UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 28, 2025
For the Quarterly Period Ended June 27, 2025
or
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

001-33260

(Commission File Number)

TE CONNECTIVITY PLC

(Exact name of registrant as specified in its charter)

Ireland
(Jurisdiction of Incorporation)

98-1779916
(I.R.S. Employer Identification No.)

+353 91 378 040

(Registrant’s telephone number)

Parkmore Business Park West, Parkmore, Ballybrit, Galway, H91VN2T, Ireland

(Address and postal code of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Ordinary Shares, Par Value $0.01	TEL	New York Stock Exchange
2.50% Senior Notes due 2028*	TEL/28	New York Stock Exchange
0.00% Senior Notes due 2029*	TEL/29	New York Stock Exchange
3.25% Senior Notes due 2033*	TEL/33	New York Stock Exchange

*Issued by Tyco Electronics Group S.A., an indirect wholly-owned subsidiary of TE Connectivity plc

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of ordinary shares outstanding as of ~~April~~July 2218, 2025 was ~~296~~295,~~546~~481,~~513~~491.

Table of Contents

TE CONNECTIVITY PLC

INDEX TO FORM 10-Q



		Page
Part I.	Financial Information
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Operations for the Quarters and ~~Six~~Nine Months Ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024 (unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income for the Quarters and ~~Six~~Nine Months Ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024 (unaudited)	2
	Condensed Consolidated Balance Sheets as of ~~March~~June 2827, 2025 and September 27, 2024 (unaudited)	3
	Condensed Consolidated Statements of Shareholders’ Equity for the Quarters and ~~Six~~Nine Months Ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2326
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3641
Item 4.	Controls and Procedures	3742

Part II.	Other Information
Item 1.	Legal Proceedings	3843
Item 1A.	Risk Factors	3843
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3844
Item 5.	Other Information	3944
Item 6.	Exhibits	3945
Signatures		4046

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions, except per share data)
Net sales	$	4,~~143~~534	$	3,~~967~~979	$	712,~~979~~513	$	711,~~798~~777
Cost of sales		2,~~684~~934		2,~~604~~593		58,~~160~~094		57,~~111~~704
Gross margin		1,~~459~~600		1,~~363~~386		24,~~819~~419		24,~~687~~073
Selling, general, and administrative expenses		~~454~~491		~~444~~431		~~881~~1,372		~~868~~1,299
Research, development, and engineering expenses		~~203~~211		~~184~~189		~~391~~602		~~357~~546
Acquisition and integration costs		927		35		1441		1116
Restructuring and other charges, net		4514		406		95109		6167
Operating income		~~748~~857		~~692~~755		12,~~438~~295		12,~~390~~145
Interest income		2217		1920		4562		4161
Interest expense		(1428)		(1918)		(2048)		(3755)
Other expense, net		~~(1)~~—		(53)		(2)		(811)
Income from continuing operations before income taxes		~~755~~846		~~687~~754		12,~~461~~307		12,~~386~~140
Income tax (expense) benefit		(~~742~~208)		(~~146~~181)		(~~920~~1,128)		~~959~~778
Income from continuing operations		13638		~~541~~573		~~541~~1,179		2,~~345~~918
Loss from discontinued operations, net of income taxes		—		—		—		(1)
Net income	$	13638	$	~~541~~573	$	~~541~~1,179	$	2,~~344~~917

Basic earnings per share:
Income from continuing operations	$	02.0416	$	1.7687	$	13.8196	$	79.5947
Net income		02.0416		1.7687		13.8196		79.5947

Diluted earnings per share:
Income from continuing operations	$	02.0414	$	1.7586	$	13.8093	$	79.5441
Net income		02.0414		1.7586		13.8093		79.5441

Weighted-average number of shares outstanding:
Basic		~~298~~296		~~308~~306		~~299~~298		~~309~~308
Diluted		~~300~~298		~~310~~308		~~301~~300		~~311~~310

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Net income	$	13638	$	~~541~~573	$	~~541~~1,179	$	2,~~344~~917
Other comprehensive income (loss):
Currency translation		2189		(~~113~~45)		(~~145~~56)		505
Adjustments to unrecognized pension and postretirement benefit costs, net of income taxes		21		6—		(76)		(12)
Gains on cash flow hedges, net of income taxes		85		10		29		38
Gains (losses) on cash flow hedges, net of income taxes		(8)		15		21		53
Other comprehensive income (loss)		~~108~~82		(9730)		(~~123~~41)		7646
Comprehensive income		~~121~~720		~~444~~543		~~418~~1,138		2,~~420~~963
Less: comprehensive (income) loss attributable to noncontrolling interests		(511)		21		4(7)		(21)
Comprehensive income attributable to TE Connectivity plc	$	~~116~~709	$	~~446~~544	$	~~422~~1,131	$	2,~~418~~962

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	~~March~~June 2827,		September 27,
	2025		2024
	(in millions, except share
	data)
Assets
Current assets:
Cash and cash equivalents	$	~~2,554~~672	$	1,319
Accounts receivable, net of allowance for doubtful accounts of $36 and $32, respectively		3,193		3,055
Accounts receivable, net of allowance for doubtful accounts of $43 and $32, respectively		3,431		3,055
Inventories		2,~~603~~832		2,517
Prepaid expenses and other current assets		~~724~~670		740
Total current assets		97,~~074~~605		7,631
Property, plant, and equipment, net		34,~~925~~213		3,903
Goodwill		57,~~900~~251		5,801
Intangible assets, net		12,~~161~~286		1,174
Deferred income taxes		2,~~741~~624		3,497
Other assets		~~855~~887		848
Total assets	$	2324,~~656~~866	$	22,854
Liabilities, redeemable noncontrolling interests, and shareholders' equity
Current liabilities:
Short-term debt	$	~~2,351~~851	$	871
Accounts payable		12,~~843~~024		1,728
Accrued and other current liabilities		12,~~805~~113		2,147
Total current liabilities		54,~~999~~988		4,746
Long-term debt		34,~~263~~846		3,332
Long-term pension and postretirement liabilities		~~786~~817		810
Deferred income taxes		~~211~~223		199
Income taxes		~~396~~426		411
Other liabilities		~~784~~1,042		870
Total liabilities		1112,~~439~~342		10,368
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests		~~132~~143		131
Shareholders' equity:
Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of March 28, 2025		—		—
Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of June 27, 2025		—		—
Ordinary class A shares, €1.00 par value, 25,000 shares authorized, none outstanding as of March 28, 2025		—		—
Ordinary class A shares, €1.00 par value, 25,000 shares authorized, none outstanding as of June 27, 2025		—		—
Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 301,276,687 shares issued and common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, respectively		3		139
Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 301,987,708 shares issued and common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, respectively		3		139
Accumulated earnings		1213,~~811~~337		14,533
Ordinary shares and common shares held in treasury, at cost, 4,139,531 and 16,656,681 shares, respectively		(615)		(2,322)
Ordinary shares and common shares held in treasury, at cost, 6,147,743 and 16,656,681 shares, respectively		(916)		(2,322)
Accumulated other comprehensive income (loss)		(~~114~~43)		5
Total shareholders' equity		12,~~085~~381		12,355
Total liabilities, redeemable noncontrolling interests, and shareholders' equity	$	2324,~~656~~866	$	22,854

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED)


	For the Quarter Ended ~~March~~June 2827, 2025
											Accumulated
				Ordinary Shares							Other		Total
	Ordinary Shares			Held in Treasury			Contributed		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Shares	Amount		Surplus		Earnings		Income (Loss)		Equity
	(in millions)
Balance at December 27, 2024	301	$	3	(2)	$	(310)	$	—	$	12,933	$	(217)	$	12,409
Balance at March 28, 2025	301	$	3	(4)	$	(615)	$	—	$	12,811	$	(114)	$	12,085
Net income	—		—	—		—		—		13638		—		13638
Other comprehensive income	—		—	—		—		—		—		~~103~~71		~~103~~71
Share-based compensation expense	—		—	—		—		3436		—		—		3436
Dividends	—		—	—		—		—		(~~209~~210)		—		(~~209~~210)
Exercise of share options	—		—	—		—		2544		—		—		2544
Restricted share award vestings and other activity	—1		—	—		—		(5980)		7498		—		1518
Repurchase of ordinary shares	—		—	(2)		(~~305~~301)		—		—		—		(~~305~~301)
Balance at March 28, 2025	301	$	3	(4)	$	(615)	$	—	$	12,811	$	(114)	$	12,085
Balance at June 27, 2025	302	$	3	(6)	$	(916)	$	—	$	13,337	$	(43)	$	12,381


	For the ~~Six~~Nine Months Ended ~~March~~June 2827, 2025
				Common/							Accumulated
	Common/			Ordinary Shares							Other		Total
	Ordinary Shares			Held in Treasury			Contributed		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Shares	Amount		Surplus		Earnings		Income (Loss)		Equity
	(in millions)
Balance at September 27, 2024	316	$	139	(17)	$	(2,322)	$	—	$	14,533	$	5	$	12,355
Change in place of incorporation	—		(136)	—		—		—		136		—		—
Cancellation of treasury shares	(17)		—	17		2,322		—		(2,322)		—		—
Net income	—		—	—		—		—		~~541~~1,179		—		~~541~~1,179
Other comprehensive loss	—		—	—		—		—		—		(~~119~~48)		(~~119~~48)
Share-based compensation expense	—		—	—		—		69105		—		—		69105
Dividends	—		—	—		—		—		(~~209~~419)		—		(~~209~~419)
Exercise of share options	1		—	—		—		59103		—		—		59103
Restricted share award vestings and other activity	12		—	—		—		(~~128~~208)		~~132~~230		—		422
Repurchase of ordinary shares	—		—	(46)		(~~615~~916)		—		—		—		(~~615~~916)
Balance at March 28, 2025	301	$	3	(4)	$	(615)	$	—	$	12,811	$	(114)	$	12,085
Balance at June 27, 2025	302	$	3	(6)	$	(916)	$	—	$	13,337	$	(43)	$	12,381

Table of Contents

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(UNAUDITED) (Continued)


	For the Quarter Ended ~~March~~June 2928, 2024
											Accumulated
				Common Shares							Other		Total
	Common Shares			Held in Treasury			Contributed		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Shares	Amount		Surplus		Earnings		Income (Loss)		Equity
	(in millions)
Balance at December 29, 2023	322	$	142	(13)	$	(1,695)	$	—	$	14,678	$	11	$	13,136
Balance at March 29, 2024	316	$	139	(10)	$	(1,295)	$	—	$	13,689	$	(84)	$	12,449
Net income	—		—	—		—		—		~~541~~573		—		~~541~~573
Other comprehensive loss	—		—	—		—		—		—		(9529)		(9529)
Share-based compensation expense	—		—	—		—		3531		—		—		3531
Dividends	—		—	—		—		—		~~(795)~~6		—		~~(795)~~6
Exercise of share options	—		—	—1		2219		—		—		—		2219
Restricted share award vestings and other activity	—		—	—		3738		(3531)		9(15)		—		11(8)
Repurchase of common shares	—		—	(3)		(~~406~~409)		—		—		—		(~~406~~409)
Cancellation of treasury shares	(6)		(3)	6		747		—		(744)		—		—
Balance at June 28, 2024	316	$	139	(12)	$	(1,647)	$	—	$	14,253	$	(113)	$	12,632
Balance at March 29, 2024	316	$	139	(10)	$	(1,295)	$	—	$	13,689	$	(84)	$	12,449


	For the ~~Six~~Nine Months Ended ~~March~~June 2928, 2024
											Accumulated
				Common Shares							Other		Total
	Common Shares			Held in Treasury			Contributed		Accumulated		Comprehensive		Shareholders'
	Shares	Amount		Shares	Amount		Surplus		Earnings		Income (Loss)		Equity
	(in millions)
Balance at September 29, 2023	322	$	142	(10)	$	(1,380)	$	—	$	12,947	$	(158)	$	11,551
Net income	—		—	—		—		—		2,~~344~~917		—		2,~~344~~917
Other comprehensive income	—		—	—		—		—		—		7445		7445
Share-based compensation expense	—		—	—		—		69100		—		—		69100
Dividends	—		—	—		—		—		(~~795~~789)		—		(~~795~~789)
Exercise of share options	—		—	—1		3352		—		—		—		3352
Restricted share award vestings and other activity	—		—	—		~~131~~169		(69100)		(6378)		—		(19)
Repurchase of common shares	—		—	(69)		(~~826~~1,235)		—		—		—		(~~826~~1,235)
Cancellation of treasury shares	(6)		(3)	6		747		—		(744)		—		—
Balance at March 29, 2024	316	$	139	(10)	$	(1,295)	$	—	$	13,689	$	(84)	$	12,449
Balance at June 28, 2024	316	$	139	(12)	$	(1,647)	$	—	$	14,253	$	(113)	$	12,632

See accompanying Notes to Condensed Consolidated Financial Statements.

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

TE CONNECTIVITY PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the
	~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,
	2025		2024
	(in millions)
Cash flows from operating activities:
Net income	$	~~541~~1,179	$	2,~~344~~917
Loss from discontinued operations, net of income taxes		—		1
Income from continuing operations		~~541~~1,179		2,~~345~~918
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization		~~378~~594		~~386~~594
Deferred income taxes		~~701~~772		(1,~~212~~190)
Non-cash lease cost		69106		67100
Provision for losses on accounts receivable and inventories		4362		5570
Share-based compensation expense		69105		69100
Other		3460		6453
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable, net		(~~171~~391)		7282
Inventories		(~~132~~299)		(~~241~~127)
Prepaid expenses and other current assets		~~140~~31		~~(1)~~12
Accounts payable		~~146~~298		5599
Accrued and other current liabilities		(~~298~~76)		(~~287~~324)
Income taxes		55172		1528
Other		~~(44)~~105		4220
Net cash provided by operating activities		12,~~531~~718		12,~~429~~435
Cash flows from investing activities:
Capital expenditures		(~~435~~665)		(~~318~~467)
Proceeds from sale of property, plant, and equipment		27		212
Acquisition of businesses, net of cash acquired		(~~321~~2,628)		(339)
Proceeds from divestiture of business, net of cash retained by business sold		—		3859
Other		(712)		(109)
Net cash used in investing activities		(~~761~~3,298)		(~~627~~744)
Cash flows from financing activities:
Net increase (decrease) in commercial paper		1,245		(39)
Net decrease in commercial paper		(255)		(21)
Proceeds from issuance of debt		~~773~~2,231		—
Repayment of debt		(~~579~~580)		(12)
Proceeds from exercise of share options		59101		3352
Repurchase of ordinary/common shares		(~~609~~910)		(~~885~~1,301)
Payment of ordinary/common share dividends to shareholders		(~~382~~594)		(~~365~~564)
Other		(3356)		(2739)
Net cash provided by (used in) financing activities		474		(1,284)
Net cash used in financing activities		(63)		(1,875)
Effect of currency translation on cash		(94)		(38)
Net increase (decrease) in cash, cash equivalents, and restricted cash		1,235		(485)
Net decrease in cash, cash equivalents, and restricted cash		(647)		(192)
Cash, cash equivalents, and restricted cash at beginning of period		1,319		1,661
Cash, cash equivalents, and restricted cash at end of period	$	~~2,554~~672	$	1,~~176~~469

See accompanying Notes to Condensed Consolidated Financial Statements.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Basis of Presentation and Accounting Pronouncement

The unaudited Condensed Consolidated Financial Statements of TE Connectivity plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) have been prepared in United States (“U.S.”) dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and the instructions to Form 10-Q under the Securities Exchange Act of 1934. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire fiscal year or any subsequent interim period.

