GlobalWafers Co., Ltd. (GlobalWafers) is guided by its philosophy of “Responsible Growth,” and its greenhouse gas (GHG) reduction targets have been validated by the Science Based Targets initiative (SBTi), demonstrating that its decarbonization pathway is aligned with the global 1.5°C climate goal and supports its continued progress toward achieving net-zero emissions across its entire value chain by 2050.

Science‑Based Emission Reduction Targets: Driving Net-Zero Transformation Across the Value Chain

The Science Based Targets initiative is an internationally recognized framework for low-carbon transition, designed to assist corporations and organizations in setting GHG reduction targets in line with the latest climate science. Its standard framework ensures that corporate decarbonization targets are aligned with the decarbonization pathway of the Paris Agreement, supporting efforts to limit global warming to within 1.5°C above pre-industrial levels.

Regarding near-term targets, GlobalWafers commits to reducing absolute Scope 1 and Scope 2 GHG emissions by 63% by 2035 from a 2022 base year. For Scope 3, GlobalWafers focuses on three primary emission sources: “Purchased Goods and Services” (Category 1), “Capital Goods” (Category 2), and “Fuel- and Energy-Related Activities” (Category 3). GlobalWafers commits to reducing absolute GHG emissions from these categories by 37.5% by 2035 from a 2024 base year. In terms of long-term targets, GlobalWafers commits to reducing absolute Scope 1 and Scope 2 GHG emissions by 90% by 2050 from a 2022 base year. GlobalWafers also commits to reducing absolute GHG emissions across all Scope 3 categories by 90% by 2050 from a 2024 base year, and to achieve net-zero emissions across the entire value chain by 2050.

Extending decarbonization across the entire value chain requires companies to integrate their global operations and upstream and downstream supply networks, while advancing decarbonization transformation through long-term governance and systematic action. GlobalWafers will continue to follow the standards of the Science Based Targets initiative, deepen decarbonization management across the entire value chain, and collaborate with supply chain partners to advance GHG reduction action, strengthening the climate resilience and sustainable competitiveness of the overall value chain.

Driving Low-Carbon Transition: Deepening Operational Decarbonization and Value Chain Collaboration

GlobalWafers continues to advance its low-carbon transition, implementing decarbonization strategies across both operations and the value chain. In terms of internal operations, GlobalWafers promotes green manufacturing through process optimization and equipment upgrades, including replacement of high-efficiency equipment, adoption of heat pump technology, and process redesign, combined with improvements in energy efficiency, deployment of low-carbon technologies, and optimization of resource circularity, to reduce carbon emission intensity per unit of product. In parallel, GlobalWafers is expanding the use of renewable energy through multiple approaches, including the development of on-site solar power installations, the signing of long-term Power Purchase Agreements (PPAs), and the procurement of Renewable Energy Certificates (RECs). These efforts are steadily increasing the share of renewable energy across GlobalWafers’ global operations, supporting its commitment to achieving 100% Renewable Energy (RE100) across all global production sites by 2040. Furthermore, GlobalWafers has established an internal carbon pricing mechanism and supports natural carbon sinks and engineered carbon capture to enhance climate risk and opportunity management, strengthening overall operational resilience.

For value chain decarbonization, GlobalWafers has established a raw material supplier tiered management mechanism. This initiative encourages suppliers to conduct product carbon footprint inventories and obtain third-party verification. GlobalWafers also invites major emissions-intensive suppliers to commit to the Science Based Targets initiative (SBTi) and continuously tracks suppliers’ decarbonization pathway plans and execution progress. Meanwhile, the Company collaborates with key value chain partners to deepen decarbonization engagement and gradually expand the impact of its GHG reduction efforts   across the entire semiconductor value chain.

