ASMPT (0522) Q3 2025 earnings summary

Executive summary

• Q3 revenue was $468.0 million, up 7.6% QoQ and 9.5% YoY; AI-driven advanced packaging and mainstream demand, recurring TCB orders, and SMT recovery supported performance.

• Adjusted net profit was HKD 101.9 million, up 245.2% YoY but down 24.4% QoQ; reported net loss was HKD 268.6 million, including restructuring and inventory write-off costs.

• Q4 revenue guidance is $470 million–$530 million; 2026 is expected to be a growth year led by advanced packaging and supported by mainstream demand.

Financial highlights

• Q3 bookings were $462.5 million, up 14.2% YoY; excluding the panel deposition cancellation, bookings were $486.6 million, up 1.5% QoQ and 20.1% YoY.

• Backlog was $867.7 million at quarter-end; reported book-to-bill was 1.04, with SMT at 1.12 and SEMI at 0.96.

• Adjusted gross margin was 37.7%; adjusted operating profit was HKD 124.4 million, down 26.6% QoQ and 30.3% YoY; adjusted EPS was HKD 0.24.

• Adjusted net profit fell 24.4% QoQ, including the cancellation fee and absence of prior-quarter tax credits; YoY growth reflected the fee and lower FX impact.

Outlook and guidance

• Q4 revenue guidance is $470 million–$530 million, with midpoint growth of 6.8% QoQ and 14.3% YoY; growth is expected from both SEMI and SMT.

• Q4 bookings are expected broadly flat QoQ on the reported Q3 base; SEMI bookings are expected to rise, mainly on TCB, while SMT bookings are expected to decline on a high base.

• Group gross margin is expected to accrete slightly if segment mix holds; SEMI margin is also expected to improve slightly, subject to mix.

• 2026 is expected to be a growth year led by AI-related advanced packaging; TCB TAM could exceed $1 billion in 2027.

• Chip-to-wafer TCB shipments are expected in 2026; HBM revenue timing depends on customer technology roadmaps.