Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

a5f37b0688ba420d1e7249ec46a97ff5597f3f2facfef251fc2baa3c88ce5205

| Metric [USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Transportation Solutions | **2,259**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **2,412**  **[0001558370-23-006746_tel-20230426xex99d2.htm:2]**  | **2,374**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **2,418**  **[0001558370-23-012232_tel-20230726xex99d2.htm:2]**  | **2,373**  **[0001558370-24-005522_tel-20240424xex99d2.htm:2]**  | **2,288**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **2,330**  **[0001558370-23-017163_tel-20231101xex99d2.htm:2]**  | **2,206**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  |
| Industrial Solutions | **1,060**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **1,193**  **[0001558370-23-006746_tel-20230426xex99d2.htm:2]**  | **1,183**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **1,058**  **[0001558370-23-012232_tel-20230726xex99d2.htm:2]**  | **1,025**  **[0001558370-24-005522_tel-20240424xex99d2.htm:2]**  | **1,197**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **1,133**  **[0001558370-23-017163_tel-20231101xex99d2.htm:2]**  | **1,055**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  |
| Communications Solutions | **522**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **388**  **[0001558370-23-006746_tel-20230426xex99d2.htm:2]**  | **407**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **424**  **[0001558370-23-012232_tel-20230726xex99d2.htm:2]**  | **433**  **[0001558370-24-005522_tel-20240424xex99d2.htm:2]**  | **526**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  | **516**  **[0001558370-23-017163_tel-20231101xex99d2.htm:2]**  | **580**  **[0001558370-24-013877_tel-20241030xex99d2.htm:2]**  |

926117ca99918b5dddce1e1bc62ed60a40e0a7101618bd99afaf3e508d9767a7

| Metric [USD Million] | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **EMEA**             | 1,326  **[0001558370-23-000648_tel-20221230x10q.htm:20]**  | 1,667  **[0001558370-23-007196_tel-20230331x10q.htm:22]**  | 1,610  **[0001558370-23-012477_tel-20230630x10q.htm:23]**  | 6,208 (FY)  **[0001558370-23-018833_tel-20230929x10k.htm:40]**  | 1,411  **[0001558370-24-000581_tel-20231229x10q.htm:19]**  | 1,552  **[0001558370-24-005841_tel-20240329x10q.htm:25]**  | 1,466  **[0001558370-24-010267_tel-20240628x10q.htm:25]**  | 5,899 (FY)  **[0001558370-24-015227_tel-20240927x10k.htm:121]**  |
| **Asia-Pacific**     | 1,407  **[0001558370-23-000648_tel-20221230x10q.htm:20]**  | 1,299  **[0001558370-23-007196_tel-20230331x10q.htm:22]**  | 1,215  **[0001558370-23-012477_tel-20230630x10q.htm:23]**  | 5,156 (FY)  **[0001558370-23-018833_tel-20230929x10k.htm:40]**  | 1,379  **[0001558370-24-000581_tel-20231229x10q.htm:19]**  | 1,257  **[0001558370-24-005841_tel-20240329x10q.htm:25]**  | 1,333  **[0001558370-24-010267_tel-20240628x10q.htm:25]**  | 5,367 (FY)  **[0001558370-24-015227_tel-20240927x10k.htm:121]**  |
| **Americas**         | 1,108  **[0001558370-23-000648_tel-20221230x10q.htm:20]**  | 1,194  **[0001558370-23-007196_tel-20230331x10q.htm:22]**  | 1,173  **[0001558370-23-012477_tel-20230630x10q.htm:23]**  | 4,670 (FY)  **[0001558370-23-018833_tel-20230929x10k.htm:40]**  | 1,041  **[0001558370-24-000581_tel-20231229x10q.htm:19]**  | 1,158  **[0001558370-24-005841_tel-20240329x10q.htm:25]**  | 1,180  **[0001558370-24-010267_tel-20240628x10q.htm:25]**  | 4,579 (FY)  **[0001558370-24-015227_tel-20240927x10k.htm:121]**  |

fd8ca858908b935aa8eca1e7de2676f8cdf65f81fa7e7ba56330c7fac22952b3

d2f192e1f5c2a0a75433bab08c87b5cabe7ed367953f8b456364dc0bbc7c6214

TE Connectivity Ltd. is a global industrial technology leader dedicated to creating a safer, sustainable, productive, and connected future through its extensive range of connectivity and sensor solutions. These solutions facilitate the distribution of power, signal, and data across various sectors, including next-generation transportation, renewable energy, automated factories, data centers, and medical technology **[0001558370-24-015227_tel-20240927x10k.htm:3]** **[0001558370-24-005841_tel-20240329x10q.htm:22]** **[0001558370-24-015227_tel-20240927x10k.htm:39]**. The company operates through three main segments: Transportation Solutions, Industrial Solutions, and Communications Solutions, offering products such as terminals, connector systems, sensors, relays, antennas, and application tooling **[0001558370-24-015227_tel-20240927x10k.htm:3]** **[0001558370-24-015227_tel-20240927x10k.htm:4]** **[0001558370-24-015227_tel-20240927x10k.htm:89]**.

1. **Transportation Solutions** - Leads in connectivity and sensor technologies, providing products like terminals, connector systems, sensors, relays, antennas, and application tooling for markets such as automotive, commercial transportation, and sensors **[0001558370-24-015227_tel-20240927x10k.htm:3]** **[0001558370-24-015227_tel-20240927x10k.htm:4]** **[0001558370-24-015227_tel-20240927x10k.htm:89]**.

2. **Industrial Solutions** - Supplies products that connect and distribute power, data, and signals, including terminals, connector systems, interventional medical components, relays, heat shrink tubing, and wire and cable, serving industrial equipment, aerospace, defense, marine, energy, and medical markets **[0001558370-24-015227_tel-20240927x10k.htm:3]** **[0001558370-24-015227_tel-20240927x10k.htm:4]** **[0001558370-24-015227_tel-20240927x10k.htm:89]**.

3. **Communications Solutions** - Offers electronic components for data and devices and appliances markets, including products like terminals, connector systems, antennas, and heat shrink tubing **[0001558370-24-015227_tel-20240927x10k.htm:3]** **[0001558370-24-015227_tel-20240927x10k.htm:5]** **[0001558370-24-015227_tel-20240927x10k.htm:89]**.

