ASE Technology Holding Co., Ltd. (ASX)

Business

From the 2025 Annual Report on Form 20-F, accession 0001193125-26-135585.

ASE sells outsourced back-end semiconductor manufacturing. Its customers include fabless chip companies and integrated device manufacturers. It receives finished wafers from those customers or their foundries, then packages and tests the chips and ships them to the end users its customers designate. Through its USI subsidiary group it is also an electronic manufacturing services (EMS) provider, building boards, modules and systems for computing, communications, consumer, industrial and automotive applications. In 2025 the company had operating revenues of $20.71 billion: packaging 47.8%, testing 11.1% and EMS 39.9%. By customer headquarters, 56.7% of revenue came from the United States, 18.0% from Taiwan, 15.2% from the rest of Asia and 10.0% from Europe. Customers usually supply the silicon die on consignment, so the most expensive part of a packaged chip is in neither ASE's revenue nor its costs.

The business has three operating lines, each priced differently:

• Packaging (assembly). ASE packages chips using leadframe and substrate technologies, and it makes some of its own substrates: its interconnect-materials operations met about 8.7% of its substrate needs by value in 2025. The mix has moved steadily toward advanced packages. Bumping, flip chip, wafer-level packaging and system-in-package (SiP) made up 59.6% of packaging revenue in 2025, against 51.3% in 2023. Wirebonding fell to 32.9% from 39.8% over the same period. The leading-edge advanced packaging (LEAP) portfolio covers fan-out chip-on-substrate (FOCoS and FOCoS-Bridge), 2.5D and 3D integration using through-silicon vias, and co-packaged optics. The company says these technologies have helped bring advanced ASIC and high-bandwidth-memory products for AI and high-performance computing to market. Packaging and EMS are priced on actual costs and prevailing market prices.
• Testing. Services cover front-end engineering test, wafer probing and final test, including system-level and burn-in testing. Wafer probing rose to 44.0% of testing revenue in 2025 from 35.4% in 2023, and final test fell to 54.0%. The company says complex AI processors, switches, automotive driver-assistance chips and SiP modules are a growing share of what it tests. Testing is priced mainly on the tester time (CPU seconds) each test program consumes, plus the cost of the equipment.
• EMS (USI Group). USI makes server and PC motherboards, AI cards, solid-state drives, Wi-Fi and SiP modules, consumer control boards, automotive electronics and industrial devices. Its operations are in China, Taiwan, Mexico, Vietnam and, through the Asteelflash (2020) and Hirschmann Car Communication (2023) acquisitions, Europe and Tunisia. Raw materials were 78.7% of EMS revenue in 2025, so the business is high-volume and low-margin. USI's Shanghai subsidiary is listed on the Shanghai Stock Exchange (601231).

Revenue is concentrated in a few customers. ASE's five largest customers provided 46.5% of operating revenues in 2025, and one customer exceeded 10% in each of the last three years. In packaging and testing, communications applications were 45.8% of 2025 revenue (50.9% in 2024), computing rose to 24.0% from 18.1%, and consumer, industrial and automotive were 30.2%. Since 1997 ASE has been TSMC's non-exclusive preferred provider of packaging and testing for chips TSMC fabricates. This lets ASE offer customers a full manufacturing solution from foundry through test.

Taiwan is the operating center. Operations in Taiwan produced 58.9% of 2025 operating revenues, and the main packaging campuses are in Kaohsiung (ASE Inc.) and in Taichung, Changhua, Yunlin and Hsinchu (SPIL). There are further plants in China, South Korea, Japan, Malaysia, Singapore, the Philippines, Vietnam, the United States, Mexico and Europe. The present structure dates from April 30, 2018, when ASE Technology Holding was formed to combine Advanced Semiconductor Engineering and Siliconware Precision Industries (SPIL). The holding company directly controls the ASE, SPIL and USI groups. Its common shares trade on the Taiwan Stock Exchange (3711), and its ADSs trade on the NYSE.

Risk factors

From Item 3 of the 2025 Form 20-F, accession 0001193125-26-135585.

