APWC Announces Financial Results for the Fourth Quarter of 2025 and Fiscal Year 2025
•Quarterly revenue of $133.8 million, up 4% from Q3
•Full Year EPS was $0.18, up 6% from prior year
TAIPEI, Taiwan, April 29, 2026 (GLOBE NEWSWIRE) - Asia Pacific Wire & Cable Corporation Limited ("APWC" or the "Company") (NASDAQ: APWC) today announced its financial results for the fourth quarter and full year ended December 31, 2025 and the April 29, 2026 filing with the U.S. Securities and Exchange Commission (“SEC”) of its annual report on Form 20-F for the year ended December 31, 2025 (the “2025 Annual Report”).
Quarterly revenue was $133.8 million, up 4% from the previous quarter and down 2% from a year ago.
For fiscal year 2025, revenue was $489.7 million, up 4% from a year ago. Earnings per share was $0.18, up 6% from a year ago.
For the quarter, earnings per share were $0.17, up 31% from a year ago.
Copper unit volume, measured by the tonnage of copper contained in the wire and cable sold, decreased 8% sequentially and increased 2% year-over-year in the fourth quarter. This does not include other raw materials, such as aluminum and insulation materials.
Q4 Fiscal Year 2025 Summary
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Q4 Financial Results |
($ in millions, except earnings per share) | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Q/Q | Y/Y |
Revenues | $ | 133.8 | | $ | 128.4 | | $ | 136.1 | | 4 | % | (2) | % |
Gross profit | $ | 11.0 | | $ | 11.1 | | $ | 12.4 | | (1) | % | (11) | % |
Operating expenses | $ | 8.3 | | $ | 7.3 | | $ | 6.8 | | 14 | % | 22 | % |
Operating profit | $ | 2.8 | | $ | 3.8 | | $ | 5.5 | | (26) | % | (49) | % |
Net income | $ | 3.5 | | $ | 1.1 | | $ | 2.6 | | 218 | % | 35 | % |
EPS | $ | 0.17 | | $ | 0.05 | | $ | 0.13 | | 240 | % | 31 | % |
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Revenue by Reportable Segments |
($ in millions) | Q4 FY2025 | Q3 FY2025 | Q4 FY2024 | Q/Q | Y/Y |
North Asia | $ | 23.3 | | $ | 21.3 | | $ | 20.4 | | 9 | % | 14 | % |
ROW | $ | 64.6 | | $ | 56.8 | | $ | 71.5 | | 14 | % | (10) | % |
Thailand | $ | 45.9 | | $ | 50.3 | | $ | 44.2 | | (9) | % | 4 | % |
Total | $ | 133.8 | | $ | 128.4 | | $ | 136.1 | | 4 | % | (2) | % |
Revenue
Revenue for the fourth quarter was $133.8 million, down $2.3 million or 2% from the same period last year and up $5.4 million or 4% sequentially. The year‑over‑year decline reflected fewer public sector orders compared with 2024, when a higher portion of such projects were completed. In addition, the majority of public sector deliveries continued to be concentrated in the fourth quarter.
North Asia revenue for the fourth quarter was $23.3 million, up 14% from a year ago and up 9% sequentially. Growth was driven in part by higher average copper prices during 2025.
Thailand revenue for the fourth quarter was up 4% from a year ago, but down sequentially. The year-over-year growth was supported by favorable foreign exchange movements, while the sequential decline reflected the completion of most public sector orders in the third quarter.
ROW revenue rose to $64.6 million in the fourth quarter, up 14% sequentially from the prior quarter, driven by public sector order completions in Singapore. Compared with the same period last year, ROW revenue declined 10% year-over-year. Public sector demand for supply, delivery and installation ("SDI") projects remains robust, though revenue recognition is linked to project milestones, which can cause quarterly fluctuations.
Gross Profit
Gross profit margin for the fourth quarter was 8.2%, down from 8.7% in the previous quarter and from 9.1% in the same period last year. The decrease primarily reflected a less favorable product mix.
Expenses
Total selling, general, and administrative expenses increased 22.5% year-over-year, primarily
due to increased research and development costs.
Non-Operating Items
During the quarter, the Company recorded a one-time gain of approximately $0.7 million from the disposal of an investment.
Net Income
Net income increased by $2.4 million sequentially, due to the timing of project completions and profit contributions from all segments, except for Thailand. Thailand posted softer sequential results but only a portion was attributable to APWC. The increase in net income was aided by a one-time gain from the disposal of an investment.
Balance Sheet and Cash Flow
Cash and cash equivalents were $33.2 million, a decrease of $2.1 million from the preceding quarter, primarily driven by higher inventory levels. The increase in accounts payable offset the impact on working capital.
Trade receivables for the fourth quarter rose to $103.5 million, up $6.2 million from the preceding quarter, reflecting higher order volumes and shipments.
