Catcher Technology (2474) Q4 2025 earnings summary

Executive summary

• 4Q25 revenue was NT$4.363bn, down 10.2% quarter-over-quarter and 5.9% year-over-year, impacted by electronics component shortages and customer inventory adjustments, partially offset by medtech growth.

• Gross margin improved to 33.0% (+4.4pp q-o-q, +0.9pp y-o-y) due to favorable product mix, but operating margin declined to 13.7% on higher R&D expenses.

• Net profit after tax for 4Q25 was NT$2.378bn, down 17.5% q-o-q and 36.7% y-o-y; full-year 2025 NPAT was NT$7.147bn, down 49.5% y-o-y.

• Basic EPS for 4Q25 was NT$3.93 (vs. NT$4.62 in 3Q25 and NT$5.53 in 4Q24); full-year 2025 EPS was NT$11.33 (vs. NT$19.40 in 2024).

Financial highlights

• 2025 revenue grew 3.2% y-o-y to NT$18.659bn, driven by medtech contributions.

• Gross profit for 2025 was NT$5.904bn (+0.6% y-o-y), with gross margin at 31.6% (-0.8pp y-o-y).

• Operating profit for 2025 was NT$3.104bn (-5.8% y-o-y); operating margin at 16.6% (-1.6pp y-o-y).

• Net FX losses of NT$1.293bn in 2025 (vs. FX gains of NT$4.045bn in 2024); net interest income was NT$6.461bn (vs. NT$9.301bn in 2024).

• EBITDA for 2025 was NT$4.714bn (-8.8% y-o-y); CAPEX was NT$746mn (vs. NT$1,370mn in 2024).

Outlook and guidance

• Ongoing diversification into medtech, semiconductor, and aerospace sectors, with significant investments planned over 5–10 years.

• Overseas expansion includes new facilities in Thailand and Vietnam, with production ramp-up scheduled for 2026–2027.

• Strategic focus on R&D, global production capacity, and M&A to drive long-term growth.