Dyaco International Inc. · TWSE:1598
Dyaco International — FY2025 Earnings Presentation
40 slides from Dyaco International's earnings presentation, Mar 29, 2026
Slide 1: Dyaco International Inc. Investor Presentation
Dyaco International Inc. 1598 Investor Presentation 2026/3
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that will not be updated based on any new information, future events, or circumstances. Dyaco International Inc. (the Company) is not obligated to update or revise the information contained in this presentation. The information provide
Slide 3: Dyaco Investment Highlights
Dyaco Investment Highlights Dyaco: A Global Fitness Equipment Leader Driving Transformation with a Focus on Commercial Market Growth ✓ Shifting Commercial Competitive Landscape: Customers are diversifying suppliers to reduce risk. ✓ Commercial Strength-Training Product Line Expansion: Leveraging t
Slide 4: Agenda
Agenda 01 Transformation Strategy & Targets 02 2025 Results & Outlook 03 Company Overview 04 ESG 05 Historical Financials 4
Slide 5: Transformation Strategy & Targets
01 Transformation Strategy & Targets 5
Slide 6: Transformation Strategy: Driving Diversified Growth and Maximizing Operational Efficiency
Transformation Strategy: Driving Diversified Growth and Maximizing Operational Efficiency 2. Home Business: 1. Expand Commercial Profits! Profits! Profits! Market Footprint Build a high-margin Enhance Profit-first strategy, enhancing Efficiency marketing efficiency engine for multi-fold growth Accel
Slide 7: Huge Market Size and Growth Potential: Our Commercial Market Share at Only ~0.3%
Huge Market Size and Growth Potential: Our Commercial Market Share at Only ~0.3% Dyaco Targets a Market Exceeding USD 120 Billion Commercial Fitness Equipment E-Bikes Home Fitness Equipment USD 18.2B USD 20.8B USD 87.2B 2032 Market Size 2032 Market Size 2032 Market Size USD 36mn USD 11mn USD 139mn 2
Slide 8: Diversified Revenue Growth
Diversified Revenue Growth Dyaco’s Revenue Mix (2021-2025) 1.8% 1.3% 2025 71.2% 18.3% 5.9% 1.5% 1.3% 1.1% 2024 78.5% 14.4% 3.2% 1.6% 0.5% 1.1% 2023 76.7% 12.9% 7.4% 1.3% 0.9% 1.3% 2022 71.6% 11.6% 13.1% 1.5% 0.5% 2021 84.5% 4.7% 8.7% 1.6% Home Fitness Commercial Fitness Medical Rehabilitation E-Bike
Slide 9: Strategy 1: Expand Commercial Market Footprint
Strategy 1: Expand Commercial Market Footprint Top U.S. Fitness Chains Ranking Prime market opportunity: Recent Brand Location shifts in the competitive landscape have US Global prompted customers to actively seek #1 Anytime Fitness - 5,500+ diversified suppliers to mitigate risk. #2 Planet Fitness
Slide 10: Commercial Market: Build a High-Margin Engine for Multi-Fold Growth
Commercial Market: Build a High-Margin Engine for Multi-Fold Growth Why Do Customers Choose Dyaco? Dyaco’s Commercial Fitness Equipment Revenue NT$ mn One of the few global players offering comprehensive "one-stop" capabilities: manufacturing, branding, channels, and after- sales service. 1,123 High
Slide 11: Strategy 2: Home Business - Profits! Profits! Profits!
