WIN Semiconductors (3105) Q1 2026 earnings summary

Executive summary

• 1Q26 consolidated revenue reached NT$4,590mn, up 28% YoY and slightly above expectations, but down 4% QoQ.

• Net income attributable to the parent was NT$533mn, a significant increase from NT$16mn in 1Q25, with EPS of NT$1.26, both showing substantial YoY growth.

• Fab capacity utilization remained flat QoQ at 60%.

• The company divested Win Lux Biotech Co., Ltd. in January 2026, recognizing a disposal gain.

Financial highlights

• Gross margin for 1Q26 was 26.3%, up from 16.7% YoY but down 5.5pp QoQ.

• Operating margin was 9.4%, down 4.5pp QoQ.

• Net margin was 9.8%, a decrease from 20.0% in 4Q25 but up from -1.8% in 1Q25.

• Operating income reached NT$431mn, reversing a loss of NT$217mn in 1Q25.

• Book value per share at quarter-end was NT$85.68.

Outlook and guidance

• 2Q26 consolidated revenue expected to increase by mid-teens percentage QoQ.

• 2Q26 gross margin projected to be in the high twenties.

• The board approved a private placement of up to 40 million shares to fund capital expenditures, R&D, and working capital.

• IFRS 18 adoption is expected in 2028, with ongoing evaluation of its impact.