Visual Photonics Epitaxy (2455) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was NT$3,380,143 thousand, up 4% year-over-year; net profit was NT$547,942 thousand, down 18% from 2024.

• Gross margin decreased to 36% from 39% year-over-year, with operating profit margin at 20%.

• Earnings per share were NT$2.97 basic and NT$2.96 diluted, compared to NT$3.63 and NT$3.62 in 2024.

Financial highlights

• Total assets at year-end 2025 were NT$4,676,655 thousand, with equity at NT$3,294,696 thousand.

• Cash and cash equivalents decreased to NT$944,997 thousand from NT$1,175,832 thousand.

• Operating cash flow was NT$639,572 thousand, down from NT$1,085,816 thousand in 2024.

• Long-term borrowings increased to NT$600,000 thousand.

Outlook and guidance

• Board proposed a cash dividend of NT$2.65 per share for 2025, pending shareholder approval.

• New IFRS standards and amendments are not expected to have significant impact.