SUNON — Interim / Quarterly Report 2025

Nov 7, 2025

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FIRST CHOICE GLOBALLY Cooling Solutions

2025 Q2 Operating Results SUNONwealth Electric Machine Industry Co., Ltd.

2421.TW / 2421 TT

Disclaimer

The information or opinions contained in this document are based on expectations of current conditions and prediction on future events made by SUNONWEALTH ELECTRIC MACHINE INDUSTRY CO., LTD. (hereinafter referred to as “the Company”), which no representation or warranty, express or implied, is made as to its fairness, accuracy, completeness or timeliness. The information in this document only reflects the Company's view of the future as of the date hereof and is subject to change or adjustment in the future. And the Company assumes no obligation to notify or update it at any time unless otherwise required by the applicable laws. Neither the Company nor any of its subsidiaries, affiliates or representatives shall be liable for any direct or indirect damages arising out of the contents of this document, or any action taken as a result of reference to such contents.

The information contained in this document may express the Company's confidence in and expectations for its future vision, but these forward-looking statements are based on a number of factors relating to the Company's operations and are subject to unknown risks, uncertainties and other factors, and as a result, the actual results may differ materially from those in the forward-looking statements set forth above.

No part of this document may be copied, redistributed or transmitted, directly or indirectly, to any other person (whether inside or outside the Company) or published (in part or in whole) for any purpose.

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

SUNON Thermal Everywhere

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5G Base Stations Networking electric vehicles Industry Inverter / Drive Renewable Energy surveillance medical
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Gaming Metaverse IT Home Appliance AQI Air Purifier UVC Solution Industrial Ventilation
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 3 FIRST CHOICE GLOBALLY Cooling Solutions
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Thermal Technology Keeps Pace With the Times

Future will be supported by powerful computing capacity and the ultra-speed Internet with high reliability, which tests the effectiveness of thermal solutions. The change in the world stimulates thermal technology to update and advance to be suitable for real-time computing systems' needs. Technological advancement in heat dissipation provides the most effective operating temperature management to achieve excellence.

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High Fan Efficiency Low Vibration
System
O.P.
Low Noise
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Energy Saving
Reliability
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Bionic Blade Design
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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More Cooling Options
Heat Cold Vapor
Pump
Pipe Plate Chamber
Liquid Immersion
Liquid to Air CDU
Liquid
Cooling
Solution 80KW~
Advanced
Cooling 1KW~
Solutions
Enhanced 400W~
Phase-changed
Solutions
Traditional
100W~
Heat Sinks
～ 100W
Technology Extrusion
Die-cast Heat Pipe
Vapor Chamber (3D) Cold Plate Immersion Cooling
Forged Vapor Chamber
High Power Heat Pipe Immersion Cooling Rear Door Heat Exchanger
Skived EVAC
Stacked
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 5 FIRST CHOICE GLOBALLY Cooling Solutions
Cooling Capability
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TDP (W)
Cooling Solution Trend
30KW Immersion Cooling
Liquid Cooling
Open loop
1500W
1KW
Liquid
cooling Close loop
500W
350W Air
cooling Cooling fan + HS / HP / VC
~Y2022 Y2023 Y2024 Y2025 Y2026
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 6 FIRST CHOICE GLOBALLY Cooling Solutions
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Fan is still the key component for Liquid cooled AI

NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper	NV Link Switch Cooling Fan NVIDIA Single B200 GB200 NVL72 B200 DGX/HGX B100 HGX H200 SXM H100 SXM GPU architecture Blackwell Hopper
	NVIDIA	Single B200 GB200 NVL72	B200 DGX/HGX	B100 HGX	H200 SXM	H100 SXM
	GPU architecture	Blackwell			Hopper
								X7
TDP 1200W 1000W 700W 700W 700W Cooling Liquid Cooling Air Cooling Air Cooling Air Cooling Air Cooling Estimated # of fans used for GB200 NVL72 Rack: 4cm dual fan8 each tray, total #18 computer trays; NV Link Switch: 4cm dual fan7 each tray, total #9 trays Power Supplies: at least #50 fans In-rack system: Up to #257 cooling fans applied	TDP	1200W	1000W	700W	700W	700W
	Cooling	Liquid Cooling	Air Cooling	Air Cooling	Air Cooling	Air Cooling

