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Sanmina’s Third Quarter Fiscal 2024 Financial Results

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SAN JOSE, Calif., July 29, 2024 /PRNewswire/ — Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the fiscal third quarter ended June 29, 2024 and outlook for its fiscal fourth quarter ending September 28, 2024.

Third Quarter Fiscal 2024 Financial Highlights

Revenue: $1.84 billionGAAP operating margin: 4.5%GAAP diluted EPS: $0.91Non-GAAP(1) operating margin: 5.3%Non-GAAP(1) diluted EPS: $1.25Cash flow from operations: $90 millionEnding cash and cash equivalents: $658 million

(1) See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation of the non-GAAP financial information contained in this release to their most directly comparable GAAP measures is included in the financial statements furnished with this release.

“We delivered third quarter results in line with our outlook. We are starting to see stabilization and demand improve going into our fourth quarter, and we expect to see growth in fiscal 2025,” stated Jure Sola, Chairman and Chief Executive Officer. “We continue to execute our strategy, which is to deliver profitable growth and free cash flow generation while maintaining our strong balance sheet and returning value to shareholders.”

Fourth Quarter Fiscal 2024 Outlook
The following outlook is for the fiscal fourth quarter ending September 28, 2024. These statements are forward-looking and actual results may differ materially. 

Revenue between $1.9 billion to $2.0 billionGAAP diluted earnings per share between $1.02 to $1.12Non-GAAP diluted earnings per share between $1.30 to $1.40

Safe Harbor Statement
The statements above including our financial outlook for the fourth quarter fiscal 2024 and expectations for growth in fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations; geopolitical uncertainty, including from the war in Ukraine and conflict in the Middle East; and the other risk factors set forth in the Company’s annual and quarterly reports filed with the Securities Exchange Commission.

The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this earnings release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law.

Company Conference Call Information
Sanmina will hold a conference call to review its financial results for the third quarter and outlook for the fourth quarter of fiscal 2024 on Monday, July 29, 2024 at 5:00 p.m. ET (2:00 p.m. PT). The access numbers are: domestic 800-836-8184 and international 646-357-8785. The conference will also be webcast live over the Internet. You can log on to the live webcast at Q3’24 Earnings. Additional information in the form of a slide presentation is available on Sanmina’s website at www.sanmina.com. A replay of the conference call will be available for 48-hours. The access numbers are: domestic 888-660-6345 and international 646-517-4150, access code is 27876#.

About Sanmina
Sanmina Corporation, a Fortune 500 company, is a leading integrated manufacturing solutions provider serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina provides end-to-end manufacturing solutions, delivering superior quality and support to Original Equipment Manufacturers (OEMs) primarily in the industrial, medical, defense and aerospace, automotive, communications networks and cloud infrastructure markets. Sanmina has facilities strategically located in key regions throughout the world. More information about the Company is available at www.sanmina.com.

Sanmina Contact
Paige Melching
SVP, Investor Communications
408-964-3610

 

Sanmina Corporation

Condensed Consolidated Balance Sheets

(in thousands)

(GAAP)

(Unaudited)

June 29,
2024

September 30,
2023

ASSETS

Current assets:

Cash and cash equivalents

$          657,709

$          667,570

Accounts receivable, net

1,154,834

1,230,771

Contract assets

414,805

445,757

Inventories

1,384,332

1,477,223

Prepaid expenses and other current assets

81,655

58,249

Total current assets

3,693,335

3,879,570

Property, plant and equipment, net

630,254

632,836

Deferred tax assets

162,782

177,597

Other

177,160

183,965

Total assets

$       4,663,531

$       4,873,968

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$       1,433,803

$       1,612,833

Accrued liabilities

243,429

267,148

Accrued payroll and related benefits

126,824

127,406

Short-term debt, including current portion of long-term debt

17,500

25,945

Total current liabilities

1,821,556

2,033,332

Long-term liabilities:

Long-term debt

299,665

312,327

Other

200,972

209,684

Total long-term liabilities

500,637

522,011

Stockholders’ equity

2,341,338

2,318,625

Total liabilities and stockholders’ equity

$       4,663,531

$       4,873,968

 

Sanmina Corporation

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(GAAP)

(Unaudited)

Three Months Ended

Nine Months Ended

June 29,
2024

July 1,
2023

June 29,
2024

July 1,
2023

Net sales

$     1,841,430

$     2,207,118

$     5,550,823

$     6,883,029

Cost of sales

1,687,891

2,023,910

5,081,687

6,313,246

Gross profit

153,539

183,208

469,136

569,783

Operating expenses:

Selling, general and administrative

61,720

68,828

195,704

192,948

Research and development

7,659

6,719

20,271

18,712

Restructuring

1,793

296

7,257

1,731

Total operating expenses

71,172

75,843

223,232

213,391

Operating income

82,367

107,365

245,904

356,392

Interest income

2,572

4,213

9,641

9,685

Interest expense

(7,506)

(10,066)

(24,136)

(28,033)

Other expense

(2,795)

(2,508)

(652)

(11,988)

Interest and other, net

(7,729)

(8,361)

(15,147)

(30,336)

Income before income taxes

74,638

99,004

230,757

326,056

Provision for income taxes

19,900

17,267

60,346

63,898

Net income before noncontrolling interest

54,738

81,737

170,411

262,158

     Less: Net income attributable to noncontrolling interest

3,136

5,243

9,256

14,029

Net income attributable to common shareholders

$          51,602

$          76,494

$        161,155

$        248,129

Net income attributable to common shareholders per share:

Basic

$               0.93

$               1.32

$               2.88

$               4.28

Diluted

$               0.91

$               1.28

$               2.82

$               4.14

Weighted-average shares used in computing per share amounts:

Basic

55,466

57,987

55,862

57,995

Diluted

56,711

59,592

57,216

59,996

 

Sanmina Corporation

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except per share amounts)

(Unaudited)

Three Months Ended

June 29,
2024

March 30,
2024

July 1,
2023

GAAP Operating income

$           82,367

$           75,961

$        107,365

GAAP Operating margin

4.5 %

4.1 %

4.9 %

Adjustments:

Stock compensation expense (1)

14,682

14,651

13,317

Amortization of intangible assets

669

Distressed customer charges (recoveries) (2)

(2,500)

4,299

Legal and other (3)

500

1,350

4,475

Restructuring

1,793

3,274

296

Non-GAAP Operating income

$           96,842

$           99,535

$        126,122

Non-GAAP Operating margin

5.3 %

5.4 %

5.7 %

GAAP Net income attributable to common shareholders

$           51,602

$           52,485

$          76,494

Adjustments:

Operating income adjustments (see above)

14,475

23,574

18,757

Legal and other (3)

(4,967)

Adjustments for taxes (4)

4,751

2,849

(3,093)

Non-GAAP Net income attributable to common shareholders

$           70,828

$           73,941

$          92,158

GAAP Net income attributable to common shareholders per share:

Basic

$               0.93

$               0.94

$               1.32

Diluted

$               0.91

$               0.93

$               1.28

Non-GAAP Net income attributable to common shareholders per share:

Basic

$               1.28

$               1.33

$               1.59

Diluted

$               1.25

$               1.30

$               1.55

Weighted-average shares used in computing per share amounts:

Basic

55,466

55,585

57,987

Diluted

56,711

56,699

59,592

(1)

Stock compensation expense

Cost of sales

$             4,327

$             4,416

$            4,518

Selling, general and administrative

10,082

9,984

8,588

Research and development

273

251

211

Total

$           14,682

$           14,651

$          13,317

(2)

Relates to accounts receivable and inventory write-downs (recoveries) associated with distressed customers.

(3)

Represents expenses, charges and recoveries associated with certain legal and other matters.

