ASMPT (0522) Q4 2025 earnings summary

Executive summary

• Group bookings and revenue grew strongly in FY2025, driven by AI demand and technology leadership in TCB for Logic and Memory, with SEMI and SMT segments both contributing.

• Book-to-bill ratio reached 1.05, the highest since 2021, and backlog remains healthy, with SEMI accounting for a larger share than SMT.

• Transformation initiatives included divestment of ASMPT NEXX and AAMI, disposal of the lead frame business, and ongoing strategic review of SMT Solutions to sharpen focus on Back-End Packaging.

• CEO transition announced, with Robin Ng stepping down after ensuring a smooth succession.

• SMT bookings were robust, supported by AI server and China EV demand, while mainstream business in China grew 18% YoY.

Financial highlights

• FY2025 revenue from continuing operations was US$1.76 billion (HK$14.52 billion), up 10% YoY; bookings rose 21.7% to US$1.86 billion (HK$14.48 billion).

• Adjusted gross margin for FY2025 was 38.3%, down 172bps YoY; Q4 gross margin was 35.8%.

• Adjusted net profit for FY2025 was HK$501.4 million, up 17.7% YoY; adjusted EPS at HK$1.20.

• Q4 2025 revenue reached US$508.9 million (HK$4.33 billion), up 12.2% QoQ and 30.9% YoY; adjusted net profit for Q4 was HK$181.3 million.

• Proposed total dividend for 2025 is HK$1.39 per share, more than double the prior year.

Outlook and guidance

• Q1 2026 revenue guidance: US$470–530 million, midpoint down 1.8% QoQ and up 29.5% YoY, above market consensus.

• SEMI gross margin expected to return to mid-40s, driven by higher TCB and high-end die bonder volumes; SMT margin to remain stable.

• Bookings momentum expected to accelerate in Q1 2026, with Q1 bookings projected to be the highest in four years.

• Structural AI demand expected to drive growth in both SEMI and SMT; mainstream SEMI expected to grow in first half 2026.

• SMT Automotive and Industrial markets expected to remain soft.