At lease #16 200mm Axial fans installed in RDHx

Picture Source : Internet

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Data Center Thermal Layout

Existed Data Center Existed CRAC system (Compute Room Air Conditioner)

Air-cooling Fan + 3DVC � Hot air Liquid cooling (Liquid to Air) Cold Plate � Sidecar/RHDx � Hot air

Picture Source : Internet

New Data Center Extra chiller and/or cooling tower Liquid cooling (Liquid to Liquid) Cold Plate � Chiller � Hot water Immersion cooling (Liquid to Liquid) Boiler/Heatsink � Chiller � Hot liquid

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Air Cooling vs. Direct Liquid Cooling

Air Cooling Direct Liquid Cooling (Fan + 3DVC) (Fan + Cold Plate) Refer to MGX platform Refer to MGX platform ~~SMCI model ARS-111GL-DNHR-LCC SMCI model ARS-111GL-NHR~~ For same chassis layout, fan is must needed key component for thermal solution

Picture Source : Internet

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Air Cooling vs. Direct Liquid Cooling

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Direct Liquid Cooling Rear Door Sidecar
(Fan + Cold Plate) Heat Exchanger Air Assisted Liquid Cooling
(Larger axial fan)
Refer to MGX platform Larger axial fan
SMCI model GPU ARS-111GL-DNHR-LCC
Single Chassis Level Whole Rack Level Whole Rack Level
Picture Source : Internet
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 10 FIRST CHOICE GLOBALLY Cooling Solutions
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SUNON Total Thermal Solutions, One-stop Service

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Compact Fans Fan Tray Thermal Modules Large-size EC Fans Building Ventilation Fans
Sidecar CDU / Fan wall RPU Two-phase Liquid Cooler Water pump / Boiler Liquid-cooled Modules
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SUNON Liquid & Immersion Cooling Development

Modular In Row L2L CDU 1000+kW, 1ORv3 In Rack L2L CDU 8~12U, 350kW Two-Phase Immersion : In Row L2A CDU In Row L2A CDU Boiler 75kW, 1ORv3 150kW, 2ORv3 Cold Plate Loop 1U Cold Plate Loop 1U Single Phase Immersion: In house 700~1000W >1000W 1. CDU (Liquid to Liquid) 2. Heat Sink 3. Propeller Closed Loop 1U & 2U Closed Loop 1U & 2U 500~1000W In house 500~1000W 1. Closed Loop: AIO In house 1. Closed Loop: AIO Gen.2 1. Component: 2. 1U PUMP 2. 4U PUMP Reduced Spacing Structure 2. In Row L2L: Smarter Utility Solution 2025 2026 2027+*

SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Electric Vehicles / Auto Cooling Solution SUNON has more than 20 years of experience in cooling solutions for the automotive industry, and can provide various cooling fans, cooling modules and liquid cooling products that meet the quality standards of the automotive industry

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IATF16949 AEC Q100/Q200 EMC CISPR25 SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 13

SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Net zero emissions by 2050
Energy Transition Energy Transition Business Opportunities
Having an excellent thermal system is the key to stably maintain the operation of energy storage systems. Selecting an
optimal thermal solution ensures the operation stability and high system effectiveness, and it also minimizes
unnecessary maintenance costs.
Energy Energy
Harvesting Storing
PV inverters Energy storage systems
Enclosure cabinet equipment Battery containers,
EV charging systems packs and racks
Source: https://reurl.cc/NR85xk
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 14 FIRST CHOICE GLOBALLY Cooling Solutions
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Renewable Energy Cooling Solution

SUNON is an important partner of global high-quality energy system cooling solutions, providing a full range of cooling solutions.

PV Inverter Cooling

ESS Cooling

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EV Charger Cooling

EV Charger

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Established Employees Turnover (NTD) Factories
1980 8420 14.6 B 5
14
Subsidiary & Office
122
Distributor & Agent
1000+
Sales & Service sites
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 16 FIRST CHOICE GLOBALLY Cooling Solutions
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Sufficient Capability

5 production bases Cooling Fans 18.2 M pcs/ month Cooling Module 1.18 M sets/month

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Kaohsiung, Taiwan 700K pcs /month

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Bataan, Philippines 2.8M pcs/month(FAN) 180K sets/month(CM)

Kunshan, Jiangsu 5 M pcs/month(FAN) 1 M sets/month(CM)

Beihai, Guangxi (C Building) Fans 2.5M pcs/month

Beihai, Guangxi (A Building、B Building) Fans 7.2M pcs/month

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FIRST CHOICE GLOBALLY Cooling Solutions

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

EGS

Governance

Performance Highlights

• Net income reached 1.49 billion NTD, a 12% increase from 2023.