Doris Hsu, Chairperson of GlobalWafers, stated: “GlobalWafers’ GHG reduction targets have been validated by the Science Based Targets initiative, confirming that the Group’s decarbonization pathway is aligned with internationally recognized climate science standards. In response to the global trend toward net-zero transition, We will continue to deepen green manufacturing and strengthen value chain collaboration, steadily advancing toward its GHG reduction targets. GlobalWafers regards sustainable development as a key foundation of long-term competitiveness, striving to create long-term, resilient, and sustainable value for the environment, society, and stakeholders.”

Benefiting from growing demand driven by AI and high-performance computing, the global semiconductor market has shown a broad-based recovery over recent quarters, supporting a gradual improvement in upstream wafer shipments, although the pace of recovery remains uneven across end-market applications. GlobalWafers’ first-quarter operations were temporarily affected by seasonality and extreme weather conditions. As these disruptions have subsided, shipments across sites have returned to normal. While profitability remains under short-term pressure due to capacity ramp-up, as global expansion projects gradually come onstream and capital expenditures begin to converge, the Company’s operational focus has shifted toward accelerating customer qualifications and enhancing capacity utilization. The Company is also seeing multiple positive signals from customers, indicating demand improvement has become more pronounced. In terms of utilization, excluding newly added lines still in the ramp-up stage, 12-inch utilization across the Company’s global sites remained fully loaded. Utilization of small- and mid-diameter wafers also improved meaningfully, with 8-inch demand remaining strong, supported by recovering power management and analog applications, and gradually extending to 6-inch wafers, driving continued improvement in overall capacity utilization and shipment momentum.

GlobalWafers continues advancing its global expansion and localization strategy, with major sites accelerating sampling and customer qualifications while beginning to realize results. In Japan, the expanded Utsunomiya facility has quickly returned to profitability, contributing to margin improvement and positive cash flow. In Italy, installation of expansion equipment is nearing completion, the new production line has obtained IATF 16949 certification, demonstrating that its processes and quality management meet the stringent requirements of the automotive supply chain, which will help accelerate customer qualification and volume production ramp-up. In the United States, the new Texas fab continues equipment installation and line setup, and has secured qualifications from leading customers to support capacity ramp-up. In Missouri, 12-inch SOI newly added equipment has gradually completed production qualification, with selected RF and silicon photonics products entering mass production in the first quarter of 2026.

The Company has also achieved encouraging progress in government incentives. In the United States, subsidiaries led by GlobalWafers America, in addition to previously secured CHIPS Act support, have recently obtained benefits under the Advanced Manufacturing Investment Credit (AMIC) and other government incentive programs, with approximately US$317.8 million received as of the first quarter of this year. These incentives carry meaningful financial significance for the Company’s long-term U.S. investment and capital allocation. In Italy, the first tranche of government subsidy funding has been approved, with nearly €30 million received in March this year, while subsequent subsidy applications remain on track according to schedule, supporting the Company’s long-term manufacturing footprint and operational stability. Meanwhile, the Company continues optimizing its balance sheet, with debt levels declining from prior peaks and bank borrowings further reduced. As market recovery supports future revenue and cash flow growth, GlobalWafers expects to further strengthen its financial position.

As advanced packaging technologies and high-efficiency, high-frequency applications drive demand for new materials, GlobalWafers continues expanding its portfolio of high-value products. In product mix, supported by strong customer demand and solid order visibility, SOI production line has delivered strong performance and, despite still being in the early stage of expansion, has already achieved positive gross margin, becoming one of the early highlights among the Group’s strategic initiatives to demonstrate tangible results. In compound semiconductors, 12-inch SiC has completed development and entered qualification with key customers. During 2026, the focus will be on validation and limited-volume shipments, with future volume ramping to follow customer qualification progress. Applications are expected to extend into thermal management, advanced packaging, and selected optical fields. Meanwhile, GaN remains focused on high-efficiency power applications, including data centers, charging infrastructure, and smart devices. Capacity remains fully utilized, with approximately 30% expansion completed and an additional 20% capacity expansion underway to support future growth momentum.

