Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the Fourth Quarter of 2025
Rhea-AI Summary
Chunghwa Telecom (CHT) reported un-audited consolidated results for Q4 2025 and full-year 2025 on Feb 3, 2026. Q4 revenue rose 0.5% to NT$65.65 billion; full-year revenue increased 2.7% to NT$236.11 billion. Full-year EPS was NT$4.99 and net income attributable to shareholders was NT$38.69 billion.
2026 guidance: revenue of NT$241.99–243.68 billion (up 2.5%–3.2%); capex/PP&E spending to rise ~14% driven by submarine cables, multi-orbit satellites and data center expansion.
Positive
- Southeast Asia revenue up 12% YoY in Q4, driven by plant construction projects
- Acquisition of material assets forecast +15.3% YoY to NT$34.27 billion for 2026
- Acquisition of PP&E and intangible assets forecast +14.6% YoY to NT$31.91 billion for 2026
Negative
- Other income and expense swung dramatically, down ~191% YoY in Q4 (large non-operating volatility)
- Disposal of material assets expected to drop 100% to zero in 2026 versus NT$0.91 billion in 2025
Key Figures
Market Reality Check
Peers on Argus
CHT fell 1.55% while peers were mixed: CHTR +2.28%, AMX +0.68%, BCE +0.04%, TU -1.50%, VIV +0.56%, suggesting a company-specific move around the earnings release.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Quarterly earnings | Positive | -0.8% | Q3 2025 revenue and EPS grew, but shares fell modestly next day. |
| Aug 05 | Quarterly earnings | Positive | +3.1% | Strong Q2 2025 growth with ten-year high revenue drove gains. |
| May 08 | Quarterly earnings | Positive | -2.3% | Q1 2025 revenue, EPS and EBITDA all increased, but stock declined. |
| Jan 23 | Annual earnings | Positive | +2.6% | Q4 and full-year 2024 results showed broad-based growth and leadership. |
| Nov 06 | Quarterly earnings | Positive | -3.3% | Q3 2024 revenue rose, but operating income and net income softened. |
Earnings releases often showed strong fundamentals but mixed price reactions, with 3 divergences and 2 alignments between positive results and next-day moves.
Over the last five earnings reports from Q4 2024 through Q3 2025, Chunghwa Telecom consistently delivered revenue and EPS growth, including Q2 and Q3 2025 results that set multi-year highs. ICT, 5G, and broadband have been recurring growth drivers, while international revenue has fluctuated. The prior Q4 2024 report showed a seven-year high in annual revenue. Today’s Q4 and full-year 2025 update continues that trajectory, with record revenue and EPS and 2026 guidance that mirrors the levels previously disclosed in January 2026.
Historical Comparison
Past earnings headlines moved CHT about 2.43% on average. Today’s -1.55% reaction is smaller than typical and fits its history of mixed post-earnings moves.
Earnings from Q4 2024 through Q3 2025 show steady revenue and EPS growth, driven by ICT, 5G and broadband, with 2025 now marking record full-year levels.
Market Pulse Summary
This announcement highlights Chunghwa Telecom’s record full-year 2025 performance, with revenue of NT$236.11 billion and EPS of NT$4.99, both above the high end of guidance. Q4 revenue reached NT$65.65 billion, while 2025 EBITDA was NT$88.77 billion. The company also issued 2026 guidance, targeting revenue of NT$241.99–243.68 billion and EPS of NT$4.82–5.02. Investors may watch execution on ICT, satellite, and broadband growth, as well as how higher operating costs and capex affect margins.
Key Terms
ebitda financial
arpu financial
aiot technical
ebitda margin financial
net-zero technical
AI-generated analysis. Not financial advice.
(Comparisons throughout the press release, unless otherwise stated, are made with regard to the prior year period.)
Fourth Quarter 2025 Financial Highlights
- Total revenue increased by
- Consumer Business Group revenue increased by
- Enterprise Business Group revenue decreased by
- International Business Group revenue increased by
- Total operating costs and expenses increased by
- Operating income decreased by
- EBITDA decreased by
- Net income attributable to stockholders of the parent increased by
- Basic earnings per share (EPS) was
Full Year 2025 Financial Highlights
- Total revenue increased by
- Consumer Business Group revenue increased by
- Enterprise Business Group revenue increased by
- International Business Group revenue decreased by
- Total operating costs and expenses increased by
- Operating income increased by
- EBITDA increased by
- Net income attributable to stockholders of the parent increased by
- Basic earnings per share (EPS) was
- Total revenue, operating income, net income attributable to stockholders of the parent, and EPS all exceeded the high-end target of our full-year guidance.
"We concluded 2025 with strong momentum, delivering our highest fourth quarter revenue in nearly a decade at
"Our Consumer Business Group delivered solid fourth quarter performance, supported by strong mobile momentum, rising 5G penetration rate, and another record high in broadband ARPU revenue. Our mobile revenue share increased to
"Looking ahead to 2026, we will continue strengthening our technology capabilities," Mr. Lin added. With our satellites of OneWeb and SES commencing operation in 2025, the Astranis satellite will join in the second half of 2026, further enhancing our multi-layer satellite capabilities and driving billion-dollar-level business growth. Meanwhile, our expansion into pre-6G opportunities—covering AIoT, satellite and big data services—are expected to bring us the combined revenues surpassing ten billion NT-dollar in 2026. On sustainability, we secured 4.6 billion kWh of green power through a 20-year CPPA to accelerate 2045 net-zero roadmap and received multiple awards. We are committed to building a future-ready digital infrastructure that leverages AI capabilities while delivering long-term, sustainable value for our stakeholders."
