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TSMC(TSM) - 2025 Q3 - Quarterly Results

Executive Summary & Key Highlights This section provides a high-level overview of TSMC's strong financial performance and key operational highlights for the third quarter of 2025 Third Quarter 2025 Financial Performance Overview TSMC reported strong financial results for Q3 2025, with significant year-over-year and quarter-over-quarter growth in revenue, net income, and EPS. Advanced technologies continued to be a major revenue driver, accounting for 74% of total wafer revenue 3Q25 Key Financial Results (NT$ billion, except EPS) | Metric | 3Q25 (NT$) | YoY Change | QoQ Change | | :-------------------------------- | :---------- | :--------- | :--------- | | Consolidated Revenue | 989.92 | +30.3% | +6.0% | | Net Income | 452.30 | +39.1% | +13.6% | | Diluted EPS (NT$) | 17.44 | +39.0% | +13.6% | | Diluted EPS (US$ per ADR unit) | 2.92 | | | | Gross Margin | 59.5% | +1.7 ppts | +0.9 ppts | | Operating Margin | 50.6% | +3.1 ppts | +1.0 ppts | | Net Profit Margin | 45.7% | +2.9 ppts | +3.0 ppts | - Advanced technologies (7-nanometer and more advanced) contributed 74% of total wafer revenue in 3Q25. Shipments of 3-nanometer accounted for 23%, 5-nanometer for 37%, and 7-nanometer for 14%4 - In US dollars, third quarter revenue was $33.10 billion, increasing 40.8% year-over-year and 10.1% from the previous quarter3 Company Overview & Legal Notices This section outlines TSMC's business profile, investor contact information, and important safe harbor statements regarding forward-looking information Profile TSMC, founded in 1987, pioneered the pure-play foundry business model and remains the world's leading dedicated semiconductor foundry. The company supports a global ecosystem with advanced process technologies and design enablement solutions, operating across Asia, Europe, and North America - TSMC pioneered the pure-play foundry business model in 1987 and is the world's leading dedicated semiconductor foundry5 - In 2024, TSMC deployed 288 distinct process technologies, manufacturing 11,878 products for 522 customers, offering a broad range of advanced, specialty, and advanced packaging technology services6 Contact Information Investor relations inquiries can be directed to Jeff Su at TSMC's Investor Relations Division - Contact for investor relations: Jeff Su, Investor Relations Division, TSMC, invest@tsmc.com, 886-3-568-20898 Safe Harbor Notice The press release contains forward-looking statements subject to significant risks and uncertainties, including semiconductor industry cyclicality, demand/supply fluctuations, competition, technological leadership, capacity management, intellectual property rights, natural disasters, and exchange rate fluctuations. Actual results may differ materially, and TSMC undertakes no obligation to update these statements - Forward-looking statements are subject to significant risks and uncertainties, including cyclicality, market conditions, demand/supply, competition, technological leadership, capacity management, intellectual property, natural disasters, and exchange rate fluctuations8 - Additional risk factors are detailed in TSMC's 2024 Annual Report on Form 20-F filed with the SEC8 Quarterly Management Report (3Q25) This report details TSMC's operating results, revenue and profit analysis, financial condition, cash flow, and capital expenditures for the third quarter of 2025 Operating Results Review: Summary TSMC's 3Q25 operating results showed robust growth across key financial metrics, with significant increases in revenue, gross profit, operating income, and net income both quarter-over-quarter and year-over-year. Margins also expanded, reflecting improved operational efficiency 3Q25 Operating Results Summary (NT$ billion, unless otherwise noted) | Metric | 3Q25 | 2Q25 | 3Q24 | QoQ Change | YoY Change | | :--------------------------------------- | :----- | :----- | :----- | :--------- | :--------- | | EPS (NT$ per common share) | 17.44 | 15.36 | 12.54 | 13.6% | 39.0% | | Net Revenue | 989.92 | 933.79 | 759.69 | 6.0% | 30.3% | | Gross Profit | 588.54 | 547.37 | 