Winbond Electronics Corp. · TWSE:2344
Winbond Electronics — Q3 2026 Earnings Presentation
33 slides from Winbond Electronics's earnings presentation, Nov 3, 2026
Slide 1: 3Q26 Investor Conference
3Q26 Investor Conference Nov. 3rd, 2026 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) 3Q26 2Q26 QoQ 3Q25 YoY Net Sales 82,331 59,843 +37.6% 21,771 +278.2% Gross Profit 58,101 39,645 +46.6% 10,166 +471.5% Gross Margin 70.6% 66.2% +4 ppts 46.7% +24 ppts Operating Expenses 14,317 10,666 +34.2% 6,46
Slide 6: Revenue by Products - Consolidated
Revenue by Products - Consolidated 66% 71% 3Q26 vs. 2Q26 (QoQ) NT$M 53% 47% 42% 82,331 29% 27% 26% 23% 9% 15,841 59,843 6,743 32% 13% -142 CMS Flash Logic IC 38,253 33% 21% 26,625 21,312 19,993 21,018 21,771 32% 58% 3Q26 vs. 3Q25 (YoY) 18,692 26% 37% 33% 40,974 38% 42% 37% 53% 37% 37% 34% 35% 47% 38
Slide 7: Revenue and Gross Margin by Products
Revenue and Gross Margin by Products NT$M Memory NT$M Logic IC 70% 74% 74,284 57% 51% 43% 38% 41% 39% 38% 37% 36% 37% 35% 36% 34% 21% 18% 12% 51,700 10% 39% 29,923 19,172 40% 64% 12,941 12,824 14,132 61% 11,018 11,190 52% 53% 7,905 7,193 8,305 7,747 7,217 6,981 7,884 7,735 7,593 62% 57% 56% 60% 65%
Slide 8: Memory Business Quarterly Highlights
Memory Business Quarterly Highlights (In NT$ millions unless otherwise noted) 3Q26 2Q26 QoQ 3Q25 YoY Net Sales 74,284 51,700 +43.7% 14,132 +425.6% Gross Profit 54,872 36,337 +51.0% 7,183 +663.9% Gross Margin 73.9% 70.3% +4 ppts 50.8% +23 ppts Operating Expenses 10,418 6,938 +50.2% 2,988 +248.6% Oper
Slide 9: Balance Sheet - Consolidated
Balance Sheet - Consolidated (In NT$ millions unless otherwise noted) 09.30.2026 06.30.2026 09.30.2025 Cash, Cash Equivalents & Hedging Financial Assets 84,856 25% 61,826 21% 17,203 9% Accounts Receivable 49,307 15% 37,439 13% 13,302 7% Inventories 29,384 9% 25,787 9% 25,251 14% Investments 49,839 1
Slide 10: Statement of Cash Flow - Consolidated
Statement of Cash Flow - Consolidated (In NT$ millions unless otherwise noted) 3Q26 2Q26 3Q25 Cash Flow from Operating Activities 45,868 23,306 2,836 Depreciation & Amortization 7,596 3,206 3,126 Cash Flow from Investing Activities (16,518) (5,631) (1,621) CAPEX (15,948) (5,172) (1,368) Cash Flow fr
Slide 11: Operating Expenses - Consolidated
Operating Expenses - Consolidated 28% 31% 30% 29% 30% 26% 21% 18% 18% NT$M 14,317 918 2,531 10,666 845 7,865 2,443 4,954 7,054 6,463 837 5,974 5,822 6,087 6,058 809 788 2,312 3,312 799 783 836 803 2,217 2,138 2,253 2,151 2,066 2,261 1,801 1,381 885 998 5,914 985 994 974 4,067 2,231 2,424 2,646 2,915
Slide 12: Logic Business Performance - Nuvoton Income Statement
Logic Business Performance - Nuvoton Income Statement (In NT$ millions unless otherwise noted) 3Q26 2Q26 QoQ 3Q25 YoY Net Sales 7,856 7,941 -1.1% 7,272 +8.0% Gross Profit 2,941 3,020 -2.6% 2,597 +13.2% Gross Margin 37.4% 38.0% -1 ppts 35.7% +2 ppts Operating Expenses 3,448 3,353 +2.8% 3,113 +10.8% O
Slide 13: Logic Business Performance - Nuvoton Balance Sheets
Logic Business Performance - Nuvoton Balance Sheets (In NT$ millions unless otherwise noted) 09.30.2026 06.30.2026 09.30.2025 Cash & Cash Equivalents 7,586 24% 7,464 24% 9,584 29% Accounts Receivable 4,258 13% 4,353 14% 4,239 13% Inventories 7,703 24% 6,869 22% 6,188 19% Long-term Investments 2,841
Slide 14: Corporate Value
Corporate Value EPS EBITDA NT Dollar NT$M 56% 15.32 101,552 3.41 3.23 30% 29% 0.14 0.88 (0.29) 21% 18% 16% 2021 2022 2023 2024 2025 3Q26YTD BVPS NT Dollar 30,085 27,690 46.04 18,680 12,151 15,005 20.71 23.66 22.08 23.99 20.37 2021 2022 2023 2024 2025 3Q26YTD 2021 2022 2023 2024 2025 3Q26 EBITDA EBIT
Slide 15: Memory CAPEX
Memory CAPEX 40.8 39.5 (NT$ B) 15.5 12.7 5.5 2022 2023 2024 2025 2026(E) Paid Estimated Cash Basis, as of November 3rd, 2026 • 3Q26YTD CAPEX was NT$23.4B • 2026 CAPEX is estimated approx. NT$39.5B, in which WFE CAPEX accounts for ~95% 15
Slide 16: Business Recap & Outlook
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Slide 17: Memory Revenue Results
Memory Revenue Results QoQ YoY 3Q26 vs. 2Q26 3Q26 vs. 3Q25 CMS CMS Revenue +50% +620% Bit Shipment Decreased high-single digit% Increased mid-single digit% Blended ASP(US$) Increased approx. sixties% Increased over 500% Flash Flash Revenue +34.0% +255% Bit Shipment Flat Increased low-teens% Blended