The 20-F's risks center on four things: ASE's dependence on a cyclical and increasingly AI-driven chip market, a heavy fixed-cost investment program, its location in Taiwan, and a short list of large customers. The most material:

• Cyclicality and reliance on AI demand. Revenue and profit swing with semiconductor and electronics cycles. During downturns, integrated device manufacturers rely more on their own in-house packaging and testing and outsource less. The company now names a slowdown in AI-driven demand as its own risk. Customers building AI processors, HPC chips and accelerators drive much of its recent growth, and if their return on AI infrastructure disappoints, ASE warns of lower utilization of specialized equipment, stranded assets and margin compression.
• Customer concentration and competition from foundries. A small group of customers provides a large share of revenue, and ASE has cut prices in the past to limit order cancellations. The TSMC alliance can be ended at any time. Foundries, TSMC among them with its integrated fan-out (InFO) technology, have also built their own advanced-packaging capacity and won customers with it.
• Fixed costs and funding. Testing and leading-edge packaging carry high fixed costs, so gross margin depends on keeping capacity utilization high. Expansion needs continuous outside financing. Debt agreements carry restrictive covenants and cross-default provisions. The company was in compliance at December 31, 2025.
• Materials and energy. Few suppliers make IC substrates; the 20-F names Kinsus, Nan Ya PCB and Unimicron. ABF substrates for high-performance chips are singled out for possible shortages and long lead times as AI demand grows. Gold prices affect packaging costs, and the company expects AI to push electricity demand and prices higher, costs it may not fully pass on.
• Trade policy and China exposure. U.S. tariffs, including semiconductor-specific tariffs that the 20-F says the U.S. government intends to raise over time, could increase costs ASE cannot pass through. U.S. export licensing on advanced computing and AI items sold to China, and China's push for chip self-sufficiency, add uncertainty to its Chinese supply chain. ASE also has packaging, testing, EMS and real estate development businesses in China.
• Taiwan location. Strained relations between Taiwan and mainland China, Taiwan's domestic politics, earthquakes, typhoons, droughts and power outages could all disrupt operations that produce most of ASE's revenue. ASE is evaluating overseas plant expansion in Southeast Asia, Northeast Asia, Europe and the Americas to answer customer concerns, but warns that a more fragmented footprint brings its own vulnerabilities.
• Currency. Much of its revenue and capital spending is in US dollars, while its costs are spread across NT dollars, US dollars, renminbi, yen, won and euros. Exchange-rate moves can therefore cause losses despite hedging. A stronger NT dollar was one of the drags on 2025 gross margin.
• Litigation involving the chief operating officer. Director and COO Dr. Tien Wu was indicted in 2017 for alleged insider trading in SPIL shares around the SPIL tender offers. After several reversals and remands, the Taiwan High Court Kaohsiung Branch affirmed his acquittal on February 11, 2026, and prosecutors appealed on March 2, 2026. A separate civil suit seeking his removal from the board was remanded for retrial on December 17, 2025, and a related damages class action is also being retried. The company says that losing his services, or negative publicity, could hurt its business and share price.
• Environmental compliance and climate. ASE has faced fines, operating restrictions and criminal charges over past wastewater discharges. Carbon pricing could add costs, and production needs a reliable water supply, which a prolonged drought could interrupt.
• Controlling shareholders. Members of the Chang family hold a significant interest and can strongly influence management, dividends and board elections.

Management's discussion: fiscal 2025

From Item 5 of the 2025 Form 20-F, accession 0001193125-26-135585.

Fiscal 2025 growth came from advanced packaging and testing, which more than offset a weaker EMS year. Operating revenues rose to $20.71 billion, up 11.7% in US dollars (8.4% in NT dollars). Packaging revenue grew to $9.89 billion, up 21.4% in US dollars (17.8% in NT dollars), and testing to $2.31 billion, up 35.8% (31.8% in NT dollars). Management attributed both to growing demand for leading-edge advanced packaging and testing. EMS revenue fell to $8.25 billion, down 2.3% in US dollars (5.2% in NT dollars), which the company attributed to a slow recovery in general communication and automotive products.

