ASE Technology Holding Co., Ltd. Reports Its Unaudited Consolidated Financial Results for the Third Quarter of 2025

Rhea-AI Summary

ASE Technology Holding (NYSE: ASX) reported unaudited 3Q25 results with net revenues of NT$168,569 million, up 5.3% YoY and 11.8% sequentially. Net income attributable to shareholders was NT$10,870 million; basic EPS NT$2.50 (US$0.168 per ADS) and diluted EPS NT$2.41 (US$0.162 per ADS).

By segment, ATM contributed ~47% of revenues with NT$100,289 million (ATM revenue +16.9% YoY); EMS was NT$69,022 million (EMS revenue -8.4% YoY). Gross margin 17.1%, operating margin 7.8%. Capex in 3Q25 was US$779 million. Current ratio 1.13; net debt/equity 0.63.

Positive

• Net revenues NT$168,569M (+5.3% YoY, +11.8% QoQ)
• Net income NT$10,870M (3Q25 vs NT$7,521M in 2Q25)
• ATM revenue NT$100,289M (+16.9% YoY)
• Gross margin improved to 17.1% (up 0.1 ppt QoQ)
• 3Q25 capex US$779M supporting capacity

Negative

• EMS revenue NT$69,022M (-8.4% YoY)
• Raw material cost 49% of revenues (NT$83,106M)
• Net foreign exchange loss NT$3,790M in 3Q25
• High customer concentration: top 5 customers ~41% of revenues

TAIPEI, Oct. 30, 2025 /PRNewswire/ -- ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX) ("We", "ASEH", or the "Company"), the leading provider of semiconductor assembly and testing services ("ATM") and the provider of electronic manufacturing services ("EMS"), today reported its unaudited^[1] net revenues of NT$168,569 million for 3Q25, up by 5.3% year-over-year and up by 11.8% sequentially. Net income attributable to shareholders of the parent for the quarter totaled NT$10,870 million, up from NT$9,733 million in 3Q24 and up from NT$7,521 million in 2Q25.  Basic earnings per share for the quarter were NT$2.50 (or US$0.168 per ADS), compared to NT$2.25 for 3Q24 and NT$1.74 for 2Q25.  Diluted earnings per share for the quarter were NT$2.41 (or US$0.162 per ADS), compared to NT$2.18 for 3Q24 and NT$1.70 for 2Q25.

RESULTS OF OPERATIONS

3Q25 Results Highlights – Consolidated

• Net revenues from packaging operations, testing operations, EMS operations, and others represented approximately 47%, 11%, 41%, and 1% of the total net revenues for the quarter, respectively.
• Cost of revenues was NT$139,692 million for the quarter, up from NT$125,063 million in 2Q25.

• • Raw material cost totaled NT$83,106 million for the quarter, representing 49% of the total net revenues.
  • Labor cost totaled NT$18,525 million for the quarter, representing 11% of the total net revenues.
  • Depreciation, amortization and rental expenses totaled NT$15,650 million for the quarter.

• Gross margin increased by 0.1 percentage points to 17.1% in 3Q25 from 17.0% in 2Q25.
• Operating margin was 7.8% in 3Q25, compared to 6.8% in 2Q25.
• In terms of non-operating items:

• • Net interest expense was NT$1,428 million.
  • Net foreign exchange loss was NT$3,790 million, primarily attributable to the appreciation of the U.S. dollar against the New Taiwan dollar.
  • Net gain on valuation of financial assets and liabilities was NT$5,191 million.
  • Net gain on equity-method investments was NT$294 million.
  • Other net non-operating income was NT$508 million, primarily attributable to miscellaneous income.

Total non-operating income for the quarter was NT$775 million.

