Chunghwa Telecom (2412) Q4 2024 earnings summary

Executive summary

• Achieved seven-year highs in full-year operating income, income before tax, EPS, and total revenue, all exceeding the high end of guidance, with five consecutive years of annual EPS growth.

• Maintained leading market share in Taiwan's mobile sector, with 40.3% revenue and 37.9% subscriber share, and strong 5G and broadband growth.

• Strategic partnerships, such as with NTT for IOWN technology and Open RAN, advanced 5G, satellite, and global expansion initiatives.

• Maintained inclusion in the Dow Jones Sustainability World Index and received top ESG and trustworthiness recognitions.

Financial highlights

• Q4 2024 revenue rose 5.6% year-over-year to NT$65.35bn; full-year revenue up 3.1% to NT$230.03bn.

• Q4 operating income up 11.5% year-over-year to NT$11.65bn; full-year up 1.1% to NT$46.88bn.

• Q4 net income increased 9.0% year-over-year to NT$9.00bn; full-year net income up 0.8% to NT$37.21bn.

• Q4 EPS up 9.0% year-over-year to NT$1.16; full-year EPS up 0.8% to NT$4.80.

• Free cash flow for 2024 increased 14.9% to NT$50.35bn; EBITDA margin stable at 37.6%.

Outlook and guidance

• 2025 revenue expected to rise 1.2%–1.6% to NT$232.74–233.74bn, driven by core business, 5G, broadband, and ICT.

• Net income guidance: NT$35.84–37.39bn; EPS: NT$4.62–4.82.

• 2025 CAPEX budgeted at NT$32.36bn, up 12.3%, focusing on AI, data centers, submarine cables, and 5G; mobile CAPEX down, non-mobile up.

• Operating costs projected to rise 2.4% due to talent and electricity; operating income to decrease by up to 3.4%.