Taiwan Mobile (3045) Q4 2024 earnings summary

Executive summary

• Achieved record highs in consolidated revenue and EBITDA in 2024, driven by the Taiwan Star merger, organic growth in mobile and broadband, and enhanced 5G spectrum holdings.

• Net income grew over 10% year-over-year for the second consecutive year, with free cash flow up 20%.

• Consolidated financial statements for 2024 and 2023 were audited with an unmodified opinion, confirming fair presentation under IFRS and ROC regulations.

• The Group operates in telecommunications, retail (e-commerce), cable TV, and broadband, with diversified revenue streams.

• Home broadband and e-commerce businesses delivered double-digit revenue and user growth, supported by bundling and digital initiatives.

Financial highlights

• 2024 consolidated revenue reached NT$199.37 billion, up 8.7%–9% year-over-year; EBITDA up 19% to NT$42.52 billion.

• Operating income rose to NT$20.25 billion, with net income up 13% to NT$13.82 billion and EPS at NT$4.57, a 6% increase.

• Free cash flow for 2024 was NT$19.74 billion, up 20% year-over-year, with a 5.7% yield.

• 4Q24 revenue and EBITDA grew 5% and 15% year-over-year, respectively.

• Net cash from operating activities was NT$36.05 billion, up from NT$29.06 billion in 2023.

Outlook and guidance

• 2025 guidance: consolidated revenue growth of 8%–10%, telecom revenue growth of 5%–7%, and operating profit growth of 7%–9%.

• CapEx budget for 2025 set at NT$8.58 billion, with NT$6.87 billion allocated to telecom, focusing on 5G network enhancements.

• The Board proposed a 2024 cash dividend of NT$4.5 per share, pending AGM approval.

• Telecom revenue growth expected to be primarily organic, driven by ARPU uplift and successful conversion of Taiwan Star users.

• New IFRS standards effective from 2025 and 2026 are not expected to materially impact financials.