PI — Investor Presentation 2026

Jan 22, 2026

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Pan-International (2328 TT) Strategic pivot: Humanoid robotics Igniting new growth engines and driving value chain elevation January 2026

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Table of Content

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Acquisition of Next-Gen AFM technology: Entering key humanoid robotics sectors

Pan-International’s humanoid robotics strategic roadmap Driving value chain elevation via 3S Strategy: creating the next growth phase

Strategic objectives and outlook

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Acquisition of Next-Gen AFM technology: Entering key humanoid robotics sectors

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Acquisition of Next-Gen AFM technology: Establishing humanoid robotics direction

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 Acquiring core electromechanical capabilities for humanoid robotics Pan-International has officially acquired Magnax, a Belgian Axial Flux Motor (AFM) company. This establishes a core competitive advantage for our humanoid robotics business and secures a pivotal position within the broader Foxconn (Hon Hai) Group robotics development roadmap.

 Establishing humanoid robotics as a long-term strategic focus This acquisition provides a critical platform characterized by significant technical depth and product scalability. Moving forward, Pan-International will maintain a sharp focus on humanoid robotics technologies, particularly the acquisition of core intellectual property for key components.

Key assets acquired in this transaction

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Core patents

Encompassing yoke-less stators, dual-rotor structures, and modular thermal design.

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R&D talent

A top-tier electromagnetics and mechanical engineering team with a research background from Ghent University, Belgium.

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Supply chain entry

Leveraging AFM platform technology to gain technical entry into industrial applications and powertrain machinery.

Next-Gen motor technology: The revolutionary advantages of AFM

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Stator
Rotor
Yoke
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Yokeless Stator
Dual Rotors
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Feature

RFM (Radial flux motor)

AFM (Axial flux motor)

Power density (at equivalent volume) 1x 1x

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1x
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Volume and weight (at equivalent power)

Physical characteristics

Traditional cylindrical shape

2-3x Volume & weight reduced by 1/3

"Pancake" architecture; ideal for integration in confined spaces

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Magnax’s high-moat patent portfolio

Core patents cover yoke-less stator design, modular architecture, dual-rotor layout, and advanced cooling systems. These patents cover most viable pathways for AFM Yoke-less technology.

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AFM: The optimal power solution for humanoid robotics

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Operating temperature

Joint space constraints

Humanoid joints require extremely high torque within narrow spatial limits. AFM’s pancake architecture (thinprofile design) is currently the most ideal technology to meet these demanding form-factor requirements.

The yoke-less design significantly reduces stator core mass and eliminates

corresponding iron losses. This allows for cooler operation by lowering the heat generated during high-intensity motor cycles.

Endurance and range

The efficiency curve remains above 95% across a broad range of operational speeds. This high efficiency significantly extends the robot's effective operating time and battery life per single charge.

Conclusion: AFM represents the most viable next-generation motor technology roadmap for humanoid robotics joint applications.

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The strategic value of Magnax to Pan-International

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 Platform technology for diversified applications: AFM is a versatile platform technology that allows Pan-International to expand into Electric Vehicles (EV), Robotics, and Data Center cooling applications.  Superior power density & mass-production readiness: Compared to industry peers, Magnax products offer higher power density and a higher level of maturity for mass production.

 Defensible patent portfolio: Magnax’s core patents cover yoke-less stator design and cooling systems, effectively covering most feasible technical routes for AFM implementation.

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Redefining Pan-International: From key components to integrated system modules

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Past

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Precision component manufacturer

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Post-Magnax integration

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Platform-based enterprise built on key component modules

 Unlocking diversified product application layouts The applications of AFM technology extend beyond robotics to high-end industrial and vehicle sectors. This technology will enable Pan-International to enter markets for industrial cooling fans, data center thermal systems, and other advanced applications.

A critical milestone in strategic transformation

 Signaling a strategic shift from wire harnesses to key components By acquiring next-generation motor technology, we are not only optimizing our product portfolio and enhancing gross margins but also transforming from a passive contract manufacturer into a collaborative partner providing core powertrain system solutions.

