Slides
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WIN Semiconductors 4Q2025 Investor Conference February 2026 WIN Semiconductors Confidential
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Safe Harbor Notice This presentation contains certain forward-looking statements that are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Except as required by law, we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. WIN Semiconductors Confidential 2
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ESG Achievements WIN recognized in DJSI World Index for the fifth consecutive year. (2020~2024) WIN has been included in the S&P Global Sustainability Yearbook for the sixth consecutive year. (2020~2025) WIN ranked in the top 5% among TPEx-listed companies for the Corporate Governance Evaluation for the eleventh consecutive year. (2015~2025) ISS ESG Rating: Awarded “Prime” status for two consecutive years (2024–2025) WIN won the 17th TCSA Sustainability Report - Gold Award. 2024 MSCI ESG Rating: A 2025 4th Net-Zero Industry Competitiveness Award: Excellence Award 3
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OPERATIONAL ANAL YSIS OVER THE PAST TWO YEARS WIN Semiconductors Confidential 4
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5 Well-Controlled Opex, Ongoing R&D Investment, and Positive Operating Cash Flow • Over the past ten quarters, operating cash flow has remained positive, with a notable increase in 2H25. • From 4Q23 to 2Q25, capex was tightly managed and reduced. Starting in 2H25, project-based capex resumed. • Over the past ten quarters, Opex has been kept at a stable level. • On average, approximately 50% of Opex was allocated to R&D, reinforcing our technological strengths. Operating cash flow vs. Capex Operating expense trend NT$M WIN Semiconductors Confidential 0% 10% 20% 30% 40% 50% 60% 400 500 600 700 800 900 1000 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Operating Expense R&D as % of OpexNT$M -2500 -2000 -1500 -1000 -500 0 500 1000 1500 2000 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Cashflow from operations Capital expenditures
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0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 10% 20% 30% 40% 50% 60% 70% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Utilization % Company's Individual GM % 500 600 700 800 900 1000 1100 1200 1300 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Utilization Recovering and Depreciation Pressure Easing Depreciation trend • With depreciation past its peak and a reduced fixed-cost burden, quarterly depreciation expense further declined to below NT$1billion in 2H25. • With an improved product mix, operating cash inflow increased in 2H25 despite lower depreciation and amortization. Company’s individual GM vs. UT ratio • As capacity utilization recovered, the benefits of an improved product mix began to materialize. (UT %) (GM %) NT$M WIN Semiconductors Confidential 6
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QUARTERLY RESUL TS & GUIDANCE WIN Semiconductors Confidential 7
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Revenue & Margin Trend Source: Company. 4Q25 consolidated revenue was NT$4,794 mn, up 7% QoQ and 29% YoY, driven by increased shipments of higher-margin products, resulting in growth on both a sequential and annual basis. 4Q25 capacity utilization maintained at 60%. Supported by a more favorable product mix, individual GM improved to 35.1%. In addition, the relevant profit generated by a listed Chinese customer held by our consolidated subsidiary contributed 0.45 pp to consolidated GM. As a result, consolidated GM reached 31.8% and consolidated OPM was 13.9%, increasing by 4.9 and 5.3 pp, respectively, compared to the previous quarter . WIN Semiconductors Confidential 8 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 0 1,000 2,000 3,000 4,000 5,000 6,000 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly revenue trend Revenue YoY % NT$M -20% -10% 0% 10% 20% 30% 40% 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Quarterly margin trend Gross margin Operating margin Net margin
