[6-K] ASE Technology Holding Co., Ltd. Current Report (Foreign Issuer)
ASE Technology (ASX) – Form 6-K, Q2 2025 results. Consolidated revenue reached NT$150.8 bn (+2 % QoQ, +7 % YoY), driven by the core ATM business, which climbed 20 % YoY to NT$91.6 bn and now represents 61 % of sales. EMS declined 7 % YoY to NT$58.4 bn.
Group gross profit improved to NT$25.7 bn with a 17.0 % margin (+20 bp QoQ, +60 bp YoY). Operating income grew 5 % QoQ to NT$10.2 bn (6.8 % margin). Nevertheless, pretax income fell 8 % YoY and net income attributable to shareholders slipped 3 % YoY to NT$7.5 bn; basic EPS was NT$1.74.
Within ATM, testing revenue surged 32 % YoY; leading-edge packaging & testing exceeded 10 % of ATM sales versus 6 % for FY-24. Segment gross margin remained robust at 21.9 % despite a 70 bp sequential easing. EMS margin stayed low at 2.6 % and operating profit dropped 22 % YoY.
Balance sheet: cash fell to NT$72.8 bn while interest-bearing debt rose to NT$240.1 bn, lifting net-debt/equity from 0.41 to 0.52. Capex totaled US$992 m in Q2, outpacing quarterly EBITDA (US$879 m).
Guidance: Management expects Q3 2025 USD revenue to rise 12-14 % QoQ (ATM +9-11 %, EMS +18-20 %), but projects a 1.0-1.2 pp gross-margin decline and a 0.1-0.3 pp operating-margin decline. EMS margin should improve 0.3-0.5 pp.
ASE Technology (ASX) – Modulo 6-K, risultati del secondo trimestre 2025. Il fatturato consolidato ha raggiunto NT$150,8 miliardi (+2% trimestre su trimestre, +7% anno su anno), trainato dal core business ATM, che è cresciuto del 20% anno su anno a NT$91,6 miliardi, rappresentando ora il 61% delle vendite. Il segmento EMS è diminuito del 7% anno su anno a NT$58,4 miliardi.
Il margine lordo del gruppo è migliorato a NT$25,7 miliardi con un margine del 17,0% (+20 punti base trimestre su trimestre, +60 punti base anno su anno). Il reddito operativo è aumentato del 5% trimestre su trimestre a NT$10,2 miliardi (margine del 6,8%). Tuttavia, il reddito ante imposte è calato dell’8% anno su anno e l’utile netto attribuibile agli azionisti è sceso del 3% anno su anno a NT$7,5 miliardi; l’utile base per azione (EPS) è stato di NT$1,74.
Nel segmento ATM, i ricavi da testing sono cresciuti del 32% anno su anno; il packaging e testing all’avanguardia ha superato il 10% delle vendite ATM rispetto al 6% dell’esercizio 2024. Il margine lordo del segmento è rimasto solido al 21,9% nonostante un calo sequenziale di 70 punti base. Il margine EMS è rimasto basso al 2,6% e il profitto operativo è diminuito del 22% anno su anno.
Bilancio: la liquidità è scesa a NT$72,8 miliardi mentre il debito con interessi è salito a NT$240,1 miliardi, facendo aumentare il rapporto debito netto/patrimonio netto da 0,41 a 0,52. Gli investimenti in capitale (Capex) hanno totalizzato US$992 milioni nel secondo trimestre, superando l’EBITDA trimestrale (US$879 milioni).
Previsioni: La direzione prevede per il terzo trimestre 2025 un aumento del fatturato in USD del 12-14% trimestre su trimestre (ATM +9-11%, EMS +18-20%), ma stima una riduzione del margine lordo di 1,0-1,2 punti percentuali e del margine operativo di 0,1-0,3 punti percentuali. Il margine EMS dovrebbe migliorare di 0,3-0,5 punti percentuali.
ASE Technology (ASX) – Formulario 6-K, resultados del segundo trimestre de 2025. Los ingresos consolidados alcanzaron NT$150.8 mil millones (+2 % trimestre a trimestre, +7 % año a año), impulsados por el negocio principal de ATM, que creció un 20 % año a año hasta NT$91.6 mil millones y ahora representa el 61 % de las ventas. EMS disminuyó un 7 % año a año a NT$58.4 mil millones.
La utilidad bruta del grupo mejoró a NT$25.7 mil millones con un margen del 17.0 % (+20 puntos básicos trimestre a trimestre, +60 puntos básicos año a año). El ingreso operativo creció un 5 % trimestre a trimestre a NT$10.2 mil millones (margen del 6.8 %). Sin embargo, el ingreso antes de impuestos cayó un 8 % año a año y la utilidad neta atribuible a los accionistas disminuyó un 3 % año a año a NT$7.5 mil millones; el EPS básico fue de NT$1.74.