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Pan-International’s humanoid robotics strategic roadmap: charting a course toward market leadership

The man behind transformation of Pan-International

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 Strategic integrator of group resources: Since June 2023, Mr. Kuang-Yao (Rase) Lee has served as Chairman of Pan-International. In addition to his role here, he oversees Foxconn technology group’s commercial electric vehicle (EV) segment and the C business group, covering precision molding, automation systems, robotics, and mechanical components.

 Architect of supply chain upgrades: Pan-International is at a pivotal historical juncture, transitioning from a traditional component manufacturer to an integrator focused on key high-value components. Leveraging over 30 years of expertise across production, R&D, and management, Chairman Lee is steering the company toward a more strategic and indispensable position within the global supply chain.  Deep-rooted heritage within the Foxconn Group: Prior to joining Pan-International, Rase held senior positions within the Foxconn Group, including serving as chairman of Foxconn Tech (2354 TT).

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The ultimate objective: Building a comprehensive humanoid robotics value chain

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L3: Integrated modules Joint Actuator subsystem shipments.

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L2: Core electromechanical systems Magnax AFM Technology (Protected by core patents). L1: Neural harnesses High-density, multi-joint specialized wire harnesses.

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Data
Layer Connected to the robot
training center
Data Hub
Software Layer
Supported by investment &
collaborative Partners.
Brain
Hardware Layer Integration of neural
harnesses + axial flux
Nervous & Power System motors + reducers.
Driven by
Market Layer investment &
collaborative
End Market
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Integration of neural harnesses + axial flux motors + reducers. Driven by investment & collaborative partners.

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Pan-International: Key executor of Hon Hai group’s robotics strategy

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Pan-International: A primary strategic executor within Hon Hai (Foxconn) group’s robotics roadmap

Interconnect and wire harness platform Acts as a core supplier for applications spanning servers, industrial automation equipment, and robotics.

Electromechanical capability provider Integrates essential joint motors, wire harnesses, and PCBAs to deliver complete, mission-critical electromechanical modules.

Pan-International

Internal validation and testing grounds Products can be prioritized for deployment across Hon Hai’s global automated factory lines, shortening the learning curve and accelerating iterative technological updates.

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Leveraging core businesses to seize humanoid robotics opportunities

• Collaborative •

• AGV & AMR Humanoid robots Leveraging existing robotics

• robots (Cobots) wire harness technology to enter the collaborative robot and AGV/AMR sectors.

• • Combining existing product capabilities with acquired technologies to penetrate the critical humanoid robotics component market.

• • Utilizing high-barrier critical components as a starting point to integrate the complete humanoid robotics ecosystem.

• 2024 2030 2024 2030 2024 2030 2025 2030

Note: Dollar amount in US$bn Sources: Global Market Insights, GII, MarketsandMarkets

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Driving value chain elevation via 3S strategy: Creating the next growth phase

Pan-International today: Half a century of precision manufacturing excellence

NT$ 21.8 B
2025 Revenue

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Pan-International is a leading provider of comprehensive component and turnkey solutions. Our diverse product portfolio includes wire harnesses, connectors/ enclosures, Printed Circuit Boards (PCBs), and full system assembly.

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Founded:1971
Headquarter:
Taiei
p

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NT$ 27.0 B Market Cap (2026/1/20)

>10,000 employees Global workforce

2025 Revenue breakdown

Global Manufacturing hubs

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Medical
Industrial
1%
12%
Automotive
16%
Consumer
Electronics
55%
Communication
16%
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8 major production bases located across
Taipei, Dongguan, Malaysia, Thailand,
Anhui, Shandong, and California, USA.

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Pan-International of tomorrow: Building the future via

3S strategy

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S
Stretch –
Extending core capabilities
Upgrade existing product
lines and supply chain
resilience to penetrate high-
end markets.
Constructing a
Future-Ready
S Profitable Growth S
Scale – Layout via the 3S Shift –
Scaling to create the future
Pivoting toward growth trends
Strategy
Scale through strategic
Leverage established technical
investments and acquisitions,
expertise to pivot toward high-
integrating software and hardware
growth and high-profitability
markets. to build a comprehensive
humanoid robotics industrial
ecosystem.
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Stretch: Leveraging core platform technologies to power two major growth markets

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Pan-International’s core technical advantages will serve as the foundation for the next phase of our growth engines.

