AVC — Annual Report 2025

Mar 3, 2026

AVC 2025 Annual Results Meeting

==> picture [298 x 224] intentionally omitted <==

2025 Review and Future Growth Drivers

==> picture [792 x 112] intentionally omitted <==

2025: Inaugural Year of Liquid Cooling #1 NT$139B+

Global Partner Preferred thermal partner for the world's most innovative tech companies

Revenue Record annual revenue, driven by AI server delivery

10+

Years in Liquid Cooling Deep R&D heritage in advanced thermal solutions

==> picture [199 x 446] intentionally omitted <==

Liquid Cooling: The New Standard

As TDP grows and rack density increases, liquid cooling adoption has been critical in AI datacenters.

Adoption across the whole system

Liquid is extending beyond the GPU and CPU chips. Switches, PDBs, transistor ports are all using more liquid cooling.

Generational improvements for liquid cooling

AVC's MCCP is the go-to solution for cuttingedge AI applications — and we're continuously innovating to stay ahead.

AVC's edge - Total Thermal and Mechanical Solution

End-to-end design and production — custom cold plates, chassis, and manifolds built for each customer.

2026: Continued Strength from Core Businesses

==> picture [340 x 193] intentionally omitted <==

Leading GPU Partners

Continued reference design role for next-generation GPU thermal solutions — 2027 roadmap already in progress

Smartphone Vapor Chambers

New models adopting advanced vapor chambers to handle rising on-device workloads

==> picture [298 x 224] intentionally omitted <==

==> picture [298 x 223] intentionally omitted <==

2026: The Rise of ASIC

The new growth engine for AVC's server business.

Custom Chips Demand Custom Cooling

AVC is now a key supplier for all leading ASIC projects in USA

Full Portfolio Advantage

Thermal solutions design required on a rack integration level — exactly where AVC's breadth excels

==> picture [8 x 90] intentionally omitted <==

Ramp from H2 2026

Expected to become a primary growth driver for AVC from second half of 2026

2026+: Strategic Depth in China

AVC is more than a supplier — we are the primary design partner for China's leading CSPs.

AI Demand remains robust

Continued strength in demand from Chinese CSPs and AI labs

Transitioning into liquid cooling

Chinese deployments are also following the liquid cooling transition trend

AVC's China footprint

Long-term partnership with major Chinese CSPs, supported by 5 production centers across China.

Pushing the Boundaries of Thermal

AVC's 2026 technology roadmap — innovation across every thermal frontier.

Impingement Jet Cooling Pinpoint liquid targeting for extreme hotspot management Single-Phase LC Optimization Further advances in TDP, weight & form factor for singlephase solutions

Next-Gen TIM

Design improvements from our solutions to incorporate better TIM materials

Two-Phase Liquid Cooling Superior efficiency through liquid-to-vapor heat transfer

OPTIMISATION GOALS:

Thermal design power Thermal resistance Hotspots Form factor & Weight Manufacturability Servicability

AVC is making significant progress with twophase cooling

• Thermal Performance: Current thermal resistance is 15% better than single-phase solutions, with further improvements ongoing.

• Flow Advantage: Requires only 1/3 of the liquid flow compared to single-phase systems, leading to higher energy efficiency.

• Market Traction: Currently in co-development stage with several major end customers.

• Current R&D Focus: Further designs to reduce thermal resistance, improving system reliability and development of supporting auxiliary components.

==> picture [339 x 194] intentionally omitted <==

==> picture [298 x 224] intentionally omitted <==

==> picture [298 x 223] intentionally omitted <==

Beyond 2026: AI Enters the Physical World

EMERGING FRONTIERS

Machines once considered lowthermal are running hotter. Edge AI demands low latency — and thermal challenges will extend to our everyday applications.

Autonomous Vehicles

Humanoid Robots

AVC is diversified across technology and geopolitical landscapes, serving both US and China's most critical customers.

LEO Satellites

==> picture [792 x 147] intentionally omitted <==

Why AVC Is Always the First Choice

Thermal solutions are a unique component category. Customers evaluate three critical dimensions when choosing a partner.

Manufacturing

Product Manufacturing Supply Best-designed, highest-performance Most mature, reliable, and Most flexible and geopolitically thermal solutions automated production resilient supply chain

AVC delivers best-in-class performance across all three. That's why we are the preferred choice.

Pillar 1: Product Excellence

==> picture [202 x 24] intentionally omitted <==

----- Start of picture text -----

WORLD'S STRONGEST THERMAL R&D TEAM
----- End of picture text -----

==> picture [792 x 290] intentionally omitted <==

----- Start of picture text -----

Thermal Performance Technology Depth Form Factor Range
MCCP and proprietary innovations 20+ years of experience leading From millimeter-scale laptops to
continuously push TDP and thermal thermal solutions, 10+ years liquid meter-scale base stations, AVC has
resistance limits cooling R&D the broadest variety of experience
System Integration World-class Equipment
Designed for manufacturability, CT scanners and sub-millimeter
durability, and customer-specific inspection tools ensure design
applications reliability
----- End of picture text -----

Pillar 2: Manufacturing Reliability

LONGEST-RUNNING, HIGHEST-EFFICIENCY PRODUCTION LINES

Quality Control

High Yield

Strict standards, adherence to regularion, and fast response times

Industry-leading yield (99%+) on mature lines; 95%+ on liquid cooling

Capacity & Expansion

Manufacturing Techniques

Largest capacity, most diverse location, and most capable of expansions.

