312 1,120,617 Cash, cash equivalents and restricted cash, end of period $ 1,556,414 $ 959,926 Non-cash investing and financing activities: Property, plant and equipment included in capital expenditures payable $ 354,205 $ 200,141 Right of use assets acquired through operating lease liabilities 10,171 26,500 Right of use assets acquired through finance lease liabilities 28,485 126,045 Grants and incentive receivables for qualified capital expenditures 33,261 — The accompanying notes are an integral part of these statements. -8- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Interim Financial Statements Basis of Presentation. The Consolidated Financial Statements and related disclosures as of September 30, 2025, and for the three and nine months ended September 30, 2025 and 2024, contained in this Form 10-Q (the “Consolidated Financial Statements”) are unaudited pursuant to the rules and regulations of the SEC. The December 31, 2024 Consolidated Balance Sheet data contained in this Form 10-Q was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations. In our opinion, the Consolidated Financial Statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the interim periods and should be read in conjunction with the financial statements included in the 2024 Form 10-K. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025. Unless the context otherwise requires, all references to “Amkor,” “we,” “us” or “our” are to Amkor Technology, Inc. and its wholly and majority-owned subsidiaries. Use of Estimates. The Consolidated Financial Statements have been prepared in conformity with U.S. GAAP, using management’s best estimates and judgments where appropriate. These estimates and judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ materially from these estimates and judgments as a result of, for example, any worsening of the global business and economic environment. Restricted Cash. Restricted cash, non-current, mainly consists of collateral to fulfill construction requirements. Leases. Total long-term finance lease liabilities as of September 30, 2025 and December 31, 2024 were $ 89.3 million and $ 122.7 million, respectively. Goodwill. The balance of goodwill in the Consolidated Balance Sheets contained in this Form 10-Q reflects adjustments for foreign currency translation. Unbilled Receivables . Total unbilled receivables as of September 30, 2025 and December 31, 2024 were $ 332.4 million and $ 210.1 million, respectively. Contract Liabilities. Contract liabilities were $ 83.1 million and $ 95.6 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, the short-term portions of the liabilities were $ 56.2 million and $ 59.7 million, respectively. Of the remaining September 30, 2025 contract liability balance, $ 24.0 million is expected to be recognized in revenue over the next 1 - 5 years, and $ 2.9 million thereafter. Revenue recognized during the nine months ended September 30, 2025 and 2024 that was included in the contract liabilities balance at the beginning of the period was $ 48.7 million and $ 54.4 million, respectively. Grant Accounting. From time to time, we may receive grants from governmental agencies. We recognize grants in our financial statements when there is reasonable assurance that we will comply with conditions attached to the grants and the grants will be received. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States, which includes a provision to increase the investment tax credit rate under the CHIPS Act from 25% to 35% for qualified property placed in service after 2025. Investment tax credits and grants receivable recorded reduce the carrying amounts of the qualifying property, plant and equipment in our Consolidated Balance Sheets. The following table presents investment tax credits and grants receivable as of September 30, 2025 and December 31, 2024: -9- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) September 30, 2025 December 31, 2024 (In thousands) Investment tax credits recorded in: Other current assets $ 3,938 $ — Other assets 23,456 1,403 Grants receivable recorded in: Other assets 7,270 — In September 2025, we entered into an agreement to exchange approximately 56 acres of land acquired in 2024 for approximately 104 acres of land related to the Arizona Facility. The transaction is structured as a nonmonetary asset exchange with no cash consideration. The 104 acre parcel will be recorded at the carrying value of the land relinquished with no gain or loss recognized. The transaction is expected to close in the fourth quarter of 2025. Recently Issued Standards. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disclosure of additional income tax information, primarily related to effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Adoption of this ASU should be applied on a prospective basis, but retrospective application is permitted. We plan to adopt the new standard in the fourth quarter of 2025 using the prospective method, which will result in enhanced disclosures in our financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which was subsequently amended and clarified. ASU 2024-03 requires disaggregation of key expense categories such as inventory purchases, employee compensation, depreciation and intangible asset amortization in the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Adoption of this ASU should be applied either prospectively after the effective date or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impact of this new standard on our financial statements, and we expect the new standard to result in enhanced disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (“ASU 2025-06”). ASU 2025-06 removes all references to project stages throughout ASC 350-40 and clarifies the applicable threshold to begin capitalizing costs. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Adoption of this ASU should be applied using a prospective transition approach, a modified transition approach based on project status or a retrospective transition approach. We are currently evaluating the impact of this new standard on our financial statements and disclosures. 2. Business Segments, Product Groups and End Markets The following table presents revenue, profit or loss and significant segment expenses for our single operating segment: -10- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Net sales $ 1,986,968 $ 1,861,589 $ 4,819,935 $ 4,688,574 Less: Materials cost of sales 1,142,159 1,088,010 2,633,927 2,586,272 Labor cost of sales 182,597 162,762 518,647 467,694 Depreciation cost of sales 149,052 136,552 433,355 398,220 Other cost of sales 228,670 201,781 610,036 549,886 Selling, general and administrative 83,211 80,753 211,541 262,379 Research and development 42,352 42,364 130,012 120,103 Interest expense 21,231 15,622 54,850 47,866 Income tax expense 27,715 19,185 59,813 45,693 Other segment items (1) ( 16,701 ) ( 8,130 ) ( 35,833 ) ( 39,273 ) Segment net income $ 126,682 $ 122,690 $ 203,587 $ 249,734 (1) Other segment items include interest income, foreign currency (gain) loss, net and other (income) expense. The following tables represent other balances included in net income or that are regularly provided to the Chief Operating Decision Maker (CODM): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) (In thousands) Interest income $ 17,109 $ 15,862 $ 46,554 $ 50,356 Depreciation and amortization expense 163,614 150,596 476,277 445,470 Capital expenditures 246,445 195,524 472,531 458,067 September 30, 2025 December 31, 2024 (In thousands) Total assets $ 8,187,482 $ 6,944,328 The following table presents our net sales by product group: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) (In thousands) Advanced products (1) $ 1,683,505 $ 1,567,604 $ 3,975,800 $ 3,817,156 Mainstream products (2) 303,463 293,985 844,135 871,418 Total net sales $ 1,986,968 $ 1,861,589 $ 4,819,935 $ 4,688,574 (1) Advanced products include flip chip, memory and wafer-level processing and related test services. (2) Mainstream products include all other wirebond packaging and related test services. -11- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) Net sales by end market consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Communications (smartphones, tablets) 51 % 52 % 44 % 49 % Computing (data center, infrastructure, PC/laptop, storage) 19 % 16 % 21 % 18 % Automotive, industrial and other (ADAS, electrification, infotainment, safety) 16 % 16 % 19 % 19 % Consumer (AR & gaming, connected home, home electronics, wearables) 14 % 16 % 16 % 14 % Total net sales 100 % 100 % 100 % 100 % 3. Other Income and Expense Other income and expense consist of the following: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Interest income $ ( 17,109 ) $ ( 15,862 ) $ ( 46,554 ) $ ( 50,356 ) Foreign currency (gain) loss, net ( 62 ) 7,980 10,725 11,446 Loss on debt retirement 455 — 455 — Other, net 15 ( 248 ) ( 459 ) ( 363 ) Total other (income) expense, net $ ( 16,701 ) $ ( 8,130 ) $ ( 35,833 ) $ ( 39,273 ) 4. Income Taxes Income tax expense of $ 59.8 million for the nine months ended September 30, 2025 reflects income taxes, foreign withholding taxes and minimum taxes. We monitor on an ongoing basis our ability to utilize our deferred tax assets and whether there is a need for a related valuation allowance. In evaluating our ability to recover our deferred tax assets in the jurisdictions from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies and recent results of operations. We maintain a valuation allowance on certain U.S. and foreign deferred tax assets. Such valuation allowances are released as the related tax benefits are realized or when sufficient evidence exists to conclude that it is more likely than not that the deferred tax assets will be realized. Unrecognized tax benefits represent reserves for potential tax deficiencies or reductions in tax benefits that could result from federal, state or foreign tax audits. Gross unrecognized tax benefits were $ 35.7 million and $ 36.3 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, $ 29.6 million of our unrecognized tax benefits would reduce our effective tax rate if recognized. Our unrecognized tax benefits are subject to change for effective settlement of examinations, changes in the recognition threshold of tax positions, the expiration of statutes of limitations and other factors. We have tax returns that are open to examination in various jurisdictions for tax years 2013-2024. The open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations related to the amount and/or timing of income, deductions and tax credits. There can be no assurance that the outcome of examinations will be favorable. In certain circumstances where we elect to appeal the results of an examination, we may -12- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) be required to make tax assessment payments to proceed with the administrative appeal process. Current examinations include 2021 and 2023 Philippine income tax returns, 2022-2024 Japan income tax returns and 2020-2021 California income tax returns. On July 4, 2025, the OBBBA was enacted in the United States. The OBBBA includes significant provisions, including modifications to the international tax framework and restoration of tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The OBBBA provisions have been reflected in the consolidated financial statements for the quarter ended September 30, 2025 and did not have a material impact on our consolidated financial statements. 5. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income attributable to Amkor common stockholders by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding is reduced for treasury stock. Diluted EPS is computed based on the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock options, performance-vested restricted stock units (“PSUs”) and time-vested restricted stock units (“RSUs”). The following table summarizes the computation of basic and diluted EPS: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands, except per share data) Net income attributable to Amkor common stockholders $ 126,589 $ 122,569 $ 202,134 $ 248,363 Weighted-average number of common shares outstanding - basic 247,158 246,480 247,035 246,239 Effect of dilutive securities: Share-based awards 1,144 1,442 1,019 1,559 Weighted-average number of common shares outstanding - diluted 248,302 247,922 248,054 247,798 Net income attributable to Amkor per common share: Basic $ 0.51 $ 0.50 $ 0.82 $ 1.01 Diluted 0.51 0.49 0.81 1.00 The following table summarizes the potential shares of common stock that were excluded from diluted EPS because the effect of including these potential shares was anti-dilutive: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Share-based awards 18 — 3 — -13- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 6. