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YAGEO Call Transcript 2025

Jul 29, 2025

52008_rns_2025-07-29_46051c50-e184-4011-99b9-06fe34b3c435.pdf

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2Q2025 Earning Conference

YAGEO Corporation

2025/07/29

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Copyright[©] 2024 YAGEO Group All Rights Reserved

Disclaimer

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This presentation has been prepared by YAGEO Corporation (the “Company”). This presentation and the materials provided herewith do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Any decision to purchase securities in a proposed offering should be made solely on the basis of the information contained in the offering circular published in relation to such proposed offering, if any.

The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company nor any of its affiliates, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

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Copyright[©] 2024 YAGEO Group All Rights Reserved

Agenda

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⚫ 2Q2025 & 1H2025 Financial Overview

⚫ 2Q2025 Revenue Breakdown

⚫ Update on Shibaura Electronics TOB

⚫ Closing Remarks

⚫ Q&A

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Copyright[©] 2024 YAGEO Group All Rights Reserved

2Q2025 Financial Overview

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Amount in NT$ Million

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Net Sales Gross Margin
32,771 35.6%
[QoQ: +5.4% | YoY: +4.3%] [QoQ: -0.1ppts | YoY: +0.4ppts]
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Operating Margin EBITDA Margin 21.5% 28.2% [QoQ: +0.7ppts | YoY: +0.9ppts] [QoQ: +0.2ppts | YoY: +0.3ppts] Net Income EPS 4,998 9.74 [QoQ: -9.6% | YoY: -8.0%] [QoQ: -9.6% | YoY: -10.0%]

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  • Net Sales QoQ growth of +5.4% (+11.9% in USD) was ahead of expectation

  • Net Sales QoQ growth in USD was broad based and across all product lines, end segments, regions, and channels

  • Net Sales QoQ growth due to a combination of strong market demand as well as tariff pull-ins

  • Gross Margin flat QoQ mainly due to TWD appreciation partially offset by volume leverage

  • Operating Profit Amount increased NT$580M, QoQ +9% and +9% YoY.

  • Net Income adversely impacted by TWD appreciation vs USD as well as Retained Earnings tax provision

  • Excluding Retained Earnings tax provision and M&A related expense, Q2 EPS will be 10.77

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Copyright[©] 2024 YAGEO Group All Rights Reserved

1H2025 Financial Overview

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Amount in NT$ Million

Net Sales Gross Margin 63,875 35.6% [YoY: +6.6%] [YoY: +1.1ppts] Operating Margin EBITDA Margin 21.1% 28.1% [YoY: +2.1ppts] [YoY: +1.2ppts]

Net Income EPS 10,527 20.51 [YoY: +5.1%] [YoY: +2.8%]

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  • H1 Net Sales grew 6.6% YoY despite TWD appreciation vs USD

  • Growth continues to be driven by specialty products, outpacing commodity

  • Gross Margin continues to expand (+1.1ppts YoY) from favorable product mix and cost improvement. Combined with robust sales growth, Gross Profit grows by +10% YoY

  • Operating Margin also benefit from OPEX efficiency with Operating Profit growing by +18.4%

  • Net Income adversely impacted by TWD appreciation vs USD as well as Retained Earnings tax provision

  • Excluding Retained Earnings tax provision and M&A related expense, Q2 EPS will be 21.79

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Copyright[©] 2024 YAGEO Group All Rights Reserved

2Q2025 Sales Breakdown

By Product

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  • All product categories growing in absolute terms

  • Higher AI content demand continues to be the largest growth driver across multiple product categories

By Segment

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  • All end segments growing in absolute terms

  • AI contributing to growth in both Computing & Enterprise as well as Telecom segments

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Copyright[©] 2024 YAGEO Group All Rights Reserved

2Q2025 Sales Breakdown

By Region

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By Channel

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  • All regions grew QoQ in absolute terms, while mix was impacted by actual end demand now that the industry inventory is in a healthier position

  • AI demand mostly from customers in Asia and US

  • EV is an additional growth engine for China

  • All channels growing QoQ in absolute terms

  • Distributor inventory now at healthy level with orders in sync with end customer demand

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Copyright[©] 2024 YAGEO Group All Rights Reserved

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2Q2025 Financial Flexibility Highlight

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  • Stable and sustained cash generation from:

Free Cash Flow (NTD Ms)

  1. Strong and profitable business growth

  2. Continued reduction of inventory levels

  3. Continued focus on reducing leverage to provide financial flexibility and capture future growth opportunities

Net Financial Debt / LTM EBITDA

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Copyright[©] 2024 YAGEO Group All Rights Reserved

baura Electronics TOB Update
Key Events Since 1Q25 Earnings Conference:
Date
Event
04/17/2025
YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025
YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025
YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025
YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025
YAGEO Refiles for tender offer approval with METI
06/12/2025
YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025
YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025
YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025
YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025
YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei		 baura Electronics TOB Update
Key Events Since 1Q25 Earnings Conference:
Date
Event
04/17/2025
YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025
YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025
YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025
YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025
YAGEO Refiles for tender offer approval with METI
06/12/2025
YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025
YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025
YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025
YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025
YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei		 baura Electronics TOB Update
Key Events Since 1Q25 Earnings Conference:
Date
Event
04/17/2025
YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025
YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025
YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025
YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025
YAGEO Refiles for tender offer approval with METI
06/12/2025
YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025
YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025
YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025
YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025
YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei
Key Events Since 1Q25 Earnings Conference:
Upcoming:
Continued meeting and engagement with Shibaura’s Management including mutual factory visits in August
Expecting feedback on approval from METI by August 1st, 2025
Date
Event
04/17/2025
YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025
YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025
YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025
YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025
YAGEO Refiles for tender offer approval with METI
06/12/2025
YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025
YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025
YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025
YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025
YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei		 Key Events Since 1Q25 Earnings Conference:
Date
Event
04/17/2025
YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025
YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025
YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025
YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025
YAGEO Refiles for tender offer approval with METI
06/12/2025
YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025
YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025
YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025
YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025
YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei
Date Event
04/17/2025 YAGEO Increase tender offer price from 4,300 JPY to 5,400 JPY per Share
05/08/2025 YAGEO Increase tender offer price from 5,400 JPY to 6,200 JPY per Share
05/09/2025 YAGEO Officially launches tender offer for Shibaura Electronics
05/28/2025 YAGEO Submitted Responses to Shibaura’s List of 3rd Questionnaires
06/02/2025 YAGEO Refiles for tender offer approval with METI
06/12/2025 YAGEO Submitted Responses to Shibaura’s List of 4th Questionnaires
06/18/2025 YAGEO 2ndMeeting with Shibaura’s Management and Special Committee in Tokyo
06/25/2025 YAGEO Receives approval from Taiwan Investment Commission for Shibaura TOB
07/15/2025 YAGEO Submitted Responses to Shibaura’s List of 5th Questionnaires
07/18/2025 YAGEO Completes 2-day meeting with Shibaura’s Management in Taipei

Shibaura Electronics TOB Update

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Upcoming:

Continued meeting and engagement with Shibaura’s Management including mutual factory visits in August Expecting feedback on approval from METI by August 1[st] , 2025

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Copyright[©] 2024 YAGEO Group All Rights Reserved

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APPENDIX

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Copyright[©] 2024 YAGEO Group All Rights Reserved

2Q2025 Income Statement

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YAGEO Consolidation (reviewed)

YAGEO Consolidation (reviewed)
Net Sales
Cost of Sales
Gross Margin
Operating Expenses
Operating Profit
Non-operating Items
Income Before Tax
Income Tax
Net Income
Noncontrolling Interests
Net Income (attributable to the parent)
EPS (NT$ Dollar)
EBITDA		 Amount
%
32,771
100.0
(21,119)
(64.4)
11,652
35.6
(4,609)
(14.1)
7,044
21.5
(15)
(0.0)
7,028
21.4
(2,016)
(6.2)
5,012
15.3
14
0.0
4,998
15.3
9.74
9,237
28.2
2Q25		 Amount
%
31,104
100.0
(20,018)
(64.4)
11,086
35.6
(4,623)
(14.9)
6,463
20.8
710
2.3
7,173
23.1
(1,610)
(5.2)
5,563
17.9
33
0.1
5,530
17.8
10.77
8,706
28.0
1Q25		 Q-Q
Change %
5.4
5.5
(0.1 ppts)
0.8 ppts
0.7 ppts
(2.3 ppts)
(1.6 ppts)
(1.0 ppts)
(2.6 ppts)
(0.1 ppts)
(2.5ppts)
(9.6)
0.2ppts		 Amount in NT$ Million
Y-Y
Amount
%
Change %
31,418
100.0
4.3
(20,380)
(64.9)
3.6
11,038
35.1
0.4 ppts
(4,577)
(14.6)
0.5 ppts
6,462
20.6
0.9 ppts
923
2.9
(3.0 ppts)
7,385
23.5
(2.1 ppts)
(1,919)
(6.1)
(0.0 ppts)
5,466
17.4
(2.1 ppts)
(34)
(0.1)
0.2 ppts
5,432
17.3
(2.0ppts)
10.81
(10.0)
8,769
27.9
0.3ppts
2Q24

