Chunghwa Telecom (2412) Q4 2025 earnings summary

Executive summary

• 2025 delivered record financial performance, with revenue, operating income, net income, and EPS all exceeding guidance; full-year EPS reached an eight-year high of NT$4.99, marking six consecutive years of growth.

• Strategic focus on core telecom, ICT expansion, AI, satellite, and big data services, with new business models and government contracts secured.

• Multiple awards were received for ESG leadership and AI innovation, including a 20-year renewable energy CPPA to support net zero by 2045.

• Consolidated financial statements for 2025 and 2024 were audited with an unmodified opinion, confirming compliance with IFRS and local regulations.

Financial highlights

• Q4 2025 consolidated revenue was NT$65.65 billion, up 0.5% year-over-year; full-year 2025 revenue reached NT$236.11 billion, up 2.7% year-over-year.

• Q4 2025 net income was NT$9.29 billion, up 3.2% year-over-year; full-year net income was NT$40.5 billion, up 5.1% year-over-year.

• Q4 2025 EPS was NT$1.20, the highest Q4 EPS in 10 years; full-year EPS was NT$4.99, up from NT$4.80 in 2024.

• EBITDA for 2025 was NT$88.77 billion, up 2.6% year-over-year; EBITDA margin was 37.6%.

• Free cash flow for 2025 was NT$49.8 billion, down 1.4% year-over-year.

Outlook and guidance

• 2026 revenue is forecast at NT$241.99–243.68 billion, up 2.5–3.2% year-over-year, driven by 5G, fixed broadband, and ICT growth.

• 2026 EPS guidance is NT$4.82–5.02; net income forecast is NT$37.39–38.94 billion.

• Operating costs and expenses are projected to rise 3.5–3.7% due to talent investment, electricity, and depreciation.

• 2026 CapEx is budgeted at NT$31.91 billion, up 15.2%, with focus on submarine cables, IDC, and satellite.

• Proposed cash dividend for 2025 is NT$5.20 per share, pending shareholder approval.