Dentro de ATM, los ingresos por pruebas aumentaron un 32 % año a año; el empaquetado y pruebas de vanguardia superaron el 10 % de las ventas de ATM frente al 6 % del año fiscal 24. El margen bruto del segmento se mantuvo sólido en 21.9 % a pesar de una disminución secuencial de 70 puntos básicos. El margen de EMS se mantuvo bajo en 2.6 % y la utilidad operativa cayó un 22 % año a año.
Balance: el efectivo disminuyó a NT$72.8 mil millones mientras que la deuda con intereses aumentó a NT$240.1 mil millones, elevando la relación deuda neta/patrimonio de 0.41 a 0.52. La inversión en capital (Capex) totalizó US$992 millones en el segundo trimestre, superando el EBITDA trimestral (US$879 millones).
Perspectivas: La dirección espera que los ingresos en USD del tercer trimestre de 2025 aumenten un 12-14 % trimestre a trimestre (ATM +9-11 %, EMS +18-20 %), pero proyecta una disminución del margen bruto de 1.0-1.2 puntos porcentuales y del margen operativo de 0.1-0.3 puntos porcentuales. El margen de EMS debería mejorar entre 0.3 y 0.5 puntos porcentuales.
ASE Technology (ASX) – 6-K 양식, 2025년 2분기 실적. 연결 매출은 NT$1508억으로 전분기 대비 2%, 전년 동기 대비 7% 증가했으며, 핵심 ATM 사업이 전년 대비 20% 상승한 NT$916억으로 전체 매출의 61%를 차지했습니다. EMS는 전년 대비 7% 감소한 NT$584억을 기록했습니다.
그룹 총이익은 NT$257억으로 개선되었으며, 마진은 17.0%로 전분기 대비 20bp, 전년 대비 60bp 상승했습니다. 영업이익은 전분기 대비 5% 증가한 NT$102억(마진 6.8%)을 기록했습니다. 그러나 세전이익은 전년 대비 8% 감소했고, 주주 귀속 순이익은 전년 대비 3% 하락한 NT$75억이었으며, 기본 주당순이익(EPS)은 NT$1.74였습니다.
ATM 부문에서는 테스트 매출이 전년 대비 32% 급증했으며, 첨단 패키징 및 테스트는 FY-24의 6%에서 ATM 매출의 10% 이상을 차지했습니다. 부문 총마진은 70bp 순차적 완화에도 불구하고 21.9%로 견고하게 유지되었습니다. EMS 마진은 2.6%로 낮게 유지되었으며, 영업이익은 전년 대비 22% 감소했습니다.
재무상태표: 현금은 NT$728억으로 감소했고, 이자부 부채는 NT$2401억으로 증가하여 순부채/자기자본 비율이 0.41에서 0.52로 상승했습니다. 2분기 자본적지출(Capex)은 9억 9200만 달러로 분기 EBITDA(8억 7900만 달러)를 상회했습니다.
가이던스: 경영진은 2025년 3분기 미화 매출이 분기 대비 12-14% 증가할 것으로 예상하며(ATM +9-11%, EMS +18-20%), 총마진은 1.0-1.2%포인트 감소하고 영업마진은 0.1-0.3%포인트 하락할 것으로 전망합니다. EMS 마진은 0.3-0.5%포인트 개선될 것으로 보입니다.
ASE Technology (ASX) – Formulaire 6-K, résultats du deuxième trimestre 2025. Le chiffre d'affaires consolidé a atteint 150,8 milliards de NT$ (+2 % trimestre sur trimestre, +7 % année sur année), porté par le cœur de métier ATM, qui a progressé de 20 % en glissement annuel à 91,6 milliards de NT$, représentant désormais 61 % des ventes. Le segment EMS a diminué de 7 % en glissement annuel à 58,4 milliards de NT$.
Le bénéfice brut du groupe s'est amélioré à 25,7 milliards de NT$ avec une marge de 17,0 % (+20 points de base trimestre sur trimestre, +60 points de base année sur année). Le résultat opérationnel a augmenté de 5 % trimestre sur trimestre à 10,2 milliards de NT$ (marge de 6,8 %). Néanmoins, le résultat avant impôts a chuté de 8 % en glissement annuel et le résultat net attribuable aux actionnaires a reculé de 3 % en glissement annuel à 7,5 milliards de NT$ ; le BPA de base était de NT$1,74.
Dans le segment ATM, les revenus des tests ont bondi de 32 % en glissement annuel ; le packaging et les tests de pointe ont dépassé 10 % des ventes ATM contre 6 % pour l’exercice 24. La marge brute du segment est restée solide à 21,9 % malgré un recul séquentiel de 70 points de base. La marge EMS est restée faible à 2,6 % et le bénéfice opérationnel a chuté de 22 % en glissement annuel.
Bilan : la trésorerie a diminué à 72,8 milliards de NT$ tandis que la dette portant intérêt a augmenté à 240,1 milliards de NT$, faisant passer le ratio dette nette/fonds propres de 0,41 à 0,52. Les investissements (Capex) ont totalisé 992 millions de dollars US au deuxième trimestre, dépassant l’EBITDA trimestriel (879 millions de dollars US).
