CSBC (2208) Q4 2025 earnings summary

Executive summary

• Revenue increased 50% year-over-year to $21.78 billion NTD, but net loss remained high at $2.26 billion NTD, though improved from $2.78 billion NTD in 2024.

• Major capital increases and private placements in early 2024 strengthened the balance sheet, raising over $5.9 billion NTD.

• Shipbuilding and vessel construction remain the core business, with three major customers accounting for 81% of 2025 revenue.

Financial highlights

• Sales revenue: $21.78 billion NTD in 2025, up from $14.49 billion NTD in 2024.

• Net loss: $2.26 billion NTD in 2025, improved from $2.78 billion NTD in 2024.

• Basic loss per share: ($1.77) in 2025, compared to ($2.20) in 2024.

• Gross margin remained negative at -10% in 2025, slightly better than -21% in 2024.

• Total assets increased to $46.4 billion NTD, up from $34.0 billion NTD.

Outlook and guidance

• Unfulfilled contract obligations reached $129.9 billion NTD, with revenue recognition expected through 2031.

• Management expects continued revenue growth as large shipbuilding and EPC projects progress.