Vanguard International Semiconductor (5347) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 was NT$48,591 million, a 10.3% increase over 2024, while 4Q25 net revenue reached NT$12,594 million, up 2.0% quarter-over-quarter and 9.0% year-over-year.

• Net income attributable to shareholders was NT$7,908 million for 2025, up 12.2% year-over-year, and NT$1,748 million for 4Q25, a 2.6% increase from 3Q25 but a 5.4% decrease from 4Q24.

• Diluted EPS for 4Q25 was NT$0.93, and for 2025 was NT$4.22; basic EPS for 2025 was NT$4.30.

• Gross profit margin for 4Q25 was 27.5%, within guidance, while for 2025 it was 32%.

• The company maintained a strong cash position, with NT$41,716 million at 2025 year-end.

Financial highlights

• Operating income for 4Q25 was NT$1,807 million, down 1.4% quarter-over-quarter and 6.2% year-over-year; for 2025, operating income was NT$9,681,519 thousand, representing 21% of revenue.

• Gross profit increased to NT$14,655,186 thousand in 2025, with operating expenses at NT$4,973,667 thousand.

• Non-operating loss narrowed to NT$57,362 thousand in 2025.

• Total assets were NT$123,601,382 thousand, with equity at NT$63,877 million at year-end.

• Cash dividends of NT$4.50 per share were proposed for 2025.

Outlook and guidance

• 4Q25 wafer shipments decreased 7% quarter-over-quarter, while blended ASP increased 5% quarter-over-quarter.

• Board approved USD 350 million in overseas convertible bonds in early 2026 to support growth.

• Ongoing investments in capacity expansion, including a 12-inch wafer fab in Singapore, are expected to drive long-term growth.

• Gross profit margin met guidance, and shipment and ASP trends were in line with expectations.