(4)

GAAP provision for income taxes

$           19,900

$           19,122

$          17,267

Adjustments:

Tax impact of operating income adjustments

1,303

2,611

1,817

Discrete tax items

1,462

385

6,957

Deferred tax adjustments

(7,516)

(5,845)

(5,681)

Subtotal – adjustments for taxes

(4,751)

(2,849)

3,093

Non-GAAP provision for income taxes

$           15,149

$           16,273

$          20,360

 

 

Q4 FY24 Earnings Per Share Outlook*:

Q4 FY24 EPS Range

Low

High

GAAP diluted earnings per share

$                  1.02

$                  1.12

Stock compensation expense

$                  0.28

$                  0.28

Non-GAAP diluted earnings per share

$                  1.30

$                  1.40

* Due to uncertainty regarding the timing of recognition of restructuring charges, impairment charges and other unusual or infrequent items, if any, that could be incurred during the fourth quarter of FY24, an estimate of such items is not included in the outlook for Q4 FY24 GAAP EPS.

 

Sanmina Corporation

Condensed Consolidated Cash Flow

(in thousands)

(GAAP)

(Unaudited)

Three Month Periods

Q3’24

Q2’24

Q1’24

Q4’23

Q3’23

Net income before noncontrolling interest

$      54,738

$      55,309

$      60,364

$      65,355

$      81,737

Depreciation and amortization

29,764

30,274

30,726

30,521

29,898

Other, net

19,708

18,634

18,185

21,947

21,174

Net change in net working capital

(14,211)

(31,900)

16,750

(40,966)

(76,300)

Cash provided by operating activities

89,999

72,317

126,025

76,857

56,509

Purchases of long-term investments

(600)

(700)

(600)

(500)

(500)

Net purchases of property & equipment

(22,772)

(29,611)

(34,216)

(37,803)

(52,167)

Cash used in investing activities

(23,372)

(30,311)

(34,816)

(38,303)

(52,667)

Holdback paid in connection with previous business combination

(8,558)

Net share repurchases

(54,629)

(17,477)

(115,619)

(30,397)

(52,072)

Net borrowing activities

(4,375)

(4,375)

(12,820)

4,070

(4,375)

Cash used for financing activities

(59,004)

(21,852)

(128,439)

(26,327)

(65,005)

Effect of exchange rate changes

(772)

(886)

1,250

(1,245)

(452)

Net change in cash & cash equivalents

$        6,851

$      19,268

$    (35,980)

$      10,982

$    (61,615)

Free cash flow:

Cash provided by operating activities

$      89,999

$      72,317

$    126,025

$      76,857

$      56,509

Net purchases of property & equipment

(22,772)

(29,611)

(34,216)

(37,803)

(52,167)

$      67,227

$      42,706

$      91,809

$      39,054

$        4,342

 

Schedule 1

The statements above and financial information provided in this earnings release include non-GAAP measures of operating income, operating margin, net income and earnings per share. Management excludes from these measures stock-based compensation, restructuring, acquisition and integration expenses, impairment charges, amortization charges and other unusual or infrequent items, as adjusted for taxes, as more fully described below.

Management excludes these items principally because such charges or benefits are not directly related to the Company’s ongoing core business operations. We use such non-GAAP measures in order to (1) make more meaningful period-to-period comparisons of the Company’s operations, both internally and externally, (2) guide management in assessing the performance of the business, internally allocating resources and making decisions in furtherance of Company’s strategic plan, (3) provide investors with a better understanding of how management plans and measures the business and (4) provide investors with a better understanding of our ongoing, core business. The material limitations to management’s approach include the fact that the charges, benefits and expenses excluded are nonetheless charges, benefits and expenses required to be recognized under GAAP and, in some cases, consume cash which reduces the Company’s liquidity. Management compensates for these limitations primarily by reviewing GAAP results to obtain a complete picture of the Company’s performance and by including a reconciliation of non-GAAP results to GAAP results in its earnings releases.

