Slides
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1 4Q25 Investor Conference Feb. 10th, 2026
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2 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 expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us. • Financial figures presented in this document contains unaudited information. All information is provided for reference only. • We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this conference might not occur and our actual results could differ materially from those anticipated in these forward-looking statements. • The information contained herein shall also not constitute an offer to sell or a solicitation of an offer to buy the company’s securities nor shall there be any sale of such securities in any state or country in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or country.
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3 Agenda Hsiang-Yun Fan - EVP James Chen - President Financial Results Business Recap & Outlook 03 02 01 Q & A James Chen & Hsiang-Yun Fan
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4 Financial Results
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5 Statement of Comprehensive Income - Consolidated (In NT$ millions unless otherwise noted) 4Q25 (Unaudited) 3Q25 QoQ 4Q24 YoY Net Sales 26,625 21,771 +22.3% 18,692 +42.4% Gross Profit 11,146 10,166 +9.6% 5,081 +119.4% Gross Margin 41.9% 46.7% -5 ppts 27.2% +15 ppts Operating Expenses 7,054 6,463 +9.1% 5,822 +21.2% Operating Profit (Loss) 4,092 3,703 +389 (741) +4,833 Operating Margin 15.4% 17.0% -2 ppts -4.0% +19 ppts Non-Operating Items (75) (145) +70 (40) -35 Income Tax Expense (Benefit) 922 857 +65 (102) +1,024 Net Income (Loss) 3,095 2,701 +394 (678) +3,773 Net Profit Margin 11.6% 12.4% -1 ppts -3.6% +15 ppts Net Income (Loss) to Shareholders of the Parent Company 3,422 2,943 +479 (648) +4,070 Earning Per Share (NT Dollar) NT$0.76 NT$0.65 NT$-0.15 Earning Per Share for 2025 (NT Dollar) NT$0.88 EBITDA 7,457 7,048 2,719 Average Exchange Rate--USD/NTD 30.95 29.78 32.19
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6 *CMS stands for Customized Memory Solution, formerly known as DRAM business **Others revenue represents software service revenue, mainly from AMTC and METC. It accounts for around 1 to 3% of total revenue 4Q25 vs. 4Q24 (YoY) 22% 26% 25% 23% 21% 24% 27% 30% 35% 32% 30% 35% 37% 38% 32% 34% 35% 37%43% 42% 38% 37% 38% 42% 37% 33% 26% 19,174 20,121 21,484 21,312 18,692 19,993 21,018 21,771 26,62528% 28% 33% 29% 27% 26% 23% 47% 42% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 CMS Flash Logic IC Others Consolidated Gross Margin NT$M 2,642 2,398 -237 CMS Flash Logic IC 4Q25 vs. 3Q25 (QoQ) 5,377 2,777 -212 CMS Flash Logic IC Revenue by Products - Consolidated
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7 Memory Logic ICNT$M NT$M 41% 46% 42% 38% 35% 43% 44% 47% 48% 59% 54% 58% 62% 65% 57% 56% 53% 52% 16% 15% 30% 21% 18% 10% 12% 51% 43% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 CMS Flash Memory Gross Margin 11,283 10,349 12,948 12,941 11,018 11,190 12,824 14,132 19,172 8,318 8,417 8,171 7,905 7,193 8,305 7,747 7,217 6,981 40% 42% 34% 37% 38% 41% 35% 36% 34% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Logic IC Logic IC Gross Margin Revenue and Gross Margin by Products
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8 (In NT$ millions unless otherwise noted) 4Q25 (Unaudited) 3Q25 QoQ 4Q24 YoY Net Sales 19,172 14,132 +35.7% 11,018 +74.0% Gross Profit 8,298 7,183 +15.5% 1,934 +329.1% Gross Margin 43.3% 50.8% -8 ppts 17.6% +26 ppts Operating Expenses 3,554 2,988 +18.9% 2,525 +40.7% Operating Income (Loss) 4,744 4,195 +549 (592) +5,339 Operating Margin 24.7% 29.7% -5 ppts -5.4% +30 ppts Capacity Utilization ~100% ~100% ~90% Memory Business Quarterly Highlights
