Chunghwa Telecom (2412) Q1 2025 earnings summary

Executive summary

• Net income and EPS increased by 4.3%–6.2% year-over-year in Q1 2025, driven by strong operations in mobile, fixed-line, and ICT segments, as well as global expansion initiatives.

• Maintained leading market share in Taiwan's mobile sector, with 40.5% revenue share and 39.1% subscriber share as of March.

• Opened new offices in Texas and Arizona to support international business development.

• Received multiple awards for technology innovation, ESG leadership, and corporate governance.

• Board proposed a cash dividend of NT$5.00 per share for 2024, pending shareholder approval.

Financial highlights

• Revenue reached NT$55.8–55.81 billion, up 1.6% year-over-year, marking the fifth consecutive year of growth.

• Net income rose 4.3%–6.2% year-over-year to NT$9.80–10.2 billion; EPS increased to NT$1.26.

• EBITDA grew 3.2% to over NT$22.5 billion, with EBITDA margin at a nine-year Q1 high of 40.37%.

• Free cash flow declined by 17.4% year-over-year to NT$7.50 billion due to higher CapEx and lower operating cash flow.

• Operating income for Q1 2025 was NT$12.5 billion, up 5% year-over-year.

Outlook and guidance

• Q1 2025 revenue, net income, and EPS all exceeded internal forecasts, with revenue at 99.4–99.8% of target and net income at 108.9–111.2%.

• Four-year mobile-related CapEx is projected to be lower than 2024, despite front-loaded investments in Q1.

• Board approved a satellite investment project with Astranis Space Technologies Corp. in April 2025, up to USD 115 million.

• 2024 cash dividend proposal of NT$5.00 per share reflects confidence in future cash flows.