Additional information regarding the economic substance of each exclusion, management’s use of the resultant non-GAAP measures, the material limitations of management’s approach and management’s methods for compensating for such limitations is provided below.

Stock-based Compensation Expense, which consists of non-cash charges for the estimated fair value of equity awards granted to employees and directors, is excluded in order to permit more meaningful period-to-period comparisons of the Company’s results since the Company grants different amounts and value of equity awards each quarter. In addition, given the fact that competitors grant different amounts and types of equity awards and may use different valuation assumptions, excluding stock-based compensation permits more accurate comparisons of the Company’s core results with those of its competitors.

Restructuring, Acquisition and Integration Expenses, which consist of employee severance, lease termination costs, exit costs, environmental investigation, remediation and related employee costs and other charges primarily related to closing and consolidating manufacturing facilities and those associated with the acquisition and integration of acquired businesses, are excluded because such charges (1) can be driven by the timing of acquisitions and exit activities which are difficult to predict, (2) are not directly related to ongoing business results and (3) generally do not reflect expected future operating expenses. In addition, given the fact that the Company’s competitors complete acquisitions and adopt restructuring plans at different times and in different amounts than the Company, excluding these charges or benefits permits more accurate comparisons of the Company’s core results with those of its competitors. Items excluded by the Company may be different from those excluded by the Company’s competitors and restructuring and integration expenses include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Therefore, management also reviews GAAP results including these amounts.

Impairment Charges for Goodwill and Other Assets, which consist of non-cash charges, are excluded because such charges are non-recurring and do not reduce the Company’s liquidity. In addition, given the fact that the Company’s competitors may record impairment charges at different times, excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors.

Amortization Charges, which consist of non-cash charges impacted by the timing and magnitude of acquisitions of businesses or assets, are also excluded because such charges do not reduce the Company’s liquidity. In addition, such charges can be driven by the timing of acquisitions, which is difficult to predict. Excluding these charges permits more accurate comparisons of the Company’s core results with those of its competitors because the Company’s competitors complete acquisitions at different times and for different amounts than the Company.

Other Unusual or Infrequent Items, such as charges or benefits associated with distressed customers, expenses, charges and recoveries relating to certain legal matters, and gains and losses on sales of assets, are excluded because such items are typically non-recurring, difficult to predict or not directly related to the Company’s ongoing or core operations and are therefore not considered by management in assessing the current operating performance of the Company and forecasting earnings trends. However, items excluded by the Company may be different from those excluded by the Company’s competitors. In addition, these items include both cash and non-cash expenses. Cash expenses reduce the Company’s liquidity. Management compensates for these limitations by reviewing GAAP results including these amounts.

Adjustments for Taxes, which consist of the tax effects of the various adjustments that we exclude from our non-GAAP measures, and adjustments related to deferred tax and discrete tax items. Including these adjustments permits more accurate comparisons of the Company’s core results with those of its competitors. We determine the tax adjustments based upon the various applicable effective tax rates. In those jurisdictions in which we do not expect to realize a tax cost or benefit (due to a history of operating losses or other factors), a reduced tax rate is applied.

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SOURCE Sanmina Corporation

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Singtel Receives Four Frost & Sullivan 2026 Recognitions for Leadership in Enterprise Connectivity, Cybersecurity, and Digital Transformation

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The recognitions highlight Singtel’s leadership in secure connectivity, network transformation, IoT innovation, and cybersecurity, delivering customer value through intelligent digital infrastructure and AI-enabled enterprise services.

SAN ANTONIO, July 19, 2026 /CNW/ — Frost & Sullivan is pleased to honor Singtel with the 2026 Southeast Asia IoT Connectivity Service Provider Company of the Year, 2026 Singapore Network Transformation Customer Value Leadership, 2026 Singapore Cybersecurity Services Company of the Year, and 2026 Singapore SD-WAN and SASE Service Provider Company of the Year recognitions. These acknowledgements reflect Singtel’s outstanding achievements in delivering secure, intelligent, and scalable digital infrastructure that enables enterprises to modernize operations, simplify complexity, and accelerate digital transformation across Singapore and Southeast Asia. They underscore the company’s consistent leadership in strategy execution, customer value creation, and innovation across enterprise connectivity, cybersecurity, software-defined networking, and IoT connectivity services.

Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Singtel excelled in both, demonstrating its ability to anticipate evolving enterprise requirements while consistently translating long-term vision into measurable customer outcomes. Through platforms such as Singtel CUBΣ (CUBE) and its multidomestic IoT connectivity architecture, the company continues to unify networking, cybersecurity, automation, and AI-driven intelligence into integrated solutions that address the growing complexity of hybrid, multicloud, and connected environments. “Singtel has established itself as a benchmark for enterprise digital infrastructure by converging connectivity, cybersecurity, network intelligence, and IoT orchestration into a unified, customer-centric ecosystem. Its disciplined execution, platform-led innovation, and commitment to simplifying complex enterprise environments continue to strengthen operational resilience and deliver sustained value for organizations across the region,” said Kenny Yeo, Director at Frost & Sullivan.

Guided by a long-term strategy focused on digital innovation, intelligent infrastructure, and customer-centric transformation, Singtel has moved well-beyond traditional telecommunications to a trusted technology partner for enterprises navigating increasingly connected and data-driven environments. Its strategic investments in AI-enabled operations, cloud-native platforms, secure connectivity, and ecosystem partnerships enable organizations to modernize critical infrastructure while maintaining the flexibility to support future business growth.

The company’s strategic agility and sustained investment in integrated digital platforms have enabled it to scale innovative services across local, regional, and global enterprise environments. Innovation remains central to Singtel’s approach through solutions including the CUBΣ connected intelligence platform, multidomestic IoT connectivity powered by eSIM orchestration, managed cybersecurity services, AI-driven network automation, and network-as-a-service capabilities. These solutions simplify network and security management, strengthen cyber resilience, improve operational visibility, and provide enterprises with scalable, secure, and high-performing connectivity across cloud, edge, IoT, and hybrid infrastructures.

By streamlining service delivery through intelligent automation, centralized orchestration, proactive monitoring, and flexible managed and co-managed service models, Singtel continues to help organizations reduce operational complexity while improving service reliability and business agility. Its ability to integrate best-of-breed technologies in a unified operational framework, combined with strong regional network ownership and localized expertise, enables customers to confidently scale digital initiatives while maintaining security, governance, and operational excellence.

Frost & Sullivan commends Singtel for setting a high standard in competitive strategy, execution, and customer value across multiple technology domains. By combining intelligent networking, secure digital infrastructure, AI-enabled operations, and cross-border IoT capabilities in an integrated platform strategy, the company is shaping the future of enterprise connectivity while helping organizations build resilient, future-ready digital ecosystems.

Each year, Frost & Sullivan presents its Company of the Year and Customer Value Leadership recognitions to organizations that demonstrate outstanding strategy development and implementation, resulting in measurable improvements in customer satisfaction, competitive positioning, and business performance. These recognitions honor forward-thinking companies that continuously raise industry standards through innovation, operational excellence, and long-term value creation.

Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.

Contact:
Tarini Singh
E: Tarini.Singh@frost.com

 

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SOURCE Frost & Sullivan

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Emdoor Launches “Ailyn” AI Hub at WAIC 2026: Unifying Intelligence Across Every Device

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SHANGHAI, July 18, 2026 /PRNewswire/ — Emdoor, a leading provider of intelligent computing devices, unveiled its latest innovation — Ailyn, an integrated software-hardware AI hub — at the World Artificial Intelligence Conference (WAIC) 2026. Under the theme “Intelligence in All Things, Boundless Edge Intelligence”, Emdoor’s Booth X1B-804 showcases four immersive scenarios spanning personal, home, enterprise, and industrial use cases, demonstrating how AI can flow seamlessly across devices.

