WPG (TWSE:3702) Reports 2025 EPS of NT$5.77; Strong AI Demand Expected to Drive Q1 2026 EPS up to NT$2.5
2026/03/10
WPG reported fourth quarter 2025 revenue of NT$255.356 billion, representing a 4.5% quarter-over-quarter increase and a 10.3% year-over-year increase. Operating income reached NT$5.43 billion, up 40.4% year over year. Net income totaled NT$2.843 billion, a 75.2% increase year over year, with EPS of NT$1.7.
2025 revenue reached NT$999.111 billion, representing 13.5% growth compared with 2024. Operating income totaled NT$19.971 billion, an increase of 35.9% year over year. Net income was NT$10.105 billion, up 39.5% year over year, with EPS of NT$5.77.
In the fourth quarter of 2025, return on equity (ROE) and return on working capital (ROWC) were 13.7% and 11.5%, respectively.
The strong fourth quarter and full year performance was primarily driven by the rapid development of generative AI, which has boosted demand for AI infrastructure and end-user applications. This trend has accelerated procurement of both AI and traditional servers, power supplies, networking, and related electronic components. Overall shipments remained robust, resulting in double-digit year-over-year growth in both quarterly and full-year profitability.
For 2026 First quarter, based on an exchange rate assumption of NT$31.5 to the U.S. dollar, WPG forecasts revenue of NT$255 billion to NT$275 billion, gross margin of 4.15% to 4.35%, operating margin of 2.36% to 2.52%, net income of NT$3.616 billion to NT$4.201 billion, EPS of NT$2.15 to NT$2.5.
Table: WPG Holdings Ltd. Consolidated Financial Statements for the year ended December 31, 2025 (In brief)
Units：NT$million
Income Statement (year ended December 31, 2025) | Balance Sheet (December 31, 2025) | |||
Item | Amount | Item | Amount | |
Operating revenues | 999,110 | Current Assets | 364,595 | |
Cost of Goods Sold | (959,570) | Accounts receivables | 165,488 | |
Gross Profit | 39,540 | Inventories | 142,686 | |
Operating Expenses | (19,569) | Other assets | 46,377 | |
Operating income | 19,971 | Total Assets | 410,972 | |
Non-op Expenses | (6,315) | Current Liabilities | 285,941 | |
Profit Before Tax | 13,656 | Current Borrowing | 114,545 | |
Tax | (3,110) | Accounts payables | 119,836 | |
Minority & Others | (440) | LT Liabilities | 35,967 | |
Profit After tax | 10,105 | Total Liabilities | 325,722 | |
EPS - Common Stock (Note1) | 5.77 | Common Stock | 16,791 | |
Note1：Based on weighted average outstanding shares. | Total Equity | 85,250 | ||
Cash Flow Statement (year ended December 31, 2025) | |
Item | Amount |
Income before Income Tax | 13,656 |
Change in NWC | (3,669) |
Operating cash inflow /(outflow) | 22,216 |
Investment cash inflow /(outflow) | (386) |
Change in Financial Debt | (12,134) |
Cash Dividends | (5,797) |
Financing cash inflow /(outflow) | (18,401) |
Cumulative translation adjustments | (3,762) |
Net Cash | (333) |
Beginning cash balance | 22,688 |
Ending cash balance | 22,356 |
IR contacts：Cliff Yuan/ Zoe Peng
Tel：886-2-2191-0068 ext.85268/ext.85262
Email address: ir@WPGholdings.com
Corporate website: www.WPGholdings.com