ITEQ (6213) Q4 2025 earnings summary

Executive summary

• Revenue for FY2025 reached NTD 33,098 million, up 12.7% YoY; 4Q25 revenue was NTD 8,916 million, up 15.4% QoQ and 16.3% YoY.

• Net income to parent for FY2025 was NTD 1,510 million, up 83.7% YoY; 4Q25 net income was NTD 428 million, up 31.7% QoQ and 95.4% YoY.

• EPS for FY2025 was NTD 4.16 (basic), an 84% increase YoY.

• Gross margin for FY2025 was 14.5%, up from 12.6% in FY2024.

• Infrastructure applications accounted for 68% of FY2025 revenue, with strong growth in smartphone and infrastructure segments.

Financial highlights

• Operating income for FY2025 was NTD 2,401,780 thousand, up from NTD 1,350,667 thousand in 2024.

• Cash and cash equivalents at year-end 2025 were NTD 4,989,377 thousand.

• Total assets reached NTD 38,213,333 thousand, and total equity was NTD 21,267,030 thousand at year-end 2025.

• Dividend for FY2025 was NTD 3.0 per share, with a payout ratio of 72%.

• ROE for 4Q25 was 7.2%, up from 4.1% in 4Q24.

Outlook and guidance

• Continued growth expected from infrastructure and smartphone segments, driven by demand for high-speed/frequency materials.

• Expansion of global mobile network data traffic and AI server demand to drive further CCL content growth.

• Ongoing capacity expansion in Thailand and China to support future growth.

• Adoption of new IFRS standards is not expected to have a significant impact on future financials.

• Management continues to monitor market and regulatory changes, including IFRS 18 adoption in 2028.