CHROMA — Call Transcript 2026

Feb 25, 2026

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2025.4Q Earnings Conference

Paul Ying, CFO Leo Huang, Chairman

Dr. I-shih Tseng CEO 25[th] February, 2026

1

Disclaimer

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This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “plan”, “forecast”, “project”, “predict”, “potential”, “continue”, “may”, “should”, “will”, and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this presentation include, but are not limited to, growth rates for various markets estimated by third party sources, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are no guarantee of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.

This presentation and the information contained herein are the property of Chroma Ate Inc.

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2

Agenda

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• Corporate Profile • Financial Review • Operation Highlights • Q&A

3

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CORPORATE

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PROFILE

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4

Consolidated Sales Breakdown

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Corporate Profile

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Consolidated Chroma Ate Sales

Others

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Consolidated MAS Sales
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• Chroma Group founded in 1984, a world leading own

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Chroma Group founded in 1984, a world leading own 28,311
1%
brand and design of high precision test & measurement 3%
instruments, automated test systems, intelligent
21,431 21,604
manufacturing systems and test & automation turnkey
1% 1%
solutions provider. Businesses cover test and 4% 18,676 4%
1%
measurement instruments and ATS for electronics, ICT, 4%
14,779
EV/ESS, AI and Semiconductor, variety of industries.
3%
5%
•
Key success: Precision, Reliability, Innovation
•
Chroma group consolidated business units of Chroma Ate
Inc. and Modular Assembly System (MAS).
•
2025 Consolidated Sales : NT$ 28.3 billion
•
2025 Net Income: NT$ 11.7 billion
• Chroma Group total of 3,802 employees (as end of 92% 95% 95% 95% 96%
December, 2025)
2021 2022 2023 2024 2025
For period of 2021 ~ 2022 exclude the Chroma New Material Corp. due to business termination.
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5

Financial Performance

Consolidated Sales & Gross Margin

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Consolidated Sales Gross Margin
28,311
22,067 21,604 61%
58% 59%
17,584 52% 18,676
48%
2021 2022 2023 2024 2025
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Parent Company Sales / Gross Margin / RD Expenses

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Sales Revenues Gross Margin
R&D Expenses R&D Expenses in % of Sales Revenues
22,012
15,652
13,461 54% 55%
53% 53%
52%
12,530
10,308
Chroma HQ Employees ： 2,252  (R&D 35%)
13%
12% 12% 12%
11%
1,351 1,639 1,542 1,924 2,362
2021 2022 2023 2024 2025
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6

Financial Performance

ROE

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29%
25%
24%
22%
18%
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2021 2022 2023 2024 2025
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* The ROE for 2025 has excluded the capital gain

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Dividend

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Basic EPS Cash dividend
Payout ratio
27.70
19.50
12.14 12.49
9.96
9.45
9.00
8.00
7.00
6.60
2021 2022 2023 2024 2025
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• Cash dividend for 2025 will be paid out after resolution of AGM

7

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FINANCIAL REVIEW

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Year 2025.4Q Condensed Consolidated Income Statement

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Condensed Consolidated P&L 2025.4Q % 2025.3Q % QoQ % 2024.4Q % YoY %
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	2025.4Q %	2025.4Q %
(In Million NTD, except for EPS in NTD)
Net Sales	8,580 100%	6,410 100% 34% 6,039 100% 42%
Consolidated Sales of Testing Equipment Business	8,263 96%	6,155 96% 34% 5,755 95% 44%
Consolidated Sales of MAS	254 3%	187 3% 36% 211 4% 20%
Others	63 1%	68 1% (7%) 73 1% (14%)
Cost of Goods Sold	(3,363) (39%)	(2,575) (40%) 31% (2,432) (40%) 38%
Gross Profit	5,217 61%	3,835 60% 36% 3,607 60% 45%
Operating Expenses: General & Administration Research & Development	(1,561) (18%) (668) (8%)	(1,336) (21%) 17% (1,364) (23%) 14% (651) (10%) 3% (684) (11%) (2%)
Operating Income	2,988 35%	1,848 29% 62% 1,559 26% 92%
Non-Operating Income (Expenses), net	420 5%	3,626 56% (88%) 380 6% 11%
Income (Loss) Before Tax Income Tax	3,408 40% (759) (9%)	5,474 85% (38%) 1,939 32% 76% (360) (5%) 111% (403) (7%) 88%
Net Income	2,649 31%	5,114 80% (48%) 1,536 25% 72%
Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests	2,549 30% 100 1%	5,066 79% (50%) 1,476 24% 73% 48 1% 108% 60 1% 67%
	$ 2,649 31%	$ 5,114 80% (48%) $ 1,536 25% 72%
EPS (Basic)	$ 6.03	$ 11.99 (50%) $ 3.49 73%
EPS (Diluted)	$ 5.99	$ 11.92 (50%) $ 3.45 74%