6e8ef5c68f36b829cf30d5824cfbce867d7924c84891a7111e04ac0fbecfdf71

6545fe4464e63abdeeec6aad6f8f64ae1a84555ee44a9e83f6c6fa8f6ddba340

1. With the industry shift towards zonal architectures potentially reducing wiring and connectors in vehicles, how is TE positioned to mitigate the potential content loss in your automotive business, and can you elaborate on whether you're actually seeing higher content per vehicle or facing a decline?  **[TEL_3394094_15]** 

2. Given the theoretical increase in content per vehicle from hybrid and electric platforms, but considering factors like new vehicle launch delays and inventory corrections, can you clarify whether TE can achieve the 4 to 6 points of targeted outgrowth in automotive revenue, and how confident are you in this guidance?  **[TEL_3394094_9]** 

3. With the emergence of cross-licensing deals between interconnect players in the AI space, how might this affect TE's competitive positioning and margins in your data and devices segment, and can you explain the potential financial implications of manufacturing under such licensing agreements?  **[TEL_3394094_7]** 

4. Considering that your competitors are accelerating M&A investments, can you provide more detail on TE's strategy and tactics regarding bolt-on acquisitions, including end-market focus, expected returns, and how these acquisitions will contribute to TE's growth trajectory?  **[TEL_3394094_16]** 

5. Given the significant margin expansion achieved in your transportation segment from restructuring and operational improvements, what are the remaining levers for further margin enhancement, and are there any structural factors that could limit margin expansion beyond current levels?  **[TEL_3394094_17]** 

9b87ec7288b0864c26cc1e1e61a6d715c00bc4bbd87419c9044dffddeabdd4d1

- **Strong Growth in AI and Data Connectivity Applications**: TE Connectivity is experiencing significant orders growth in artificial intelligence applications, with AI orders growing nicely in the quarter.  **[TEL_3413045_6]**  They now expect revenue from AI applications to be above **$600 million** in fiscal 2025  **[TEL_3413045_14]** , and have secured a major design win exceeding **$1 billion** with a leading Chinese auto OEM for next-generation platforms focused on data connectivity in cars.  **[TEL_3413045_14]**  This momentum positions TE for strong future growth as they capitalize on the increasing demand for high-speed connectivity solutions.
- **Margin Expansion and Operational Leverage**: The company is optimizing its cost structure through footprint consolidation and restructuring, moving production to lower-cost regions like Eastern Europe and Morocco.  **[TEL_3413045_16]**  This strategy is reflected in the record adjusted operating margin of **19.4%** in the first quarter.  **[TEL_3413045_16]**  TE Connectivity expects continued margin expansion, particularly in the Industrial segment, driven by strong operational performance and the benefits of past restructuring initiatives.  **[TEL_3413045_7]**
- **Strong Cash Flow Facilitating Strategic M&A**: TE Connectivity generated record first-quarter free cash flow of **$674 million**  **[TEL_3413045_16]** , providing optionality for capital deployment. The company is actively pursuing M&A opportunities, focusing on bolt-on acquisitions but open to larger deals that are close to their core areas.  **[TEL_3413045_9]**  Leveraging favorable market conditions, TE Connectivity aims to enhance growth and deliver additional value to shareholders through strategic acquisitions.

ccf5c8a3c2fd8e54829ae316cfcd371f373777a5697bfb594f7cf33885b65c27

- Continued weakness in European markets, particularly in the automotive, industrial, and heavy-truck sectors, may negatively impact TE Connectivity's performance in these regions.  **[TEL_3413045_10]** **[TEL_3413045_6]**
- Potential new tariffs could pose a risk to TE Connectivity's cost structure, and although the company has a playbook to mitigate such impacts, tariffs could still negatively affect margins if not fully recovered or mitigated.  **[TEL_3413045_9]**
- The need for significant upfront investment in the Digital Data Networks business to support AI growth, combined with potential lumpiness in program ramps, could lead to margin variability, potentially impacting overall profitability of the Industrial segment.  **[TEL_3413045_18]**

20926a6775d6e2ea3b4cbfc5abcd2c9b207c82942390708bf64f5bd32d4d183f

1. **AI Revenue Growth**  
   **Q:** What is driving the strength in AI revenues exceeding the $600 million target?  
   **A:** TE's AI revenue doubled in the quarter, and they're now expecting to surpass the over **$600 million** target for the year.  **[TEL_3413045_8]**  The growth is broad-based among hyperscalers, driven by multiple programs and sustained momentum.  **[TEL_3413045_8]**  Their market share remains steady at **30–35%**, demonstrating the significant opportunity in connecting AI technology.  **[TEL_3413045_8]** 

2. **Transportation Margins**  
   **Q:** How do you view incremental leverage in Transportation Segment margins upon recovery?  
   **A:** TE has improved Transportation Segment margins, comfortably maintaining them at **20% or better**.  **[TEL_3413045_7]**  As the Commercial Transportation business recovers, they expect significant leverage due to previously reduced fixed costs, particularly in Western Europe.  **[TEL_3413045_7]**  This could lead to outsized increments when volume returns, potentially around **2026**.  **[TEL_3413045_7]** 

3. **Order Trends and Outlook**  
   **Q:** Can you provide more color on order trends and how they inform guidance?  
   **A:** Orders came in stronger than expected, with the Industrial segment's orders growing **10% year-over-year** and **7% sequentially** without AI orders.  **[TEL_3413045_6]**  There's broad strength in Asia, while Europe shows weakness, especially in auto and industrial markets.  **[TEL_3413045_6]**  Stabilization in the automation and control space is a positive sign for potential improvement later in the year.  **[TEL_3413045_6]** 

4. **Tariff Mitigation Strategies**  
   **Q:** How will you manage if tariffs are implemented?  
   **A:** TE's manufacturing is **80% localized**, reducing exposure to tariffs.  **[TEL_3413045_9]**  They have experience from **2017**, when they managed **$300 million** in tariff costs by working with customers, adjusting supply chains, and passing costs via price when necessary.  **[TEL_3413045_9]**  They are prepared to employ similar strategies if new tariffs arise.  **[TEL_3413045_9]** 

