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Merida Industry (9914) investor relations material
Merida Industry Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue and profitability improved in 1H 2026, with EPS at 2.15 (Q1: 1.09, Q2: 1.06), driven by growth in Taiwan, China, and European subsidiaries.
Market demand recovered, especially in Europe and China, leading to sales growth for subsidiaries.
New product launches and expanded customization offerings supported premium market penetration.
Financial highlights
Group revenue increased in 1H 2026, with subsidiaries in Europe and China showing notable sales growth.
Gross margin improved to 18.2% in Q2 2026, up from 16.6% in Q1, due to a higher mix of new products and stable FX rates.
Inventory levels have declined since 2024 and stabilized through mid-2026.
Profitability improved YOY: Taiwan HQ +48%, China +39%, global sales companies +49%.
Outlook and guidance
Market inventory destocking is nearly complete, with moderate growth expected as new models stimulate demand.
Continued focus on launching new products and strengthening marketing to drive sales.
2026 is expected to mirror 2025 in terms of effective tax rate and regional profit distribution.
- Revenue and profit fell sharply, but gross margin and liquidity remained stable; US market weak.9914
Q1 2026 - First-half 2025 profit dropped 24% on lower sales and significant FX losses.9914
Q2 2025 - Net profit rebounded to NT$1,216 million in 2025 despite a 10% revenue decline.9914
Q4 2025 - Revenue and profit fell year-over-year, with gross margin at 15% and strong liquidity maintained.9914
Q3 2025 - Revenue up 29% year-over-year in Q1 2025, with net profit and EPS both increasing.9914
Q1 2025 - Revenue up 6% but net profit down 14% as higher costs and associate losses weighed on results.9914
Q3 2024 - First-half 2024 revenue fell 4% and net profit dropped 13%, but gross margin rose to 20%.9914
Q2 2024 - Net loss of NT$699 million in 2024, mainly due to significant losses from associates.9914
Q4 2024
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