HD Renewable Energy (6873) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was NT$5,405,681 thousand, down 10% year-over-year; Q3 revenue was NT$2,049,984 thousand, down 47% from Q3 2023.

• Net income attributable to owners for the nine months was NT$218,616 thousand, a 63% decrease year-over-year; Q3 net income was NT$37,000 thousand, down 92% from Q3 2023.

• Gross margin for the nine months was 25%, similar to the prior year; Q3 gross margin was 20%, down from 22% in Q3 2023.

• Significant expansion in assets and equity due to capital increases and acquisitions.

Financial highlights

• Total assets as of September 30, 2024, reached NT$30,573,243 thousand, up 65% from December 31, 2023.

• Total liabilities increased to NT$18,653,211 thousand, up 101% from December 31, 2023.

• Equity attributable to owners was NT$10,068,799 thousand, up 13% from December 31, 2023.

• Basic EPS for the nine months was NT$1.57, down from NT$5.00 year-over-year; Q3 EPS was NT$0.26, down from NT$3.59 in Q3 2023.

• Operating cash flow for the nine months was negative NT$2,695,578 thousand, compared to positive NT$1,403,582 thousand in the prior year.

Outlook and guidance

• The company expects to recognize NT$26.6 billion in future revenue from unfulfilled contract obligations, to be realized over the next one to three years.

• Ongoing expansion in Taiwan, Japan, and Australia, with significant investments in energy storage projects.