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss), net of tax, consist of the following: Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation (3) Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2024 $ ( 510 ) $ 16,570 $ ( 8,550 ) $ 7,510 Other comprehensive income (loss) before reclassifications 1,825 ( 2,386 ) 5,433 4,872 Amounts reclassified from accumulated other comprehensive income (loss) ( 209 ) ( 284 ) — ( 493 ) Other comprehensive income (loss) 1,616 ( 2,670 ) 5,433 4,379 Accumulated other comprehensive income (loss) at September 30, 2025 $ 1,106 $ 13,900 $ ( 3,117 ) $ 11,889 Unrealized Gains (Losses) on Available-for-Sale Debt Investments (1) Defined Benefit Pension (2) Foreign Currency Translation (3) Total (In thousands) Accumulated other comprehensive income (loss) at December 31, 2023 $ 212 $ 15,905 $ 233 $ 16,350 Other comprehensive income (loss) before reclassifications 308 — ( 5,991 ) ( 5,683 ) Amounts reclassified from accumulated other comprehensive income (loss) ( 165 ) ( 254 ) — ( 419 ) Other comprehensive income (loss) 143 ( 254 ) ( 5,991 ) ( 6,102 ) Accumulated other comprehensive income (loss) at September 30, 2024 $ 355 $ 15,651 $ ( 5,758 ) $ 10,248 (1) Amounts reclassified out of accumulated other comprehensive income (loss) are included as other (income) expense, net (Note 3). (2) Amounts reclassified out of accumulated other comprehensive income (loss) are included as a component of net periodic pension cost (Note 12) or other (income) expense, net (Note 3). (3) Beginning in April 2024, foreign currency translation i ncludes the gain (loss) from net investment hedges ( Note 13 ). -14- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 7. Investments All of our available-for-sale debt investments as of September 30, 2025 are available to fund current operations and are recorded at fair value (Note 14). The following table summarizes our cash equivalents and available-for-sale debt investments: September 30, 2025 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Commercial paper $ 104,623 $ — $ — $ 104,623 $ — $ 104,623 Money market funds 781,489 — — 781,489 781,489 — U.S. government bonds 13,946 — — 13,946 13,946 — Total cash equivalents (2) 900,058 — — 900,058 795,435 104,623 Short-term investments Asset-backed securities 69,830 176 ( 11 ) 69,995 — 69,995 Certificate of deposits 17,359 — — 17,359 17,359 — Commercial paper 43,429 — — 43,429 — 43,429 Corporate bonds 335,150 850 ( 59 ) 335,941 — 335,941 Foreign government bonds 3,074 — ( 1 ) 3,073 — 3,073 Mortgage-backed securities 913 2 — 915 — 915 Municipal bonds 1,017 5 — 1,022 — 1,022 U.S. government agency bonds 7,138 — ( 4 ) 7,134 — 7,134 U.S. government bonds 131,712 247 ( 70 ) 131,889 131,889 — Total short-term investments 609,622 1,280 ( 145 ) 610,757 149,248 461,509 Total $ 1,509,680 $ 1,280 $ ( 145 ) $ 1,510,815 $ 944,683 $ 566,132 -15- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) December 31, 2024 Fair Value Level Amortized Cost Gross Unrealized Gains Gross Unrealized Losses (1) Total Fair Value Level 1 Level 2 (In thousands) Cash equivalents Commercial paper $ 53,110 $ — $ — $ 53,110 $ — $ 53,110 Corporate bonds 755 — — 755 — 755 Money market funds 146,679 — — 146,679 146,679 — U.S. government bonds 16,450 4 — 16,454 16,454 — Total cash equivalents 216,994 4 — 216,998 163,133 53,865 Short-term investments Asset-backed securities 63,256 168 ( 1,038 ) 62,386 — 62,386 Certificate of deposits 15,121 — — 15,121 15,121 — Commercial paper 36,829 — — 36,829 — 36,829 Corporate bonds 258,191 567 ( 101 ) 258,657 — 258,657 Foreign government bonds 1,590 — — 1,590 — 1,590 Mortgage-backed securities 11,159 2 ( 18 ) 11,143 — 11,143 Municipal bonds 1,007 2 — 1,009 — 1,009 U.S. government agency bonds 11,392 — ( 25 ) 11,367 — 11,367 U.S. government bonds 110,522 102 ( 170 ) 110,454 110,454 — Total short-term investments 509,067 841 ( 1,352 ) 508,556 125,575 382,981 Total $ 726,061 $ 845 $ ( 1,352 ) $ 725,554 $ 288,708 $ 436,846 (1) All unrealized losses have been in a continuous loss position for less than 12 months. We do not intend to sell the investments in an unrealized loss position, and we do not believe it is more likely than not that we will be required to sell these investments before recovery of their amortized cost bases. (2) For nine months ended September 30, 2025 and 2024, we sold cash equivalent investments for proceeds of $ 20.4 million and $ 18.1 million, respectively, and realized no gain or loss on such sales. The following table summarizes the contractual maturities of our cash equivalents and available-for-sale debt investments as of September 30, 2025 : Amortized Cost Fair Value (In thousands) Within 1 year $ 1,239,037 $ 1,239,475 After 1 year through 5 years 199,900 200,430 Asset- and mortgage-backed securities 70,743 70,910 Total $ 1,509,680 $ 1,510,815 Actual maturities can differ from contractual maturities due to various factors including whether the issuers have the right to call or prepay obligations without call or prepayment penalties, and we view our available-for-sale debt investments as available for current operations. -16- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) As of September 30, 2025, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $ 3.9 million. As of December 31, 2024, the amortized cost and the fair market value of our held-to-maturity government bonds (Level 1) maturing within a year were $ 4.4 million. 8. Factoring of Accounts Receivable For certain accounts receivable, we use non-recourse factoring arrangements with third-party financial institutions to manage our working capital and cash flows. Under these arrangements, we sell receivables to a financial institution for cash at a discount to the face amount. As part of the factoring arrangements, we perform certain collection and administrative functions for the receivables sold. For the three and nine months ended September 30, 2025, we sold receivables totaling $ 63.2 million and $ 88.7 million, respectively, net of discounts and fees, which were insignificant for the respective periods. For the three and nine months ended September 30, 2024, we sold receivables totaling $ 23.3 million and $ 59.4 million, respectively, net of discounts and fees, which were insignificant for the respective periods. 9. Property, Plant and Equipment Property, plant and equipment consist of the following: September 30, 2025 December 31, 2024 (In thousands) Land $ 248,179 $ 246,953 Buildings and improvements 2,332,839 2,239,481 Machinery and equipment 7,899,296 7,389,787 Finance lease assets 245,297 274,302 Furniture, fixtures and other equipment 19,120 18,652 Software and computer equipment 226,290 215,031 Construction in progress 226,424 185,351 Total property, plant and equipment 11,197,445 10,569,557 Accumulated depreciation and amortization ( 7,364,437 ) ( 6,993,409 ) Total property, plant and equipment, net $ 3,833,008 $ 3,576,148 The following table summarizes our depreciation expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Depreciation expense $ 163,493 $ 150,470 $ 475,911 $ 445,074 In September 2025, we amended certain finance lease agreements to accelerate the purchase of the underlying assets in October for $ 34.7 million, and we separately entered into an agreement to sell these assets along with additional existing machinery and equipment in November 2025 for $ 103.6 million. We expect to recognize a pre-tax gain on sale of approximately $ 34 million upon completion of the sale. -17- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 10. Accrued Expenses Accrued expenses consist of the following: September 30, 2025 December 31, 2024 (In thousands) Payroll and benefits $ 131,782 $ 121,683 Short-term finance lease liability 74,749 55,613 Deferred revenue and customer advances 56,240 59,656 Income taxes payable 49,093 35,067 Accrued pension and severance plan obligations 8,635 13,091 Accrued interest 2,606 11,487 Other accrued expenses 72,189 59,740 Total accrued expenses $ 395,294 $ 356,337 -18- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 11. Debt Short-term borrowings and long-term debt consist of the following: September 30, 2025 December 31, 2024 (In thousands) Debt of Amkor Technology, Inc.: Senior notes: 6.625 % Senior notes, due September 2027 (1) $ 400,000 $ 525,000 5.875 % Senior notes, due October 2033 (2) 500,000 — Other: 2025 Revolving Credit Facility, applicable bank rate plus 1.75 %, due May 2030 (3) — — Term A Loans, applicable bank rate plus 1.75 %, 5.74 % as of September 30, 2025, due May 2030 (4) 500,000 — Debt of subsidiaries: Amkor Technology Korea, Inc.: Term loan, fixed rate at 3.95 %, due May 2027 (5) — — Term loan, fixed rate at 2.12 %, due December 2028 175,000 200,000 Amkor Technology Japan, Inc.: Short-term term loans, variable rate (6) — — Term loan, fixed rate at 1.20 %, due December 2025 3,685 13,868 Term loan, fixed rate at 1.23 %, due December 2026 22,143 33,333 Term loan, fixed rate at 1.59 %, due December 2027 47,769 59,923 Term loan, fixed rate at 1.80 %, due December 2028 76,910 89,059 Term loan, fixed rate at 2.05 %, due December 2029 98,276 108,779 Amkor Assembly & Test (Shanghai) Co., Ltd.: Term loans, SOFR plus 0.75 %, due June 2025 — 35,000 Term loans, SOFR plus 0.75 %, due 2025 (4) — 55,500 Term loans, SOFR plus 0.95 %, due December 2026 (4) — 44,000 1,823,783 1,164,462 Less: Unamortized discount and deferred debt costs, net ( 11,835 ) ( 5,002 ) Less: Short-term borrowings and current portion of long-term debt ( 547,447 ) ( 236,029 ) Long-term debt $ 1,264,501 $ 923,431 (1) In July 2025, we redeemed $ 125.0 million (“July Redemption”) of our 6.625 % Senior Notes due September 2027 (“2027 Notes”). In September 2025, we issued a redemption notice (“September Redemption” and, together with the July Redemption, the “2027 Notes Redemptions”) for the remaining amounts due under our 2027 Notes, which was completed in October 2025. The 2027 Notes Redemptions were funded with a portion of the net proceeds from the $ 500.0 million Term A Loans and a portion of the net proceeds from our issuance of the 2033 Notes described below. In accordance with the terms of the indenture governing the 2027 Notes, the redemption price for the 2027 Notes Redemptions was 100 % of the principal amount of the 2027 Notes plus accrued and unpaid interest. As a result of the 2027 Notes Redemptions, we expect to record $ 1.8 million in charges for the early extinguishment of debt related costs, of which $ 0.5 million was recorded in the third quarter of 2025 with the remaining amount to be recorded in fourth quarter of 2025. -19- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) (2) In September 2025, we issued $ 500.0 million of 5.875 % Senior Notes due October 2033 (“2033 Notes”). The 2033 Notes were issued at par value and are senior unsecured obligations guaranteed by our wholly-owned subsidiary, Guardian Assets, Inc. (“Guardian”). Interest is payable semiannually on April 1 and October 1 of each year, commencing April 1, 2026. We incurred $ 6.7 million of debt issuance costs associated with the 2033 Notes. The proceeds will be used for the September Redemption and general corporate purposes. (3) In May 2025, we entered into a $ 1.0 billion senior secured revolving credit facility (the “2025 Revolving Credit Facility”) guaranteed by Amkor Technology Singapore Holding Pte. Ltd. (“ATSH”) and Guardian that replaced an existing revolving credit facility guaranteed by ATSH and Guardian. The maximum borrowing capacity under the 2025 Revolving Credit Facility is $ 1.0 billion. The 2025 Revolving Credit Facility includes an uncommitted optional accordion of up to $ 200.0 million, which may be incurred in the form of revolving commitment increases or term loans. As of September 30, 2025, $ 1.0 billion was available for future borrowings under the 2025 Revolving Credit Facility. (4) In June 2025, we amended the 2025 Revolving Credit Facility and created a new tranche of term loans (the “Term A Loans”), which are secured and guaranteed on a pari passu basis to the revolver loans under the existing agreement. The Term A Loans have an aggregate principal amount of $ 500.0 million and will mature in May 2030. The payments are subject to 2.5 % amortization of the original principal amount per year in 2026 and 2027, and 5 % thereafter, payable quarterly, with the remaining balance due at maturity. The proceeds were used for the July Redemption, prepayment of outstanding term loans of Amkor Assembly & Test (Shanghai) Co., Ltd. (“AATS Loans”) and general corporate purposes. (5) In April 2021, we entered into a ₩ 80.0 billion term loan agreement with the option to borrow and re-borrow the funds up to six times per year through April 2024 at a fixed rate of 1.85 %. In May 2024, we replaced this loan by entering into a ₩ 80.0 billion (approximately $ 59 million) term loan agreement with the option to borrow and re-borrow the funds up to six times per year through May 2027. Principal is payable at maturity, and interest is payable monthly at a fixed rate of 3.95 %. As of September 30, 2025, ₩ 80.0 billion, or approximately $ 57 million, was available to be drawn. (6) We entered into various short-term term loans which mature semiannually. Principal and interest are payable in monthly installments. As of September 30, 2025, $ 3.4 million was available to be drawn. Certain of our debt is collateralized by the land, buildings, equipment and capital stock of subsidiaries. As of September 30, 2025, the collateralized debt balance was $ 923.8 million, of which $ 656.8 million of assets and subsidiary capital stock were pledged as collateral. The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., ATSH and Guardian guarantee certain debt of our subsidiaries. The agreements governing our indebtedness contain affirmative and negative covenants, including, among others, covenants to maintain a minimum interest coverage ratio and a maximum consolidated leverage ratio, which restrict our ability to pay dividends and could restrict our operations. These restrictions do not currently have a material impact on our ability to make dividend payments or stock repurchases. We were in compliance with all debt covenants at September 30, 2025. -20- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 12. Pension Plans Foreign Defined Benefit Pension Plans Our subsidiaries in Japan, Korea, Malaysia, the Philippines and Taiwan sponsor defined benefit pension plans. Charges to expense are based upon actuarial analyses. The components of net periodic pension cost for these defined benefit pension plans are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Service cost $ 3,356 $ 3,514 $ 10,045 $ 10,354 Interest cost 1,475 1,464 4,410 4,335 Expected return on plan assets ( 1,316 ) ( 1,410 ) ( 3,934 ) ( 4,197 ) Recognized actuarial gain ( 120 ) ( 97 ) ( 358 ) ( 290 ) Net periodic pension cost 3,395 3,471 10,163 10,202 Curtailment gain — — ( 434 ) — Total pension expense $ 3,395 $ 3,471 $ 9,729 $ 10,202 The components of net periodic pension cost other than the service cost component are included in other (income) expense, net in our Consolidated Statements of Income. Defined Contribution Pension Plans We sponsor defined contribution pension plans in Korea, Malaysia, Taiwan and the U.S. The following table summarizes our defined contribution expense: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (In thousands) Defined contribution expense $ 7,384 $ 6,313 $ 24,010 $ 20,792 13. Derivatives We use foreign currency forward contracts to mitigate foreign currency risk of certain monetary assets and liabilities denominated in foreign currencies. We do not enter into such contracts for trading