SUNON — Interim / Quarterly Report 2025

Nov 6, 2025

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2025 Q3 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)

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Quarterly Revenue
UNIT: NTD (B)
6.00
4.93
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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Unit: NT K

Revenue Performance

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16,000,000 40%
14,623,817
14,063,308 35%
13,759,838
14,000,000 13,561,804
12,781,281 12,914,686 27.8% 30%
11,965,298
11,659,915
12,000,000
25%
10,946,728
10,690,822
20%
10,000,000
13.2%
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 25 YTD
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Revenue Growth rate

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

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UNIT: NTD (M) Quarterly Revenue in Server
2,500 48.0% 46.4% 46.8% 50%
44.6% 45.0% 44.5%
45%
2,260
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 25Q3
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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%
24.2%
26.9%
1,135
1,098 1,105
1,000 23.6% 23.2% 23.5% 25%
918
19.0%
800 870 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 25Q3
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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

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57.2%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q3 31.7%
28.3%
20% 24.5% 22.2% 15.7%
9.5% 9.5% 17.5%
14.3% 14.6%
10% 11.0% 12.6% 4.9% 11.3%
8.0% 9.5% 9.0% 8.3% 7.4% 7.7% 2.7% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
-1.7%
28.3% -3.3% 10.3% 4.2% 2.8%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & YoY Growth

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57.2%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025Q3 31.7%
28.3%
20% 24.5% 22.2% 15.7%
9.5% 9.5% 17.5%
14.3% 14.6%
10% 11.0% 12.6% 4.9% 11.3%
8.0% 9.5% 9.0% 8.3% 7.4% 7.7% 2.7% 8.9%
5.2% 5.3% 5.8% 3.5%
0%
Automobile Distribution Home Appliances Industrial Medical E. Telecom & Server IT & OE
20.7% -4.4% 7.0% 25.8% 32.4% 14.5%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Products Application & YoY Growth

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58.0%
60%
2021
50% 2022 53.1%
2023
40% 41.9%
2024
34.7%
30% 2025YTD 31.7%
28.3%
20% 24.5% 22.2% 15.4%
9.0% 14.3% 14.6% 9.4% 17.5%
10% 12.6%
11.0% 4.8% 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
5.9% 11.3% 5.7% 37.4% 42.9% 10.4%
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Profit Margin

Gross Margin

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32% 29.3% 30.5% 31.4% 30.4%
Gross Margin
30.3%
29.0%
28.1%28.3% 28.5% 27.9% 28.4%
27.9%
26.5%26.1%
22%
24.5%
24.0%
22.6% 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% 15.6% 14.5%
12.4%
12% 11.3% 12.4%11.5% 12.3%13.0% 11.9% 11.9%11.5%
11.4%
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
15% 14.1%
Net Margin
11.3% 11.2%
12%
9% 10.7% 13.2%10.4% 8.0% 11.7% 11.3% 10.3%10.2%
9.0% 8.6% 8.8%
9.7% 7.7%
6% 7.4% 7.3%
4.9%
3%
3.1% 4.6% 3.2%
2.2% 2.5%
0%
Q1 Q2 Q3 Q4 Y
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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Quarterly Earning
In NTD
3.00
2.55
2.50
2.00
1.73
1.72
1.50 1.37 1.60
1.49
1.39 1.42
1.28
1.19 1.20
1.00 1.11 1.11
0.84
0.69
0.50 0.61
0.37 0.35
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

UNIT: NTD

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6 5.65
5.46
5.16
5
4.34
4 3.7
3.5
3.39
3 2.62 2.71 2.6
2.41 2.4
2.28 2.3
2 2 2
2 1.71
1.2
1
0
EPS Cash Dividend
Y2016 Y2017 Y2018 Y2019 Y2020 Y2021 Y2022 Y2023 Y2024 25YTD
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
Change(%)
NT$ M 2025.9.30 2024.12.31 2024.9.30 vs. vs.
2024.12.31 2024.9.30
TOTAL ASSETS 15,414 14,998 14,113 2.8% 9.2%
Cash 3,901 4,678 3,998 -16.6% -2.4%
A/R, N/R 5,277 4,103 4,137 28.6% 27.6%
Inventories 2,199 2,181 2,091 0.8% 5.2%
PP&E 2,608 2,461 2,363 6.0% 10.4%
TOTAL LIABILITIES 7,308 7,078 6,661 3.2% 9.7%
Short-term loans 364 928 1,079 -60.8% -66.3%
A/P 4,320 3,435 3,171 25.8% 36.2%
Long-term loans 386 478 506 -19.2% -23.7%
TOTAL EQUITY 8,106 7,920 7,452 2.3% 8.8%
Days sales outstanding 93 90 92
Days sales of inventory 63 74 73
Current Ratio 1.84 1.88 1.87
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SUNONwealth Electric Machine Industry Co., Ltd. (2421.TW / 2421 TT)

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	Appendix II
CONSOLIDATED NT$ M	2025 2024 YTD YTD 2025Q3 2025YTD STATEMENT OF COMPREHENSIVE INCOME 2025 Q3 2024 Q3 YOY(%)
OPERATING REVENUES	4,934 4,031	13,760	10,768		22.4%	27.8%
GROSS PROFIT	1,546 1,148	4,187	2,987		34.7%	40.2%
OPERATING EXPENSES	777 626	2,188	1,770		24.1%	23.6%
INCOME FROM OPERATIONS	769 522	1,999	1,217		47.3%	64.3%
NON-OPERATING INCOME AND EXPENSES	130 -70	-4	204		-285.7%	-102.0%
INCOME BEFORE INCOME TAX	899 452	1,995	1,420		98.9%	40.5%
NET INCOME attribute to owners	694 349	1,541	1,055		98.9%	46.1%
EPS (NT$) Gross Margin Operating Margin Net Margin(*)	2.55 1.28 31.4% 28.5% 15.6% 13.0% 14.1% 8.8%	5.65 30.4% 14.5% 11.2%	3.86 27.7% 11.3% 9.8%

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

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

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Thanks for Your Attention !

WWW.SUNON.COM

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