In sustainability governance, the results of the 12^th (2025) Corporate Governance Evaluation were recently announced, with GlobalWafers has once again been awarded among the top 5% of all Taipei Exchange-listed companies for the eighth consecutive year, and has also been recognized among the top 10% of electronics companies with a market capitalization of NT$10 billion or above. This not only demonstrates the Company’s consistently strong governance performance among industry peers, but also highlights GlobalWafers’ long-term commitment to advancing corporate governance and sustainable development. Guided by its principle of “Responsible Growth,” GlobalWafers continues to respond to macroeconomic and industry changes through operational resilience, while further strengthening its governance framework and steadily advancing toward long-term sustainable growth.

SAS’ semiconductor subsidiary, GlobalWafers (GWC, 6488: TT), also released its March results today that the consolidated revenue reached NT$5.45 billion with 23.8 % MoM and 0.1% YoY. GWC Q126 consolidated revenue totaled NT$13.98 billion, with -3.6 % QoQ and -10.3 % YoY.

GlobalWafers’ revenue for the first quarter of 2026 declined compared to the previous period, primarily due to fewer working days during the Lunar New Year holiday, as well as temporary disruptions caused by extreme cold weather and snowstorms in parts of Europe, the United States, and Northeast Asia, which constrained operations at certain overseas facilities. These impacts were seasonal and temporary. As weather conditions improved, all sites have resumed normal operations, with utilization and shipment momentum gradually stabilizing. As short-term disruptions subside, underlying operating fundamentals have gradually recovered. In addition to ongoing pilot production and customer qualifications for newly added capacity, existing 12-inch wafer lines remain fully loaded. Utilization for small- and medium-sized wafers has also improved compared to the previous quarter, indicating initial signs of demand recovery. However, the extent to which this improvement will translate into a broader and sustained market recovery remains to be seen observation. Meanwhile, the first tranche of government subsidies for the GlobalWafers’ Italian subsidiary was received in the first quarter, and will help strengthen the overall financial structure. Overall, after reaching a relatively low point in the first quarter, operating momentum shows a gradual but uneven upward trend. Nevertheless, future performance remains subject to uncertainties, including macroeconomic environment, geopolitical risks, and industry conditions. GlobalWafers will continue to adopt a proactive and prudent approach in responding to market conditions.

SAS reported a slight YoY increase in consolidated revenue for Q126. Driven by its dual-track strategy across manufacturing and services, the renewable energy business delivered outstanding performance, with its revenue in Q126 increasing 75.5% YoY, demonstrating strong growth momentum. On the solar technology front, SAS continues to expand into high-barrier niche applications, including space-related applications such as low Earth orbit (LEO) satellites, where demand for highly reliable solar products is expected to remain strong. These developments also present opportunities for the Company to further expand into higher value-added markets. In green energy services, SAS’s subsidiary Susen Green Energy (SGE) has established a one-stop green energy solutions platform integrating diversified energy and management services to support corporate decarbonization and energy transition. As of the end of the first quarter, SGE’s power trading subsidiaries, SES and Anneal, have secured cumulative green power contracts of nearly 22 billion kWh. This segment is expected to become a key growth driver for the Group’s renewable energy business. Among affiliated companies, Taiwan Specialty Chemicals Corporation (TSC, 4772:TT) reported first-quarter consolidated revenue of NT$0.86 billion, representing a YoY increase of 290%, driven by rising demand for disilane supported by AI applications. Its anhydrous hydrogen fluoride (AHF) products have also entered major customer supply chains and are gradually ramping up, and are expected to contribute to overall performance this year. Advanced Wireless Semiconductor Company (AWSC, 8086:TT) recorded first-quarter revenue of NT$1.22 billion, up 58.4% YoY. Building on its stable power amplifier (PA) business, AWSC continues to diversify its product and application portfolio, expanding into non-RF applications such as drones, LEO satellites, and high-altitude platform systems (HAPS), enhancing operational flexibility. Actron Technology Corporation (Actron, 8255:TT) reported first-quarter revenue of NT$2.04 billion, representing a YoY decrease of 3.7%. In addition to strengthening its automotive business, Actron is expanding into AI server power, energy systems, and electric vehicle power devices, leveraging SiC and GaN technologies to enter the high-efficiency power market. With steady progress across its business segments, the SAS Group will continue to leverage renewable energy, automotive components, and semiconductors as its three key growth engines, integrating Group resources and diversified operations to enhance competitiveness and long-term value.