The year-end balance sheet data was derived from audited financial statements, but does not include all of the information and disclosures required by GAAP. These financial statements should be read in conjunction with our audited Consolidated Financial Statements contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024.

Unless otherwise indicated, references in the Condensed Consolidated Financial Statements to fiscal 2025 and fiscal 2024 are to our fiscal years ending September 26, 2025 and ended September 27, 2024, respectively.

Change in Place of Incorporation

The merger between TE Connectivity Ltd., our former parent entity, and TE Connectivity plc, its wholly-owned subsidiary, was completed on September 30, 2024. TE Connectivity plc, a public limited company incorporated under Irish law, was the surviving entity and, as a result, our jurisdiction of incorporation changed from Switzerland to Ireland. Shareholders received one ordinary share of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger and change in place of incorporation. Effective for fiscal 2025, we are organized under the laws of Ireland. We do not anticipate any material changes in our operations or financial results as a result of the merger and change in place of incorporation.

New Segment Structure

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our ~~fiscal~~current ~~2025~~ strategy. Our businesses in the former Communications Solutions segment have been moved into the Industrial Solutions segment. Also, the appliances and industrial equipment businesses have been combined to form the automation and connected living business. In addition, we realigned certain product lines and businesses from the Industrial Solutions and former Communications Solutions segments to the Transportation Solutions segment. The following represents the new segment structure:

●

Transportation Solutions—This segment contains our automotive, commercial transportation, and sensors businesses.

●

Industrial Solutions—This segment contains our aerospace, defense, and marine; medical; energy; digital data networks (historically referred to as data and devices); and automation and connected living businesses.

Table of Contents

TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Recently Issued Accounting Pronouncement

In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued its final climate disclosure rules, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which require all registrants to provide certain climate-related information in their registration statements and annual reports. The rules require disclosure of, among other things, material climate-related risks, activities to mitigate or adapt to such risks, governance and oversight of such risks, material climate targets and goals, and Scope 1 and/or Scope 2 greenhouse gas emissions, on a phased-in basis, when those emissions are material. In addition, the final rules require certain disclosures in the notes to the financial statements, including the effects of severe weather events and other natural conditions. The rules are effective for us on a phased-in timeline starting in fiscal 2026; however, in April 2024, the SEC issued an order to voluntarily stay its final climate rules pending the completion of judicial review thereof by the U.S. Court of Appeals for the Eighth Circuit. Also, ~~in March 2025,~~ the SEC has informed the ~~Court~~Eighth Circuit that italthough the SEC has ended its defense of the climate disclosure rules, it would like the Court to rule on the merits of the pending challenges to the adopted climate disclosure rules. We continue to monitor developments pertaining to the rules and any potential impacts on our Consolidated Financial Statements.

2. Restructuring and Other Charges, Net

Net restructuring and other charges consisted of the following:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Restructuring charges, net	$	4410	$	3216	$	8797	$	4157
Loss on divestiture		—		—		—		11
Gain on divestiture		(1)		(21)		(1)		(10)
Costs related to change in place of incorporation		1—		83		11		811
Other charges (credits), net		—		—		(3)		1
Other charges, net		5		8		2		9
Restructuring and other charges, net	$	4514	$	406	$	95109	$	6167

Restructuring Charges, Net

Net restructuring charges by segment were as follows:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Transportation Solutions	$	337	$	159	$	5966	$	1726
Industrial Solutions		113		177		2831		2431
Restructuring charges, net	$	4410	$	3216	$	8797	$	4157

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Activity in our restructuring reserves was as follows:


	Balance at										Currency		Balance at
	September 27,				Changes in		Cash		Non-Cash		~~Currency~~Translation		~~March~~June 2827,
	2024		Charges		Estimate		Payments		Items		~~Translation~~and Other		2025
	(in millions)
Fiscal 2025 Actions:
Employee severance	$	—	$	7477	$	—	$	(415)	$	—	$	—5	$	7067
Property, plant, and equipment		—		3		—		—		(3)		—		—
Total		—		7780		—		(415)		(3)		—5		7067
Fiscal 2024 Actions:
Employee severance		72		2		(2)		(2435)		—		~~(2)~~1		4638
Property, plant, and equipment		—		1		2		—		(3)		—		—
Total		72		3		—		(2435)		(3)		~~(2)~~1		4638
Pre-Fiscal 2024 Actions:
Employee severance		186		911		(6)		(6485)		—		(53)		~~120~~103
Facility and other exit costs		15		38		—		(914)		—		—		9
Property, plant, and equipment		—		1		—		—		(1)		—		—
Total		201		1320		(6)		(7399)		(1)		(53)		~~129~~112
Total Activity	$	273	$	93103	$	(6)	$	(~~101~~149)	$	(7)	$	~~(7)~~3	$	~~245~~217

Fiscal 2025 Actions

During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. During the ~~six~~nine months ended ~~March~~June 2827, 2025, we recorded restructuring charges of $7780 million in connection with this program. We expect to complete all restructuring actions commenced during the ~~six~~nine months ended ~~March~~June 2827, 2025 by the end of fiscal 2032 and to incur additional charges of approximately $15 million related primarily to facility exit costs in the Industrial Solutions segment.

Fiscal 2024 Actions

During fiscal 2024, we initiated a restructuring program to optimize our manufacturing footprint and improve the cost structure of the organization. In connection with this program, during the ~~six~~nine months ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024, we recorded restructuring charges of $3 million and $1124 million, respectively. We expect to complete all restructuring actions commenced during fiscal 2024 by the end of fiscal 2025 and anticipate that additional charges related to actions commenced during fiscal 2024 will be insignificant.

Pre-Fiscal 2024 Actions

During the ~~six~~nine months ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024, we recorded net restructuring charges of $714 million and $3033 million, respectively, related to pre-fiscal 2024 actions. We expect to incur additional charges of approximately $10 million in connection with the restructuring actions commenced prior to fiscal 2024.

Total Restructuring Reserves

Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows:


	March 28,		September 27,
	2025		2024
	(in millions)
Accrued and other current liabilities	$	216	$	233
Other liabilities		29		40
Restructuring reserves	$	245	$	273

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Total Restructuring Reserves

Restructuring reserves included on the Condensed Consolidated Balance Sheets were as follows:


	June 27,		September 27,
	2025		2024

	(in millions)
Accrued and other current liabilities	$	185	$	233
Other liabilities		32		40
Restructuring reserves	$	217	$	273

Divestiture

During the ~~six~~nine months ended ~~March~~June 2928, 2024, we sold one business for net cash proceeds of $3859 million. In connection with the divestiture, we recorded a pre-tax ~~loss~~gain on sale of $1110 million in the ~~six~~nine months ended ~~March~~June 2928, 2024. The business sold was reported in our Transportation Solutions segment.

Change in Place of Incorporation

During both the ~~six~~nine months ended ~~March~~June 2827, 2025 and ~~March~~June 2928, 2024, we incurred costs of $11 million ~~and $8 million, respectively,~~ related to our change in place of incorporation from Switzerland to Ireland. See Note 1 for additional information regarding the change.

3. Acquisitions

~~During~~Richards ~~the~~Manufacturing ~~six months ended March 28, 2025, we acquired two businesses for a combined cash purchase price of $321 million, net of cash acquired~~Co. The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition. Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant.

~~During~~On ~~the~~April ~~six months ended March 29~~1, ~~2024~~2025, we acquired ~~approximately 98.7~~100% of ~~the~~Richards ~~outstanding~~Manufacturing ~~shares~~Co. of(“Richards ~~Schaffner Holding AG~~Manufacturing”), a ~~leader~~U.S.-based inproducer ~~electromagnetic~~of ~~solutions~~overhead ~~based~~and inunderground ~~Switzerland,~~electrical ~~for~~and ~~CHF~~gas ~~505.00~~distribution ~~per~~products, ~~share~~for in cash ~~for~~of aapproximately ~~purchase~~$2.3 ~~price~~billion, net of ~~CHF~~cash ~~294~~acquired. ~~million~~The ~~(equivalent~~transaction tois ~~$339~~subject ~~million),~~to ~~net~~customary ofpost-closing ~~cash acquired~~adjustments. The acquired business has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition.

4The Richards Manufacturing acquisition was accounted for under the provisions of Accounting Standards Codification 805, Business Combinations. ~~Inventories~~We have preliminarily allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. We are in the process of completing the valuation of identifiable intangible assets, fixed assets, and pre-acquisition contingencies and, therefore, the fair values set forth below are subject to adjustment upon finalizing the valuations. The amount of these potential adjustments could be significant. We expect to complete the purchase price allocation during the third quarter of fiscal 2026.

Inventories consisted of the following:


	March 28,		September 27,
	2025		2024
	(in millions)
Raw materials	$	345	$	328
Work in progress		1,111		1,063
Finished goods		1,147		1,126
Inventories	$	2,603	$	2,517

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

The following table summarizes the preliminary allocation of the purchase price to the fair value of identifiable assets acquired and liabilities assumed at the date of acquisition, in accordance with the acquisition method of accounting:


	(in millions)
Cash and cash equivalents	$	41
Accounts receivable		47
Inventories		167
Other current assets		6
Property, plant, and equipment		62
Goodwill		1,142
Intangible assets		1,120
Other noncurrent assets		4
Total assets acquired		2,589
Accounts payable		18
Other current liabilities		15
Deferred income taxes		204
Other noncurrent liabilities		4
Total liabilities assumed		241
Net assets acquired		2,348
Cash and cash equivalents acquired		(41)
Net cash paid	$	2,307

10The fair values assigned to intangible assets were preliminarily determined through the use of the income approach, specifically the relief from royalty and the multi period excess earnings methods. Both valuation methods rely on management judgment, including expected future cash flows resulting from existing customer relationships, customer attrition rates, contributory effects of other assets utilized in the business, peer group cost of capital and royalty rates, and other factors. The valuation of tangible assets was derived using a combination of the income, market, and cost approaches. Significant judgments used in valuing tangible assets include estimated selling prices, costs to complete, and reasonable profit. Useful lives for intangible assets were determined based upon the remaining useful economic lives of the intangible assets that are expected to contribute directly or indirectly to future cash flows.

Intangible assets acquired consisted of the following:


			Weighted-Average
			Amortization
		Amount	Period
	(in millions)		(in years)
Customer relationships	$	1,000	20
Developed technology		90	16
Trade names and trademarks		30	10
Total	$	1,120	19

The acquired intangible assets are being amortized on a straight-line basis over their expected useful lives.

Goodwill of $1,142 million was recognized in the transaction, representing the excess of the purchase price over the fair value of the tangible and intangible assets acquired and liabilities assumed. This goodwill is attributable primarily to cost savings and other synergies related to operational efficiencies including the consolidation of manufacturing, marketing, and general and administrative functions. The goodwill has been allocated to the Industrial Solutions segment and is not deductible for tax purposes. However, prior to being acquired by us, Richards Manufacturing completed certain acquisitions that resulted in goodwill with an estimated value of $156 million that is deductible primarily for U.S. tax purposes, which we will deduct through 2036.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

During the quarter ended June 27, 2025, Richards Manufacturing contributed net sales of $73 million and an operating loss of $8 million to our Condensed Consolidated Statement of Operations. The operating loss included acquisition costs of $21 million, charges of $3 million associated with the amortization of acquisition-related fair value adjustments related to acquired inventories, and integration costs of $1 million.

Pro Forma Financial Information

The following unaudited pro forma financial information reflects our consolidated results of operations had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024:


	Pro Forma for the				Pro Forma for the
	Quarters Ended				Nine Months Ended
	June 27,		June 28,		June 27,		June 28,
	2025		2024		2025		2024

	(in millions, except per share data)
Net sales	$	4,534	$	4,077	$	12,695	$	12,030
Net income		650		575		1,182		2,887
Diluted earnings per share	$	2.18	$	1.87	$	3.94	$	9.31

The pro forma financial information is based on our preliminary allocation of the purchase price and therefore subject to adjustment upon finalizing the purchase price allocation. The significant pro forma adjustments, which are described below, are net of income tax expense (benefit) at the statutory rate.

Pro forma results for the quarter ended June 27, 2025 were adjusted to exclude $16 million of acquisition costs. Pro forma results for the quarter ended June 27, 2025 were also adjusted to include $6 million of interest expense based on pro forma changes in our capital structure.

Pro forma results for the quarter ended June 28, 2024 were adjusted to include $14 million of interest expense based on pro forma changes in our capital structure and $8 million of charges related to the amortization of the fair value of acquired intangible assets.

Pro forma results for the nine months ended June 27, 2025 were adjusted to exclude $18 million of acquisition costs. Pro forma results for the nine months ended June 27, 2025 were also adjusted to include $34 million of interest expense based on pro forma changes in our capital structure and $17 million of charges related to the amortization of the fair value of acquired intangible assets.

Pro forma results for the nine months ended June 28, 2024 were adjusted to include $43 million of interest expense based on pro forma changes in our capital structure, $25 million of charges related to the amortization of the fair value of acquired intangible assets, $18 million of acquisition costs, and $8 million of charges related to the fair value adjustment to acquisition-date inventories.

Pro forma results do not include any anticipated synergies or other anticipated benefits of the acquisition. Accordingly, the unaudited pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Richards Manufacturing acquisition occurred at the beginning of fiscal 2024.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Other Acquisitions

During the nine months ended June 27, 2025, we acquired two additional businesses for a combined cash purchase price of $321 million, net of cash acquired. The acquired businesses have been reported as part of our Industrial Solutions segment from the date of acquisition. Our valuation of identifiable intangible assets, assets acquired, and liabilities assumed is currently in process; therefore, the current allocation is subject to adjustment upon finalization of the valuations. The amount of these potential adjustments could be significant.

During the quarter ended December 29, 2023, we acquired approximately 98.7% of the outstanding shares of Schaffner Holding AG (“Schaffner”), a leader in electromagnetic solutions based in Switzerland, for CHF 505.00 per share in cash for a purchase price of CHF 294 million (equivalent to $339 million), net of cash acquired. The acquired business has been reported as part of our Industrial Solutions segment from the date of acquisition. During the quarter ended June 28, 2024, we completed a squeeze-out of the remaining minority shareholders for $5 million and the Schaffner shares were delisted from the SIX Swiss Exchange.

4. Inventories

Inventories consisted of the following:


	June 27,		September 27,
	2025		2024

	(in millions)
Raw materials	$	441	$	328
Work in progress		1,167		1,063
Finished goods		1,224		1,126
Inventories	$	2,832	$	2,517

5. Goodwill

The changes in the carrying amount of goodwill by segment were as follows⁽¹⁾:


	Transportation		Industrial
	Solutions		Solutions		Total
	(in millions)
September 27, 2024(2)	$	1,584	$	4,217	$	5,801
Acquisitions and purchase accounting adjustments		—		~~204~~1,345		~~204~~1,345
Currency translation		~~(29)~~27		~~(76)~~78		(105)
March 28, 2025(2)	$	1,555	$	4,345	$	5,900
June 27, 2025(2)	$	1,611	$	5,640	$	7,251

(1)

In connection with the reorganization of our segments, goodwill was reallocated to reporting units using a relative fair value approach. See Note 1 for additional information regarding our new segment structure.

(2) At ~~March~~June 2827, 2025 and September 27, 2024, accumulated impairment losses for the Transportation Solutions and Industrial Solutions segments were $3,091 million and $1,158 million, respectively.

During the six months ended March 28, 2025, we recognized goodwill in the Industrial Solutions segment in connection with recent acquisitions. See Note 3 for additional information regarding acquisitions.

