Slides
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1 3Q26 Investor Conference Nov. 3rd, 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 Excellence & Forward Jason Lin - VP 03 Financial Results Hsiang-Yun Fan - EVP 01 Q & A04 Business Recap & Outlook James Chen - President 02
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4 Financial Results
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5 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% 6,463 +121.5% Operating Profit 43,784 28,979 +51.1% 3,703 +1082.4% Operating Margin 53.2% 48.4% +5 ppts 17.0% +36 ppts Non-Operating Items 77 1,039 -92.5% (145) +222 Income Tax Expense 8,723 5,820 +49.9% 857 +917.4% Net Income 35,138 24,199 +45.2% 2,701 +1201.1% Net Profit Margin 42.7% 40.4% +2 ppts 12.4% +30 ppts Net Income to Shareholders of the Parent Company 35,422 24,317 +45.7% 2,943 +1103.5% Earning Per Share (NT Dollar) NT$7.58 NT$5.40 NT$0.65 Earning Per Share for 3Q26YTD (NT Dollar) NT$15.32 EBITDA 51,781 33,643 7,048 Average Exchange Rate--USD/NTD 31.99 31.58 29.78
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6 *CMS stands for Customized Memory Solution, formerly known as DRAM business **Others revenue represents software service revenue, mainly from AMTC and METC. It accounts for less than 3% of total revenue NT$M Revenue by Products - Consolidated 23% 21% 24% 27% 30% 35% 47% 53% 58% 37% 38% 32% 34% 35% 37% 32% 33% 32% 37% 38% 42% 37% 33% 26% 21% 13% 9% 21,312 18,692 19,993 21,018 21,771 26,625 38,253 59,843 82,331 29% 27% 26% 23% 47% 42% 53% 66% 71% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 CMS Flash Logic IC Others Consolidated Gross Margin 15,841 6,743 -142 CMS Flash Logic IC 3Q26 vs. 2Q26 (QoQ) 40,974 19,178 375 CMS Flash Logic IC 3Q26 vs. 3Q25 (YoY)
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7 Revenue and Gross Margin by Products Memory Logic ICNT$M NT$M 38% 35% 43% 44% 47% 48% 60% 61% 64% 62% 65% 57% 56% 53% 52% 40% 39% 36% 12,941 11,018 11,190 12,824 14,132 19,172 29,923 51,700 74,284 21% 18% 10% 12% 51% 43% 57% 70% 74% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 CMS Flash Memory Gross Margin 7,905 7,193 8,305 7,747 7,217 6,981 7,884 7,735 7,593 37% 38% 41% 35% 36% 34% 39% 38% 37% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Logic IC Logic IC Gross Margin
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8 (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% Operating Income (Loss) 44,454 29,400 +51.2% 4,195 +959.7% Operating Margin 59.8% 56.9% +3 ppts 29.7% +30 ppts Capacity Utilization ~100% ~100% ~100% Memory Business Quarterly Highlights
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9 (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 15% 55,664 18% 22,853 12% Property, Plant, Equipment and ROU 116,431 35% 106,519 37% 97,815 54% Total Assets 336,301 100% 293,034 100% 182,603 100% Current Liabilities 73,617 22% 92,104 32% 51,034 28% Long-term Borrowings 31,096 9% 21,449 7% 20,246 11% Total Liabilities 110,763 33% 119,492 41% 81,215 44% Total Stockholders' Equity 225,538 67% 173,542 59% 101,388 56% Book Value Per Share (NT Dollar) 46.04 36.67 21.08 Debt / Equity Ratio 0.49 0.69 0.80 Current Ratio 2.50 1.60 1.33 Balance Sheet - Consolidated *Total outstanding shares were 4,720 million units on 09.30.2026
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10 (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 from Financing Activities (6,483) (4,315) (4,596) Corporate Bonds - - (10,000) Bank Loans (6,063) (1,985) 5,559 Cash Dividends - (2,250) - Net Change 23,030 13,169 (3,114) Ending Balance* 84,856 61,826 17,203 Free Cash Flow** 29,920 18,134 1,468 Statement of Cash Flow - Consolidated *Including Cash & Cash Equivalents from Hedging Financial Assets **Free cash flow = Cash from operating activities – CAPEX
