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Macronix — Interim / Quarterly Report 2025
Nov 21, 2025
52013_rns_2025-11-21_431b68d0-abd2-4583-8d05-01f1d68d4e2d.pdf
Interim / Quarterly Report
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Macronix International Co., Ltd. Third Quarter 2025 Results October 29, 2025
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Safe Harbor Statement
The presentation and discussion contain certain forward-looking statements with respect to the results of operation, financial condition and current expectation. The forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ from those or materially expressed implied by such statements.
Such risks and uncertainties include but are not limited to the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry overcapacity, availability of manufacturing capacity, financial stability in end markets, and other risks.
The forward-looking statements in this release reflect the current belief of Macronix as of the date of this release and Macronix undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date.
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Copyright © Macronix International Co., Ltd. 2
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A enda g
Welcome
Welcome Miin Wu 3Q25 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
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3Q25 Financial Highlights
3Q25 2Q25 3Q24 Revenue NT$ 8.2 NT$ 6.8 NT$ 7.8 (Billion NT$) Gross 13.5% 15.6% 28.9% margin % Operating (13.9% ) (15.9%) (4.6%) margin %
Note: In terms of USD sales was 271.1 million in 2025Q3; 2025 Q2 was 223.7 million. QoQ was 21%. (FX rate:30.40 @2025Q2) 2024 Q3 was 241.3 million. YoY was 12%. (FX rate:32.14 @2024Q3)
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3Q25YTD Financial Highlights
3Q25YTD 3Q24YTD Revenue NT$ 21.2 NT$ 20.0 (Billion NT$) Gross 15.4% 26.6% margin % Operating (15.6% ) (10.9%) margin %
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Ke Actions in 2025 y
Concentrate on Advancing the Development of 3D NOR and 3D
NAND Products.
There is Still Potential to Enhance the Performance of Factory Equipment.
- Additional Efforts are Needed to Accelerate Inventory
Reduction.
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Main To ics for 2026 p
Profitability Challenges Due to Low Factory Utilization and
Product Development Delays.
Flash Market Recovery; Focus on Commercialization,
Coordination, and Yield Improvement.
- Strengthening R&D to Sales Pipeline to Deliver Customer Value
and Profit.
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A enda g
Welcome
Welcome Miin Wu 3Q25 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
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Quarterly Financial Results
Unit：NTD Million (except EPS)Net Sales Gross Profit Gross Margin% Operating Expenses Operating Income (Loss) Operating Margin% Net Non-Operating Income (Loss) (Loss)Income Before Taxes Income Taxes Benefit (Expense) Net(Loss)Income |
3Q25 2Q25 3Q24 |
QoQ YoY |
|---|---|---|
| 8,214 6,799 7,755 1,112 1,064 2,244 13.5% 15.6% 28.9% (2,256) (2,143) (2,602) (1,144) (1,079) (358) (13.9%) (15.9%) (4.6%) 190 (329) 32 (954) (1,408) (325) 91 132 29 (862) (1,276) (296) |
21% 6% 5% (50%) (2.1ppt) (15.4ppt) 5% (13%) 6% 220% 2.0ppt (9.3ppt) (32%) 193% (32%) 191% |
|
| Basic EPS(NT$) | (0.47) (0.69) (0.16) |
|
| EBITDA EBITDA % Weighted avg outstanding million shares |
452 (26) 984 6% (0%) 13% 1,854 1,854 1,854 |
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3Q25YTD Revenue and Operating Margin
Unit：NTD Million (except EPS)Net Sales Gross Profit Gross Margin% Operating Expenses Operating Income Operating Margin% Net Non-Operating Income (Loss) Income Before Taxes Income Taxes Benefit (Expense) Net Income |
3Q25YTD 3Q24YTD |
YoY |
|---|---|---|
| 21,151 19,971 3,263 5,322 15.4% 26.6% (6,568) (7,493) (3,305) (2,171) (15.6%) (10.9%) (26) 335 (3,331) (1,836) 320 175 (3,011) (1,661) |
6% (39%) (11.2ppt) (12%) 52% (4.7ppt) 81% 81% |
|
| Basic EPS(NT$) | (1.62) (0.90) |
|
| EBITDA 824 2,042 EBITDA% 4% 10% Weighted avg outstanding million shares 1,854 1,854 |
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Sales and Gross Mar in Rate g
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2020 2021 2022 2023 2024
39,801M 50,573M 43,487M 27,624M 25,883M
Sales
Margin%
NTD M Net Sales Gross Margin%
16,000
14,974
14,545
60%
11,598
12,000 11,427 11,340 [11,471 ]
10,957
10,158
9,627
9,415 9,271 47% [48%48%]
9,078
44% 40%
43% 8,214
7,755
8,000 39% 7,104 [7,429 ] 7,283
6,456 6,799
35% [36%]
34%
32% [34%] 5,808 5,760 5,913 [6,137 ]
31%
30%29%
28%
25% 24% 20%
4,000
19% [20%] 18%16% 14%
13%
0 0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
20 21 22 23 24 25
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Cor orate Value p
| ate Value | ||
|---|---|---|
| 3Q25 | 3Q24 | |
| Basic EPS -- NT$ | (0.47) | (0.16) |
| Book Value -- NT$ | 22.86 | 24.59 |
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Basic EPS Book Value
NTD NTD
(1.73) NT$ 0.5
29.0
cash dividend
25.8
24.9 24.6
23.7 23.7
2Q 3Q 22.9 22.9
(0.15) (0.16)
1Q24 4Q 1Q25 2Q 3Q 22.0
(0.58) (0.84) (0.47) (0.69) (0.47) 1Q24 2Q 3Q 4Q 1Q25 2Q 3Q
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Return On Equity (GAAP)
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Annualized ROE - Reported Net Income / Sales
16%
13%
-17%
-10%
