Taiwan Sakura Corporation · TWSE:9911
Taiwan Sakura — H1 2026 Earnings Presentation
36 slides from Taiwan Sakura's earnings presentation, August 2026
Slide 1: From Kitchen & Bath Appliance Leader to Integrated Home Solutions Pioneer
From Kitchen & Bath Appliance Leader to Integrated Home Solutions Pioneer A Premier Household Lifetime Value Platform (LTV) SAKURA GROUP (9911 TT) | Investor Presentation August 2026 1
Slide 2: Disclaimer
Disclaimer • This document is provided by Taiwan Sakura Corporation (the "Company"). Except for the numbers and information included in the Company's financial statements, the information contained in this document has not been audited or reviewed by any accountant or independent expert. The Company
Slide 3: Unmatched Market Leadership and Data Moat in Taiwan
Unmatched Market Leadership and Data Moat in Taiwan No.1 Market Share in Core Kitchen & No.1 Household Penetration Rate A Decade of Steady Revenue and EPS Growth Bath Appliance Categories (NT$bn) Consolidated Revenue EPS (RHS) (NT$) Water 12 7 Heater >70% 58.5% 10 6 Household 5 Penetration 8 Range 4
Slide 4: Investment Thesis: Compounding Platform Built on Resilience & Expansion
Investment Thesis：Compounding Platform Built on Resilience & Expansion Core Resilience Wallet Expansion ~70% replacement-diven revenue Expands per-household value by 30x+ backed by a large installed base, through integrated home solutions, providing stable cash flow insulated from while high-margin
Slide 5: Revenue Resilience: Anchored by Replacement Demand
Revenue Resilience: Anchored by Replacement Demand Taiwan Kitchen & Bath Appliances Demand Sakura Revenue Mix by Demand Type Stable at 1.5M–1.6M units p.a. Existing-household replacements account for (Unit: K) ~70% of revenue, while new-home demand 1,784 represents the remaining ~30% 1,693 30% 1,666
Slide 6: Core Moat: Nationwide Coverage x Smart Service Platform
Core Moat: Nationwide Coverage x Smart Service Platform 3,500+ Department Stores Customer Traffic & Brand Exposure Sales Touchpoints Smart Nationwide Service Coverage Registration SAKURA KITCHEN Smart Full Brand Experience Smart Service Smart Consultative Service Control System Listening Smart Smart
Slide 7: Growth Formula in a Mature Market: Expanding Household Share of Wallet
Growth Formula in a Mature Market: Expanding Household Share of Wallet 1. Replacement Pool Expansion 2. Brand & Channel Moat 30% of new-home installations Leveraging 7M user database and consistently transition into a a 3,500+ omni-channel footprint predictable future replacement to capture full cus
Slide 8: Spatial Evolution Path: from Appliances to Integrated Home Solutions
Spatial Evolution Path : from Appliances to Integrated Home Solutions HOME in O.N.E: Offering one-stop solutions from standalone products to whole-home renovations Horizon 4 Lifetime Recurring Value Horizon 3 Full-Home Integration Horizon 2 Horizon 1 Scenario Value Expansion Core Hardware Anchor Kit
Slide 9: AI Kitchen: The Entry Point for Premiumization and Scenario-Based Upsell
AI Kitchen: The Entry Point for Premiumization and Scenario-Based Upsell Attentive Intelligence Smart Scenario Integration Environmental Connecting standalone Sensing appliances into smart PREVU kitchen scenarios Core System Predictive Intelligence Smart Adjustment AI Kitchen shifts customer demand
Slide 10: AI Kitchen Smart Connectivity: Beef Bourguignon
AI Kitchen Smart Connectivity: Beef Bourguignon From searing to simmering, the gas stove and range hood work in sync with automatic airflow adjustment High heat for searing & sautéing Bring to a boil high heat Simmer on medium-low heat for 1.5hrs Range hood automatically maintained with strong smoke
Slide 11: Premium Mix Shift Drives ASP Uplift and Profit Growth
Premium Mix Shift Drives ASP Uplift and Profit Growth ASP Uplift (+90% ASP) (NT$mn) Historical Gross Profit Trend +12.2% CAGR 4,000 3,500 Energy-saving, inverter, and turbo- (+70% ASP) boost products support premium 3,000 mix upgrade 2,500 +9.2% CAGR 2,000 1,500 1,000 500 Baseline UpgradeTier Premiu