439.35 | 7.5% | 34.0% | | Gross Margin | 59.5% | 58.6% | 57.8% | | | | Operating Income | 500.69 | 463.42 | 360.77 | 8.0% | 38.8% | | Operating Margin | 50.6% | 49.6% | 47.5% | | | | Net Income Attributable to Shareholders | 452.30 | 398.27 | 325.26 | 13.6% | 39.1% | | Net Profit Margin | 45.7% | 42.7% | 42.8% | | | | Wafer Shipment (kpcs 12 inch-equiv.) | 4,085 | 3,718 | 3,338 | 9.9% | 22.4% | - Net revenue reached NT$989.92 billion, increasing 6.0% QoQ and 30.3% YoY13 - Gross margin improved to 59.5% (+0.9 ppts QoQ, +1.7 ppts YoY), and operating margin to 50.6% (+1.0 ppt QoQ, +3.1 ppts YoY)13 I. Revenue Analysis Third quarter revenue growth was driven by strong demand for leading-edge process technologies. Advanced technologies (7nm and below) constituted 74% of total wafer revenue. High Performance Computing (HPC) and Smartphone platforms were the largest revenue contributors, with North America being the dominant geographic market - Revenue increased 6.0% quarter-over-quarter, supported by strong demand for leading-edge process technologies15 Wafer Revenue by Technology Advanced technologies (7nm and below) accounted for 74% of total wafer revenue in 3Q25, with 5nm being the largest contributor at 37% Wafer Revenue by Technology (3Q25) | Technology | 3Q25 | 2Q25 | 3Q24 | | :--------- | :--- | :--- | :--- | | 3nm | 23% | 24% | 20% | | 5nm | 37% | 36% | 32% | | 7nm | 14% | 14% | 17% | | 16/20nm | 7% | 7% | 8% | | 28nm | 7% | 7% | 7% | - Advanced technologies (7nm and below) accounted for 74% of total wafer revenue in 3Q2515 Net Revenue by Platform High Performance Computing (HPC) and Smartphone platforms were the primary revenue drivers, representing 57% and 30% of net revenue, respectively. Smartphone, IoT, and Automotive platforms saw sequential revenue increases Net Revenue by Platform (3Q25) | Platform | 3Q25 | 2Q25 | 3Q24 | | :------------------------ | :--- | :--- | :--- | | High Performance Computing | 57% | 60% | 51% | | Smartphone | 30% | 27% | 34% | | Internet of Things | 5% | 5% | 7% | | Automotive | 5% | 5% | 5% | | Digital Consumer Electronics | 1% | 1% | 1% | | Others | 2% | 2% | 2% | - Sequentially, revenue from Smartphone, IoT, and Automotive increased by 19%, 20%, and 18% respectively. HPC revenue remained flat16 Net Revenue by Geography North America remained the largest geographic market, contributing 76% of total net revenue in 3Q25 Net Revenue by Geography (3Q25) | Geography | 3Q25 | 2Q25 | 3Q24 | | :---------- | :--- | :--- | :--- | | North America | 76% | 75% | 71% | | Asia Pacific | 9% | 9% | 10% | | China | 8% | 9% | 11% | | Japan | 4% | 4% | 5% | | EMEA | 3% | 3% | 3% | II. Profit & Expense Analysis TSMC demonstrated improved profitability in 3Q25, with gross and operating margins expanding due to cost improvement efforts and higher capacity utilization. Net income and EPS saw substantial sequential and year-over-year growth Gross Profit Analysis Gross margin increased to 59.5% in 3Q25, primarily driven by cost improvement efforts and a higher capacity utilization rate, despite some offset from unfavorable foreign exchange rates and dilution from overseas fabs Gross Profit Analysis (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :---------- | :----- | :----- | :----- | | Net Revenue | 989.92 | 933.79 | 759.69 | | Cost of Revenue | (401.38) | (386.42) | (320.34) | | Gross Profit | 588.54 | 547.37 | 439.35 | | Gross Margin | 59.5% | 58.6% | 57.8% | - Gross margin of 59.5% was 0.9 percentage points higher than 2Q25, mainly due to cost improvement and higher capacity utilization, partially offset by unfavorable foreign exchange and overseas fab dilution19 Operating Income Analysis Operating expenses increased slightly but decreased as a percentage of net revenue due to operating leverage, leading to a 1.0 percentage point sequential improvement in operating margin to 50.6% Operating Income Analysis (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--------------------------------------- | :------ | :------ | :------ | | Total Operating Expenses | (87.76) | (84.51) | (79.08) | | Research & Development | (63.74) | (61.28) | (52.78) | | SG&A | (24.02) | (23.23) | (26.30) | | Operating Income | 500.69 | 463.42 | 360.77 | | Operating Margin | 50.6% | 49.6% | 47.5% | | Total Operating Expenses as % of Net Revenue | 8.9% | 9.1% | 10.4% | - Total operating expenses increased by NT$3.25 billion to NT$87.76 billion, but decreased to 8.9% of net revenue in 3Q25 from 9.1% in 2Q25, driven by operating leverage21 Non-Operating Items Total non-operating items resulted in a gain of NT$24.68 billion in 3Q25, a decrease from 2Q25 primarily due to the absence of one-time gains recorded in the prior quarter Non-Operating Items (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :------------------------ | :---- | :---- | :---- | | L-T Investments | 1.42 | 1.22 | 1.56 | | Net Interest Income (Expenses) | 23.22 | 21.50 | 19.97 | | Other Gains and Losses | 0.04 | 6.89 | 1.89 | | Total Non-Operating Items | 24.68 | 29.61 | 23.42 | - The decrease in non-operating gains from NT$29.61 billion in 2Q25 to NT$24.68 billion in 3Q25 was mainly due to the absence of one-time other gains in 2Q2523 Net Profit and EPS Net income attributable to shareholders of the parent company increased significantly by 13.6% QoQ and 39.1% YoY, reaching NT$452.30 billion, with diluted EPS of NT$17.44 Net Profit and EPS (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :-------------------------------------- | :----- | :----- | :----- | | Income before Tax | 525.37 | 493.03 | 384.19 | | Income Tax Expenses | (73.61) | (95.55) | (59.11) | | Effective Tax Rate | 14.0% | 19.4% | 15.4% | | Net Income Attributable to Parent Company | 452.30 | 398.27 | 325.26 | | Net Profit Margin | 45.7% | 42.7% | 42.8% | | EPS (NT$ per common share) | 17.44 | 15.36 | 12.54 | - Net income attributable to shareholders of the parent company was NT$452.30 billion, up 13.6% from 2Q25 and 39.1% from 3Q2425 III. Financial Condition Review TSMC maintained a strong financial position in 3Q25, characterized by increased liquidity, stable working capital, and healthy net cash reserves. Inventory days decreased, while receivable days slightly increased Liquidity Analysis (Balance Sheet Items) Total current assets increased, primarily due to a rise in cash and marketable securities, while total current liabilities decreased. This resulted in an improved current ratio of 2.7x and increased net working capital Liquidity Analysis (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :---------------------- | :------- | :------- | :------- | | Cash & Marketable Securities | 2,751.06 | 2,634.43 | 2,167.60 | | Total Current Assets | 3,436.02 | 3,264.92 | 2,773.91 | | Total Current Liabilities | 1,275.91 | 1,377.31 | 1,080.40 | | Current Ratio (x) | 2.7 | 2.4 | 2.6 | | Net Working Capital | 2,160.11 | 1,887.61 | 1,693.51 | - Total current assets increased by NT$171.10 billion, mainly due to a NT$116.63 billion increase in cash and marketable securities27 - Total current liabilities decreased by NT$101.40 billion, primarily due to a decrease in accrued liabilities and others27 Receivable/Inventory Days Days of receivable slightly increased to 25 days, while days of inventory decreased to 74 days, indicating efficient inventory management Receivable/Inventory Days | Metric | 3Q25 | 2Q25 | 3Q24 | | :------------------ | :--- | :--- | :--- | | Days of Receivable | 25 | 23 | 28 | | Days of Inventory | 74 | 76 | 87 | - Days of receivable increased by 2 days to 25 days in 3Q2529 - Days of inventory decreased by 2 days to 74 days in 3Q2530 Debt Service Net cash reserves increased by NT$100.07 billion to NT$1,756.61 billion in 3Q25, primarily due to the increase in cash and marketable securities Debt Service (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :---------------------- | :------- | :------- | :------- | | Cash & Marketable Securities | 2,751.06 | 2,634.43 | 2,167.60 | | Interest-Bearing Debts | (994.45) | (977.89) | (994.97) | | Net Cash Reserves | 1,756.61 | 1,656.54 | 1,172.63 | - Net cash reserves increased by NT$100.07 billion to NT$1,756.61 billion in 3Q2532 IV. Cash Flow In 3Q25, TSMC generated substantial net cash from operating activities, which largely offset cash used in investing activities (primarily