Elite Material (2383) Q4 2025 earnings summary

Executive summary

• Achieved strong year-over-year growth in revenue and profitability for both 4Q25 and FY2025, with significant expansion in high-end laminate market share.

• Maintained global leadership in premium CCL segments, especially in mSAP, HDI, and high-speed green laminates.

• Operating revenue for 2025 reached $94,260,578 thousand, up 46% year-over-year from $64,376,727 thousand in 2024, with net income rising to $14,644,888 thousand from $9,568,985 thousand.

• Gross profit margin improved to 30% in 2025 from 28% in 2024, reflecting higher sales and operational efficiency.

• Major investments included plant expansion and land acquisition, with significant capital expenditures planned for 2026.

Financial highlights

• 4Q25 revenue NT$24,927M, up 34.3% YoY; net income NT$3,736M, up 41.3% YoY; EPS NT$10.44, up 36.1% YoY.

• FY2025 revenue NT$94,261M, up 46.4% YoY; net income NT$14,645M, up 53.0% YoY; EPS NT$41.67, up 49.8% YoY.

• Gross margin for FY2025 at 29.8%–30%, up from 28% YoY; operating margin at 20.3%, up 1.4 pts YoY.

• Cash and cash equivalents at year-end 2025 were $20,007,816 thousand, up from $14,988,308 thousand.

• Total assets grew to $107,912,536 thousand, with equity attributable to owners at $50,455,503 thousand.

Outlook and guidance

• High-end CCL market projected to grow at 40% CAGR (2024–2027); AI CCL addressable market to grow at 178% CAGR (2025–2027).

• Expects to outpace high-end CCL market growth, leveraging technology and capacity expansion.

• The Board approved major investments for 2026, including land acquisition ($2,780,000 thousand) and new plant construction ($12,404,335 thousand).

• Subsidiary expansion in Mainland China is planned, with an estimated investment of CNY $1,500,734 thousand.