Taiwan High Speed Rail (2633) Q2 2025 earnings summary

Executive summary

• Operating revenue for the six months ended June 30, 2025 was NT$26,734.5 million, up slightly from NT$26,502.8 million year-over-year.

• Net income for the six months was NT$3,489.0 million, a decrease from NT$3,715.1 million in the prior year period.

• Gross profit margin remained stable at 44% for the period.

Financial highlights

• Operating costs for the six months were NT$14,911.4 million, representing 56% of revenue.

• Operating expenses totaled NT$1,000.1 million, or 4% of revenue.

• Interest expense for the period was NT$3,240.2 million.

• Basic and diluted EPS for the six months were NT$0.62, down from NT$0.66 year-over-year.

• Cash and cash equivalents increased to NT$15,045.0 million as of June 30, 2025, from NT$10,581.1 million a year earlier.

Outlook and guidance

• The concession period for operations extends to 2068, providing long-term operational stability.

• The company continues to assess the impact of new IFRS standards, with no significant effects expected.