Inventory was $151.5 million, an increase of $14.1 million from the preceding quarter. The increase primarily reflected advance procurement for the next quarter's orders and monthly deliveries amid sustained rising copper prices.
Cash flow from operating activities saw an outflow of $1.9 million in the fourth quarter, compared with an inflow of $11.6 million in the prior quarter, primarily due to the timing of raw material purchases. Cash outflow from financing activities was $0.3 million, compared with an outflow of $10.0 million from the prior quarter, reflecting increased short-term borrowings.
Fiscal Year 2025 Summary
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2025 Financial Results |
($ in millions, except earnings per share) | FY2025 | FY2024 | Y/Y |
Revenues | $ | 489.7 | | $ | 472.7 | | 4 | % |
Gross profit | $ | 34.4 | | $ | 35.1 | | (2) | % |
Operating expenses | $ | 28.5 | | $ | 25.9 | | 10 | % |
Operating profit | $ | 6.4 | | $ | 10.0 | | (36) | % |
Net income | $ | 3.7 | | $ | 3.5 | | 6 | % |
EPS | $ | 0.18 | | $ | 0.17 | | 6 | % |
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Revenue by Reportable Segments |
($ in millions) | FY2025 | FY2024 | Y/Y |
North Asia | $ | 86.3 | | $ | 72.6 | | 19 | % |
ROW | $ | 226.5 | | $ | 227.3 | | — | % |
Thailand | $ | 176.9 | | $ | 172.8 | | 2 | % |
Total | $ | 489.7 | | $ | 472.7 | | 4 | % |
Revenue
Fiscal year 2025 revenue was $489.7 million, up $17.0 million or 4% from 2024. The increase was primarily driven by higher average copper prices, but partially offset by changes in product mix.
North Asia revenue for 2025 was $86.3 million, up 19% from 2024. The increase was primarily due to customer pull-forward shipments in anticipation of tariff policy changes, driving higher overall sales volumes.
Thailand revenue for 2025 was $176.9 million, up 2% from 2024. The increase was mainly due to 8% appreciation in the Thai Baht.
ROW revenue for 2025 was $226.5 million, slightly down from 2024, The decrease was mainly driven by a reduction in one market, partially offset by the increase in another, resulting in a net decrease of $0.8 million. Part of the segment is experiencing cooling macroeconomic environment and stiffer competition.
Gross Profit
Fiscal year 2025 gross profit margin decreased by 2% from a year ago. The slight decline in gross profit margin was primarily due to a higher contribution from project-based and public sector sales during the period, which typically involve fixed or pre-agreed pricing and longer execution cycles, limiting our ability to immediately pass through increases in copper prices.
Expenses
Total selling, general, and administrative expenses increased 10.2%, mainly for research and development.
Net Income
Net income increased by $0.2 million or 6% from a year ago, reflecting the combined effect of revenue growth, margin pressure, higher operating expenses, and softer contribution from the Thailand segment.
Balance Sheet and Cash Flow
Cash and cash equivalents for 2025 were $33.2 million, down $0.9 million from 2024, consistent with normal operational fluctuations.
Trade receivables for 2025 were $103.5 million, up 1% from 2024. The modest increase reflects stable collection levels, remaining largely in line with revenue growth.
Inventory for 2025 was $151.5 million, up $24.7 million from 2024, due to elevated unshipped orders and stocking requirements.
Cash flow from operating activities saw an outflow of $7.8 million in 2025, representing a $32.1 million increase in outflow compared to the prior year, primarily reflecting timing and use of working capital, including contract asset movements related to public sector projects. Cash flow from financing activities was an inflow of $9.1 million, compared with an outflow of $24.3 million in 2024, reflecting increased short-term borrowings.
We encourage shareholders to review our 2025 Annual Report filed with the SEC, and to visit the Company's website for further information (www.apwcc.com). Information on the Company's website or any other website does not constitute a portion of this release.