or speculative purposes. These derivative instruments are not designated as hedging instruments. We hedge certain net investment positions in foreign subsidiaries. To accomplish this, we enter into foreign currency forward contracts, generally settled monthly, that are designated as hedges of net investments. -21- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) As of September 30, 2025 and December 31, 2024, our foreign exchange forward contracts consisted of the following: September 30, 2025 December 31, 2024 Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location (In thousands) Forward contracts not designated as hedging instruments Japanese yen $ 187,923 $ 2,318 Other current assets $ 254,783 $ 10 Other current assets Korean won 118,116 ( 141 ) Accrued expenses 80,260 ( 472 ) Accrued expenses Philippine peso 11,129 ( 32 ) Accrued expenses 8,431 ( 29 ) Accrued expenses Singapore dollar 1,714 4 Other current assets 8,454 ( 39 ) Accrued expenses Taiwan dollar 30,879 55 Other current assets 31,150 ( 70 ) Accrued expenses Total forward contracts not designated as hedging instruments $ 349,761 $ 2,204 $ 383,078 $ ( 600 ) September 30, 2025 December 31, 2024 Notional Value Fair Value (Level 2) Balance Sheet Location Notional Value Fair Value (Level 2) Balance Sheet Location (In thousands) Forward contracts designated as net investment hedging instruments Japanese yen $ 129,297 $ ( 1,626 ) Accrued expenses $ 123,042 $ ( 83 ) Accrued expenses Total forward contracts designated as net investment hedging instruments $ 129,297 $ ( 1,626 ) $ 123,042 $ ( 83 ) For the three and nine months ended September 30, 2025, we incurred a net loss of $ 3.8 million and $ 10.3 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the revaluation of the related hedged items. For the three and nine months ended September 30, 2024, we incurred a net loss of $ 4.1 million and $ 10.8 million, respectively, due to the impact of derivatives not designated as hedging instruments, which includes the forward costs, and the revaluation of the related hedged items. For the three and nine months ended September 30, 2025, a gain of $ 1.3 million and $ 4.0 million, respectively, was recognized in other (income) expense, net of the difference between the forward rate and the spot rate of the net investment hedge. For the three and nine months ended September 30, 2025, a gain of $ 2.7 million and a loss of $ 6.1 million, respectively, was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedges. For the three and nine months ended September 30, 2024, a gain of $ 1.7 million and $ 2.9 million, respectively, was recognized in other (income) expense, net of the difference between the forward rate and the spot rate of the net investment hedge. For the three and nine months ended September 30, 2024, a loss of $ 11.3 million and $ 8.1 million, respectively, was recognized in other comprehensive income (loss) for the changes in fair value of the net investment hedges. -22- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) 14. Fair Value Measurements The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3, defined as unobservable inputs that are not corroborated by market data. For our Level 2 short-term investments, we consider factors such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data obtained from quoted market prices and independent pricing vendors to determine the fair value of these assets and liabilities. The fair values of cash, accounts receivable, trade accounts payable, capital expenditures payable and certain other current assets and accrued expenses approximate carrying values because of their short-term nature. The carrying value of certain other non-current assets and liabilities approximates fair value. Our assets and liabilities recorded at fair value on a recurring basis include restricted cash money market funds and short-term investments, including investments classified as cash equivalents. Cash equivalent money market funds and restricted cash money market funds are invested in U.S. money market funds and various U.S. and foreign bank operating and time deposit accounts, which are due on demand or carry a maturity date of less than three months when purchased. No restrictions have been imposed on us regarding withdrawal of balances with respect to our cash equivalents as a result of liquidity or other credit market issues affecting the money market funds we invest in or the counterparty financial institutions holding our deposits. Our derivative financial instruments are valued using quoted market prices for similar assets. Counterparties to these derivative contracts are highly rated financial institutions. We also measure certain assets and liabilities, including property, plant and equipment and goodwill, at fair value on a nonrecurring basis. We measure the fair value of our debt for disclosure purposes. The following table presents the fair value of our debt: September 30, 2025 December 31, 2024 Fair Value Carrying Value Fair Value Carrying Value (In thousands) Senior notes (Level 1) $ 905,520 $ 891,947 $ 525,562 $ 522,615 Revolving credit facilities and term loans (Level 2) 915,132 920,001 625,818 636,845 Total debt $ 1,820,652 $ 1,811,948 $ 1,151,380 $ 1,159,460 The estimated fair value of our senior notes is based primarily on quoted market prices reported on or near the respective balance sheet dates. The estimated fair value of our revolving credit facilities and term loans is calculated using a discounted cash flow analysis, which utilizes market-based assumptions, including forward interest rates adjusted for credit risk. 15. Commitments and Contingencies We generally warrant that our services will be performed in a professional and workmanlike manner and in compliance with our customers’ specifications. We accrue costs for known warranty issues. Historically, our warranty costs have been immaterial. Insolvency payments associated with Nanium acquisition In June 2025, we received $ 72.8 million for a receivable subject to bankruptcy proceedings included as part of our Nanium acquisition in May 2017 (“Nanium Insolvency Receipt”). The terms of the purchase agreement require us to -23- Table of Contents AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) (Unaudited) remit any insolvency payments received to the selling shareholders, less certain costs, including tax costs, incurred by us. During the second quarter, we remitted $ 40.4 million to the selling shareholders. Such amounts were recorded on a net basis within selling, general and administrative expenses in our Consolidated Statements of Income and as operating cash flows within our Condensed Consolidated Statements of Cash Flows. Legal Proceedings We are involved in claims and legal proceedings and may become involved in other legal matters arising in the ordinary course of our business. We evaluate these claims and legal matters on a case-by-case basis to make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition or cash flows. Although the outcome of these matters is uncertain, we believe that the ultimate outcome of these claims and proceedings, individually and in the aggregate, will not have a material adverse impact on our business, liquidity, results of operations, financial condition or cash flows. Our evaluation of the potential impact of these claims and legal proceedings could change in the future. In accordance with the accounting guidance for loss contingencies, including legal proceedings, lawsuits, pending claims and other legal matters, we accrue for a loss contingency when we conclude that the likelihood of a loss is probable and the amount of the loss can be reasonably estimated. We adjust our accruals from time to time as we receive additional information, but the loss we incur may be significantly greater than or less than the amount we have accrued. We disclose loss contingencies if we believe they are material and there is at least a reasonable possibility that a loss has been incurred. Attorney fees related to legal matters are expensed as incurred. -24- Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview Amkor is the world’s largest U.S. headquartered OSAT and is a global leader in outsourced semiconductor packaging and test services. We are an industry leader in developing and commercializing advanced packaging and test technologies, which we believe provide substantial value to our customers. Our primary financial objective is profitable sales growth. To achieve this goal, we are focused on leveraging our leadership position in services for advanced technologies, providing our customers with a geographically diverse manufacturing footprint, growing within the industry secular growth markets of high-performance computing (“HPC”), automotive, Internet-of-Things (“IoT”) and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets. We believe that demand for advanced packaging services will continue to grow as our customers and leading electronics original equipment manufacturers strive for smaller device geometries, higher levels of integration and performance and lower power consumption. We intend to continue to leverage our investments in advanced technology to meet the demand for these services in high growth markets. High performance computing supporting artificial intelligence and increasing demand for improved networking speed and storage within data centers, cloud computing, PCs and laptops, are driving demand for more semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving increased demand for advanced packaging to enable the proliferation of safety features such as ADAS and radar and digital cockpit features such as infotainment displays and telematics. The IoT wearables within our consumer end market are evolving in multiple applications, such as hearables, watches and augmented reality and virtual reality devices. Integration of multiple functions into small form factors, such as processors, sensors and connectivity devices, relies on innovation in advanced packaging. Within our communications end market, we have a strong position across multiple device functionalities within premium and high tier smartphones. We are collaborating with industry leaders as smartphones transition to include artificial intelligence and drive semiconductor growth through integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing. Our broad geographic footprint, including our manufacturing presence in multiple countries across Asia, in Portugal and our headquarters in the United States, is a key differentiator and positions us well to support evolving global supply chains, including initiatives to regionalize supply chains. We began delivering advanced packages from the Vietnam Facility in the third quarter of 2024. In addition, we were awarded up to $407 million in direct funding by the U.S. Department of Commerce (“Commerce”) pursuant to the U.S. CHIPS and Science Act of 2022 (“CHIPS Act”) to support the Arizona Facility, conditioned on, among other things, the achievement of certain construction and production milestones. We acquired the land for the Arizona Facility in 2024, which we expect to exchange for another parcel of land in the fourth quarter of 2025. Activities to prepare the site for construction commenced in September 2025. We believe our broad geographic footprint provides customers with multiple options to mitigate risk and diversify their supply chains. Another key factor in our results of operations is the optimization of asset utilization. We build and utilize manufacturing lines which support multiple customers, and we increase factory utilization through sophisticated planning processes and intensive efficiency improvement activities. Our customers include most of the world’s largest semiconductor companies, and over the last five decades we have developed long-standing relationships with many of these companies. We believe that our production excellence, including high quality, reliability and predictability, has been a key factor in our success in attracting and retaining customers. As a supplier in the semiconductor industry, our business is cyclical and impacted by broad economic factors. Historical trends indicate there has been a strong correlation between worldwide gross domestic product levels, consumer spending and semiconductor industry cycles. The semiconductor industry has experienced significant and sometimes prolonged cyclical upturns and downturns in the past. We cannot predict the timing, strength or duration of any correction, economic slowdown, recession or subsequent economic recovery. -25- Table of Contents We operate in a capital-intensive industry. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures, which are generally made in advance of expected revenues and without firm customer commitments. We fund our operations, including capital expenditures and debt service requirements, with cash flows from operations, existing cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional financing. Maintaining an appropriate level of liquidity is important to our business and depends on, among other considerations, the performance of our business, our capital expenditure levels, our ability to repay debt out of our operating cash flows or proceeds from debt or equity financings and our investment strategy. As of September 30, 2025, we had cash and cash equivalents and short-term investments of $1,495.7 million and $614.7 million, respectively. Our net sales, gross profit, operating income, cash flows, liquidity and capital resources have historically fluctuated significantly from quarter to quarter due to many factors, including the seasonality of our business, the cyclical nature of the semiconductor industry and other factors discussed in the “Risk Factors” section in Part II, Item 1A of this Form 10-Q. We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S. and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. We will continue to make prudent investments, and we will closely manage capacity expansion and control costs in response to any changes in market conditions. Financial Summary Our net sales increased $125.4 million, or 6.7%, to $1,987.0 million for the three months ended September 30, 2025 compared to $1,861.6 million for the three months ended September 30, 2024, primarily due to growth in our computing and communications end markets. Gross margin for the three months ended September 30, 2025 decreased to 14.3% compared to 14.6% for the three months ended September 30, 2024. The decrease in gross margin was primarily due to increased overhead and employee compensation costs, partially offset by a decrease in the proportion of products sold with higher material content and higher factory utilization driven by the increase in net sales. Operating income margin remained consistent at 8.0% for the three months ended September 30, 2025 and the three months ended September 30, 2024. Our capital expenditures totaled $472.5 million for the nine months ended September 30, 2025 compared to $458.1 million for the nine months ended September 30, 2024. Our spending was primarily focused on investments in advanced packaging and test equipment. Net cash provided by operating activities was $451.1 million for the nine months ended September 30, 2025 compared to $551.3 million for the nine months ended September 30, 2024. This decrease was primarily due to changes in working capital and lower operating profits. -26- Table of Contents Results of Operations The following table sets forth certain operating data as a percentage of net sales for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net sales 100.0 % 100.0 % 100.0 % 100.0 % Cost of sales: Materials 57.5 % 58.4 % 54.6 % 55.2 % Labor 9.2 % 8.7 % 10.8 % 10.0 % Depreciation 7.5 % 7.4 % 9.0 % 8.5 % Other manufacturing costs 11.5 % 10.9 % 12.7 % 11.7 % Gross margin 14.3 % 14.6 % 12.9 % 14.6 % Selling, general and administrative 4.2 % 4.3 % 4.4 % 5.6 % Research and development 2.1 % 2.3 % 2.7 % 2.6 % Operating income 8.0 % 8.0 % 5.9 % 6.5 % Net income attributable to Amkor 6.4 % 6.6 % 4.2 % 5.3 % Net Sales For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands, except percentages) Net sales $ 1,986,968 $ 1,861,589 $ 125,379 6.7 % $ 4,819,935 $ 4,688,574 $ 131,361 2.8 % The increase in net sales for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 was primarily due to growth in our computing and communications end markets. The computing and communications end markets grew 23% and 5%, respectively, for the three months ended September 30, 2025 compared to 2024, primarily driven by strong demand across all computing applications and in premium tier smartphones. The increase in net sales for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily due to growth in our computing and consumer end markets, partially offset by a decrease in the communications end market. The computing and consumer end markets grew 20% and 18%, respectively, for the nine months ended September 30, 2025 compared to 2024, primarily driven by strong demand across all computing applications as well as IoT wearables. The communications end market decreased 8% for the nine months ended September 30, 2025 compared to 2024, primarily driven by lower supported content in premium tier smartphones. Gross Profit and Gross Margin For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands, except percentages) Gross profit $ 284,490 $ 272,484 $ 12,006 $ 623,970 $ 686,502 $ (62,532) Gross margin 14.3 % 14.6 % (0.3) % 12.9 % 14.6 % (1.7) % Our cost of sales consists principally of materials, labor, depreciation and manufacturing overhead. Since a substantial portion of the costs at our factories is fixed, there tends to be a strong relationship between our revenue levels and gross margin. Accordingly, relatively modest increases or decreases in revenue can have a significant effect on margin and on labor and other manufacturing costs as a percentage of revenue, depending on product mix, utilization, foreign currency exchange rate movements and seasonality. We have expanded our business in advanced packaging, which tends to have -27- Table of Contents higher material costs than our other products. As we continue to increase production of these higher material cost products, there could be an impact on our profitability, depending on overall utilization. Gross margin decreased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to increased overhead and employee compensation costs, partially offset by a decrease in the proportion of products sold with higher material content and higher factory utilization driven by the increase in net sales. Gross profit and gross margin for the nine months ended September 30, 2025 was also impacted by the ramp up of the Vietnam Facility, which is in the early stages of high-volume manufacturing. Selling, General and Administrative For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands, except percentages) Selling, general and administrative $ 83,211 $ 80,753 $ 2,458 3.0 % $ 211,541 $ 262,379 $ (50,838) (19.4) % Selling, general and administrative expenses decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to net cash received in the Nanium Insolvency Receipt and the incremental costs incurred in 2024 during start-up at the Vietnam Facility. The amount recognized from the Nanium Insolvency Receipt for the nine months ended September 30, 2025, net of amounts remitted to the selling shareholders, was $32.4 million. The incremental costs incurred during start-up at the Vietnam Facility were approximately $28 million for the nine months ended September 30, 2024. For additional information regarding the Nanium Insolvency Receipt, please refer to Note 15 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q. Research and Development For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands, except percentages) Research and development $ 42,352 $ 42,364 $ (12) — % $ 130,012 $ 120,103 $ 9,909 8.3 % Research and development activities are focused on developing new packaging and test services and improving the efficiency and capabilities of our existing production processes. The costs related to our technology and product development projects are included in research and development expense until the project moves into production. Once production begins, the costs relating to production become part of the cost of sales, including ongoing depreciation for the equipment previously held for research and development activities. Research and development expenses increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to development projects in new advanced and mainstream packaging technologies. Other Income and Expense For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands, except percentages) Interest expense $ 21,231 $ 15,622 $ 5,609 35.9 % $ 54,850 $ 47,866 $ 6,984 14.6 % Interest income (17,109) (15,862) (1,247) 7.9 % (46,554) (50,356) 3,802 (7.6) % Foreign currency (gain) loss, net (62) 7,980 (8,042) >(100)% 10,725 11,446 (721) (6.3) % Loss on debt retirement 455 — 455 100 % 455 — 455 100 % Other, net 15 (248) 263 >(100)% (459) (363) (96) 26.4 % Total other expense, net $ 4,530 $ 7,492 $ (2,962) (39.5) % $ 19,017 $ 8,593 $ 10,424 >100% -28- Table of Contents Interest expense increased for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily due to an increase in our average outstanding debt related to the issuances of the 2033 Notes and the Term A Loans, which were used in part to redeem all amounts outstanding under our 2027 Notes and AATS Loans. Interest income decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to lower interest rates partially offset by increases in our cash and cash equivalent and available-for-sale debt investment balances. The changes in foreign currency (gain) loss, net for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 were primarily due to the weakening of the U.S. dollar compared to the foreign currencies of our subsidiaries and the associated impact on our unhedged net monetary exposures in 2024. Income Tax Expense For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change (In thousands) Income tax expense $ 27,715 $ 19,185 $ 8,530 $ 59,813 $ 45,693 $ 14,120 Income tax expense, which includes foreign withholding taxes and minimum taxes, reflects the applicable tax rates in effect in the various countries where our income is earned and is subject to volatility depending on the relative mix of earnings in each location. Income tax expense increased for the three months ended September 30, 2025 compared to the three months ended September 30, 2024, primarily due to an increase in income before income taxes. Income tax expense increased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily due to discrete tax expense associated with the Nanium Insolvency Receipt. For additional information regarding the Nanium Insolvency Receipt, please refer to Note 15 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q. During the nine months ended September 30, 2025 and 2024, our subsidiaries in Korea, Singapore and Vietnam operated under various conditional reduced tax rates. As these conditional reduced tax rates expire, income earned in these jurisdictions will be subject to higher statutory income tax rates, which may cause our effective tax rate to increase. See Note 4 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information about our income tax expense and the OBBBA legislation. Liquidity We assess our liquidity based on our current expectations regarding sales and operating expenses, capital spending, dividend payments, stock and debt repurchases, debt service requirements, lease obligations and other funding needs. Based on this assessment, we believe that our cash flow from operating activities, together with existing cash and cash equivalents, short-term investments and availability under our credit facilities, will be sufficient to fund our working capital, capital expenditures, dividend payments, debt service, debt repurchases and other financial requirements for at least the next 12 months. Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditure levels, other uses of our cash including any dividends and purchases of stock or debt under any repurchase program, any acquisitions, joint ventures or other investments and our ability to either repay debt out of operating cash flow or refinance it at or prior to maturity with the proceeds from debt or equity offerings. There can be no assurance that we will generate the necessary net income or operating cash flows, or be able to borrow sufficient funds, to meet the funding needs of our business beyond the next 12 months due to a variety of factors, including the cyclical nature of the semiconductor industry and other factors discussed in Part II, Item 1A of this Form 10-Q. Our primary source of cash and the source of funds for our operations are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional -29- Table of Contents debt or equity financings. Please refer to Note 7 and Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information on our investments and borrowings, respectively. As of September 30, 2025, we had cash and cash e quivalents and short-term investments of $2,110.4 million. Included in our cash and short-term investments balances as of September 30, 2025 is $1,109.3 million held offshore by our foreign subsidiaries. We have the ability to access cash held offshore by our foreign subsidiaries primarily through the repayment of intercompany debt obligations. If we were to distribute this offshore cash to the United States as dividends from our foreign subsidiaries, the dividends generally would not be subject to U.S. federal income tax, but the distributions may be subject to foreign withholding and state income taxes. For certain accounts receivable, we use non-recourse factoring arrangements with third party financial institutions to manage our working capital and cash flows. Under these arrangements, we sell receivables to a financial institution for cash at a discount to the face amount. Available capacity under these arrangements is dependent on the level of our trade accounts receivable eligible to be sold, the financial institutions’ willingness to purchase such receivables and the limits provided by the financial institutions. These factoring arrangements can be reduced or eliminated at any time due to market conditions and changes in the creditworthiness of customers. For the nine months ended September 30, 2025 and 2024, we sold receivables totaling $88.7 million and $59.4 million, respectively, net of discounts and fees which were insignificant for the respective periods. We operate in a capital-intensive industry. Servicing our current and future customers may require that we incur significant operating expenses and make significant investments in equipment and facilities, which are generally made in advance of the related revenues and without firm customer commitments. In December 2024, we signed a Direct Funding Agreement with Commerce for the award of up to $407 million in government incentives pursuant to the CHIPS Act, and no funds have been received to date. The award requires us to achieve construction and production milestones over the next several years. In addition, we are eligible to receive an investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act. On July 4, 2025, the OBBBA was enacted in the United States, which includes a provision to increase the investment tax credit rate from 25% to 35% for qualified property placed in service after 2025. For additional information, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. On May 9, 2025, we entered into the 2025 Revolving Credit Facility, which replaced our existing revolving credit facility. The maximum amount available to draw under the 2025 Revolving Credit Facility is $1.0 billion. The 2025 Revolving Credit Facility includes an uncommitted optional accordion of up to $200.0 million, which may be incurred in the form of revolving commitment increases or term loans. On June 27, 2025, we amended the 2025 Revolving Credit Facility agreement and created the $500.0 million Term A Loans, which are secured and guaranteed on a pari passu basis to the existing agreement. In July 2025, a portion of the proceeds were used to redeem $125.0 million of the 2027 Notes and repay the remaining $98.0 million of the AATS Loans. The 2025 Revolving Credit Facility and Term A Loans will mature on May 9, 2030. As of September 