Slide 1: WIN Semiconductors 4Q2025 Investor Conference
WIN Semiconductors 4Q2025 Investor Conference February 2026 WIN Semiconductors Confidential
Slide 2: Safe Harbor Notice
Safe Harbor Notice This presentation contains certain forward-looking statements that are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Except as
Slide 3: ESG Achievements
ESG Achievements WIN recognized in DJSI World Index for the fifth consecutive year. (2020~2024) WIN has been included in the S&P Global Sustainability Yearbook for the sixth consecutive year. (2020~2025) WIN ranked in the top 5% among TPEx-listed companies for the Corporate Governance Evaluati
Slide 4: Operational Analysis Over the Past Two Years
OPERATIONAL ANALYSIS OVER THE PAST TWO YEARS WIN Semiconductors Confidential 4
Slide 5: Well-Controlled Opex, Ongoing R&D Investment, and Positive Operating Cash Flow
Well-Controlled Opex, Ongoing R&D Investment, and Positive Operating Cash Flow Operating expense trend Operating cash flow vs. Capex NT$M Operating Expense R&D as % of Opex NT$M Cashflow from operations Capital expenditures 1000 60% 2000 1500 900 50% 1000 800 40% 500 0 700 30% -500 600 20% -1000 -15
Slide 6: Utilization Recovering and Depreciation Pressure Easing
Utilization Recovering and Depreciation Pressure Easing Depreciation trend Company’s individual GM vs. UT ratio NT$M 1300 Utilization % Company's Individual GM % (UT %) (GM %) 70% 40% 1200 60% 35% 1100 30% 1000 50% 25% 900 40% 20% 800 30% 15% 700 20% 10% 600 10% 5% 500 0% 0% 3Q23 4Q23 1Q24 2Q24 3Q24
Slide 7: Quarterly Results & Guidance
QUARTERLY RESULTS & GUIDANCE WIN Semiconductors Confidential 7
Slide 8: Revenue & Margin Trend
Revenue & Margin Trend 4Q25 consolidated revenue was NT$4,794 mn, up 7% QoQ and 29% YoY, driven by increased shipments of higher-margin products, resulting in growth on both a sequential and annual basis. 4Q25 capacity utilization maintained at 60%. Supported by a more favorable product mix, ind
Slide 9: Earnings Trend
Earnings Trend In 4Q25, supported by further improvement in GM and effective control of Opex, net income attributable to the parent company reached NT$1,029 mn for the quarter and NT$1,694 mn for the full year 2025. EPS was NT$2.43 in 4Q25 and NT$4.00 for the full year 2025. NT$M Earnings & growth
Slide 10: Product Mix
Product Mix 4Q24 4Q25 Others* 21% Cellular 25-30% Others* 17% Cellular Wi-Fi 25-30% 10-15% Infra. 35-40% Wi-Fi 3Q25 15-20% Others* 16% Cellular 30-35% Infra. Wi-Fi 15-20% 30-35% * Others: Revenue not attributable to main product segments and additional Infra. revenue being consolidated in accordance
Slide 11: Guidance
Guidance We expect 1Q26 consolidated revenue to decline high-single digit QoQ. We expect 1Q26 consolidated gross margin to be around the level of mid- twenties. WIN Semiconductors Confidential 11
Slide 12: Financial Summary
FINANCIAL SUMMARY WIN Semiconductors Confidential 12
Slide 13: Consolidated Statements of Comprehensive Income – Quarterly
