ASMPT (0522) investor relations material

Executive summary

• Strong AI-driven demand boosted advanced packaging (AP) and mainstream businesses, with AP revenue rising to 39% of group total and leadership in TCB for logic and memory applications.

• Bookings exceeded expectations, with Q3 revenue guidance above market consensus; China bookings surged, especially in EV, consumer, and data center markets.

• Maintained gross margin above 40% despite FX headwinds; AP business saw robust growth from AI, photonics, and system-in-package solutions.

• Mainstream business benefited from AI data center and EV demand, driving power management tool sales and strong bookings in China.

• Surpassed 500 TCB tool installations worldwide, reinforcing market leadership and expanding customer base in logic and HBM applications.

Financial highlights

• H1 2025 revenue reached US$838M (HK$6.53B), up 0.7% YoY but down 3.3% HoH; Semi segment grew 31.7% YoY, while SMT declined.

• Bookings hit US$913M (HK$7.11B), up 12.4% YoY and 10.5% HoH; backlog and book-to-bill ratio above 1 for two quarters.

• H1 gross margin was 40.3%, up 121 bps HoH but down 65 bps YoY; OpEx fell 6.3% HoH, up 1% YoY due to R&D and IT investments.

• Operating profit rose 79.5% HoH but fell 12.2% YoY; adjusted net profit HK$218.1M, up 95.7% HoH, aided by one-off tax credits.

• Q2 2025 revenue was US$436M (HK$3.40B), up 8.9% QoQ and 1.8% YoY; gross margin 39.7%, down 119 bps QoQ.

Outlook and guidance

• Q3 2025 revenue expected between US$445M–US$505M, up 10.8% YoY and 8.9% QoQ at midpoint, above consensus.

• AP revenue to remain strong, SMT to improve; AP growth to be sustained by AI tailwinds and technology leadership.

• Mainstream business momentum in China and AI data centers; automotive and industrial markets to stay soft near term.

• TCB total addressable market projected at US$1B by 2027; focus on solidifying TCB market leadership in memory and logic.

• No immediate negative impact from tariffs, but global trade uncertainties persist.