30, 2025, we had availability of $1,000.0 million under the 2025 Revolving Credit Facility. As of September 30, 2025, our foreign subsidiaries also had $60.4 million available to be borrowed under term loan credit facilities. In September 2025, we issued $500.0 million of the 2033 Notes. Additionally, in October 2025, we redeemed the outstanding $400.0 million aggregate principal amount of our 2027 Notes. The redemption was funded from our issuance of the 2033 Notes. As of September 30, 2025, we had debt of $1,811.9 million, with $547.4 million payable within 12 months. As of September 30, 2025, the interest payment obligations, based on stated coupon rates for fixed rate debt and interest rates applicable at September 30, 2025 for variable rate debt, were $378.0 million during the remaining term of the debt. Interest payment obligations payable within 12 months were $53.3 million. We were in compliance with all debt covenants as of September 30, 2025, and we expect to remain in compliance with these covenants for at least the next 12 months. For additional information regarding our debt arrangements, please refer to Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q. Certain of our debt agreements contain affirmative and negative covenants including, among others, covenants to maintain a minimum interest coverage ratio and a maximum consolidated leverage ratio, which restrict our ability to pay -30- Table of Contents dividends and could restrict our operations. These restrictions do not currently have a material impact on our ability to make dividend payments or stock repurchases. The debt of Amkor Technology, Inc. is structurally subordinated in right of payment to all existing and future debt and other liabilities of our subsidiaries. From time to time, Amkor Technology, Inc., ATSH and Guardian guarantee certain debt of our subsidiaries. In order to reduce our debt and future cash interest payments, we may from time to time repurchase or redeem our outstanding senior notes for cash or exchange shares of our common stock for our outstanding senior notes. Any such transaction may be made in the open market, through privately negotiated transactions or otherwise and would be subject to the terms of our indentures and other debt agreements, market conditions and other factors. We lease certain machinery and equipment, office space and manufacturing facilities. As of September 30, 2025, our total remaining operating lease obligations and finance lease obligations were $91.2 million and $183.6 million, respectively, with $28.1 million and $81.7 million payable within 12 months, respectively. The lease obligations represent our future minimum lease payments including interest payments. We had off-balance sheet purchase obligations for capital expenditures, long-term supply contracts and other contractual commitments. As of September 30, 2025, the purchase obligations were $704.8 million, with $642.4 million payable within 12 months. We enter into customer advance payment agreements from time to time, some of which require standby letters of credit. As of September 30, 2025, we expect to receive approximately $600 million of advance payments over a two-year period, of which $400 million will require standby letters of credit upon receipt. Capital Returns In November 2022, we announced our intention to return 40 percent to 50 percent of cumulative free cash flow generated over time, beginning 2022. This return may be in the form of dividends and stock repurchases, subject to a variety of factors, including strategic investments, other capital allocation priorities and Board of Directors’ approval. During the nine months ended September 30, 2025, we paid total quarterly cash dividends of $61.3 million, and we currently anticipate that we will continue to pay quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend upon our results of operations, financial condition, cash requirements, debt restrictions and other factors. Capital Resources We make significant capital expenditures in order to service the demand of our customers, which are primarily focused on investments in advanced packaging and test equipment. During the nine months ended September 30, 2025, our capital expenditures totaled $472.5 million. We expect that our 2025 capital expenditures will be approximately $950 million, approximately $200 million of which we expect to spend on the construction of the Arizona Facility. Ultimately, the amount of our 2025 capital expenditures will depend on several factors including, among others, the timing and implementation of any capital projects under review, including the progress of construction of the Arizona Facility, the performance of our business, economic and market conditions, the cash needs and investment opportunities for the business, the need for additional capacity to service anticipated customer demand, equipment lead times and the availability of cash flows from operations or financing. The primary sources of funds for our capital expenditures are cash flows from operations, current cash and cash equivalents, short-term investments, borrowings under available credit facilities and proceeds from any additional debt or equity financings. Please refer to Note 7 and Note 11 to our Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q for additional information on our investments and borrowings, respectively. In addition, we are subject to risks associated with our capital expenditures, including those discussed in the “Risk Factors” section in Part II, Item 1A of this Form 10-Q under the caption “We make substantial investments in equipment and facilities to support the demand of our customers, which may materially and adversely affect our business if the demand of our customers does not develop as we expect or is adversely affected.” -31- Table of Contents Cash Flows Net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024, was as follows: For the Nine Months Ended September 30, 2025 2024 (In thousands) Operating activities $ 451,126 $ 551,260 Investing activities (554,517) (501,752) Financing activities 518,863 (207,331) Operating activities: Our cash flow provided by operating activities for the nine months ended September 30, 2025 decreased by $100.1 million compared to the nine months ended September 30, 2024, primarily due to changes in working capital and lower operating profits. Investing activities: Our cash flow used in investing activities for the nine months ended September 30, 2025 increased by $52.8 million compared to the nine months ended September 30, 2024, primarily due to higher net payments for short-term investments and higher payments for property, plant and equipment, partially offset by net proceeds from foreign exchange forward contracts in the current year. Payments for property, plant and equipment can fluctuate based on the timing of purchase, receipt and acceptance of equipment. Financing activities: The changes in financing activities for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 were primarily due to net debt borrowings in the current year compared to net debt repayments in the prior year. We provide the following supplemental data to assist our investors and analysts in understanding our liquidity and capital resources. We define “free cash flow” as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of, insurance recovery for and grants for property, plant and equipment, if applicable. Free cash flow is not defined by U.S. GAAP. We believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt, our ability to fund capital expenditures and our ability to pay dividends and the amount of dividends to be paid. However, free cash flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other, non-discretionary expenditures, such as mandatory debt service, are not deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between periods. This measure should be considered in addition to, and not as a substitute for, or superior to, other measures of liquidity or financial performance prepared in accordance with U.S. GAAP, such as net cash provided by operating activities. Furthermore, our definition of free cash flow may not be comparable to similarly titled measures reported by other companies. For the Nine Months Ended September 30, 2025 2024 (In thousands) Net cash provided by operating activities $ 451,126 $ 551,260 Payments for property, plant and equipment (472,531) (458,067) Proceeds from sale of and grants for property, plant and equipment 8,248 12,639 Free cash flow $ (13,157) $ 105,832 New Accounting Pronouncements For information regarding recently adopted and recently issued accounting standards, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. -32- Table of Contents Item 3. Quantitative and Qualitative Disclosures about Market Risk Market Risk Sensitivity We are exposed to market risks, primarily related to foreign currency and interest rate fluctuations. In the normal course of business, we employ established policies and procedures to manage the exposure to fluctuations in foreign currency values and changes in interest rates. Foreign Currency Risk The U.S. dollar is our reporting and functional currency for our subsidiaries, except for our Japan operations, where the Japanese yen is the functional currency. In order to reduce our exposure to foreign currency gains and losses, we use natural hedging techniques and forward contracts to mitigate foreign currency risk. We have foreign currency exchange rate risk associated with the remeasurement of monetary assets and liabilities on our Consolidated Balance Sheets that are denominated in currencies other than the functional currency. We performed a sensitivity analysis of our foreign currency exposure as of September 30, 2025 to assess the potential impact of fluctuations in exchange rates for all foreign denominated assets and liabilities. Assuming that all foreign currencies appreciated 10% against the U.S. dollar and taking into account our foreign currency forward contracts, our income before taxes for the nine months ended September 30, 2025 would have been approximately $18 million lower, due to the remeasurement of monetary assets and liabilities. In addition, we have foreign currency exchange rate exposure on our results of operations. For the nine months ended September 30, 2025, approximately 90% of our net sales were denominated in U.S. dollars. Our remaining net sales were principally denominated in Japanese yen. For the nine months ended September 30, 2025, approximately 60% of our cost of sales and operating expenses were denominated in U.S. dollars and were largely for raw materials and costs associated with property, plant and equipment. The remaining portion of our cost of sales and operating expenses was principally denominated in the Asian currencies where our production facilities are located and largely consisted of labor. To the extent that the U.S. dollar weakens against these Asian-based currencies, similar foreign currency denominated income and expenses in the future will result in higher sales, higher cost of sales and operating expenses, with cost of sales and operating expenses having the greater impact on our financial results. Similarly, our sales, cost of sales and operating expenses will decrease if the U.S. dollar strengthens against these foreign currencies. We performed a sensitivity analysis of our foreign currency exposure as of September 30, 2025 to assess the potential impact of fluctuations in exchange rates for all foreign denominated sales and operating expenses. Assuming that all foreign currencies appreciated 10% against the U.S. dollar, our operating income for the nine months ended September 30, 2025 would have been approximately $121 million lower. There are inherent limitations in the sensitivity analysis presented, primarily the assumption that foreign exchange rate movements across multiple jurisdictions would change instantaneously in an equal fashion. As a result, the analysis is unable to reflect the potential effects of more complex market or other changes that could arise which may positively or negatively affect our results of operations. Our Consolidated Financial Statements are impacted by changes in exchange rates at the entity where the local currency is the functional currency. To mitigate this impact, we started to hedge certain net investment positions in foreign subsidiaries by entering into foreign currency forward contracts that are designated as hedges of net investments beginning in April 2024. The effect of foreign exchange rate translation for these entities, inclusive of our foreign currency forward contracts, was a gain of $5.4 million for the nine months ended September 30, 2025 and a loss of $6.0 million for the three months ended September 30, 2024, respectively, and was recognized as an adjustment to equity through other comprehensive income (loss). -33- Table of Contents Interest Rate Risk We have interest rate risk with respect to our available-for-sale debt investments. Our investment portfolio consists of various security types and maturities, with our portfolio primarily having maturities of one year or less. Our primary objective with our investment portfolio is to invest available cash while preserving capital and meeting liquidity needs. These securities are subject to interest rate risk, decreasing in value if market interest rates increase and increasing in value if market interest rates decrease. Due to the relatively short-term nature of our investment portfolio, we believe that an immediate change in interest rates will not have a material impact on the fair value of our available-for-sale debt investments. For information regarding our available-for-sale debt investments, see Note 7 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. In addition, we have interest rate risk with respect to our debt. Our fixed and variable rate debt includes foreign borrowings, revolving credit facilities and senior notes. Changes in interest rates have different impacts on the fixed and variable rate portions of our debt portfolio. A change in interest rates on the fixed portion of the debt portfolio impacts the fair value of the debt instrument but has no impact on interest