WNC (6285) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenue was NT$27,378 million, down 0.4% sequentially from Q2 2025.

• Net profit after tax (PAT) for Q3 2025 was NT$665 million, up 34.9% from Q2 2025.

• For the first nine months of 2025, net revenue grew 1.2% year-over-year to NT$83,235 million.

• PAT for Q1–Q3 2025 declined 14.7% year-over-year to NT$2,076 million.

• Major acquisition: 100% equity of NMX in April 2024 to enhance North American supply chain and market presence.

Financial highlights

• Q3 2025 operating income was NT$749 million, down 14.8% sequentially.

• Q3 2025 EPS was NT$1.39, up from NT$1.03 in Q2 2025.

• Q1–Q3 2025 operating income rose 2.9% year-over-year to NT$2,672 million.

• Q1–Q3 2025 EPS was NT$4.35, down from NT$5.12 in the same period last year.

• Cash and cash equivalents increased to NT$13.66 billion as of September 30, 2025, from NT$11.01 billion a year earlier.

Key financial ratios and metrics

• Q3 2025 gross margin improved to 12.1% from 11.6% in Q2 2025.

• Q1–Q3 2025 gross margin was 12.0%, slightly up from 11.9% year-over-year.

• Q1–Q3 2025 operating margin remained at 3.2% year-over-year.

• Net margin: 2.5% for the nine months, down from 3% in the prior year.

• Debt-to-equity ratio: 1.21 as of September 30, 2025.