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Winbond Electronics (2344) investor relations material
Winbond Electronics H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for 4Q25 reached NT$26,625M, up 22.3% QoQ and 42.4% YoY, with net income of NT$3,095M, a significant turnaround from a loss in 4Q24.
Full-year 2025 net sales grew 9.6% YoY to NT$89,406M, with net income at NT$3,177M and EPS of NT$0.88.
Memory business led growth, with CMS revenue up 35.7% QoQ and 74% YoY in 4Q25.
Financial highlights
Gross margin for 4Q25 was 41.9%, down 5 ppts QoQ but up 15 ppts YoY; operating margin at 15.4%.
2025 gross margin improved to 35% (+6 ppts YoY), and operating margin to 6.2% (+6 ppts YoY).
EBITDA for 4Q25 was NT$7,457M; free cash flow for 2025 was NT$4,687M, reversing a negative FCF in 2024.
Outlook and guidance
NOR Flash and SLC NAND markets expected to see continued price uptrends in 2026 due to tight supply and strong demand.
CMS contract pricing and order visibility expected to improve in 2026, with new 16nm CMS products driving future revenue.
Flash and CMS capacity expansions are underway, with phased ramp-up from 2H26.
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