expense or cash flows. A change in interest rates on the variable portion of the debt portfolio impacts the interest incurred and cash flows but will not have a material impact on the fair value of the instrument. The table below presents the interest rates, maturities and fair value of our fixed and variable rate debt as of September 30, 2025: 2025 - Remaining* 2026 2027 2028 2029 Thereafter Total Fair Value ($ in thousands) Fixed rate debt $ 450,118 $ 135,734 $ 118,019 $ 96,788 $ 23,124 $ 500,000 $ 1,323,783 $ 1,320,013 Average interest rate 6.1 % 1.9 % 1.9 % 2.0 % 2.1 % 5.9 % 4.8 % Variable rate debt $ — $ 12,500 $ 12,500 $ 25,000 $ 25,000 $ 425,000 $ 500,000 $ 500,639 Average interest rate — % 5.7 % 5.7 % 5.7 % 5.7 % 5.7 % 5.7 % Total debt maturities $ 450,118 $ 148,234 $ 130,519 $ 121,788 $ 48,124 $ 925,000 $ 1,823,783 $ 1,820,652 *This column reflects the early redemption of the 2027 Notes. For information regarding the fair value of our long-term debt, see Note 14 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic reports to the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure, based on the definition of “disclosure controls and procedures” in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating the disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures. We carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025 and concluded those disclosure controls and procedures were effective as of that date. -34- Table of Contents Changes in Internal Control Over Financial Reporting We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2025. There have been no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. -35- Table of Contents PART II. OTHER INFORMATION Item 1. Legal Proceedings Information about legal proceedings is set forth in Note 15 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in Note 17 to the 2024 Form 10-K. Item 1A. Risk Factors The factors discussed below are cautionary statements that identify important factors and risks that could cause actual results to differ materially from those anticipated by the forward-looking statements contained in this Form 10-Q. For more information, see the Forward-Looking Statements within this Form 10-Q. You should carefully consider the risks and uncertainties described below, together with all of the other information included in this Form 10-Q, in considering our business and prospects. The risks and uncertainties described below are not the only ones facing Amkor. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also adversely affect our business operations. The occurrence of any of the risks and uncertainties described below could materially and adversely affect our business, liquidity, results of operations, financial condition or cash flows. Summary of Risk Factors An investment in our common stock involves various risks, and you are urged to carefully consider all of the matters discussed in Part II, Item 1A of this Form 10-Q under the caption “Risk Factors” (in addition to those discussed under this “Summary of Risk Factors” section) in considering our business and prospects. The following is a list of some of these risks: Risks Related to Our Business, Operations and Industry • dependence on the cyclical and volatile semiconductor industry and vulnerability to industry downturns and declines in global economic and financial conditions; • changes in costs, quality, availability and delivery times of raw materials, components and equipment; • fluctuations in operating results and cash flows; • competition with established competitors in the packaging and test business, the internal capabilities of integrated device manufacturers (“IDMs”), and new competitors, including foundries and contract manufacturers; • our substantial investments in equipment and facilities to support the demand of our customers; • warranty claims, product return and liability risks, and the risk of negative publicity if our products fail, as well as the risk of litigation incident to our business; • difficulty achieving the relatively high-capacity utilization rates necessary to realize satisfactory gross margins given our high percentage of fixed costs; • our absence of backlog and the short-term nature of our customers’ commitments; • the historical downward pressure on the prices of our packaging and test services; • fluctuations in our manufacturing yields; • a downturn or lower sales to customers in the automotive industry; • dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive; • difficulty funding our liquidity needs; and • challenges with integrating diverse operations. -36- Table of Contents Risks Related to Our International Sales and Operations • dependence on international factories and operations, and risks relating to trade restrictions and regional conflict, including restrictive trade barriers, export controls, tariffs, customs and duties. Risks Related to Cybersecurity, Data Privacy and Intellectual Property • our ability to develop new proprietary technology, protect our proprietary technology, operate without infringing the proprietary rights of others, and implement new technologies; and • our continuing development and implementation of changes to, and maintenance and security of, our information technology systems. Risks Related to Our Indebtedness • restrictive covenants in the indentures and agreements governing our current and future indebtedness; • our substantial indebtedness; and • fluctuations in interest rates and changes in credit risk. Risks Related to Our Common Stock • the ability of certain of our stockholders to effectively determine or substantially influence the outcome of matters requiring stockholder approval; and • the possibility that we may decrease or suspend our quarterly dividend. Risks Related to Human Capital and Management • difficulty attracting, retaining or replacing qualified personnel. Risks Related to Regulatory, Legal and Tax Challenges • maintaining an effective system of internal controls; • any changes in tax laws, taxing authorities not agreeing with our interpretation of applicable tax laws, including whether we continue to qualify for conditional reduced tax rates, or any requirements to establish or adjust valuation allowances on deferred tax assets; • environmental, health and safety liabilities and expenditures; and • conditions and obligations in connection with the receipt of government awards and incentives. General Risk Factors • natural disasters and other calamities, health conditions or pandemics, political instability, hostilities or other disruptions. Risks Related to Our Business, Operations and Industry Our packaging and test services are used in volatile industries, and industry downturns and declines in global economic and financial conditions could harm our performance. Our business is impacted by market conditions in the semiconductor industry, which is cyclical by nature and impacted by broad economic factors, such as worldwide gross domestic product and consumer spending. The semiconductor industry has experienced significant and sometimes sudden and prolonged downturns in the past. If the industry or markets in which we compete experience slower, or even negative growth, our business and results of operations may be materially and adversely affected. Since our business is, and will continue to be, dependent on the requirements of semiconductor companies for outsourced packaging and test services, any downturn in the semiconductor industry or any other industry that uses a significant number of semiconductor devices, such as communications, computing, automotive and industrial or consumer electronics, could have a material adverse effect on our business and operating results. During downturns, we have -37- Table of Contents experienced, among other things, reduced demand, excess capacity and reduced sales. For example, the Covid-19 pandemic disrupted demand in the automotive and industrial end market in 2020, and during 2019, there was weakness in the general market and an inventory correction in the smartphone market. Our business may suffer if the cost, quality or supply of materials or equipment changes adversely. We obtain the materials and equipment required for the packaging and test services performed by our factories from various vendors. We source most of our materials, including critical materials such as leadframes, laminate substrates and gold wire, from a limited group of suppliers. A disruption to the operations of one or more of our suppliers could extend lead times for materials and equipment and have a negative impact on our business. For example, the Covid-19 pandemic and resulting supply chain disruptions and economic turbulence created extended lead times for some materials and equipment, and furthermore, fire, severe weather, earthquakes, flooding and tsunamis in the past have impacted the supply of specialty chemicals, substrates, silicon wafers, equipment and other supplies to the electronics industry. In addition, we purchase the majority of our materials on a purchase order basis. Our business may be harmed if we cannot obtain materials and other supplies from our vendors in a timely manner, in sufficient quantities, at acceptable quality or at competitive prices or are unable to increase our prices sufficiently to recover inflationary price increases in materials or supplies. Some of our customers are also dependent on a limited number of suppliers for certain materials and silicon wafers. Shortages or disruptions in our customers’ supply channels, including any disruptions arising out of the conflicts in Ukraine and Israel or other future conflicts, could have a material adverse effect on our business, financial condition, results of operations and cash flows. SEC rules and related industry initiatives require diligence and disclosure regarding the use of certain minerals originating from the conflict zones of the Democratic Republic of Congo and adjoining countries. Many of our customers’ initiatives require us to certify that the covered materials we use in our packages do not come from the conflict areas. We incur costs associated with complying with these requirements and customer initiatives, and we may be required to increase our efforts in the future to cover additional materials and geographic areas. These requirements and customer initiatives could affect the pricing, sourcing and availability of materials used in the manufacture of semiconductor devices, and we cannot assure you that we will be able to obtain conflict-free materials or other materials covered by customer initiatives in sufficient quantities and at competitive prices or that we will be able to verify the origin of all of the materials we procure. If we are unable to meet these requirements and customer initiatives, some customers may move their business to other suppliers, and our reputation and business could be materially and adversely affected. We purchase new packaging and test equipment to maintain and expand our operations. From time to time, increased demand for new equipment or supply chain disruptions and economic turbulence may cause lead times to extend beyond those normally required by equipment vendors. In periods of increased demand and reduced availability, equipment suppliers may delay orders or only partially satisfy our equipment orders in the normal time frame. The unavailability of equipment or failures to deliver equipment on a timely basis could delay or impair our ability to meet customer orders. If we are unable to meet customer orders, we could lose potential and existing customers. Generally, we acquire our equipment on a purchase order basis and do not enter into long-term equipment agreements. As a result, depending on market conditions, we could experience adverse changes in pricing, currency risk and potential shortages in equipment, any of which could have a material adverse effect on our results of operations. We are a large buyer of gold and other commodity materials, including substrates and copper. The prices of gold and other commodities used in our business fluctuate. Historically, we have been able to partially offset the effect of commodity price increases through price adjustments to some customers and changes in our product designs that reduce the material content and cost, such as the use of shorter, thinner gold wire and migration to copper wire. However, we typically do not have long-term contracts that permit us to impose price adjustments, and market conditions may limit our ability to do so. Significant price increases may materially and adversely impact our gross margin in future periods to the extent we are unable to pass along past or future commodity price increases to our customers. -38- Table of Contents Our operating results and cash flows have varied and may vary significantly as a result of factors that we cannot control. Many factors could have a material adverse effect on our net sales, gross profit, operating results and cash flows or lead to significant variability of quarterly or annual operating results. Our profitability and ability to generate cash from operations is principally dependent upon demand for semiconductors, the utilization of our capacity, semiconductor package mix, the average selling price of our services, our ability to manage our capital expenditures and our ability to control our costs including labor, material, overhead and financing costs. Our net sales, gross margin, gross profit, operating income, net income and cash flows have historically fluctuated significantly from quarter to quarter as a result of many of the following factors, over which we have little or no control and which we expect to continue to impact our business: • fluctuations in demand for semiconductors and conditions in the semiconductor industry generally, as well as by specific customers, such as inventory reductions by our customers impacting demand in key markets; • changes in cost, quality, availability and delivery times of raw materials, components, equipment and labor; • inflation, including wage inflation, and fluctuations in commodity prices, including gold, copper and other precious metals; • our ability to achieve our major growth