Nien Made Enterprise (8464) Investor presentation summary

Strategic positioning and market overview

• Over 90% of value is derived from brand, channels, and service, with a focus on better window coverings and broader reach.

• Custom window coverings are the primary growth driver, with a 5-year CAGR of +6.2% in USD, while stock products faced destocking challenges.

• The company targets mid-single-digit growth in North America custom window coverings and high-single-digit growth internationally.

• U.S. county coverage rate for custom products reached 51% by 2025, with significant expansion in Europe and Asia.

• The global window coverings market is estimated at $13bn, with the U.S. custom segment over $5bn.

Financial performance and profitability

• Sales revenue reached NT$29,969mn in 2025, with a 1.5% YoY increase and a gross margin of 58.8%.

• Operating margin improved to 29.8% in 2025, and EPS was NT$22.53.

• European sales grew +8.2% YoY in 2025 and +13.9% YoY in 1H2026, outpacing American sales.

• Dividend per share reached NT$16.0 in 2026, with a payout ratio ≥50% and ROE of 23.7%.

• Net margin remained strong at 22.0% in 2025, despite headwinds from cost inflation and FX volatility.

Operational footprint and expansion

• Operates 17+ showrooms globally, with recent expansions in Chicago, Nagoya, and Belgium.

• Production is diversified across China, Mexico, Vietnam, and Cambodia, with new capacity coming online in Vietnam and Mexico in 2H2026.

• In-house manufacturing covers ~90% of parts, supporting quality and supply chain control.

• Expanding logistics fleet in the U.S. and deploying smart cutting machines to boost stock product market share.