6. Intangible Assets, Net

Intangible assets consisted of the following:


	March 28, 2025						September 27, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount
	(in millions)
Customer relationships	$	1,931	$	(981)	$	950	$	1,901	$	(948)	$	953
Intellectual property		645		(449)		196		686		(481)		205
Other		22		(7)		15		23		(7)		16
Total	$	2,598	$	(1,437)	$	1,161	$	2,610	$	(1,436)	$	1,174

Intangible asset amortization expense was $41 million and $43 million for the quarters ended March 28, 2025 and March 29, 2024, respectively, and $80 million and $85 million for the six months ended March 28, 2025 and March 29, 2024, respectively.

At March 28, 2025, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2025	$	83
Fiscal 2026		161
Fiscal 2027		143
Fiscal 2028		108
Fiscal 2029		101
Fiscal 2030		93
Thereafter		472
Total	$	1,161

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

During the quarter ended June 27, 2025, we completed the acquisition of Richards Manufacturing and recognized $1,142 million of goodwill which benefits the Industrial Solutions segment. Also, during the nine months ended June 27, 2025, we recognized goodwill in the Industrial Solutions segment in connection with other recent acquisitions. See Note 3 for additional information regarding acquisitions.

6. Intangible Assets, Net

Net intangible assets consisted of the following:


	June 27, 2025						September 27, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

	(in millions)
Customer relationships	$	3,036	$	(1,077)	$	1,959	$	1,901	$	(948)	$	953
Intellectual property		790		(478)		312		686		(481)		205
Other		23		(8)		15		23		(7)		16
Total	$	3,849	$	(1,563)	$	2,286	$	2,610	$	(1,436)	$	1,174

During the nine months ended June 27, 2025, the gross carrying amount of intangible assets increased by $1,120 million as a result of the acquisition of Richards Manufacturing. Intangible asset amortization expense was $52 million and $41 million for the quarters ended June 27, 2025 and June 28, 2024, respectively, and $132 million and $126 million for the nine months ended June 27, 2025 and June 28, 2024, respectively.

At June 27, 2025, the aggregate amortization expense on intangible assets is expected to be as follows:


	(in millions)
Remainder of fiscal 2025	$	58
Fiscal 2026		228
Fiscal 2027		209
Fiscal 2028		172
Fiscal 2029		165
Fiscal 2030		157
Thereafter		1,297
Total	$	2,286

7. Debt

During the quarter ended ~~March~~June 2827, 2025, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued €~~750~~500 million aggregate principal amount of 32.2550% senior notes due in ~~January~~May ~~2033.~~2028, ~~The~~$450 ~~notes~~million ~~are~~aggregate ~~TEGSA’s~~principal ~~unsecured~~amount of 4.50% senior ~~obligations~~notes due in February 2031, and ~~rank~~$450 ~~equally~~million inaggregate ~~right~~principal amount of ~~payment~~5.00% ~~with~~senior ~~all~~notes ~~existing~~due ~~and~~in ~~any~~May ~~future~~2035. In connection with the issuance of these senior ~~indebtedness~~notes, we voluntarily elected to terminate the $1.5 billion 364-day credit agreement, dated as of ~~TEGSA~~March ~~and~~14, 2025. The net proceeds from these senior tonotes ~~any~~were ~~subordinated~~used for general corporate purposes, including the repayment of indebtedness ~~that~~incurred ~~TEGSA~~in ~~may~~connection ~~incur~~with the acquisition of Richards Manufacturing. See Note 3 for additional information regarding this acquisition.

~~During the quarter ended March 28, 2025, TEGSA repaid, at maturity, €550 million of 0.00% senior notes due in February 2025.~~

During the quarter ended March 28, 2025, we reclassified $500 million of 4.50% senior notes and $350 million of 3.70% senior notes, both due in February 2026, from long-term debt to short-term debt on the Condensed Consolidated Balance Sheet.14

As of March 28, 2025, TEGSA had $1.5 billion of commercial paper outstanding at a weighted-average interest rate of 4.64%. TEGSA had $255 million of commercial paper outstanding at a weighted-average interest rate of 4.95% at September 27, 2024.

In March 2025, TEGSA entered into a 364-day senior credit agreement ("364-Day Credit Facility") with total commitments of $1.5 billion. This increases the size of our commercial paper program as the 364-Day Credit Facility, in addition to the five-year unsecured senior revolving credit facility (“Five-Year Credit Facility”), backs borrowings made under our commercial paper program. TEGSA had no borrowings under the 364-Day Credit Facility or Five-Year Credit Facility at March 28, 2025.

Borrowings under the 364-Day Credit Facility bear interest at a rate per annum equal to, at the option of TEGSA, (a) the term secured overnight financing rate (“Term SOFR”) (as defined in the 364-Day Credit Facility) or (b) an alternate base rate equal to the highest of (i) Bank of America, N.A.’s base rate, (ii) the federal funds effective rate plus 1/2 of 1%, (iii) the Term SOFR for a one-month interest period plus 1%, and (iv) 1%, plus, in each case, an applicable margin based upon the senior, unsecured, long-term debt rating of TEGSA. TEGSA is required to pay an annual facility fee. Based on the applicable credit ratings of TEGSA, this fee ranges from 3.0 to 9.0 basis points of the lenders' commitments under the 364-Day Credit Facility.

The 364-Day Credit Facility contains a financial ratio covenant providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the 364-Day Credit Facility) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 to 1.0, an Event of Default (as defined in the 364-Day Credit Facility) is triggered.

Payment obligations under TEGSA’s senior notes, commercial paper, 364-Day Credit Facility, and Five-Year Credit Facility are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.

The fair value of our debt, based on indicative valuations, was approximately $5,565 million and $4,190 million at March 28, 2025 and September 27, 2024, respectively.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

During the nine months ended June 27, 2025, TEGSA issued €750 million aggregate principal amount of 3.25% senior notes due in January 2033.

The notes issued during the quarter and nine months ended June 27, 2025 are TEGSA’s unsecured senior obligations and rank equally in right of payment with all existing and any future senior indebtedness of TEGSA and senior to any subordinated indebtedness that TEGSA may incur.

During the nine months ended June 27, 2025, TEGSA repaid, at maturity, €550 million of 0.00% senior notes due in February 2025.

During the nine months ended June 27, 2025, we reclassified $500 million of 4.50% senior notes and $350 million of 3.70% senior notes, both due in February 2026, from long-term debt to short-term debt on the Condensed Consolidated Balance Sheet.

At September 27, 2024, TEGSA had $255 million of commercial paper outstanding at a weighted-average interest rate of 4.95%. TEGSA had no commercial paper outstanding at June 27, 2025.

Payment obligations under TEGSA’s senior notes, commercial paper, and five-year unsecured senior revolving credit facility are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.

The fair value of our debt, based on indicative valuations, was approximately $5,679 million and $4,190 million at June 27, 2025 and September 27, 2024, respectively.

8. Leases

The components of lease cost were as follows:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Operating lease cost	$	3537	$	33	$	69106	$	67100
Variable lease cost		14		13		2943		2538
Total lease cost	$	4951	$	46	$	98149	$	92138

Cash flow information, including significant non-cash transactions, related to leases was as follows:


	For the
	~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,
	2025		2024
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Payments for operating leases(1)	$	70108	$	69105

Right-of-use assets, including modifications of existing leases, obtained in exchange for operating lease liabilities		77125		~~106~~144

(1)	These payments are included in cash flows from operating activities, primarily in changes in accrued and other current liabilities.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

9. Commitments and Contingencies

Legal Proceedings

In the normal course of business, we are subject to various legal proceedings and claims, including patent infringement claims, product liability matters, employment disputes, disputes on agreements, other commercial disputes, environmental matters, antitrust claims, and tax matters, including non-income tax matters such as value added tax, sales and use tax, real estate tax, and transfer tax. Although it is not feasible to predict the outcome of these proceedings, based upon our experience, current information, and applicable law, we do not expect that the outcome of these proceedings, either individually or in the aggregate, will have a material effect on our results of operations, financial position, or cash flows.

Trade Compliance Matters

As previously disclosed, we had been investigating our past compliance with relevant U.S. trade controls and had made voluntary disclosures of apparent trade controls violations to the U.S. State Department’s Directorate of Defense Trade Controls (“DDTC”). During the quarter ended March 28, 2025, DDTC closed its investigations regarding these matters without fine, penalty, or further action, and we released amounts previously reserved for potential fines and penalties relating to these matters.

Environmental Matters

We are involved in various stages of investigation and cleanup related to environmental remediation matters at a number of sites. The ultimate cost of site cleanup is difficult to predict given the uncertainties regarding the extent of the required cleanup, the interpretation of applicable laws and regulations, and alternative cleanup methods. As of ~~March~~June 2827, 2025, we concluded that we would incur investigation and remediation costs at these sites in the reasonably possible range of $18 million to $4344 million, and we accrued $21 million as the probable loss, which was the best estimate within this range. We believe that any potential payment of such estimated amounts will not have a material adverse effect on our results of operations, financial position, or cash flows.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(Continued)

We believe that any potential payment of such estimated amounts will not have a material adverse effect on our results of operations, financial position, or cash flows.

Guarantees

In disposing of assets or businesses, we often provide representations, warranties, and/or indemnities to cover various risks including unknown damage to assets, environmental risks involved in the sale of real estate, liability for investigation and remediation of environmental contamination at waste disposal sites and manufacturing facilities, and unidentified tax liabilities and legal fees related to periods prior to disposition. We do not expect that these uncertainties will have a material adverse effect on our results of operations, financial position, or cash flows.

At ~~March~~June 2827, 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $~~191~~217 million~~, including letters of credit of $22 million associated with the divestiture of our former Subsea Communications business~~. We contractually agreed to continue to honor letters of credit related to the business’ projects that existed as of the date of sale; however, based on historical experience, we do not anticipate having to perform on these guarantees.

Supply Chain Finance Program

We have an agreement with a financial institution that allows participating suppliers the ability to finance payment obligations. The financial institution has separate arrangements with the suppliers and provides them with the option to request early payment for invoices. We do not determine the terms or conditions of the arrangement between the financial institution and suppliers. Our obligation to suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement and we are not required to post collateral with the financial institution. The outstanding payment obligations under our supply chain finance program, which are included in accounts payable on our Condensed Consolidated Balance Sheets, were $~~112~~95 million and $105 million at ~~March~~June 2827, 2025 and September 27, 2024, respectively.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

10. Financial Instruments

Foreign Currency Exchange Rate Risk

As part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months.

Hedge of Net Investment

We hedge our net investment in certain foreign operations using intercompany loans and external borrowings denominated in the same currencies. The aggregate notional value of these hedges was $24,~~613~~206 million and $2,417 million at ~~March~~June 2827, 2025 and September 27, 2024, respectively.

We also use a cross-currency swap program to hedge our net investment in certain foreign operations. The aggregate notional value of the contracts under this program was $5,~~886~~665 million and $5,367 million at ~~March~~June 2827, 2025 and September 27, 2024, respectively. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 2.0% per annum and pay no interest. Upon the maturity of these contracts at various dates through fiscal 2029, we will pay the notional value of the contracts in the designated foreign currency and receive U.S. dollars from our counterparties. We are not required to provide collateral for these contracts.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(Continued)

These cross-currency swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:


	~~March~~June 2827,		September 27,
	2025		2024
	(in millions)
Prepaid expenses and other current assets	$	4516	$	31
Other assets		209		11
Accrued and other current liabilities		21108		51
Other liabilities		43251		99

The impacts of our hedge of net investment programs were as follows:


		For the			For the
		Quarters Ended			~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Foreign currency exchange gains (losses) on intercompany loans and external borrowings(1)	$	(~~103~~228)	$	8529	$	39(189)	$	~~(22)~~7
Gains (losses) on cross-currency swap contracts designated as hedges of net investment(1)		(~~164~~336)		8748		~~178~~(158)		~~(38)~~10

(1)	Recorded as currency translation, a component of accumulated other comprehensive income (loss), and offset by changes attributable to the translation of the net investment.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Commodity Hedges

As part of managing the exposure to certain commodity price fluctuations, we utilize commodity swap contracts. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in prices of commodities used in production. These contracts had an aggregate notional value of $~~505~~527 million and $488 million at ~~March~~June 2827, 2025 and September 27, 2024, respectively, and were designated as cash flow hedges. These commodity swap contracts were recorded on the Condensed Consolidated Balance Sheets as follows:


	~~March~~June 2827,		September 27,
	2025		2024
	(in millions)
Prepaid expenses and other current assets	$	7974	$	52
Other assets		87		4
Accrued and other current liabilities		12		1
Other liabilities		2		—

The impacts of our commodity swap contracts were as follows:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Gains recorded in other comprehensive income (loss)	$	987	$	1323	$	5259	$	3962
Gains (losses) reclassified from accumulated other comprehensive income (loss) into cost of sales		8		—		22		(4)
Gains reclassified from accumulated other comprehensive income (loss) into cost of sales		16		8		38		4

We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with commodity hedges will be reclassified into the Condensed Consolidated Statement of Operations within the next twelve months.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(Continued)

11. Retirement Plans

The net periodic pension benefit cost for all non-U.S. and U.S. defined benefit pension plans was as follows:


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Quarters Ended				Quarters Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Operating expense:
Service cost	$	87	$	76	$	21	$	2
Other (income) expense:
Interest cost		1516		1516		89		910
Expected returns on plan assets		(1514)		(1312)		(11)		(910)
Amortization of net actuarial loss		2		1		1		1
Amortization of prior service credit		(1)		(1)		—		—
Net periodic pension benefit cost	$	910	$	910	$	—	$	3


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Six Months Ended				Six Months Ended
	March 28,		March 29,		March 28,		March 29,
	2025		2024		2025		2024
	(in millions)
Operating expense:
Service cost	$	16	$	14	$	4	$	4
Other (income) expense:
Interest cost		31		30		16		19
Expected returns on plan assets		(30)		(25)		(22)		(19)
Amortization of net actuarial loss		4		2		2		2
Amortization of prior service credit		(2)		(2)		—		—
Net periodic pension benefit cost	$	19	$	19	$	—	$	6

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)


	Non-U.S. Plans				U.S. Plans
	For the				For the
	Nine Months Ended				Nine Months Ended
	June 27,		June 28,		June 27,		June 28,
	2025		2024		2025		2024

	(in millions)
Operating expense:
Service cost	$	23	$	20	$	5	$	6
Other (income) expense:
Interest cost		47		46		25		29
Expected returns on plan assets		(44)		(37)		(33)		(29)
Amortization of net actuarial loss		6		3		3		3
Amortization of prior service credit		(3)		(3)		—		—
Net periodic pension benefit cost	$	29	$	29	$	—	$	9

During the ~~six~~nine months ended ~~March~~June 2827, 2025, we contributed $2436 million and $915 million to our non-U.S. and U.S. pension plans, respectively.