The mix shift lifted margins. Gross profit was $3.66 billion, and gross margin rose to 17.7% from 16.3%, helped by the larger share of packaging and testing and higher factory utilization, partly offset by a stronger NT dollar and higher utility costs. Segment gross margins were 22.1% in packaging, 31.0% in testing and 9.2% in EMS. Raw materials fell to 48.4% of revenue from 51.5%, which the company attributed to changes in product mix. Labor rose to 11.3% from 10.8% on higher headcount, mainly in packaging. Depreciation, amortization and rental rose to 9.6% from 9.1% because of heavier capital spending. Margins improved through the year: overall gross margin moved from 16.8% in the first quarter to 19.5% in the fourth, and testing gross margin reached 36.0% in the fourth quarter.

Profit from operations rose to $1.65 billion, up 31.3% in US dollars (27.5% in NT dollars), and operating margin rose to 8.0% from 6.8%. Research and development spending was $1.05 billion, or 5.1% of revenue against 4.8%. The company said the rise in operating expenses was mainly for research to meet demand for leading-edge advanced packaging, plus higher labor costs. Net profit attributable to shareholders was $1.28 billion, up 27.3% in US dollars (23.6% in NT dollars). Diluted earnings per ADS were $0.56, against $0.45 in 2024. The effective tax rate rose to 19.70% from 18.97% because of higher taxable income, withholding tax, Taiwan's surtax on undistributed earnings and Pillar Two minimum tax. In the first half the company recorded a goodwill impairment of $4.17 million on cash-generating units whose results had missed expectations.

Investment has outgrown operating cash flow. Operating cash flow was $4.56 billion in 2025, while net cash payments for property, plant and equipment were $5.20 billion, against $2.45 billion in 2024. Capital expenditures incurred on property, plant and equipment, which the 20-F reports separately, were $5.51 billion in 2025, against $3.00 billion in 2024; the company notes that payments can fluctuate with the timing of purchase, receipt and acceptance of equipment. Of the 2025 capital expenditures incurred, $2.09 billion went to buildings and $3.40 billion to machinery and equipment. Financing activities were a net inflow, because new borrowing exceeded dividends paid of $739.07 million. At December 31, 2025, ASE held cash and equivalents of $2.95 billion against total debt of $8.70 billion, with $12.77 billion of unused credit lines. It also had $4.31 billion of capital commitments outstanding and goodwill of $1.67 billion. Management expects to fund 2026 spending from cash, operating cash flow and existing credit lines.

Current quarter: third quarter 2026

From the third-quarter results release (6-K, accession 0000950103-26-016324) and earnings presentation (6-K, accession 0000950103-26-016323), both filed October 29, 2026. The second-quarter presentation is the 6-K with accession 0000950103-26-011353, filed July 30, 2026. These figures are unaudited.

In the quarter, packaging and testing (ATM) drove the profit gains as computing applications took a larger share of its revenue, while EMS added volume at much thinner margins. Consolidated revenue grew 27.8% sequentially in NT dollars, against 10.0% in the second quarter. EMS revenue jumped 42.1% sequentially and ATM revenue rose 20.1%.

ATM is the earnings engine. ATM operating income was $946.28 million, up 159.1% in US dollars from a year earlier (178.4% in NT dollars), and ATM operating margin reached 20.0% against 15.7% in the second quarter and 10.8% a year earlier. Computing was 34% of ATM revenue, up from 25% a year earlier, while communications fell to 38% from 45%. Bumping, flip chip, wafer-level and SiP packages rose to 51% of ATM revenue. The installed base reflects the same shift: the company had 8,831 testers, against 7,066 a year earlier, while its wirebonder count fell slightly to 24,801. In NT dollars, ATM packaging revenue grew 53% year over year and testing revenue 43%. Testing's share of ATM revenue slipped to 17% from 19% in the second quarter. In July, management said it expected 2026 ATM revenue to grow about 35% in US dollar terms, and revenue from its general segment, as distinct from leading-edge advanced packaging, about 20%, up from an earlier estimate of 13%.

