Forest Water Environmental Engineering Co., Ltd. · TWSE:8473
Forest Water Environmental Engineering — Q1 2026 Earnings Presentation
22 slides from Forest Water Environmental Engineering's earnings presentation, May 2026
Slide 1: Forest Water Environmental Engineering Co., Ltd.
FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD. Stock code ：8473
Slide 2: Disclaimer
免責聲明 Disclaimer 本簡報所提及之相關內容，係由山林水環境工程股份有限公司提供，其目的僅作為訊息提供，並不具有購買 ／銷售或由第三方作為營利之目的。未來實際所可能發生的營運結果、財務狀況以及業務成果，可能因無法 控制之政治、經濟、市場等不確定風險因素影響，而導致與本簡報陳述有重大差異，公司無義務因實際發生 之事件主動更新或修訂該等資訊。本簡報中對未來的展望，係反映本公司截至目前為止對於未來的看法。對 於這些看法，未來若有任何變更或調整時，本公司不負責隨時提醒或更新。 This presentation by FOREST WATER (the “Company”) is inten
Slide 3: Presentation Outline
Company Introduction & 1 Financial Performance Presentation Outline Q1 Business Achievements 2 and Future Outlook 3
Slide 4: Forest Water Mainly engaged in green energy & environmental protection business
Introduction Performance and Outlook Forest Water Mainly engaged in green energy & environmental protection business Forest Water Environmental Engineering is a professional contractor specializing in environmental protection engineering. Its main projects span six major business segments, with a co
Slide 5: Key Milestones in 20 Years
Key Milestones in 20 Years Company Establishment Registered for trading Paid-in capital of Paid-in capital of $6,000,000 at on TWSE on $ 1,811,984,460 as of the time of establishment September 8, 2016 March 2026. Perfection Forest Green Forest Development Magong Desalination Qimei Desalination Devel
Slide 6: Organizational structure
Organizational structure March 31, 2026 Rich Development Co., Ltd. (5512) 68.44% Her Jing Enterprises Co., Ltd. 0.57% 60.48% Forest Water Environmental Engineering Co., Ltd. (8473) 100% 70% 100% 70% 70% 50.41% 96.75% 100% Re-use Environmental Co., Ltd. Perfection Forest Development Orient Forest Dev
Slide 7: 2025: Steady Revenue & Earnings Growth with Stable Dividend Payout
2025: Steady Revenue & Earnings Growth with Stable Dividend Payout Dividend per Revenue (Unit: NT$ Million) EPS (NT$) Share (NT$) 5,125 3,679 3,386 2023 2024 2025 2023 2024 2025 Allotment 128% 75% 74% Rate (%) Gross 17% 22% 24% Dividend 0.8% 2.3% 5.2% Margin (%) Yield* (%) * Calculated based on the
Slide 8: 2025: Standalone Profit Turnaround, Stable Performance from Two Major BOT Projects
2025: Standalone Profit Turnaround, Stable Performance from Two Major BOT Projects Net Income to the Parent Company (Unit: NT$ Thousand) Total/Remaining 2024 Net Income 2025 Net Income Company Shareholding 2024 Net 2025 Net Contract term Contribution Contribution /Year Ratio Income Income (Year) (%)
Slide 9: 2026 Q1: Sustained Growth Momentum in Revenue and Profitability
2026 Q1: Sustained Growth Momentum in Revenue and Profitability Consolidated Income Statement Unit: NT$ Thousand Item/Year 1~3/2025 1~3/2026 YOY Change Revenue 1,169,199 1,289,826 10% Gross Profit 339,755 423,984 25% Gross Margin 29% 33% 14% Operating Income 275,666 344,100 25% Non-Operating Income
Slide 10: 2026 Q1: Continuous Growth in Engineering and Water Operations
2026 Q1: Continuous Growth in Engineering and Water Operations Annual Revenue (NT$ Million) 2025 2026Q1 YoY YoY 3,679 3,386 5,125 1,290 Water Treatment O & M 35% 7% Waste Treatment and Power Sales -16% -5% Service Concessions -3% -3% Engineering Contracting 114% 21% 2023 2024 2025 2026 Q1 * 2025 Gro
Slide 11: 2026 Q1: Advanced Water Treatment Continues to Gain a Larger Share
2026 Q1: Advanced Water Treatment Continues to Gain a Larger Share 2023-2026 Revenue Contribution from Water Operations(%) 2026 Q1 Number of Operating Plants Advanced Water Treatment and Supply 7 Industrial Wastewater 4 Municipal Wastewater 11 Total Number of Operating 2023 2024 2025 2026 Plants 22