• Income before tax was NT$13,976 million in 3Q25, compared to NT$9,255 million in 2Q25. We recorded income tax expenses of NT$2,615 million for the quarter, compared to NT$1,576 million in 2Q25.
• Net income attributable to shareholders of the parent was NT$10,870 million in 3Q25, compared to NT$9,733 million in 3Q24 and NT$7,521 million in 2Q25.
• Our total number of shares outstanding at the end of the quarter was 4,436,141,982, including treasury stock owned by our subsidiaries in 3Q25. Our 3Q25 basic earnings per share of NT$2.50 (or US$0.168 per ADS) were based on 4,342,257,693 weighted average number of shares outstanding in 3Q25. Our 3Q25 diluted earnings per share of NT$2.41 (or US$0.162 per ADS) were based on 4,419,120,626 weighted average number of shares outstanding in 3Q25.

3Q25 Results Highlights – ATM

• Net revenues were NT$100,289 million for the quarter, up by 16.9% year-over-year and up by 8.3% sequentially.
• Cost of revenues was NT$77,592 million for the quarter, up by 17.6% year-over-year and up by 7.3% sequentially.

• • Raw material cost totaled NT$28,726 million for the quarter, representing 29% of the total net revenues.
  • Labor cost totaled NT$15,170 million for the quarter, representing 15% of the total net revenues.
  • Depreciation, amortization and rental expenses totaled NT$14,300 million for the quarter.

• Gross margin increased by 0.7 percentage points to 22.6% in 3Q25 from 21.9% in 2Q25.
• Operating margin was 10.8% in 3Q25, compared to 9.5% in 2Q25.

3Q25 Results Highlights – EMS

• Net revenues were NT$69,022 million, down by 8.4% year-over-year and up by 17.4% sequentially.
• Cost of revenues for the quarter was NT$62,643 million, down by 8.7% year-over-year and up by 17.7% sequentially.

• • Raw material cost totaled NT$54,822 million for the quarter, representing 79% of the total net revenues.
  • Labor cost totaled NT$3,256 million for the quarter, representing 5% of the total net revenues.
  • Depreciation, amortization and rental expenses totaled NT$1,111 million for the quarter.

• Gross margin decreased by 0.2 percentage points to 9.2% in 3Q25 from 9.4% in 2Q25.
• Operating margin was 3.7% in 3Q25, compared to 2.6% in 2Q25.

LIQUIDITY AND CAPITAL RESOURCES

• Equipment capital expenditures in 3Q25 totaled US$779 million, of which US$534 million was used in packaging operations, US$199 million in testing operations, US$40 million in EMS operations and US$6 million in interconnect materials operations and others.
• Total unused credit lines amounted to NT$344,670 million as of September 30, 2025.
• Current ratio was 1.13 and net debt to equity ratio was 0.63 as of September 30, 2025.
• Total number of employees was 103,844 as of September 30, 2025, compared to 100,450 as of June 30, 2025.

BUSINESS REVIEW

Customers
ATM Basis

• Our five largest customers together accounted for approximately 41% of our total net revenues in 3Q25, compared to 43% in 2Q25. One customer accounted for more than 10% of our total net revenues in 3Q25.
• Our top 10 customers contributed 58% of our total net revenues in 3Q25, compared to 60% in 2Q25.
• Our customers that are integrated device manufacturers or IDMs accounted for 35% of our total net revenues in both 3Q25 and 2Q25.

EMS Basis

• Our five largest customers together accounted for approximately 71% of our total net revenues in 3Q25, compared to 65% in 2Q25. One customer accounted for more than 10% of our total net revenues in 3Q25.
• Our top 10 customers contributed 77% of our total net revenues in 3Q25, compared to 71% in 2Q25.

About ASE Technology Holding Co., Ltd.

ASEH is the leading provider of semiconductor manufacturing services in assembly and test. The Company develops and offers complete turnkey solutions covering front-end engineering test, wafer probing and final test, as well as packaging, materials and electronic manufacturing services through USI with superior technologies, breakthrough innovations , and advanced development programs. With advanced technological capabilities and a global presence spanning Taiwan, China, South Korea, Japan, Singapore, Malaysia, Philippines, Vietnam, Mexico, and Tunisia as well as the United States and Europe, ASEH has established a reputation for reliable, high quality products and services. 
For more information, please visit our website at https://www.aseglobal.com .

