Universal Display (OLED) 51st Nasdaq London Investor Conference summary

OLED market overview and adoption trends

• OLED penetration in smartphones exceeds 55%, with adoption expanding into mid and lower-tier models and continued growth expected in coming years.

• TV market OLED penetration remains at about 3%, representing a significant opportunity due to larger display sizes and material needs.

• IT market OLED penetration is low (3%-4%) but poised for growth, especially after major OEMs like Apple adopted OLED in tablets.

• Major customers are investing $20 billion in new IT display capacity, with new fabs expected online by 2026.

• Automotive OLED adoption is currently small but expected to grow, especially in EVs and select combustion vehicles.

Competitive landscape and differentiation

• High barriers to entry are maintained through a portfolio of over 6,000 patents covering materials, device architectures, and manufacturing methods.

• Decades of experience and ongoing innovation in material science support continued leadership.

• Strong, longstanding customer relationships reinforce market position.

• The company closely monitors increased competition, particularly from China.

Technology and product development

• Red and green phosphorescent emitters have seen 60%-70% energy efficiency improvement over the past decade.

• Blue phosphorescent emitter commercialization has been delayed beyond 2024, with additional months needed to reach commercial performance.

• Blue material offers 100% energy efficiency versus 25% for fluorescent, with broad applicability across device types.

• Manufacturing capacity for blue is ready, primarily in Ireland, with initial costs expected to be higher but offset by premium pricing.