WALSIN — Call Transcript 2026

Feb 26, 2026

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2025 Fourth Quarter Investor Conference

February 26, 2026

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Safe Harbor Notice

• Walsin’s statements of its current expectations are forward looking subject to significant risks and uncertainties, and actual results may differ materially from these forward-looking statements.

▪ Except as required by law, Walsin assumes no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

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Agenda

▪ 4Q25 Financial Results

▪ 1Q26 Outlook

▪ Q&A

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Income Statement

◼ EPS is NT$0.75 for FY25, and the cash dividend is scheduled to be NT$0.5 per share.

In NT$ billions unless otherwise noted	4Q25	3Q25 4Q24 4Q25 over 3Q25 4Q25 over 4Q24 FY25 FY24
Operating Revenue	41.9	41.1 46.7 2% (10%) 174.2 179.3
Gross Margin	4.9%	4.8% 5.1% 0.1% (0.2%) 6.4% 6.5%
Operating Expenses	2.8	2.6 2.5 9% 15% 11.1 9.5
Operating Margin	(1.9%)	(1.6%) (0.2%) (0.3%) (1.7%) 0.0% 1.2%
Non-Operating Income and Expenses Net Profit Attributable to Owners	1.1 1	0.9 (0.8) 22% (242%) 1.6 0.3 1 (0.6) 2% (273%) 3.2 2.8
Profit Margin	2.4%	2.4% (1.3%) 0.0% 3.7% 1.8% 1.6%
EPS (NT Dollar) EBITDA1	0.23 1.5	0.23 (0.15) - 0.38 0.75 0.69 1.7 2.4 (15%) (40%) 9 12.1

1 EBITDA= Operating Income + Depreciation+ Amortization + Cash Dividend from Investment under Equity Method

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4Q25 Operating Revenue by Business Groups (BG)

(In NT$ billions)

YoY (4Q25 Over 4Q24)

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0.9
8.2% 10%
60 7.3% Stainless Copper
0.1
5.1% 4.8% 4.9% Steel Resources Wire
5%
Cable Other
50 46.7 46.4
44.8
% 0% -0.8
41.9
41.1
%
40 29% -1.7
% 26% 24% -5%
29%
% 28%
-10%
% 30 21% 18% 17% -3.3
% 18% 19% -15%
% 20
QoQ (4Q25 Over 3Q25)
% -20%
51% 56% 52% 0.5 0.5
51%
% 0 49% 0.3
-25% 0.2
% Stainless
Steel
% - -30% Resources Cable Copper Other
4Q24 1Q25 2Q25 3Q25 4Q25 Wire
Stainless steel Resource Wire and cable
-0.7
Others Gross margin
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4Q25 Operating Revenue and Gross Margin by BG

(In NT$ billions)

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Stainless steel Resource
40 25
35
8%
6% 6% 20
5%
30 3% 4% 3%
1%
-2%
25 -3%
15
20
10
15
10
5
5
0 0
4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25
Revenue Gross margin Revenue Gross margin
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4Q25 Net Profit by BG

(In NT$ billions)

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Manufacturing Segment
1.2
1.0
.8
.6
.4
.2
.0
(.2)
(.4)
(.6)
(.8)
(1.0)
(1.2)
4Q24 1Q25 2Q25 3Q25 4Q25
Stainless Steel Wire and Cable Resource
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Long-Term Investments and Others
1.4
1.2
1.0
.8
.6
.4
.2
.0
(.2)
(.4)
(.6)
(.8)
(1.0)
4Q24 1Q25 2Q25 3Q25 4Q25
Stainless Steel
Wire and Cable
Resource
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Balance Sheets & Key Indices

Selected Items from Balance Sheets	25Q4	25Q3 24Q4
(In NT$ billions)	Amount %	Amount % Amount %
Cash and cash equivalents Accounts Receivable Inventory 1 Long-Term Investments2 Property, Plant, and Equipment3	12.5 4% 15.8 5% 42.9 14% 81.1 27% 122.4 40%	10.7 4% 10.8 4% 16.1 6% 15.5 6% 43.0 15% 47.2 17% 74.1 26% 58.5 21% 117.9 41% 118.5 43%
Total Assets	303.4 100%	287.0 100% 273.6 100%
Current Liabilities Long-Term Interest-Bearing Debts	53.1 18% 58.2 19%	41.1 14% 59.8 22% 64.9 23% 50.2 18%
Total Liabilities	127.3 42%	121.8 42% 126.2 46%
Total Shareholders’ Equity	176.1 58%	165.2 58% 147.4 54%
Key Indices Average Collection Days Average Turnover Days Current Ratio Ratio of Long-Term Capital to Non- Current Assets 4	35 92 1.6 1.1	36 30 95 87 2.0 1.4 1.1 1.1

• 1 Inventory includes prepayment for purchases

• 2 Long-term investments includes prepayments for investments

• 3 Property, Plant, and Equipment (PPE) includes intangible assets

4 Ratio of long-term capital to Non-Current Assets = (Total Shareholders’ Equity + Non-Current Liabilities) / Non-Current Assets

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Cash Flows

(In NT$ billions)	25Q4	25Q3 24Q4
Beginning Balance	10.8	15.3 8.5
Cash from Operating Activities Capital Expenditure Acquisition of Long-Term Investments Acquisition of Subsidiaries Long and Short-Term Borrowing Long-Term Borrowings Security Deposit Capital Increase in Cash Cash Dividends Paid Others	(0.6) (2.4) 0.4 0.3 4 - - - 1.7	3.6 3.7 (3.3) (2.3) - 0.7 - (4.9) (3.7) 9.8 - (4.4) - - (2) - 0.9 (0.1)
Ending Balance	14.2	10.8 11
Reconciliation of Cash at End of Period	25Q4	25Q3 24Q4
Cash as reported in the balance sheet Cash included in financial assets designated for hedging	12.5 1.7	10.7 10.8 0.1 0.2
Ending Balance 14.2 10.8 11	14.2

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1Q26 Outlook

▪ Stainless Steel Business

• In Taiwan, the stainless steel market is expected to experience a meaningful recovery, supported by the sharp rise in metal raw material prices and China’s export controls. .

• In China, steel capacity restrictions under the government’s “anti-involution” policy, together with rising nickel prices, have driven customer inventory restocking. However, overall manufacturing momentum remains weak, and end-user demand still warrants monitoring.

• In Europe, the EU will implement CBAM in 2026 and has introduced new steel safeguard measures. The related benefits have gradually begun to emerge since the beginning of the year and are expected to become more pronounced from mid-year onward.

• Overall, as global supply chains continue shifting from globalization to regionalization, Walsin’s strategic footprint across Europe and Asia provides a competitive advantage.

▪ Resource Business

• Indonesia’s tightening of nickel ore policies has constrained nickel pig iron (NPI) production, driving up both nickel and NPI prices. However, given the ongoing policy adjustments in Indonesia, nickel price volatility is expected to increase going forward.

▪ Wire and Cable Business

• Cable shipments have grown steadily, supported by Taipower’s Grid Resilience Strengthening Construction Plan. Residential wiring demand has softened amid the cooling housing market, while AI-related industrial projects have boosted construction wire demand. However, due to the Lunar New Year holiday, first-quarter shipment volume is expected to be slightly lower than that of the fourth quarter.

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Please dial +886 2 3396 1191

then press 1626026# to join our Q&A session

Thank you

IR@walsin.com http://www.walsin.com/

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