5. **M&A Strategy**  
   **Q:** Are you open to larger deals given strong cash flow?  
   **A:** With record free cash flow, TE is active in M&A and considers both small and larger "bolt-on" acquisitions close to their core businesses.  **[TEL_3413045_9]**  The M&A pipeline has increased, and they have enhanced resources to pursue these opportunities.  **[TEL_3413045_9]** 

6. **Industrial Market Stabilization**  
   **Q:** Is the industrial automation market stabilizing, and what is the outlook?  
   **A:** Stabilization is now evident, with orders improving particularly in Japan and China.  **[TEL_3413045_10]**  U.S. demand is sideways but better than before, while Europe continues to show weakness.  **[TEL_3413045_10]**  This stabilization serves as a foundation for potential improvement as the year progresses.  **[TEL_3413045_10]** 

7. **Automotive Production and Content**  
   **Q:** How is auto production outlook affecting growth over market?  
   **A:** Auto production is expected to decline by **1–2%** this year, with Europe down **10%** in the first quarter.  **[TEL_3413045_11]**  TE expects to be at the low end of **4–6%** growth over market due to high content per vehicle in Europe and significant content growth in Asia from electrification and electronification trends.  **[TEL_3413045_11]** 

8. **AI Margins and Investment**  
   **Q:** How will AI growth impact margins given the investment required?  
   **A:** TE is investing ahead to support AI program ramps, which may cause some margin variability in the Industrial segment.  **[TEL_3413045_18]**  As volumes increase, they expect margin benefits similar to their cloud products.  **[TEL_3413045_8]** **[TEL_3413045_18]** 

9. **Cross-Licensing Impact**  
   **Q:** How does cross-licensing affect revenue and margins?  
   **A:** Cross-licensing is common in the connector industry to ensure supply security during ramps.  **[TEL_3413045_12]**  It allows partners to meet high-volume demands, facilitating growth without significantly impacting revenue or margins.  **[TEL_3413045_12]** 

10. **Data Connectivity in Vehicles**  
    **Q:** What is the opportunity around data in vehicles?  
    **A:** TE is capitalizing on the shift to software-defined architectures, especially in Asia.  **[TEL_3413045_14]**  Their product set for data connectivity and Ethernet in cars is growing to **$600 million** this year, adding another lever for **4–6%** growth over market.  **[TEL_3413045_14]** 

32a1a3944e6b71b9c981fab849d0152489b45528b89291725599f003e50ebf7e

f32b6e1f05d0a578a64d532414be89844498b6357f130db29856e6b6ba795ca8

TE’s Q1 2025 highlights: AI revenue poised to exceed $600M, driven by a $1B design win in Chinese auto data connectivity. Record 19.4% adjusted op margin on cost optimizations. Weakness in Europe persists, but $674M FCF fuels strategic M&amp;A. Margin expansion likely ahead.

607b3e6a31fc4a8f99ea8ce475e0cbe486dc2991538f0844d120f0923b7b8f7f

- Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol - Competitors in the Transportation Solutions segment  **[0001558370-24-015227_tel-20240927x10k.htm:4]** .
- Amphenol, Hubbell, Carlisle Companies, Integer Holdings, Esterline, Molex, and Omron - Competitors in the Industrial Solutions segment  **[0001558370-24-015227_tel-20240927x10k.htm:4]** .

d5e2871648780f5fdb4dcfa96d4da68c613eb837f545cc708b56a18177797368

**Quarterly guidance for Q1 2025:**
- **Sales**: $3.9 billion  **[TEL_3404610_2]**  (no change from $3.9 billion  **[TEL_3404610_5]** )  
- **Adjusted EPS**: $1.88  **[TEL_3404610_2]**  (no change from $1.88  **[TEL_3404610_5]** )  
- **Adjusted Effective Tax Rate**: 23%  **[TEL_3404610_2]**  (no change from 23%  **[TEL_3404610_5]** )  
- **Orders**: $3.8 billion  **[TEL_3404610_2]**  (no prior guidance)  

No annual metrics were provided in the newer guidance to compare.  

Citations:  
•  **[TEL_3404610_2]** : Q1 2025 guidance (Issued Period: Q1 2025)  
•  **[TEL_3404610_5]** : Q4 2024 guidance (Issued Period: Q4 2024)  

fc86a1c12b1b372276eac1dacb69beff0abe0f9ef33ccbc6de7b2f260f047029

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23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

EMEA

- Switzerland

- Germany

- Other EMEA

Asia-Pacific

- China

- Other Asia-Pacific

Americas

- U.S.