Strategy 2: Home Business - Profits! Profits! Profits! Profit-Oriented Management & KPI Setting Home Fitness Equipment Revenue ✓ Prioritize profit over revenue and vs. Total Revenue aligning team KPIs with profitability goals. Home Fitness Revenue Total Revenue Enhancing Marketing & NT$ mn 13,124 11
Slide 12: Strategy 3: “Refit” Operational Optimization Program
Strategy 3: “Refit” Operational Optimization Program Reduce OPEX Ratio to a Reverse the Post-Pandemic Trend of Long-term Target of 30% NT$ mn Rising OPEX Ratios 15,000 Revenue Marketing Expenses OPEX ratio 50% Strengthen Expense Control 42.7% ✓ Improve marketing ROI 12,000 40% ✓ Maintain strict fina
Slide 13: Strategy 4: Steadily Expand Medical Rehabilitation and E-Bike Business
Strategy 4: Steadily Expand Medical Rehabilitation and E-Bike Business Expand the Medical Rehabilitation Niche Market Medical Rehabilitation & E-Bike ✓ High entry barriers for rehabilitation Revenue fitness equipment; a niche market with limited competitors. NT$ mn Medical Rehabilitation E-Bike 360
Slide 14: Five-Year Targets
Five-Year Targets Target over 1% market share in the commercial fitness market Improve profitability and operational efficiency in the home fitness business Expand into emerging businesses such as Medical Rehabilitation and E-Bikes Drive ROE toward a 15% target Become a world-class fitness equipment
Slide 15: 2025 Results & Outlook
02 2025 Results & Outlook 15
Slide 16: Income Statement – 2025
Income Statement – 2025 NT$ million 2025 2024 YoY Net Revenue 6,121 7,217 -15% Gross Profit 2,203 2,577 -15% Gross Margin 36.0% 35.7% Operating Expenses 2,616 2,547 3% OPEX Ratio 42.7% 35.3% Operating Income -414 30 - Operating Margin -6.8% 0.4% Net Non-Operating Income (Loss) -365 49 Pre-Tax Income
Slide 17: 2025 Revenue Mix
2025 Revenue Mix 2025 revenue was primarily impacted by U.S. tariff policies, fluctuations in consumer sentiment, and the post-pandemic adjustments in the home fitness industry. Commercial Fitness Equipment revenue continued to grow driven by our strategic transformation, while Medical Rehabilit
Slide 18: Long-Term Financial Performance
Long-Term Financial Performance Revenue (LHS) Gross Margin (RHS) NT$ mn Operating Margin (RHS) Gross Margin (Adjusted, RHS) Pandemic-driven home fitness demand Operating Margin (Adjusted, RHS) 15,000 50% surged in 2020, followed by a post- pandemic adjustment phase. 41.8% 39.6% 12,000 34.6% 40%
Slide 19: 2025 Key Strategic Initiatives: i-Strength
2025 Key Strategic Initiatives New Commercial Strength Line: i-Strength Smart Strength Training System Replacing traditional bulky weight stacks with high-precision servo motor technology, it integrates intuitive programming to deliver a safe, smooth, and highly efficient workout experience. 19
Slide 20: 2025 Key Strategic Initiatives: Cikada E-Bike
2025 Key Strategic Initiatives E-Bike Brand: Cikada Cikada Urban Cruise Wins the 2026 German iF Design Award Purpose-built for urban commuting and daily mobility, the Cikada Urban e-bike stands out with its innovative and exceptional design. It successfully emerged from a highly competitive field of
Slide 21: 2025 Key Strategic Initiatives: Dyaco Medical 8.0
2025 Key Strategic Initiatives New Medical Rehabilitation Product Line: Dyaco Medical 8.0 EU MDR Certification Secured Certified early this year, the Dyaco Medical 8.0 series elevates patient safety and operational ease. Fully integrated tablets empower medical staff to digitally track recovery prog
Slide 22: 2026 Outlook
2026 Outlook Focus on Enhancing Operational Efficiency to Target a Turnaround to Profitability This Year, Marking the Start of Sustained Earnings ✓ Prioritize profitability for Home Fitness Equipment this year and improve marketing and customer acquisition efficiency. ✓ Completed operational restr
Slide 23: Income Statement – 4Q25
Income Statement – 4Q25 NT$ million 4Q25 3Q25 4Q24 QoQ YoY Net Revenue 1,673 1,281 2,367 31% -29% Gross Profit 465 560 938 -17% -50% Gross Margin 27.8% 43.7% 39.6% Operating Expenses 699 547 707 28% -1% OPEX Ratio 41.8% 42.7% 29.9% Operating Income -234 14 231 - - Operating Margin -14.0% 1.1% 9.7% N
