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Macronix — Interim / Quarterly Report 2025
Sep 9, 2025
52013_rns_2025-09-09_19ec8161-4c96-4757-97ae-5c896b639978.pdf
Interim / Quarterly Report
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Macronix International Co., Ltd. Second Quarter 2025 Results July 30, 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 C.Y. Lu 2Q25 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu
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Copyright © Macronix International Co., Ltd. 3
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2Q25 Financial Highlights
2Q25 1Q25 2Q24 Revenue NT$ 6.8 NT$ 6.1 NT$ 6.5 (Billion NT$) Gross 15.6% 17.7% 30.0% margin % Operating (15.9% ) (17.6%) (7.9%) margin %
Note: In terms of USD sales was 223.7 million in 2025Q2; 2025 Q1 was 186.5 million. QoQ was 20%. (FX rate:32.90 @2025Q1) 2024 Q2 was 198.9 million. YoY was 12%. (FX rate:32.46 @2024Q2)
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1H25 Financial Hi hli hts g g
1H25
1H24
Revenue NT$ 12.9 NT$ 12.2 (Billion NT$) Gross 16.6% 25.2% margin % Operating (16.7% ) (14.8%) margin %
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Ke A enda y g
R&D Expenses Remain High for 3D NOR and 3D NAND
The Factory Equipment Still Has Room for Improving Performance
ROM Declines due to Customers’ Anticipation for New Platform
- Inventory Digestion Requires Further Effort to Do It Faster
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Copyright © Macronix International Co., Ltd. 6
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A enda g
Welcome C.Y. Lu 2Q25 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu
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Quarterly Financial Results
Unit：NTD Million (except EPS)Net Sales Gross Profit Gross Margin% Operating Expenses Operating Income (Loss) Operating Margin% Net Non-Operating Income (Loss) (Loss)Income Before Taxes Income Taxes Benefit (Expense) Net(Loss)Income |
2Q25 1Q25 2Q24 |
QoQ YoY |
|---|---|---|
| 6,799 6,137 6,456 1,064 1,087 1,936 15.6% 17.7% 30.0% (2,143) (2,169) (2,448) (1,079) (1,082) (512) (15.9%) (17.6%) (7.9%) (329) 113 198 (1,408) (969) (314) 132 97 28 (1,276) (873) (286) |
11% 5% (2%) (45%) (2.1ppt) (14.4ppt) (1%) (12%) (0%) 111% 1.7ppt (8.0ppt) 45% 348% 46% 346% |
|
| Basic EPS(NT$) | (0.69) (0.47) (0.15) |
|
| EBITDA EBITDA % Weighted avg outstanding million shares |
(26) 398 982 (0%) 6% 15% 1,854 1,854 1,854 |
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1H25 Revenue and O eratin Mar in p g g
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 |
1H25 1H24 |
YoY |
|---|---|---|
| 12,937 12,216 2,151 3,078 16.6% 25.2% (4,312) (4,892) (2,161) (1,813) (16.7%) (14.8%) (216) 303 (2,377) (1,511) 229 146 (2,149) (1,365) |
6% (30%) (8.6ppt) (12%) 19% (1.9ppt) 57% 57% |
|
| Basic EPS(NT$) | (1.16) (0.74) |
|
| EBITDA 372 1,058 EBITDA% 3% 9% Weighted avg outstanding million shares 1,854 1,854 |
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Sales and Gross Mar in Rate g
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2020 2021 2022 2023 2024
39,801M 50,573M 43,487M 27,624M 25,883M
Sales
Margin%
NTD M Net Sales Gross Margin%
16,000 80%
14,974
14,545
11,598
12,000 11,427 11,340 [11,471 ] 60%
10,957
10,158
9,627
9,415 9,271
9,078
47% [48% 48%] 7,755
8,000 44% 7,104 [7,429 ] 7,283 40%
43%
6,799
6,456
39%
5,808 5,760 5,913 [6,137 ]
35% [36%]
34%
32% [34%]
31%
30% 29%
28%
4,000 25% 24% 20%
19% [20%]
18% 16%
13%
0 0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
20 21 22 23 24 25
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Cor orate Value p
| ate Value | ||
|---|---|---|
| 2Q25 | 2Q24 | |
| Basic EPS -- NT$ | (0.69) | (0.15) |
| Book Value -- NT$ | 22.91 | 24.89 |
Basic EPS Book Value
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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
(0.15) (0.16)
1Q24 4Q 1Q25 2Q 22.0
(0.58) (0.84) (0.47) (0.69) 1Q24 2Q 3Q 4Q 1Q25 2Q
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Return On Equity (GAAP)
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Annualized ROE - Reported Net Income / Sales
16%
13%
-15%
-9%
2017 2018 2019 2020 2021 2022 2023 20242Q25 2017 2018 2019 2020 2021 2022 2023 2024 2Q25
(LTM)
(LTM)
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Sales / Total Assets Total Assets / Total Equity
63%
184% 176%
34%
2017 2018 2019 2020 2021 2022 2023 2024 2Q25 2017 2018 2019 2020 2021 2022 2023 20242Q25