Safe Harbor Notice

This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended.  These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995.  Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release.  The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this press release.  These forward-looking statements are necessarily estimates reflecting the best judgment of our senior management and our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied by the forward-looking statements for reasons including, among others, risks associated with cyclicality and market conditions in the semiconductor or electronic industry; changes in our regulatory environment, including our ability to comply with new or stricter environmental regulations and to resolve environmental liabilities; demand for the outsourced semiconductor packaging, testing and electronic manufacturing services we offer and for such outsourced services generally; the highly competitive semiconductor or manufacturing industry we are involved in; our ability to introduce new technologies in order to remain competitive; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People's Republic of China; general economic and political conditions; the recent shift in United States trade policies; possible disruptions in commercial activities caused by natural or human-induced disasters; fluctuations in foreign currency exchange rates; and other factors.  For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including the 2024 Annual Report on Form 20-F filed on March 27, 2025.

 

Supplemental Financial Information
(Unaudited)

Consolidated Operations

	3Q25	2Q25	3Q24
EBITDA[2] (NT$ million)	32,613	27,426	28,692

ATM Operations

	3Q25	2Q25	3Q24
Net Revenues (NT$ million)	100,289	92,565	85,790
Revenues by Application
Communication	45 %	46 %	50 %
Computing	25 %	24 %	18 %
Automotive, Consumer & Others	30 %	30 %	32 %
Revenues by Type
Bumping, Flip Chip, WLP & SiP	48 %	47 %	45 %
Wirebonding	26 %	28 %	29 %
Others	6 %	5 %	8 %
Testing	18 %	18 %	16 %
Material	2 %	2 %	2 %
Capacity & EBITDA
Equipment CapEx (US$ million)	736	942	588
EBITDA[2] (NT$ million)	27,969	24,295	24,257
Number of Wirebonders	25,120	25,156	25,373
Number of Testers	7,066	6,797	5,966

EMS Operations

	3Q25	2Q25	3Q24
Net Revenues (NT$ million)	69,022	58,770	75,384
Revenues by Application
Communication	30 %	33 %	34 %
Computing	9 %	10 %	9 %
Consumer	40 %	32 %	36 %
Industrial	12 %	14 %	11 %
Automotive	7 %	9 %	9 %
Others	2 %	2 %	1 %
Capacity
Equipment CapEx (US$ million)	40	49	14

 

ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Income Data
(In NT$ million, except per share data)
(Unaudited)

	For the three months ended						For the nine months ended
	Sep. 30 2025		Jun. 30 2025		Sep. 30 2024		Sep. 30 2025		Sep. 30 2024
Net revenues
Packaging	79,806		73,659		69,154		221,877		191,447
Testing	18,420		16,612		14,124		51,037		38,848
EMS	68,405		58,374		74,871		188,638		197,050
Others	1,938		2,105		1,956		5,920		5,801
Total net revenues	168,569		150,750		160,105		467,472		433,146
Cost of revenues	(139,692)		(125,063)		(133,679)		(388,015)		(362,845)
Gross profit	28,877		25,687		26,426		79,457		70,301
Operating expenses
Research and development	(8,308)		(8,004)		(7,439)		(23,891)		(21,154)
Selling, general and administrative	(7,368)		(7,490)		(7,517)		(22,501)		(21,191)
Total operating expenses	(15,676)		(15,494)		(14,956)		(46,392)		(42,345)
Operating income	13,201		10,193		11,470		33,065		27,956
Net non-operating income and expenses
Interest expense - net	(1,428)		(1,203)		(1,291)		(3,887)		(3,557)
Foreign exchange gain (loss) - net	(3,790)		11,885		1,887		6,420		(2,751)
Gain (Loss) on valuation of financial assets   and liabilities - net	5,191		(12,098)		(946)		(4,035)		5,816
Gain on equity-method investments - net	294		223		485		557		1,001
Others - net	508		255		720		921		1,777
Total non-operating income and expenses	775		(938)		855		(24)		2,286
Income before tax	13,976		9,255		12,325		33,041		30,242
Income tax expense	(2,615)		(1,576)		(2,052)		(6,213)		(5,896)
Income from operations and before non-   controlling interests	11,361		7,679		10,273		26,828		24,346
Non-controlling interests	(491)		(158)		(540)		(883)		(1,176)
Net income attributable to shareholders of   the parent	10,870		7,521		9,733		25,945		23,170
Per share data:
Earnings per share
– Basic	NT$2.50		NT$1.74		NT$2.25		NT$5.99		NT$5.37
– Diluted	NT$2.41		NT$1.70		NT$2.18		NT$5.73		NT$5.18
Earnings per equivalent ADS
– Basic	US$0.168		US$0.111		US$0.139		US$0.383		US$0.335
– Diluted	US$0.162		US$0.109		US$0.135		US$0.367		US$0.324
Number of weighted average shares used in   diluted EPS calculation ( in thousand shares)	4,419,121		4,395,187		4,391,465		4,414,605		4,385,913
FX (NTD/USD)	29.74		31.18		32.31		31.24		31.95