12. Income Taxes

We recorded income tax expense of $~~742~~208 million and $~~146~~181 million for the quarters ended ~~March~~June 27, 2025 and June 28, 2024, respectively. We recorded income tax expense of $1,128 million and an income tax benefit of $778 million for the nine months ended June 27, 2025 and ~~March~~June 2928, 2024, respectively. The income tax expense for the ~~quarter~~nine months ended ~~March~~June 2827, 2025 included $574 million of income tax expense related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024. See “Global Minimum Tax” below for additional information regarding the impact of guidance issued by the Organisation for Economic Co-operation and Development (“OECD”) in January 2025 on the ten-year tax credit obtained by a Swiss subsidiary. In addition, the income tax expense for nine months ended June 27, 2025 included $13 million of income tax expense related to the revaluation of deferred tax assets as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction. The income tax benefit for the nine months ended June 28, 2024 included an $874 million net income tax benefit associated with the same ten-year tax credit obtained by a Swiss subsidiary mentioned above and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. In addition, the income tax benefit for the nine months ended June 28, 2024 included a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

WeOn ~~recorded~~July ~~income tax expense of $920 million and an income tax benefit of $959 million for the six months ended March 28~~4, 2025 ~~and March 29~~, ~~2024,~~the ~~respectively.~~One ~~The~~Big ~~income~~Beautiful ~~tax~~Bill ~~expense~~Act ~~for~~(“OBBBA”) ~~the~~was ~~six months ended March~~enacted. ~~28,~~The ~~2025~~OBBBA ~~included~~includes ~~$574~~significant ~~million~~changes ~~of income tax expense related~~ to aU.S. ~~net increase in the valuation allowance for certain deferred~~ tax ~~assets~~law, ~~associated~~including ~~with~~modifications ato ~~ten-year~~international tax ~~credit~~provisions, ~~obtained~~making bybonus adepreciation ~~Swiss subsidiary in fiscal 2024. In addition~~permanent, ~~the~~enabling ~~income~~domestic ~~tax~~research ~~expense~~cost ~~for six months ended March 28~~expensing, ~~2025~~and ~~included~~adjusting ~~$13~~the ~~million~~business ofinterest ~~income tax~~ expense ~~related~~limitation. We toare ~~the revaluation of deferred tax assets as a result of a decrease~~ in the ~~corporate~~process ~~tax~~of ~~rate~~evaluating ~~in a non-U.S. jurisdiction. The income tax benefit for~~ the ~~six~~impact ~~months~~of ~~ended March 29, 2024 included an $874 million net income tax benefit associated with~~ the ~~same~~OBBBA ~~ten-year~~on ~~tax~~our ~~credit~~Consolidated ~~obtained~~Financial Statements.

16Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of June 27, 2025, approximately $30 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months.

We are not aware of any other matters that would result in significant changes to the amount of unrecognized income tax benefits reflected on the Condensed Consolidated Balance Sheet as of June 27, 2025.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

by a Swiss subsidiary mentioned above and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. In addition, the income tax benefit for the six months ended March 29, 2024 included a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

Although it is difficult to predict the timing or results of our worldwide examinations, we estimate that, as of March 28, 2025, approximately $20 million of unrecognized income tax benefits, excluding the impact relating to accrued interest and penalties, could be resolved within the next twelve months.

Global Minimum Tax

The OECD and participating countries continue to enact the 15% global minimum tax. The global minimum tax is a significant structural change to the international taxation framework and more than 50 countries have thus far enacted some or all of the elements of the global minimum tax. Ireland has implemented elements of the OECD’s global minimum tax rules which were effective for us beginning in fiscal 2025.

In January 2025, the OECD released new guidance for the global minimum tax rules which impacted the realizability of certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024. The January 2025 OECD guidance was enacted into law in Switzerland and as a result, as discussed above, during the ~~quarter~~nine months ended ~~March~~June 2827, 2025, we recorded income tax expense of $574 million related to a net increase in the valuation allowance for deferred tax assets representing the amount of the Swiss subsidiary’s tax credits not expected to be realized.

We anticipate further legislative activity and administrative guidance throughout fiscal 2025. We continue to monitor evolving tax legislation in the jurisdictions within which we operate.

13. Earnings Per Share

The weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows:


	For the		For the
	Quarters Ended		~~Six~~Nine Months Ended
	~~March~~June 2827,	~~March~~June 2928,	~~March~~June 2827,	~~March~~June 2928,
	2025	2024	2025	2024
	(in millions)
Basic	~~298~~296	~~308~~306	~~299~~298	~~309~~308
Dilutive impact of share-based compensation arrangements	2	2	2	2
Diluted	~~300~~298	~~310~~308	~~301~~300	~~311~~310

The following share options were not included in the computation of diluted earnings per share because the instruments’ underlying exercise prices were greater than the average market prices of our ordinary/common shares and inclusion would be antidilutive:


	For the		For the
	Quarters Ended		~~Six~~Nine Months Ended
	~~March~~June 2827,	~~March~~June 2928,	~~March~~June 2827,	~~March~~June 2928,
	2025	2024	2025	2024
	(in millions)
Antidilutive share options	1	1	1	1

1720

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

14. Shareholders’ Equity

Ordinary Shares

Effective for fiscal 2025, we are organized under the laws of Ireland. The rights of holders of our shares are governed by Irish law and our Irish articles of association. The par value of our ordinary shares is stated in U.S. dollars.

As discussed in Note 1, pursuant to the terms of a merger agreement between TE Connectivity Ltd. and TE Connectivity plc, shareholders received one ordinary share in the share capital of TE Connectivity plc for each common share of TE Connectivity Ltd. held immediately prior to the merger and change in place of incorporation.

Our articles of association authorize our board of directors to allot and issue shares up to the maximum of our authorized but unissued share capital for a period of five years from September 30, 2024. This authorization will need to be renewed by ordinary resolution upon its expiration and at periodic intervals thereafter.

The authorized but unissued share capital may be increased or reduced by way of an ordinary resolution of shareholders. The shares comprising the authorized share capital may be divided into shares of such par value as the resolution shall prescribe.

Ordinary Shares Held in Treasury

All treasury shares held as of September 27, 2024 were cancelled at the beginning of fiscal 2025 in connection with our change in place of incorporation. See Note 1 for additional information regarding our change in place of incorporation.

Authorized Share Capital

In connection with our merger and change in place of incorporation, we converted 25,000 ordinary shares to ordinary class A shares and issued certain preferred shares to facilitate the merger. The ordinary class A shares and preferred shares were re-acquired and cancelled following the merger. No preferred shares and no ordinary class A shares were outstanding at ~~March~~June 2827, 2025.

Our authorized share capital consisted of 1,500,000,000 ordinary shares with a par value of $0.01 per share, two preferred shares with a par value of $1.00 per share, and 25,000 ordinary class A shares with a par value of €1.00 per share as of ~~March~~June 2827, 2025. The authorized share capital includes 25,000 ordinary class A shares with a par value of €1.00 per share in order to satisfy statutory requirements for the incorporation of all Irish public limited companies.

Contributed Surplus

As a result of cumulative equity transactions, including dividend activity and treasury share cancellations, our contributed surplus balance was reduced to zero with residual activity recorded against accumulated earnings as reflected on the Condensed Consolidated Statement of Shareholders’ Equity. To the extent that the contributed surplus balance continues to be zero, the impact of future transactions that normally would have been recorded as a reduction of contributed surplus will be recorded in accumulated earnings.

1821

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Dividends

We paid cash dividends to shareholders as follows:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
Dividends paid per ordinary/common share	$	0.6571	$	0.5965	$	12.3001	$	1.1883

In ~~March~~June 2025, our board of directors declared a regular quarterly dividend of $0.71 per ordinary share, payable on ~~June~~September 1012, 2025, to shareholders of record on ~~May~~August 2122, 2025. As a result of our change in place of incorporation, dividends on our ordinary shares, if any, are now declared on a quarterly basis by our board of directors, as provided by Irish law. Shareholder approval is no longer required. As an Irish company, dividends will be made from accumulated earnings as defined under accounting ~~principles~~practices generally accepted in Ireland (“Irish GAAP”).

Share Repurchase Program

During the ~~six~~nine months ended ~~March~~June 2827, 2025, our board of directors authorized an increase of $2.5 billion in our share repurchase program. Ordinary/common shares repurchased under the share repurchase program were as follows:


	For the
	~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,
	2025		2024
	(in millions)
Number of ordinary/common shares repurchased		46		69
Repurchase value	$	~~615~~916	$	~~826~~1,235

At ~~March~~June 2827, 2025, we had $2.1.8 billion of availability remaining under our share repurchase authorization.

15. Share Plans

Share-based compensation expense, which was included in selling, general, and administrative expenses on the Condensed Consolidated Statements of Operations, was as follows:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Share-based compensation expense	$	3436	$	3531	$	69105	$	69100

As of ~~March~~June 2827, 2025, there was $~~183~~172 million of unrecognized compensation expense related to share-based awards, which is expected to be recognized over a weighted-average period of 1.97 years.

~~During the quarter ended December 27, 2024, we granted the following share-based awards as part of our annual incentive plan grant:~~22


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.7	$	46.45
Restricted share awards	0.4		153.25
Performance share awards	0.1		153.25

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

AsDuring ofthe ~~March 28~~quarter ended December 27, ~~2025~~2024, we ~~had~~granted ~~18 million shares available for issuance under~~ the TEfollowing ~~Connectivity~~share-based ~~plc~~awards ~~2024~~as ~~Stock~~part ~~and~~of ~~Incentive~~our ~~Plan,~~annual ~~amended~~incentive ~~and~~plan ~~restated as of September 30, 2024.~~grant:


		Grant-Date
	Shares	Fair Value
	(in millions)
Share options	0.7	$	46.45
Restricted share awards	0.4		153.25
Performance share awards	0.1		153.25

As of June 27, 2025, we had 18 million shares available for issuance under the TE Connectivity plc 2024 Stock and Incentive Plan, amended and restated as of September 30, 2024.

Share-Based Compensation Assumptions

The assumptions we used in the Black-Scholes-Merton option pricing model for the options granted as part of our annual incentive plan grant were as follows:


Expected share price volatility		31	%
Risk-free interest rate		4.5	%
Expected annual dividend per share	$	2.60
Expected life of options (in years)		5.3

16. Segment and Geographic Data

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our ~~fiscal~~current ~~2025~~ strategy. See Note 1 for additional information regarding our new segment structure. The following segment information reflects the new segment reporting structure. Prior period segment results have been recast to conform to the new segment structure.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Net sales by segment⁽¹⁾ and industry end market⁽²⁾ were as follows:

For the

Quarters Ended

~~Six~~Nine Months Ended

~~March~~June 2827,

~~March~~June 2928,

~~March~~June 2827,

~~March~~June 2928,

2025

2024

2025

2024

(in millions)

Transportation Solutions:

Automotive

1,~~735~~805

1,~~772~~748

35,~~457~~262

35,~~568~~316

Commercial transportation

~~357~~377

~~384~~363

~~669~~1,046

~~740~~1,103

Sensors

~~222~~236

~~251~~240

~~431~~667

~~492~~732

Total Transportation Solutions

2,~~314~~418

2,~~407~~351

46,~~557~~975

47,~~800~~151

Industrial Solutions:

Automation and connected living

~~512~~571

~~500~~519

~~991~~1,562

~~964~~1,483

Aerospace, defense, and marine

374

~~342~~345

~~708~~1,082

~~632~~977

Digital data networks

~~482~~606

~~273~~329

~~895~~1,501

~~552~~881

Energy

~~279~~384

~~234~~226

~~495~~879

~~439~~665

Medical

~~182~~181

~~211~~209

~~333~~514

~~411~~620

Total Industrial Solutions

12,~~829~~116

1,~~560~~628

35,~~422~~538

24,~~998~~626

Total

4,~~143~~534

3,~~967~~979

712,~~979~~513

711,~~798~~777

(1)

Intersegment sales were not material.

(2)

Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(Continued)

Net sales by geographic region⁽¹⁾ and segment were as follows:

For the

Quarters Ended

~~Six~~Nine Months Ended

~~March~~June 2827,

~~March~~June 2928,

~~March~~June 2827,

~~March~~June 2928,

2025

2024

2025

2024

(in millions)

Europe/Middle East/Africa (“EMEA”):

Transportation Solutions

~~819~~886

~~964~~882

12,~~539~~425

12,~~843~~725

Industrial Solutions

~~594~~659

~~588~~584

1,~~103~~762

1,~~120~~704

Total EMEA

1,~~413~~545

1,~~552~~466

24,~~642~~187

24,~~963~~429

Asia–Pacific:

Transportation Solutions

~~997~~1,016

~~887~~901

23,~~094~~110

12,~~902~~803

Industrial Solutions

~~545~~644

~~370~~432

1,~~051~~695

~~734~~1,166

Total Asia–Pacific

1,~~542~~660

1,~~257~~333

34,~~145~~805

23,~~636~~969

Americas:

Transportation Solutions

~~498~~516

~~556~~568

~~924~~1,440

1,~~055~~623

Industrial Solutions

~~690~~813

~~602~~612

12,~~268~~081

1,~~144~~756

Total Americas

1,~~188~~329

1,~~158~~180

23,~~192~~521

23,~~199~~379

Total

4,~~143~~534

3,~~967~~979

712,~~979~~513

711,~~798~~777

(1)

Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Operating income by segment was as follows:

For the

Quarters Ended

~~Six~~Nine Months Ended

~~March~~June 2827,

~~March~~June 2928,

~~March~~June 2827,

~~March~~June 2928,

2025

2024

2025

2024

(in millions)

Transportation Solutions

~~445~~462

~~477~~506

~~891~~1,353

~~964~~1,470

Industrial Solutions

~~303~~395

~~215~~249

~~547~~942

~~426~~675

Total

~~748~~857

~~692~~755

12,~~438~~295

12,~~390~~145

Segment assets and a reconciliation of segment assets to total assets were as follows:


	Segment Assets
	~~March~~June 2827,		September 27,
	2025		2024
	(in millions)
Transportation Solutions	$	56,~~850~~113	$	5,758
Industrial Solutions		34,~~871~~363		3,717
Total segment assets(1)		910,~~721~~476		9,475
Other current assets		31,~~278~~342		2,059
Other non-current assets		1013,~~657~~048		11,320
Total assets	$	2324,~~656~~866	$	22,854

(1)

Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.

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TE CONNECTIVITY PLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(Continued)

17. Subsequent Event

On April 1, 2025, we acquired Richards Manufacturing Co., a U.S.-based producer of overhead and underground electrical and gas distribution products, for cash of approximately $2.3 billion, net of cash acquired. The transaction is subject to post-closing adjustments. The acquired business will be reported as part of our Energy business within our Industrial Solutions segment from the date of acquisition.

We have not yet completed the initial accounting for this business combination, including obtaining all of the information required for the valuation of contingencies, intangible assets, and goodwill. Also, because the initial accounting for the transaction is incomplete, we are unable to provide the supplemental pro forma revenue and earnings of the combined entity. The amounts recognized for the major classes of assets acquired and liabilities assumed as of the acquisition date and the pro forma revenue and earnings of the combined entity will be included in our Form 10-Q for the quarter ending June 27, 2025.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and the accompanying notes included elsewhere in this Quarterly Report on Form 10-Q. The following discussion may contain forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in these forward-looking statements as a result of many factors, including but not limited to those under the heading “Forward-Looking Information” and “Part II. Item 1A. Risk Factors.”

Our Condensed Consolidated Financial Statements have been prepared in United States (“U.S.”) dollars, in accordance with accounting principles generally accepted in the U.S. (“GAAP”).

The following discussion includes organic net sales growth (decline) which is a non-GAAP financial measure. See “Non-GAAP Financial Measure” for additional information regarding this measure.

Overview

TE Connectivity plc (“TE Connectivity” or the “Company,” which may be referred to as “we,” “us,” or “our”) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions enable the distribution of power, signal, and data to advance next-generation transportation, energy networks, automated factories, data centers, medical technology, and more.

Change in Place of Incorporation

At the beginning of fiscal 2025, our jurisdiction of incorporation changed from Switzerland to Ireland. We do not anticipate any material changes in our operations or financial results as a result of the change in place of incorporation. See additional information in Note 1 to the Condensed Consolidated Financial Statements.