Slide 12: Water Filtration: Expanding Installed Base and Recurring Filter Revenue
Water Filtration: Expanding Installed Base and Recurring Fliter Revenue Filter Gross Margin Blended Gross Margin 55% 45% 1. Hardware 2. Customer Installation Stickiness 35% 25% 4. Recurring 3. Service 2020 2021 2022 2023 2024 2025 Revenue Trigger 300 Filter Revenue (NT$mn) • Professional installatio
Slide 13: Low Penetration, Large Growth Runway in TW's New-Home Renovation
Low Penetration, Large Growth Runway in TW’s New-Home Renovation Low New-Home Renovation Strong Growth in Sakura Home Living Penetration in Taiwan Contract Value NT$1B 90% CAGR +73% NT$700M 70% 60% Low Penetration NT$199M <10% NT$67M NT$37M Taiwan China Korea Japan 2020 2021 2022 2025 2026E Note: De
Slide 14: B2B Partnerships: Securing New User Entries to Expand the Replacement Pool
B2B Partnerships: Securing New User Entries to Expand the Replacement Pool Builder Access New Acquisition Revenue Future Pool Recognition Partnering with Taiwan's Large-scale project A predictable 3-to-5 year New installations convert top 20 developers with installations establish revenue conversion
Slide 15: Scaled Delivery Capabilities Capture High-Value Renovation Demand
Scaled Delivery Capabilities Capture High-Value Renovation Demand Business scope Competitive Advantages Integrated Kitchen One-Stop Shopping Modular kitchen solutions Leveraging a multi-brand portfolio combining design, appliances and to offer seamless, design-to-supply installation solutions Whole-
Slide 16: Brand x Platforms: From Supplier to Strategic Partner for Developers
Brand x Platforms: From Supplier to Strategic Partner for Developers Brand x Delivery x Service Enhancing Project Value and Resident Experience Sales Delivery Service Sales Platform Delivery Platform Service Platform Strengthens project value and Large-scale project delivery Comprehensive post-hando
Slide 17: 2B Revenue Visibility with Renovation Upside
2B Revenue Visibility with Renovation Upside • 2022 Building-Permit Peak, projects move into completion and delivery from 2026 onward • Completed but unsold new homes create an additional entry point amid housing market headwinds Contract-first, revenue- at-handover model supports revenue recognitio
Slide 18: Value Multiplier: Expanding Per-Household Value by 30x+
Value Multiplier：Expanding Per-Household Value by 30x+ 3. Full-Home Renovations HOME in O.N.E, one-stop offering 3 30x+ 2. Integrated kitchen 2 Modular kitchen solutions, increasing ticket size Shifting from standalone 1. Single Appliances 1 hardware to spatial solutions, unlocking up to 30x value K
Slide 19: Premiumization and Scale Efficiency Drive Profitability Expansion
Premiumization and Scale Efficiency Drive Profitabilit Expansion ASP uplift Margin Revenue per Smart Improvement Household Manufacturing Uplift Scale Premium portfolio & Growing installed Integrated home Manufacturing AI Kitchen shatter base drives high- solutions increase upgrades and process tradi
Slide 20: Sakura's Differentiation: from Hardware Sales to Household LTV
Sakura’s Differentiation: from Hardware Sales to Household LTV Traditional Appliance Manufacturer Sakura: Household LTV Platform Hardware Integrated home Vision manufacturing & sales living solutions Revenue Infrequent, one-time Replacement, cross-sell Model purchases & recurring filter revenue Pene
Slide 21: Consistent Growth and Shareholder Returns Underpin Investment Value
Consistent Growth and Shareholder Returns Underpin Investment Value (NT$bn) Consolidated Revenue EPS (RHS) (NT$) Gross Margin Operating Margin (RHS) 12 7 38% 20% 10 6 18% 36% 5 8 4 16% 6 34% 3 14% 4 2 32% 2 12% 1 0 0 30% 10% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018
Slide 22: Healthy Capital Structure and Strong Cash Conversion
Healthy Capital Structure and Strong Cash Conversion Net Debt/Equity Net cash position with a healthy leverage profile Debt Ratio Low balance-sheet risk with manageable liabilities 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 40% 0% 35% -10% 30% -20% 25% -30% 20% -40% 2015 2016 2017 2018 2
