Taiwan High Speed Rail (2633) Q4 2025 earnings summary

Executive summary

• Operating revenue for 2025 reached $54,648,456 thousand, up 2.7% year-over-year, with net income at $6,580,187 thousand, a 2% increase from 2024.

• Gross profit margin remained strong at 43%, while operating margin was 39%.

• The company distributed NT$1.05 per share in cash dividends for 2025.

Financial highlights

• Railway transportation revenue accounted for 96% of total operating revenue, totaling $52,730,215 thousand.

• Operating costs rose to $31,007,179 thousand, mainly due to higher amortization and employee expenses.

• Interest expense decreased slightly to $6,457,097 thousand.

• Total assets stood at $380,802,516 thousand, with equity at $72,772,763 thousand as of December 31, 2025.

• Basic and diluted EPS were both NT$1.17 for 2025.

Outlook and guidance

• The company continues to invest in maintenance tools, new rolling stock, and facility upgrades, with significant capital expenditures contracted but not yet incurred ($31,850,433 thousand as of year-end).

• The concession period for operations extends to 2068, providing long-term operational stability.