Merida Industry (9914) Q4 2025 earnings summary

Executive summary

• Consolidated financial statements for 2025 and 2024 were audited and present fairly in accordance with IFRS and local regulations.

• Revenue mainly derives from the manufacture and sale of bicycles, e-bikes, and components, with export sales of e-bikes being significant.

• The group completed a major acquisition, increasing its stake in Merida & Centurion from 51% to 90% in 2025.

Financial highlights

• 2025 sales were NT$26,757 million, down 10% year-over-year from NT$29,633 million.

• Net profit for 2025 was NT$1,216 million, a turnaround from a net loss of NT$766 million in 2024.

• Gross profit margin decreased to 14% in 2025 from 18% in 2024.

• Basic EPS was NT$4.01 in 2025, compared to a loss per share of NT$2.34 in 2024.

• Cash and cash equivalents at year-end 2025 were NT$3,577 million.

Outlook and guidance

• The board proposed a 2025 cash dividend of NT$2.8 per share, pending shareholder approval.

• The group is assessing the impact of new IFRS standards effective from 2026 and 2027.