AMKOR TECHNOLOGY, INC.

Previous wording

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.

Current wording

Amkor is the world’s largest U.S. headquartered outsourced semiconductor assembly and test provider (“OSAT”). 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 technology leadership and innovation, providing our customers with a geographically diverse manufacturing footprint, partnering with lead customers in the key markets of high-performance computing (“HPC”) and artificial intelligence (“AI”), automotive, Internet-of-Things (“IoT”) and mobile communications, selectively growing our scale and scope through strategic investments and optimizing utilization of existing assets.

Previous wording

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.

Current wording

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 increasing demand for semiconductors and advanced packaging in the computing end market. Increasing semiconductor content in automobiles is driving demand for advanced packaging to enable safety features such as advanced driver assistance systems (“ADAS”), in-car computing, radar and digital cockpit features such as infotainment displays and telematics. Increasing battery voltage, higher voltage power converters, onboard chargers, automotive inverter components and microcontrollers also require innovative power packaging solutions. Hearables, watches and augmented and virtual reality devices integrate multiple functions, such as processors, sensors and connectivity devices, into small form factors, which requires innovation in advanced packaging. 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 the adoption of new wireless standards, integration of a broad range of applications, enhanced features and higher performance requirements to support increased data processing. The trend to greater functionality drives miniaturization and innovation enabled by advanced packaging.

Previous wording

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.

Current wording

-22- 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.

Previous wording

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.

Current wording

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 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 and/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 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. As of March 31, 2026, we had cash and cash equivalents and short-term investments of $1,121.2 million and $727.3 million, respectively.

Previous wording

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.

Current wording

Our results of operations and cash flows 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.

Previous wording

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.

Current wording

Gross margin for the three months ended March 31, 2026 increased to 14.2% compared to 11.9% for the three months ended March 31, 2025. The increase in gross margin was primarily due to higher factory utilization driven by the increase in net sales, partially offset by an increase in the proportion of products sold with higher material content and increased overhead and employee compensation costs.

Previous wording

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.

Current wording

Our capital expenditures totaled $224.6 million for the three months ended March 31, 2026 compared to $79.9 million for the three months ended March 31, 2025. Our spending was primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

Previous wording

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.

Current wording

Net cash provided by operating activities was $145.1 million for the three months ended March 31, 2026 compared to $24.1 million for the three months ended March 31, 2025. This increase was primarily due to higher operating profits and changes in working capital.

Previous wording

The increase in net sales for the nine months ended September 30, 2025 compared to thenine 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.

Current wording

The increase in net sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 was primarily due to growth across all end markets. The communications and automotive and industrial end markets grew 42% and 28%, respectively, for the three months ended March 31, 2026 compared to 2025, primarily driven by increased supported content in premium tier smartphones and growth in ADAS and industrial applications, respectively. The computing and consumer end markets grew 19% and 4%, respectively, for the three months ended March 31, 2026 compared to 2025, primarily driven by strength in datacenter and traditional consumer products, respectively.

Previous wording

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

Current wording

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 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.

Previous wording

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.

Current wording

Gross profit and gross margin increased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to higher factory utilization driven by the increase in net sales, partially offset by an

Previous wording

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.

Current wording

Research and development expenses decreased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to projects moving into production, partially offset by development projects in new advanced packaging technologies.

Previous wording

Operating income margin remained consistent at 8.0% for the three months ended September 30, 2025 and the three months ended September 30, 2024.

Current wording

The components of total other expense, net have remained consistent between the three months ended March 31, 2026 and the three months ended March 31, 2025.

Previous wording

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.

Current wording

Income tax expense, which includes foreign withholding taxes, minimum taxes and certain tax credits, 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 March 31, 2026 compared to the three months ended March 31, 2025, primarily due to an increase in income before income taxes.

Previous wording

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.

Current wording

During the three months ended March 31, 2026 and 2025, our subsidiaries in Singapore and Vietnam operated under various conditional reduced tax rates. The conditional reduced tax rates granted to certain operations in Korea expired during 2025. 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.

Previous wording

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.

Current wording

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.