2017 2018 2019 2020 2021 2022 2023 20243Q25 2017 2018 2019 2020 2021 2022 2023 2024 3Q25
(LTM)
(LTM)
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Sales / Total Assets Total Assets / Total Equity
63%
184% 176%
35%
2017 2018 2019 2020 2021 2022 2023 2024 3Q25 2017 2018 2019 2020 2021 2022 2023 20243Q25
(LTM) (LTM)
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Quarterly Consolidated Condensed Balance Sheet
| Unit: NTD Million (except BV) | 9/30/'25 | 6/30/'25 | 9/30/'24 |
|---|---|---|---|
| Cash | 12,713 | 12,284 | 10,175 |
| Inventory(Net) | 10,097 | 12,146 | 13,354 |
| Property, Plant and Equipment | 39,599 | 40,627 | 42,423 |
| Total Assets | 76,222 | 77,395 | 78,827 |
| Interest bearing debt - short term | 7,044 | 5,548 | 4,250 |
| Interest bearing debt - long term | 19,064 | 21,881 | 20,045 |
| Total Liabilities | 33,795 | 34,928 | 33,228 |
| Debt Ratio (%) | 44.3% | 45.1% | 42.2% |
| Shareholders' Equity | 42,427 | 42,467 | 45,598 |
| Book Value -- NT$ | 22.86 | 22.91 | 24.59 |
Note: MXIC Issues 2025/09/30 outstanding million shares of 1,854
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Quarterly FCF and Capex Plan
| Unit: NTD Million | 3Q25 | 2Q25 | 3Q24 |
|---|---|---|---|
| Cash Flow from Operating | 1,913 | 769 | (81) |
| Depreciation & Amortization | 1,285 | 1,266 | 1,217 |
| Cash Flow from Investing | (265) | (714) | (1,836) |
| Capital Expenditures | (311) | (766) | (1,929) |
| Cash Flow from Financing | (1,331) | 204 | 872 |
| Net Change* | 429 | (292) | (1,037) |
| EndingBalance | 12,713 | 12,284 | 10,175 |
| Free Cash Flow** | 1,602 | 3 | (2,009) |
*Net change includes the effect of exchange rate changes
**Free Cash Flow=Cash Flow from Operating - Capital Expenditures
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Quarterly Sales Breakdown by Products (Parent Company)
Unit: NTD Million
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8,000
8% 16%
13%
55%
QoQ YoY
52%
4,000 Change Change
66%
NAND +44% +118%
NOR -6% -0%
29%
26% ROM +144% -5%
13%
FBG -6% -25%
8% 8% 6%
0
FBG (Foundry Business Group)
3Q24 2Q25 3Q25
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Copyright © Macronix International Co., Ltd. 16
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A enda g
Welcome
Welcome Miin Wu 3Q25 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
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Business U date - ROM p
ROM business
- Continuing customer oriented sales activities and maintaining close relationship with the major customer to support their seasonal demand
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Density shipment index: 1Q19 =100
600
545
483
406
383 [394 ] 386
400 368
348
331
307
290 292
280
269
256 248
222
214
193
176
200
159
147
117
100
91 95 90
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2019 2020 2021 2022 2023 2024 2025
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Business U date - NOR p
NOR business
-
The demand from server and communication are growing stably.
-
Continuing to support our long-life cycle customers’ demand with high quality products
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Density shipment index: 1Q20 =100 ≧75 nm
55 nm
200
150
139
122 [124 ]
117 [126 ] 117
105
100 100 94 92 90 86 87 [93 ] 100
76
73
66 66 [68 ]
57 56
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2020 2021 2022 2023 2024 2025
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The Best Flash Solution for Automobile A lications pp
Auto business
-
The end demands are not stable for tier-ones due to Trump‘s tariffs and trade policies impact
-
Trends such as ADAS and AI-enhanced in cabin experiences drive the memory upgrading
NOR Flash by Automotive Density shipment Index: 1Q20 =100
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300
212
200
183 180 176 [184] 175
164
154 [164] 138 150 165 140 [150]
150 124 121 130 133 133
100 99
87
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2020 2021 2022 2023 2024 2025
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Business Update NOR – Quarterly (Parent Company)
2Q25 NOR Revenue Breakdown 3Q25 NOR Revenue Breakdown
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Comm,
Consumer, Consumer, Comm,
19%
7% Auto, 7% 19%
Computer, Computer, Auto,
20%
35% 37% 19%
I.M.A., I.M.A.,
19% 18%
Computer Consumer Communication Automotive I.M.A
+3% QoQ -12% QoQ -6% QoQ -7% QoQ -10% QoQ
+12% YoY -28% YoY +5% YoY -8% YoY -6% YoY
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Note ：[] Comm: including handsets ；[*] I(Industrial), M(Medical), A(Aerospace-defense)
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Business U date - SLC NAND p
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19 nm
Density shipment index: 1Q23 =100
500 ≧36 nm 474
400
309
292
300
230
195
185
200 169
159
149
134
100
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
2023 2024 2025
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Copyright © Macronix International Co., Ltd. 22
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A enda g
Welcome
Welcome Miin Wu 3Q25 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
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Copyright © Macronix International Co., Ltd. 23
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For more information regarding Macronix http://www.macronix.com
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For all inquiries, suggestions and comments [email protected]