WIN Semiconductors (3105) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached TWS 4,488 million, up 19% quarter-on-quarter and 3% year-on-year, marking a return to both sequential and annual growth after three quarters of downturn, driven by strong demand from new flagship smartphone launches and increased Wi-Fi 7 adoption.

• Gross margin improved to 26.9% (up 8.4 percentage points QoQ), driven by higher utilization, favorable product mix, and a minor gain from a China-based customer.

• Operating margin rebounded to 8.6% from -3.1% in Q2, with net income attributable to the parent at TWS 1,070 million and EPS of TWS 2.52.

• All major product segments posted sequential growth, with optical and infrastructure segments showing the strongest gains.

• Consolidated financial statements for the nine months ended September 30, 2025 and 2024 were reviewed with no material misstatements identified by independent auditors.

Financial highlights

• Q3 consolidated revenue: TWS 4,488 million (+19% QoQ, +3% YoY).

• Gross profit: TWS 1,205 million; gross margin: 26.9% (up from 18.5% in Q2).

• Operating income: TWS 385 million; operating margin: 8.6% (up 11.7 percentage points QoQ).

• Net income attributable to parent: TWS 1,070 million; EPS: TWS 2.52.

• ROE for Q3: 11%.

Outlook and guidance

• Q4 2025 consolidated revenue expected to grow low single digits QoQ; gross margin forecast to remain in the high 20s.

• Product mix in Q4 anticipated to be similar to Q3, with possible slight increases in cellular and infrastructure.

• Full-year 2025 depreciation expense projected to be 13–14% lower than 2024.

• CapEx for 2025 expected in the TWS 1–2 billion range.

• The group is evaluating the impact of new IFRS standards, including IFRS 18, which will affect presentation and disclosure starting 2028.