Vanguard International Semiconductor (5347) Q1 2025 earnings summary

Executive summary

• Net revenue for Q1 2025 reached NT$11,949 million, up 3.4% sequentially and 24.0% year-over-year.

• Net income attributable to shareholders was NT$2,414 million, a 30.7% increase quarter-over-quarter and 89.8% year-over-year.

• Diluted EPS was NT$1.30, up from NT$1.03 in 4Q24 and NT$0.77 in 1Q24.

• Total wafers shipped rose to 607K, a 10% increase quarter-over-quarter.

Financial highlights

• Gross profit margin improved to 30.1% in Q1 2025 from 28.7% in Q4 2024 and 24.0% in Q1 2024.

• Operating income was NT$2,238 million, up 16.3% sequentially and 81.5% year-over-year.

• Cash and financial instruments stood at NT$64,911 million at quarter-end.

• Net cash provided by operating activities was NT$4,514 million in Q1 2025.

• Cash and cash equivalents at period end were NT$59,787 million.

Outlook and guidance

• Wafer shipment increased 10% quarter-over-quarter, exceeding guidance of 8–10%.

• Blended ASP declined 5% quarter-over-quarter, in line with guidance of a 4–6% decrease.

• Gross profit margin reached 30.1%, within the guided range of 29–31%.

• Unappropriated earnings increased to NT$20,240 million as of March 31, 2025.