EMS grew volume at thin margins. EMS operating income was $97.34 million, up 13.9% in US dollars (22.4% in NT dollars). EMS operating margin of 3.3% was up from 2.4% in the second quarter but below the 3.7% of a year earlier. Computing rose to 21% of EMS revenue from 9% a year earlier, and consumer products were 41%. Raw materials took 82% of EMS revenue, against 79% in the second quarter.

Below operating income. Consolidated operating margin rose to 13.6% from 11.1% in the second quarter. Pre-tax margin, however, was 13.4% in both quarters, because non-operating items turned from a sizeable net gain in the second quarter to a small net loss. The gain on equity-method investments fell to a small fraction of the second quarter's, and the net gain on foreign-exchange hedging activities was about a third of the second quarter's. Net interest expense rose to $81.70 million, up 70.1% in US dollars from a year earlier (82.8% in NT dollars). EBITDA was $1.81 billion, and research and development spending was $352.72 million, up 26.3% in US dollars (35.7% in NT dollars). For the nine months, net income attributable to shareholders was $1.96 billion against $830.51 million a year earlier, up 136.3% in US dollars (139.7% in NT dollars).

Capital spending is outrunning operating cash flow. Payments for property, plant and equipment were $3.94 billion in the quarter, up 160.7% in US dollars from a year earlier (180.2% in NT dollars), far more than operating cash flow. Over nine months they reached $7.88 billion, already above the $5.20 billion paid in all of 2025. Net proceeds from borrowings and bonds were $3.16 billion in the quarter, and dividends paid were $906.07 million. Interest-bearing debt rose to $12.76 billion at September 30, 2026 from $9.61 billion at June 30. Property, plant and equipment rose to $19.53 billion from $16.25 billion, and unused credit lines stood at $14.36 billion.

Subsequent events

Sources: the 2025 Form 20-F (accession 0001193125-26-135585, Note 38), and the reviewed first-quarter 2026 consolidated financial statements (6-K filed August 3, 2026, accession 0001193125-26-329634, Notes 29, 37 and 38).

ASE has not yet furnished reviewed financial statements for the period ended September 30, 2026. The third-quarter release and presentation describe no transaction after the quarter end. The most recent subsequent-events notes, in the 2025 annual statements and the first-quarter 2026 statements, together with the first-quarter business-combinations note, record a run of 2026 acquisitions and capacity purchases:

• EugenLight Technologies (acquired January 15, 2026). ASE took 65.47% of this Chengdu maker of optoelectronic devices and optical engines through its Universal Optoelectronics subsidiary. The $46.64 million cash consideration bought shares and convertible bonds, was fully paid by March 31, 2026, and produced provisionally recognized goodwill. A further small stake was bought in March 2026.
• SPIL factory in Tainan (approved March 24, 2026). SPIL's board approved buying a factory building and related facilities in Xinshi District, Tainan, from an unrelated party for $197.78 million.
• 2025 dividend (resolved March 27, 2026). The board resolved a cash dividend of $0.41 per ADS.
• Analog Devices Sdn. Bhd. (signed March 2026, completed May 2026). ASE's subsidiary ASE Electronics (M) Sdn. Bhd. signed a share purchase agreement with Linear Technology Pte Ltd. to buy 100% of Analog Devices Sdn. Bhd. Its board approved the deal on March 27, 2026 at a total consideration of $108.85 million. The acquisition completed in May 2026 for a transferred consideration of $115.85 million.
• Domestic bond program (April 2026). The board authorized ASE's first unsecured corporate bonds, up to $631.35 million in aggregate, with maturities of up to 10 years and a coupon of no more than 2.20%.
• Southern Taiwan Science Park plants (April 2026). To add capacity, ASE's board approved buying plants and facilities in the Southern Taiwan Science Park for about $468.78 million. SPIL's board approved two more purchases there for about $204.56 million and $136.37 million, before tax.

