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Merida Industry (9914) investor relations material
Merida Industry Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Launched new e-bike model Lethos on June 19, 2026, and held multiple global product launches in Germany and Spain, with another major event planned for summer 2026.
Subsidiary sales grew 13% year-over-year from January to May 2026, driven by European market recovery and new product introductions.
Inventory levels normalized, supporting accelerated new product rollout.
Financial highlights
Group revenue from subsidiaries increased 16% in Q1 2026 compared to the previous year.
Gross margin improved to 16.60% in Q1 2026, up from 13.60% in Q4 2025, due to a higher mix of new products and more stable foreign exchange rates.
Inventory decreased by 21% at the end of 2025 compared to the end of 2024 and remained stable into 2026.
Outlook and guidance
Ongoing inventory destocking, but signs of modest market recovery in Europe and China.
Continued new product launches expected to stimulate demand, with a global dealer event scheduled in Europe for July 2026.
- First-half 2025 profit dropped 24% on lower sales and significant FX losses.9914
Q2 202525 May 2026 - Net profit rebounded to NT$1,216 million in 2025 despite a 10% revenue decline.9914
Q4 202524 Apr 2026 - Revenue and profit fell year-over-year, with gross margin at 15% and strong liquidity maintained.9914
Q3 20255 Dec 2025 - Revenue up 29% year-over-year in Q1 2025, with net profit and EPS both increasing.9914
Q1 20258 Aug 2025 - Revenue up 6% but net profit down 14% as higher costs and associate losses weighed on results.9914
Q3 202413 Jun 2025 - First-half 2024 revenue fell 4% and net profit dropped 13%, but gross margin rose to 20%.9914
Q2 202413 Jun 2025 - Net loss of NT$699 million in 2024, mainly due to significant losses from associates.9914
Q4 202413 Jun 2025
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