AVC-pioneered technology like diffusion bonding adopted by largest GPU customers for reliability

Inventory Buffer

Automation

Scale enables agile response in the complex, multi-component AI era

100+ dedicated automation engineers; robotic arms and AGVs; lights-out production

Pillar 3: Supply Flexibility

LARGEST SCALE, GEOPOLITICALLY DIVERSIFIED, RESILIENT

• Our sales team makes the best arrangements for every customer — backed by a world-class operational framework.

• Our product teams are committed to developing the best customised solutions to meet each of our client's most demanding requirements.

==> picture [330 x 330] intentionally omitted <==

AVC 越南與中國擴產計畫

==> picture [617 x 348] intentionally omitted <==

AVC 越南與中國擴產計畫

Vietnam V1 – V8 Expansion Plan

• Investment Scale : USD $600 million planned for the construction of V1-V8 facilities.

==> picture [500 x 254] intentionally omitted <==

----- Start of picture text -----

GNP 5,6
V7 V8
GNP 1,2 V4 V3 V2 V1 V5 V6
Office Parking
----- End of picture text -----

• Land & Floor Area : Total land area of 200,000 SQM; total plant floor area of 380,000 SQM.

• Operational Timeline : V1 - V4: In mass production. V5 - V8: Production expected to commence in Q2 2026.

GNP Rental Facility

• Scale & Purpose : 40,000 SQM land area, dedicated to the assembly of liquid cooling modules.

Further Expansion Plans

• Investment Scale : USD $200 million planned for the construction of V9-V12 facilities.

• V9 - V12 : Land acquisition of 200,000 SQM completed, building in progress.

• V13 - V15 : Currently in discussions regarding subsequent expansion stages in Vietnam.

• China expansion : Continued expansion, with new facility brought into production in 2026.

==> picture [148 x 49] intentionally omitted <==

==> picture [170 x 217] intentionally omitted <==

AVC Company Financials

AVC Confidential

70

2025 Q4 Briefing Statements of Comprehensive Income

==> picture [94 x 42] intentionally omitted <==

AVC

==> picture [727 x 190] intentionally omitted <==

＊All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

71

==> picture [94 x 42] intentionally omitted <==

2025 Q4 Briefing Statements of Comprehensive Income

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [712 x 196] intentionally omitted <==

＊All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

72

==> picture [94 x 42] intentionally omitted <==

AVC Annual Revenue CAGR

==> picture [568 x 251] intentionally omitted <==

----- Start of picture text -----

Annual Revenue
160
139
140
120
Revenue CAGR 25%
100
80 72
59
56
60
47
40
37
40
29
20
0
2018 2019 2020 2021 2022 2023 2024 2025
Revenue(Billion)
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

AVC Confidential

73

==> picture [94 x 42] intentionally omitted <==

AVC Annual EPS CAGR

==> picture [557 x 253] intentionally omitted <==

----- Start of picture text -----

Annual EPS
60
49.2
50
EPS CAGR 58%
40
30
21.2
20
14.1
11.8
8.2
10
5.4
2 2.7
0
2018 2019 2020 2021 2022 2023 2024 2025
(NT$)
EPS
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

AVC Confidential

74

==> picture [94 x 42] intentionally omitted <==

AVC Annual Gross Margin CAGR

==> picture [565 x 246] intentionally omitted <==

----- Start of picture text -----

30 Annual Gross Margin
25.8
25 23.5
Gross Margin CAGR 12% 20.9
19.4
20
17.7
15.7
15
11.9 11.8
10
5
0
2018 2019 2020 2021 2022 2023 2024 2025
Gross Margin(%)
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

AVC Confidential

75

==> picture [94 x 42] intentionally omitted <==

AVC Quarterly Revenue and EPS

Quarterly Revenue and EPS

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [721 x 281] intentionally omitted <==

----- Start of picture text -----

600 18
16
500
14
400 12
10
300
8
200 6
4
100
2
0 0
1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Revenue(NT$Hundred Million) 106 127 118 122 126 138 149 148 118 149 158 167 153 165 191 209 233 296 389 478
EPS(NT$) 1.53 2.25 2.42 2.01 2.11 3.1 3.51 3.06 2.85 3.18 3.72 4.36 4.08 5.08 6.02 6.03 8.28 10.3 13.67 16.92
Revenue(NT$Hundred Million) EPS(NT$)
----- End of picture text -----

AVC CONFIDENTIAL

76

==> picture [94 x 42] intentionally omitted <==

AVC Annual Revenue and EPS

==> picture [661 x 305] intentionally omitted <==

----- Start of picture text -----

Annual Revenue and EPS
1600 60
1400
50
1200
40
1000
800 30
600
20
400
10
200
0 0
Y2021 Y2022 Y2023 Y2024 Y2025
Revenue(NT$Hundred Million) 473 560 592 718 1396
EPS(NT$) 8.21 11.78 14.11 21.21 49.17
Revenue(NT$Hundred Million) EPS(NT$)
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