Consolidated Statements of Comprehensive Income – Quarterly 4Q'25 Unit: NTD Million 4Q'24 3Q'25 QoQ YoY (unaudited) Net revenue 3,706 4,488 4,794 +7% +29% Gross profit 758 1,205 1,525 +26% +101% Gross margin (%) 20.4% 26.9% 31.8% Operating expenses (806) (820) (860) +5% +7% Operating expenses rate (
Slide 14: Consolidated Statements of Comprehensive Income – YTD
Consolidated Statements of Comprehensive Income – YTD 2025Y Unit: NTD Million 2024Y YoY (unaudited) Net revenue 17,458 16,639 -5% Gross profit 4,042 4,026 -0.4% Gross margin (%) 23.2% 24.2% Operating expenses (3,280) (3,311) +1% Operating expenses rate (%) -19% -20% Operating income (loss) 762 715 -
Slide 15: Non-operating Items
Non-operating Items 4Q'25 2025Y Unit: NTD Million 4Q'24 2024Y (unaudited) (unaudited) Foreign exchange gains (losses) (250) 278 (19) 335 Gains (losses) on disposals of property, plant and (17) (15) (17) 1,953 equipment Gains on financial liabilities at amortised cost 254 - Gain (losses) on financial
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets 2025/12/31 2024/12/31 2025/9/30 (Unit: NTD Million) Major Item (unaudited) $ % $ % $ % Cash and cash equivalents 5,419 8% 5,837 10% 7,067 12% Current financial assets at fair value through profit or loss 183 0.3% 214 0.4% 227 0.4% Notes and accounts receivable, net 1,226
Slide 17: Market Outlook
MARKET OUTLOOK WIN Semiconductors Confidential 17
Slide 18: Annual Revenue Share by Applications
Annual Revenue Share by Applications 2024 2025 Optical Optical 11% 13% Cellular 30-35% Wi-Fi Cellular Wi-Fi 15-20% 35-40% 15-20% Infra. Infra. 25-30% 30-35%
Slide 19: 2025 Review
2025 Review Cellular Wi-Fi • Refocused on mid-high and • The Wi-Fi 7 market continues -20% 11% to penetrate into market. premium models. • Wi-Fi 6 adoption continues to expand, gradually replacing Wi-Fi 5 2024 2025 2024 2025 Infrastructure • Propelled by new satellite OE • New player took some marke
Slide 20: 2026 Market Outlook
2026 Market Outlook Cellular Wi-Fi Infra. OE
Slide 21: 5G Adoption Rate Keep Rising
5G Adoption Rate Keep Rising TAM impacted by insufficient memory for smartphone shipment. WIN keeps focusing on mid-high and premium models. Cellular Penetration Rate 2025 2026 2027 2028 M unit 1,400.0 5G 67.9% 72.0% 75.4% 78.3% -5.5% 6G 0.0% 0.0% 0.0% 0.0% 1,200.0 Shipment by Tier 1,000.0 800.0 6
Slide 22: Wi-Fi 7 is the Main Growth Engines
Wi-Fi 7 is the Main Growth Engines The market is driven by the adoption of Wi-Fi 6 and the upgrade to Wi-Fi 7. The Wi-Fi 7 market continues to grow in 2026 for both cellular and router segments. Wi-Fi Device Market Forecast by Standard, 2024-2031 5,000.0 4,000.0 M Units 3,000.0 2,000.0 1,000.0 0.0
Slide 23: Base Station Market Forecast
Base Station Market Forecast Capital expenditures of operator are projected to decline at a CAGR of 2%. Global 5G Base Station Forecast 1400 1200 -2% Base Station Unit (k unit) 1000 800 600 400 200 0 2024 2025F 2026F Source: Yole, TDIA and WIN
Slide 24: 1.6T Optical GaAs Driver in AI Datacenter
1.6T Optical GaAs Driver in AI Datacenter GaAs driver market growth is driven by AI datacenter booming in 2026. Demand of GaAs Optical Driver for OT Market K unit 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2025 2026 Source: WIN Semi.
