Vanguard International Semiconductor (5347) Q4 2025 earnings summary

Executive summary

• Net revenue for 4Q25 reached NT$12,594 million, up 2.0% quarter-over-quarter and 9.0% year-over-year.

• Net income attributable to shareholders was NT$1,748 million, a 2.6% increase from 3Q25 but a 5.4% decrease from 4Q24.

• Diluted EPS for 4Q25 was NT$0.93, up from NT$0.91 in 3Q25 but down from NT$1.03 in 4Q24.

Financial highlights

• Gross profit margin for 4Q25 was 27.5%, within the guided range of 26.5% to 28.5%.

• Operating income for 4Q25 was NT$1,807 million, down 1.4% quarter-over-quarter and 6.2% year-over-year.

• Yearly net revenue for 2025 was NT$48,591 million, a 10.3% increase over 2024.

• Yearly net income attributable to shareholders grew 12.2% year-over-year to NT$7,908 million.

Outlook and guidance

• 4Q25 wafer shipments decreased 7% quarter-over-quarter, while blended ASP increased 5% quarter-over-quarter.

• Gross profit margin met guidance, and shipment and ASP trends were in line with expectations.