Winbond Electronics (2344) H1 2026 earnings summary

Executive summary

• Net sales in 2Q26 reached NT$59,843M, up 56.4% QoQ and 184.7% YoY, with net income at NT$24,199M, a 139.2% YoY increase.

• Memory business drove growth, with CMS revenue up 78% QoQ and over 400% YoY, and Flash revenue up 65% QoQ and 176% YoY.

• Gross margin improved to 66.2%, up 13 percentage points QoQ and 44 ppts YoY.

• Profitability hit record highs, supported by strong AI, automotive, and infrastructure demand.

Financial highlights

• Operating profit for 2Q26 was NT$28,979M, up 130.9% QoQ, with operating margin at 48.4%.

• EBITDA for 2Q26 was NT$33,643M, more than double YoY.

• Free cash flow in 2Q26 was NT$18,134M, with cash and equivalents at NT$61,826M.

• Book value per share rose to NT$36.67.

Outlook and guidance

• High-density NOR and SLC NAND demand expected to sustain pricing uptrend through 2026 and beyond.

• DRAM supply remains tight, with AI-driven demand supporting further price increases into 2H26 and 2027.

• 16nm capacity ramp and KH Fab Module B expansion to contribute from 2027.