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9 (In NT$ millions unless otherwise noted) 12.31.2025 (Unaudited) 09.30.2025 12.31.2024 Cash & Cash Equivalents 15,734 8% 17,203 9% 14,100 8% Accounts Receivable 16,071 8% 13,302 7% 10,038 6% Inventories 25,758 14% 25,251 14% 24,201 13% Investments 32,416 17% 22,853 12% 19,152 11% Property, Plant, Equipment and ROU 96,986 51% 97,815 54% 103,607 58% Total Assets 192,192 100% 182,603 100% 177,784 100% Current Liabilities 46,615 24% 51,034 28% 41,762 23% Long-term Borrowings 21,534 11% 20,246 11% 31,128 18% Total Liabilities 78,062 41% 81,215 44% 78,625 44% Total Stockholders' Equity 114,130 59% 101,388 56% 99,159 56% Book Value Per Share (NT Dollar) 23.99 21.08 20.37 Debt / Equity Ratio 0.68 0.80 0.79 Current Ratio 1.57 1.33 1.43 Balance Sheet - Consolidated * Total outstanding shares were 4,500 million units on 12.31.2025
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10 (In NT$ millions unless otherwise noted) 4Q25 (Unaudited) 3Q25 4Q24 Cash Flow from Operating Activities 5,516 2,836 2,550 Depreciation & Amortization 3,092 3,126 3,203 Cash Flow from Investing Activities (2,167) (1,621) (3,370) CAPEX (2,135) (1,368) (3,219) Cash Flow from Financing Activities (4,865) (4,596) (565) Bank Loan (4,773) 5,559 (432) Corporate Bonds - (10,000) - Net Change (1,469) (3,114) (1,404) Ending Balance 15,734 17,203 14,100 Free Cash Flow* 3,381 1,468 -669 Statement of Cash Flow - Consolidated *Free cash flow = Cash from operating activities – CAPEX
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11 (In NT$ millions unless otherwise noted) 2025 (Unaudited) 2024 YoY Net Sales 89,406 81,610 +9.6% Gross Margin 35% 29% +6 ppts Operating Margin 6.2% 0.6% +6 ppts Net Income 3,177 710 +2,467 EPS (NT$) NT$0.88 NT$0.14 Operating Cash Flow 11,183 11,126 +57 CAPEX 6,496 17,057 -10,561 Free Cash Flow (FCF) 4,687 -5,931 +10,618 Cash 15,734 14,100 +1,634 2025 Financial Highlights
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12 Operating Expenses - Consolidated *Including operating expenses from memory and software service businesses R&D SG&A 1,909 1,879 1,990 2,038 1,978 2,017 2,231 2,424 2,646 2,202 2,176 2,129 2,151 2,066 2,261 2,138 2,253 2,217 971 912 1,040 985 994 974 885 998 1,381802 782 791 799 783 836 803 788 809 31% 29% 28% 28% 31% 30% 29% 30% 26% 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 R&D-Memory* R&D-Logic IC SG&A-Memory* SG&A-Logic IC Operating expense to Revenue NT$M 5,7485,884 5,949 5,974 5,822 6,087 6,058 6,463 7,054
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13 Corporate Value EPS NT Dollar NT Dollar BVPS EBITDA NT$M 0.33 3.41 3.23 (0.29) 0.14 0.88 2020 2021 2022 2023 2024 2025 16.44 20.71 23.66 22.08 20.37 23.99 2020 2021 2022 2023 2024 2025 11,571 30,085 27,690 12,151 15,005 18,680 19% 30% 29% 16% 18% 21% 2020 2021 2022 2023 2024 2025 EBITDA EBITDA to Revenue
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14 Memory CAPEX (NT$ B) • 2025 CAPEX was NT$5.5B • 2026 CAPEX is estimated approx. NT$42.1B, in which WFE CAPEX accounts for ~95% Cash Basis, as of February 10th, 2026 40.8 12.7 15.5 5.5 42.1 2022 2023 2024 2025 2026(E) Paid Estimated
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15 Business Recap & Outlook
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16 QoQ YoY 4Q25 vs. 3Q25 4Q25 vs. 4Q24 CMS CMS Revenue +40% +139% Bit Shipment Increased low-single digit% Increased more than doubled Blended ASP(US$) Increased mid-thirties% Increased low-twenties% Flash Flash Revenue +32% +39% Bit Shipment Increased low-teens% Increased mid-thirties% Blended ASP(US$) Increased mid-teens% Increased mid-single digit% Exchange Rate +3.9% -3.8% Memory Revenue Results
