ASMPT (0522) Q3 2026 earnings summary

Executive summary

• Record Q3 bookings reached US$1,128.0m (HK$8,845.1m); revenue rose 48.7% YoY and adjusted EPS was HK$1.65, above consensus.

• AI infrastructure demand drove strong orders across TCB, SMT and Photonics, including record Photonics bookings and revenue on optical-module ramps.

• Strategy prioritizes technology-led, customer-driven growth, investing where technology can differentiate and deliver attractive returns.

Financial highlights

• Continuing-operations revenue was US$669.2m (HK$5,247.0m), up 6.3% QoQ and 48.7% YoY.

• Adjusted gross margin was 42.9%, up 35 bps QoQ and 517 bps YoY; adjusted operating profit was HK$922.4m, up 8.9% QoQ and 379.2% YoY.

• Adjusted net profit was HK$689.7m, up 8.2% QoQ and 486.3% YoY; adjusted basic EPS was HK$1.65, up 7.8% QoQ and 489.3% YoY.

• Reported operating profit was HK$798.6m; continuing-operations net profit was HK$533.2m versus a HK$286.2m loss YoY.

• Adjusted operating expenses rose 6.0% QoQ and 16.6% YoY, mainly on higher incentive provisions and increased volume.

Outlook and guidance

• Q4 2026 revenue guidance is US$670m–US$730m; the US$700m midpoint implies 4.6% QoQ and 37.5% YoY growth, above consensus.

• Q4 outlook assumes double-digit SMT growth and flat SEMI revenue, constrained by longer advanced-packaging lead times.

• Q4 bookings are expected to remain significantly above the prior year but below Q3’s record, as one-off SMT bulk orders and pull-ins unwind.

• AI demand is expected to sustain revenue growth in 2027; Photonics is expected to grow in 2027 and significantly in H2 2026 versus H1.