Chunghwa Telecom reported Q3 2025 revenue of NT$57.92 billion, up 4.2% from NT$55.61 billion in Q3 2024. Operating income rose to NT$12.10 billion, a 6.4% increase, while net income attributable to the parent climbed 4.8% to NT$9.44 billion. Basic earnings per share reached NT$1.22, surpassing the company’s upper‑end guidance of NT$1.18–NT$1.20. However, the EPS beat was modest compared with analyst consensus of NT$1.23, meaning the company missed the broader market expectation by NT$0.01, or 0.8%. The revenue beat was driven largely by a 14.5% jump in Enterprise ICT services and a 1.8% rise in mobile post‑paid ARPU, while the Consumer Business Group grew 2.2% to NT$35.18 billion, supported by a NT$23 billion increase in fixed‑bandwidth ARPU.
The International segment contracted 1.9% to NT$2.33 billion, a decline attributed to a temporary dip in overseas voice traffic and lower roaming revenue. In contrast, the U.S. subsidiary posted a 70% revenue increase, reflecting strong demand for AI‑driven data‑center services. 5G subscriber share climbed to 38.8% and penetration among smartphone users reached 44.7%, underscoring the company’s successful “Sea, Land, and Sky” connectivity strategy. The Enterprise ICT growth was largely driven by IDC, cloud, and cybersecurity services, which together accounted for a 14.5% rise in that segment’s revenue.
Operating margin for the quarter was 20.5%, matching the 20.5% margin reported in Q3 2024, while EBITDA margin slipped slightly to 38.17% from 38.23% in the prior year. The flat operating margin reflects a balance between higher revenue mix and modest cost inflation, while the minor EBITDA contraction signals increased spending on network upgrades and AI platform development. The company’s cost‑control program has kept margin compression to a minimum, allowing it to exceed internal guidance despite the international revenue dip.
Management reiterated confidence in the 2025 outlook, noting that the Q3 performance validates its focus on high‑margin ICT expansion and disciplined capital allocation. The company’s full‑year revenue guidance remains unchanged at NT$4.39–NT$4.40 billion, up from the previous NT$4.14–NT$4.15 billion range, while operating income guidance was raised to NT$2.15–NT$2.16 billion. These adjustments signal management’s belief that the momentum in ICT and AI services will sustain growth, even as the company continues to invest heavily in network infrastructure.
Analysts noted that while Chunghwa Telecom beat its own guidance, it fell short of consensus estimates for both revenue and EPS. The miss was attributed to the international segment’s decline and the company’s conservative revenue forecasting. Despite the miss, analysts highlighted the company’s strong market position, robust 5G penetration, and expanding AI‑driven services as positive long‑term drivers. The market reaction was muted, with no significant change in analyst sentiment reported in the immediate aftermath of the earnings release.
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