2025.3Q included gain from disposal of residential apartment held for sale (to employees) of NTD 3,185 million.

9

Year 2025 Condensed Consolidated Income Statement

	Condensed Consolidated P&L (In Million NTD, except for EPS in NTD)	2025 %
	Net Sales	28,311 100%
	Consolidated Sales of Testing Equipment Business	27,167 96%
	Consolidated Sales of MAS	883 3%
	Others	261 1%
	Cost of Goods Sold	(10,886) (39%)
	Gross Profit	17,425 61%
	Operating Expenses: General & Administration Research & Development	(5,671) (20%) (2,556) (9%)
	Operating Income	9,198 32%
	Non-Operating Income (Expenses), net	4,720 17%
	Income (Loss) Before Tax Income Tax	13,918 49% (1,992) (7%)
	Net Income	11,926 42%
	Net Income (Losses) Attributable To: Shareholders of the Parent Noncontrolling Interests	11,692 41% 234 1%
		$ 11,926 42%
	EPS (Basic)	$ 27.70
	EPS (Diluted)	$ 27.51

10

Balance Sheet Highlights & Financial Ratio

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Consolidated (In Million NTD) Balance Sheet Highlights Cash & Short Term Investments Inventory Short Term Debt Long Term Debt Shareholders Equity	2025. Dec 2024. Dec + / - % 8,314 5,040 + 65% 7,919 5,458 + 45% 13 1,417 n/a 3,304 2,108 + 57% 32,563 25,450 + 28%
Total Assets	47,150 37,308 + 26%
Inventory Turnover (Day) AR Turnover (Day) AP Turnover (Day) Net Debt to Equity (%)	224 209 87 87 113 118 Net Cash Net Cash
ROE (%)	29% 22%
ROA (%)	20% 15%
Cash Position EBITDA Cash Flow from Operation	2025 2024 YoY 14,787 7,528 96% 5,258 4,784 10%
Free Cash Flow	6,686 2,893 131%

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All ROE + ROA has been annualized and excluded the one time capital gain.

Free Cash Flow = Net Cash Provided by Operating Activities + (Net Cash used by Investing Activities).

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OPERATION

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HIGHLIGHT

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12

2025.4Q & Annual Product Mix and Consolidated Sales Breakdown

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	(Unit: Million NTD)	2025.4Q % QoQ YoY 2025 % YoY	2024 %
	Test Instruments & Automatic Testing System (ATS)	2,632 44% (13%) 56% 10,545 48% 55%	6,825 44%
	Semiconductor / Photonics Test Solutions	2,863 48% 37% 37% 9,759 44% 40%	6,974 45%
	Turnkey Solutions	116 2% 111% (21%) 444 2% (35%)	685 4%
	Service & Others	332 6% - 20% 1,264 6% 8%	1,168 7%
	Total of Parent Company Sales	5,943 100% 8% 42% 22,012 100% 41%	15,652 100%
	+ Sales from Overseas Operations & Related Subsidiaries	2,320 250% 50% 5,155 8%	4,767
	Chroma Consolidated Testing Equipment Business	8,263 96% 34% 44% 27,167 96% 33%	20,419 95%
	MAS Other Subsidiaries	254 3% 36% 20% 883 3% 1% 63 1% (7%) (14%) 261 1% (17%)	872 4% 313 1%
	Consolidated Sales	8,580 100% 34% 42% 28,311 100% 31%	21,604 97%

13

Year 2026 Guidance

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In year 2025, Chroma total consolidated sales revenues grew for the second year consecutively, reached 28.3 billion NTD, which hit historical record high with a growth of 31% YoY. The Parent Company sales also hit record high reached 22 billion, presented a growth of 41% YoY. The two major business units – Test Instruments & ATS and Semiconductor both presented a strong growth of 55% and 40% YoY respectively.