New Segment Structure

Effective for fiscal 2025, we reorganized our management and segments to align the organization around our ~~fiscal~~current ~~2025~~ strategy. We now operate through two reportable segments: Transportation Solutions and Industrial Solutions. Prior period segment results have been recast to conform to the new segment structure. See additional information in Note 1 to the Condensed Consolidated Financial Statements.

Summary of Performance

● Our net sales increased 413.49% ~~and 2.3%~~ in the ~~second~~third quarter ~~and~~of ~~first~~fiscal ~~six~~2025 ~~months~~due ofto ~~fiscal~~sales ~~2025~~growth in the Industrial Solutions segment and, ~~respectively~~to a lesser degree, asthe ~~compared~~Transportation toSolutions segment. In the ~~same~~first ~~periods~~nine months of fiscal ~~2024~~2025, our net sales increased 6.2% due to sales growth in the Industrial Solutions segment, partially offset by sales declines in the Transportation Solutions segment. ~~Also~~Richards Manufacturing Co. (“Richards Manufacturing”), onwhich was acquired in April 2025, contributed net sales of $73 million. On an organic basis, our net sales increased 59.31% and 24.78% in the ~~second~~third quarter and first ~~six~~nine months of fiscal 2025, respectively, as compared to the same periods of fiscal 2024.

●

Our net sales by segment were as follows:

● Transportation Solutions—Our net sales ~~decreased~~increased 32.98% ~~and~~in ~~5.1%~~the third quarter of fiscal 2025 due primarily to sales increases in the ~~second~~automotive ~~quarter~~end market and, to a lesser degree, the commercial transportation end market. In the first ~~six~~nine months of fiscal 2025, ~~respectively,~~our net sales declined 2.5% as a result of sales declines in all end markets.

● Industrial Solutions—Our net sales increased 17.2% and 14.1% in the second quarter and first six months of fiscal 2025, respectively, primarily as a result of sales growth in the digital data networks, energy, and aerospace, defense, and marine end markets, partially offset by sales declines in the medical end market.26

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● InIndustrial ~~March~~Solutions—Our ~~2025,~~net ~~our~~sales ~~board~~increased 30.0% and 19.7% in the third quarter and first nine months of ~~directors~~fiscal ~~declared~~2025, arespectively, ~~regular~~as ~~quarterly~~a ~~dividend~~result of ~~$0.71~~sales ~~per~~growth ~~ordinary~~in ~~share,~~the ~~payable~~digital ondata ~~June~~networks; 10energy; aerospace, ~~2025~~defense, toand ~~shareholders~~marine; ofand ~~record~~automation onand ~~May~~connected 21living end markets, ~~2025~~partially offset by sales declines in the medical end market.

● ~~Net~~In ~~cash~~June ~~provided~~2025, byour ~~operating~~board ~~activities~~of ~~was~~directors declared a regular quarterly dividend of $10.71 per ordinary share,~~531~~ ~~million~~payable inon ~~the~~September ~~first~~12, ~~six~~2025, ~~months~~to shareholders of ~~fiscal~~record on August 22, 2025.

●

Net cash provided by operating activities was $2,718 million in the first nine months of fiscal 2025.

●

We acquired Richards Manufacturing, a U.S.-based producer of overhead and underground electrical and gas distribution products, in the third quarter of fiscal 2025.

Outlook

In the ~~third~~fourth quarter of fiscal 2025, we expect our net sales to be approximately $4.355 billion, as compared to $4.007 billion in the ~~third~~fourth quarter of fiscal 2024. WeThis ~~expect~~increase is due primarily to sales growth in the Industrial Solutions segment, which will benefit from the recently completed acquisition of Richards Manufacturing Co. ~~(“Richards Manufacturing”), to be partially offset by sales declines in the Transportation Solutions segment.~~ In the ~~third~~fourth quarter of fiscal 2025, we expect diluted earnings per share from continuing operations to be approximately $2.0218 per share. This outlook reflects the positive impact of foreign currency exchange rates on net sales and earnings per share of approximately $111 million and $0.03 per share, respectively, in the fourth quarter of fiscal 2025 as compared to the same period of fiscal 2024 and includes the impact of currently enacted tariffs which we expect to largely mitigate through pricing actions and sourcing changes. Also, this outlook is based on foreign currency exchange rates and commodity prices that are consistent with current levels.

Acquisitions

~~During~~As ~~the~~discussed ~~first~~above, ~~six~~on ~~months~~April of1, ~~fiscal~~ 2025, we acquired ~~two~~100% ~~businesses~~of ~~for~~Richards aManufacturing ~~combined~~for cash ~~purchase price~~ of approximately $~~321~~2.3 ~~million~~billion, net of cash acquired. The acquired ~~businesses~~business ~~have~~has been reported as part of the energy business within our Industrial Solutions segment from the date of acquisition. ~~See Note 3 to the Condensed Consolidated Financial Statements for additional information regarding acquisitions.~~

OnDuring ~~April~~the 1,first ~~2025,~~nine wemonths ~~acquired~~of ~~Richards~~fiscal ~~Manufacturing~~2025, awe ~~U.S.-based~~acquired ~~producer~~two ofadditional ~~overhead~~businesses ~~and~~for ~~underground~~a ~~electrical~~combined ~~and~~cash ~~gas~~purchase ~~distribution~~price ~~products, for cash~~ of ~~approximately~~ $~~2.3~~321 ~~billion~~million, net of cash acquired. The ~~transaction is subject to post-closing adjustments. The~~ acquired ~~business~~businesses ~~will~~have bebeen reported as part of our ~~Energy business within our~~ Industrial Solutions segment from the date of acquisition. ~~See Note 17 to the Condensed Consolidated Financial Statements for additional information.~~

See Note 3 to the Condensed Consolidated Financial Statements for additional information regarding acquisitions.

Results of Operations

Net Sales

The following table presents our net sales and the percentage of total net sales by segment:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,				~~March~~June 2928,				~~March~~June 2827,				~~March~~June 2928,
	2025				2024				2025				2024
	($ in millions)
Transportation Solutions	$	2,~~314~~418	5653	%	$	2,~~407~~351	6159	%	$	46,~~557~~975	5756	%	$	47,~~800~~151	6261	%
Industrial Solutions		12,~~829~~116	4447			1,~~560~~628	3941			35,~~422~~538	4344			24,~~998~~626	3839
Total	$	4,~~143~~534	100	%	$	3,~~967~~979	100	%	$	712,~~979~~513	100	%	$	711,~~798~~777	100	%

~~The following table provides an analysis of the change in our net sales by segment:~~27


	Change in Net Sales for the Quarter Ended March 28, 2025												Change in Net Sales for the Six Months Ended March 28, 2025
	versus Net Sales for the Quarter Ended March 29, 2024												versus Net Sales for the Six Months Ended March 29, 2024
	Net Sales				Organic Net Sales								Net Sales				Organic Net Sales						Acquisitions
	Growth (Decline)				Growth (Decline)				Translation		Acquisitions		Growth (Decline)				Growth (Decline)				Translation		(Divestiture)
	($ in millions)
Transportation Solutions	$	(93)	(3.9)	%	$	(39)	(1.5)	%	$	(54)	$	—	$	(243)	(5.1)	%	$	(165)	(3.4)	%	$	(66)	$	(12)
Industrial Solutions		269	17.2			247	15.7			(26)		48		424	14.1			370	12.3			(32)		86
Total	$	176	4.4	%	$	208	5.3	%	$	(80)	$	48	$	181	2.3	%	$	205	2.7	%	$	(98)	$	74

Net sales increased $176 million, or 4.4%, in the second quarter of fiscal 2025 as compared to the second quarter of fiscal 2024 due to organic net sales growth of 5.3% and the positive impact of 1.1% from acquisitions, partially offset by the negative impact of foreign currency translation of 2.0% due to the weakening of certain foreign currencies. Price erosion adversely affected organic net sales by $8 million in the second quarter of fiscal 2025.

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InThe ~~the~~following ~~first~~table ~~six~~provides ~~months~~an ofanalysis ~~fiscal 2025, net sales increased $181 million, or 2.3%, as compared to the first six months~~ of ~~fiscal 2024 due to organic net sales growth of 2.7% and~~ the ~~net~~change ~~positive~~in ~~impact~~our of 0.9% from acquisitions and a divestiture, partially offset by the negative impact of foreign currency translation of 1.3% due to the weakening of certain foreign currencies. Price erosion adversely affected organic net sales by ~~$20 million in the first six months of fiscal 2025.~~segment:


	Change in Net Sales for the Quarter Ended June 27, 2025												Change in Net Sales for the Nine Months Ended June 27, 2025
	versus Net Sales for the Quarter Ended June 28, 2024												versus Net Sales for the Nine Months Ended June 28, 2024
	Net Sales				Organic Net Sales								Net Sales				Organic Net Sales						Acquisitions
	Growth				Growth				Translation		Acquisitions		Growth (Decline)				Growth (Decline)				Translation		(Divestiture)

	($ in millions)
Transportation Solutions	$	67	2.8	%	$	29	1.1	%	$	38	$	—	$	(176)	(2.5)	%	$	(136)	(1.9)	%	$	(28)	$	(12)
Industrial Solutions		488	30.0			332	20.5			30		126		912	19.7			702	15.2			(2)		212
Total	$	555	13.9	%	$	361	9.1	%	$	68	$	126	$	736	6.2	%	$	566	4.8	%	$	(30)	$	200

Net sales increased $555 million, or 13.9%, in the third quarter of fiscal 2025 as compared to the third quarter of fiscal 2024 due to organic net sales growth of 9.1%, the positive impact of 3.1% from acquisitions, and the positive impact of foreign currency translation of 1.7% due to the strengthening of certain foreign currencies. Richards Manufacturing, which was acquired on April 1, 2025, contributed net sales of $73 million in the third quarter of fiscal 2025. Net pricing actions positively affected organic net sales by $28 million in the third quarter of fiscal 2025.

In the first nine months of fiscal 2025, net sales increased $736 million, or 6.2%, as compared to the first nine months of fiscal 2024 due primarily to organic net sales growth of 4.8% and the net positive impact of 1.7% from acquisitions and a divestiture. Richards Manufacturing contributed net sales of $73 million in the first nine months of fiscal 2025. Net pricing actions positively affected organic net sales by $8 million in the first nine months of fiscal 2025.

See further discussion of net sales below under “Segment Results.”

Net Sales by Geographic Region. Our business operates in three geographic regions—Europe/Middle East/Africa (“EMEA”), Asia–Pacific, and the Americas—and our results of operations are influenced by changes in foreign currency exchange rates. Increases or decreases in the value of the U.S. dollar, compared to other currencies, will directly affect our reported results as we translate those currencies into U.S. dollars at the end of each fiscal period.

Approximately 60% of our net sales were invoiced in currencies other than the U.S. dollar in the first ~~six~~nine months of fiscal 2025.

The following table presents our net sales and the percentage of total net sales by geographic region⁽¹⁾:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,				~~March~~June 2928,				~~March~~June 2827,				~~March~~June 2928,
	2025				2024				2025				2024
	($ in millions)
EMEA	$	1,~~413~~545	34	%	$	1,~~552~~466	3937	%	$	24,~~642~~187	3334	%	$	24,~~963~~429	3837	%
Asia–Pacific		1,~~542~~660	37			1,~~257~~333	3233			34,~~145~~805	4038			23,~~636~~969	34
Americas		1,~~188~~329	29			1,~~158~~180	2930			23,~~192~~521	2728			23,~~199~~379	2829
Total	$	4,~~143~~534	100	%	$	3,~~967~~979	100	%	$	712,~~979~~513	100	%	$	711,~~798~~777	100	%

(1)	Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.

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The following table provides an analysis of the change in our net sales by geographic region:


	Change in Net Sales for the Quarter Ended ~~March~~June 2827, 2025												Change in Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2827, 2025
	versus Net Sales for the Quarter Ended ~~March~~June 2928, 2024												versus Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2928, 2024
	Net Sales				Organic Net Sales								Net Sales				Organic Net Sales						Acquisitions
	Growth ~~(Decline)~~				Growth ~~(Decline)~~				Translation		Acquisitions		Growth (Decline)				Growth (Decline)				Translation		(Divestiture)
	($ in millions)
EMEA	$	~~(139)~~79	(95.0)4	%	$	~~(99)~~8	(60.4)6	%	$	~~(42)~~63	$	28	$	(~~321~~242)	(105.85)	%	$	(~~288~~280)	(96.73)	%	$	~~(46)~~17	$	1321
Asia–Pacific		~~285~~327	2224.75			~~301~~312	2423.1			~~(19)~~12		3		~~509~~836	1921.31			~~517~~829	1920.79			(208)		1215
Americas		30149	212.6			641	03.47			(197)		43115		~~(7)~~142	(04.3)2			~~(24)~~17	(10.1)5			(3239)		49164
Total	$	~~176~~555	413.49	%	$	~~208~~361	59.31	%	$	~~(80)~~68	$	48126	$	~~181~~736	26.32	%	$	~~205~~566	24.78	%	$	(9830)	$	74200

Cost of Sales and Gross Margin

The following table presents cost of sales and gross margin information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Cost of sales	$	2,~~684~~934		$	2,~~604~~593		$	80341	$	58,~~160~~094		$	57,~~111~~704		$	49390
As a percentage of net sales		64.87	%		65.62	%				64.7	%		65.54	%

Gross margin	$	1,~~459~~600		$	1,~~363~~386		$	96214	$	24,~~819~~419		$	24,~~687~~073		$	~~132~~346
As a percentage of net sales		35.23	%		34.48	%				35.3	%		34.56	%

Gross margin increased $96214 million and $~~132~~346 million in the ~~second~~third quarter and first ~~six~~nine months of fiscal 2025, respectively, as compared to the same periods of fiscal 2024 due primarily to higher volume and improved manufacturing productivity.

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We use a wide variety of raw materials in the manufacture of our products. Cost of sales and gross margin are subject to variability in raw material prices, which continue to fluctuate for many of the raw materials we use. The following table presents the average prices incurred related to copper, gold, silver, and palladium:

For the

Quarters Ended

~~Six~~Nine Months Ended

~~March~~June 2827,

~~March~~June 2928,

~~March~~June 2827,

~~March~~June 2928,

Measure

2025

2024

2025

2024

Copper

Lb.

4.2232

3.7998

4.1521

3.8388

Gold

Troy oz.

2,~~459~~715

12,~~966~~048

2,~~390~~498

1,~~955~~986

Silver

Troy oz.

2829.0180

2325.3271

2728.7743

2324.2306

Palladium

Troy oz.

1,~~064~~019

1,~~493~~418

1,~~100~~073

1,~~497~~470

We expect to purchase approximately ~~185~~190 million pounds of copper, ~~105~~110,000 troy ounces of gold, 1.87 million troy ounces of silver, and 1213,000 troy ounces of palladium in fiscal 2025.

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Operating Expenses

The following table presents operating expense information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Selling, general, and administrative expenses	$	~~454~~491		$	~~444~~431		$	1060	$	~~881~~1,372		$	~~868~~1,299		$	1373
As a percentage of net sales		1110.08	%		1110.28	%				11.0	%		11.10	%

Restructuring and other charges, net	$	45		$	40		$	5	$	95		$	61		$	34
Acquisition and integration costs	$	27		$	5		$	22	$	41		$	16		$	25
Restructuring and other charges, net		14			6			8		109			67			42

Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased $1060 million ~~and~~in ~~$13~~the ~~million~~third inquarter of fiscal 2025 compared to the ~~second~~third quarter of fiscal 2024 due primarily to increased selling expenses to support higher sales levels, higher incentive compensation costs, and incremental expenses attributable to recently acquired businesses, partially offset by savings attributable to restructuring actions. In the first ~~six~~nine months of fiscal 2025, ~~respectively~~selling, general, and administrative expenses increased $73 million as compared to the ~~same~~first ~~periods~~nine months of fiscal 2024 due primarily to increased selling expenses to support higher sales levels, ~~partially~~higher ~~offset~~incentive bycompensation ~~the~~costs, ~~release~~and ofincremental ~~reserves~~expenses ~~associated~~attributable ~~with~~to ~~trade~~recently ~~compliance~~acquired ~~matters.~~businesses, ~~For~~partially ~~additional~~offset ~~information~~by ~~regarding~~savings ~~trade~~attributable ~~compliance~~to ~~matters,~~restructuring ~~see~~actions ~~Note~~and 9the torelease ~~the~~of ~~Condensed~~reserves ~~Consolidated~~associated ~~Financial~~with ~~Statements~~trade compliance matters.