Revenue
Chunghwa Telecom's total revenues for the fourth quarter of 2025 increased by
Consumer Business Group's revenue for the fourth quarter of 2025 increased by
Enterprise Business Group's revenue for the fourth quarter of 2025 decreased
International Business Group's revenue for the fourth quarter of 2025 increased by
Total revenue for the full year of 2025 increased by
Operating Costs and Expenses
Total operating costs and expenses for the fourth quarter of 2025 increased by
Total operating costs and expenses for 2025 increased by
Operating Income and Net Income
Operating income for the fourth quarter of 2025 decreased by
Income from operations for 2025 increased by
Cash Flow and EBITDA
Cash flow from operating activities, as of December 31st, 2025, decreased by
Cash and cash equivalents, as of December 31st, 2025, increased by
EBITDA for the fourth quarter of 2025 was
EBITDA for 2025 increased by 2.6 % to
Business Highlights
Mobile
As of December 31st, 2025, Chunghwa Telecom had 13.24 million mobile subscribers, representing a
Fixed Broadband/HiNet
As of December 31st, 2025, the number of broadband subscribers slightly increased by
Fixed line
As of December 31st, 2025, the number of fixed-line subscribers was 8.63 million.
(in NT$ billion)
2025 | 2024 | YoY% | ||||
Oct.-Dec. | Jan.-Dec. | Oct.-Dec. | Jan.-Dec. | Oct.-Dec. | Jan.-Dec. | |
Revenue | 65.65 | 236.11 | 65.30 | 229.97 | 0.5 | 2.7 |
Operating costs and expenses | 54.15 | 187.45 | 53.78 | 183.22 | 0.7 | 2.3 |
Other income and expense | -0.12 | -0.11 | 0.13 | 0.12 | -191.5 | -192.0 |
Operating income | 11.38 | 48.55 | 11.65 | 46.87 | -2.2 | 3.6 |
Income before tax | 12.18 | 50.26 | 11.93 | 47.75 | 2.1 | 5.3 |
Net income attributable to stockholders of the parent | 9.29 | 38.69 | 9.00 | 37.22 | 3.2 | 4.0 |
EBITDA | 21.55 | 88.77 | 21.58 | 86.49 | -0.2 | 2.6 |
EPS(NT$) | 1.20 | 4.99 | 1.16 | 4.80 | 3.2 | 4.0 |
2026 Guidance
For 2026, the Company expects its total revenue to increase by NT
Acquisition of Property, Plant and Equipment in 2026 is expected to increase by
(NT$ billion except EPS) | 2026(F) | 2025 (un-audited) | change | YoY(%) |
Revenue | 241.99~243.68 | 236.11 | 5.88~7.57 | |
Operating Costs and Expenses | 193.99~194.46 | 187.45 | 6.54~7.01 | |
Other Income and Expense | 0.14~0.44 | (0.11) | 0.25~0.55 | |
Income from Operations | 48.14~49.66 | 48.55 | (0.41)~1.11 | ( |
Non-operating Income | 0.57 | 1.71 | (1.14) | (66.7 %) |
Income before Income Tax | 48.71~50.23 | 50.26 | (1.55)~(0.03) | ( |
Net Income Attributable to Stockholders of The Parent | 37.39~38.94 | 38.69 | (1.30)~0.25 | ( |
EPS(NT$) | 4.82~5.02 | 4.99 | (0.17)~0.03 | ( |
EBITDA | 90.27~91.79 | 88.77 | 1.50~3.02 | |
EBITDA Margin | 37.6 % | ( | ||
Acquisition of Material Assets | 34.27 | 29.71 | 4.56 | 15.3 % |
Acquisition of Property, Plant and Equipment and Intangible Assets | 31.91 | 27.84 | 4.07 | 14.6 % |
Others | 2.36 | 1.87 | 0.49 | 26.2 % |
Disposal of Material Assets | - | 0.91 | (0.91) | (100 %) |
Note 1: "Other income and expenses" includes gains (losses) on disposal of property, plant and equipment (PP&E) and investment property, and impairment loss on PP&E and investment property.
Note 2: The calculation of growth rates is based on NT$ thousand.
Financial Statements
Financial statements and additional operational data can be found on the Company's website at http://www.cht.com.tw/en/home/cht/investors/financials/quarterly-earnings
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the
This press release is not an offer of securities for sale in
NON-GAAP FINANCIAL MEASURES
To supplement the Company's consolidated financial statements presented in accordance with International Financial Reporting Standards pursuant to the requirements of the Financial Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a "non-GAAP financial measure". EBITDA is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other income, net, (iv) income tax, (v) (income) loss from discontinued operations.
In managing the Company's business, Chunghwa Telecom relies on EBITDA as a means of assessing its operating performance because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax (iv) other expenses or income not related to the operation of the business.
CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES
In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom also provide non-GAAP financial measures, including "EBITDA". The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.
Chunghwa Telecom's management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company's operating results, as well as when forecasting and analyzing future periods. However, the Company recognizes that:
- these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company's T-IFRSs financial measures;
- these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company's T-IFRSs financial measures;
- these non-GAAP financial measures should not be considered to be superior to the Company's T-IFRSs financial measures; and
- these non-GAAP financial measures were not prepared in accordance with T-IFRSs and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principle.
Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company's results to the results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.
About Chunghwa Telecom
Chunghwa Telecom (TAIEX 2412, NYSE: CHT) ("Chunghwa" or "the Company") is
Contact: Angela Tsai
Phone: +886 2 2344 5488
Email: chtir@cht.com.tw
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SOURCE Chunghwa Telecom Co., Ltd.