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Year 2026 Business Outlook:

• ✓ Business will present another year of growth in 2026, both Test Instruments & ATS and Semiconductor / Photonics received a strong demand from customers.

• ✓ The sales revenues of Test Instruments & ATS for power testing largely contributes from AI server power (included HVDC) and ESS markets.

• ✓ Semiconductor / Photonics will continue to grow with drivers of SLT from demand of AI / HPC / ASIC and Metrology equipment for advanced package from increasing capacity, while the Photonics will be contributed from CPO.

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High-precision Semiconductor Test Solutions

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Advanced Package FT & SLT Test Solutions

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Hopper Blackwell
GPU TDP: 700W 1000 - 1400W
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Rubin 1800 – >3000W (Source: NVIDIA GTC 2025/CES 2026, Industry Estimates)

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FT & SLT Test Systems
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Temperature-forcing System – King Cobra

• -70℃~ +150℃ ​@Tc

• Up to 5000W heat dissipation

• Fast transient heat suppression

Advanced Package FT Test Hander 3160-H

• Dual-site

• 3000W cooling

• Small footprint

• Optical Auto-Alignment

High Density Testing Platform 3200-HD

• At-speed full-power test

• Optical inspection

• Multi-zone CDU cooling

• High power thermal interface

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Advanced Packaging – 2D/3D Wafer Metrology Systems

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Advanced Packaging / Wafer Leve Advanced Packaging / Panel Level
(CoWoS & WMCM) (CoPoS)
Critical Dimension Metrology Metrology for PLP
Model 799X
Model 798X
• •
TSV TSV
• VIA • VIA
• RDL • RDL
• •
Overlay Overlay
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CPO Test Solutions

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Photonics IC EPIC Wafer/Die
(PIC) (EIC+PIC)
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PIC Wafer Test Solution
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• 586XX Series

• • Optical Test

• • Electrical Test

• Reliability Test & WAT

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CPO Switch
Light Engine External Laser
(Optical Engine) Light Source
(Source: SEMIVISION)
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Light Engine & CPO Automation Test Solution
587XX Series 5860X Series Laser Source
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• Light Engine O/E Test

• CPO Switch Test

• Laser Reliability Test

• • Laser Source for testing

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High-power Power Electronics Test Solutions

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AI Server Power Test Solutions

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Power Supply Unit (PSU)
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Power Shelf
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(Source: Supermicro, ORV3, AEI) AI Server
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Battery Backup Unit (BBU)

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Bidirectional
DC-DC Converter
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BBU Shelf
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DC Electronic Load
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Regenerative Grid Simulator Bidirectional DC Source Power Conversion Device ATS
Model 62000D Series
•
0 – 2000V, 0 – 540A
Model 61815 • 6kW – 45kW
•
15kVA
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Model 63202A-20-1000
63202A-20-2000
•
2KW/Up to 2000A
Model 63700H
•
80V / 2,650A / 80kW
•
650V & 1,000V / 710A &
Model 8000 ATS Model 63200A Series
235A / 120kW
• Up to 1.8MW • 2kW – 24kW
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Model 61800 Model 61860HF Model 62000D-HL Series
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• 105kVA • 60kVA

• High range: 2000V/480A/360kW

• Low range: 650V/1440A/360kW

• High power system: up to 1.8MW

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AI Server Battery Backup Unit Test Solutions

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Lithium-ion Battery Cell Battery Pack Battery Backup Unit (BBU)
EDLC / LIC Capacitor Module Power Capacitor Shelf (PCS)
(Source: Supermicro)
Power Rack Battery / Capacitor Shelf Battery Pack Battery Pack BMS Module Cell
Battery
Regenerative Battery pack Regenerative BMS Functional
BBU Functional ATS Reliability
Battery Pack Test System ATS Battery Pack Test System ATS
Test System
Model 17040E Model 17050 Model 8720 ATS Model 17020/E/C Model 8710 ATS Model 8000 ATS Model 17010H
• 200kW • 0 – 2000V • 60V • 60V • 16cell simulator • Up to 500kW • 5V
• 850V • 0 – 540A • 100~500A • 540A • 100~300A
• 6kW – 45kW, up to 500kW
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Thank You

Copyright © 2023 Chroma ATE Inc. All rights reserved.