About Asia Pacific Wire & Cable Corporation Limited
Asia Pacific Wire & Cable Corporation Limited is a holding company incorporated in Bermuda with principal executive offices in Taiwan that operates its business through subsidiaries primarily engaged in the manufacture and distribution of enameled wire, power cable, and telecommunications products in Thailand, Singapore, Australia, the People’s Republic of China, Hong Kong and certain other markets in the Asia Pacific region. The Company also engages in the distribution of certain wire and cable products manufactured by its controlling shareholder, Pacific Electric Wire & Cable Co., Ltd., and certain third parties. The Company also provides project engineering services in the supply, delivery and installation of power cable. The Company’s major customers include appliance component manufacturers, electrical contracting firms, state owned entities, and wire and cable dealers and factories.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the Company, its business, and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “anticipates”, “expects”, “estimates”, “intends”, “plans” or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as believed, anticipated, expected, estimated, intended or planned. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company, or to persons acting on its behalf, are expressly qualified in their entirety by these factors, other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
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Investor Relations Contact: |
Pacific Holdings Group |
2901 Dallas Parkway, Suite 360 |
Plano, TX 75093 |
Attn: Paul Weber |
Phone: (469) 797-7191 |
Email: pweber@pusa.com |
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
|
(Amounts in thousands of US Dollars, except share data) |
| | | | | | | | | |
| | | For the three months | | For the twelve months |
| | | ended December 31, | | ended December 31, |
| | | 2025 | | 2024 | | 2025 | | 2024 |
| | | (Unaudited) | | (Unaudited) | | (Audited) | | (Audited) |
| | | US$'000 | | US$'000 | | US$'000 | | US$'000 |
Revenue | $ | 133,787 | | | $ | 136,109 | | | $ | 489,679 | | | $ | 472,672 | |
Cost of sales | (122,761) | | | (123,749) | | | (455,252) | | | (437,577) | |
Gross profit | 11,026 | | | 12,360 | | | 34,427 | | | 35,095 | |
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Other operating income | 211 | | | 198 | | | 593 | | | 1,365 | |
Selling, general and administrative expenses | (8,340) | | | (6,810) | | | (28,502) | | | (25,855) | |
Other operating expenses | — | | | (12) | | | (1) | | | (12) | |
Net impairment loss on financial and contract assets | (65) | | | (205) | | | (140) | | | (585) | |
Operating profit | 2,832 | | | 5,531 | | | 6,377 | | | 10,008 | |
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Finance costs | (407) | | | (476) | | | (1,913) | | | (2,304) | |
Finance income | 38 | | | 45 | | | 145 | | | 208 | |
Share of loss of associates | (1) | | | — | | | (2) | | | (2) | |
Gain on disposal of investment | 662 | | | — | | | 662 | | | — | |
Exchange gain/(loss) | 187 | | | (41) | | | 861 | | | 823 | |
Other income | 335 | | | 452 | | | 587 | | | 878 | |
Other expense | 31 | | | 41 | | | — | | | (234) | |
Profit before tax | 3,677 | | | 5,552 | | | 6,717 | | | 9,377 | |
Income tax expense | (14) | | | (1,456) | | | (1,503) | | | (2,809) | |
Profit for the period | $ | 3,663 | | | $ | 4,096 | | | $ | 5,214 | | | $ | 6,568 | |
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Attributable to: | | | | | | | |
Equity holders of the parent | 3,510 | | | 2,588 | | | 3,670 | | | 3,486 | |
Non-controlling interests | 153 | | | 1,508 | | | 1,544 | | | 3,082 | |
| | | 3,663 | | | 4,096 | | | 5,214 | | | 6,568 | |
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Basic and diluted profit per share | $ | 0.17 | | | $ | 0.13 | | | $ | 0.18 | | | $ | 0.17 | |
Basic and diluted weighted average common shares outstanding | 20,616,227 | | | 20,616,227 | | | 20,616,227 | | | 20,616,227 | |
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
(Amounts in thousands of US Dollars, except share data) |
| | | | | | | | | |
| | | For the three months | | For the twelve months |
| | | ended December 31, | | ended December 31, |
| | | 2025 | | 2024 | | 2025 | | 2024 |
| | | (Unaudited) | | (Unaudited) | | (Audited) | | (Audited) |
| | | US$'000 | | US$'000 | | US$'000 | | US$'000 |
Profit for the period | 3,663 | | | 4,096 | | | 5,214 | | | 6,568 | |
Other comprehensive income | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Cumulative translation differences reclassified to profit or loss on liquidation of a subsidiary | — | | | — | | | — | | | — | |
| 4,454 | | | (14,432) | | | 16,195 | | | (5,459) | |
Other comprehensive income/(loss) not to be reclassified to profit or loss in subsequent periods: | | | | | | | |
