Gcs Holdings, Inc. · TPEX:4991
Gcs — Q4 2025 Earnings Presentation
22 slides from Gcs's earnings presentation, Mar 4, 2026
Slide 1: Q4 2025 Quarterly Online Investor Conference
環宇 芯系天下 March 3, 2016 Q4 2025 Quarterly Online Investor Conference (線上法說會) March 4, 2026
Slide 2: Disclaimer Statement
Disclaimer Statement This presentation includes forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that GCS Holdings, Inc. expects or anticipates will or may occur in the future (including but not limited to projecti
Slide 3: Agenda
Agenda Opening: Brian Ann, CEO & President Financial Section: Kelly Lin, Special Assistant to CEO Market Section : Simon Yu, Senior VP and Spokesperson Q&A: All 2
Slide 4: Financial Section
FINANCIAL SECTION 3
Slide 5: Statements of Comprehensive Income - QoQ
Statements of Comprehensive Income - QoQ (in NT$ thousands except EPS) 4Q25 4Q25 4Q25 3Q25 4Q24 Over Over 3Q25 4Q24 Net Operating Revenue 688,517 543,485 476,322 26.7% 44.5% Gross Profit 366,225 257,510 206,740 42.2% 77.1% Gross Margin 53.2% 47.4% 43.4% Operating Expenses (220,655) (153,308) (117,21
Slide 6: Non-operating Income and Expenses - QoQ
Non-operating Income and Expenses- QoQ (in NT$ thousands) 4Q25 4Q25 4Q25 3Q25 4Q24 Over Over 3Q25 4Q24 Other Income - other 6,502 6,050 9,342 7.5% -30.4% Other Gains and Losses Net currency exchange gain (loss) 982 530 (914) 85.3% -207.4% Gain (loss) on disposal of property,plant and equipment 496 4
Slide 7: Revenue Mix % vs Gross Margin - QoQ
Revenue Mix % vs Gross Margin - QoQ 100% 2% 2% 3% 3% 4% 3% 2% 2% 60% 90% 49% 50% 53% 80% 47% 70% 43% 40% 60% 36% 37% 36% 34% 50% 30% 55% 40% 60% 14% 64% 63% 10% 66% 66% 20% 30% 70% 9% 10% 9% 75% 13% 10% 20% 8% 10% 29% 28% 24% 22% 24% 10% 18% 17% 15% 0% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024 2024
Slide 8: Statements of Comprehensive Income - YoY
Statements of Comprehensive Income - YoY (in NT$ thousands except EPS) 2025 % 2024 % Change (%) Net Operating Revenue 2,195,155 100.0% 1,750,044 100.0% 25.4% Operating Cost (1,160,600) -52.9% (1,087,036) -62.1% 6.8% Gross Profit 1,034,555 47.1% 663,008 37.9% 56.0% Operating Expenses (630,703) -28.7%
Slide 9: Non-operating Income and Expenses - YoY
Non-operating Income and Expenses- YoY (in NT$ thousands) 2025 2024 Change (%) Other Income 21,362 13,609 57.0% Other Income - Income from Employee retention tax - 124,341 -100.0% credit (ERTC) Other Gains and Losses Net currency exchange gain (loss) 500 (3,599) -113.9% Gain (Loss) on disposal of pr
Slide 10: Balance Sheet Highlight & Key Indices
Balance Sheet Highlight & Key Indices Selected Items from Balance Sheet (in NT$ thousands) 4Q25 3Q25 4Q24 Amount % Amount % Amount % Cash and Cash Equivalent 1,210,366 31% 1,027,106 29% 576,516 16% Accounts Receivable 249,667 7% 163,133 5% 300,657 9% Accounts Receivable - Related Party 28,601 1% 25,
Slide 11: Cash Flows
Cash Flows (in NT$ thousands) 4Q25 3Q25 4Q24 Beginning Balance 1,027,106 676,928 328,603 Cash from Operating Activities 143,594 297,002 186,742 Acquisition of property, plant and equipment (8,069) (21,120) (4,295) Decrease (Increase) in other current assets (58,943) (2,599) 32,144 Proceeds from the
Slide 12: Market Update
Market Update March 4, 2026 Simon Yu GCS Proprietary 11 11
Slide 13: Global Datasphere - 1
Global Datasphere - 1 213.6 ZB Jan 2026 IDC Nov 2028 1 ZB (Zettabyte) = one billion 1-TB 1 TB = 1,000,000,000,000 bytes GCS Proprietary 12 12
Slide 14: Global Datasphere - 2
Global Datasphere - 2 GCS Proprietary 13 13
Slide 15: Worldwide Optical Modules
Worldwide Optical Modules GCS Proprietary 14 14
Slide 16: 2026 Outlook
2026 Outlook 2026年800G規格佔比由36%提升到43% 光模塊市場將迎來1.6T產品的規模量產. CPO交換機仍在初期和技術預演階段，2026年在整體AI網路 市場中的滲透率仍低，各科技大廠持續推出CPO交換機如 NVIDIA及Broadcom和Marvell. OCS交換機雖整體功耗耗損顯著下滑，但初期建置成本較高， 目前科技巨頭僅Google先行採用。 GCS Proprietary 15 15
Slide 17: 2026 Capex
2026 Capex GCS Proprietary 16 16
Slide 18: Capex: TOP CSPs
Capex: TOP 5 CSPs • TOP 5 Cloud companies (Amazon, Google, Meta, Microsoft and Oracle) accounted for 68% of the total capex in 2025 and all of them plan to almost double spending in 2026. • This is clearly a race. If one runner accelerates the others must follow. • It is notable how consistent the r
Slide 19: Silicon Photonics Transceivers
Silicon Photonics Transceivers GCS Proprietary 18 18
Slide 20: Silicon Photonics Technology
Silicon Photonics Technology Use of Linear Drive Pluggables (LPO) and Co-Packaged Optics (CPO) will double the market share of this technology from 30% in 2025 to 60% in 2030 Optical chip market: 2024 - $1.7 billion, Silicon Photonics: 30% share 2030 - $5.0 billion, Silicon Photonics: 60% share Inte
Slide 21: Q&A
Q&A 20
Slide 22: For further inquiry
環宇 系天下 For further inquiry investors@gcsincorp.com 21