Filings that contain financial statements

• 6-K, October 29, 2026, accession 0000950103-26-016324: unaudited consolidated results for the third quarter and nine months ended September 30, 2026. Holds the consolidated and segment (ATM, EMS) income statements, the consolidated balance sheet as of September 30, 2026 and June 30, 2026, and the consolidated cash flow statement for the three and nine months, with comparatives. The June 30, 2026 and nine-month 2026 columns are labelled "Retrospectively Adjusted".
• 6-K, October 29, 2026, accession 0000950103-26-016323: the third-quarter earnings presentation, with quarterly income statement comparisons, an appendix of quarterly comprehensive income through Q3 2026, and the fourth-quarter outlook. A presentation, not full statements.
• 6-K, July 30, 2026, accession 0000950103-26-011351: unaudited second-quarter 2026 results release (income statement, balance sheet and cash flow summaries). Accession 0000950103-26-011353, filed the same day, is the matching presentation.
• 6-K, April 29, 2026, accession 0000950103-26-006339: unaudited first-quarter 2026 results release. Accession 0000950103-26-006340, filed the same day, is the matching presentation.
• 6-K, August 3, 2026, accession 0001193125-26-329634: reviewed consolidated financial statements with notes for the three months ended March 31, 2025 and 2026, with the independent auditors' review report (full statements: balance sheet, comprehensive income, changes in equity, cash flows, notes).
• Form 20-F, April 1, 2026, accession 0001193125-26-135585: audited annual report for fiscal 2025.

Third-quarter 2026 results (October 29, 2026; 6-K 0000950103-26-016324)

• Net revenues were $7.64 billion, up 34.8% in US dollars from $5.67 billion a year earlier (up 44.8% in New Taiwan dollars, and up 27.8% sequentially in New Taiwan dollars).
• Gross profit was $1.69 billion (gross margin 22.1%, from 21.0% in the second quarter and 17.1% a year earlier). Operating income was $1.04 billion (operating margin 13.6%, from 11.1% in the second quarter), up 133.6% in US dollars (151.1% in New Taiwan dollars).
• Net income attributable to shareholders of the parent was $844.68 million, up from $365.50 million a year earlier (up 148.4% in New Taiwan dollars). Basic earnings were $0.384 per ADS and diluted $0.365 per ADS, against $0.168 and $0.162 a year earlier.
• Packaging and testing (ATM) revenue was $4.74 billion, up 40.6% in US dollars (51.0% in New Taiwan dollars); ATM gross margin rose to 30.6% from 27.3% in the second quarter (22.6% a year earlier). Electronic manufacturing services (EMS) revenue was $2.92 billion, up 26.0% in US dollars (35.4% in New Taiwan dollars); EMS gross margin was 8.3%, from 8.9% in the second quarter (9.2% a year earlier).
• Operating cash flow was $1.58 billion, against $491.80 million a year earlier. Equipment capital expenditure was US$2,104 million in the quarter (US$2,063 million in ATM, as reported in the supplemental tables), against US$1,695 million in the second quarter (as shown in the presentation chart). Net debt to equity was 0.66 at September 30, 2026, from 0.47 at June 30, 2026, and the current ratio was 1.16.
• Customer concentration rose: the five largest customers were about 46% of revenue (44% in the second quarter) on an ATM basis and about 70% (58%) on an EMS basis. Employees rose to 119,346 from 114,558.
• Nine-month net revenues were $19.21 billion, up 28.4% in US dollars from $14.96 billion (up 30.3% in New Taiwan dollars).
• The release restates the June 30, 2026 quarter and the nine-month figures as "Retrospectively Adjusted"; for example, second-quarter net income attributable to shareholders is $666.82 million here against $666.92 million in the July 30 release (both at 31.59 New Taiwan dollars per US dollar; NT$21,065 million against NT$21,068 million). The release does not give a reason.

Guidance (6-K 0000950103-26-016323, October 29, 2026)

For the fourth quarter of 2026, at an assumed 31.9 TWD per US dollar, management projects, in New Taiwan dollar terms:

• Consolidated revenue up 6% to 8% sequentially, gross margin 23% to 24%, operating margin 14.5% to 15.5%.
• ATM revenue up 11% to 13% sequentially, with gross margin up 100 to 200 basis points.
• EMS revenue roughly flat sequentially, with operating margin around 2%.