- Other Americas

Total Revenue

011fd8ad6a2ee9912bdaf4a4db44eb3f3b47a6ac02109b17adc4fb7ec3f5bd9f

| Name                | Position                                                    | Start Date        | Short Bio                                                                                                                                                                                                                                                                                                                                 |
|---------------------|-------------------------------------------------------------|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Terrence R. Curtin  | Chief Executive Officer                                     | March 2017        | Terrence R. Curtin has been the CEO of TE Connectivity since March 2017. He joined the company in 2001 and has held various executive leadership positions, including Executive Vice President and CFO from October 2006 through July 2012, and President of TE Connectivity from March 2015  **[0001558370-24-000315_tel-20240313xdef14a.htm:19]** **[0001558370-23-019897_tel-20240313xpre14a.htm:19]** .                                      |
| John S. Jenkins, Jr.| Executive Vice President and General Counsel                | October 2012      | John S. Jenkins, Jr. is responsible for TE Connectivity's global legal, compliance, corporate governance, government affairs, intellectual property, security and risk management, and corporate social responsibility activities. He joined TE Connectivity in October 2012  **[0001558370-24-000315_tel-20240313xdef14a.htm:40]** **[0001558370-23-019897_tel-20240313xpre14a.htm:40]** .                                                        |
| Shadrak W. Kroeger  | President, Industrial Solutions                             | October 2020      | Shadrak W. Kroeger has been serving as the President of Industrial Solutions at TE Connectivity since October 2020. He has been with TE Connectivity since 1995, holding various leadership positions across the automotive, industrial, and consumer markets  **[0001558370-24-000315_tel-20240313xdef14a.htm:40]** **[0001558370-23-019897_tel-20240313xpre14a.htm:40]** **[0001558370-23-000322_tmb-20230315xdef14a.htm:48]** **[0001558370-22-018900_tmb-20230315xpre14a.htm:48]** .                                                                |
| Steven T. Merkt     | President, Transportation Solutions                         | August 2012       | Steven T. Merkt has been serving as the President of Transportation Solutions at TE Connectivity since August 2012. He joined TE Connectivity in 1989 and has held various leadership roles in general management, operations, engineering, marketing, supply chain, and new product launches  **[0001558370-23-019897_tel-20240313xpre14a.htm:40]** **[0001558370-24-015227_tel-20240927xex10d27.htm:0]** .                                     |
| Heath A. Mitts      | Executive Vice President and Chief Financial Officer        | September 2016    | Heath A. Mitts has been serving as the Executive Vice President and CFO at TE Connectivity since September 2016. Before joining TE Connectivity, he was the Senior Vice President and CFO at IDEX Corporation from March 2011 until September 2016  **[0001558370-23-019897_tel-20240313xpre14a.htm:23]** **[0001558370-24-000315_tel-20240313xdef14a.htm:23]** .                                                                                |
| Robert J. Ott       | Senior Vice President and Corporate Controller              | June 2007         | Robert J. Ott has been the Senior Vice President and Corporate Controller of TE Connectivity since the company's separation from Tyco International in June 2007. He previously served as Vice President, Corporate Audit of Tyco International  **[0001558370-24-000315_tel-20240313xdef14a.htm:41]** **[0001558370-23-019897_tel-20240313xpre14a.htm:41]** .                                                                                   |
| Malavika Sagar      | Senior Vice President and Chief Human Resources Officer     | April 2023        | Malavika Sagar has been serving as the Senior Vice President and Chief Human Resources Officer at TE Connectivity since April 2023. She previously held various HR leadership roles within the company and worked at Avaya from 2004 to 2012  **[0001558370-24-000315_tel-20240313xdef14a.htm:41]** **[0001558370-23-019897_tel-20240313xpre14a.htm:41]** .                                                                                      |
| Aaron K. Stucki     | President, Communications Solutions                         | October 2020      | Aaron K. Stucki has been the President of Communications Solutions at TE Connectivity since October 2020. He joined TE in 2011 and has held various leadership roles, including General Manager of the Industrial & Commercial Transportation business unit  **[0001558370-24-000315_tel-20240313xdef14a.htm:41]** **[0001558370-23-000322_tmb-20230315xdef14a.htm:49]** .                                                                     |
| Sam Eldessouky      | Director, Member of Audit Committee and Joint Committee on Cybersecurity | October 4, 2024 | Sam Eldessouky was appointed as a director of TE Connectivity on October 4, 2024. He also serves on the Audit Committee and the Joint Committee on Cybersecurity of the Board. He brings extensive expertise in accounting and financial leadership from his previous roles at public companies  **[0001104659-24-106268_tm2425613d1_ex99-1.htm:0]** **[0001104659-24-106268_tm2425613d1_8k.htm:1]** .                                    |

27a8a579348a7e71789a6821c43b7f1e539f853825aab389869792a7700bccec

| Program Details          | Program 1          | Program 2          |
|--------------------------|--------------------|--------------------|
| Approval Date            | September 2007  **[0001558370-24-015227_tel-20240927x10k.htm:37]**  | Fiscal 2024  **[0001558370-24-015227_tel-20240927x10k.htm:50]**     |
| End Date/Duration        | No expiration  **[0001558370-24-015227_tel-20240927x10k.htm:37]**   | Not specified  **[0001558370-24-015227_tel-20240927x10k.htm:50]**   |
| Total additional amount  | $2.5 billion  **[0001558370-24-015227_tel-20240927x10k.htm:37]**    | $1.5 billion  **[0001558370-24-015227_tel-20240927x10k.htm:50]**    |
| Remaining authorization  | $0 million  **[0001558370-24-015227_tel-20240927x10k.htm:50]**      | $245 million  **[0001558370-24-015227_tel-20240927x10k.htm:50]**    |
| Details                  | Increase authorized on October 30, 2024  **[0001558370-24-015227_tel-20240927x10k.htm:37]**  | Repurchased 14 million shares with a value of $1,991 million  **[0001558370-24-015227_tel-20240927x10k.htm:117]**  |

c3810094fdd0afd7f973fd9e802218a29a81049bdc71fe0f4d43c8763cb1a7d0

a7056da2d6c7649ef513596c4b21da655f79571e3a357387d4abca733ce24abb

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2007       | Present  | Current auditor   |  **[0001558370-24-015227_tel-20240927x10k.htm:84]**  |

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bedbd978db2b19d625ddd9148b501fdb76c0b84b7b676948c2f8cc07015e99ab

Reduction in energy use intensity (percentage)

Reduction in total water withdrawal (percentage)

Reduction in absolute greenhouse gas emissions for Scopes 1 and 2 (percentage)

Number of countries in which products are sold (count)

Percentage of direct sales as portion of total net sales (percentage)

Copper purchased (million pounds)

Gold purchased (thousand troy ounces)

Silver purchased (million troy ounces)

Palladium purchased (thousand troy ounces)

7b6348b8351d87c9f1f25ed5d55be2f358f095c9f66828feec7dff42437879de

1ba74dec3948d99b4907fd5252aaf8b4928864d4166d10c2387e60a5aaf2c379

- **TE Connectivity faces ongoing destocking affecting three of its businesses, including Industrial Equipment, which was worse than expected and is anticipated to continue into early next year, potentially impacting revenue growth.**  **[TEL_3363239_10]** ,  **[TEL_3363239_6]**
- **The company expects a $250 million revenue headwind from foreign exchange rates in fiscal 2024, similar to the previous year, resulting in an anticipated $0.20 EPS headwind, which could pressure overall earnings.**  **[TEL_3363239_19]** ,  **[TEL_3363239_10]** ,  **[TEL_3363239_18]**
- **Operating margins are below the company's targets across all segments, and improvement depends on volume recovery in markets facing headwinds, such as commercial transportation and the Communications segment, which is highly volume-dependent and affected by destocking.**  **[TEL_3363239_16]** ,  **[TEL_3363239_11]**