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17 Comm. 24% Computer 18%Consumer 29% Car & Ind. 29% Car & Industrial QoQ +36%NT$M NT$M Consumer QoQ +30% NT$M Computer QoQ +20%NT$M Communication QoQ +41% 3Q25 Comm. 22% Computer 20%Consumer 30% Car & Ind. 28% 4Q25 0 1,000 2,000 3,000 4,000 5,000 3Q25 4Q25 0 1,000 2,000 3,000 4,000 3Q25 4Q25 0 1,000 2,000 3,000 4,000 3Q25 4Q25 0 1,000 2,000 3,000 4,000 5,000 3Q25 4Q25 Memory Business Revenue Breakdown by Application
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18 NT$M NT$M NT$MNT$M Car & Industrial YoY +29% Communication YoY +17% Computer YoY +1% Consumer YoY +18% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2024 2025 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2024 2025 0 2,000 4,000 6,000 8,000 10,000 2024 2025 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2024 2025 Memory Business Revenue Breakdown by Application Comm. 24% Computer 23%Consumer 28% Car & Ind. 25% Comm. 24% Computer 20%Consumer 29% Car & Ind. 27% 2024 2025
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19 Flash Business 8%10%12%12%15%15%16%16%19% 59% 64%62%66%63%66%64% 63%61% 8% 5%6%3% 4% 3% 15% 14%12% 11% 11% 10% 12% 13%14% 10% 7%8% 8% 7% 6%8% 8%6% 4Q253Q252Q251Q254Q243Q242Q241Q244Q23 90nm 58nm 45nm 46nm 32nm 4Q25 ❑ Revenue in 2025 increased by 8% YoY ❑ Bit shipment in 2025 increased in the high-teens% range YoY , supported by broader design-ins and continued growth in content per box ❑ World’s No.1 NOR Flash supplier with expanding market leadership
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20 CMS Business 9%14%14%15%19%17%19%16%22% 4%6%9%9%11%10%9%9%9% 23%30%40%42%47% 50%49%47%54% 9%13%16%19%17% 18%20%26%15% 55% 37%21% 15% 6% 5%3%2% 4Q253Q252Q251Q254Q243Q242Q241Q244Q23 ≧46nm 38nm 25nm 25Snm 20nm 4Q25 ❑ Revenue in 2025 increased by 35% YoY ❑ Bit shipment in 2025 increased in the low-forties% range YoY , driven by significant DDR4/LPDDR4 growth ❑ Exponential growth of 20nm revenue share in 2025, continuing into 2026
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21 Market and Business Outlook (1) ❑ Code Storage Flash ❖ Tight supply and strengthening end-demand growth driving continuous NOR price uptrend in 1H26 and beyond ❖ Supply shortage for SLC NAND continues to intensify, supporting a sustained upward pricing trend throughout 2026 ❖ Growing demand: Automotive, Server, M2M, TWS; Healthy demand: PC/NB ❑ Customized Memory Solution ❖ Ongoing structural supply gaps with no near-term resolution expected ❖ Favorable contract pricing trend and enhanced order visibility are expected for DDR4 and DDR3 products in 2026 ❖ Growing demand: Smart Appliances, M2M, Edge AI; Healthy demand: TV , Networking
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22 Market and Business Outlook (2) ❑ Overall Market ❖ Tariff uncertainties easing, with FX stabilizing ❖ Driven by explosive AI growth, memory demand is seeing unprecedented tailwinds ❑ Winbond Business ❖ With profitability recovering in 2H25, projecting sequential momentum into 2026 ❖ Flash and CMS capacity expansion underway, with phased ramp-up starting from 2H26 ❖ Benefiting from regulatory requirements, Secure Flash turns meaningful ❖ With 16nm CMS process entering mass production, 8Gb/16Gb DDR4 & 8Gb LPDDR4 products are expected to drive significant revenue contribution over coming years ❖ CUBE R&D on track, with continued expansion of customer base and applications
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23 Q & A
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24 Thank you