objectives, including transitioning second-wave customers to advanced packages and increasing our share of the automotive and industrial end market; • changes in our capacity and capacity utilization rates; • fluctuations in interest rates and currency exchange rates; • changes in average selling prices which can occur quickly due to the absence of long-term agreements on price; • changes in the mix of the semiconductor packaging and test services that we sell; • fluctuations in our manufacturing yields; • the development, transition and ramp to high volume manufacture of more advanced silicon nodes and evolving wafer, packaging and test technologies may cause production delays, lower manufacturing yields and supply constraints for new wafers and other materials; • the absence of backlog, the short-term nature of our customers’ commitments, double bookings by customers and deterioration in customer forecasts and the impact of these factors, including the possible delay, rescheduling and cancellation of large orders, or the timing and volume of orders relative to our production capacity; • the timing of expenditures in anticipation of future orders; • changes in effective tax rates; • the availability and cost of financing; • leverage and debt covenants; • intellectual property transactions and disputes; • warranty and product liability claims and the impact of quality excursions and customer disputes and returns; • costs associated with legal claims, indemnification obligations, judgments and settlements; • political instability, conflicts (such as the ongoing conflicts in Ukraine and Israel) and government shutdowns, civil disturbances and international events; • environmental or natural disasters such as earthquakes, typhoons and volcanic eruptions; -39- Table of Contents • pandemics or other widespread illnesses that may impact our labor force, operations, liquidity, supply chain and end-user demand for products which incorporate semiconductors; • costs of acquisitions and divestitures and difficulties integrating acquisitions; • our ability to attract and retain qualified personnel to support our global operations; • our ability to penetrate new end markets or expand our business in existing end markets; • dependence on key customers or concentration of customers in certain end markets, such as mobile communications and automotive; and • restructuring charges, asset write-offs and impairments. In recent years, the U.S. Bureau of Industry and Security has announced new export control regulations applicable to the sale of U.S. semiconductor technology in China (collectively, the “BIS Regulations”). The above factors, in addition to the BIS Regulations and other similarly restrictive trade barriers adopted by U.S. and foreign governments applicable to the semiconductor supply chain, could impact our business and the businesses of our customers. These factors may have a material and adverse effect on our business, liquidity, results of operations, financial condition and cash flows or lead to significant volatility in our quarterly or annual operating results. In addition, these factors may materially and adversely affect our credit ratings, which could make it more difficult and expensive for us to raise capital and could materially and adversely affect the price of our securities. We compete against established competitors in the packaging and test business as well as internal capabilities of IDMs and face competition from new competitors, including foundries and contract manufacturers. The outsourced semiconductor packaging and test services market is very competitive. We face substantial competition from established and emerging packaging and test service providers primarily located in Asia, including companies with significantly greater processing capacity, financial resources, local presence, research and development operations, marketing, technology and other capabilities. In addition, we may compete with electronics manufacturing service providers or contract electronics manufacturers that also provide advanced integrated device solutions. We also may face increased competition from domestic companies located in China, where there are government-supported efforts to promote and subsidize the development and growth of the local semiconductor industry. We may be at a disadvantage in attempting to compete with entities associated with such government-supported initiatives based on their lower cost of capital, access to government resources and incentives, preferential sourcing practices, stronger local relationships or otherwise. Our competitors may also have established relationships, or enter into new strategic relationships, with one or more of the large semiconductor companies that are our current or potential customers or key suppliers to these customers. Consolidation among our competitors could also strengthen their competitive position. Historically, we have also been dependent on the trend in outsourcing of packaging and test services by IDM and foundry customers. Our IDM and foundry customers continually evaluate the need for outsourced services against their own in-house packaging and test services. As a result, at any time and for a variety of reasons, IDMs and foundries may decide to shift some or all of their outsourced packaging and test services to internally sourced capacity. To the extent we limit capacity commitments for certain customers, these customers may increase their level of in-house packaging and test capabilities, which could make it more difficult for us to regain their business when we have available capacity. If we experience a significant loss of IDM or foundry business, it could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows, especially during a prolonged industry downturn. We face competition from foundries, such as TSMC and Samsung, which offer full turnkey services from silicon wafer fabrication through packaging and final test. These foundries, which are substantially larger than us and have greater financial resources than we do, have expanded their operations to include packaging and test services and may continue to expand these capabilities in the future. If a key customer decides to purchase wafers from a semiconductor foundry that provides packaging and test services, our business could be adversely affected if the customer also engages that foundry for related packaging and test services. We also face competition from contract manufacturers and electronic manufacturing service providers, many of which are larger than us, have lower cost structures, and may be willing or able to sell their services at lower margins. These competitors have increased and could increase pricing and competitive pressures. -40- Table of Contents We cannot assure you that we will be able to compete successfully in the future against our existing or potential competitors, that our customers will not rely on internal sources, foundries or contract manufacturers for packaging and test services or that our business, liquidity, results of operations, financial condition or cash flows will not be materially and adversely affected by such increased competition. We make substantial investments in equipment and facilities to support the demand of our customers, which may materially and adversely affect our business if the demand of our customers does not develop as we expect or is adversely affected. We make significant investments in equipment and facilities in order to service the demand of our customers. The amount of our capital expenditures depends on several factors, including the performance of our business, our assessment of future industry and customer demand, our capacity utilization levels and availability, advances in technology, our liquidity position and the availability of financing. Our ongoing capital expenditure requirements may strain our cash and liquidity, and, in periods when we are expanding our capital base, we expect that depreciation expense and factory operating expenses associated with capital expenditures to increase production capacity will put downward pressure on our gross profit, at least in the near term. From time to time, we also make significant capital expenditures based on specific business opportunities with one or a few key customers, and the additional equipment purchased may not be readily usable to support other customers. If demand is insufficient to fill our capacity, or we are unable to efficiently redeploy such equipment, our capacity utilization and gross profit could be negatively impacted. Furthermore, if we cannot generate or raise additional funds to pay for capital expenditures, particularly in some of the advanced packaging and bumping areas, as well as research and development activities, our growth and future profitability may be materially and adversely affected. Our ability to obtain external financing in the future is subject to a variety of uncertainties, including: our future financial condition, results of operations and cash flows; general market conditions for financing; volatility in fixed income, credit and equity markets; and economic, political and other global conditions. We began delivering advanced packages from the Vietnam Facility in the third quarter of 2024. While manufacturing has begun at the Vietnam Facility, there can be no assurance that the actual scope, costs or benefits of the project will be consistent with our current expectations. We may face warranty claims, product return and liability risks, economic damage claims and negative publicity if our packages fail . Our packages are incorporated into a number of end products. If our packages fail, our business may be exposed to warranty claims, product return and liability risks, economic damage claims and negative publicity. We receive warranty claims from our customers from time to time in the ordinary course of our business. If we were to experience an unusually high incidence of warranty claims, we could incur significant costs and our business could be materially and adversely affected. In addition, we are exposed to the product and economic liability risks and the risk of negative publicity affecting our customers. Our sales may decline if any of our customers are sued on a product liability claim. We also may suffer a decline in sales from the negative publicity associated with such a lawsuit or with adverse public perceptions in general regarding our customers’ products. Further, if our packages are delivered with defects, we could incur additional development, repair or replacement costs or suffer other economic losses, and our credibility and the market’s acceptance of our packages could be harmed. Due to our high percentage of fixed costs, we may be unable to maintain satisfactory gross margins if we are unable to achieve relatively high-capacity utilization rates. Our operations are characterized by high fixed costs and the absence of any material backlog. Our profitability depends in part not only on pricing levels for our packaging and test services but also on the efficient utilization of our human resources and packaging and test equipment. Increases or decreases in our capacity utilization can significantly affect gross margins. Transitions between different packaging technologies can also impact our capacity utilization if we do not efficiently redeploy our equipment for other packaging and test opportunities. We cannot assure you that we will be -41- Table of Contents able to achieve consistently high-capacity utilization, and if we fail to do so, our gross margins may be negatively impacted. In addition, our fixed operating costs have increased as a result of capital expenditures for capacity expansion. The anticipated customer demand for which we have made capital investments may not materialize, and our sales may not adequately cover fixed costs, resulting in reduced profit levels or even significant losses, either of which may materially and adversely impact our business, liquidity, results of operations, financial condition and cash flows. The lack of contractually committed customer demand may materially and adversely affect our sales. Our packaging and test business does not typically operate with any material backlog. Our quarterly net sales from packaging and test services are substantially dependent upon our customers’ demand in that quarter. Generally, our customers do not commit to purchase any significant amount of packaging or test services or provide us with binding forecasts of demand for packaging and test services for any future period, in any material amount. In addition, we sometimes experience double booking by customers, and our customers often reduce, cancel or delay their purchases of packaging and test services for a variety of reasons, including industry-wide, customer-specific and Amkor-specific reasons. This makes it difficult for us to forecast our capacity utilization and net sales in future periods. Since a large portion of our costs is fixed and our expense levels are based in part on our expectations of future sales, we may not be able to adjust costs in a timely manner to compensate for any sales shortfall. If we are unable to adjust costs in a timely manner, our margins, operating results, financial condition and cash flows could be materially and adversely affected. Historically, there has been downward pressure on the prices of our packaging and test services. Prices for packaging and test services have generally declined over time, and sometimes prices can change significantly in relatively short periods of time. We expect downward pressure on average selling prices for our packaging and test services to continue in the future, and this pressure may intensify during downturns in business. If we experience declining average selling prices and are unable to offset such declines by developing and marketing new packages with higher prices, reducing our purchasing costs, recovering more of our material cost increases from our customers and reducing our manufacturing costs, our business, liquidity, results of operations, financial condition and cash flows could be materially and adversely affected. Packaging and test processes are complex, and our production