Slide 23: 1H 2026 Income Statement
1H 2026 Income Statement NT$mn 1H26 1H25 YoY Revenue 5,497 5,164 6.4% Gross Profit 1,948 1,797 8.4% Gross Margin 35.4% 34.8% 0.6 ppts Operating Expenses 1088 1004 8.4% Operating Income 860 792 8.6% Operating Margin 15.7% 15.4% 0.3 ppts Non-operating Income/(Loss) 26 46 -43.5% Net Income 709 666 6.5%
Slide 24: 1H 2026 Balance Sheet
1H 2026 Balance Sheet 2026-06-30 2025-06-30 NT$mn Amount % Amount % Cash and Cash Equivalents 1,417 13.4 1,400 13.9 AR & NR 1,405 13.3 1,358 13.5 Inventories 1,667 15.8 1,611 16.0 PP & E (incl. Right-of-use asset) 3,096 29.3 2,988 29.6 Total Assets 10,558 100.0 10,094 100.0 Current Liabilities 3,201
Slide 25: 1H 2026 Cash Flow
1H 2026 Cash Flow NT$mn 1H26 1H25 Beginning Cash Balance 2,157 2,409 Operating Cash Flow 586 401 Investments and Others -159 -291 Financing Cash Flow -1,168 -1,119 Effects of Exchange Rate Changes on the Balance of Cash and Cash Equivalents Held in Foreign Currencies 1 0 Ending Cash Balance 1,417 1,
Slide 26: Contact
Contact Amber Lee Senior Manager, Spokesperson 1005670@sakura.com.tw (04) 2566 6106 #529 26
Slide 27: Company Profile
Company Profile Established 1978 Paid-in Capital NT$2.22bn Listed July 1992 Market Cap (as of May 5, 2026) NT$18.12bn Headquarters Daya, Taichung Chairman Yung-Chieh Chang President Hui-Hsun Lee Employees ~2,600 Production Bases 8 27
Slide 28: Multi-Brand Portfolio Expands Household Value Capture
Multi-Brand Portfolio Expands Household Value Capture Premium Brand Matrix • Own and agency brands Premium / Demand Coverage Basic / Durable Feature-Rich & Functional Design • From durable basics to premium design Product Expansion • Full portfolio supports one-stop home solutions Basic More cross-s
Slide 29: 7M+ Customer Profiles Power Product Upgrades and Household LTV
7M+ Customer Profiles Power Product Upgrades and Household LTV Customer Behavior Pain Point Product Data Insights Identification Upgrade Purchase, installation, usage, repair, and Understanding household usage Identifying product, service and Feeding insights back into R&D, replacement records patte
Slide 30: HOME in O.N.E
Agency-Branded Imported Appliances Renovation Whole-Home | p ty = Own-Brand | Kitchen & Bath PS Appliances
Slide 31: SAKURA
SAKURA
Slide 32: Smart Manufacturing Capacity Supports Future Growth
Smart Manufacturing Capacity Supports Future Growth Daya Plant I – dishwashers Daya Plant II - water heaters Shengang Plant - range hoods & gas stoves Production Synergy Wuri Plant II Phase 1 – Wuri Plant II Launch Phase 2 – Wuri Plant Expansion （21,818 m²） • Strengthens supply and • Smart manufactu
Slide 33: Overseas Expansion Offers Long-Term Upside, Anchored by Taiwan Growth
Overseas Expansion Offers Long-Term Upside, Anchored by Taiwan Growth Vietnam North America Building a Localized Testing High-Value Niche China Growth Platform Segments Operational Optimization • Focused on efficiency improvement and product mix • Entering selectively with premium, high- optimizatio
Slide 34: Sakura ESG Highlights
Sakura ESG Highlights Governance Environmental Social 97% Average board attendance in 2025 2050 Net-zero target 93 Customer satisfaction score in 2025, exceeding the annual target of 90 • ISO 14064-1 inventory implemented in • 9 board seats, including 3 independent 2024 • Strong Brand Value and Cust
Slide 35: 2019-2025 Income Statement
2019-2025 Income Statement NT$mn 2019 2020 2021 2022 2023 2024 2025 Revenue 6,299 6,628 7,569 8,213 8,272 9,601 10,275 Gross Profit 2,244 2,442 2,689 2,737 2,884 3,399 3,629 Operating Expenses 1,287 1,377 1,529 1,626 1,653 1,935 2,056 Operating Income 958 1,065 1,160 1,112 1,230 1,464 1,573 Non-oper
Slide 36: 2019-2025 Balance Sheet
2019-2025 Balance Sheet NT$mn 2019 2020 2021 2022 2023 2024 2025 Total Assets 6,847 7,503 8,280 8,691 9,534 10,629 11,213 Cash and Cash Equivalents 1,354 1,885 1,849 2,037 2,449 2,409 2,157 AR and NR 1,147 1,140 1,298 1,164 1,243 1,284 1,389 Inventories 535 669 951 1,166 1,298 1,646 1,769 PP & E (in