capital expenditures) and financing activities (cash dividends). Free cash flow decreased sequentially due to lower operating cash flow Quarterly Cash Flow Analysis Net cash generated from operating activities totaled NT$426.83 billion, while net cash used in investing activities was NT$259.75 billion, mainly for capital expenditures. Net cash used in financing activities was NT$128.29 billion, primarily for cash dividends Quarterly Cash Flow Analysis (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :------------------------------ | :------- | :------- | :------- | | Net Operating Sources/(Uses) | 426.83 | 497.07 | 391.99 | | Capital Expenditures | (287.45) | (297.22) | (207.08) | | Net Investing Sources/(Uses) | (259.75) | (228.49) | (195.51) | | Net Financing Sources/(Uses) | (128.29) | (119.70) | (83.64) | | Cash Position Net Changes | 106.24 | (30.28) | 87.65 | | Ending Cash Balance | 2,470.76 | 2,364.52 | 1,886.78 | - Net cash generated from operating activities was NT$426.83 billion, including NT$525.37 billion from income before tax and NT$162.79 billion from depreciation & amortization34 - Net cash used in investing activities was NT$259.75 billion, primarily due to capital expenditures of NT$287.45 billion35 Free Cash Flow Free cash flow decreased by NT$60.47 billion to an inflow of NT$139.38 billion in 3Q25, primarily due to lower operating cash flow Free Cash Flow (NT$ billion) | Metric | 3Q25 | 2Q25 | 1Q25 | 4Q24 | | :------------ | :----- | :----- | :----- | :----- | | Free Cash Flow | 139.38 | 199.85 | 294.74 | 258.26 | - Free cash flow decreased by NT$60.47 billion to NT$139.38 billion in 3Q25, a result of lower operating cash flow37 V. CapEx Capital expenditures for TSMC on a consolidated basis totaled US$9.70 billion in 3Q25 Capital Expenditures (US$ billion) | Metric | 3Q25 | 2Q25 | 1Q25 | YTD | | :------------------ | :--- | :--- | :--- | :--- | | Capital Expenditures | 9.70 | 9.63 | 10.06 | 29.39 | - Capital expenditures for TSMC totaled US$9.70 billion in 3Q2539 VI. Recap of Recent Important Events & Announcements The TSMC Board of Directors approved a cash dividend of NT$5.00 for 2Q25, with specific ex-dividend, record, and distribution dates set for late 2025 and early 2026 - TSMC Board approved NT$5.00 cash dividend for 2Q25, with ex-dividend date of December 11, 2025, record date of December 17, 2025, and distribution date of January 8, 202640 Investor Presentation This section summarizes the investor conference agenda, reiterates safe harbor notices, and presents key financial highlights from the third quarter 2025 investor presentation Agenda The investor conference agenda included welcome remarks, key messages from the CFO and Chairman/CEO, a review of 3Q25 financial results and 4Q25 outlook by the CFO, and a Q&A session - The agenda for the earnings conference included welcome remarks, key messages from CFO Wendell Huang and Chairman & CEO C.C. Wei, a review of 3Q25 financial results and 4Q25 outlook by the CFO, and a Q&A session4344 Safe Harbor Notice (Presentation) This section reiterates the safe harbor provisions, emphasizing that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. It also references TSMC's Form 20-F for additional risk factors - TSMC's forward-looking statements are subject to significant risks and uncertainties, and actual results may differ materially45 - Information on factors causing results to vary can be found in TSMC's 2024 Annual Report on Form 20-F45 Statements of Comprehensive Income (Presentation Summary) A summary of key comprehensive income items for 3Q25, including actual results against guidance, showing strong performance with revenue, gross margin, and operating margin exceeding or meeting expectations Selected Items from Statements of Comprehensive Income (NT$ billion, unless otherwise noted) | Metric | 3Q25 | 3Q25 Guidance | 2Q25 | 3Q24 | 3Q25 Over 2Q25 | 3Q25 Over 3Q24 | | :--------------------------------------- | :----- | :------------ | :----- | :----- | :------------- | :------------- | | Net Revenue (US$ billion) | 33.10 | 31.8-33.0 | 30.07 | 23.50 | +10.1% | +40.8% | | Net Revenue | 989.92 | | 933.79 | 