 

ASE Technology Holding Co., Ltd.
Summary of ATM Statement of Income Data
(In NT$ million) 
(Unaudited)

	For the three months ended						For the nine months ended
	Sep. 30 2025		Jun. 30 2025		Sep. 30 2024		Sep. 30 2025		Sep. 30 2024
Net revenues:
Packaging	80,602		74,440		70,290		224,402		194,516
Testing	18,420		16,612		14,124		51,037		38,848
Direct Material	1,190		1,431		1,295		3,839		3,898
Others	77		82		81		244		250
Total net revenues	100,289		92,565		85,790		279,522		237,512
Cost of revenues	(77,592)		(72,317)		(65,995)		(216,966)		(184,958)
Gross profit	22,697		20,248		19,795		62,556		52,554
Operating expenses:
Research and development	(6,695)		(6,320)		(5,773)		(19,058)		(16,392)
Selling, general and administrative	(5,140)		(5,111)		(4,803)		(15,484)		(13,612)
Total operating expenses	(11,835)		(11,431)		(10,576)		(34,542)		(30,004)
Operating income	10,862		8,817		9,219		28,014		22,550

 

ASE Technology Holding Co., Ltd.
Summary of EMS Statement of Income Data
(In NT$ million) 
(Unaudited)

	For the three months ended						For the nine months ended
	Sep. 30 2025		Jun. 30 2025		Sep. 30 2024		Sep. 30 2025		Sep. 30 2024
Net revenues	69,022		58,770		75,384		190,088		197,656
Cost of revenues	(62,643)		(53,221)		(68,627)		(172,632)		(179,422)
Gross profit	6,379		5,549		6,757		17,456		18,234
Operating expenses
Research and development	(1,671)		(1,723)		(1,668)		(4,974)		(4,869)
Selling, general and administrative	(2,167)		(2,313)		(2,636)		(6,820)		(7,360)
Total operating expenses	(3,838)		(4,036)		(4,304)		(11,794)		(12,229)
Operating income	2,541		1,513		2,453		5,662		6,005

 

ASE Technology Holding Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ million)
(Unaudited)

			As of Sep. 30, 2025			As of Jun. 30, 2025
Current assets
Cash and cash equivalents			75,142			72,785
Financial assets – current			8,270			4,118
Trade receivables			125,663			103,101
Inventories			66,182			57,058
Others			18,823			16,933
Total current assets			294,080			253,995
Financial assets - non-current & investments - equity -method			41,678			38,409
Property, plant and equipment			397,195			364,849
Right-of-use assets			12,725			11,721
Intangible assets			65,439			65,610
Others			31,527			30,591
Total assets			842,644			765,175
Current liabilities
Short-term borrowings[3]			59,976			40,369
Long-term debts - current portion			7,837			12,930
Trade payables			90,442			70,518
Others			101,298			125,153
Total current liabilities			259,553			248,970
Bonds payable			17,370			16,668
Long-term borrowings[3]			201,577			162,326
Other liabilities			24,591			22,276
Total liabilities			503,091			450,240
Equity attributable to shareholders of the parent			317,043			293,770
Non-controlling interests			22,510			21,165
Total liabilities & shareholders' equity			842,644			765,175
Current ratio			1.13			1.02
Net debt to equity ratio			0.63			0.52

