Samsung Electronics: 2Q26 headline results beat; focus on durability of earnings cycle beyond 2H26

研报英文原文证据摘录

Samsung Electronics: 2Q26 headline results beat; focus on durability of earnings cycle beyond 2H26

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cycle and remain constructive on SEC and memory stock fundamentals and risk-reward

on a medium-term horizon on the recent pullback.

• Potential next key catalysts: (1) CSP commentary on AI service business model

progress and consequent hardware capex spending update; (2) AI ecosystem funding

progress update (esp. CSP and AI foundation model players’ capex-related funding

needs); (3) memory LTA progress update (key headlines such as percentage of coverage,

volume vs. pricing guarantee, and ceiling/floor price as well as target margin); and (4)

memory technology commentary update (KV cache offloading related memory tiering

concept specifics update heading into agents-to-agents interaction vs. memory spending

optimization initiatives from software stack level). For SEC specifically, we also note a

2024A-2026E shareholder return update (how much of the 2026E FCF is returned as a

split between buyback and dividend; JPMe: over W110trn total shareholder return pool)

and the following 2027-2029 shareholder return update (whether SEC connects the

concept of sustainable earnings to LTA and business structure changes and if it provides

a more progressive stance on the total amount and duration of return) to be critical

elements to the 2H26 share price outlook.

Table 1: 2Q26 preliminary earnings result comparison

Wbn, year-end December

2Q26 1Q26 QoQ 2Q25 YoY JPMe vs. JPMe BBG vs. BBG

Revenue 171,000 133,873 28% 74,566 129% 171,931 -1% 176,053 -3%

EBIT 89,400 57,233 56% 4,676 1812% 91,458 -2% 85,932 4%

EBIT margin 52.3% 42.8% 6.3% 53.2% 48.8%

Source: Company data, Bloomberg Finance L.P., J.P. Morgan estimates. Note: Bloomberg consensus as of 7 July 2026 (past 28 days).