With decades of experience across cloud, edge, device, and wearable form factors, Emdoor has established one of the industry’s most comprehensive intelligent hardware portfolios. Yet the company recognized a critical gap: while individual devices grow smarter, they often operate in isolation.

Ailyn is Emdoor’s answer to this challenge. Introduced on the WAIC Magic Box stage, Ailyn serves as a unified intelligence layer that orchestrates storage, computing power, AI models, and data across PCs, NAS systems, computing boxes, and IoT devices. The result is a scalable, centrally managed intelligence platform that delivers seamless cross-device collaboration, data privacy, and AI capabilities that improve with use.

At its core, Ailyn follows a device-first, multi-device connected philosophy. By prioritizing on-device model deployment, it reduces costs while preserving privacy, minimizing latency, and enabling offline functionality. Key capabilities include unified data access, uninterrupted task handoff between devices, intelligent multi-model routing, and dynamic compute scaling — plus built-in features for knowledge accumulation, skill expansion, persona customization, and automated task execution.

Four Scenarios, One Intelligent Ecosystem

The enterprise lineup features high-performance AI workstations, AI servers, AI NAS, Mini PCs, and motherboards. Workstations support up to 96-core processors and four double-width GPUs with integrated BMC remote management. AI servers run dual Intel Xeon scalable processors with up to eight mainstream AI accelerators. The single-GPU workstation series offers dual-platform compatibility with both Intel and AMD, featuring a PCIe 5.0 ×16 slot and up to 128GB DDR5 memory. Available in two form factors — a 23.9L tower chassis and a 15.3L compact chassis with tempered glass side panel — it delivers balanced performance for both creative workloads and local AI inference. The AI NAS unifies storage and AI computing power in one device, with192GB of octa-channel LPDDR5X memory to support local large model deployment. Ailyn unifies these resources into a private computing backbone, intelligently offloading heavy workloads so users get instant on-device responsiveness with datacenter-grade power on demand.

For individual users, the showcase includes Mini PCs, AI PCs, AI tablets, and multimodal wearables. The AP16, powered by Intel’s 3rd Generation Core™ Ultra processor, delivers 180 TOPS of AI performance with sustained 54W output — capable of running large models locally. Multimodal wearable solutions built on Qualcomm and BES chips offer faster time-to-market for brand partners. Within the Ailyn ecosystem, PCs handle heavy computing while wearables provide continuous environmental awareness, each device strengthening the whole.

Industrial visitors will find AI BOX units, rugged AI notebooks, handheld terminals, and industrial PCs. AI BOX devices come preloaded with industry-specific models for production line visual inspection. Rugged notebooks deliver reliable performance for mobile field operations. Industrial PCs feature industrial-grade architecture for 24/7 uptime. Through Ailyn, these connected devices break down traditional data silos, enabling intelligent resource orchestration and a closed-loop perception-decision-execution system that accelerates industrial digital transformation.

At the center of the home scenario are AI tablets and home NAS, connected to a full-house AIoT network. The NAS acts as the family’s private data and computing hub, while the tablet serves as the primary interface for senior health reminders and children’s learning support. Ailyn weaves these devices into a cohesive system covering family memories, health care, companionship, and home security — bringing intelligence into daily life without intruding on it.

The launch of Ailyn marks a significant evolution for Emdoor — shifting from a hardware manufacturer to a builder of intelligent infrastructure. It represents the convergence of the company’s deep hardware heritage and its AI innovation roadmap. Moving forward, Emdoor will continue investing in edge AI technology and expanding the Ailyn ecosystem alongside partners, bringing distributed intelligence from the showroom into everyday life.

Company: Emdoor Digital Technology Co.,Ltd.
Contact Person: Yao Zhou
Email: marketing.digi@emdoor.com
Website: http://www.emdoordigi.com/
City: Shenzhen, China

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AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

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Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

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