Slide 24: Balance Sheet – 4Q25
Balance Sheet – 4Q25 2025/12/31 2025/9/30 2024/12/31 NT$ million $ % $ % $ % Cash and Cash Equivalents 610 6% 510 5% 1,159 10% Notes & Accounts Receivable 1,109 11% 897 9% 1,211 11% Inventories 2,091 20% 2,358 23% 2,251 20% Other Current Assets 333 3% 425 4% 395 4% Long-term Investments 177 2% 160 2
Slide 25: Q&A
Q&A 25
Slide 26: Company Overview
: 4 A , y. ; aa ; Me ¢ " —t ‘ % . a . SEB 03° ER = a Company Overview ~ i ee = a me aa <a Seg = * — 26
Slide 27: Dyaco at a Glance
Dyaco at a Glance 1990 NT$6.1B NT$1.79B 900+ 6 7 Established 2025 Revenue Paid-in Capital Employees Factories Branch Offices 1.3% 1.8% 5.9% 18.9% 1.5% 1.3% 16.9% 18.3% 40.7% 36.7% 5.9% By Brand By Product By Channel 4.9% 71.2% 24.9% 28.4% 4.6% 16.8% Authorized Distributors Home Fitness Commercial Fi
Slide 28: Company Milestones
Company Milestones • Entered the • Secured global distribution Commercial • Acquired SOLE to • Entered the E- • Dyaco rights for SOLE Fitness Equipment shift toward Own- Bike Industry established • Listed on the Market • Started as a Emerging Board • Listed on the TWSE brand Business by acquiring an
Slide 29: Global Footprint
Global Footprint Germany subsidiary China: UK subsidiary Shelton, JiaXing Plant Canada subsidiary China 3% NT$175 mn U.S. Sales Center China subsidiary Europe 21% Japan subsidiary Americas 62% NT$1,301 mn NT$3,770 mn Taiwan: Changhua, Dajia Plants Thailand subsidiary Asia (exc. China) 7% NT$452 mn F
Slide 30: Brand Position
Brand Position Fitness Equipment Brands Expanding Brands Professional Medical Rehabilitation Provide medical rehabilitation equipment Commercial solutions Home Target Market E-Bike Product Positioning High-quality, premium e-bikes Basic 30
Slide 31: Business Model and Distribution Channels
Business Model and Distribution Channels After-sales Components Manufacturing Brands Distribution Channels End Users service End-to-End Value Chain Fitness Brands Center Components Channels Product Installation Maintenance & Servicing Motor System Authorized Distributors Parts Replacement Display &
Slide 32: Dyaco’s Competitive Advantages
Dyaco’s Competitive Advantages Industry Leadership Over 30 years of industry experience, established leadership in home fitness equipment Vertically Integrated One-Stop Capabilities One of the few players globally with integrated capabilities across manufacturing, branding, distribution, and after-s
Slide 33: ESG
04 ESG 33
Slide 34: ESG Highlights
ESG Highlights Environment Social Government • Dedicated ESG Committee • Total training hours reached 7,977, • Board Independence and Gender Diversity – overseeing climate strategy formulation, target covering leadership development and soft 57% independent directors. Added one setting, and performa
Slide 35: Historical Financials
05 Historical Financials 35
Slide 36: Income Statement Highlights
Income Statement Highlights YoY (%) NT$ million 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Revenue 11,742 7,122 7,786 7,217 6,121 -11% -39% 9% -7% -15% COGS 7,685 5,037 5,119 4,640 3,918 1% -34% 2% -9% -16% Gross Profit 4,057 2,085 2,667 2,577 2,203 -26% -49% 28% -3% -15% Operating Expens
Slide 37: Balance Sheet Highlights
Balance Sheet Highlights Stands for Assets (%) NT$ million 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 TOTAL ASSETS 12,201 11,965 11,289 11,124 10,227 100% 100% 100% 100% 100% Cash 1,213 1,121 1,159 1,159 610 10% 9% 10% 10% 6% NR & AR 1,649 1,096 1,072 1,211 1,109 14% 9% 9% 11% 11% Inventory 3
Slide 38: Cash Dividend Payout
Cash Dividend Payout NT$ million 2021 2022 2023 2024 2025 Net Income 440 -76 -123 72 -561 Dividends Paid 318 63 0 87 - DPS (NT$) 2.51 0.50 0.00 0.50 - Payout Ratio 72% - - 121% - Cash Dividend Yield1 6.6% 1.2% - 2.3% - Note： 1. Dividend yield for 2021–2024 is calculated based on market capitalizatio
Slide 39: Thank You
Thank You 39
Slide 40: investor@dyaco.com
investor@dyaco.com https://dyaco.com/zh-hant/investors 45