000c931545fed281223c87c2f0852dd3b2649f487ebd9a0c05c227dcc0ef8236

1. **AI Revenue Growth**  
   **Q:** What's driving higher AI growth, and customer mix?  
   **A:** TE Connectivity is experiencing strong momentum in its AI-centric business, fueled by accelerating cloud CapEx from hyperscalers and design wins across multiple customers. This has led to AI revenue expectations increasing to **$250 million** this year, with confidence to at least double that to **$500 million** next year.  **[TEL_3394094_5]** **[TEL_3394094_13]**  With this trajectory, the **$1 billion** sales estimate may be achieved sooner.  **[TEL_3394094_13]** 

2. **Margin Outlook**  
   **Q:** What's the margin outlook, especially with AI growth and commodities?  
   **A:** TE is focused on margin expansion across segments. In Communications, incremental margins on AI-related revenue are expected to be in the **25% to 30%** range.  **[TEL_3394094_6]**  They've raised the floor on margins due to operational improvements and are confident in managing commodity price volatility.  **[TEL_3394094_6]** 

3. **Automotive Content Growth**  
   **Q:** Can TE achieve 4–6% automotive content growth amid market shifts?  
   **A:** TE is confident in achieving **4% to 6%** content outperformance in Automotive  **[TEL_3394094_9]** , driven by electrification and electronification trends. EV production is up **20%** this year  **[TEL_3394094_8]** , and TE benefits from increased content in electrified powertrains and advanced architectures, such as miniaturized and more complex connectors in zonal systems.  **[TEL_3394094_14]** **[TEL_3394094_15]** 

4. **CapEx and Cash Flow**  
   **Q:** How will CapEx commitments change with AI revenue doubling?  
   **A:** TE's CapEx runs at about **5%** of revenue  **[TEL_3394094_11]** , and they can support AI growth within this run rate without incremental pressure. Investments in AI applications are being absorbed through trade-offs and completed expansions in other areas.  **[TEL_3394094_11]** 

5. **M&A Strategy**  
   **Q:** What's TE's strategy on bolt-on M&A and opportunities?  
   **A:** TE remains focused on bolt-on M&A in markets they understand, aiming for strong financial returns. The pipeline, particularly in industrial spaces, is more robust than it has been in a very long time.  **[TEL_3394094_16]** 

6. **Order Patterns and Destocking**  
   **Q:** What are the current order patterns amid destocking?  
   **A:** While destocking has impacted revenue, TE is seeing strength as the appliance business returns to growth and signs that destocking in industrial equipment is starting to stabilize.  **[TEL_3394094_12]** 

7. **Transportation Margins**  
   **Q:** What are the expectations for transportation margins ahead?  
   **A:** TE has achieved **21%** margins in Transportation  **[TEL_3394094_6]** , surpassing the **20%** target. Incremental margins of about **30%** are anticipated.  **[TEL_3394094_17]**  There's potential for further margin improvement through recovery in commercial transportation and continued operational efficiencies.  **[TEL_3394094_17]** 

48a600a4be47d2ff23273efce358798fa0ad46dd9e4f062a79a217db07d5684e

- **Ongoing destocking and weakness in the Industrial Equipment segment**: TE Connectivity is experiencing a "cloudy" demand environment in its Industrial Equipment business, with destocking expected to persist for a couple more quarters, particularly in Europe. This continued weakness could impact near-term performance.  **[TEL_3380423_7]** ,  **[TEL_3380423_11]**
- **Underperformance in the Automotive segment**: The company's auto segment growth was only 1%, falling short of its long-term target of 4% to 6% organic growth. This underperformance raises concerns about the company's ability to achieve its growth objectives in the automotive market.  **[TEL_3380423_2]** ,  **[TEL_3380423_6]**
- **Intense competition in the AI connectivity market**: TE Connectivity faces high competition in the AI hardware connectivity space, being one of three main companies with significant content. This competitive landscape may limit the company's ability to capitalize fully on AI growth opportunities and could pressure margins.  **[TEL_3380423_18]** ,  **[TEL_3380423_19]**

708e668439a1f9f54c8a2c8e9c027c425de48a939a524160721f362d6d5cca03

- **Strong Growth in AI Applications**: TE Connectivity expects to **double its AI revenues from $200 million this year to $400 million next year** and aims to achieve **annual revenues of roughly $1 billion** in the following few years. They are one of **three companies with meaningful content in AI applications**, positioning them strongly in this attractive category.  **[TEL_3380423_19]**
- **Continued Content Growth in Electric and Hybrid Vehicles**: Despite market shifts, TE Connectivity remains confident in achieving **4% to 6% content growth above automotive production**. Their content per vehicle is **1.5x higher on hybrids and 2x higher on full electric vehicles** compared to internal combustion engines. Global EV and hybrid production are both expected to **increase by 24% this fiscal year**, driving significant content growth for TE.  **[TEL_3380423_6]**
- **Improved Order Patterns Indicating Market Stability**: TE Connectivity has seen **orders above $4 billion with a book-to-bill ratio above 1** for the first time in 1.5 years, suggesting improved market health. Destocking is over in the Communications segment, which is expected to **return to year-over-year growth in the third quarter**. The company is also starting to see stabilization in the Industrial Equipment business, pointing to potential normalization later this fiscal year.  **[TEL_3380423_7]**

a299c85a86c3b2f42a25c50b02567f8e0ffdba150877d36d48e118dfdefe0247

1. **AI Revenue Growth**  
   **Q:** Is the billion-dollar AI opportunity accelerating?  
   **A:** TE expects AI revenue to double from **$300 million to $600 million** next year, with momentum likely pulling the **$1 billion** target closer ( **[TEL_3404610_7]** ). Orders in the Communications segment were up **almost 100%** last quarter and **40%** this quarter, indicating accelerating demand ( **[TEL_3404610_7]** ).

