Slide 1: 1Q25 Investor Conference
1Q25 Investor Conference May. 7th, 2025 1
Slide 2: Safe Harbor Notice
Safe Harbor Notice • We have made forward-looking statements in this presentation. Our forward-looking statements contain information regarding, among other things, our financial condition, future expansion plans and business strategies. We have based these forward- looking statements on our current
Slide 3: Agenda
Agenda 01 Financial Results Hsiang-Yun Fan - EVP 02 Business Recap & Outlook James Chen - President 03 Excellence & Forward Jason Lin - VP 04 Q & A 3
Slide 4: Financial Results
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Slide 5: Statement of Comprehensive Income - Consolidated
Statement of Comprehensive Income - Consolidated (In NT$ millions unless otherwise noted) 1Q25 4Q24 QoQ 1Q24 YoY Net Sales 19,993 18,692 +7.0% 20,121 -0.6% Gross Profit 5,122 5,081 +0.8% 5,562 -7.9% Gross Margin 25.6% 27.2% -2 ppts 27.6% -2 ppts Operating Expenses 6,087 5,822 +4.6% 5,748 +5.9% Opera
Slide 6: Revenue by Products - Consolidated
Revenue by Products - Consolidated 31% 32% 33% 1Q25 vs. 4Q24 (QoQ) 28% 28% 28% 29% 27% 26% 1,112 21,484 21,312 899 NT$M 20,121 19,506 19,993 18,811 19,174 18,692 17,516 38% 37% 42% -727 42% 45% 43% 38% CMS Flash Logic IC 47% 51% 35% 37% 1Q25 vs. 1Q24 (YoY) 30% 32% 34% 32% 38% 33% 29% 22% 26% 25% 23%
Slide 7: Revenue and Gross Margin by Products
Revenue and Gross Margin by Products NT$M Memory NT$M Logic IC 40% 40% 42% 40% 42% 37% 38% 41% 30% 34% 20% 21% 16% 21% 18% 10% 15% 10% 12,948 12,941 11,283 11,018 11,190 10,132 10,349 9,453 58% 8,838 8,859 8,871 8,151 62% 8,318 8,417 8,171 8,305 54% 57% 7,905 59% 65% 7,193 65% 66% 63% 46% 42% 38% 43
Slide 8: Memory Business Quarterly Highlights
Memory Business Quarterly Highlights (In NT$ millions unless otherwise noted) 1Q25 4Q24 QoQ 1Q24 YoY Net Sales 11,190 11,018 +1.6% 11,283 -0.8% Gross Profit 1,172 1,934 -39.4% 1,637 -28.4% Gross Margin 10.5% 17.6% -7 ppts 14.5% -4 ppts Operating Expenses 2,507 2,525 -0.7% 2,334 +7.4% Operating Incom
Slide 9: Balance Sheet - Consolidated
Balance Sheet - Consolidated (In NT$ millions unless otherwise noted) 03.31.2025 12.31.2024 03.31.2024 Cash & Cash Equivalents 18,378 10% 14,100 8% 13,710 7% Accounts Receivable 11,855 7% 10,038 6% 11,387 6% Inventories 23,540 13% 24,201 13% 22,392 12% Long-term Investments 18,860 10% 19,152 11% 25,
Slide 10: Statement of Cash Flow - Consolidated
Statement of Cash Flow - Consolidated (In NT$ millions unless otherwise noted) 1Q25 4Q24 1Q24 Cash Flow from Operating Activities 393 2,550 1,723 Depreciation & Amortization 3,255 3,203 3,052 Cash Flow from Investing Activities (2,045) (3,370) (8,266) CAPEX (1,582) (3,219) (8,578) Cash Flow from Fin
Slide 11: Operating Expenses - Consolidated
Operating Expenses - Consolidated 34% 33% 31% 31% 31% 30% 29% 28% 28% NT$M 6,204 6,087 5,961 5,978 5,884 5,949 5,974 5,748 5,822 853 836 884 839 802 791 799 783 782 SG&A 938 974 864 917 971 912 1,040 985 994 2,219 2,170 2,151 2,242 2,202 2,176 2,129 2,066 2,261 R&D 1,971 2,194 2,051 1,909 1,879 1,99
Slide 12: Logic Business Performance - Nuvoton Income Statement
Logic Business Performance - Nuvoton Income Statement (In NT$ millions unless otherwise noted) 1Q25 4Q24 QoQ 1Q24 YoY Net Sales 8,364 7,270 +15.1% 8,468 -1.2% Gross Profit 3,451 2,769 +24.6% 3,534 -2.3% Gross Margin 41.3% 38.1% +3 ppts 41.7% 0 ppts Operating Expenses 3,177 2,989 +6.3% 3,078 +3.2% Op
Slide 13: Logic Business Performance - Nuvoton Balance Sheets
Logic Business Performance - Nuvoton Balance Sheets (In NT$ millions unless otherwise noted) 03.31.2025 12.31.2024 03.31.2024 Cash & Cash Equivalents 10,436 28% 5,704 19% 6,433 20% Accounts Receivable 4,983 14% 3,604 12% 4,698 15% Inventories 7,281 20% 7,126 24% 7,060 22% Long-term Investments 3,054