Acquisition and Integration Costs. During the first nine months of fiscal 2025, we incurred acquisition and integration costs of $41 million, of which $25 million related to the acquisition of Richards Manufacturing. See Note 3 to the Condensed Consolidated Financial Statements for additional information regarding this acquisition.

Restructuring and Other Charges, Net. We are committed to continuous productivity improvements, and we evaluate opportunities to simplify our global manufacturing footprint, migrate facilities to lower-cost regions, reduce fixed costs, and eliminate excess capacity. These initiatives are designed to help us maintain our competitiveness in the industry, improve our operating leverage, and position us for future growth.

During fiscal 2025, we initiated a restructuring program associated with footprint consolidation and cost structure improvements in both of our segments. We incurred net restructuring charges of $8797 million during the first ~~six~~nine months of fiscal 2025, of which $7780 million related to the fiscal 2025 restructuring program. Annualized cost savings related to the fiscal 2025 actions commenced during the first ~~six~~nine months of fiscal 2025 are expected to be approximately $70 million and are expected to be fully realized by the end of fiscal 2026. Cost savings will be reflected primarily in cost of sales and selling, general, and administrative expenses. For fiscal 2025, we expect total restructuring charges to be approximately $~~100~~110 million and total cash spend, which will be funded with cash from operations, to be approximately $200 million.

During both the first ~~six~~nine months of fiscal 2025 and 2024, we incurred costs of $11 million ~~and $8 million, respectively,~~ related to our change in place of incorporation from Switzerland to Ireland. See Note 1 to the Condensed Consolidated Financial Statements for additional information regarding the change.

See Note 2 to the Condensed Consolidated Financial Statements for additional information regarding net restructuring and other charges.

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Operating Income

The following table presents operating income and operating margin information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Operating income	$	~~748~~857		$	~~692~~755		$	56102	$	12,~~438~~295		$	12,~~390~~145		$	48150
Operating margin		18.19	%		1719.40	%				18.03	%		1718.82	%

Operating income included the following:


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Acquisition-related charges:
Acquisition and integration costs	$	927	$	35	$	1441	$	1116
Charges associated with the amortization of acquisition-related fair value adjustments		3		—		36		—
		1230		35		1747		1116
Restructuring and other charges, net		4514		406		95109		6167
Taxes (non-income tax) recorded in selling, general, and administrative expenses		—		—		—		4
Total	$	5744	$	4311	$	~~112~~156	$	7687

See discussion of operating income below under “Segment Results.”

Non-Operating Items

The following table presents select non-operating information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Interest expense	$	14		$	19		$	(5)	$	20		$	37		$	(17)
Income tax expense (benefit)	$	208		$	181		$	27	$	1,128		$	(778)		$	1,906

Effective tax rate		24.6	%		24.0	%				48.9	%		(36.4)	%
Income tax expense (benefit)		742			146			596		920			(959)			1,879
Effective tax rate		98.3	%		21.3	%				63.0	%		(69.2)	%

Interest Expense. Interest expense decreased $17 million in the first six months of fiscal 2025 as compared to the first six months of fiscal 2024 primarily as a result of our cross-currency swap program that hedges our net investment in certain foreign operations, partially offset by a higher average cost of debt due to rising interest rates. The aggregate notional value of the cross-currency swap contracts was $5,886 million at March 28, 2025. Under the terms of these contracts, we receive interest in U.S. dollars at a weighted-average rate of 2.0% per annum and pay no interest. See Note 10 to the Condensed Consolidated Financial Statements for additional information regarding our cross-currency swap program.

Income Taxes. See Note 12 to the Condensed Consolidated Financial Statements for discussion of income taxes.

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Segment Results

Transportation Solutions

Net Sales. The following table presents the Transportation Solutions segment’s net sales and the percentage of total net sales by industry end market⁽¹⁾:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,				~~March~~June 2928,				~~March~~June 2827,				~~March~~June 2928,
	2025				2024				2025				2024
	($ in millions)
Automotive	$	1,~~735~~805	7574	%	$	1,~~772~~748	74	%	$	35,~~457~~262	7675	%	$	35,~~568~~316	7574	%
Commercial transportation		~~357~~377	1516			~~384~~363	16			~~669~~1,046	15			~~740~~1,103	1516
Sensors		~~222~~236	10			~~251~~240	10			~~431~~667	910			~~492~~732	10
Total	$	2,~~314~~418	100	%	$	2,~~407~~351	100	%	$	46,~~557~~975	100	%	$	47,~~800~~151	100	%

(1)	Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

The following table provides an analysis of the change in the Transportation Solutions segment’s net sales by industry end market:


	Change in Net Sales for the Quarter Ended ~~March~~June 2827, 2025										Change in Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2827, 2025
	versus Net Sales for the Quarter Ended ~~March~~June 2928, 2024										versus Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2928, 2024
	Net Sales				Organic Net Sales						Net Sales				Organic Net Sales
	Growth (Decline)				Growth (Decline)				Translation		Decline				Decline				Translation		Divestiture
	($ in millions)
Automotive	$	~~(37)~~57	(23.1)3	%	$	628	01.45	%	$	~~(43)~~29	$	(~~111~~54)	(3.1.0)	%	$	(4921)	(10.34)	%	$	(5021)	$	(12)
Commercial transportation		~~(27)~~14	(73.0)9			~~(20)~~10	(52.1)7			~~(7)~~4		(7157)	(95.62)			(6151)	(84.36)			(106)		—
Sensors		(294)	(111.67)			(259)	(93.68)			~~(4)~~5		(6165)	(128.49)			(5564)	(118.17)			(61)		—
Total	$	~~(93)~~67	(32.9)8	%	$	~~(39)~~29	(1.5)1	%	$	~~(54)~~38	$	(~~243~~176)	(52.15)	%	$	(~~165~~136)	(31.49)	%	$	(6628)	$	(12)

Net sales in the Transportation Solutions segment ~~decreased~~increased $9367 million, or 32.98%, in the ~~second~~third quarter of fiscal 2025 from the ~~second~~third quarter of fiscal 2024 due to the ~~negative~~positive impact of foreign currency translation of 21.47% and organic net sales ~~declines~~growth of 1.51%. Our organic net sales by industry end market were as follows:

● Automotive—Our organic net sales ~~were~~increased ~~flat~~1.5% in the ~~second~~third quarter of fiscal 2025 as a result of growth of 1510.95% in the Asia–Pacific region, ~~was~~partially offset by declines of 116.96% in the ~~EMEA~~Americas region and 84.28% in the ~~Americas~~EMEA region. Our organic net sales growth in the Asia–Pacific region was due to increased content per vehicle as well as vehicle production growth. In the ~~EMEA~~Americas and ~~Americas~~EMEA regions, our organic net sales were impacted by declines in vehicle production ~~and a shift in platform mix consistent with consumer demand~~.

● Commercial transportation—Our organic net sales ~~decreased~~increased 52.17% in the ~~second~~third quarter of fiscal 2025 due to ~~declines~~growth in the ~~EMEA~~Asia–Pacific and ~~Americas~~EMEA regions, partially offset by ~~growth~~declines in the ~~Asia–Pacific~~Americas region.

● Sensors—Our organic net sales decreased 93.68% in the ~~second~~third quarter of fiscal 2025 as a result of market weakness in both ~~transportation~~industrial and ~~industrial~~transportation applications.

In the first six months of fiscal 2025, net sales in the Transportation Solutions segment decreased $243 million, or 5.1%, from the first six months of fiscal 2024 due primarily to organic net sales declines of 3.4% and the negative impact of foreign currency translation of 1.4%. Our organic net sales by industry end market were as follows:

● Automotive—Our organic net sales decreased 1.3% in the first six months of fiscal 2025 as a result of declines of 14.4% in the EMEA region and 8.1% in the Americas region, partially offset by growth of 12.3% in the Asia–Pacific region. In the EMEA and Americas regions, our organic net sales were impacted by declines in vehicle production and a shift in platform mix consistent with consumer demand. Our organic net sales growth in the Asia–Pacific region resulted from increased content per vehicle as well as vehicle production growth.32

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●In ~~Commercial~~the ~~transportation—Our~~first ~~organic~~nine months of fiscal 2025, net sales in the Transportation Solutions segment decreased 8$176 million, or 2.35%, infrom the first ~~six~~nine months of fiscal ~~2025~~2024 due primarily asto aorganic ~~result~~net ofsales declines inof ~~the~~1.9%. ~~EMEA~~Our ~~and~~organic ~~Americas~~net ~~regions.~~sales by industry end market were as follows:

● ~~Sensors~~Automotive—Our organic net sales ~~decreased~~were ~~11.1%~~flat in the first ~~six~~nine months of fiscal 2025 ~~due~~as todeclines ~~market~~of ~~weakness~~11.3% in ~~both~~the ~~transportation~~EMEA region and ~~industrial~~7.6% ~~applications~~in the Americas region were largely offset by growth of 11.7% in the Asia–Pacific region. In the EMEA and Americas regions, our organic net sales were impacted by declines in vehicle production and a shift in platform mix consistent with consumer demand. Our organic net sales growth in the Asia–Pacific region resulted from increased content per vehicle as well as vehicle production growth.

●

Commercial transportation—Our organic net sales decreased 4.6% in the first nine months of fiscal 2025 as a result of declines in the Americas and EMEA regions, partially offset by growth in the Asia–Pacific region.

●

Sensors—Our organic net sales decreased 8.7% in the first nine months of fiscal 2025 due to market weakness in both transportation and industrial applications.

Operating Income. The following table presents the Transportation Solutions segment’s operating income and operating margin information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Operating income	$	~~445~~462		$	~~477~~506		$	(3244)	$	~~891~~1,353		$	~~964~~1,470		$	(73117)
Operating margin		19.21	%		1921.85	%				19.64	%		20.16	%

Operating income in the Transportation Solutions segment decreased $3244 million and $73117 million in the ~~second~~third quarter and first ~~six~~nine months of fiscal 2025, respectively, as compared to the same periods of fiscal 2024. Excluding the items below, operating income decreased in the ~~second~~third quarter ~~and~~of fiscal 2025 primarily as a result of net price erosion. Excluding the items below, operating income decreased in the first ~~six~~nine months of fiscal 2025 primarily as a result of ~~lower~~net ~~volume and~~ price erosion, ~~partially~~and ~~offset~~lower ~~by improved manufacturing productivity~~volume.


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Restructuring and other charges, net	$	33	$	19	$	65	$	33
Restructuring and other charges (credits), net	$	7	$	(8)	$	72	$	25
Taxes (non-income tax) recorded in selling, general, and administrative expenses		—		—		—		3
Total	$	337	$	19(8)	$	6572	$	3628

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Industrial Solutions

Net Sales. The following table presents the Industrial Solutions segment’s net sales and the percentage of total net sales by industry end market⁽¹⁾:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,				~~March~~June 2928,				~~March~~June 2827,				~~March~~June 2928,
	2025				2024				2025				2024
	($ in millions)
Automation and connected living	$	~~512~~571	2827	%	$	~~500~~519	32	%	$	~~991~~1,562	2928	%	$	~~964~~1,483	32	%
Aerospace, defense, and marine		374	2118			~~342~~345	2221			~~708~~1,082	2120			~~632~~977	21
Digital data networks		~~482~~606	2629			~~273~~329	1720			~~895~~1,501	2627			~~552~~881	1819
Energy		~~279~~384	1518			~~234~~226	1514			~~495~~879	1416			~~439~~665	1514
Medical		~~182~~181	108			~~211~~209	1413			~~333~~514	109			~~411~~620	14
Total	$	12,~~829~~116	100	%	$	1,~~560~~628	100	%	$	35,~~422~~538	100	%	$	24,~~998~~626	100	%

(1)	Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.

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The following table provides an analysis of the change in the Industrial Solutions segment’s net sales by industry end market:


	Change in Net Sales for the Quarter Ended ~~March~~June 2827, 2025												Change in Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2827, 2025
	versus Net Sales for the Quarter Ended ~~March~~June 2928, 2024												versus Net Sales for the ~~Six~~Nine Months Ended ~~March~~June 2928, 2024
	Net Sales				Organic Net Sales								Net Sales				Organic Net Sales
	Growth (Decline)				Growth (Decline)				Translation		Acquisitions		Growth (Decline)				Growth (Decline)				Translation		Acquisitions
	($ in millions)
Automation and connected living	$	1252	210.40	%	$	826	1.5.0	%	$	(10)	$	1416	$	2779	25.83	%	$	(13)	(10.4)9	%	$	(122)	$	5268
Aerospace, defense, and marine		3229	98.4			3721	106.82			~~(5)~~8		—		76105	1210.07			82103	1210.95			~~(6)~~2		—
Digital data networks		~~209~~277	7684.62			~~213~~269	7881.09			~~(4)~~8		—		~~343~~620	6270.14			~~347~~616	6269.89			(4)		—
Energy		45158	1969.29			1845	720.62			~~(7)~~3		34110		56214	1232.82			3277	711.26			(107)		34144
Medical		(2928)	(13.74)			(29)	(13.75)			—1		—		(78106)	(1917.01)			(78107)	(1917.02)			—1		—
Total	$	~~269~~488	1730.20	%	$	~~247~~332	1520.75	%	$	~~(26)~~30	$	48126	$	~~424~~912	1419.17	%	$	~~370~~702	1215.32	%	$	(322)	$	86212

In the Industrial Solutions segment, net sales increased $~~269~~488 million, or 1730.20%, in the ~~second~~third quarter of fiscal 2025 as compared to the ~~second~~third quarter of fiscal 2024 due primarily to organic net sales growth of 1520.5% and the positive impact of 7.7% from acquisitions. Richards Manufacturing, which was acquired on April 1, 2025, contributed net sales of $73 million in the third quarter of fiscal 2025. Our organic net sales by industry end market were as follows:

● Automation and connected living—Our organic net sales increased 1.5.0% in the ~~second~~third quarter of fiscal 2025 due to ~~strength~~growth in the appliances market, ~~partially~~and ~~offset by continued weakness in~~ factory automation applications.

● Aerospace, defense, and marine—Our organic net sales increased 106.82% in the ~~second~~third quarter of fiscal 2025 primarily as a result of growth in the ~~defense~~commercial aerospace and the ~~commercial~~defense ~~aerospace~~ markets.

● Digital data networks—Our organic net sales increased 7881.09% in the ~~second~~third quarter of fiscal 2025 due primarily to growth in artificial intelligence ~~and cloud~~ applications.

● Energy—Our organic net sales increased 720.62% in the ~~second~~third quarter of fiscal 2025 ~~primarily~~ as a result of growth in the Americas region with strength in renewable energy and grid hardening applications and, to a lesser degree, growth in the EMEA and Asia–Pacific regions.