2. **Operating Margin Targets**  
   **Q:** Can you expand on the goal to reach 20% margins?  
   **A:** Transportation margins are already at **20%**, and the new Industrial segment finished 2024 in the **high teens** ( **[TEL_3404610_9]** ,  **[TEL_3404610_20]** ). Over the next couple of years, the company aims to improve Industrial margins to exceed **20%**, driving total company margins to that level ( **[TEL_3404610_20]** ). Volume growth and cost actions are expected to support this goal ( **[TEL_3404610_20]** ).

3. **Automotive Growth in Asia and China**  
   **Q:** How is content growth in Asia and China performing?  
   **A:** In Asia, TE saw **mid-double-digit** revenue growth versus **mid-single-digit** car production growth, reflecting strong content outperformance driven by EV momentum and electronification ( **[TEL_3404610_8]** ). China represents about **$2 billion** of automotive revenue, with TE benefiting from growth with local OEMs as multinationals lose share ( **[TEL_3404610_13]** ). TE is opening its **sixth** automotive factory in China to support this growth ( **[TEL_3404610_13]** ).

4. **Capital Allocation and Buybacks**  
   **Q:** Does the $2.5 billion repurchase signal a change in strategy?  
   **A:** The larger repurchase authorization reflects TE's strong cash flow and the desire for **optionality** in capital deployment ( **[TEL_3404610_12]** ). While exploring M&A opportunities, TE intends to continue returning excess cash to shareholders via buybacks and dividends, without significantly changing its capital strategy ( **[TEL_3404610_12]** ).

5. **CapEx and Free Cash Flow**  
   **Q:** What are CapEx plans and free cash flow expectations for next year?  
   **A:** CapEx is expected to increase by about **$100 million** in FY '25 to support AI program growth, aligning with **5%** of revenue ( **[TEL_3404610_15]** ). Free cash flow conversion is anticipated to remain over **100%**, though not reaching the prior **120%** level due to working capital needs as volumes grow ( **[TEL_3404610_15]** ).

6. **Industrial Segment Weakness**  
   **Q:** When will the Industrial business stabilize?  
   **A:** The Industrial segment, particularly factory automation and building automation, remains weak, bouncing along the bottom ( **[TEL_3404610_10]** ). Improvement is expected to take until calendar **2025**, with Europe weaker, Americas stable, and slight improvement in Asia ( **[TEL_3404610_10]** ).

7. **Sensors Business Exits**  
   **Q:** Can you elaborate on the product exits in Sensors?  
   **A:** TE is exiting about **$50 million** worth of Sensors products in the coming year to focus on four key markets: automotive, heavy vehicle, medical, and factory automation ( **[TEL_3404610_19]** ). This pruning represents a headwind for next year but will conclude in **2025** ( **[TEL_3404610_19]** ).

8. **Auto Production Outlook**  
   **Q:** How will European auto strikes affect your guidance?  
   **A:** TE's guidance incorporates anticipated challenges, including European auto worker strikes. Global auto production is expected to be down slightly next year, with Europe contributing significantly to the decline ( **[TEL_3404610_16]** ). Asia is anticipated to be the growth driver ( **[TEL_3404610_16]** ).

9. **Commercial Transportation Weakness**  
   **Q:** How does the Commercial Vehicle market impact margins?  
   **A:** The global commercial transportation market has weakened, putting pressure on margins in the Transportation segment ( **[TEL_3404610_17]** ,  **[TEL_3404610_21]** ). However, TE maintains **20%** margins in Transportation, supported by strong automotive performance, and expects improvement in commercial transportation later in the year ( **[TEL_3404610_21]** ).

10. **Data and Devices ex-AI**  
    **Q:** How is the traditional datacom business performing?  
    **A:** Excluding AI, the cloud element is returning to growth, projected at **mid-single digits** next year after a period where investment shifted to AI ( **[TEL_3404610_18]** ). Enterprise remains sideways, and TE doesn't play largely in telecom networks ( **[TEL_3404610_18]** ).

11. **Impact of Tesla's Architecture Changes**  
    **Q:** How does Tesla's connector simplification affect TE?  
    **A:** Architectural changes like Tesla's often increase complexity and content for TE, as they involve more electronification and engineering challenges ( **[TEL_3404610_11]** ). TE sees such changes as opportunities, as they work with every car company globally ( **[TEL_3404610_11]** ).

12. **Sequential Decline in Comms Orders**  
    **Q:** Why did comms orders decline sequentially?  
    **A:** Orders grew **100%** last quarter and **40%** this quarter year-on-year, but lumpiness is expected due to program timing ( **[TEL_3404610_19]** ). TE had **$1 billion** in orders in the past two quarters combined, supporting the guidance of doubling AI revenue ( **[TEL_3404610_19]** ).

13. **Incremental Margins on Communication Growth**  
    **Q:** Are you expecting 25%-30% incremental margins in Communications?  
    **A:** TE anticipates around **30%** incremental margins, accounting for investments in capacity and engineering to support growth ( **[TEL_3404610_14]** ). This includes benefits from AI as well as cost actions in the segment ( **[TEL_3404610_14]** ).

14. **New Segment Reporting**  
    **Q:** How should we view growth and margins in the new segments?  
    **A:** TE will provide detailed data later in the quarter. The new Industrial segment combines IS and CS segments and finished 2024 in the **high teens** margin, while Transportation remains in the **20%** range ( **[TEL_3404610_9]** ). The company expects margin improvement in Industrial in FY '25 ( **[TEL_3404610_9]** ).

a454627b63752d8a130b8650a161b0b6d8cf406e4e695b1a652d01158c3f07fe

1. **AI Growth Outlook**  
   **Q:** What is TE's outlook for AI-related revenue growth?  
   **A:** TE expects to generate about **$200 million** in AI application revenue this year, with **60%** in the back half.  **[TEL_3380423_8]**  They anticipate this **doubling to $400 million** next year and see a path to **$1 billion** annually in a few years.  **[TEL_3380423_8]**  Their design win momentum is strong, and they are investing in engineering and operations to support growth across the entire AI ecosystem.  **[TEL_3380423_8]** 