Previous wording

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

Current wording

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 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.

Previous wording

As of September 30, 2025, we had cash and cash equivalents 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.

Current wording

As of March 31, 2026, we had cash and cash equivalents and short-term investments of $1,848.5 million. Included in our cash and short-term investments balances as of March 31, 2026 is $1,400.4 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.

Previous wording

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.

Current wording

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 three months ended March 31, 2026 and 2025, we sold receivables totaling $20.9 million and $9.4 million, respectively, net of discounts and fees, which were insignificant for the respective periods.

Previous wording

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.

Current wording

In December 2024, we signed a Direct Funding Agreement with the U.S. Department of Commerce (the “Commerce Department”) 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 a 35% investment tax credit on qualified investments in U.S. semiconductor manufacturing under the CHIPS Act and the One Big Beautiful Bill Act (“OBBBA”). For additional information, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Previous wording

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 apari 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.

Current wording

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. As of March 31, 2026, we had availability of $1.0 billion under the 2025 Revolving Credit Facility. As of March 31, 2026, our foreign subsidiaries also had $55.9 million available to be borrowed under term loan credit facilities.

Previous wording

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.

Current wording

As of March 31, 2026, we had debt of $1,414.2 million, with $157.0 million payable within 12 months. As of March 31, 2026, the interest payment obligations, based on stated coupon rates for fixed rate debt and interest rates applicable at March 31, 2026 for variable rate debt, were $357.2 million during the remaining term of the debt. Interest payment obligations payable within 12 months were $64.8 million. We were in compliance with all debt covenants as of March 31, 2026, 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.

Previous wording

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

Current wording

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 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.

Previous wording

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.

Current wording

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 indebtedness.

Previous wording

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.

Current wording

We lease certain machinery and equipment, office space and manufacturing facilities. As of March 31, 2026, our total remaining operating lease obligations and finance lease obligations were $78.5 million and $154.7 million, respectively, with $26.5 million and $47.7 million payable within 12 months, respectively. The lease obligations represent our future minimum lease payments including interest payments.

Previous wording

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.

Current wording

We had off-balance sheet purchase obligations for capital expenditures, long-term supply contracts and other contractual commitments. As of March 31, 2026, the purchase obligations were $1,034.1 million, with $947.2 million payable within 12 months.

Previous wording

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.

Current wording

We enter into customer advance payment agreements from time to time, some of which require standby letters of credit. As of March 31, 2026, we expect to receive approximately $300 million of advance payments over a two-year period, all of which will require standby letters of credit upon receipt. For additional information regarding our customer advance payments, please refer to Note 1 to our Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Previous wording

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.

Current wording

During the three months ended March 31, 2026, we paid total quarterly cash dividends of $20.7 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.

Previous wording

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.

Current wording

We make significant capital expenditures in order to service the demand of our customers. During the three months ended March 31, 2026, our capital expenditures totaled $224.6 million, which are primarily focused on investments in advanced packaging and test equipment and the Arizona Facility.

Previous wording

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.

Current wording

We expect that our 2026 capital expenditures will be approximately $2.5 billion to $3.0 billion. The increase from 2025 is primarily due to the construction of the Arizona Facility. Ultimately, the amount of our 2026 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.

Previous wording

Net cash provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024, was as follows:

Current wording

Net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025, was as follows:

Previous wording

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.

Current wording

Operating activities: Our cash flow provided by operating activities for the three months ended March 31, 2026 increased by $120.9 million compared to the three months ended March 31, 2025, primarily due to higher operating profits and changes in working capital.

Previous wording

Investing activities: Our cash flow used in investing activities for thenine 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.

Current wording

Investing activities: Our cash flow used in investing activities for thethree months ended March 31, 2026 increased by $271.7 million compared to the three months ended March 31, 2025, primarily due to higher payments for property, plant and equipment and net payments for short-term investments in the current year. Payments for property, plant and equipment can fluctuate based on the timing of purchase, receipt and acceptance of equipment.

Previous wording

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.

Current wording

Financing activities: The changes in financing activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were primarily due to the timing of our quarterly dividend payment for the respective periods.