Slide 14: Corporate Value
Corporate Value EPS EBITDA NT Dollar 3.41 NT$M 3.23 30% 29% 19% 18% 16% 12% 0.33 0.14 (0.24) (0.29) 30,085 2020 2021 2022 2023 2024 2025Q1 27,690 BVPS NT Dollar 23.66 15,005 22.08 12,151 20.71 20.37 11,571 20.10 16.44 2,435 2020 2021 2022 2023 2024 2025Q1 2020 2021 2022 2023 2024 2025Q1 EBITDA EBITD
Slide 15: Memory CAPEX
Memory CAPEX 40.8 (NT$ B) 15.5 12.7 9.3 5.4 2021 2022 2023 2024 2025(E) Paid Estimated Cash Basis, as of May 7th, 2025 • 1Q25 CAPEX was NT$1.3B • 2025 CAPEX is estimated approx. NT$5.4B, in which WFE CAPEX accounts for ~70% 15
Slide 16: Business Recap & Outlook
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Slide 17: Memory Revenue Results
Memory Revenue Results QoQ YoY 1Q25 vs. 4Q24 1Q25 vs. 1Q24 CMS CMS Revenue +23% -8% Bit Shipment Increased low-fifties% Decreased low-teens% Blended ASP Decreased low-twenties% Decreased low-single digit% Flash Flash Revenue -10% +5% Bit Shipment Flat Increased mid-single digit% Blended ASP Decrease
Slide 18: Memory Business Revenue Breakdown by Application
Memory Business Revenue Breakdown by Application Car & Industrial Communication Communic QoQ -4% QoQ +26% Car & ation NT$M NT$M Industrial 21% 26% 4,000 4,000 4Q24 3,000 3,000 Computer Consumer 27% 2,000 2,000 26% 1,000 1,000 0 0 4Q24 1Q25 4Q24 1Q25 Consumer Computer Car & Communi QoQ +5% QoQ -22% I
Slide 19: Flash Business
Flash Business ❑ Revenue in 1Q25 decreased by 10% QoQ but increased by 5% YoY ❑ 1Q25 NOR Flash bit shipment increased in the low-teens% range YoY ❑ 1Q25 SLC NAND bit shipment from density ≥4Gb increased more than doubled YoY ❑ Stably leading as WW No.1 NOR Flash supplier 6% 8% 10% 3% 7% 3% 4% 12% 11
Slide 20: CMS Business
CMS Business ❑ Revenue in 1Q25 increased by 23% QoQ but decreased by 8% YoY ❑ Bit shipment in 1Q25 decreased in the low-teens% range YoY ❑ Revenue contribution from 20nm surged in 1Q25, driven by DDR3 and DDR4 growth 2% 3% 20% 5% 26% 18% 15% 15% 6% 19% 7% 17% 6% 4% 49% 54% 47% 50% 51% 56% 42% 52% 47
Slide 21: Market and Business Outlook (1)
Market and Business Outlook (1) ❑ Code Storage Flash • Demand for NOR recovers in 2Q25, with a balanced supply-demand throughout 2025 • Supply for SLC NAND is anticipated to tighten in 2025 due to decreasing output from major suppliers • Growing demand: Automotive, Wearable; Healthy demand: PC/NB, S
Slide 22: Market and Business Outlook (2)
Market and Business Outlook (2) ❑ Overall Market • The ongoing volatility of the global economic environment brings uncertainty to the end markets • Taiwanese manufacturers may benefit from the US-China tariff war in the short-term • Long-term demand outlook for memory remains steady, driven by robu
Slide 23: Excellence & Forward - Secure Flash Business Update
Excellence & Forward - Secure Flash Business Update 23
Slide 24: Winbond Code Storage Flash Product and Applications
Winbond Code Storage Flash Product and Applications NOR Flash NAND Flash Secure Flash 512Kb~2Gb 512Mb~8Gb 4Mb~1Gb QSPI NAND - 1.8/3V Product QSPI NOR - 1.2/1.8/3V QSPI Secure Flash - 1.8/3V Octal NAND - 1.8V Octal NOR - 1.8V Octal PQC Secure Flash - 1.8V Application ONFI NAND - 1.8/3V MCP AI Server
Slide 25: 2024 SPI NOR and SLC NAND Market Share
2024 SPI NOR and SLC NAND Market Share SPI NOR Flash SLC NAND Flash (Revenue $USD) (Revenue $USD) Others #1 ISSI DoSilicon Others 7% 3% 8% 3% Micron Winbond GigaDevice 4% XMC 27% 4% Kioxia 4% Macronix 35% Puya 7% 6% 2024 2024 SPI NOR Flash SLC NAND Flash $2,726M SkyHigh $1,202M Infineon 9% 10% GigaD
Slide 26: Cybersecurity Market Segments