• The Company ranks among the top 3 leading brands in terms of market share.

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• A sustainability development committee has been established.

• • Zero cases of corruption.

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Society

Products

• Average employee training hours exceeded 48 hours per year.

• Production bases in Taiwan and China have both passed ISO 45001 certification.

• Saved 532 million kWh of electricity with product R&D. Reduced GHG emissions by 260,000 MTCO2e.

• Provided care to 9,867 households in the "Support and Care Campaign" from 2018 to 2023.

• 100.0% pass rate of hazardous substance inspection for three consecutive years from 2021 to 2023.

• Obtained 3,394 invention patents.

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Environment

• Implemented greenhouse gas inventory across the entire group, and passed third-party external verification.

Supply Chain

• The solar power generation of the Guangxing plant has exceeded 680,000 kWh.

• 100% pass rates for new suppliers audits . • 100% pass rates for annual supplier audits. • Local procurement rates exceed 74%.

• Continuously passed IECQ QC 080000 certification each year.

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

Net Zero Carbon Reduction

2030 50% 2050 NET ZERO

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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Quarterly Revenue
In B. NT
5.00
4.66
4.16
4.00
4.03
3.86
3.79
3.68 3.66 3.72
3.48 3.48
3.00 3.33 3.28 3.29 3.27
3.03 3.12 3.08 3.06
2.00
1.00
0.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Revenue Performance

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UNIT: NTD (K)
16,000,000 40%
14,623,817
14,063,308 35%
14,000,000 13,561,804 31.0%
12,781,281 12,914,686 30%
11,965,298
12,000,000 11,659,915 25%
10,946,728
10,690,822
20%
10,000,000
13.2% 8,825,430 15%
8,000,000 9.3% 9.6%
10%
5.8% 6.1%
3.7%
6,000,000 2.4% 5%
-2.6% 0%
4,000,000
-5%
-9.2%
2,000,000 -10%
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 Y2025
Revenue Growth rate
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 21
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UNIT: NTD (M) Quarterly Revenue in Server
2,500 48.0% 50%
46.4%
44.6% 45.0% 44.5%
45%
2,000 37.2% 38.0% 2,115 40%
33.9% 1,960
35%
30.4% 1,751
1,500 1,615 1,670 30%
25%
21.3%
1,000 1,159 1,114 20%
1,075
958
15%
500 615 10%
5%
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2
Revenue % of Sales
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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UNIT: NTD (M) Quarterly Revenue in AI Server
1,200 30%
26.9% 24.2%
1,098 1,105
1,000 23.6% 23.2% 25%
918
800 19.0% 870 20%
16.2%
600 13.8% 14.1% 688 15%
11.0%
400 473 10%
438 437
345
200 3.2% 5%
92
0 0%
23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2
Revenue % of Sales
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & QoQ Growth
58.1%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
30% 2025Q2 31.7% 34.7%
28.3%
20% 24.5% 22.2% 16.2%
7.9% 14.3% 14.6% 9.1% 17.5%
10% 11.0% 12.6% 5.2% 11.3%
8.0% 9.5% 9.0% 8.3% 7.4% 7.7% 3.0% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-9.5% 42.3% 5.2% 7.9% 10.6% 26.5%
SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT) Page 24 FIRST CHOICE GLOBALLY Cooling Solutions
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Products Application & YoY Growth
58.1%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
30% 2025Q2 31.7% 34.7%
28.3%
20% 24.5% 22.2% 16.2%
7.9% 14.3% 14.6% 9.1% 17.5%
10% 11.0% 12.6% 5.2% 11.3%
8.0% 9.5% 9.0% 8.3% 7.4% 7.7% 3.0% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-13.5% 19.0% 6.6% 46.1% 36.3% 18.5%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