Slide 25: VCSEL Sensing Market
VCSEL Sensing Market Sensing tech. is driven by human pursue a safe, environmentally friendlier, and more immersive experience lifestyle. Market growth is driven by consumer, and adopted in automotive applications. M unit Total Sensing VCSEL Device Forecast 1,200.0 1,100.0 Face ID Lawn Mower 1,000
Slide 26: Growth Strategy: AI Networking
-Growth Strategy- AI Networking
Slide 27: Satellite AI
Key Growth Engines for Compound Semi. Satellite AI
Slide 28: LEO Satellite is Booming
LEO Satellite is Booming Source: Techinsights Market Data: RF/Analog March,2025
Slide 29: Satellite Connectivity is Expanding
Satellite Connectivity is Expanding New Freq. band (E/V) is being adopted in satellites to expand capacity from 2025 to 2026. Emerging opportunities for satellite-to-smartphone (direct to cell) services. Ku/Ka-band (17.8-19.3/27.5-30GHz) E-band (71-86GHz) <6GHz Satellite to V-Band (New) Gateway UT
Slide 30: Spectrum Proliferation is the Growth Engine
Spectrum Proliferation is the Growth Engine E-Band V-Band 71-86GHz 37.5-40GHz, W-Band 75-110GHz 47.2-50.2GHz Production Ramp up Coming up Time
Slide 31: WIN’s Leading Tech. for Satcom in W-Band
WIN’s leading Tech. for Satcom in W-Band GaAs GaN 4V PP10 GaAs pHEMT NP10 • 0.1μm EBL D-pHEMT • 0.1μm EBL GaN HEMT • Low Parasitic • 2/4 mil Substrate TSV with COV • 2mil Substrate TSV • High Power Efficiency • High Linearity • QFN/Flip-Chip 100 nm Gate Cu Pillar BS via for 4 mil Sub
Slide 32: Satellite AI
Key Growth Engines for Compound Semi. Satellite AI
Slide 33: AI Propels Compound Semi. Growth
AI Propels Compound Semi. Growth Optical transceivers market forecast 140.00 120.00 100.00 80.00 M Units 60.00 40.00 20.00 - 2024 2025 2026 2027 2028 2029 2030
Slide 34: WIN’s Competitive Advantages for Optical in AI
WIN’s Competitive Advantages for Optical in AI Global Customer Partnership Broad and Advanced Technologies Turn-Key for Speeding Development Largest Capacity with Richest Manufacturing Experience in 6’’
Slide 35: Optical Device from Datacom to Telecom
Optical Device from Datacom to Telecom Datacom Telecom <100m >10km VCSEL CW-DFB EML InP PIC PD Mass Production Ongoing Qualification
Slide 36: CW-DFB Development Roadmap
CW-DFB Development Roadmap 400 mW 200 Laser power mW 100 mW 70 mW Data rate/lane
Slide 37: WIN’s Advanced Turn-Key Service
WIN’s Advanced Turn-Key Service WIN provides turn-key service to accelerate customers’ development. Wafer Testing Customer Requests • Epi structure Base Epi Growth Foundry • Chip layout design BE Cleave & & Re-growth Process Facet Coating • BE service 100% Wafer • Testing AOI • AOI
Slide 38: WIN’s Advantages in 6-Inch Process Capability from GaAs to InP
WIN’s advantages in 6-inch process capability from GaAs to InP WIN possesses the world’s largest GaAs 6-inch wafer capacity, technology, and expertise. By leveraging the technology and experience from 6-inch GaAs capability, WIN is now developing 6-inch InP capability with the following advantages
Slide 39: AI Associated Sensing Applications
AI Associated Sensing Applications AI-adopted devices/vehicles with 3D sensing technologies for innovative future life Lawn Mower AR Glass Autonomous Vehicle 2D Addressable VCSEL Delivery Headset
Slide 40: Worldwide NO.1 Compound Semiconductors Foundry Provider
Worldwide NO.1 Compound Semiconductors Foundry Provider AI
Slide 41: For more information regarding WIN
Q&A For more information regarding WIN www.winfoundry.com For all inquiries, suggestions, and comments ir@winfoundry.com WIN Semiconductors Confidential 41