Sandisk Corp at Barclays Global Technology Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : <_ALACRA_META_ABSTRACT>Perfect. So, how's the quarter progressed thus far? What are you seeing in terms of demand trends and customer engagement?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And I just wanted to interject because you saw the news last night, obviously an earthquake in Japan you have facilities that are nearby any comment on impacting to the fab or any production facility?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Got you. Helpful, thank you for going off script there but in in terms of the gross margin side, so you talked about demand trends, you talked about through cycle performance of about 35% of the Investor Day, just given the current dynamics, could you talk about how that may change that outlook? Could you get there a little bit faster?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So if I look at memory in general, DRAM tends to be a little bit more straightforward for the average investor because you see the accelerator, you see how much DRAM and HBM is around that accelerator, and you can do some math around how much new or incremental demand is being brought to the market, and then you can do some math around supply demand dynamics and DRAM. NAND is a little trickier, where don't necessarily see NAND, or all of the NAND that's needed for all of these accelerators sitting in a box. It sometimes sits at a box at the end of the road. There's some that sit in that box, but the math is just a little bit tougher to do. So you have these two dynamics going on right where, traditionally the largest [ExByte] contributor to the data center, the hard disk drive guys have talked about not. Committing as much capbacks to the market, you're seeing them just kind of stay at a similar slower trajectory of supply than historical, and then there's also this data center boom in which I'm sure that you're seeing some tailwinds [Fernan] as well. So how do you split out, how much of this tightness is really related to the demand side or how much is related to tightness given, one of the largest ExByte providers is slowing down.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So it sounds like a structural change in the way that the industry is viewing NAND and the way that you are positioned. In this ecosystem I guess one thing that comes with that change is conversations around long-term agreements with customers. Like, let's not use the word tightness, but let's talk about structural importance in the industry. If you are structurally important customers are going to want to get your hands on your product earlier and they want to have assured supply for longer so maybe talk about what you're seeing in terms of LTAs or longer-term agreements with customers and where do you think the right balance is? Is that a quarterly kind of conversation that a half year, a yearly, anything that would be helpful.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : All of this leads to the conversation of if you are more critically important, if the ordering process doesn't look like we'll check in every quarter and we'll see how much we can get because it's, it is more strategically important. It begs the question of if you have line of sight to a better demand profile over a multi-year period of time, it would beg the question of capacity and potentially increasing capacity, and you guys have been pretty clear thus far around your plans for capacity but maybe talk just briefly so that the listeners can understand what ability do you have to add capacity today in terms of existing space and what are your feelings towards increasing that capacity would you need to have line of sight to some more firm orders? Is the market kind of dictating a different trend than you have historically? How how do you think about the addition of capacity and what you would do in this instance? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 4:40PM, SNDK.OQ - Sandisk Corp at Barclays Global Technology Conference

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Another trend we're hearing in the market today is with bits needing to be allocated to certain areas, particularly the data center, there's concern that just given the supply footprint today that, customers and PCs, smartphones, consumer electronics could get shorted into next year and you're starting to hear people talk about potential limitations to output, do you guys have any thoughts around, the industry's ability to meet, demand trends into next year? Obviously right now I think that the general expectation is for low single-digit growth across PCs and smartphones, but anything that you guys would comment on in terms of those others and and markets and their ability to grow.

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Why don't we, switch to the technology side. So I think last year we were up here and talking about the transition to [Bix8]. I think you pointed to 40% to 50% of your portfolio by the end of the fiscal year. Can you talk about the, where you are today and the. Transition are you on track and then in this environment right where clearly the the structural demand trends are a bit different and very much in your favor, does that change your thoughts on the technology transition at all? Does it accelerate them?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : And then I think you alluded to it earlier, just the idea that NAND, in terms of the crossover, let's just start historically you've seen a lot of NAND crossover products and there hasn't been much success you're seeing now with accelerators this, the leaning on HBM. So you know. You've effectively seen HBM become such a pivotal point in the market that when you have shortages, there's no other area in which, companies have been able to grow. So you see NAND, you see products that you can introduce in NAND that can alleviate that stretch. You've talked about HBF in the past, right? HBF something that is going to be in the market in the next 12 months, in the next 24 months, people have pointed to it as potentially alleviating the stress of HBM. Why is this product going to be the one that actually works when historically you've seen some of these crossover products kinds of come to market and then go away?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : So I think the highlight of this conversation has really been a change in the industry dynamic, a change in the importance of NAND more broadly, maybe just to conclude things here Luis, in terms of your capital returns, strategy and priorities, does this change anything, just given the business trends in the broader market?

Question: Thomas O'Malley - Barclays Services Corp - Analyst : Very helpful. Well, I appreciate you both being here. Thank you so much.