yields and customer relationships may suffer from defects in the services we provide or if we do not successfully implement new technologies. Semiconductor packaging and test services are complex processes that require significant technological and process expertise, and in line with industry practice, customers usually require us to pass a lengthy and rigorous qualification process that may take several months. Once qualified and in production, defective packages primarily result from one or more of the following: • contaminants in the manufacturing environment; • human error; • equipment malfunction; • changing processes to address environmental requirements; • defective raw materials; or • defective plating services. Test is also complex and involves sophisticated equipment and software. Similar to many software programs, these software programs are complex and may contain programming errors or “bugs.” The test equipment is also subject to malfunction, and the test process is subject to operator error. These and other factors have, from time to time, contributed to lower production yields. They may also do so in the future, particularly as we adjust our capacity, change our processing steps or ramp new technologies. In addition, we must continue to develop and implement new packaging and test technologies and expand our offering of packages to be -42- Table of Contents competitive. Our production yields on new packages, particularly those packages which are based on new technologies, typically are significantly lower than our production yields on our more established packages. Our failure to qualify new processes, maintain quality standards or acceptable production yields, if significant and prolonged, could result in the loss of customers, increased costs of production, delays, substantial amounts of returned goods and claims by customers relating thereto. Any of these problems could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows. A significant portion of our revenue is derived from customers in the automotive industry. A downturn or lower sales to customers in the automotive industry could materially affect our business and results of operations. A significant portion of our sales is to customers within the automotive industry. The automotive industry is cyclical, and, as a result, our customers in the automotive end-market are sensitive to changes in general economic conditions, inflationary pressure, disruptive innovation and end-market preferences, which can adversely affect sales of our products and, correspondingly, our results of operations. The automotive industry is also subject to long design-in time frames, long product life cycles and a high degree of regulatory and safety requirements, necessitating suppliers to the industry to comply with stringent qualification processes, very low defect rates and high reliability standards, all of which result in significant operational challenges, risk to our results of operations, and increased costs of our investments in serving customers in the automotive end-market. Additionally, the quantity and price of our products sold to customers in the automotive end-market could decline despite continued growth in such end-market. Lower sales to customers in the automotive end-market may have a material adverse effect on our business and results of operations. The loss of certain customers or reduced orders or pricing from existing customers may have a material adverse effect on our operations and financial results. We have derived and expect to continue to derive a large portion of our revenues from a small group of customers during any particular period due in part to the concentration of market share in the semiconductor industry. Our ten largest customers accounted for, in the aggregate, 72% of our net sales for the year ended December 31, 2024. In addition, we have significant customer concentration within our end markets. The loss of a significant customer, a business combination among our customers, a reduction in orders or decrease in price from a significant customer or disruption in any of our significant commercial arrangements may result in a decline in our sales and profitability and could have a material adverse effect on our business, liquidity, results of operations, financial condition and cash flows. The demand for our services from each customer is directly dependent upon that customer’s financial health, level of business activity and purchasing decisions, the quality and price of our services, our cycle time and delivery performance, the customer’s qualification of additional competitors on products we package or test and a number of other factors. Each of these factors could vary significantly from time to time resulting in the loss or reduction of customer orders, and we cannot be sure that our key customers or any other customers will continue to place orders with us in the future at the same levels as in past periods. For example, as seen in the automotive end market in 2020, the Covid-19 pandemic and restrictions imposed by governmental authorities to mitigate the spread of Covid-19 decreased demand for our customers’ products and services, thereby adversely impacting their demand for our services. In addition, from time to time, we may acquire or build new facilities or migrate existing business among our facilities. In connection with these facility changes or new facility constructions, our customers require us to qualify the new facilities even though we have already qualified to perform the services at our other facilities. We cannot assure that we will successfully qualify facility changes, that we will complete construction of new facilities in a timely manner or that our customers will not qualify our competitors and move the business for such services. We may have difficulty funding liquidity needs. We assess our liquidity based on our current expectations regarding sales and operating expenses, capital spending, dividend payments, stock repurchases, debt service requirements and other funding needs. We fund our operations, including capital expenditures and other investments and servicing principal and interest obligations with respect to our debt, from cash flows from our operations, existing cash and cash equivalents, borrowings under available debt facilities, or proceeds from any additional debt or equity financing. Our liquidity is affected by, among other factors, volatility in the global economy and credit markets, the performance of our business, our capital expenditures and other investment -43- Table of Contents levels, other uses of our cash, including any payments of dividends and purchases of stock under any stock repurchase program, any acquisitions or investments in joint ventures and any decisions we might make to either repay debt and other long-term obligations out of our operating cash flows or refinance debt at or prior to maturity with the proceeds of debt or equity financings. Servicing our current and future customers requires that we incur significant operating expenses and continue to make significant capital expenditures and other investments, and the amount of our capital expenditures for 2025 and thereafter may vary materially and will depend on several factors. These factors include, among others, the amount, timing and implementation of our capital projects, the performance of our business, economic and market conditions, advances in technology, the cash needs and investment opportunities for the business, the need for additional capacity and facilities and the availability of cash flows from operations or financing. The health of the worldwide banking system and capital markets also affects our liquidity. If financial institutions that have extended credit commitments to us are adversely affected by the conditions of the United States, foreign or international banking system and capital markets (including as a result of rising interest rates, economic downturns or other developments), they may refuse or be unable to fund borrowings under their credit commitments to us. Volatility in the banking system and capital markets, as well as any further increase in interest rates or adverse economic, political, public health or other global conditions, could also make it difficult or more expensive for us to maintain our existing credit facilities or refinance our debt. The trading price of our common stock has been, and is likely to continue to be, highly volatile and could be subject to wide fluctuations. Such fluctuations could impact our decision or ability to utilize the equity markets as a potential source of our funding needs in the future. In addition, there is a risk that we could fail to generate the necessary net income or operating cash flows to meet the funding needs of our business due to a variety of factors, including the other factors discussed in this “Risk Factors” section. If we fail to generate the necessary cash flows or we are unable to access the capital markets when needed, our liquidity could be materially and adversely impacted. We face challenges as we integrate diverse operations. We have experienced, and expect to continue to experience, change in the scope and complexity of our operations resulting primarily from existing and future facility and operational consolidations, facility and operational expansions, strategic acquisitions, joint ventures and other partnering arrangements. Some of the risks from these activities include those associated with the following: • increasing the scope, geographic diversity and complexity of our operations; • conforming an acquired company’s standards, practices, systems and controls with our operations; • increasing complexity from combining recent acquisitions of an acquired business; • unexpected losses of key employees or customers of an acquired business; • difficulties in the assimilation of acquired operations, technologies or products; and • diversion of management and other resources from other parts of our operations and adverse effects on existing business relationships with customers. In connection with these activities, we may: • incur costs associated with personnel reductions and voluntary retirement programs; • record restructuring charges to cover costs associated with facility consolidations and related cost reduction initiatives; • use a significant portion of our available cash; • incur substantial debt; -44- Table of Contents • issue equity securities, which may dilute the ownership of current stockholders; • incur or assume known or unknown contingent liabilities; and • incur large, immediate accounting write offs and face antitrust or other regulatory inquiries or actions. For example, the businesses we have acquired had, at the time of acquisition, multiple systems for managing their own production, sales, inventory and other operations. Migrating these businesses to our systems typically is a slow, expensive process requiring us to divert significant resources from other parts of our operations. We may continue to face these challenges in the future. As a result of the risks discussed above, the anticipated benefits of these or other future acquisitions, consolidations and partnering arrangements may not be fully realized, if at all, and these activities could have a material adverse effect on our business, financial condition and results of operations. Risks Related to Our International Sales and Operation s Our factories and operations, and those of our customers and vendors, are located in various foreign jurisdictions, which exposes us to risks arising from international trade restrictions and regional conflict. We provide packaging and test services through our factories and other operations located in China, Japan, Korea, Malaysia, the Philippines, Portugal, Singapore, Taiwan and Vietnam. Substantially all of our property, plant and equipment is located outside of the United States, and many of our customers and the vendors in our supply chain are also located outside the United States. The following are some of the risks we face in doing business internationally: • restrictive trade barriers considered or adopted by U.S. and foreign governments applicable to the semiconductor supply chain, including laws, rules, regulations and policies in areas such as national security, licensing requirements for exports, tariffs, customs and duties, including the export rules and regulations applicable to U.S. companies that sell certain semiconductor and chipmaking equipment products to customers in China; • international trade disputes, geopolitical tensions, increasing protectionism and economic nationalism leading to increasing export restrictions, trade barriers, tariffs, and other changes in trade policy; • laws, rules, regulations and policies within China and other countries that may favor domestic companies over non-domestic companies, including customer- or government-supported efforts to promote the development and growth of local competitors; • health and safety concerns, including widespread outbreak of infectious diseases and governmental responses thereto; • changes in consumer demand resulting from current or expected inflation or other variations in local economies; • laws, rules, regulations and policies imposed by U.S. or foreign governments in areas such as data privacy, cybersecurity, antitrust and competition, tax, currency and banking, labor, environmental, and health and safety; • the payment of dividends and other payments by non-U.S. subsidiaries may be subject to prohibitions, limitations or taxes in local jurisdictions; • fluctuations in currency exchange rates, particularly the U.S. dollar to Japanese yen exchange rate for our operations in Japan; • political and social conditions, and the potential for civil unrest, terrorism or other hostilities (such as the ongoing conflicts in Ukraine and Israel); • disruptions or delays in shipments caused by customs brokers or government agencies; • difficulties in attracting and retaining qualified personnel and managing foreign operations, including foreign labor disruptions; • difficulty in enforcing contractual rights and protecting our intellectual property rights; -45- Table of Contents