Changes in the fair value of equity instruments measured at FVOCI | 473 | | | (457) | | | 1,013 | | | (67) | |
Income tax effect | (96) | | | 93 | | | (204) | | | 15 | |
| 377 | | | (364) | | | 809 | | | (52) | |
Re-measuring losses on defined benefit plans | (350) | | | (353) | | | (410) | | | (390) | |
Income tax effect | 70 | | | 71 | | | 82 | | | 78 | |
| (280) | | | (282) | | | (328) | | | (312) | |
| | | | | | | |
Other comprehensive income for the year, net of tax | 4,551 | | | (15,078) | | | 16,676 | | | (5,823) | |
Total comprehensive income for the period, net of tax | 8,214 | | | (10,982) | | | 21,890 | | | 745 | |
Attributable to: | | | | | | | |
Equity holders of the parent | 6,523 | | | (8,749) | | | 15,334 | | | (2,101) | |
Non-controlling interests | 1,691 | | | (2,233) | | | 6,556 | | | 2,846 | |
| $ | 8,214 | | | $ | (10,982) | | | $ | 21,890 | | | $ | 745 | |
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
| | | |
| As of
December 31, 2025
(Audited) | | As of December 31, 2024 (Audited) |
| US$'000 | | US$'000 |
| | | |
Assets | | | |
Current assets | | | |
Cash and cash equivalents | 33,163 | | | 34,035 | |
Financial assets at fair value through profit or loss | 61 | | | — | |
Trade receivables | 103,535 | | | 102,789 | |
Other receivables | 936 | | | 1,257 | |
Contract assets | 7,748 | | | 688 | |
Due from related parties | 3,905 | | | 607 | |
Inventories | 151,515 | | | 126,814 | |
Prepayments | 3,118 | | | 3,195 | |
Assets classified as held for sale | 782 | | | 747 | |
Other current assets | 4,336 | | | 1,529 | |
| 309,099 | | | 271,661 | |
Non-current assets | | | |
Financial assets at fair value through other comprehensive income | 4,161 | | | 3,069 | |
Property, plant and equipment | 53,683 | | | 52,227 | |
Right of use assets | 2,879 | | | 2,420 | |
| | | |
Investment properties | 536 | | | 504 | |
Intangible assets | 65 | | | 110 | |
Investments in associates | 875 | | | 807 | |
Deferred tax assets | 6,169 | | | 6,684 | |
Other non-current assets | 4,228 | | | 2,378 | |
| 72,596 | | | 68,199 | |
Total assets | 381,695 | | | 339,860 | |
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
| | | |
| As of
December 31, 2025
(Audited) | | As of December 31, 2024 (Audited) |
| US$'000 | | US$'000 |
Liabilities | | | |
Current liabilities | | | |
Interest-bearing loans and borrowings | 41,828 | | | 24,098 | |
Trade and other payables | 58,184 | | | 57,220 | |
Due to related parties | 9,590 | | | 9,715 | |
Financial liabilities at fair value through profit or loss | — | | | 21 | |
Accruals | 11,079 | | | 8,246 | |
Current tax liabilities | 644 | | | 1,624 | |
Employee benefit liabilities | 2,507 | | | 2,178 | |
Financial lease liabilities | 1,113 | | | 648 | |
Other current liabilities | 6,877 | | | 4,272 | |
| 131,822 | | | 108,022 | |
| | | |
Non-current liabilities | | | |
Interest-bearing loans and borrowings | 510 | | | 4,872 | |
Employee benefit liabilities | 6,524 | | | 5,908 | |
Lease liabilities | 1,473 | | | 1,425 | |
Deferred tax liabilities | 4,239 | | | 4,079 | |
Other non-current liabilities | 175 | | | 189 | |
| 12,921 | | | 16,473 | |
Total liabilities | 144,743 | | | 124,495 | |
| | | |
Equity | | | |
Issued capital | 206 | | | 206 | |
Additional paid-in capital | 118,103 | | | 118,103 | |
Treasury shares | (38) | | | (38) | |
Retained earnings | 65,087 | | | 61,417 | |
Other components of equity | (13,066) | | | (24,730) | |
Equity attributable to equity holders of the parent | 170,292 | | | 154,958 | |
Non-controlling interests | 66,660 | | | 60,407 | |
Total equity | 236,952 | | | 215,365 | |
Total liabilities and equity | 381,695 | | | 339,860 | |
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ASIA PACIFIC WIRE & CABLE CORPORATION LIMITED AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
|
| | | | | | | |
| For the three months | | For the twelve months |
| ended December 31, | | ended December 31, |
| 2025 | | 2024 | | 2025 | | 2024 |
| (Unaudited) | | (Unaudited) | | (Audited) | | (Audited) |
| US$'000 | | US$'000 | | US$'000 | | US$'000 |
Net cash (used in)/provided by operating activities | $ | (1,878) | | | $ | 21,449 | | | $ | (7,755) | | | $ | 24,300 | |
Net cash used in investing activities | (309) | | | (1,165) | | | (4,267) | | | (3,373) | |
Net cash (used in)/provided by financing activities | (281) | | | (18,839) | | | 9,069 | | | (24,258) | |
Effect of exchange rate | 357 | | | (1,813) | | | 2,081 | | | (604) | |
Net decrease in cash and cash equivalents | (2,111) | | | (368) | | | (872) | | | (3,935) | |
Cash and cash equivalents at beginning of period | 35,274 | | | 34,403 | | | 34,035 | | | 37,970 | |
Cash and cash equivalents at end of period | $ | 33,163 | | | $ | 34,035 | | | $ | 33,163 | | | $ | 34,035 | |