The prior guidance (6-K 0000950103-26-011353, July 30, 2026) was for third-quarter consolidated revenue growth of 21% to 22%, gross margin of 20.5% to 21.5% and operating margin of 11.5% to 12.5%. Reported third-quarter revenue growth was 27.8% sequentially, with gross margin of 22.1% and operating margin of 13.6%, all above the top of those ranges.

Capital actions

• August 3, 2026 (6-K 0001193125-26-330709): ASE priced an offering of US$1 billion of Currency Linked Zero Coupon Convertible Bonds due 2031, offered outside the United States under Regulation S. Proceeds are to fund capital contributions to subsidiaries for repaying existing bank borrowings and for buying foreign-currency-denominated material. The release announces pricing only; it does not state a closing or settlement date. The September 30, 2026 balance sheet shows bonds payable higher than at June 30, 2026.
• Dividends: on March 27, 2026 the board resolved a cash dividend of NT$6.6 per common share, or $0.41 per ADS (two shares) at 31.94 (Form 20-F, accession 0001193125-26-135585, Note 38b). Separately, the third-quarter cash flow statement (6-K 0000950103-26-016324) shows dividends paid of $906.07 million (NT$28,958 million at 31.96) in the quarter, with none in the second quarter. The filings do not tie that payment to the March 2026 resolution.
• April 2026 board actions (6-K 0001193125-26-329634, Note 37), converted at the April 2026 average rate of 31.68 NT$ per US$: the board of ASE resolved to issue its first unsecured domestic corporate bonds of up to $631.35 million (NT$20,000,000 thousand), maturity up to 10 years, coupon not above 2.20%. The ASE board approved buying plants and facilities in the Southern Taiwan Science Park for about $468.78 million (NT$14,850,000 thousand, excluding tax), and the SPIL board approved two more purchases there for about $204.56 million and $136.37 million (NT$6,480,000 thousand and NT$4,320,000 thousand, excluding tax).
• March 24, 2026: the SPIL board approved buying a factory building in Xinshi District, Tainan, for $197.78 million (NT$6,325,000 thousand; rate 31.98; Form 20-F, accession 0001193125-26-135585, Note 38a).

Earlier 2026 results

• July 30, 2026 (6-K 0000950103-26-011351 and -011353): second-quarter net revenues were $6.05 billion (NT$191,064 million at the release's 31.59), up 26.7% year over year and 10.0% sequentially, with gross margin 21.0%, operating margin 11.1% and basic earnings of US$0.304 per ADS. The presentation said ATM growth momentum was expected to continue into the second half and that leading-edge advanced packaging (LEAP) revenue was tracking ahead of the earlier guidance of US$3.5 billion.
• April 29, 2026 (6-K 0000950103-26-006339 and -006340): first-quarter net revenues were $5.51 billion (NT$173,662 million at the release's 31.53), up 17% year over year, with operating margin of 10.1%. Guidance for the second quarter was consolidated revenue growth of 7% to 9% sequentially.

Monthly revenue releases (6-Ks)

Consolidated net revenues, as reported in US dollars: April 2026 US$1,957 million (0000950103-26-007005, amended from 0000950103-26-006979, filed May 8, 2026); May US$2,001 million (0000950103-26-008681); June US$2,092 million (0000950103-26-010427); July US$2,309 million (0000950103-26-012092); August US$2,556 million (0000950103-26-013682); September US$2,777 million, up 39.2% year over year (0000950103-26-015458, filed October 13, 2026). Monthly revenue has risen each month since April.

Acquisitions and divestitures

Both acquisitions below are closed.

• EugenLight Technologies (closed January 15, 2026; 6-K 0001193125-26-329634, Notes 29 and 30): Universal Optoelectronics, an ASE subsidiary, acquired 65.47% of EugenLight, a Chengdu maker of optoelectronic integrated devices and optical engines, accounted for as a business combination. The cash consideration of $46.64 million (NT$1,472,270 thousand at 31.57) bought EugenLight's shares and convertible bonds and was fully paid by March 31, 2026. Goodwill was recognized provisionally. In March 2026 Universal Optoelectronics bought a further stake for $1.76 million (RMB12,158 thousand at 6.898 per US dollar), which raised ASE's holding in a company it already controlled; EugenLight is a subsidiary.
• Analog Devices Sdn. Bhd. (signed March 2026, closed May 2026; 6-K 0001193125-26-329634, Note 38): ASE Electronics (M) Sdn. Bhd. signed a share purchase agreement with Linear Technology Pte Ltd. and acquired 100% of Analog Devices Sdn. Bhd. in May 2026 for a transferred consideration of $115.85 million. The March 27, 2026 board resolution had set the consideration at $108.85 million (Form 20-F, accession 0001193125-26-135585, Note 38c).