Prévisions : La direction prévoit une hausse du chiffre d’affaires en USD au troisième trimestre 2025 de 12-14 % trimestre sur trimestre (ATM +9-11 %, EMS +18-20 %), mais anticipe une baisse de la marge brute de 1,0-1,2 points de pourcentage et de la marge opérationnelle de 0,1-0,3 points de pourcentage. La marge EMS devrait s’améliorer de 0,3 à 0,5 point.
ASE Technology (ASX) – Form 6-K, Ergebnisse des zweiten Quartals 2025. Der konsolidierte Umsatz erreichte NT$150,8 Mrd. (+2 % Quartal zu Quartal, +7 % Jahr zu Jahr), getrieben vom Kern-ATM-Geschäft, das um 20 % Jahr zu Jahr auf NT$91,6 Mrd. stieg und nun 61 % des Umsatzes ausmacht. EMS sank um 7 % Jahr zu Jahr auf NT$58,4 Mrd.
Der Bruttogewinn der Gruppe verbesserte sich auf NT$25,7 Mrd. mit einer Marge von 17,0 % (+20 Basispunkte Quartal zu Quartal, +60 Basispunkte Jahr zu Jahr). Das Betriebsergebnis stieg um 5 % Quartal zu Quartal auf NT$10,2 Mrd. (Marge 6,8 %). Dennoch fiel das Ergebnis vor Steuern um 8 % Jahr zu Jahr und der den Aktionären zurechenbare Nettogewinn sank um 3 % Jahr zu Jahr auf NT$7,5 Mrd.; das Basis-Ergebnis je Aktie (EPS) betrug NT$1,74.
Im ATM-Bereich stiegen die Umsätze im Testgeschäft um 32 % Jahr zu Jahr; modernstes Packaging & Testing überstieg 10 % der ATM-Umsätze gegenüber 6 % im Geschäftsjahr 24. Die Bruttomarge des Segments blieb trotz eines sequenziellen Rückgangs von 70 Basispunkten robust bei 21,9 %. Die EMS-Marge blieb mit 2,6 % niedrig, und der operative Gewinn sank um 22 % Jahr zu Jahr.
Bilanz: Die liquiden Mittel sanken auf NT$72,8 Mrd., während die zinstragenden Schulden auf NT$240,1 Mrd. stiegen, was das Netto-Schulden/Eigenkapital-Verhältnis von 0,41 auf 0,52 anhob. Die Investitionen (Capex) beliefen sich im zweiten Quartal auf US$992 Mio. und überstiegen das Quartals-EBITDA (US$879 Mio.).
Ausblick: Das Management erwartet für das dritte Quartal 2025 einen Umsatzanstieg in USD um 12-14 % Quartal zu Quartal (ATM +9-11 %, EMS +18-20 %), prognostiziert jedoch einen Rückgang der Bruttomarge um 1,0-1,2 Prozentpunkte und der operativen Marge um 0,1-0,3 Prozentpunkte. Die EMS-Marge sollte sich um 0,3-0,5 Prozentpunkte verbessern.
- Revenue momentum: Q2 consolidated sales +7 % YoY; ATM segment +20 % YoY with testing +32 %.
- Guidance: Management projects Q3 USD revenue +12-14 % QoQ, signalling acceleration across both ATM and EMS.
- Advanced mix shift: Leading-edge packaging & testing now >10 % of ATM revenue versus 6 % in 2024, supporting long-term growth thesis.
- Margin pressure: Q3 gross margin guided down 1.0-1.2 pp; operating margin down 0.1-0.3 pp.
- Earnings contraction: Pretax income -8 % YoY; net income -3 % YoY despite higher revenue.
- Leverage rising: Net-debt/equity climbed to 0.52 from 0.41 as cash declined and debt increased.
- EMS weakness: EMS revenue -7 % YoY, operating profit -22 % YoY, pressuring consolidated returns.
Insights
TL;DR: Solid top-line momentum led by packaging; margin headwinds and rising leverage temper enthusiasm.
Revenue acceleration in advanced packaging and testing confirms ASE’s competitive position in AI-related demand. 20 % ATM growth and 32 % testing growth outpace peers. Yet consolidated earnings lag as EMS softness and heavier depreciation compress profitability; pretax income is down 8 % YoY despite higher sales. Q3 outlook implies a double-digit sequential revenue jump, but management guides a 100-bp gross-margin squeeze, reflecting mix, currency (NT$ strength vs USD) and ramp costs. Cash burn and a higher net-debt/equity ratio (0.52) signal aggressive capex deployment (US$1 bn/qtr) that could pay off if volume materializes but raises balance-sheet risk if cycle turns. Overall impact: neutral.
TL;DR: Growth narrative intact; watch EMS drag and margin compression before rerating.
Investors gain comfort from sustained revenue growth and upbeat Q3 guide, but diminishing profitability clouds near-term valuation upside. Leading-edge contributions >10 % of ATM revenue underpin multi-year growth, yet consolidated EPS fell 3 % YoY and guidance points to further margin erosion. Rising debt funds capex ahead of demand, increasing leverage to 0.52. I view disclosure as strategically important, but financially balanced: revenue positives offset by earnings and leverage negatives.
