WNC (6285) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue was NT$27,015 million, down 1.3% sequentially from Q3 2025, but gross margin improved to 14.1% from 12.1%.

• Full-year 2025 net revenue was NT$110,251 million, flat year-over-year, with gross margin rising to 12.5% from 12.1% in 2024.

• Consolidated financial statements audited with an unmodified opinion for 2025 and 2024, prepared in accordance with IFRS as endorsed in Taiwan.

• The group operates mainly in research, development, manufacturing, and sales of communication and ICT products, with global operations and subsidiaries.

• Key audit matters identified: revenue recognition timing and valuation of slow-moving inventories.

Financial highlights

• Q4 2025 operating income rose 46.3% QoQ to NT$1,096 million; PAT increased 48.5% to NT$987 million.

• Full-year 2025 PAT was NT$3,063 million, down 11.3% YoY; EPS was NT$6.41, compared to NT$7.26 in 2024.

• Net operating revenue for 2025 was NT$110,250,764 thousand, nearly flat year-over-year.

• Gross profit margin remained stable at 12% for both years.

• Cash and cash equivalents increased to NT$14,276,301 thousand at year-end 2025.

Outlook and guidance

• Sequential improvement in profitability in Q4 2025 suggests operational recovery, despite flat annual revenue and lower annual profit.

• Adoption of new IFRS standards (e.g., IFRS 18) is expected in 2028, with ongoing evaluation of impacts.

• No significant impact anticipated from other upcoming accounting standards.