Nien Made Enterprise (8464) Investor presentation summary

Financial performance

• 3Q26 USD sales +8.5% YoY; operating income +15.9%, operating margin 29.1%, and EPS NT$6.38 (+9.6%).

• 1-3Q26 revenue NT$23,714mn (+6.4% YoY); operating income NT$6,686mn (+1.2%), net income NT$4,908mn (+5.8%), and EPS NT$16.75.

• FY2025 revenue NT$29,969mn (+1.5% YoY), operating income NT$8,917mn (+6.6%), and EPS NT$22.53 (-4.4%).

• FY2025 DPS NT$16, paid Apr 2026; policy targets payout of at least 50% of earnings available for distribution; ROE 23.7% vs WACC 9.7%.

Sales mix and growth outlook

• 3Q26 custom USD sales +6.5% YoY vs stock sales +0.1%; custom products were 72.9% of sales.

• 1-3Q26 USD sales +6.4% YoY; European sales +14.7% and American sales +4.1%.

• Custom channel 2021-2025 USD sales CAGR +6.2% vs stock channel -3.9%.

• Growth targets: North American custom window coverings mid-single digit; international custom high-single digit; stock window coverings low-single digit, all in USD.

Expansion and market reach

• Saitama warehouse opening planned for Nov 2026; Vietnam pilot run expected in Dec 2026.

• Mexico Phase 2 production began in 2025, with extra capacity estimated to start in 2H2026.

• Custom production spans China, Mexico, and Vietnam; stock production is in Cambodia, with a U.S. light-assembly factory.

• Service footprint includes 17 showrooms; U.S. county coverage is 51%, with 11 subsidiaries, 4,500+ effective accounts, and 440+ U.S. staff.

• 2026 initiatives include expanding Chicago presence and the U.S. self-owned logistics fleet.