ASE Technology (ASX) – Modulo 6-K, risultati del secondo trimestre 2025. Il fatturato consolidato ha raggiunto NT$150,8 miliardi (+2% trimestre su trimestre, +7% anno su anno), trainato dal core business ATM, che è cresciuto del 20% anno su anno a NT$91,6 miliardi, rappresentando ora il 61% delle vendite. Il segmento EMS è diminuito del 7% anno su anno a NT$58,4 miliardi.
Il margine lordo del gruppo è migliorato a NT$25,7 miliardi con un margine del 17,0% (+20 punti base trimestre su trimestre, +60 punti base anno su anno). Il reddito operativo è aumentato del 5% trimestre su trimestre a NT$10,2 miliardi (margine del 6,8%). Tuttavia, il reddito ante imposte è calato dell’8% anno su anno e l’utile netto attribuibile agli azionisti è sceso del 3% anno su anno a NT$7,5 miliardi; l’utile base per azione (EPS) è stato di NT$1,74.
Nel segmento ATM, i ricavi da testing sono cresciuti del 32% anno su anno; il packaging e testing all’avanguardia ha superato il 10% delle vendite ATM rispetto al 6% dell’esercizio 2024. Il margine lordo del segmento è rimasto solido al 21,9% nonostante un calo sequenziale di 70 punti base. Il margine EMS è rimasto basso al 2,6% e il profitto operativo è diminuito del 22% anno su anno.
Bilancio: la liquidità è scesa a NT$72,8 miliardi mentre il debito con interessi è salito a NT$240,1 miliardi, facendo aumentare il rapporto debito netto/patrimonio netto da 0,41 a 0,52. Gli investimenti in capitale (Capex) hanno totalizzato US$992 milioni nel secondo trimestre, superando l’EBITDA trimestrale (US$879 milioni).
Previsioni: La direzione prevede per il terzo trimestre 2025 un aumento del fatturato in USD del 12-14% trimestre su trimestre (ATM +9-11%, EMS +18-20%), ma stima una riduzione del margine lordo di 1,0-1,2 punti percentuali e del margine operativo di 0,1-0,3 punti percentuali. Il margine EMS dovrebbe migliorare di 0,3-0,5 punti percentuali.
ASE Technology (ASX) – Formulario 6-K, resultados del segundo trimestre de 2025. Los ingresos consolidados alcanzaron NT$150.8 mil millones (+2 % trimestre a trimestre, +7 % año a año), impulsados por el negocio principal de ATM, que creció un 20 % año a año hasta NT$91.6 mil millones y ahora representa el 61 % de las ventas. EMS disminuyó un 7 % año a año a NT$58.4 mil millones.
La utilidad bruta del grupo mejoró a NT$25.7 mil millones con un margen del 17.0 % (+20 puntos básicos trimestre a trimestre, +60 puntos básicos año a año). El ingreso operativo creció un 5 % trimestre a trimestre a NT$10.2 mil millones (margen del 6.8 %). Sin embargo, el ingreso antes de impuestos cayó un 8 % año a año y la utilidad neta atribuible a los accionistas disminuyó un 3 % año a año a NT$7.5 mil millones; el EPS básico fue de NT$1.74.
Dentro de ATM, los ingresos por pruebas aumentaron un 32 % año a año; el empaquetado y pruebas de vanguardia superaron el 10 % de las ventas de ATM frente al 6 % del año fiscal 24. El margen bruto del segmento se mantuvo sólido en 21.9 % a pesar de una disminución secuencial de 70 puntos básicos. El margen de EMS se mantuvo bajo en 2.6 % y la utilidad operativa cayó un 22 % año a año.
Balance: el efectivo disminuyó a NT$72.8 mil millones mientras que la deuda con intereses aumentó a NT$240.1 mil millones, elevando la relación deuda neta/patrimonio de 0.41 a 0.52. La inversión en capital (Capex) totalizó US$992 millones en el segundo trimestre, superando el EBITDA trimestral (US$879 millones).
Perspectivas: La dirección espera que los ingresos en USD del tercer trimestre de 2025 aumenten un 12-14 % trimestre a trimestre (ATM +9-11 %, EMS +18-20 %), pero proyecta una disminución del margen bruto de 1.0-1.2 puntos porcentuales y del margen operativo de 0.1-0.3 puntos porcentuales. El margen de EMS debería mejorar entre 0.3 y 0.5 puntos porcentuales.
ASE Technology (ASX) – 6-K 양식, 2025년 2분기 실적. 연결 매출은 NT$1508억으로 전분기 대비 2%, 전년 동기 대비 7% 증가했으며, 핵심 ATM 사업이 전년 대비 20% 상승한 NT$916억으로 전체 매출의 61%를 차지했습니다. EMS는 전년 대비 7% 감소한 NT$584억을 기록했습니다.