2. **Destocking Ending**  
   **Q:** What are current order patterns and destocking status?  
   **A:** For the first time in **six quarters**, orders are above **$4 billion** with a book-to-bill over **1**.  **[TEL_3380423_7]**  Destocking is over in the Communications segment, and they expect it to return to growth next quarter.  **[TEL_3380423_7]**  Industrial Equipment destocking continues but is expected to bottom out in a couple of quarters, providing a tailwind into **'25**.  **[TEL_3380423_7]** 

3. **Fiscal '25 Outlook**  
   **Q:** How is fiscal '25 shaping up for growth and margins?  
   **A:** TE expects growth drivers like EVs, AI, renewables, and medical to continue into **'25**.  **[TEL_3380423_9]**  With destocking ending, they anticipate a positive impact on growth.  **[TEL_3380423_9]**  Margin improvements are expected across segments, aiming for operating margins in the high teens to **20%** range.  **[TEL_3380423_9]** 

4. **Auto Outlook**  
   **Q:** What underpins TE's positive view on auto growth?  
   **A:** Despite EV industry deceleration, TE sees global auto production slightly up at around **86 million** vehicles this year.  **[TEL_3380423_6]**  EVs, plug-in hybrids, and hybrids represent **30%** of vehicles, growing about **24%** this year.  **[TEL_3380423_6]**  TE remains confident in their **4% to 6%** outperformance above auto production due to increased content per vehicle.  **[TEL_3380423_6]** 

5. **Pricing and Margins**  
   **Q:** How will pricing normalization affect margins into fiscal '25?  
   **A:** TE recovered from prior inflation and expects pricing to be neutral this year.  **[TEL_3380423_12]**  They are implementing targeted price increases where needed due to material cost inflation.  **[TEL_3380423_12]**  They do not anticipate margins declining in a different pricing environment.  **[TEL_3380423_12]** 

6. **AI Competitive Position**  
   **Q:** How does TE view competition in AI connectivity solutions?  
   **A:** TE is among three companies with significant capability in high-speed applications required for AI.  **[TEL_3380423_19]**  The company expects to maintain a share similar to what it had in cloud applications, leveraging technical innovation in high-speed connectivity.  **[TEL_3380423_19]** 

7. **Capacity Investments**  
   **Q:** What's the lead time on capacity investments in AI?  
   **A:** TE has been investing in expanded operations in Mexico and the Philippines over the past few years to support AI growth.  **[TEL_3380423_10]**  These sites offer geopolitical options desired by customers, and investments are synchronized with customer programs.  **[TEL_3380423_10]** 

8. **Industrial Equipment Outlook**  
   **Q:** What's the outlook for Industrial Equipment amid destocking?  
   **A:** Destocking in Industrial Equipment is expected to continue for a couple more quarters.  **[TEL_3380423_7]**  Signs of stabilization are emerging, with order patterns starting to move sideways.  **[TEL_3380423_13]**  TE anticipates a return to growth in this segment as destocking concludes.  **[TEL_3380423_13]** 

9. **Energy Markets**  
   **Q:** How is TE's energy market within Industrial performing?  
   **A:** TE remains positive on energy markets, with strong performance in the U.S. and global renewables.  **[TEL_3380423_17]**  Some softness is noted in European utilities, but overall, the company expects continued growth.  **[TEL_3380423_17]** 

10. **Commercial Vehicle Market**  
    **Q:** What's the outlook for the commercial vehicle platform?  
    **A:** The global commercial transportation market is expected to be down about **5%** this year.  **[TEL_3380423_16]**  Weakness in Americas and Europe is offset by recovery in China and Asia.  **[TEL_3380423_16]**  TE anticipates a more constructive environment early next year.  **[TEL_3380423_16]** 

f36cccf14d387464f80e691b372aafcead5f3ff3028e1961260e8fe0d1a50ace

- **Strong Margin Expansion and Operational Efficiency:** TE Connectivity achieved adjusted operating margins of **19%** in Q1, up **290 basis points** year-over-year  **[TEL_3370673_7]** **[TEL_3370673_15]** . Operational improvements, including footprint consolidation and portfolio optimization, are driving sustainable margin expansion. The company expects to maintain target margins even at lower production volumes, demonstrating effective cost management and operational efficiency  **[TEL_3370673_7]** **[TEL_3370673_15]** .
- **Leadership in Electric Vehicles with Growth in Asia:** TE Connectivity is well-positioned to capitalize on EV growth, with **EV production expected to be up about 25%** this year.  **[TEL_3370673_6]**  Over **two-thirds of EVs** are produced in Asia, TE's strongest region.  **[TEL_3370673_10]**  The content per EV is about **2x** higher than on internal combustion engine vehicles, enhancing revenue potential  **[TEL_3370673_17]** **[TEL_3370673_10]** . The company remains confident in achieving **4% to 6% content growth outperformance** over global auto production  **[TEL_3370673_6]** **[TEL_3370673_10]** .
- **Growing Opportunities in Artificial Intelligence Applications:** TE Connectivity expects **$200 million** in revenue from AI applications in fiscal 2024.  **[TEL_3370673_13]**  The AI orders pipeline has expanded to over **$1.3 billion**, indicating strong ongoing demand.  **[TEL_3370673_13]**  This growth contributes to maintaining high-teens operating margins in the Communications segment as AI revenues increase.  **[TEL_3370673_13]**

fb2de6f112ad735acb371478009932af9f10d428b2f3eb75cbe25a8105d9cd88

- TEL is experiencing strong momentum in its AI-related business, **expecting over $250 million in AI revenue this year**, which **is anticipated to more than double in 2025**. The company has secured design wins across multiple hyperscale customers and is confident in reaching **$1 billion in AI revenue** in the future.  **[TEL_3394094_5]** **[TEL_3394094_13]**
- In the automotive segment, TEL expects **content growth of 4% to 6% over market** due to increased electrification and electronification of vehicles. The company is confident that the trends toward electric vehicles (EVs), hybrids, and advanced vehicle architectures will drive higher content per vehicle, boosting revenues.  **[TEL_3394094_10]** **[TEL_3394094_9]** **[TEL_3394094_8]** **[TEL_3394094_14]**
- TEL is achieving strong margin expansion, with **adjusted operating margins reaching 19.3%**, a **200 basis points increase year-over-year**, and record adjusted earnings per share. The company expects further margin improvement, particularly in the Industrial Solutions segment as destocking ends and the Communications segment benefits from high-margin AI applications.  **[TEL_3394094_17]** **[TEL_3394094_12]** **[TEL_3394094_6]**