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Earnings Trend Source: Company. In 4Q25, supported by further improvement in GM and effective control of Opex, net income attributable to the parent company reached NT$1,029 mn for the quarter and NT$1,694 mn for the full year 2025. EPS was NT$2.43 in 4Q25 and NT$4.00 for the full year 2025. WIN Semiconductors Confidential 9 -600 -400 -200 0 200 400 600 800 1,000 1,200 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Earnings & growth trend Operating profit Profit attributable to owners of parent NT$MNT$MNT$M (1.00) (0.50) 0.00 0.50 1.00 1.50 2.00 2.50 3.00 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 NT$ EPS
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Product Mix Source: company. * Others: Revenue not attributable to main product segments and additional revenue being consolidated in accordance with IFRS. WIN Semiconductors Confidential 10 Cellular 25-30% Infra. 35-40% Wi-Fi 10-15% Others* 21% 4Q24 Cellular 30-35% Infra. 30-35% Wi-Fi 15-20% Others* 16% 3Q25 Cellular 25-30% Infra. 30-35% Wi-Fi 15-20% Others* 17% 4Q25
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Guidance We expect 1Q26 consolidated revenue to decline high-single digit QoQ. We expect 1Q26 consolidated gross margin to be around the level of mid- twenties. WIN Semiconductors Confidential 11
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FINANCIAL SUMMARY WIN Semiconductors Confidential 12
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Consolidated Statements of Comprehensive Income – Quarterly WIN Semiconductors Confidential 13 Unit: NTD Million 4Q'24 3Q'25 4Q'25 (unaudited) QoQ YoY Net revenue 3,706 4,488 4,794 +7% +29% Gross profit 758 1,205 1,525 +26% +101% Gross margin (%) 20.4% 26.9% 31.8% Operating expenses (806) (820) (860) +5% +7% Operating expenses rate (%) -22% -18% -18% Operating income (loss) (48) 385 665 +72% – Operating margin (%) -1.3% 8.6% 13.9% Non-operating incomes and expenses (630) 511 437 Income (Loss) before income tax (678) 897 1,102 +23% – Income tax (expense) income 148 (213) (142) Net income (loss) (530) 683 960 +40% – Net margin (%) -14.3% 15.2% 20.0% Other comprehensive income, net 1,466 1,903 1,051 Comprehensive income 936 2,586 2,011 -22% +115% Profit (loss) attributable to owners of parent (352) 1,070 1,029 -4% – EPS (NT$) (0.83) 2.53 2.43 -4% – ROE(%) -4% 11% 10% Approx. Utilization (%) 35% 60% 60% Depreciation 1,133 936 827 CAPEX 152 933 372
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Consolidated Statements of Comprehensive Income – YTD WIN Semiconductors Confidential 14 Unit: NTD Million 2024Y 2025Y (unaudited) YoY Net revenue 17,458 16,639 -5% Gross profit 4,042 4,026 -0.4% Gross margin (%) 23.2% 24.2% Operating expenses (3,280) (3,311) +1% Operating expenses rate (%) -19% -20% Operating income (loss) 762 715 -6% Operating margin (%) 4.4% 4.3% Non-operating incomes and expenses (429) 672 Income (Loss) before income tax 333 1,387 +317% Income tax (expense) income 7 (297) Net income (loss) 340 1,090 +221% Net margin (%) 1.9% 6.5% Other comprehensive income, net 3,441 2,123 Comprehensive income 3,781 3,213 -15% Profit (loss) attributable to owners of parent 768 1,694 +121% EPS (NT$) 1.81 4.00 +121% ROE(%) 2.1% 4.3% Approx. Utilization (%) 50% 50% Depreciation 4,595 3,907 CAPEX 1,222 1,691
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Unit: NTD Million 4Q'24 4Q'25 (unaudited) 2024Y 2025Y (unaudited) Foreign exchange gains (losses) (250) 278 (19) 335 Gains (losses) on disposals of property, plant and equipment (17) (15) (17) 1,953 Gains on financial liabilities at amortised cost 254 - Gain (losses) on financial assets (liabilities) at fair value through profit or loss, net 38 27 80 (9) Share of gians (losses) of associates and joint ventures accounted for using equity method 38 59 125 266 Impairment loss (373) - (373) (1,642) Finance costs (179) (152) (795) (675) Others 114 240 316 444 Total (630) 437 (429) 672 Non-operating Items WIN Semiconductors Confidential 15