그룹 총이익은 NT$257억으로 개선되었으며, 마진은 17.0%로 전분기 대비 20bp, 전년 대비 60bp 상승했습니다. 영업이익은 전분기 대비 5% 증가한 NT$102억(마진 6.8%)을 기록했습니다. 그러나 세전이익은 전년 대비 8% 감소했고, 주주 귀속 순이익은 전년 대비 3% 하락한 NT$75억이었으며, 기본 주당순이익(EPS)은 NT$1.74였습니다.
ATM 부문에서는 테스트 매출이 전년 대비 32% 급증했으며, 첨단 패키징 및 테스트는 FY-24의 6%에서 ATM 매출의 10% 이상을 차지했습니다. 부문 총마진은 70bp 순차적 완화에도 불구하고 21.9%로 견고하게 유지되었습니다. EMS 마진은 2.6%로 낮게 유지되었으며, 영업이익은 전년 대비 22% 감소했습니다.
재무상태표: 현금은 NT$728억으로 감소했고, 이자부 부채는 NT$2401억으로 증가하여 순부채/자기자본 비율이 0.41에서 0.52로 상승했습니다. 2분기 자본적지출(Capex)은 9억 9200만 달러로 분기 EBITDA(8억 7900만 달러)를 상회했습니다.
가이던스: 경영진은 2025년 3분기 미화 매출이 분기 대비 12-14% 증가할 것으로 예상하며(ATM +9-11%, EMS +18-20%), 총마진은 1.0-1.2%포인트 감소하고 영업마진은 0.1-0.3%포인트 하락할 것으로 전망합니다. EMS 마진은 0.3-0.5%포인트 개선될 것으로 보입니다.
ASE Technology (ASX) – Formulaire 6-K, résultats du deuxième trimestre 2025. Le chiffre d'affaires consolidé a atteint 150,8 milliards de NT$ (+2 % trimestre sur trimestre, +7 % année sur année), porté par le cœur de métier ATM, qui a progressé de 20 % en glissement annuel à 91,6 milliards de NT$, représentant désormais 61 % des ventes. Le segment EMS a diminué de 7 % en glissement annuel à 58,4 milliards de NT$.
Le bénéfice brut du groupe s'est amélioré à 25,7 milliards de NT$ avec une marge de 17,0 % (+20 points de base trimestre sur trimestre, +60 points de base année sur année). Le résultat opérationnel a augmenté de 5 % trimestre sur trimestre à 10,2 milliards de NT$ (marge de 6,8 %). Néanmoins, le résultat avant impôts a chuté de 8 % en glissement annuel et le résultat net attribuable aux actionnaires a reculé de 3 % en glissement annuel à 7,5 milliards de NT$ ; le BPA de base était de NT$1,74.
Dans le segment ATM, les revenus des tests ont bondi de 32 % en glissement annuel ; le packaging et les tests de pointe ont dépassé 10 % des ventes ATM contre 6 % pour l’exercice 24. La marge brute du segment est restée solide à 21,9 % malgré un recul séquentiel de 70 points de base. La marge EMS est restée faible à 2,6 % et le bénéfice opérationnel a chuté de 22 % en glissement annuel.
Bilan : la trésorerie a diminué à 72,8 milliards de NT$ tandis que la dette portant intérêt a augmenté à 240,1 milliards de NT$, faisant passer le ratio dette nette/fonds propres de 0,41 à 0,52. Les investissements (Capex) ont totalisé 992 millions de dollars US au deuxième trimestre, dépassant l’EBITDA trimestriel (879 millions de dollars US).
Prévisions : La direction prévoit une hausse du chiffre d’affaires en USD au troisième trimestre 2025 de 12-14 % trimestre sur trimestre (ATM +9-11 %, EMS +18-20 %), mais anticipe une baisse de la marge brute de 1,0-1,2 points de pourcentage et de la marge opérationnelle de 0,1-0,3 points de pourcentage. La marge EMS devrait s’améliorer de 0,3 à 0,5 point.
ASE Technology (ASX) – Form 6-K, Ergebnisse des zweiten Quartals 2025. Der konsolidierte Umsatz erreichte NT$150,8 Mrd. (+2 % Quartal zu Quartal, +7 % Jahr zu Jahr), getrieben vom Kern-ATM-Geschäft, das um 20 % Jahr zu Jahr auf NT$91,6 Mrd. stieg und nun 61 % des Umsatzes ausmacht. EMS sank um 7 % Jahr zu Jahr auf NT$58,4 Mrd.
Der Bruttogewinn der Gruppe verbesserte sich auf NT$25,7 Mrd. mit einer Marge von 17,0 % (+20 Basispunkte Quartal zu Quartal, +60 Basispunkte Jahr zu Jahr). Das Betriebsergebnis stieg um 5 % Quartal zu Quartal auf NT$10,2 Mrd. (Marge 6,8 %). Dennoch fiel das Ergebnis vor Steuern um 8 % Jahr zu Jahr und der den Aktionären zurechenbare Nettogewinn sank um 3 % Jahr zu Jahr auf NT$7,5 Mrd.; das Basis-Ergebnis je Aktie (EPS) betrug NT$1,74.
