Nan Ya Printed Circuit Board (8046) Q4 2025 earnings summary

Executive summary

• 2025 consolidated revenues reached NTD 40.2 billion (or $40.17 billion), with a market value of NTD 155.73 billion as of December 31, 2025.

• Revenue rebounded in 2025, driven by demand for high-end IC substrates, AI, and networking applications, with net profit surging to $1.95 billion from $204 million in 2024.

• Operating profit recovered significantly in 2025 after a sharp decline in 2024, reflecting a shift to high value-added cloud and networking products.

• Gross margin improved to 9% in 2025 from 1% in 2024, reflecting better cost control and higher sales.

• Cash dividends increased to $2.00 per share for 2025, up from $1.00 in 2024.

Financial highlights

• 2025 revenues increased 24.4% year-over-year, following a 23.6% decline in 2024 due to telecom inventory correction.

• Operating revenue: $40.17 billion in 2025 vs. $32.28 billion in 2024.

• Net profit: $1.95 billion in 2025 vs. $204 million in 2024.

• Quarterly revenues in 2025 showed sequential growth: Q2 up 13.3%, Q3 up 14.4%, Q4 up 1.8%.

• Operating profit margin improved to 15.0% in 2025, up from -3.9% in 2024.

Outlook and guidance

• Focus on expanding high-value product lines, especially for AI servers, next-gen switches, and storage.

• Plans to enhance profitability by developing substrates for AI, 5G, and power management modules.

• Adoption of new IFRS standards in 2026 and 2027 is not expected to have a significant impact.

• Management continues to monitor global minimum tax developments, with no material impact expected for 2025.