Cybersecurity Market Segments 1. Infrastructure Protection Hardware Cybersecurity and Code/Data Storage 2. Network Security Protection Required- Focus of Winbond 3. Endpoint Security 4. Data Security 5. Application Security From various reports, the market size by 6. Cloud Security software and serv
Slide 27: Key Drivers of CyberSecurity Market
Key Drivers of CyberSecurity Market A new type of attacks Increasing number of cybersecurity Elevated sponsored by attacks by cybersecurity threats Governments Criminals Industrial Consumer Automotive Rapid adaptation of various IoT Edge- connected devices Singapore US EU PQC ISO/SAE ISA/IEC (RED) 2
Slide 28: New Trends in IoT Cybersecurity
New Trends in IoT Cybersecurity Post-Quantum Cryptography Supply Chain Protection Cybersecurity Regulations Cloud and AI Quantum Computers will be available Unsecure supply chain is defined as Enforced security regulations for IoT, on a small scale in 2030 threat #1 in the US and EU. Automotive and
Slide 29: Requirements on Trends
Requirements on Trends Post-Quantum Cryptography Supply Chain Protection Cybersecurity Regulations Cloud and AI Remote attestation based on Flash Manufacturing in a secured Secure boot, Platform Resiliency PQC and certified fab with Automatic recovery Remote attestation Consumer Secure Storage for K
Slide 30: Hardware Security, in addition to Software Security
Hardware Security, in addition to Software Security Manufacturing Antivirus, Anti-Malware, Firewalls, Intrusion Detection, Unsecured Global Supply Chain Vulnerability Scanners, Penetration Testing, Endpoint, Web, Networking security, etc Chips Products Products Software Shipment Programming Shipment
Slide 31: Migration of the System Cybersecurity
Migration Of the System Cybersecurity NOW – Secured Secure NOR Flash Secured Secure Storage Secured Secured Secure Boot Flash Logic NOR Software SPI Flash Updates SoC NOR MCU Flash PQC SPI Logic Resiliency Complete platform protection by secure SoC/MCU and Secure NVM 31
Slide 32: Winbond Secure Flash Solutions
Winbond Secure Flash Solutions TrustME® Secure Flash Security Level W75F (High Security) High W77Q / W77T (CC EAL5+) (Substantial Security) ▪ Hardware SPI interface SoC for high level security ▪ Drop-in replacement and Compatible to ▪ Mobile, iSIM (GSMA) standard SPI Flash ▪ PP0117 Secure Memory ▪ S
Slide 33: Uniqueness of Winbond TrustME Secure Flash Products
Uniqueness of Winbond TrustME® Secure Flash Products Post-Quantum Cryptography Supply Chain Protection Cybersecurity Regulations • Secure Storage for credentials and • Secure boot signatures • Secure storage for Privacy Basic • Software OTA updates Features • Platform Resiliency with Automatic Recov
Slide 34: Winbond Secure Flash Protects Your Products
Winbond Secure Flash Protects Your Products 1 Chip 2 Programming 3 Shipment & 4 Operation & Production & Assembly Installation Software Update Winbond Existing Supply chain – no need to change Software Cybersecurity tools Secure and Regulations: RED, CRA, etc Certified Manufacturing Products Product
Slide 35: Focused Applications
Focused Applications Cloud and AI IoT Automotive • Servers • Industrial controls • Telematics • AI accelerators • Enterprise equipment • Autonomous AI driving Applications • Enterprise Networking • Medical • Public transportation • Enterprise PC • Consumer • Networking • SmartNIC • Industrial PC • T
Slide 36: Forward Looking on Secure Memory Market
Forward Looking on Secure Memory Market ❑ From 2024, the demand for Secure Flash is getting significantly increased by • Supply Chain Protection from Server eco-system and Automotive, especially with PQC support • Regulatory and standard demand from EU “RED” and “CRA”, US CSNA 2.0, Industrial Cybers
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Slide 38: Thank you
Thank you mam Winbond