FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements relating to future events and expectations, including our expectations regarding our estimates and projections for our business outlook for the third quarter of fiscal 2026, each of which is based on certain assumptions and contingencies. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and relate to the Company's performance on a going-f ...

来源：滚动播报 相干公司Coherent Corp.（COHR）美股盘后跌19%。 ...

Revenue Performance - Revenues for the three months ended December 31, 2025 increased 17% to $1,686 million, compared to $1,435 million for the same period last fiscal year [132]. - Revenues in the Datacenter & Communications segment increased by $303 million (34%) driven by strong AI datacenter demand and increased demand in traditional telecom applications [132]. - Revenues for the six months ended December 31, 2025 increased 17% to $3,267 million, compared to $2,783 million for the same period last fiscal year [134]. - Datacenter & Communications segment revenues increased 30% to $2,298 million for the six months ended December 31, 2025, driven by strong AI datacenter demand and increased telecom applications [147]. - Industrial segment revenues decreased 4% to $969 million for the six months ended December 31, 2025, primarily due to the divestiture of the aerospace and defense business [149]. Profitability and Margins - Gross margin for the three months ended December 31, 2025 was 37%, up from 36% in the same period last year [131]. - Gross margin for the six months ended December 31, 2025 was $1,202 million, or 37% of revenues, an increase of 200 basis points compared to the same period last fiscal year [135]. - Net earnings attributable to Coherent Corp. for the three months ended December 31, 2025 were $147 million, compared to $103 million for the same period last year, representing a 43% increase [131]. - Segment profit for the Datacenter & Communications segment increased 33% to $576 million for the six months ended December 31, 2025, driven by higher revenues [148]. Expenses and Charges - The company recorded restructuring charges of $4 million in the three months ended December 31, 2025, down from $8 million in the same period last year [131]. - Research and development expenses for the six months ended December 31, 2025 were $321 million, or 10% of revenues, reflecting continued investment in product portfolios [136]. - Selling, general and administrative expenses for the six months ended December 31, 2025 were $511 million, or 16% of revenues, primarily due to higher legal and consulting costs [137]. - The company expects restructuring actions to be substantially completed by the end of fiscal 2026, with total charges of $107 million anticipated for fiscal 2025 [120]. - Non-cash impairment charges of $85 million were recorded in the fourth quarter of fiscal 2025 due to the classification of certain entities as held-for-sale [122]. Cash Flow and Financing - Net cash provided by operating activities was $104 million for the six months ended December 31, 2025, a decrease from $340 million in the prior fiscal year [153]. - Net cash provided by investing activities was $158 million for the six months ended December 31, 2025, compared to net cash used of $172 million for the same period in the prior fiscal year [154]. - Net cash used in financing activities was $378 million for the six months ended December 31, 2025, compared to $266 million for the same period in the prior fiscal year [155]. - The Company incurred interest expense of $33 million and $79 million for the three and six months ended December 31, 2025, respectively [157]. - As of December 31, 2025, the Company had $60 million in borrowings outstanding under the Revolving Credit Facility and total debt obligations of $3.352 billion [158]. Investments and Future Outlook - The Company completed two investment agreements on December 4, 2023, receiving $1.0 billion cash for 25% equity in Silicon Carbide LLC, aimed at funding future capital expansion [159]. - The Company believes existing cash, cash flow from operations, and available borrowing capacity will be sufficient to fund its needs for at least the next twelve months [160]. - As of December 31, 2025, the Company held approximately $770 million of cash, cash equivalents, and restricted cash outside the United States [161]. - The Company had $665 million of restricted cash, including $661 million at Silicon Carbide LLC restricted for use by that subsidiary [162]. Interest Rate and Risk Management - A change in interest rates of 100 basis points on variable rate borrowings would have resulted in additional interest expense of $6 million and $13 million for the three and six months ended December 31, 2025, respectively [164]. - The Company paused its balance sheet hedging program indefinitely as of September 30, 2024, while continuing to analyze foreign exchange risks [163].

Exhibit 99.1 Coherent Corp. 375 Saxonburg Blvd. Saxonburg, PA 16056-9499 PRESS RELEASE COHERENT CORP. REPORTS SECOND QUARTER FISCAL 2026 RESULTS SAXONBURG, Pa., February 4, 2026 (GLOBE NEWSWIRE) – Coherent Corp. (NYSE: COHR) ("Coherent," "We," or the "Company"), a global leader in photonics, announced financial results today for its second quarter of fiscal year 2026 ended December 31, 2025. Revenue for the second quarter of fiscal 2026 was $1.69 billion, with GAAP gross margin of 36.9% and GAAP net income ...

