Melissa Fairbanks

Hebard cited higher commodity pricing, more cloud/DCI weighting and rising inventory deposits; Frank McKay expects a return toward the 55-60 day range.

Mike said North Carolina remains on track, one customer booked, full ramp by January with $1-3B run rate over the next few years.

Pivot to powertrain-agnostic platforms paying dividends with ICE program wins. China EV a little slow but other parts of world showing recovery signs, particularly ex-China Asia. Remaining conservative and disciplined until strong sustained signs emerge.

Demand shift from residential to commercial solar installations making growth more sustainable and less dependent on tax incentives. Management being cautious given historical renewables volatility but views current mix as more durable.

Minimally invasive technologies accretive to both enterprise and healthcare segment margins. GLP-1s and CGMs have scale advantage while minimally invasive is more capability-based with higher margins.

Consignment primarily limited to largest hyperscaler. Other customers in gross versus consignment discussions, with gross model more likely. Current guidance based on gross revenue levels. Wait-and-see on whether consignment extends broadly.

Mike believes auto has bottomed but timing uncertain for FY26-FY28. Team investing in powertrain-agnostic technologies. Program wins today take 12-18 months to materialize. Shift to software-defined vehicles, ADAS, and compute modules across all platforms.

Matt detailed 500K sq ft facility starting with 12 megawatts scaling to 80 megawatts over 3 years. Plenty of demand to fill it. CapEx of $75-100M in FY26, within 1.5-2% range. Significant FY27 contribution expected.

Steve views pharma tariffs as net positive given PII's US manufacturing capability. Healthcare and auto business already region-for-region, limiting tariff exposure. Commodity medical products not in Jabil's portfolio.

Steve confirmed existing capacity can absorb auto upside when it materializes. Growth expected from software-defined vehicle architecture increasing electronic content per vehicle. Not forecasting growth in FY26 but positioned for it.

Greg confirmed 80% FCF to buybacks commitment unchanged. $1B buyback authorization completing in Q4 with new authorization expected July-September. Mike noted post-divestiture CapEx reduction has fundamentally improved FCF profile.

Healthcare, Intelligent Infrastructure, and Digital Commerce identified as US-suited end markets. Manufacturing already largely regionalized with minimal tariff impact. Automation and robotics capabilities becoming more relevant for US expansion.

Regionalization conversations ongoing but no major procurement changes to date. Customers continuing to evaluate supply chain diversification without yet making significant shifts.

Pharmaceuticals International acquisition opening doors in dry dosage and aseptic filling. 175,000 sq ft US facility included. Strong customer interest validating the $20B TAM opportunity.

Explained seasonality dynamics: 25-30 bps positive margin impact from Mobility exit, H2 semi cap recovery, DCI/warehouse ramp dilution in H1, and Q4 cost optimization benefits.

Acknowledged EV weakness especially post-election in US and Europe, with China performing better. Positioned as technology agnostic across ICE, hybrid, and EV platforms.