BizLink (3665) Q4 2025 earnings summary

Executive summary

• Achieved eighth consecutive quarter-on-quarter sales growth, with 2025 consolidated revenue reaching NT$71.25 billion, up 32% year-over-year, and net profit at NT$9.01 billion, more than doubling from 2024.

• Growth was led by HPC and capital equipment, with HPC sales more than doubling year-over-year and capital equipment up over 50% year-over-year.

• Integration of XFS Communications completed in January 2026, enhancing optical interconnect and IoT/data center capabilities.

• Customer engagement is shifting from component supply to system-level collaboration, with increasing complexity in power delivery and data connectivity.

• Operational discipline led to improved operating leverage, stronger cash generation, and lower working-capital intensity.

Financial highlights

• Gross margin improved to 32% in 2025 from 28% in 2024, with 4Q25 gross margin at 31.93%.

• Operating margin rose to 18% in 2025 from 12% in 2024, with 4Q25 operating margin at 18.37%.

• Net profit margin for 2025 was 13%, up from 8% in 2024; EPS increased to NT$46.57.

• Free cash flow for 2024 was NT$3.8 billion; cash and cash equivalents at year-end 2025 were NT$14.40 billion.

• Non-cash, program-specific asset impairments were recognized, not indicative of underlying business weakness.

Outlook and guidance

• Growth is expected to be driven by higher system content, deeper engineering engagement, and earlier qualification cycles, with AI infrastructure scaling as a key driver.

• NPI activity is a key forward indicator, with many programs aligned to customer platform refresh cycles extending into 2026 and 2027.

• The Board proposed a cash dividend of NT$15.00 per share for 2025.

• Ongoing expansion includes a planned capital increase for overseas depositary receipts to fund growth and capacity.