~~● Medical—Our organic net sales decreased 13.7% in the second quarter of fiscal 2025 due primarily to reduced demand resulting from inventory corrections in the supply chain.~~34

Net sales in the Industrial Solutions segment increased $424 million, or 14.1%, in the first six months of fiscal 2025 as compared to the first six months of fiscal 2024 due primarily to organic net sales growth of 12.3% and, to a lesser degree, the positive impact of 2.9% from acquisitions. Our organic net sales by industry end market were as follows:

● Automation and connected living—Our organic net sales decreased 1.4% in the first six months of fiscal 2025 as a result of continued weakness in factory automation applications, partially offset by strength in the appliances market.

● Aerospace, defense, and marine—Our organic net sales increased 12.9% in the first six months of fiscal 2025 primarily as a result of growth in the defense and the commercial aerospace markets.

● Digital data networks—Our organic net sales increased 62.8% in the first six months of fiscal 2025 due primarily to growth in artificial intelligence and cloud applications.

● Energy—Our organic net sales increased 7.2% in the first six months of fiscal 2025 due to growth across all regions and strength in renewable energy applications.

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● Medical—Our organic net sales decreased 1913.05% in the ~~first~~third ~~six~~quarter ~~months~~ of fiscal 2025 due primarily asto ~~a result of~~ reduced demand resulting from inventory corrections in the supply chain.

Net sales in the Industrial Solutions segment increased $912 million, or 19.7%, in the first nine months of fiscal 2025 as compared to the first nine months of fiscal 2024 due primarily to organic net sales growth of 15.2% and the positive impact of 4.6% from acquisitions. Richards Manufacturing contributed net sales of $73 million in the first nine months of fiscal 2025. Our organic net sales by industry end market were as follows:

●

Automation and connected living—Our organic net sales increased 0.9% in the first nine months of fiscal 2025 as a result of strength in the appliances market, partially offset by weakness in factory automation applications.

●

Aerospace, defense, and marine—Our organic net sales increased 10.5% in the first nine months of fiscal 2025 primarily as a result of growth in the commercial aerospace and the defense markets.

●

Digital data networks—Our organic net sales increased 69.9% in the first nine months of fiscal 2025 due primarily to growth in artificial intelligence and cloud applications.

●

Energy—Our organic net sales increased 11.6% in the first nine months of fiscal 2025 due to growth in the Americas region driven by renewable energy and grid hardening applications and, to a lesser degree, growth in the EMEA and Asia–Pacific regions.

●

Medical—Our organic net sales decreased 17.2% in the first nine months of fiscal 2025 primarily as a result of reduced demand resulting from inventory corrections in the supply chain.

Operating Income. The following table presents the Industrial Solutions segment’s operating income and operating margin information:


	For the								For the
	Quarters Ended								~~Six~~Nine Months Ended
	~~March~~June 2827,			~~March~~June 2928,					~~March~~June 2827,			~~March~~June 2928,
	2025			2024			Change		2025			2024			Change
	($ in millions)
Operating income	$	~~303~~395		$	~~215~~249		$	88146	$	~~547~~942		$	~~426~~675		$	~~121~~267
Operating margin		1618.67	%		1315.83	%				1617.0	%		14.26	%

Operating income in the Industrial Solutions segment increased $88146 million and $~~121~~267 million in the ~~second~~third quarter and first ~~six~~nine months of fiscal 2025, respectively, as compared to the same periods of fiscal 2024. Excluding the items below, operating income increased in the ~~second~~third quarter and first ~~six~~nine months of fiscal 2025 primarily as a result of higher volume.


	For the				For the
	Quarters Ended				~~Six~~Nine Months Ended
	~~March~~June 2827,		~~March~~June 2928,		~~March~~June 2827,		~~March~~June 2928,
	2025		2024		2025		2024
	(in millions)
Acquisition-related charges:
Acquisition and integration costs	$	927	$	35	$	1441	$	1116
Charges associated with the amortization of acquisition-related fair value adjustments		3		—		36		—
		1230		35		1747		1116
Restructuring and other charges, net		127		2114		3037		2842
Taxes (non-income tax) recorded in selling, general, and administrative expenses		—		—		—		1
Total	$	2437	$	2419	$	4784	$	4059

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Liquidity and Capital Resources

Our ability to fund our future capital needs will be affected by our ongoing ability to generate cash from operations and may be affected by our access to capital markets, money markets, or other sources of funding, as well as the capacity and terms of our financing arrangements. OnWe ~~April~~believe 1,that ~~2025, we acquired Richards Manufacturing for~~ cash ofgenerated ~~approximately~~from ~~$2.3~~operations ~~billion, net of cash acquired. In anticipation of the acquisition, we entered into a 364-day senior credit agreement ("364-Day Credit Facility")~~ and ~~issued commercial paper during the second quarter of fiscal 2025. See additional information regarding debt and the acquisition of Richards Manufacturing in Notes 7 and 17~~, ~~respectively,~~ to the ~~Condensed~~extent ~~Consolidated~~necessary, ~~Financial~~these ~~Statements. We believe that cash generated from operations and~~ other sources of potential funding will be sufficient to meet our anticipated capital needs for the foreseeable future, including the ~~payment~~repayment of ~~commercial paper as it matures, as well as the payments of~~ $500 million of 4.50% senior notes and $350 million of 3.70% senior notes, both due in February 2026. WeAlso, we may use ~~excess~~funds ~~cash~~ to ~~purchase~~acquire astrategic ~~portion~~businesses ofor ~~our~~product ~~ordinary~~lines, ~~shares~~reduce ~~pursuant to~~ our ~~authorized~~outstanding ~~share repurchase program~~debt, ~~to acquire businesses~~ or ~~product~~return ~~lines,~~cash to ~~pay~~shareholders through dividends on our ordinary shares, or topurchases ~~reduce~~of our ~~outstanding~~ordinary ~~debt.~~shares Wepursuant ~~may~~to ~~also~~our ~~use~~authorized ~~excess~~share ~~cash~~repurchase ~~and other funding to make strategic acquisitions~~program. The cost or availability of future funding may be impacted by financial market conditions. We will continue to monitor financial markets and respond as necessary to changing conditions. We believe that we have sufficient financial resources and liquidity which will enable us to meet our ongoing working capital and other cash flow needs.

Cash Flows from Operating Activities

In the first ~~six~~nine months of fiscal 2025, net cash provided by operating activities increased $~~102~~283 million to $12,~~531~~718 million from $12,~~429~~435 million in the first ~~six~~nine months of fiscal 2024. The increase resulted primarily from a reduction in net income tax payments and higher pre-tax income, ~~and~~partially aoffset ~~reduction~~by the impact of changes in ~~income~~working ~~tax~~capital ~~payments~~levels. The amount of income taxes paid, net of refunds, during the first ~~six~~nine months of fiscal 2025 and 2024 was $~~164~~184 million and $~~238~~384 million, respectively.

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Cash Flows from Investing Activities

Capital expenditures were $~~435~~665 million and $~~318~~467 million in the first ~~six~~nine months of fiscal 2025 and 2024, respectively. We expect fiscal 2025 capital spending levels to be approximately 5% of net sales. We believe our capital funding levels are adequate to support new programs, and we continue to invest in our manufacturing infrastructure to further enhance productivity and manufacturing capabilities.

During the first ~~six~~nine months of fiscal 2025, we acquired Richards Manufacturing for $2.3 billion, net of cash acquired. Also during the first nine months of fiscal 2025, we acquired two additional businesses for a combined cash purchase price of $321 million, net of cash acquired. We acquired one business for a cash purchase price of $339 million, net of cash acquired, during the first ~~six~~nine months of fiscal 2024. See Note 3 to the Condensed Consolidated Financial Statements for additional information regarding acquisitions.

During the first ~~six~~nine months of fiscal 2024, we received net cash proceeds of $3859 million related to the sale of one business. See Note 2 to the Condensed Consolidated Financial Statements for additional information.

Cash Flows from Financing Activities and Capitalization

Total debt at ~~March~~June 2827, 2025 and September 27, 2024 was $5,~~614~~697 million and $4,203 million, respectively. See Note 7 to the Condensed Consolidated Financial Statements for additional information regarding debt.

During the ~~second~~third quarter of fiscal 2025, Tyco Electronics Group S.A. (“TEGSA”), our wholly-owned subsidiary, issued €~~750~~500 million aggregate principal amount of 32.2550% senior notes due in ~~January~~May ~~2033.~~2028, ~~The~~$450 ~~notes~~million ~~are~~aggregate ~~TEGSA’s~~principal ~~unsecured~~amount of 4.50% senior ~~obligations~~notes due in February 2031, and ~~rank~~$450 ~~equally~~million inaggregate ~~right~~principal amount of ~~payment~~5.00% senior notes due in May 2035. In connection with ~~all~~the ~~existing~~issuance ~~and~~of ~~any~~these ~~future~~senior notes, we voluntarily elected to terminate the $1.5 billion 364-day credit agreement, dated as of March 14, 2025. The net proceeds from these senior notes were used for general corporate purposes, including the repayment of indebtedness incurred in connection with the acquisition of ~~TEGSA~~Richards ~~and~~Manufacturing. ~~senior~~See Note 3 to ~~any~~the ~~subordinated~~Condensed ~~indebtedness~~Consolidated ~~that~~Financial ~~TEGSA~~Statements ~~may~~for ~~incur~~additional information regarding this acquisition.

AsDuring ofthe ~~March 28,~~first ~~2025,~~nine ~~TEGSA~~months ~~had $1.5 billion~~ of ~~commercial~~fiscal ~~paper~~2025, ~~outstanding~~TEGSA atissued a€750 ~~weighted-average~~million ~~interest~~aggregate ~~rate~~principal amount of 43.6425%. ~~TEGSA~~senior ~~had~~notes ~~$255~~due ~~million~~in ofJanuary ~~commercial paper outstanding at a weighted-average interest rate of 4~~2033.~~95%~~ ~~at September 27, 2024.~~

In March 2025, TEGSA entered into a 364-Day Credit Facility with total commitments of $1.5 billion. This increases the size of our commercial paper program as the 364-Day Credit Facility, in addition to the five-year unsecured senior revolving credit facility (“Five-Year Credit Facility”), backs borrowings made under our commercial paper program. TEGSA had no borrowings under the 364-Day Credit Facility at March 28, 2025. 36

TEGSA has a Five-Year Credit Facility with a maturity date of April 2029 and aggregate commitments of $1.5 billion. TEGSA had no borrowings under the Five-Year Credit Facility at March 28, 2025 or September 27, 2024.

The 364-Day Credit Facility and the Five-Year Credit Facility (together, the “Credit Facilities”) contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facilities) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 to 1.0, an Event of Default (as defined in the Credit Facilities) is triggered. The Credit Facilities and our other debt agreements contain other customary covenants. None of our covenants are presently considered restrictive to our operations. As of March 28, 2025, we were in compliance with all of our debt covenants and believe that we will continue to be in compliance with our existing covenants for the foreseeable future.

In addition to the Credit Facilities, TEGSA is the borrower under our senior notes and commercial paper. Payment obligations under TEGSA’s senior notes, commercial paper, and Credit Facilities are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.

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~~Payments~~The ofnotes ~~ordinary/common~~issued ~~share~~during ~~dividends~~the tothird ~~shareholders~~quarter ~~were~~and ~~$382~~first ~~million~~nine months of fiscal 2025 are TEGSA’s unsecured senior obligations and ~~$365~~rank ~~million~~equally in ~~the~~right ~~first~~of ~~six~~payment ~~months~~with ofall ~~fiscal~~existing ~~2025~~and any future senior indebtedness of TEGSA and ~~2024,~~senior ~~respectively~~to any subordinated indebtedness that TEGSA may incur.

InDuring ~~March~~the ~~2025,~~first ~~our~~nine ~~board~~months of ~~directors~~fiscal ~~declared~~2025, aTEGSA ~~regular~~repaid, ~~quarterly~~at ~~dividend~~maturity, €550 million of $0.7100% ~~per~~senior ~~ordinary~~notes ~~share,~~due ~~payable~~in onFebruary ~~June 10,~~ 2025~~, to shareholders of record on May 21, 2025~~.

~~During~~At ~~the~~September ~~first~~27, ~~six months of fiscal 2025~~2024, ~~our~~TEGSA ~~board~~had ~~of directors authorized an increase of~~ $~~2.5~~255 ~~billion in our share repurchase program. We repurchased approximately four~~ million of ~~our~~commercial ~~ordinary~~paper ~~shares~~outstanding ~~for~~at ~~$615~~a ~~million~~weighted-average ~~and~~interest ~~approximately~~rate ~~six million~~ of ~~our~~4.95%. ~~common~~TEGSA ~~shares~~had ~~for~~no ~~$826~~commercial ~~million~~paper ~~under~~outstanding ~~the~~at ~~share~~June ~~repurchase program during the first six months of fiscal 2025 and 2024~~27, ~~respectively. At March 28,~~ 2025~~, we had $2~~.~~1 billion of availability remaining under our share repurchase authorization.~~

TEGSA has a five-year unsecured senior revolving credit facility (“Credit Facility”) with a maturity date of April 2029 and aggregate commitments of $1.5 billion. TEGSA had no borrowings under the Credit Facility at June 27, 2025 or September 27, 2024.

The Credit Facility contains a financial ratio covenant providing that if, as of the last day of each fiscal quarter, our ratio of Consolidated Total Debt to Consolidated EBITDA (as defined in the Credit Facility) for the then most recently concluded period of four consecutive fiscal quarters exceeds 3.75 to 1.0, an Event of Default (as defined in the Credit Facility) is triggered. The Credit Facility and our other debt agreements contain other customary covenants. None of our covenants are presently considered restrictive to our operations. As of June 27, 2025, we were in compliance with all of our debt covenants and believe that we will continue to be in compliance with our existing covenants for the foreseeable future.

In addition to the Credit Facility, TEGSA is the borrower under our senior notes and commercial paper. Payment obligations under TEGSA’s senior notes, commercial paper, and Credit Facility are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc.

Payments of ordinary/common share dividends to shareholders were $594 million and $564 million in the first nine months of fiscal 2025 and 2024, respectively.

In June 2025, our board of directors declared a regular quarterly dividend of $0.71 per ordinary share, payable on September 12, 2025, to shareholders of record on August 22, 2025.

During the first nine months of fiscal 2025, our board of directors authorized an increase of $2.5 billion in our share repurchase program. We repurchased approximately six million of our ordinary shares for $916 million and approximately nine million of our common shares for $1,235 million under the share repurchase program during the first nine months of fiscal 2025 and 2024, respectively. At June 27, 2025, we had $1.8 billion of availability remaining under our share repurchase authorization.

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Summarized Guarantor Financial Information

As discussed above, our senior notes, commercial paper, and Credit ~~Facilities~~Facility are issued by TEGSA and are fully and unconditionally guaranteed on an unsecured basis by TEGSA’s parent, TE Connectivity Switzerland Ltd., and its parent, TE Connectivity plc. In addition to being the issuer of our debt securities, TEGSA owns, directly or indirectly, all of our operating subsidiaries. The following tables present summarized financial information, excluding investments in and equity in earnings of our non-guarantor subsidiaries, for TE Connectivity plc, TE Connectivity Switzerland Ltd., and TEGSA on a combined basis.


	~~March~~June 2827,		September 27,
	2025		2024
	(in millions)
Balance Sheet Data:
Total current assets	$	~~2,541~~628	$	1,164
Total noncurrent assets(1)		32,~~430~~978		2,377

Total current liabilities		21,~~697~~320		1,362
Total noncurrent liabilities(2)		1011,~~937~~020		10,738

(1) Includes $32,~~410~~969 million and $2,368 million as of ~~March~~June 2827, 2025 and September 27, 2024, respectively, of intercompany loans receivable from non-guarantor subsidiaries.