Core Viewpoint - Coherent Corp. reported strong financial results for the second quarter of fiscal year 2026, with significant year-over-year revenue growth driven by demand in the datacenter and communications segments, and anticipates continued growth in the upcoming quarters [1][2]. Financial Performance - Revenue for Q2 FY26 was $1.69 billion, representing a 17.5% increase year-over-year from $1.44 billion in Q2 FY25 [1][4]. - GAAP gross margin was 36.9%, up 145 basis points year-over-year, while non-GAAP gross margin was 39.0%, an increase of 77 basis points year-over-year [4][6]. - GAAP net income was $0.76 per diluted share, a 71% increase from $0.44 in Q2 FY25, and non-GAAP net income was $1.29 per diluted share, up 35% from $0.95 [4][6]. Segment Performance - The datacenter and communications segment showed strong demand, contributing significantly to revenue growth [2]. - The industrial segment is also expected to improve, supporting the overall business outlook [2]. Operating Expenses - Total operating expenses for Q2 FY26 were $439 million, a 37.1% increase from $320 million in Q1 FY26 [6]. - Research and development expenses were 9.8% of revenue, consistent with the previous year, while selling, general, and administrative expenses decreased slightly to 15.3% [6]. Business Outlook - The company expects revenue for Q3 FY26 to be between $1.70 billion and $1.84 billion, with a gross margin percentage between 38.5% and 40.5% on a non-GAAP basis [15]. - Continued capital investment is planned to support production capacity expansion in response to strong demand [2].

Summary of J.P. Morgan's Optical Group Conference Call Industry Overview - The Optical group has shown resilience with a +10% performance year-to-date, outperforming the coverage average of -1% and the S&P 500 at +1% [1][3] - Concerns regarding AI valuations initially hindered growth, but strong fundamentals have emerged, supported by positive data points from December and January [1] Key Developments - Corning secured a $6 billion multi-year fiber optics agreement with Meta, indicating strong demand in the sector [1] - U.S. hyperscaler earnings and capital expenditure disclosures have been solid, contributing to an increase in market Total Addressable Market (TAM) expectations by over $5 billion for 2026 [1] Company-Specific Insights Coherent Corp (COHR) - Expected to report F2Q26 results ahead of expectations, driven by strong datacom and telecom trends [12] - Anticipated gross margin expansion, potentially reaching 40% or greater earlier than expected, supporting a bullish EPS outlook of ~$9 for CY27 [12][20] - Current share price trades at 28x CY27 earnings, below the cohort average of 30x+, presenting an attractive investment opportunity [12][20] Fabrinet (FN) - Positioned for upside in F2Q26 and F3Q26 results, driven by customer ramps in datacom, telecom, and HPC segments [15][30] - Anticipated revenue growth of +14% year-over-year for F3Q26, with a focus on Nvidia's ramp impacting overall performance [15][30] - Shares currently trade at 29x CY27 earnings, reflecting a modest discount compared to peers [15][30] Lumentum (LITE) - Facing a challenging setup with high buy-side expectations, trading at 36x CY27 earnings [16][42] - Expected revenue growth of +64% year-over-year for F2Q26, but concerns exist regarding the ability to meet lofty expectations [16][42] - The upcoming annual Investor Briefing may not provide significant updates on long-term financial frameworks, adding to uncertainty [16] Valuation and Price Targets - Coherent's price target set at $215, based on a P/E multiple of ~29x for CY27E EPS [21] - Fabrinet's price target set at $530, reflecting a target P/E multiple of ~30x [31] - Lumentum's price target set at $350, based on a ~30x P/E target multiple [43] Risks - Industry-wide pricing pressure could negatively impact earnings forecasts for optical component companies, including Coherent, Fabrinet, and Lumentum [23][35][45] - Vertical integration by optical system suppliers poses competitive risks, potentially leading to pricing pressures [25][48] - Customer concentration risks exist for all three companies, with significant revenue dependence on a few large customers [37][49] Conclusion - The Optical group is experiencing a rebound with strong fundamentals, but high valuations necessitate caution among investors. Selectivity is advised as companies navigate potential risks and pricing pressures in the optical component market [3][12][16]