About this file

ASX annual income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Conversion: average source, FY2025. FRED DEXTAUS, average of 250 daily rates 2025-01-01 to 2025-12-31
• Conversion: average source, FY2024. FRED DEXTAUS, average of 251 daily rates 2024-01-01 to 2024-12-31
• Conversion: average source, FY2023. FRED DEXTAUS, average of 249 daily rates 2023-01-01 to 2023-12-31
• Conversion: closing source, FY2025. FY2025 20-F accession 0001193125-26-135585, Note 4: translated at the Federal Reserve Board rate of NT$31.37 to US$1.00 as of December 31, 2025
• Conversion: closing source, FY2024. FRED DEXTAUS, rate on 2024-12-31

ASX quarterly income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Conversion: average source, Q3 2026. Q3 2026 results release, 6-K accession 0000950103-26-016324, consolidated income statement summary, row 'FX (NTD/USD)': 31.96 for the three months ended Sep. 30 2026
• Conversion: average source, Q2 2026. Q3 2026 results release, 6-K accession 0000950103-26-016324, consolidated income statement summary, row 'FX (NTD/USD)': 31.59 for the three months ended Jun. 30 2026
• Conversion: average source, Q3 2025. Q3 2026 results release, 6-K accession 0000950103-26-016324, consolidated income statement summary, row 'FX (NTD/USD)': 29.74 for the three months ended Sep. 30 2025

ASX year-to-date income statement and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Conversion: average source, Nine months 2026. Q3 2026 results release, 6-K accession 0000950103-26-016324, consolidated income statement summary, row 'FX (NTD/USD)': 31.69 for the nine months ended Sep. 30 2026
• Conversion: average source, Nine months 2025. Q3 2026 results release, 6-K accession 0000950103-26-016324, consolidated income statement summary, row 'FX (NTD/USD)': 31.24 for the nine months ended Sep. 30 2025