(LTM) (LTM)
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Quarterly Consolidated Condensed Balance Sheet
| Unit: NTD Million (except BV) | 6/30/'25 | 3/31/'25 | 6/30/'24 |
|---|---|---|---|
| Cash | 12,284 | 12,576 | 11,213 |
| Inventory(Net) | 12,146 | 13,027 | 13,523 |
| Property, Plant and Equipment | 40,627 | 41,300 | 41,762 |
| Total Assets | 77,395 | 79,067 | 78,702 |
| Interest bearing debt - short term | 5,548 | 5,218 | 3,216 |
| Interest bearing debt - long term | 21,881 | 21,960 | 19,251 |
| Total Liabilities | 34,928 | 35,153 | 32,555 |
| Debt Ratio (%) | 45.1% | 44.5% | 41.4% |
| Shareholders' Equity | 42,467 | 43,914 | 46,147 |
| Book Value -- NT$ | 22.91 | 23.69 | 24.89 |
Note: MXIC Issues 2025/06/30 outstanding million shares of 1,854
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Quarterly FCF and Capex Plan
| Unit: NTD Million | 2Q25 | 1Q25 | 2Q24 |
|---|---|---|---|
| Cash Flow from Operating | 769 | (402) | 65 |
| Depreciation & Amortization | 1,266 | 1,260 | 1,210 |
| Cash Flow from Investing | (714) | (593) | (1,001) |
| Capital Expenditures | (766) | (592) | (1,000) |
| Cash Flow from Financing | 204 | 1,817 | 1,464 |
| Net Change* | (292) | 952 | 493 |
| EndingBalance | 12,284 | 12,576 | 11,213 |
| Free Cash Flow** | 3 | (994) | (934) |
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)
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Unit: NTD Million
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8,000
13%
14%
11%
QoQ YoY
Change Change
4,000
63% 68% 66% NAND +41% -3%
NOR +8% +11%
ROM -2% -4%
14% 14% 13%
FBG +16% -9%
9% 7% 8%
0 * FBG (Foundry Business Group)
2Q24 1Q25 2Q25
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Copyright © Macronix International Co., Ltd. 15
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A enda g
Welcome
Welcome C.Y. Lu 2Q25 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu
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Business U date - ROM p
ROM business
The launch of new platform is undergoing around the world with upcoming titles.
Density shipment index: 1Q19 =100
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600
545
483
406
383 [394 ] 386
400 368
348
331
307
290 280 292
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
2019 2020 2021 2022 2023 2024 2025
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Business U date - NOR p
NOR business
-
The demand from computer, communication and automotive are getting better.
-
High performance, high quality and high security are key differentiators in code storage.
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Density shipment index: 1Q20 =100 ≧75 nm
55 nm
200
150
139
122
117 [126 ] 117
105
100 94 100
100 92 90 86 87 [93 ]
76
73
68
66 66
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
2020 2021 2022 2023 2024 2025
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The Best Flash Solution for Automobile A lications pp
Auto business
-
Customers continued emphasis on automotive connectivity and industrial IoT solutions.
-
The design–in opportunities bring quality revenues during the macro economical uncertainty.
NOR Flash by Automotive Density shipment Index: 1Q20 =100
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300
212
200
183 180 176 [184]
164
154 [164] 165
138 150 140 150
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
2020 2021 2022 2023 2024 2025
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Business Update NOR – Quarterly (Parent Company)
1Q25 NOR Revenue Breakdown 2Q25 NOR Revenue Breakdown
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Comm, Comm,
Consumer, Consumer,
18% 19%
9% Auto, 7% Auto,
Computer, Computer,
22% 20%
33% 35%
I.M.A., I.M.A.,
18% 19%
Computer Consumer Communication Automotive I.M.A
+14% QoQ -5% QoQ +14% QoQ -3% QoQ +11% QoQ
+26% YoY -24% YoY +1% YoY +12% YoY +12% 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
≧36 nm
309
292
300
230
195
185
200
169
159
149
134
100
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2023 2024 2025
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Copyright © Macronix International Co., Ltd. 21
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A enda g
Welcome C.Y. Lu 2Q25 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu
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Copyright © Macronix International Co., Ltd. 22
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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]