Slide 18: Memory Business Revenue Breakdown by Application
Memory Business Revenue Breakdown by Application Car & Industrial Communication NT$M QoQ +36% NT$M QoQ +55% Car & Ind. 26% Comm. 20,000 20,000 31% 3Q26 16,000 16,000 12,000 12,000 Consumer 8,000 8,000 26% Computer 17% 4,000 4,000 0 0 2Q26 3Q26 2Q26 3Q26 Consumer Computer QoQ +35% QoQ +66% NT$M NT$M
Slide 19: Flash Business
Flash Business ❑ Revenue in 3Q26 increased by 34% QoQ and over 200% YoY ❑ 24nm revenue contribution continued to expand, supported by ongoing technology migration and product mix optimization ❑ High-density NOR revenue and shipment contributions reached record highs, with further growth expected 7%
Slide 20: CMS Business
CMS Business ❑ Revenue in 3Q26 increased by 50% QoQ and over 600% YoY ❑ 20nm remained the key growth driver, reflecting strong DDR4/ LPDDR4 sales momentum 3% ❑ 16nm began ramping up, with significant revenue contribution expected from 2027 onward 66% 71% 6% 68% 5% 17% 5% 21% 55% 18% 6% 15% 37% 7% 17
Slide 21: Market and Business Outlook (1)
Market and Business Outlook (1) ❑ Code Storage Flash ❖ High-density NOR remains tight, with robust demand supporting a positive pricing momentum into 2027 ❖ Strong design-ins reinforce the favorable pricing outlook for SLC NAND into 2027 ❖ Strong demand: AI Server, Automotive, and AI-related applica
Slide 22: Market and Business Outlook (2)
Market and Business Outlook (2) ❑ Overall Market ❖ Uncertainty around inflation and interest rates may weigh on consumer spending and traditional electronics demand; Recent market debate over CSP CAPEX ❖ Robust AI demand continues to support a resilient memory upcycle ❑ Winbond Business ❖ Profitabil
Slide 23: Excellence & Forward
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Slide 24: Winbond Flash Portfolio
Winbond Flash Portfolio MCP MCP (1.8V) W71N 4+4/8+8 ONFI NAND (1.8V) W29N-GZ/LZ (3V) W29N-GV Octal NAND NAND (1.8V) W35N-JW QSPI NAND (1.8V) W25N-GW/KW/LW (3V) W25N-GV/KV/LV Octal Secure NOR (1.8V) W77T-NW PQC Secure NOR QSPI Secure NOR (1.8V) W77Q-JW,W77Q-NW PQC (3V) W77Q-JV Octal NOR (1.8V) W35T-N
Slide 25: Code Storage Flash New Growth Momentum
Code Storage Flash New Growth Momentum Automotive IoT AI Devices • ADAS / IVI / Sensors • Healthcare • Servers • Central Compute / SDV • Wearable – GP Enterprise Server – AI Servers • IIoT – Hyperscalers – AI Accelerators – HP Interconnect • Edge AI • Physical AI 25
Slide 26: Code Storage Flash in the Booming AI Era
Code Storage Flash in the Booming AI Era AI Servers AI Devices – GP Enterprise Servers • Gen AI • Agentic AI – AI Servers • Device AI – Hyperscalers • Personal AI – AI Accelerators • Ambient AI – HP Interconnect • IIoT / Physical AI • Networking SILICON SILICON CPU · GPU/ASIC · DPU · BMC/PRoT · FPGA
Slide 27: AI Server Architecture: NOR Flash Across the Rack
AI Server Architecture: NOR Flash Across the Rack ➢ One system contains multiple independent firmware and recovery domains High-Value Domains BIOS / UEFI Host boot + Recovery GPU/xPU VBIOS + Board FW BMC BMC FW SmartNIC Boot + Config Data Switch Config + Fabric FW Implication Multiple NOR Flash per
Slide 28: AI Server Demand Spans Four Connected Ecosystems
AI Server Demand Spans Four Connected Ecosystems ✓ AI Server Racks ✓ Accelerators ✓ Hyperscalers ✓ SmartNIC/DPU Source: Winbond internal analysis 28
Slide 29: Server NOR Flash Demand Forecast (2025–2028)
Server NOR Flash Demand Forecast (2025–2028) ➢ Forecast Server NOR Flash Demand Reaches 240M Units in 2027 million units 300 250 2025–2028 CAGR 33% 200 2027 YoY growth +48% by 150 Servers, AI Servers, Hyperscalers, AI Accelerators and SmartNICs, 100 with Density Migration 50 0 2025 2026 2027 2028 So
Slide 30: Server NOR Flash Density Mix in 2027
Server NOR Flash Density Mix in 2027 2Gb 64Mb 5% 5% 128Mb 1Gb 12% 17% Density From 16Mb up to 2Gb 256Mb 18% Estimated >= 512Mb Density Accounts by 65% of 2027 Server NOR Flash Demand 512Mb 43% Source: Winbond Internal Collected and Estimated. 30
Slide 31: Winbond NOR Flash Bit Shipments for Servers
Winbond NOR Flash Bit Shipments for Servers 100 112% 90 80 67% 46% 70 60 pBits 50 40 30 20 10 0 2025 2026 (e) 2027 (e) <=32Mb 64/128/256Mb >=512Mb GR% 31
Slide 32: Q&A
Q&A 32
Slide 33: Thank you
wirror_obs modifier as Thank you ma Winbond