ASE Technology Holding Co., Ltd. reported consolidated net revenues of TWD 645,388 million (US$20,782 million) for 2025, an 8.4% increase from the TWD 595,410 million (US$18,596 million) recorded in 2024. The fourth‑quarter revenue of TWD 177,915 million (US$5,763 million) rose 9.6% from the same period in 2024 and 5.5% from the prior quarter, underscoring a steady demand trajectory across the company’s service portfolio.
The growth was driven almost entirely by the Assembly, Testing and Material (ATM) segment, which generated TWD 389,228 million (US$12,539 million) for the year, up 19.4% YoY. The ATM segment’s performance was a key contributor to the overall revenue increase, while the Electronic Manufacturing Services (EMS) segment’s full‑year figures were not disclosed in the available data and are therefore omitted.
ASE’s reported gross margin for Q4 2025 was 22.6%, a decline from the constant‑currency level of 26.8% reported for the same quarter in 2024. The margin compression is attributed to the appreciation of the New Taiwan Dollar and ramp‑up costs associated with expanding advanced packaging capacity. For context, the company’s Q4 2024 gross margin was 16.4% and the Q2 2025 margin was 21.9%, indicating a gradual recovery but still below the 24%–30% target range for ATM gross margins set for 2025.
Strategically, ASE is positioning itself to capture a larger share of the AI chip packaging market through its Leading‑Edge Advanced Packaging and Testing (LEAP) platform. The company’s focus on LEAP is expected to drive higher‑margin revenue streams, and management has signaled confidence that the ATM segment will return to its structural margin range as the AI supercycle continues to accelerate demand for advanced packaging solutions.
Overall, ASE delivered strong top‑line growth driven by robust demand in its core ATM business, while margin compression highlights short‑term headwinds from currency movements and investment in capacity expansion. The company’s continued emphasis on AI‑centric packaging and its target margin range suggest a positive trajectory for long‑term profitability, provided that the ramp‑up costs are managed and the currency environment stabilizes.
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