Zayd Bhatti Schroeder

Zayd Bhatti Schroeder with Evercore ISI asked for clarification on the second-half weighted WFE outlook for 2026, specifically how this split between Foundry/Logic and Memory. He also inquired about the expected revenue contribution from advanced packaging for 2025 and 2026, and Nova's positioning in the NAND cycle, including conditions for revenue inflection.

Answer

Gaby Waisman, President and CEO of Nova, reiterated Nova's ability to outperform WFE growth, noting that advanced nodes, particularly gate-all-around, will accelerate in H2 2026, driving the second-half weighting for both memory and advanced logic. She stated that advanced packaging revenue is expected to be approximately 20% of total revenue in 2025 (up from 15% in 2024), primarily from logic devices, with further growth anticipated in 2026. For NAND, she indicated it remains muted but hopes for growth in H2 2026, driven by capacity investments.

Zayd Bhatti Schroeder asked for color on the second-half weighted WFE outlook for 2026, specifically how it splits between Foundry Logic and Memory. He also questioned the advanced packaging contribution to 2025 revenues and its expected trajectory for 2026, and Nova's positioning in the NAND cycle.

Answer

Gabby Waisman, President and CEO, explained that advanced nodes, particularly gate all-around, would accelerate in the second half of 2026, driving the weighted WFE assumption, with both memory and advanced logic contributing. She noted that advanced packaging revenue growth for 2025 is expected to be high double-digits, reaching approximately 20% of total revenue, with further growth anticipated in 2026. For NAND, she indicated it remains muted but hopes for growth towards the second half of 2026.