Adjustments

Notes

• ASE Technology Holding is a semiconductor assembly and test (packaging and testing) company that also runs an electronic manufacturing services (EMS) business, so the record uses a standard industrial layout: revenue, cost of revenue, gross profit, operating income, net income and per-share earnings; cash, debt, assets and equity; operating cash flow, capital expenditure and free cash flow. Quarterly revenue is also broken down by service line (packaging, testing, EMS, others) as the results release prints it.
• Annual figures (FY2023, FY2024 and FY2025, with balance sheets at December 31, 2024 and 2025) come from the audited consolidated statements in the FY2025 Form 20-F (accession 0001193125-26-135585), prepared under IFRS Accounting Standards and printed in thousands of New Taiwan dollars.
• Quarterly figures (Q3 2026, Q2 2026 and Q3 2025), the nine-month figures for 2026 and 2025, and the balance sheets at September 30 and June 30, 2026 come from the Q3 2026 results release furnished on Form 6-K (accession 0000950103-26-016324). The release presents unaudited summary statements under Taiwan-IFRS, in millions of New Taiwan dollars, and states that its figures may vary materially from the year-end audited statements. The release prints no balance sheet for September 30, 2025, so Q3 2025 carries income statement and cash flow figures only.
• The release labels its Q2 2026 and nine-month 2026 columns 'Retrospectively Adjusted' without explaining the adjustment. The figures here are the adjusted ones as the Q3 2026 release prints them; they differ slightly from the Q2 2026 release (accession 0000950103-26-011351), which reported Q2 2026 net income attributable to shareholders of the parent of NT$21,068 million against NT$21,065 million here.
• Net income is profit attributable to shareholders of the parent, the figure earnings per share is based on. Profit including non-controlling interests is shown separately.
• Per-share figures are stated per ADS (one ADS represents two common shares): the earnings per common share the filings print, in New Taiwan dollars, multiplied by two and converted at the period's rate. The Q3 2026 release's own per-ADS figures (basic US$0.384, diluted US$0.365) agree within rounding. Share counts are common shares, as filed.
• ASE strikes diluted earnings per share on profit reduced by the effect of a subsidiary's potentially dilutive shares (FY2025 20-F Note 27: NT$1,268,608 thousand in 2025, giving NT$38,747,147 thousand of earnings used for diluted EPS). Net income divided by diluted shares therefore runs about 1.4% to 3.2% above the diluted EPS the company reports, across these periods. The annual periods carry that diluted-EPS earnings figure; the results release does not print it for quarters.
• Expenses (cost of revenue, operating expenses, interest expense, finance costs, income tax and the non-controlling interests' share of profit) are stored as positive amounts. Non-operating gains and losses keep their sign. Cash-flow totals are signed, with negative meaning a net outflow; capital expenditure and dividends paid are stored as positive amounts paid.
• Capital expenditure is the cash-flow line 'net payments for property, plant and equipment', meaning payments less disposal proceeds, as the results release prints it. For the annual periods it is derived the same way from the 20-F: for FY2025, payments of NT$164,642,502 thousand less proceeds of NT$2,493,114 thousand. Gross payments and proceeds are also shown for the annual periods. This is a different measure from the 'equipment capital expenditures' the release quotes in US dollars (US$2,104 million for Q3 2026).
• Free cash flow is operating cash flow less that net capital expenditure. ASE does not report free cash flow. It is negative in Q3 2026, Q2 2026, Q3 2025 and FY2025 because property, plant and equipment spending exceeded operating cash flow.
• Total debt excludes lease liabilities. For the annual balance sheets it is short-term borrowings, short-term bills payable, short-term bank loans designated as hedging instruments (shown on the balance sheet as 'financial liabilities for hedging - current'; Note 20 shows they are bank loans), the current portions of bonds and long-term borrowings, bonds payable and long-term borrowings. For the quarterly balance sheets it is the release's short-term borrowings (bank loans and bills payable), long-term debts current portion, bonds payable and long-term borrowings. The release's short-term borrowings include the bank loans designated as hedging instruments, so quarterly and annual total debt are on the same footing: the Q1 2026 results release (accession 0000950103-26-006339) prints December 31, 2025 short-term borrowings of NT$43,328 million, which equals the FY2025 20-F's short-term borrowings (NT$31,825,453 thousand), short-term bills payable (NT$2,220,419 thousand) and financial liabilities for hedging - current (NT$9,282,400 thousand) combined.
• The results release summarises its statements more than the 20-F does. It reports selling, general and administrative expense as one line (for the annual periods that line is the 20-F's selling and marketing plus general and administrative expenses), reports intangible assets including goodwill, and reports 'gain on equity-method investments - net' instead of the 20-F's share of profit of associates and joint ventures. The two are kept under separate names because they may not cover the same items. In the 20-F, operating income includes other operating income and expenses, net.
• The Q3 2026 weighted average basic share count (4,403,114,522) and the 4,488,092,493 shares outstanding at September 30, 2026 (which include treasury shares held by subsidiaries) are taken from the release's text.
• No stock split affects these periods.

Uncertainties

• The quarterly and nine-month figures come from an unaudited Taiwan-IFRS results release, while the annual figures come from audited IFRS statements. The two bases are not guaranteed to match, and the 2026 quarters may differ from the figures in the FY2026 annual report.
• The release does not explain the retrospective adjustment to its Q2 2026 and nine-month 2026 columns.
• The release's NTD/USD rates are treated as period averages, since that is how the company uses them to state per-ADS earnings. The release does not define them. They are close to the Federal Reserve H.10 average for the same periods (for Q3 2026, 31.96 against an H.10 average of about 32.00).
• No trailing-twelve-month view is presented, because it would combine audited IFRS annual figures with unaudited Taiwan-IFRS release figures.

Company details

Fiscal period

Source filings