759.69 | +6.0% | +30.3% | | Gross Margin | 59.5% | 55.5%-57.5% | 58.6% | 57.8% | +0.9 ppts | +1.7 ppts | | Operating Margin | 50.6% | 45.5%-47.5% | 49.6% | 47.5% | +1.0 ppt | +3.1 ppts | | Net Income Attributable to Shareholders | 452.30 | | 398.27 | 325.26 | +13.6% | +39.1% | | EPS (NT Dollar) | 17.44 | | 15.36 | 12.54 | +13.6% | +39.0% | | ROE | 37.8% | | 34.8% | 33.4% | +3.0 ppts | +4.4 ppts | - 3Q25 Net Revenue (US$33.10 billion) exceeded the high end of guidance (US$31.8-33.0 billion)46 - Gross Margin (59.5%) and Operating Margin (50.6%) were above the high end of their respective guidance ranges (55.5%-57.5% and 45.5%-47.5%)46 3Q25 Revenue by Technology (Presentation Chart) This section visually represents the wafer revenue distribution by technology node for 3Q25, highlighting the significant contribution of advanced technologies (3nm, 5nm, 7nm) - The presentation includes a chart illustrating 3Q25 revenue distribution by technology, with 3nm, 5nm, and 7nm being the largest segments4849 3Q25 Revenue by Platform (Presentation Chart) This section provides a visual breakdown of 3Q25 net revenue by platform, emphasizing the dominance of High Performance Computing and Smartphone segments - A chart in the presentation details 3Q25 revenue by platform, showing High Performance Computing and Smartphone as the leading contributors51525354 Balance Sheets & Key Indices (Presentation Summary) A summary of key balance sheet items and financial indices for 3Q25, showing strong liquidity with a current ratio of 2.7x and efficient asset management Selected Items from Balance Sheets & Key Indices (NT$ billion) | Metric | 3Q25 | % of Total Assets | 2Q25 | % of Total Assets | 3Q24 | % of Total Assets | | :---------------------- | :------- | :---------------- | :------- | :---------------- | :------- | :---------------- | | Cash & Marketable Securities | 2,751.06 | 37.4% | 2,634.43 | 37.6% | 2,167.60 | 35.2% | | Inventories | 288.69 | 3.9% | 304.19 | 4.3% | 292.88 | 4.7% | | Total Assets | 7,354.11 | 100.0% | 7,006.35 | 100.0% | 6,165.66 | 100.0% | | Total Liabilities | 2,318.53 | 31.5% | 2,389.72 | 34.1% | 2,143.74 | 34.8% | | Total Shareholders' Equity | 5,035.58 | 68.5% | 4,616.63 | 65.9% | 4,021.92 | 65.2% | | A/R Turnover Days | 25 | | 23 | | 28 | | | Inventory Turnover Days | 74 | | 76 | | 87 | | | Current Ratio (x) | 2.7 | | 2.4 | | 2.6 | | - Total Assets increased to NT$7,354.11 billion in 3Q25, with Total Shareholders' Equity representing 68.5% of total assets56 Cash Flows (Presentation Summary) A summary of cash flow activities for 3Q25, indicating strong cash generation from operations, significant capital expenditures, and a positive free cash flow, though lower than the previous quarter Cash Flows (NT$ billion) | Metric | 3Q25 | 2Q25 | 3Q24 | | :-------------------------- | :------- | :------- | :------- | | Beginning Balance | 2,364.52 | 2,394.80 | 1,799.13 | | Cash from operating activities | 426.83 | 497.07 | 391.99 | | Capital expenditures | (287.45) | (297.22) | (207.08) | | Cash dividends | (116.70) | (116.70) | (90.76) | | Ending Balance | 2,470.76 | 2,364.52 | 1,886.78 | | Free Cash Flow | 139.38 | 199.85 | 184.91 | - Cash from operating activities was NT$426.83 billion, while capital expenditures were NT$287.45 billion58 - Free Cash Flow for 3Q25 was NT$139.38 billion58 Recap of Recent Major Events (Presentation) This section reiterates the recent announcement regarding the Board's approval of the 2Q25 cash dividend and provides links for further details - TSMC Board of Directors approved NT$5.00 cash dividend for 2Q25, with specific ex-dividend, record, and distribution dates60 - Further details and announcements are available on TSMC's website and the Market Observation Post System61 Consolidated Financial Statements (Unaudited) This section provides unaudited consolidated financial statements, including the balance sheet, statements of comprehensive income, and cash flow statements for the third quarter of 2025 Consolidated Condensed Balance Sheet The consolidated balance sheet for September 30, 2025, shows a healthy financial position with total assets of NT$7,354.11 billion, an