Im ATM-Bereich stiegen die Umsätze im Testgeschäft um 32 % Jahr zu Jahr; modernstes Packaging & Testing überstieg 10 % der ATM-Umsätze gegenüber 6 % im Geschäftsjahr 24. Die Bruttomarge des Segments blieb trotz eines sequenziellen Rückgangs von 70 Basispunkten robust bei 21,9 %. Die EMS-Marge blieb mit 2,6 % niedrig, und der operative Gewinn sank um 22 % Jahr zu Jahr.
Bilanz: Die liquiden Mittel sanken auf NT$72,8 Mrd., während die zinstragenden Schulden auf NT$240,1 Mrd. stiegen, was das Netto-Schulden/Eigenkapital-Verhältnis von 0,41 auf 0,52 anhob. Die Investitionen (Capex) beliefen sich im zweiten Quartal auf US$992 Mio. und überstiegen das Quartals-EBITDA (US$879 Mio.).
Ausblick: Das Management erwartet für das dritte Quartal 2025 einen Umsatzanstieg in USD um 12-14 % Quartal zu Quartal (ATM +9-11 %, EMS +18-20 %), prognostiziert jedoch einen Rückgang der Bruttomarge um 1,0-1,2 Prozentpunkte und der operativen Marge um 0,1-0,3 Prozentpunkte. Die EMS-Marge sollte sich um 0,3-0,5 Prozentpunkte verbessern.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
July, 2025
Commission File Number 001-16125
ASE Technology Holding Co., Ltd.
(Translation of registrant’s name into English)
26, Chin 3rd Road
Kaohsiung, Taiwan
Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ Form 40-F ☐ |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ASE TECHNOLOGY HOLDING CO., LTD. | ||
| Date: July 31, 2025 | By: | /s/ Joseph Tung |
| Name: Joseph Tung | ||
| Title: Chief Financial Officer | ||
Second Quarter 2025 Earnings Release 31 July, 2025 ASE Technology Holding
Safe Harbor Notice This presentation 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 presentation. 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 presentation. 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. 2
1H2025 Recap (in US dollar terms) Consolidated revenues grew 9% YoY in 1H2025, with ATM revenues up 18% YoY. Leading - edge advanced packaging and overall testing outpaced growth while the general segment saw some recovery. Leading - edge advanced packaging and testing revenues were over 10% of ATM revenues in 1H2025 versus 6% for full year 2024. Our testing business grew 31% YoY in 1H2025. Continuing momentum into 2H2025 on increased turnkey and expanding leading edge test. Machinery capex was US$1.9 billion; building, facility and automation was US$0.9 billion in 1H2025, mainly driven by advanced packaging and testing. 3
2H2025 Outlook (in US dollar terms) For ATM business, expect momentum to carry into 3Q25, with quarter - to - quarter growth in 4Q25. Leading - edge advanced packaging and testing revenues target to increase by US$1 billion versus 2024, contributing 10% of growth, while general segments to grow by mid - to - high single digit YoY in 2025. Expect revenues uptrend continuing into 2026 and beyond driven by leading - edge solutions and broad - based semiconductor demand related to AI proliferation and general recovery. Investment in R&D, human capital, advanced capacity, and smart factory infrastructure are key to support the multi - year growth. 4
Business Update Market Dynamics Mega Trend & Future Opportunities Technology & Focus ASE Position Operations Leading - edge and Taiwan Capacity Tightness Expansion on Schedule Resource Optimization Challenges Forex & Tariff Uncertainties 5
Financial Section 6 Link to Earnings Conference Materials
Consolidated Statements of Income Quarterly Comparison (Unaudited) 7 (NT$ million) Q2 / 2025 % Q1 / 2025 % Q2 / 2024 % QoQ YoY Net Revenues: ATM 91,648 60.8% 85,606 57.8% 76,676 54.7% 7% 20% EMS 58,374 38.7% 61,860 41.7% 62,853 44.8% -6% -7% Others 728 0.5% 687 0.5% 709 0.5% 6% 3% Total Net Revenues 150,750 100.0% 148,153 100.0% 140,238 100.0% 2% 7% Gross Profit 25,687 17.0% 24,893 16.8% 23,054 16.4% 3% 11% Operating Income (Loss) 10,193 6.8% 9,671 6.5% 9,009 6.4% 5% 13% Pretax Income (Loss) 9,255 6.1% 9,810 6.6% 10,105 7.2% -6% -8% Income Tax Benefit (Expense) (1,576) -1.2% (2,022) -1.4% (1,950) -1.4% Non-controlling Interests (158) -0.1% (234) -0.2% (377) -0.3% Net Income Attributable to Shareholders of the Parent 7,521 5.0% 7,554 5.1% 7,778 5.5% 0% -3% Basic EPS(NT$) 1.74 1.75 1.80 -1% -3% Diluted EPS(NT$) 1.70 1.64 1.75 4% -3% Additional Commentary From Management: Gross Profit excl. PPA expenses 26,208 17.4% 25,450 17.2% 24,013 17.1% 3% 9% Operating Income excl. PPA expenses 10,974 7.3% 10,491 7.1% 10,230 7.3% 5% 7% Net income attributable to shareholders of the parent excl. PPA expenses 8,288 5.4% 8,352 5.6% 8,978 6.4% -1% -8% Basic EPS(NT$) excl. PPA expenses 1.91 1.93 2.08 -1% -8%
