ASMPT (0522) Q4 2025 earnings summary

Executive summary

• Group bookings and revenue grew strongly in FY2025, fueled by AI-driven demand and technology leadership in TCB for Logic and Memory, with robust performance in both SEMI and SMT segments.

• Advanced Packaging, especially TCB solutions, was a key growth engine, achieving record revenue and market share gains in both Logic and Memory applications.

• SMT bookings and revenue were robust, supported by AI server and China EV demand, with mainstream business in China growing 18% YoY.

• Divestment of ASMPT NEXX and completion of AAMI (lead frame business) sale sharpened focus on Back-End Packaging and improved agility.

• CEO Robin Ng announced his planned retirement, with a transition period until a successor is appointed.

Financial highlights

• FY2025 revenue from continuing operations reached US$1.76 billion (HK$13.74–14.52 billion), up 10% YoY, driven by TCB and AI demand.

• Bookings grew 21.7% YoY to US$1.86 billion (HK$14.48 billion); book-to-bill ratio at 1.05, highest since 2021.

• Adjusted gross margin for FY2025 was 38.3%, down 172bps YoY; adjusted net profit rose 24.5% YoY to HK$466.7 million.

• Q4 2025 revenue was US$508.9 million (HK$4.33 billion), up 12.2% QoQ and 30.9% YoY; adjusted net profit for Q4 was HK$119.9–181.3 million.

• Proposed total dividend for 2025 is HK$1.39 per share, more than double the prior year.

Outlook and guidance

• Q1 2026 revenue guidance: US$470–530 million, midpoint down 1.8% QoQ but up 29.5% YoY for continuing operations.

• SEMI segment expected to see sustained QoQ revenue growth, led by TCB and high-end die bonders; SMT to be impacted by seasonality.

• Group gross margin expected to improve in Q1 2026, with SEMI margins returning to mid-40s; SMT margins to remain stable.

• Bookings momentum anticipated to accelerate in Q1 2026, with Q1 bookings projected to be the highest in four years.

• Group expects structural industry growth from AI demand to drive revenue in 2026.