WIN Semiconductors (3105) investor relations material

Executive summary

• Q4 2025 consolidated revenue reached NT$4,794 million, up 7% QoQ and 29% YoY, with gross margin at 31.8% due to higher-margin product mix and improved utilization.

• Full-year 2025 revenue was NT$16,638 million, down 4.7% YoY, but net profit attributable to owners surged 120% to NT$1,694 million, with EPS at NT$4.00.

• Product mix shifted toward infrastructure, aerospace, and AI data centers, reducing reliance on smartphones.

• Maintained positive operating cash flow and stable OPEX, with about 50% allocated to R&D.

• Consolidated financial statements for 2025 and 2024 were audited with an unmodified opinion, confirming fair presentation.

Financial highlights

• Q4 gross margin improved to 31.8%, up 4.9 percentage points sequentially, and operating margin rose to 13.9%.

• Q4 net income attributable to parent company was NT$1,029 million; net margin reached 20%.

• Full-year 2025 net income was NT$1,694 million (+120% YoY); EPS was NT$4.00 (+121% YoY); gross margin was 24%.

• Return on equity for 2025 was 4.3%; Q4 ROE was 10%.

• Total assets at year-end 2025 were NT$60,728,675 thousand; debt ratio was 30.86%.

Outlook and guidance

• Q1 2026 revenue expected to decline by high single digits QoQ due to seasonality and annual maintenance; gross margin projected in the mid-20s.

• Cellular PA segment expected to grow in Q1, while infrastructure, Wi-Fi, and optical segments will enter a low season.

• Depreciation expense in 2026 expected to decrease by 10%-20% YoY; CapEx for 2026 projected at around NT$2 billion.

• Adoption of new IFRS standards in 2026 and 2028 is not expected to have significant impact.

• The group is monitoring climate-related risks and implementing carbon reduction plans.