Winbond Electronics
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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.
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H2 2025 earnings summary10 Feb, 2026

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.

What drives the 2026 CAPEX surge to NT$42.1B?
Explain 4Q25 Memory GM drop despite ASP gains
16nm CMS products: revenue ramp-up timeline?
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Frequently asked questions

Winbond Electronics Corporation is a Taiwan-based company established in 1987, specializing in the production of semiconductors and various types of integrated circuits (ICs). Its product lineup includes dynamic random-access memory (DRAM), static random-access memory (SRAM), serial flash memory, microcontrollers, and Super I/O chips. The company is headquartered in Taiwan, and its shares are listed on the Taiwan Stock Exchange.

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