 

ASE Technology Holding Co., Ltd.
Summary of Consolidated Statement of Cash Flow Data
(In NT$ million)
(Unaudited)

		For the three months ended						For the nine months ended
		Sep. 30 2025		Jun. 30 2025		Sep. 30 2024		Sep. 30 2025		Sep. 30 2024
Cash Flows from Operating   Activities:
Profit before income tax		13,976		9,255		12,325		33,041		30,242
Depreciation & amortization		16,992		16,531		15,043		49,614		44,455
Other operating activities   items		(16,342)		11,059		(5,306)		(11,211)		(19,154)
Net cash generated from   operating activities		14,626		36,845		22,062		71,444		55,543
Cash Flows from Investing   Activities:
Net payments for property,   plant and equipment		(44,920)		(43,104)		(19,769)		(124,373)		(47,068)
Other investment activities   items		(909)		(469)		(2,593)		(2,590)		(5,284)
Net cash used in investing   activities		(45,829)		(43,573)		(22,362)		(126,963)		(52,352)
Cash Flows from Financing   Activities:
Total net proceeds from   borrowings and bonds		49,518		22,159		30,909		87,825		18,439
Dividends paid		(23,034)		-		(22,460)		(23,034)		(22,460)
Other financing activities   items		1,234		(662)		(51)		835		(1,177)
Net cash generated from (used   in) financing activities		27,718		21,497		8,398		65,626		(5,198)
Foreign currency exchange   effect		5,842		(19,084)		(2,560)		(11,458)		6,434
Net increase (decrease) in cash and   cash equivalents		2,357		(4,315)		5,538		(1,351)		4,427
Cash and cash equivalents at   the beginning of period		72,785		77,100		66,173		76,493		67,284
Cash and cash equivalents at   the end of period		75,142		72,785		71,711		75,142		71,711

 

[1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in the R.O.C.).  Such financial information is generated internally by us and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our independent auditors, to which we subject our year-end audited consolidated financial statements, and may vary materially from the year-end audited consolidated financial information for the same period.  Any evaluation of the financial information presented in this press release should also take into account our published year-end audited consolidated financial statements and the notes to those statements.  In addition, the financial information presented is not necessarily indicative of our results of operations for any future period.

[2] EBITDA stands for net income or loss before interest, taxes, depreciation, amortization, impairment and investment gain or loss as well as other items.

[3] Borrowings include bank loans and bills payable.

Investor Relations Contact

ir@aseglobal.com
Tel: +886.2.6636.5678
https://www.aseglobal.com

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SOURCE ASE Technology Holding Co., Ltd.

FAQ

What were ASE (ASX) net revenues and net income for 3Q25?

ASE reported net revenues NT$168,569 million and net income attributable NT$10,870 million for 3Q25.

How did ASE's ATM and EMS segments perform in 3Q25 (ASX)?

ATM revenue was NT$100,289M (+16.9% YoY); EMS revenue was NT$69,022M (-8.4% YoY).

What were ASE's earnings per share (EPS) for 3Q25 (ASX)?

Basic EPS was NT$2.50 (US$0.168 per ADS) and diluted EPS was NT$2.41 (US$0.162 per ADS).

What margins and liquidity metrics did ASE (ASX) report for 3Q25?

Gross margin was 17.1%, operating margin 7.8%, current ratio 1.13, net debt/equity 0.63.

How much did ASE (ASX) spend on capital expenditures in 3Q25?

ASE reported US$779 million of equipment capital expenditures in 3Q25.

How concentrated are ASE's customers in 3Q25 (ASX)?

ASE's top 5 customers accounted for about 41% of total net revenues in 3Q25; one customer exceeded 10%.