Vanguard International Semiconductor (5347) Q2 2025 earnings summary

Executive summary

• Net revenue for 2Q25 was NT$11,699 million, up 6% year-over-year, and for the six months ended June 30, 2025, was NT$23,648.7 million, up 14% year-over-year.

• Net income attributable to shareholders was NT$2,043 million for 2Q25, up 14% year-over-year, and NT$4,418.7 million for the six months, up 44% year-over-year.

• Diluted EPS was NT$1.10 for 2Q25 and NT$2.40 for the six months, both nearly flat or up year-over-year.

• Total wafers shipped reached 627K in 2Q25, up 12% year-over-year.

• Gross margin for 2Q25 was 28.0%, while for the six months it was 71%, slightly down from the prior year.

Financial highlights

• Operating income was NT$1,897 million in 2Q25 and NT$4,134.8 million for the six months, both up year-over-year.

• Cash and financial instruments totaled NT$60,903 million at quarter-end; cash and cash equivalents were NT$57,434.9 million at period end.

• Equity attributable to shareholders stood at NT$57,941 million.

• Net cash from operating activities was NT$9,882.3 million, with significant investing outflows for property, plant, and equipment.

• Bonds payable were NT$20,986.4 million, with new long-term bank loans of NT$100 million drawn in 2025.

Outlook and guidance

• Wafer shipments increased 3% QoQ in 2Q25, in line with guidance.

• Blended ASP rose 1% QoQ, within guidance.

• Gross profit margin of 28.0% in 2Q25 was within the guided range of 27–29%.

• Management is preparing for new IFRS standards effective from 2026.

• Capacity expansion includes a new 12-inch wafer fab in Singapore through a joint venture.