TE Connectivity Ltd - Registered Shares

Strong Q3 performance + record orders/backlog (drives confidence into FY27) - Sales: $5.2B, +14% reported / +12% organic YoY - Orders: $5.7B record, +27% YoY and +7% sequential - Book-to-bill: ~1.1 both for the quarter and YTD - Backlog: record positioning expected to support continued growth into fiscal 2027 (starts in Oct) - Earnings: Adj. EPS $2.94 (+22% YoY); Adj. operating margins +90 bps YoY (to 21.9%)

FY26 outlook raised/confirmed with sizable growth and EPS acceleration - Q4 guidance: Sales ~$5.25B (+11% YoY), Adj. EPS ~$3.05 - Full-year guidance (FY26): Sales ~+15% (now >$2.5B incremental revenue in 2026) - Full-year: Adj. EPS +23% YoY (expects double-digit earnings growth) with margin expansion - Surprising/positive nuance: Management attributes performance to being “well ahead” of through-cycle model—i.e., strength is not just cyclical, but linked to structural capex themes.

Segmentation: where growth is coming from (and how AI/data & power translate to TE) - Industrial Solutions (Q3): sales +22% reported / +21% organic YoY; led by >30% organic growth in DDN and energy - Digital Data Networks (DDN): sales +34% YoY; management expects full-year DDN growth consistent with prior commentary - AI mix: DDN AI-related portion expected to continue increasing (management cited “~70%+” of DDN bookings year-to-date, with ongoing upward trend each quarter) - Optical: progress supported by RAM Photonics; but meaningful revenue timing for certain FAU optical scale-up items framed as 2028+ - Energy: organic sales +33% (grid hardening + data center power) - Transportation Solutions (Q3): sales +7% reported / +5% organic YoY - Commercial Transportation stronger (+20% reported / +18% organic) - Automotive grew +5% reported / +3% organic despite slightly down vehicle production—content outperformance remains a key theme - China risk narrative offset: China auto production down but TE’s China business grew (6% vs production down ~2%), with exports offsetting domestic weakness