Products Application & YoY Growth

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58.4%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
30% 2025H1 31.7% 34.7%
28.3%
20% 24.5% 22.2% 15.3%
8.7% 14.3% 14.6% 9.3% 17.5%
10% 12.6%
8.0% 9.5% 11.0% 9.0% 8.3% 4.7% 7.4% 7.7% 3.1% 11.3% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-1.5% 23.0% 5.0% 45.0% 49.3% 8.2%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Profit Margin
Gross Margin 32% 29.3% 30.5% 29.9%
30.3%
28.1%28.3% 29.0%28.5% 27.9% 27.9%28.4%
26.5%26.1%
22%
24.5%
22.6% 24.0% 22.6%
17.5%18.6% 18.9% 18.7% 19.5% 18.7%
12%
Q1 Q2 Q3 Q4 Y
Y2021 Y2022 Y2023 Y2024 Y2025
Operating Margin 16% 15.3% 13.9%
12.4%
12% 11.3% 12.4%11.5% 12.3%13.0% 11.4%11.9% 11.9%11.5%
8% 9.0% 8.5% 9.0% 9.7% 8.0%
4% 5.9%
4.1%
2.0% 1.9% 3.4% 3.4%
0%
Q1 Q2 Q3 Q4 Y
Net Margin 11.3%
12%
13.2% 9.6%
9% 10.7% 10.4% 8.0% 11.7% 11.3% 10.3%10.2%
9.0% 8.6% 8.8%
6% 9.7% 7.4% 7.3% 7.7%
4.9%
3% 3.1% 4.6% 3.2%
2.2% 2.5%
0%
Q1 Q2 Q3 Q4 Y
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Quarterly Earning
In NTD
2.00
1.80 1.73
1.72
1.60
1.60
1.37
1.40 1.49
1.42
1.39
1.20 1.28
1.19 1.20
1.00 1.11 1.11
0.80
0.84
0.60 0.69
0.61
0.40
0.37 0.35
0.20 0.30
0.00
Q1 Q2 Q3 Q4
Y2021 Y2022 Y2023 Y2024 Y2025
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Earning & Cash Dividend

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UNIT: NTD
6
5.46
5.16
5
4.34
4 3.7
3.39 3.5
3 2.62 2.71 2.6
2.28 2.41 2.3 2.4
2 2 2
2 1.77 1.71
1.5
1.2
1
0
EPS Cash Dividend
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Y2015 Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024
Payout Ratio 85% 88% 88% 83% 74% 68% 70% 60% 68% 68%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Appendix I

CONSOLIDATED BALANCE SHEETS

NT$ M 2025.6.30 2024.12.31 2024.6.30	vs. 2024.12.31 vs. 2024.6.30 Change(%)
TOTAL ASSETS 15,648 14,998 14,706	4.3% 6.4%
Cash 5,253 4,678 4,926	12.3% 6.6%
A/R, N/R 4,562 4,103 3,757	11.2% 21.4%
Inventories 2,166 2,181 2,168	-0.7% -0.1%
PP&E 2,401 2,461 2,321	-2.4% 3.4%
TOTAL LIABILITIES 8,374 7,078 7,604	18.3% 10.1%
Short-term loans 1,137 928 769	22.5% 47.9%
A/P 3,758 3,435 3,166	9.4% 18.7%
Long-term loans 430 478 553	-10.0% -22.2%
TOTAL EQUITY 7,274 7,920 7,102	-8.2% 2.4%
Days sales outstanding 90 90 93
Days sales of inventory 64 74 77
Current Ratio 1.62 1.88 1.72

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Appendix II 2025 2024 YTD YTD 2025Q2 2025YTD OPERATING REVENUES 4,663 3,677 8,825 6,737 26.8% 31.0% GROSS PROFIT 1,424 1,039 2,641 1,839 37.1% 43.6% OPERATING EXPENSES 709 619 1,411 1,144 14.5% 23.3% INCOME FROM OPERATIONS 715 420 1,230 695 70.2% 77.0% NON-OPERATING INCOME AND EXPENSES -198 134 -133 274 -247.8% -148.5% INCOME BEFORE INCOME TAX 517 554 1,097 969 -6.7% 13.2% NET INCOME attribute to owners 374 379 846 706 -1.3% 19.8% EPS (NT$) 1.37 1.39 3.10 2.58 Gross Margin 30.5% 28.3% 29.9% 27.3% Operating Margin 15.3% 11.5% 13.9% 10.3% Net Margin() 8.0% 10.4% 9.6% 10.5% CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NT$ M 2025 Q2 2024 Q2 YOY(%)*

(*)Net Margin=Net Income attribute to owners / Revenue

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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

FIRST CHOICE GLOBALLY Cooling Solutions

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Thanks for Your Attention !

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