Chunghwa Telecom (2412) Q2 2025 earnings summary

Executive summary

• Revenue, operating income, net income, and EPS all exceeded the upper end of forecasts for Q2 and H1 2025, with Q2 revenue reaching a 10-year high, driven by core business and ICT growth.

• ICT revenue hit its highest level for a second quarter since 2021, fueled by strong enterprise demand.

• Achieved top ESG ratings, including MSCI ESG ‘AAA’, and received multiple industry awards for governance, innovation, and data center capabilities.

Financial highlights

• Q2 2025 revenue: NT$56.73bn, up 4.8% year-over-year; H1 2025 revenue: NT$112.54bn, up 3.2%.

• Q2 2025 net income: NT$10.60bn, up 4.9% year-over-year; H1 2025 net income: NT$20.80bn, up 5.5%.

• Q2 2025 EPS: NT$1.31, up 3.5% year-over-year; H1 2025 EPS: NT$2.57, up 3.9%.

• Q2 2025 EBITDA: NT$22.58bn, up 3.5% year-over-year; EBITDA margin: 39.8%.

• Free cash flow for H1 2025: NT$17.67bn, down 6.8% year-over-year.

Outlook and guidance

• Q2 and H1 2025 results exceeded the high end of guidance for revenue, net income, EPS, and EBITDA.

• CapEx/sales ratio increased to 10.7% in Q2 2025, reflecting higher investment activity; full-year mobile CapEx expected to be lower than 2024.

• Management expects continued growth in ICT and broadband, with ongoing investments in network resilience and international expansion.