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Consolidated Balance Sheets 1 Book value per share = total equity attributable to owners of parent / number of common shares WIN Semiconductors Confidential 16 $ % $ % $ % Cash and cash equivalents 5,419 8% 5,837 10% 7,067 12% Current financial assets at fair value through profit or loss 183 0.3% 214 0.4% 227 0.4% Notes and accounts receivable, net 1,226 2% 1,360 2% 1,597 3% Inventories 4,992 8% 4,794 8% 4,979 8% Long-term investments 18,962 30% 20,289 35% 21,091 35% Net property, plant and equipment 29,576 46% 21,738 38% 21,747 36% Total Assets 64,259 100% 57,828 100% 60,729 100% Current liabilities 7,603 4,999 5,865 Current portion of long-term borrowings 3,692 - - Long-term borrowings 16,532 12,335 12,328 Total Liabilities 25,121 39% 17,867 31% 18,738 31% Common stock 4,239 4,239 4,239 Total equity attributable to owners of parent 38,118 39,479 41,545 Total Equity 39,138 61% 39,961 69% 41,991 69% Book value per share (NT$)1 89.91 93.12 98.00 Key Indices Current ratio (Current assets / Current liabilities) 164% 255% 248% Debt ratio (Total liabilities / Total assets) 39% 31% 31% (Unit: NTD Million) Major Item 2024/12/31 2025/9/30 2025/12/31 (unaudited)
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MARKET OUTLOOK WIN Semiconductors Confidential 17
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Annual Revenue Share by Applications Cellular 35-40% Infra. 25-30% Wi-Fi 15-20% Optical 13% 2024 Cellular 30-35% Infra. 30-35% Wi-Fi 15-20% Optical 11% 2025
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2025 Review • Refocused on mid-high and premium models. 2024 2025 Cellular -20% 2024 2025 Wi-Fi 11% • The Wi-Fi 7 market continues to penetrate into market. • Wi-Fi 6 adoption continues to expand, gradually replacing Wi-Fi 5 2024 2025 Infrastructure 5% 2024 2025 OE -15% • Propelled by new satellite launch with new freq. spectrum in 2025. • Contribution from GaAs optical driver IC. • New player took some market share on SP 3D Sensing
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2026 Market Outlook Cellular Wi-Fi Infra. OE
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0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 2023 2024 2025 2026 2027 2028 2029 2030 2031 6G 5G LTE 5G Adoption Rate Keep Rising TAM impacted by insufficient memory for smartphone shipment. WIN keeps focusing on mid-high and premium models. Cellular Penetration Rate 2025 2026 2027 2028 5G 67.9% 72.0% 75.4% 78.3% 6G 0.0% 0.0% 0.0% 0.0% Source: TSR 2025 -5.5% Shipment by Tier 43.6% 42.6% 39.7% 24.1% 24.2% 25.2% 30.8% 32.5% 34.8% 2024 2025 2026 Premium Mid/High end Low end M unit
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Wi-Fi 7 is the Main Growth Engines The market is driven by the adoption of Wi-Fi 6 and the upgrade to Wi-Fi 7. The Wi-Fi 7 market continues to grow in 2026 for both cellular and router segments. 0.0 1,000.0 2,000.0 3,000.0 4,000.0 5,000.0 2024 2025 2026 2027 2028 2029 2030 2031 M Units Wi-Fi Device Market Forecast by Standard, 2024-2031 WiFi 6 WiFi 7 WiFi 8 Source: TSR 2025
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Base Station Market Forecast Capital expenditures of operator are projected to decline at a CAGR of 2%. Source: Yole, TDIA and WIN 0 200 400 600 800 1000 1200 1400 2024 2025F 2026F Base Station Unit (k unit) Global 5G Base Station Forecast -2%
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1.6T Optical GaAs Driver in AI Datacenter GaAs driver market growth is driven by AI datacenter booming in 2026. Demand of GaAs Optical Driver for OT Market Source: WIN Semi. 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 2025 2026 K unit
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VCSEL Sensing Market 800.0 900.0 1,000.0 1,100.0 1,200.0 2025 2026 Total Sensing VCSEL Device Forecast Source: TrendForce 2026 M unit Sensing tech. is driven by human pursue a safe, environmentally friendlier, and more immersive experience lifestyle. Market growth is driven by consumer, and adopted in automotive applications. 3D vision by LiDAR OMS/DMS Face ID Lawn Mower
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-Growth Strategy- AI Networking
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AI Satellite Key Growth Engines for Compound Semi.
