Yang Ming Marine Transport (2609) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was NT$163.56 billion, down 27% year-over-year, with net profit dropping 73% to NT$17.38 billion.

• Gross margin fell from 35% in 2024 to 15% in 2025, reflecting higher cost ratios and lower freight rates.

• The company maintained a strong equity position, with total equity at NT$326.6 billion, representing 72% of total assets.

• Cash dividends of NT$7.5 per share were distributed in 2025, up from NT$2 per share in 2024.

Financial highlights

• Operating revenue: NT$163.56 billion in 2025 vs. NT$222.71 billion in 2024.

• Net profit: NT$17.38 billion in 2025 vs. NT$64.47 billion in 2024.

• Basic EPS: NT$4.90 in 2025, down from NT$18.38 in 2024.

• Cash and cash equivalents decreased to NT$106.53 billion from NT$165.50 billion year-over-year.

• Operating cash flow dropped to NT$24.67 billion from NT$85.35 billion.

Outlook and guidance

• Management expects continued volatility due to global economic uncertainty, environmental regulations, and geopolitical risks.

• New IFRS standards effective from 2026 are not expected to materially impact financials.