Core Insights - Coherent Corp. (COHR) is expected to report second-quarter fiscal 2026 results on February 4, with earnings estimated at $1.22 per share, indicating a 28.4% growth year-over-year, and revenues projected at $1.6 billion, reflecting a 13.9% increase [1][8] Earnings Estimates - Over the past 60 days, two EPS estimates for the second quarter of fiscal 2026 have been revised upward, while one was revised downward, resulting in a 1.7% increase in the Zacks Consensus Estimate to $1.22, indicating analysts' growing confidence [2] - Coherent has consistently surpassed the Zacks Consensus Estimate in the last four quarters, achieving an average surprise of 0.7% [3] Growth Drivers - The company is experiencing high demand for its products, particularly 1.6T transceivers, which is expected to continue into the second quarter of fiscal 2026 [5][8] - Increased demand for AI datacenters has led Coherent to ramp up its 6-inch Indium Phosphide (InP) production, with the global AI datacenter market projected to grow at a CAGR of 27.5% through 2035, suggesting strong InP sales for COHR [6] - Management has identified a $2 billion market opportunity in Optical Circuit Switch (OCS), with expectations of capturing a larger share due to rising AI demand [7] Stock Performance - COHR shares have surged 142.5% over the past year, outperforming the industry growth of 7% and the Zacks S&P 500 composite's 19.6% rise [9] - In the last six months, COHR has increased by 98.8%, again surpassing the industry and S&P 500 growth rates [12] - The current trailing P/E ratio for COHR is 36.11X, significantly higher than the industry average of 23.55X, indicating a premium valuation [12][20] Financial Health - Coherent reported a 51% year-over-year increase in the data center and communications market for fiscal 2025, with a 61% rise in the data center business alone [16] - The company has a strong balance sheet with $875 million in cash reserves and only $48 million in debt, providing a safety net and flexibility for investments [17] - The current ratio stands at 2.33, well above the industry average of 1.58, indicating strong liquidity [18] Competitive Landscape - Coherent faces significant competition from Wolfspeed and ON Semiconductor in the Silicon Carbide (SiC) sector, which may impact its growth and profitability [19] - Despite a strong presence in the SiC market, COHR experienced a 6% year-over-year decline in end-market demand in its Material segment's revenues for fiscal 2025 [19]

Group 1 - Morgan Stanley analyst Meta Marshall raised the price target on Coherent (COHR) to $190 from $180 while maintaining an Equal Weight rating on the shares [1] - Coherent has outperformed Lumentum (LITE) year-to-date, indicating a positive performance trend [1] - The firm expresses a more positive outlook on COHR compared to LITE ahead of the earnings report, as expectations for COHR are lower [1]

Core Viewpoint - Coherent's stock has seen significant gains, reaching an all-time high and increasing over 137% this year, despite a recent pullback of 1.7% [1][2] Company Performance - Coherent's stock hit approximately $239 earlier in the day before the recent decline, indicating strong market interest [2] - The company specializes in silicon carbide transceivers, which are crucial for various technologies including communications, data centers, and semiconductor manufacturing [3] - Coherent's product mix includes applications in industrial automation, automotive, and factory automation, benefiting from trends in onshore reshoring [3] Analyst Insights - Morgan Stanley raised Coherent's price target from $180 to $190 while maintaining an equal weight rating, suggesting a potential convergence in valuation with competitor Lumentum [4] - Analysts expect Coherent to achieve around 26% forward earnings growth, while Lumentum's estimate is significantly higher at 91% [6] - Coherent's earnings multiples are around 30 times earnings compared to Lumentum's 60 times, indicating a more favorable valuation for Coherent [7] Market Trends - The technology sector, particularly in data centers and automation, is expected to drive growth for Coherent, which has a diversified product mix compared to Lumentum's concentration in data centers [7] - Both Coherent and Lumentum have seen substantial stock price increases over the past few years, with gains of 300% to 400% [7]

Economic Overview - The U.S. services sector continued its expansion in December 2025, with the Services PMI at 54.4%, marking the highest reading of the year and the 10th month of expansion [1] - Real GDP increased at an annual rate of 4.4% during July-September, up from 3.8% in the previous quarter, indicating economic resilience amid inflationary pressures and trade policy uncertainty [2] Services Sector Performance - The services sector's performance reflects the U.S. economy's adaptability, driven by sustained consumer demand across various industries, including transportation, retail, finance, and healthcare [3] - However, certain segments like construction and professional services showed relative weakness, indicating disparities within the sector [3][4] Earnings Outlook - Several service providers are expected to report earnings soon, with Gartner, Coherent, Exponent, and TransUnion identified as stocks likely to beat earnings estimates this season [4] - Gartner's revenue estimate is $1.74 billion, reflecting a 1.7% year-over-year growth, while earnings are expected at $3.50 per share, a decline of 35.8% from the previous year [9] - Coherent's revenue estimate is $1.63 billion, indicating a 13.9% year-over-year growth, with earnings expected at $1.22 per share, a 28.4% increase [10][11] - Exponent's revenue estimate is $128.3 million, showing a 3.6% growth, with earnings expected at 47 cents per share, a 2.1% increase [12][13] - TransUnion's revenue estimate is $1.1 billion, indicating a 9.6% increase, with earnings expected at $1.03 per share, a 6.2% rise [14][15]