Consolidated Operations (Unaudited) 8 72,862 76,676 84,545 87,208 85,606 91,648 59,326 62,853 74,871 74,243 61,860 58,374 15.7% 16.4% 16.5% 16.4% 16.8% 17.0% 5.6% 6.4% 7.2% 6.9% 6.5% 6.8% 0% 10% 20% 30% 0 30,000 60,000 90,000 120,000 150,000 180,000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 NT$ million ATM Revenue EMS Revenue Other Revenue Gross Margin Operating Margin
ATM Statements of Income Quarterly Comparison (Unaudited) 9 (NT$ million) Q2 / 2025 % Q1 / 2025 % Q2 / 2024 % QoQ YoY Net Revenues: Packaging 74,440 80.4% 69,360 80.0% 63,838 82.1% 7% 17% Testing 16,612 18.0% 16,004 18.5% 12,623 16.2% 4% 32% Direct Material 1,431 1.5% 1,219 1.4% 1,264 1.6% 17% 13% Others 82 0.1% 85 0.1% 88 0.1% -4% -7% Total Net Revenues 92,565 100.0% 86,668 100.0% 77,813 100.0% 7% 19% Gross Profit 20,248 21.9% 19,611 22.6% 17,201 22.1% 3% 18% Operating Income (Loss) 8,817 9.5% 8,335 9.6% 7,254 9.3% 6% 22% Additional Commentary From Management: Gross Profit excl. PPA expenses 20,751 22.4% 20,137 23.2% 18,117 23.3% 3% 15% Operating Income excl. PPA expenses 9,569 10.3% 9,111 10.5% 8,420 10.8% 5% 14%
ATM Operations (Unaudited) 10 15,557 17,201 19,795 20,609 19,611 20,248 73,908 77,813 85,790 88,363 86,668 92,565 21.0% 22.1% 23.1% 23.3% 22.6% 21.9% 0% 10% 20% 30% 40% 0 20,000 40,000 60,000 80,000 100,000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 NT$ million Gross Profit Gross Margin Revenue
ATM Revenues by Application (Unaudited) 11 52% 49% 50% 53% 48% 46% 18% 19% 18% 17% 22% 24% 30% 32% 32% 30% 30% 30% 0% 20% 40% 60% 80% 100% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Communication Computing Automotive, Consumer & Others
ATM Revenues by Type (Unaudited) 12 43% 44% 45% 47% 46% 47% 30% 31% 29% 27% 28% 28% 9% 7% 8% 7% 6% 5% 16% 16% 16% 18% 18% 18% 2% 2% 2% 1% 2% 2% 0% 20% 40% 60% 80% 100% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Material Testing Others Wirebonding Bump/FC/WLP /SiP
EMS Operations Quarterly Comparison & Revenues by Application (unaudited) (NT$ million) Q2 / 2025 % Q1 / 2025 % Q2 / 2024 % QoQ YoY EMS Net Revenues 58,770 100.0% 62,295 100.0% 62,907 100.0% -6% -7% Gross Profit 5,549 9.4% 5,528 8.9% 6,025 9.6% 0% -8% Operating Income (Loss) 1,513 2.6% 1,608 2.6% 1,942 3.1% -6% -22% 13 34% 33% 34% 37% 33% 33% 12% 11% 9% 9% 11% 11% 27% 29% 36% 33% 31% 30% 12% 13% 11% 11% 13% 14% 12% 11% 9% 8% 10% 10% 3% 3% 1% 2% 2% 2% 0% 20% 40% 60% 80% 100% Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Communication Computing Consumer Industrial Automotive Others
Key Balance Sheet Items & Indices (Unaudited) 14 (NT$ million) Jun. 30, 2025 Mar. 31, 2025 Cash and cash equivalent $72,785 $77,100 Financial assets - current 4,118 16,435 Financial assets - non current & investments - equity method 38,409 41,428 Property, plant & equipment 364,849 342,056 Total assets 765,175 774,177 Short-term loans & short-term bills payable 40,369 55,485 Current portion of bonds payable 8,499 14,999 Current portion of long-term loans 4,431 5,775 Bonds payable 16,668 21,066 Long-term loans & long-term bills payable 162,326 126,708 Total interest bearing debts 240,132 231,637 Total liabilities 450,240 439,154 Total equity (Including non-controlling interest) 314,935 335,023 Quarterly EBITDA* 27,426 27,628 Current ratio 1.02 1.04 Net debt to equity ratio 0.52 0.41 *: EBITDA stands for net income or loss before interest, taxes, depreciation, amortization, impairment and investment gain or lo ss as well as other items.