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11 Operating Expenses - Consolidated *Including operating expenses from memory and software service businesses NT$M 2,038 1,978 2,017 2,231 2,424 2,646 2,915 4,067 5,914985 994 974 885 998 1,381 1,801 3,312 4,954 2,151 2,066 2,261 2,138 2,253 2,217 2,312 2,443 2,531 799 783 836 803 788 809 837 845 918 5,974 5,822 6,087 6,058 6,463 7,054 7,865 10,666 14,317 28% 31% 30% 29% 30% 26% 21% 18% 18% 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 R&D-Memory* SG&A-Memory* R&D-Logic IC SG&A-Logic IC OPEX to Revenue
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12 Logic Business Performance - Nuvoton Income Statement (In NT$ 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% Operating Margin -6.5% -4.2% -2 ppts -7.1% +1 ppts Non-Operating Items 10 212 -95.4% 45 -78.4% Income Tax Expense (Benefit) (62) (128) +66 (43) -19 Net Income (Loss) (559) (249) -310 (513) -46 Net Profit Margin -7.1% -3.1% -4 ppts -7.1% -0 ppts Earning Per Share (NT Dollar) -NT$1.24 -NT$0.58 -NT$1.22
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13 Logic Business Performance - Nuvoton Balance Sheets (In NT$ 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 9% 2,793 9% 2,723 8% Property, Plant, Equipment and ROU 7,342 22% 7,262 23% 7,702 23% Total Assets 32,162 100% 31,257 100% 32,799 100% Current Liabilities 11,672 36% 10,409 33% 10,972 33% Non-Current Liabilities 4,180 13% 4,126 13% 8,010 24% Total Liabilities 15,852 49% 14,535 46% 18,982 58% Total Stockholders' Equity 16,310 51% 16,722 54% 13,817 42% Book Value Per Share (NT Dollar) 36.05 36.96 32.91 Debt / Equity Ratio 0.97 0.87 1.37 Current Ratio 1.76 1.90 1.92
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14 Corporate Value EPS NT Dollar NT Dollar BVPS EBITDA NT$M 20.71 23.66 22.08 20.37 23.99 46.04 2021 2022 2023 2024 2025 3Q26 3.41 3.23 (0.29) 0.14 0.88 15.32 2021 2022 2023 2024 2025 3Q26YTD 30,085 27,690 12,151 15,005 18,680 101,552 30% 29% 16% 18% 21% 56% 2021 2022 2023 2024 2025 3Q26YTD EBITDA EBITDA to Revenue
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15 Memory CAPEX (NT$ B) • 3Q26YTD CAPEX was NT$23.4B • 2026 CAPEX is estimated approx. NT$39.5B, in which WFE CAPEX accounts for ~95% Cash Basis, as of November 3rd, 2026 40.8 12.7 15.5 5.5 39.5 2022 2023 2024 2025 2026(E) Paid Estimated
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16 Business Recap & Outlook
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17 QoQ YoY 3Q26 vs. 2Q26 3Q26 vs. 3Q25 CMS CMS Revenue +50% +620% Bit Shipment Decreased high-single digit% Increased mid-single digit% Blended ASP(US$) Increased approx. sixties% Increased over 500% Flash Flash Revenue +34.0% +255% Bit Shipment Flat Increased low-teens% Blended ASP(US$) Increased low-thirties% Increased approx. 200% Exchange Rate +1.3% +7.4% Memory Revenue Results
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18 NT$M NT$M Consumer QoQ +35% NT$M Computer QoQ +66%NT$M Comm. 29% Computer 15% Consumer 28% Car & Ind. 28% 2Q26 Car & Industrial QoQ +36% 3Q26 Comm. 31% Computer 17% Consumer 26% Car & Ind. 26% 0 4,000 8,000 12,000 16,000 20,000 2Q26 3Q26 0 4,000 8,000 12,000 16,000 20,000 2Q26 3Q26 0 4,000 8,000 12,000 16,000 20,000 2Q26 3Q26 0 4,000 8,000 12,000 16,000 20,000 2Q26 3Q26 Memory Business Revenue Breakdown by Application Communication QoQ +55%
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19 Flash Business 5%6%8%8%10%12%12%15%15% 52% 50% 54%59%64%62%65%62%66% 3% 3% 6%8% 5%6%4%5%3% 16% 12% 13%15% 14%12%11%11%10% 17% 25% 18% 10% 7%8%8%7%6% 7% 4% 1% 3Q262Q261Q264Q253Q252Q251Q254Q243Q24 90nm 58nm 45nm 46nm 32nm 24nm 3Q26 ❑ 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
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20 CMS Business 8%7%9%13%20%22%24%29%27% 17% 17% 16%23%30%41%42%48%50% 6% 5% 7%9%13%16%19%17%18% 66% 71% 68% 55%37%21%15%6%5% 3% 3Q262Q261Q264Q253Q252Q251Q254Q243Q24 ≧38nm 25nm 25Snm 20nm 16nm 3Q26 ❑ Revenue in 3Q26 increased by 50% QoQ and over 600% YoY ❑ 20nm remained the key growth driver, reflecting strong DDR4/ LPDDR4 sales momentum ❑ 16nm began ramping up, with significant revenue contribution expected from 2027 onward