  • Q-Q/Y-Y Change of Net Sales, Cost of Sales , and EPS is in %, the rest of Changes is in percentage point.

  • The financial data is based on T-IFRS

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Copyright[©] 2024 YAGEO Group All Rights Reserved

1H2025 Income Statement

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YAGEO Consolidation (reviewed)

Consolidation (reviewed)
Net Sales
Cost of Sales
Gross Margin
Operating Expenses
Operating Profit
Non-operating Items
Income Before Tax
Income Tax
Net Income
Noncontrolling Interests
Net Income (attributable to the parent)
EPS (NT$ Dollar)
EBITDA		 Amount
%
63,875
100.0
(41,137)
(64.4)
22,738
35.6
(9,232)
(14.5)
13,507
21.1
695
1.1
14,201
22.2
(3,626)
(5.7)
10,575
16.6
48
0.1
10,527
16.5
20.51
17,942
28.1
1H25		 Amount in NT$ Million
Y-Y
Amount
%
Change %
59,923
100.0
6.6
(39,251)
(65.5)
4.8
20,672
34.5
1.1 ppts
(9,267)
(15.5)
1.0 ppts
11,405
19.0
2.1 ppts
2,039
3.4
(2.3 ppts)
13,444
22.4
(0.2 ppts)
(3,369)
(5.6)
(0.1 ppts)
10,074
16.8
(0.3 ppts)
(54)
(0.1)
0.2 ppts
10,020
16.7
(0.2ppts)
19.95
2.8
16,099
26.9
1.2ppts
1H24

  • Q-Q/Y-Y Change of Net Sales, Cost of Sales , and EPS is in %, the rest of Changes is in percentage point.

  • The financial data is based on T-IFRS

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Copyright[©] 2024 YAGEO Group All Rights Reserved

2Q2025 Selected Balance Sheet Summary

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YAGEO Consolidation (reviewed)
YAGEO Consolidation (reviewed) As of Jun 31
As of Mar 31
Q-Q
2025
2024
Change %		 Amount in NT$ Million
As of Jun 31
Y-Y
2024
Change %
Cash and cash equivalents
Receivables
Inventory
Total Assets
Payables
Net financial debts
Total Liabilities
Total Equity
96,111
109,416
(12.2)
24,441
23,202
5.3
26,694
27,781
(3.9)		 92,332
4.1
23,569
3.7
26,466
0.9
353,890
375,087		 358,247
(1.2)
15,024
15,363
(2.2)
12,590
5,868
114.5		 14,855
1.1
24,447
(48.5)
204,873
213,461
(4.0)
149,017
161,626
(7.8)		 212,571
(3.6)
145,676
2.3
Total Liabilities & Equity 353,890
375,087
(5.7)		 358,247
(1.2)
Net Financial Debt / Equity
Net Financial Debt / EBITDA
ROE (Quarterly)
ROE (Annualized)		 8.4%
3.6%
4.8 ppts
36.5%
17.3%
19.3 ppts
3.2%
3.4%
(0.2 ppts)
13.6%
13.6%		 16.8%
(8.3 ppts)
79.3%
(42.8 ppts)
3.8%
(0.6 ppts)
14.4%
  • The financial data is based on T-IFRS

13

Copyright[©] 2024 YAGEO Group All Rights Reserved

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! 謝謝你 Thank you!

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WWW.YAGEO.COM

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Copyright[©] 2024 YAGEO Group All Rights Reserved

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