3e28170993977a6729e160ed93d4facc2d2d7761f45d6da9de2923b0076da65c

- The **Industrial Equipment** business experienced a significant **26%** organic sales decline due to ongoing customer inventory destocking, which is expected to continue into the second half of the fiscal year. This weakness may negatively impact overall revenue growth and profitability.  **[TEL_3370673_4]**
- Potential **margin dilution** in the Industrial segment due to recent acquisitions, such as **Schaffner**. These acquisitions generally come with **lower margins**, which TE Connectivity has to absorb, potentially affecting segment profitability.  **[TEL_3370673_7]**
- The company's **adjusted effective tax rate** has increased from **20% to 21%** due to an unexpected rise in the **Swiss tax rate**. Additionally, upcoming global minimum tax regulations introduce uncertainties and potential pressures on TE Connectivity's tax rate and profitability.  **[TEL_3370673_8]**

13463f20f1795b1db0a47ba66a285b1add33f85ed9543686be2ebf3907e08818

1. **Margin Outlook**  
   **Q:** How sustainable are your strong margins?  
   **A:** We've improved margins through footprint consolidation and price actions.  **[TEL_3370673_7]**  In transportation, even as auto production normalizes to 21 million units per quarter, we expect to maintain target margins of roughly **20%**.  **[TEL_3370673_7]**  Communications segment margins are improving and should be in the high teens.  **[TEL_3370673_7]**  Industrial margins are in the mid-teens, but destocking and acquisitions like Schaffner may dilute margins initially.  **[TEL_3370673_7]** 

2. **EV Growth and Profitability**  
   **Q:** Can you elaborate on EV growth and its impact on profitability?  
   **A:** EV production is expected to increase by **25%** this year, mainly driven by Asia, where **2/3** of EVs are made.  **[TEL_3370673_6]**  We aim for **4% to 6%** auto content outperformance.  **[TEL_3370673_6]**  Half of our content on EVs is the same as on ICE vehicles, so profitability is similar.  **[TEL_3370673_17]**  We're scaling up high-power products specific to EVs, moving their profitability up to segment averages.  **[TEL_3370673_17]** 

3. **Order Trends and Destocking**  
   **Q:** Are declining orders and destocking a concern?  
   **A:** Orders were up **4%** year-over-year, with backlog around **$6 billion**.  **[TEL_3370673_8]**  We're not seeing cancellations, and our shorter lead times differentiate us from semiconductor companies.  **[TEL_3370673_8]**  Destocking is occurring mainly through channel partners, affecting industrial equipment, appliances, and data and devices.  **[TEL_3370673_9]**  Direct sales, comprising **80%** of our business, saw low single-digit organic growth.  **[TEL_3370673_9]** 

4. **AI Revenue Growth**  
   **Q:** What's driving growth in AI-related revenues?  
   **A:** We've increased our AI revenue estimate to **$200 million** this year.  **[TEL_3370673_13]**  Our AI order book has grown to over **$1.3 billion**.  **[TEL_3370673_13]**  As AI programs launch, we expect Communications segment margins to be in the high teens.  **[TEL_3370673_13]** 

5. **Input Costs and Pricing Strategy**  
   **Q:** How are input costs affecting pricing and margins?  
   **A:** Input costs are net neutral; copper prices remain up year-over-year.  **[TEL_3370673_17]**  We recover costs from customers to maintain margins.  **[TEL_3370673_17]**  Our approach is consistent across businesses.  **[TEL_3370673_17]** 

6. **Acquisitions Impact**  
   **Q:** How does the Schaffner acquisition affect margins and growth?  
   **A:** Schaffner adds about **$40 million** per quarter in revenue, enhancing our industrial portfolio, particularly in factory automation.  **[TEL_3370673_11]**  While it may dilute margins initially, we see opportunities to improve profitability to target levels.  **[TEL_3370673_11]** 

7. **Tax Rate Increase**  
   **Q:** Is the higher tax rate of 21% permanent?  
   **A:** The increase to **21%** is due to the Swiss tax rate rising sooner than anticipated.  **[TEL_3370673_19]**  We're engaged in tax planning to mitigate future impacts, but for now, 21% is a good rate to work with.  **[TEL_3370673_19]** 

5ccc80facd94940607f9ad338827f4fe3e80d5cd5993365ebcbc680d54e8eb76

- **TE Connectivity's margin improvements have been driven by restructuring and cost-cutting efforts, which have been expensive ("it has not been cheap we're painless"), raising concerns about the sustainability of these improvements.**  **[TEL_3394094_17]**
- **The commercial transportation market is down from a top-line perspective, and ongoing weakness in industrial equipment markets could pressure TE's revenues.**  **[TEL_3394094_17]**
- **Potential delays in new vehicle launches, lower vehicle sales from key customers, and inventory corrections may hinder TE's ability to achieve its targeted 4-6% content growth in automotive revenues.**  **[TEL_3394094_9]**

bfea40e1c5f1435e60b4a28152ebc31c81335ad9c7279062b76506200b7ce02f

- **TE Connectivity is well-positioned to benefit from growth in electric vehicles (EVs), expecting 4–6% outgrowth versus the market due to increased content per vehicle and their leading global position in EV connectivity.**  **[TEL_3363239_10]** **[TEL_3363239_14]** **[TEL_3363239_7]**
- **The company anticipates significant revenue contribution from artificial intelligence (AI) applications, with early ramps already exceeding expectations and potential incremental revenue of over $100 million in 2024.**  **[TEL_3363239_12]** **[TEL_3363239_10]**
- **TE Connectivity is making progress in margin expansion and expects to improve adjusted operating margins across all segments, with destocking effects normalizing and contributing to enhanced profitability.**  **[TEL_3363239_10]** **[TEL_3363239_11]**

4115467ebf576879b26e6a95fdb2a63415bb203104aaa2c2d7bf6856e3488bc2

TE Connectivity PLC (TEL)

Financials