Delta Electronics (2308) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NT$161.6 billion, a record high, up 42% year-over-year and 8% sequentially, driven by strong data center demand.

• Gross profit in Q4 was NT$55.9 billion, up 59% year-over-year, with a gross margin of 34.6%.

• Operating profit for Q4 surged 147% year-over-year to NT$26.4 billion, with an operating margin of 16.3%.

• Net profit after tax for Q4 was NT$17.3 billion, up 141% year-over-year, with EPS of NT$6.67.

• Full-year 2025 revenue was NT$554.9 billion, up 32% year-over-year, and net profit after tax was NT$60.1 billion, with EPS of NT$23.14.

Financial highlights

• Q4 EBITDA was NT$32.7 billion, up 92% year-over-year, with an EBITDA margin of 20.2%.

• Full-year 2025 EBITDA reached NT$117.9 billion, up 51% year-over-year, with a margin of 21.3%.

• Q4 pre-tax profit was NT$25.6 billion; effective tax rate was 23.4%.

• Full-year pre-tax income was NT$87.9 billion.

• Proposed cash dividend for the year is NT$11.6 per share.

Outlook and guidance

• OpEx expected to increase in 2025 due to ongoing R&D investment and expansion of service teams.

• CapEx for 2025 projected to be slightly higher than 2024.

• Main growth drivers anticipated to be AI data centers, power electronics, and infrastructure.

• Q1 expected to be seasonally lower due to fewer working days, with Q2 likely stronger.