Slide 12: Balance Sheet: Supporting the Execution of Large-Scale Projects
Balance Sheet: Supporting the Execution of Large-Scale Projects Consolidated Balance Sheet Unit: NT$ Million 2024.12.31 2025.12.31 2026.03.31 Amount % Amount % Amount % Cash and Cash Equivalents 2,750 18% 3,779 24% 3,622 22% Contract Assets 1,068 7% 1,411 8% 1,495 10% Net Receivables 1,232 8% 1,201
Slide 13: Presentation Outline
Company Introduction & 1 Financial Performance Presentation Outline Q1 Business Achievements 2 and Future Outlook 13
Slide 14: Steady Accumulation of Revenue Backlog
Steady Accumulation of Revenue Backlog Total Contract Backlog Recent New Engineering Contracts (2026 Q1) Erlin Phase II | Nov. 2025 | NT$0.28 Billion Expansion of 5,000 CMD wastewater treatment capacity NT$31.8 Billion following Phase I (43% undertaken by Forest Water) Yongkang Phase II | Mar. 2026
Slide 15: Projects Under Construction: Progressing Steadily
Projects Under Construction: Progressing Steadily Contract Recognized Recognized Projects 2026 Value 2022 2023 2024 2025 2026 2027 2028 2029 2030 2025 (%) 2026 Q1 (%) ( Million) Futian Reclaimed 299 46% 54% Completion in 2026, Entering O&M Water Project Baoshan Phase II Wastewater 2,074 74% 90% Comp
Slide 16: Baoshan & Futian Entered Trial Operation as Scheduled
Baoshan & Futian Entered Trial Operation as Scheduled Strong Execution Capability for Large-Scale Projects Baoshan Phase II Futian Reclaimed Water Wastewater Project Project Contract Value: NT$2.07 Billion | 10% Revenue Yet to Be Contract Value: NT$299 Million | 46% Revenue Yet to Recognized Be Reco
Slide 17: Semiconductor Water Supply: Enhancing Engineering and Water Quality Excellence
Semiconductor Water Supply: Enhancing Engineering and Water Quality Excellence No.1 Market Share in Public Semiconductor Water Supply Projects in Taiwan (Based on publicly announced projects as of Apr. 2025) Top Forest – Yongkang Reclaimed Water Nanzih Reclaimed Water Plant First Plant Supplying the
Slide 18: Grain Forest: Supporting Policy Initiatives and Expanding Diversified Treatment Capacity
Grain Forest: Supporting Policy Initiatives and Expanding Diversified Treatment Capacity Taiwan’s First Commercial Food Waste-to-Energy Plant with Proven Technical Stability and Scalability Four circular economy systems Original Phase I ● Annual Treatment Capacity of 30,000 Tons (Food Waste) ● Bioga
Slide 19: Driving Innovation and Operational Excellence
Driving Innovation and Operational Excellence Taiwan’s First Carbon-Neutral Demonstration Plant – the Qimei Wastewater Treatment Plant Forest Water collaborated with the National Land Management Agency and the Kaohsiung City Government Water Resources Bureau to establish Taiwan’s first carbon-neut
Slide 20: Full-Lifecycle Integrated Environmental Engineering Solutions
Full-Lifecycle Integrated Environmental Engineering Solutions Major Investment Cumulative Water Treated Program Management 5 PPP Projects 3.5b m3 03 Plan & Master Planning and Design Detailed Design Plant Share: 25% 25 Turnkey Projects 24 wastewater plants / 1.20 O & M Forest Water million tons
Slide 21: 2026 Outlook
2026 Outlook Net Income Attributable to Parent Company Unit: NT$ Thousand Total/Remaining Sharehol 2026 Q1 2026 Q1 Company Contract term ding Net Net Income 2026 展望 /Year (Year) Ratio Income Contribution (%) Forest Water Steady Execution of Existing Contracts, Continuously Pursuing 147,346 66% 100%
Slide 22: Thank You and We Look Forward to Your Continued Support
Thank You and We Look Forward to Your Continued Support 山林水環境工程股份有限公司 FOREST WATER ENVIRONMENTAL ENGINEERING CO., LTD.
Forest Water Environmental Engineering — Q1 2026 Earnings Presentation on 6ix