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Source: Techinsights Market Data: RF/Analog March,2025 LEO Satellite is Booming
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Satellite Connectivity is Expanding New Freq. band (E/V) is being adopted in satellites to expand capacity from 2025 to 2026. Emerging opportunities for satellite-to-smartphone (direct to cell) services. Satellite to Gateway Ku/Ka-band (17.8-19.3/27.5-30GHz) E-band (71-86GHz) V-Band (New) (37.5-40, 47.2-50.2GHz) Gateway to Satellite Ku/Ka-band (17.8-19.3/27.5-30GHz) E-band (71-86GHz) V-Band (New) (37.5-40, 47.2-50.2GHz) Gateway Cell phone UT <6GHz Infrastructure PtP
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Spectrum Proliferation is the Growth Engine Time E-Band 71-86GHz W-Band 75-110GHz V-Band 37.5-40GHz, 47.2-50.2GHz Coming up Ramp up Production
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WIN’s leading T ech. for Satcom in W-Band GaAs GaN 4V PP10 GaAs pHEMT • 0.1μm EBL D-pHEMT • Low Parasitic • 2mil Substrate TSV NP10 • 0.1μm EBL GaN HEMT • 2/4 mil Substrate TSV with COV • High Power Efficiency • High Linearity • QFN/Flip-Chip Cu Pillar BS via for 4 mil Sub 100 nm Gate
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AI Satellite Key Growth Engines for Compound Semi.
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AI Propels Compound Semi. Growth - 20.00 40.00 60.00 80.00 100.00 120.00 140.00 2024 2025 2026 2027 2028 2029 2030 M Units Optical transceivers market forecast
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Largest Capacity with Richest Manufacturing Experience in 6’’ Global Customer Partnership Turn-Key for Speeding Development Broad and Advanced Technologies WIN’s Competitive Advantages for Optical in AI
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Optical Device from Datacom to Telecom <100m CW-DFB VCSEL EML InP PIC PD >10km Datacom Telecom Mass Production Ongoing Qualification
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CW-DFB Development Roadmap Data rate/lane Laser power 70 mW 100 mW 200 mW 400 mW
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WIN’s Advanced Turn-Key Service WIN provides turn-key service to accelerate customers’ development. BE Cleave & Facet Coating Wafer Testing 100% Wafer AOI Foundry Process Base Epi Growth & Re-growth Customer Requests • Epi structure • Chip layout design • BE service • Testing • AOI
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WIN possesses the world’s largest GaAs 6-inch wafer capacity, technology, and expertise. By leveraging the technology and experience from 6-inch GaAs capability, WIN is now developing 6-inch InP capability with the following advantages: WIN’s advantages in 6-inch process capability from GaAs to InP • Faster time-to-market • Lower entry barriers (Leveraging deep and extensive production experience of 6-inch compound semiconductors) • Limited capex required (Leveraging existing 6-inch equipments and facilities)
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AI Associated Sensing Applications AI-adopted devices/vehicles with 3D sensing technologies for innovative future life Delivery Lawn Mower 2D Addressable VCSEL Headset AR Glass Autonomous Vehicle
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Worldwide NO.1 Compound Semiconductors Foundry Provider AI
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Q & A For more information regarding WIN www.winfoundry.com For all inquiries, suggestions, and comments ir@winfoundry.com WIN Semiconductors Confidential 41