AVC CONFIDENTIAL

77

==> picture [94 x 42] intentionally omitted <==

AVC Revenue Breakdown(By Product)

==> picture [674 x 206] intentionally omitted <==

----- Start of picture text -----

Y2025 Y2024
散熱產品 Thermal 散熱產品 Thermal
9% 12%
機箱產品 Chassis 機箱產品 Chassis
16%
21%
54%
57% 系統及周邊產品 System 系統及周邊產品
18% Assembly and System Assembly and
Peripheral Products 13% Peripheral Products
富世達 ( 轉軸 ) 富世達 ( 轉軸 )
Fositek(Hinge) Fositek(Hinge)
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [674 x 162] intentionally omitted <==

AVC CONFIDENTIAL

78

==> picture [94 x 42] intentionally omitted <==

AVC Quarterly Revenue Breakdown (By Product)

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [682 x 317] intentionally omitted <==

----- Start of picture text -----

Quarter Y2025 vs Y2024
30,000
25,000
20,000
15,000
10,000
5,000
-
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
Thermal 7,874 9,071 11,054 10,842 13,789 17,710 24,557 24,152
Chassis 1,970 2,123 2,309 3,205 3,629 4,960 6,452 9,943
System Assembly and Peripheral Products 3,754 3,571 3,714 4,087 3,663 4,304 4,362 9,704
Fositek(Hinge) 1,711 1,719 1,988 2,770 2,252 2,620 3,566 3,976
Thermal Chassis System Assembly and Peripheral Products Fositek(Hinge)
NT$(Million)
----- End of picture text -----

AVC CONFIDENTIAL

79

==> picture [94 x 42] intentionally omitted <==

AVC Revenue Breakdown(By Application)

==> picture [682 x 209] intentionally omitted <==

----- Start of picture text -----

Y2025 Y2024
9% Server & Networking 12% Server & Networking
Telecom Telecom
16% 36%
3C 21% 3C
2% 52%
Others Others
14% System intergation 3% System intergation
7% Fositek(Hinge) 16% 12% Fositek(Hinge)
----- End of picture text -----

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [682 x 154] intentionally omitted <==

AVC CONFIDENTIAL

80

==> picture [94 x 42] intentionally omitted <==

AVC Quarterly Revenue Breakdown(By Application)

AVC

==> picture [778 x 358] intentionally omitted <==

----- Start of picture text -----

2025Q4 2024Q4 YoY Quarterly Revenue by Application
Group Product
Revenue Ratio Revenue Ratio Diff. % growth Server & Networking Telecom 3C Others
30.0
Server 25.6 54% 8.4 40% 17.2 205%
25.6
25.0
Telecom 2.1 4% 1.9 9% 0.2 11%
Thermal &
Mechanical Group
3C 5.6 12% 3.0 14% 2.6 87% 21.0
20.0
Other 0.8 2% 0.7 3% 0.1 14%
15.0 15.0
TMG
TMG Total 34.1 72% 14.0 67% 20.1 144%
Total
10.6
System 10.0
SIG 9.7 20% 4.1 20% 5.6 137%
Integration 8.4
6.6
7.0
5.5 5.6
Fositek Fositek 3.9 8% 2.8 13% 1.1 39% 5.0 4.7 4.3
3.6
3.0 3.0
2.6 3.0 2.6 2.5 2.7 2.5
2.1 1.9 2.1
2.2
Grand Total Grand 47.7 100% 20.9 100% 26.8 128% 0.0 0.4 0.5 0.8 0.7 0.8 0.7 0.9 0.8
Total
2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
----- End of picture text -----

*figures in NTD bn

AVC Confidential

81

==> picture [94 x 42] intentionally omitted <==

2025 Q4 Non-operating Breakdown

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [723 x 205] intentionally omitted <==

All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

82

==> picture [94 x 42] intentionally omitted <==

2025 Non-operating Breakdown

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [654 x 228] intentionally omitted <==

All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

83

AVC

==> picture [94 x 42] intentionally omitted <==

2025 Briefing Consolidated B/S

==> picture [704 x 285] intentionally omitted <==

==> picture [63 x 65] intentionally omitted <==

All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

84

==> picture [94 x 42] intentionally omitted <==

2025 Financial Ratio

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [739 x 147] intentionally omitted <==

AVC CONFIDENTIAL

85

==> picture [94 x 42] intentionally omitted <==

2025 Briefing Cash Flows

AVC

==> picture [63 x 65] intentionally omitted <==

==> picture [696 x 239] intentionally omitted <==

All the figures are audited by CPA; Currency is shown as NTD in Million

AVC CONFIDENTIAL

86

==> picture [148 x 49] intentionally omitted <==

==> picture [76 x 57] intentionally omitted <==

==> picture [289 x 334] intentionally omitted <==

----- Start of picture text -----

AVC
Asia Vital Components Co., Ltd.
----- End of picture text -----

THANK YOU Q &A