Equipment Capital Expenditures vs. EBITDA (Unaudited) 15 228 406 603 640 892 992 765 811 888 895 843 879 0 200 400 600 800 1,000 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 US$ million Capex EBITDA
Third Quarter 2025 Outlook (1/2) Based on our current business outlook and exchange rate assumptions of 1 US dollar to 29.2 NT dollars (versus 31.2 in 2nd quarter 2025) , management projects overall performance for the third quarter of 2025 to be as follows: Consolidated • In US dollar terms, our consolidated 3rd quarter 2025 revenues should grow by 12 to 14 percent quarter over quarter; in NT dollar terms, our consolidated 3rd quarter revenues should grow by 6 to 8 percent quarter over quarter; • Our consolidated 3rd quarter 2025 gross margin should decrease by 1.0 to 1.2 percentage points quarter over quarter; • Our consolidated 3rd quarter 2025 operating margin should decrease by 0.1 to 0.3 percentage points quarter over quarter. 16
Third Quarter 2025 Outlook (2/2) ATM • In US dollar terms, our ATM 3rd quarter 2025 revenues should grow by 9 to 11 percent quarter over quarter; in NT dollar terms, our ATM 3rd quarter revenues should grow by 3 to 5 percent quarter over quarter; • Our ATM 3rd quarter gross margin should decrease by 0.9 to 1.1 percentage points quarter over quarter. EMS • In US dollar terms, our EMS 3rd quarter 2025 revenues should grow by 18 to 20 percent quarter over quarter; in NT dollar terms, our EMS 3rd quarter revenues should grow by 12 to 14 percent quarter over quarter; • Our EMS 3rd quarter 2025 operating margin should increase by 0.3 to 0.5 percentage points quarter over quarter. 17 Based on our current business outlook and exchange rate assumptions of 1 US dollar to 29.2 NT dollars (versus 31.2 in 2nd quarter 2025), management projects overall performance for the third quarter of 2025 to be as follows:
Thank you
Appendix 1 Consolidated Statements of Comprehensive Income (Unaudited) 19 (NT$ thousand) Q1/ 2025 1&2 Q2/ 2025 1&2 Revenues 148,153,262 150,750,323 COGS 123,260,526 125,062,803 PPA under COGS 557,027 520,681 Gross profit 24,892,736 25,687,520 Gross profit excl. PPA 25,449,763 26,208,201 OPEX 15,221,435 15,494,438 PPA under OPEX 262,652 260,038 Operating income 9,671,301 10,193,082 Operating income excl. PPA 10,490,980 10,973,801 Non Op gain/(loss) 138,628 (938,600) PPA under Non Op gain/ (loss) 61 959 Non Op gain/ (loss) excl. PPA 138,689 (937,641) Pretax income 9,809,929 9,254,483 PPA under Pretax income 819,740 781,678 Pretax income excl. PPA 10,629,669 10,036,161 Tax expenses 2,021,624 1,575,805 PPA under Tax expense (12,964) (9,337) Tax expense excl. PPA 2,034,588 1,585,142 Non-controlling interests 234,472 157,593 PPA under Non-controlling interests 8,408 5,811 Non-controlling interests excl. PPA 242,880 163,404 Net income attributable to shareholders of the parent 7,553,833 7,521,085 PPA expenses under Net income attributable to shareholders of the parent 798,368 766,530 Net income attributable to shareholders of the parent excl. PPA 8,352,201 8,287,615 Total PPA expenses 806,776 772,341 Basic EPS (NT$) 1.75 1.74 Basic EPS (NT$) excl. PPA 1.93 1.91 Diluted EPS (NT$) 1.64 1.70 Diluted EPS (NT$) excl. PPA 1.82 1.88 1 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the ASE/SPIL and AS E/Infineon transaction, which resulted in increased asset values from purchase price premiums in inventory, PP&E, intangibles, right - of - use assets, other asse ts, and deferred tax liability. The PPA expenses excluded are related to depreciation, amortization, other expenses, and income tax benefit $0.77bn in 1Q25 and $0.75bn in 2Q25. 2 : PPA expenses are the P&L impacts from the accounting treatment of purchase price allocation in relation to the USI/ Asteelflash and USI/ Hirschmann transaction, which resulted in increased asset and liability values from purchase price premiums in inventory, PP&E, intangibles, right - of - us e assets and deferred tax liability. The PPA expenses excluded are related to depreciation, amortization, other expenses and income tax benefit $0.04bn in 1Q25 and $ 0.0 2bn in 2Q25.
FAQ
How did ASE Technology (ASX) perform in Q2 2025?
Which segment drove growth for ASX in Q2 2025?
What is ASE’s revenue and margin outlook for Q3 2025?
How has ASE’s leverage changed?
What capex did ASE incur in Q2 2025?
How significant is leading-edge packaging to ASE’s revenue mix?