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21 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 applications ❑ Customized Memory Solution ❖ Further upside potential in 4Q contract pricing ❖ Supply remains constrained, with tight conditions expected to persist into 2027 ❖ Strong demand: AI Server, Edge AI, Automotive, and Infrastructure
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22 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 ❖ Profitability momentum remained strong ❖ DDR4 and LPDDR4 series will be the focus in 2027 ❖ KH Fab Module B groundbreaking in late 2026, with cleanroom planned at 50K-60K wpm ❖ Module B LTA negotiations are underway, strengthening long-term customer relationships ❖ CUBE is on track to enter mass production in 2027 as planned ❖ The acquisition of Infineon’s NOR Flash and F-RAM business is subject to regulatory approvals, with closing expected in 2H27
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23 Excellence & Forward
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24 Winbond Flash Portfolio 2Mb 4Mb 8Mb 16Mb 32Mb 64Mb 128Mb 256Mb 1Gb512Mb 2Gb 4Gb 8Gb QSPI NOR (1.2V) W25Q-NE QSPI NOR (1.8V) W25Q-EW/JW/NW, W25Q-PW/RW (3V) W25Q-JV,W25Q-RV Octal NOR (1.8V) W35T-NW NOR Octal Secure NOR (1.8V) W77T-NW PQC QSPI Secure NOR (1.8V) W77Q-JW,W77Q-NW PQC (3V) W77Q-JV Secure NOR Octal NAND (1.8V) W35N-JW QSPI NAND (1.8V) W25N-GW/KW/LW (3V) W25N-GV/KV/LV ONFI NAND (1.8V) W29N-GZ/LZ (3V) W29N-GV NAND MCP (1.8V) W71N 4+4/8+8 MCP
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25 Code Storage Flash New Growth Momentum • ADAS / IVI / Sensors • Central Compute / SDV Automotive • Healthcare • Wearable • IIoT IoT • Servers – GP Enterprise Server – AI Servers – Hyperscalers – AI Accelerators – HP Interconnect • Edge AI • Physical AI AI Devices
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26 Code Storage Flash in the Booming AI Era – GP Enterprise Servers – AI Servers – Hyperscalers – AI Accelerators – HP Interconnect AI Servers SILICON CPU · GPU/ASIC · DPU · BMC/PRoT · FPGA · I/F Controller ·… • Gen AI • Agentic AI • Device AI • Personal AI • Ambient AI • IIoT / Physical AI • Networking AI Devices SILICON CPU/GPU/FPGA · MPU/MCU · …
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27 ➢ 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 AI server with Various Density of QSPI NOR Source: QSPI NOR in Server Strategy, 23 Sep 2026 AI Server Architecture: NOR Flash Across the Rack
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28 Source: Winbond internal analysis AI Server Demand Spans Four Connected Ecosystems ✓ AI Server Racks ✓ Accelerators ✓ Hyperscalers ✓ SmartNIC/DPU
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29 Server NOR Flash Demand Forecast (2025–2028) Source: Winbond Internal Collected and Estimated. million units 0 50 100 150 200 250 300 2025 2026 2027 2028 2025–2028 CAGR 33% 2027 YoY growth +48% by Servers, AI Servers, Hyperscalers, AI Accelerators and SmartNICs, with Density Migration ➢ Forecast Server NOR Flash Demand Reaches 240M Units in 2027
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30 Server NOR Flash Density Mix in 2027 64Mb 5% 128Mb 12% 256Mb 18% 512Mb 43% 1Gb 17% 2Gb 5% Density From 16Mb up to 2Gb Estimated >= 512Mb Density Accounts by 65% of 2027 Server NOR Flash Demand Source: Winbond Internal Collected and Estimated.
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31 Winbond NOR Flash Bit Shipments for Servers 46% 112% 67% 0 10 20 30 40 50 60 70 80 90 100 2025 2026 (e) 2027 (e) pBits <=32Mb 64/128/256Mb >=512Mb GR%
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32 Q & A
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33 Thank you