increase of 5.0% QoQ and 19.3% YoY. Cash and cash equivalents increased significantly, contributing to strong current assets Consolidated Condensed Balance Sheet Highlights (NT$ million) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | QoQ Change (NT$) | YoY Change (NT$) | | :-------------------------- | :----------- | :----------- | :----------- | :--------------- | :--------------- | | Cash and Cash Equivalents | 2,470,759 | 2,364,524 | 1,886,781 | 106,235 | 583,978 | | Total Current Assets | 3,436,015 | 3,264,918 | 2,773,914 | 171,097 | 662,101 | | Property, Plant and Equipment | 3,499,341 | 3,386,206 | 3,071,599 | 113,135 | 427,742 | | Total Assets | 7,354,107 | 7,006,350 | 6,165,658 | 347,757 | 1,188,449 | | Total Current Liabilities | 1,275,906 | 1,377,314 | 1,080,399 | (101,408) | 195,507 | | Total Liabilities | 2,318,529 | 2,389,718 | 2,143,736 | (71,189) | 174,793 | | Total Shareholders' Equity | 5,035,578 | 4,616,632 | 4,021,922 | 418,946 | 1,013,656 | - Total Assets increased by NT$347,757 million (5.0%) QoQ and NT$1,188,449 million (19.3%) YoY65 - Cash and Cash Equivalents increased by NT$106,235 million (4.5%) QoQ and NT$583,978 million (31.0%) YoY65 Consolidated Condensed Statements of Comprehensive Income The consolidated statements of comprehensive income show strong growth for both the three and nine months ended September 30, 2025. Net revenue, gross profit, and net income all increased significantly year-over-year, reflecting robust demand and improved operational efficiency 3Q25 Consolidated Condensed Statements of Comprehensive Income Highlights (NT$ million) | Metric | 3Q 2025 | 2Q 2025 | 3Q 2024 | QoQ Change (NT$) | YoY Change (NT$) | | :-------------------------- | :--------- | :--------- | :--------- | :--------------- | :--------------- | | Net Revenue | 989,918 | 933,792 | 759,692 | 56,126 | 230,226 | | Gross Profit | 588,543 | 547,369 | 439,345 | 41,174 | 149,198 | | Income from Operations | 500,685 | 463,423 | 360,766 | 37,262 | 139,919 | | Net Income | 451,755 | 397,493 | 325,080 | 54,262 | 126,675 | | Earnings per Share - Diluted | 17.44 | 15.36 | 12.54 | 2.08 | 4.90 | Nine Months Ended Sep 30, 2025 Consolidated Condensed Statements of Comprehensive Income Highlights (NT$ million) | Metric | 2025 | 2024 | YoY Change (NT$) | | :-------------------------- | :----------- | :----------- | :--------------- | | Net Revenue | 2,762,964 | 2,025,847 | 737,117 | | Gross Profit | 1,629,307 | 1,111,975 | 517,332 | | Income from Operations | 1,371,189 | 896,340 | 474,849 | | Net Income | 1,209,981 | 797,963 | 412,018 | | Earnings per Share - Diluted | 46.75 | 30.80 | 15.95 | - For the nine months ended September 30, 2025, net revenue increased by 36.4% YoY to NT$2,762,964 million, and net income increased by 51.6% YoY to NT$1,209,981 million69 Consolidated Condensed Cash Flow Statements The consolidated cash flow statements highlight strong cash generation from operating activities for both the quarter and the nine-month period. Significant capital expenditures were made, and cash dividends were paid, resulting in a net increase in cash and cash equivalents for 3Q25 Consolidated Condensed Cash Flow Statements Highlights (NT$ million) | Metric | Nine Months 2025 | 3Q 2025 | 2Q 2025 | 3Q 2024 | | :--------------------------------------- | :--------------- | :--------- | :--------- | :--------- | | Net Cash Generated by Operating Activities | 1,549,467 | 426,829 | 497,064 | 391,993 | | Property, Plant and Equipment Acquisitions | (915,505) | (287,452) | (297,226) | (207,079) | | Net Cash Used In Investing Activities | (778,433) | (259,752) | (228,489) | (195,509) | | Net Cash Used In Financing Activities | (332,660) | (128,294) | (119,700) | (83,639) | | Net Increase (Decrease) in Cash and Cash Equivalents | 343,132 | 106,235 | (30,280) | 87,654 | | Cash and Cash Equivalents at End of Period | 2,470,759 | 2,470,759 | 2,364,524 | 1,886,781 | - Net cash generated by operating activities for the nine months ended September 30, 2025, was NT$1,549,467 million72 - Cash and Cash Equivalents at the end of 3Q25 increased by NT$106,235 million QoQ to NT$2,470,759 million72