Cheng Shin Rubber (2105) Q1 2026 earnings summary

Executive summary

• Consolidated revenue for Q1 2026 was NT$23,428 million, up 1% year-over-year, with net profit of NT$1,855 million, a 28% increase from Q1 2025.

• Operating profit margin improved to 10% from 9% year-over-year, and EPS rose to NT$0.57 from NT$0.45.

• The review report is qualified due to certain subsidiaries' financials not being reviewed by independent auditors, representing up to 17% of assets and 21% of revenue.

Financial highlights

• Gross margin increased to 25% from 23% year-over-year.

• Operating profit was NT$2,327 million, up 20% year-over-year.

• Net cash from operating activities was NT$3,847 million, up from NT$1,658 million in Q1 2025.

• Cash and cash equivalents at quarter-end were NT$27,885 million, up from NT$26,503 million a year ago.

• Total assets stood at NT$146,931 million, with equity at NT$85,422 million and liabilities at NT$61,509 million.

Outlook and guidance

• Management expects continued stable demand across key markets and maintains a conservative capital structure.

• No significant impact from new IFRS standards adopted in 2026.