(2) Includes $75,~~633~~925 million and $7,309 million as of ~~March~~June 2827, 2025 and September 27, 2024, respectively, of intercompany loans payable to non-guarantor subsidiaries.


	For the		For the
	~~Six~~Nine Months Ended		Fiscal Year Ended
	~~March~~June 2827,		September 27,
	2025		2024
	(in millions)
Statement of Operations Data:
Income (loss) from continuing operations	$	145	$	(271)
Loss from continuing operations	$	(238)	$	(271)
Net income (loss)		145		(271)
Net loss		(238)		(271)

Guarantees

In certain instances, we have guaranteed the performance of third parties and provided financial guarantees for uncompleted work and financial commitments. The terms of these guarantees vary with end dates ranging from fiscal 2025 through the completion of such transactions. The guarantees would be triggered in the event of nonperformance, and the potential exposure for nonperformance under the guarantees would not have a material effect on our results of operations, financial position, or cash flows.

33At June 27, 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $217 million.

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At March 28, 2025, we had outstanding letters of credit, letters of guarantee, and surety bonds of $191 million, including letters of credit of $22 million associated with the divestiture of our former Subsea Communications business. We contractually agreed to continue to honor letters of credit related to the business’ projects that existed as of the date of sale; however, based on historical experience, we do not anticipate having to perform on these guarantees.

Commitments and Contingencies

Legal Proceedings

Trade Compliance Matters

As previously disclosed, we had been investigating our past compliance with relevant U.S. trade controls and had made voluntary disclosures of apparent trade controls violations to the U.S. State Department’s Directorate of Defense Trade Controls (“DDTC”). During the second quarter of fiscal 2025, DDTC closed its investigations regarding these matters without fine, penalty, or further action, and we released amounts previously reserved for potential fines and penalties relating to these matters.

Critical Accounting Policies and Estimates

The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses.

Our accounting policies for revenue recognition, goodwill and other intangible assets, income taxes, and pension plans are based on, among other things, judgments and assumptions made by management. For additional information regarding these policies and the underlying accounting assumptions and estimates used in these policies, refer to “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and the Consolidated Financial Statements and accompanying notes contained in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024. There were no significant changes to this information during the first ~~six~~nine months of fiscal 2025.

Accounting Pronouncement

See Note 1 to the Condensed Consolidated Financial Statements for additional information regarding a recently issued accounting pronouncement.

Non-GAAP Financial Measure

Organic Net Sales Growth (Decline)

We present organic net sales growth (decline) as we believe it is appropriate for investors to consider this adjusted financial measure in addition to results in accordance with GAAP. Organic net sales growth (decline) represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic net sales growth (decline) is a useful measure of our performance because it excludes items that are not completely under management’s control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity.

Organic net sales growth (decline) provides useful information about our results and the trends of our business. Management uses this measure to monitor and evaluate performance. Also, management uses this measure together with GAAP financial measures in its decision-making processes related to the operations of our reportable segments and our overall company. It is also a significant component in our incentive compensation plans. We believe that investors benefit from having access to the same financial measures that management uses in evaluating operations. The tables presented in “Results of Operations” and “Segment Results” provide reconciliations of organic net sales growth (decline) to net sales growth (decline) calculated in accordance with GAAP.

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GAAP financial measures in its decision-making processes related to the operations of our reportable segments and our overall company. It is also a significant component in our incentive compensation plans. We believe that investors benefit from having access to the same financial measures that management uses in evaluating operations. The tables presented in “Results of Operations” and “Segment Results” provide reconciliations of organic net sales growth (decline) to net sales growth (decline) calculated in accordance with GAAP.

Organic net sales growth (decline) is a non-GAAP financial measure and should not be considered a replacement for results in accordance with GAAP. This non-GAAP financial measure may not be comparable to similarly-titled measures reported by other companies. The primary limitation of this measure is that it excludes the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using organic net sales growth (decline) in combination with net sales growth (decline) to better understand the amounts, character, and impact of any increase or decrease in reported amounts.

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Forward-Looking Information

Certain statements in this Quarterly Report on Form 10-Q are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include, among others, the information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, acquisitions, divestitures, the effects of competition, and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” and “should,” or the negative of these terms or similar expressions.

Forward-looking statements involve risks, uncertainties, and assumptions. Actual results may differ materially from those expressed in these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements after we file this report except as required by law.

The following and other risks, which are described in greater detail in “Part I. Item 1A. Risk Factors,” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024, and in this report, could cause our results to differ materially from those expressed in forward-looking statements:

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conditions in the global or regional economies and global capital markets, and cyclical industry conditions, including recession, inflation, tariffs, and higher interest rates;

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conditions affecting demand for products in the industries we serve, particularly the automotive industry;

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risk of future goodwill impairment;

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pricing pressure and competition, including competitive risks associated with the pace of technological change;

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market acceptance of our new product introductions and product innovations and product life cycles;

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raw material availability, quality, and cost;

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product liability, warranty, and product recall claims and our ability to defend such claims;

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fluctuations in foreign currency exchange rates and impacts of offsetting hedges;

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financial condition and consolidation of customers and vendors;

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reliance on third-party suppliers;

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risks associated with current and future acquisitions and divestitures;

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global risks of business interruptions due to natural disasters or other disasters which have impacted and could continue to negatively impact our results of operations as well as customer behaviors, business, and manufacturing operations as well as our facilities and the facilities of our suppliers, and other aspects of our business;

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global risks of political, economic, and military instability, including the continuing military conflicts in certain parts of the world, and volatile and uncertain economic conditions and the evolving regulatory system in China;

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risks associated with cybersecurity incidents and other disruptions to our information technology infrastructure, including as a result of artificial intelligence;

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risks related to compliance with current and future environmental and other laws and regulations, including those related to climate change;

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risks related to the increasing scrutiny and expectations regarding environmental, social, and governance matters;

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risks associated with compliance with applicable antitrust or competition laws or applicable trade regulations;

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our ability to protect our intellectual property rights;

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risks of litigation, regulatory actions, and compliance issues;

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our ability to operate within the limitations imposed by our debt instruments;

● the possible effects on us of various non-U.S. and U.S. legislative proposals and other initiatives that, ~~if adopted,~~ could materially increase our worldwide corporate effective tax rate, increase global cash taxes, and negatively impact our U.S. government contracts business;

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requirements related to chemical usage, hazardous material content, recycling, and other circular economy initiatives;

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various risks associated with being an Irish corporation;

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the impact of fluctuations in the market price of our shares; and

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the impact of certain provisions of our articles of association on unsolicited takeover proposals.

There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes in our exposures to market risk during the first ~~six~~nine months of fiscal 2025. For further discussion of our exposures to market risk, refer to “Part II. Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934), as of ~~March~~June 2827, 2025. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of ~~March~~June 2827, 2025.

Richards Manufacturing Acquisition

We acquired Richards Manufacturing on April 1, 2025. For additional information regarding the acquisition, see Note 3 to the Condensed Consolidated Financial Statements.

U.S. Securities and Exchange Commission (“SEC”) guidance permits management to omit an assessment of an acquired business’ internal control over financial reporting from management’s assessment of internal control over financial reporting for a period not to exceed one year from the date of acquisition. We are in the process of integrating the Richards Manufacturing operations within our internal control structure. Accordingly, we intend to exclude Richards Manufacturing from our annual assessment of internal control over financial reporting as of September 26, 2025.

Changes in Internal Control Over Financial Reporting

During the quarter ended ~~March~~June 2827, 2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There have been no material developments in our legal proceedings since we filed our Annual Report on Form 10-K for the fiscal year ended September 27, 2024. Refer to “Part I. Item 3. Legal Proceedings” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024 for additional information regarding legal proceedings.

Environmental Matters

Item 103 of Regulation S-K requires the disclosure of certain environmental matters in which a governmental authority is a party to the proceedings and when such proceedings involve the potential for monetary sanctions that we reasonably believe will exceed a specified threshold. In accordance with the ~~U.S. Securities and Exchange Commission (“~~SEC”) guidance on this item, we have chosen a reporting threshold for such proceedings of $1 million. Applying this threshold, there are no environmental matters to disclose for the quarter ended ~~March~~June 2827, 2025.

ITEM 1A. RISK FACTORS

There have been no material changes in our risk factors from those disclosed in “Part I. Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 27, 2024 except as set forth below. The risk factors described in our Annual Report on Form 10-K, in addition to other information described below and in this report, could materially affect our business operations, financial condition, or liquidity. Additional risks and uncertainties not currently known to us or that we currently believe are immaterial may also impair our business operations, financial condition, and liquidity.

If any of our operations are found not to comply with applicable antitrust or competition laws or applicable trade regulations, our business may suffer.

Our operations are subject to applicable antitrust and competition laws in the jurisdictions in which we conduct our business, in particular the U.S. and the European Union. These laws prohibit, among other things, anticompetitive agreements and practices. If any of our commercial agreements and practices with respect to the electronic components or other markets are found to violate or infringe such laws, we may be subject to civil and other penalties. We may also be subject to third-party claims for damages. Further, agreements that infringe these antitrust and competition laws may be void and unenforceable, in whole or in part, or require modification to be lawful and enforceable. If we are unable to enforce our commercial agreements, whether at all or in material part, our results of operations, financial position, and cash flows could be adversely affected.

We also must comply with applicable trade regulations in the jurisdictions where we operate. A small portion of our products, including defense-related products, may require governmental import and export licenses, the issuance of which may be influenced by geopolitical and other events. Any failure to maintain compliance with trade regulations could limit our ability to import and export raw materials and finished goods into or from the relevant jurisdiction, which could negatively impact our results of operations, financial position, and cash flows.

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U.S. federal tax laws could result in adverse consequences to U.S. persons treated as owning 10% or more of our shares.

Although we are an Irish company, application of current U.S. tax law ownership attribution rules may cause non-U.S. subsidiaries to be treated as Controlled Foreign Corporations (“CFCs”) for U.S. federal income tax purposes. Under the current rules, a U.S. person that is treated for U.S. federal income tax purposes as owning, directly, indirectly, or constructively, 10% or more of our shares may be required to annually report and include in its U.S. taxable income its pro rata share of certain types of income earned by our subsidiaries that are treated as CFCs, whether or not we make any distributions to such U.S. shareholder. Under recently enacted legislation, the current attribution rules cease to apply for tax years of foreign corporations beginning after December 31, 2025, and, as a result, based on our current ownership structure, our non-U.S. subsidiaries will not be treated as CFCs as of our tax year beginning September 28, 2026. A U.S. person that owns 10% or more of our shares should consult a tax adviser regarding the potential implications. The risk of U.S. federal income tax reporting and compliance obligations with respect to our subsidiaries that are treated as CFCs may deter our current shareholders from increasing their investment in us, and others from investing in us, which could impact the demand for, and value of, our shares.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table presents information about our purchases of our ordinary shares during the quarter ended ~~March~~June 2827, 2025:


					Maximum
				Total Number of	Approximate
				Shares Purchased	Dollar Value
				as Part of	of Shares that May
	Total Number	Average Price		Publicly Announced	Yet Be Purchased
	of Shares	Paid Per		Plans or	Under the Plans
Period	Purchased(1)	Share		Programs(2)	or Programs(2)
December 28, 2024–January 24, 2025	577,891	$	145.03	577,891	$	2,351,288,741
March 29–April 25, 2025	710,166	$	131.31	710,166	$	2,036,747,701
January 25–February 28, 2025	778,329		150.36	778,329		2,234,256,827
April 26–May 30, 2025	729,423		156.41	729,423		1,922,655,633
March 1–March 28, 2025	708,332		147.19	708,332		2,129,998,755
May 31–June 27, 2025	568,623		164.82	568,623		1,828,935,837
Total	2,~~064~~008,~~552~~212		~~147~~149.7892	2,~~064~~008,~~552~~212

(1) During the quarter ended ~~March~~June 2827, 2025, all purchases were open market purchases of ordinary shares, summarized on a trade-date basis, made in conjunction with the share repurchase program originally announced in September 2007. This table does not include ordinary shares that we withheld in order to satisfy tax withholding requirements for the vesting and release of restricted stock units.

(2)

Our share repurchase program authorizes us to purchase a portion of our outstanding ordinary shares from time to time through open market or private transactions, depending on business and market conditions. The share repurchase program does not have an expiration date. See Note 14 to the Condensed Consolidated Financial Statements for additional information regarding our share repurchase program.

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

In the quarter ended ~~March~~June 2827, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a plan for the purchase or sale of our securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a non-Rule 10b5-1 trading arrangement for the purchase or sale of our securities, within the meaning of Item 408 of Regulation S-K.

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ITEM 6. EXHIBITS


Exhibit Number		Exhibit
2.1	*	Transaction Agreement, dated February 11, 2025, by and among OCM Power V AIV Holdings (Delaware), L.P., OCM Power VI AIV Holdings (Delaware), L.P., OCM Power V Relay CTB, LLC, OCM Power VI Relay CTB, LLC, Relay Holding, LLC, TE Connectivity Corporation, Stella I LLC, TE Connectivity PLC, and OCM Power V AIV Holdings (Delaware), L.P.(1)
4.1		Second Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 6, 2025 (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on May 6, 2025)
4.1		Amended and Restated Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025 (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on January 31, 2025)
4.2		Third Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025 (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on May 9, 2025)
4.2		First Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated January 31, 2025 (incorporated by reference to Exhibit 4.2 of our Current Report on Form 8-K, filed with the SEC on January 31, 2025)
4.3		Fourth Supplemental Indenture among Tyco Electronics Group S.A., as issuer, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as additional guarantor, and Deutsche Bank Trust Company Americas, as trustee, dated May 9, 2025 (incorporated by reference to Exhibit 4.2 of our Current Report on Form 8-K, filed with the SEC on May 9, 2025)
10.1		364-Day Senior Credit Agreement, dated as of March 14, 2025 by and among Tyco Electronics Group S.A., as borrower, TE Connectivity plc, as parent guarantor, TE Connectivity Switzerland Ltd., as intermediate guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K, filed with the SEC on March 17, 2025)
22.1	*	Guaranteed Securities
31.1	*	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	*	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	**	Certification by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	*	Inline XBRL Instance Document(21)
101.SCH	*	Inline XBRL Taxonomy Extension Schema Document
101.CAL	*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	*	Cover Page Interactive Data File(32)

*Filed herewith

**	Furnished herewith

(1) The ~~schedules~~instance todocument ~~the~~does ~~Transaction~~not ~~Agreement~~appear ~~have~~in ~~been omitted pursuant to Item 601(a)(5) and Item 601(b)(2) of Regulation S-K. We will furnish copies of any of~~ the ~~omitted~~Interactive ~~schedules~~Data toFile ~~the~~because ~~SEC upon~~ its ~~request;~~XBRL ~~provided,~~tags ~~however,~~are ~~that~~embedded wewithin ~~may request confidential treatment pursuant to Rule 24b-2 of~~ the ~~Exchange~~Inline ~~Act~~XBRL ~~for any schedules so furnished.~~document

(2) ~~The~~Formatted ~~instance document does not appear~~ in ~~the~~Inline ~~Interactive Data File because its~~ XBRL ~~tags~~and ~~are~~contained ~~embedded~~in ~~within~~exhibit ~~the Inline XBRL document~~101

(3) Formatted in Inline XBRL and contained in exhibit 101

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	TE CONNECTIVITY PLC

	By:	/s/ Heath A. Mitts Heath A. Mitts Executive Vice President and Chief Financial Officer (Principal Financial Officer)

Date: ~~April~~July 2825, 2025

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