Powertech Technology (6239) Q4 2025 earnings summary

Executive summary

• 4Q25 revenue reached NT$21.4B, a record high since 4Q22, with gross margin at 18.6% and EPS at NT$2.52, up 21.2% QoQ and 23.5% YoY.

• Full-year 2025 revenue was NT$74.9B, up 2.2% YoY, but net income and EPS declined by 15% and 17.7% YoY, respectively.

• Net sales reached NT$49,916,940 thousand in 2025, up 5.5% YoY, but net income declined 18.4% to NT$5,535,968 thousand due to higher costs and lower gross margin.

• Gross profit margin decreased from 17% to 14% YoY, reflecting increased cost of revenue and operating expenses.

• Earnings per share dropped to NT$7.48 (basic) from NT$9.09 in 2024.

Financial highlights

• 4Q25 revenue grew 7.2% QoQ and 25.2% YoY; gross profit margin improved to 18.6%.

• Net income for 4Q25 was NT$2.33B, up 14.6% QoQ and 21% YoY.

• Full-year 2025 net income was NT$7.22B, down 15% YoY; EPS was NT$7.48.

• Operating income fell 26.6% YoY to NT$3,417,685 thousand.

• Total assets increased to NT$101,719,965 thousand, and equity rose to NT$56,290,777 thousand as of December 31, 2025.

• Cash flow from operating activities was NT$7,020,814 thousand, down from NT$10,800,538 thousand in 2024.

• Capital expenditures for property, plant, and equipment surged to NT$16,817,349 thousand.

• Net worth per share as of Dec 31, 2025, was NT$74.15.

Outlook and guidance

• Revenue expected to continue rising in 1Q26 and beyond, driven by strong AI and memory demand, with tight production capacity.

• Data center DRAM demand remains robust; NAND/SSD backend demand resilient, with a milder-than-usual off-season in 1Q26.

• Logic packaging to benefit from high-end FC_BGA demand and high capacity utilization; FOPLP mass production targeted for 2027.

• New P12 plant to expand capacity, supporting future growth.

• Proposed cash dividend for 2025 is NT$4.5 per share, pending shareholder approval.

• The company continues to invest heavily in capacity expansion and equipment purchases to meet future demand.