AI servers

Core expertise High-Reliability Connectivity and Electromechanical Integration

Capabilities extension

Capabilities extension

Leveraging high-speed, high-frequency connection design capabilities and our manufacturing footprint in Malaysia to seamlessly transition into AI servers and related infrastructure.

Robotics

Utilizing deep experience in high-density wire harness design and electromechanical integration as the foundational technology for humanoid robot joints and power systems.

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Shift: leveraging Malaysia’s capacity layout to pivot toward the AI server market

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Continued growth in AI demand and supply chain realignment

Extending capacity advantages into the AI server sector

The continuous growth in computing power demand is driving server architecture upgrades. Simultaneously, the global realignment of the supply chain creates significant opportunities for manufacturers with a diversified global production footprint.

Building upon its existing capabilities and established manufacturing presence in Malaysia, Pan-International is increasing its value-added contribution to the AI infrastructure market to capture higher market share and profitability.

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Scale: Building a humanoid robotics ecosystem from core components

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The Magnax acquisition is more than just a technological lead; it is the cornerstone for developing a complete industrial ecosystem.

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Core manufacturing
platform
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Foundation of excellence: Pan-International’s half-century of precision manufacturing and electromechanical integration provides a solid foundation for developing key humanoid robot components.

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Strategic M&A, Investment & Alliances Comprehensive humanoid robotics AFM ecosystem technology Synergistic power: Ecosystem construction: Magnax’s advanced AFM Starting from critical technology, combined with components, we will continue Pan-International’s to focus on the humanoid manufacturing prowess, robotics value chain through accelerates the development of investments, acquisitions, and optimized power solutions for strategic alliances to build a humanoid robots. complete ecosystem and drive value chain elevation.

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Strategic objectives and outlook

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Journey of growth via strength: Key strategy actions & timeline

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2025 2026 2027 2028 2029 2030 Sample Enter Acquisition Acquisition AFM AFM Integration Significant Joint Capitalization Humanoid delivery of AGV of AFM and of critical products products of upstream revenue Entry into of robotics business AGV & market Robotics reducer start begin & growth in finished data assets humanoid Software technology contribut profit downstream key robot wire Technology . ing to contribut ecosystems modules markets harnesses revenue ion with strategic partners

Malaysia plant AI server Capture begins mass revenue localized AI production of contribution data center AI servers exceeds opportunities double digits

Ai server business

Leveraging the acquisition of core component technologies and expansion into robotics applications, the 2030 objective is to supply 25–50% of the total component value within the overall robot cost structure, driving significant revenue and earnings contributions from the robotics segment.

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2030 Target: >5% global robotics market share & >50% revenue contribution from new businesses

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Driving a new growth Trajectory through the execution of our "3S Strategy" in robotics and new business ventures

70 Pan-International revenue breakdown (NT$bn)

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50 40 30 20 10 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Current business Robotics and other new businesses

2030 Global market leadership: We are targeting a global market share of over 5% in the robotics sector. Based on an estimated total addressable market (TAM) of USD 15 billion, we expect Robotics and our other new business segments to contribute more than 50% of Pan-International’s total revenue and profit by 2030.

Accelerated revenue expansion: Starting from 2026, we are an committed to maintaining average annual revenue growth rate (CAGR) of at least 20% , driven by the scaling of these highgrowth segments.

資料來源：MarketsandMarkets

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Maintaining a stable dividend payout ratio and yield

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Balancing shareholder returns with strategic growth and transformation

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Cash dividend (NT$, LHS) EPS (NT$, LHS) Payout ratio (RHS)
3.0 80%

70% Commitment to consistent
2.5 payouts: In recent years, Pan-
International has remained
60%
dedicated to maintaining a cash
2.0
dividend payout ratio of at
50%
least 50%.

Current yield performance:
1.5 40%
Based on the cash dividend of
NT$1.1 per share
30%
1.0 distributed from 2024 earnings
and the most recent closing
20%
price, our cash dividend yield
0.5 2.3% .
stands at approximately
10%
0.0 0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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Shaping the future with Sincerity and Innovation

Thank you

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