For more details, please refer to Taiwan Ratings’ website.

Today the Board of Directors also approved the cash dividend payment plan for the second half of 2025. The Board of Directors resolved to distribute a cash dividend of NT$5.7 per share for the second half of 2025, with a total amount of NT$2.7 billion. The ex-dividend record date is July 22, and the cash dividend payment date is August 14. If the cash dividend of NT$2 per share with a total amount of NT$960 million distributed in the first half is included, an annual cash dividend of NT$7.7 per share with the total annual amount of NT$3.7 billion is distributed throughout 2025. Besides, GlobalWafers’ Annual General Shareholders’ Meeting will be convened at 9 a.m. on May 25 at the Hsinchu Science Park Life Hub, Taiwan.

Amid significant exchange-rate volatility in 2025, GlobalWafers, with operations across multiple regions worldwide and a high proportion of foreign-currency transactions, experienced translation pressure on reported revenue and earnings as the appreciation of the New Taiwan dollar impacted financial results. However, on a full-year basis, consolidated revenue in U.S. dollar terms remained flat year over year, indicating stable underlying momentum and resilient operations. As global capacity expansions progressively come into place, the recognition of related depreciation expenses has created short-term, phase-based pressure on profitability. Nevertheless, the Company has passed its peak capital-expenditure cycle, with overall spending now entering a consolidation phase. Operational focus has clearly shifted from fab construction investment toward capacity ramp-up and shipment growth, laying the foundation for earnings flexibility over the medium to long term. Supported by the dual drivers of improving utilization and the gradual receipt of government incentives across regions, expansion outcomes are increasingly translating into tangible revenue contributions. In 2025, brownfield expansion sites in Asia and Denmark delivered strong revenue performance, while new fabs in Italy and the United States, benefiting from localized supply advantages, accelerated customer qualification processes and helped move GlobalWafers’ global operations from an investment phase into a more stable harvesting stage.

Looking ahead to industry momentum, the rapid expansion of AI and high-performance computing-related applications continues to drive demand for advanced nodes and advanced packaging, increasing semiconductor wafer usage and keeping utilization rates of 12-inch silicon wafer capacity at elevated levels, thereby supporting long-term structural demand. In addition, recent market observations indicate that customer inventories in mature-node segments have gradually returned to healthier levels, with both order visibility and demand stability improving. From an order and shipment perspective, although the pace of recovery varies by application and product specifications, the overall trend remains “uneven but upward.” Demand for advanced nodes and related high-end applications remains relatively stable, while mature-node demand has shown a noticeable recovery compared with last year. The benefits of localized supply and advanced-capacity deployment are also becoming more visible, strengthening order-taking flexibility and supply stability. Revenue performance is therefore expected to stabilize progressively alongside improving utilization and stronger order momentum.

In terms of capacity deployment, expansion progress at GlobalWafers’ 12-inch wafer fabs in Texas and Missouri in the United States, as well as in Novara, Italy, is gradually becoming evident. The new Texas fab is accelerating qualification progress and has reserved multiple phases of expansion space to support future market growth. Driven by silicon photonics applications, order visibility for SOI production lines in Missouri has become increasingly clear, and the Company continues to advance process and quality optimization efforts to enhance overall production stability and shipment performance. In compound semiconductors, Gallium Nitride (GaN) capacity remains fully utilized, with the newly added 30% capacity fully covered by orders. For Silicon Carbide (SiC), building on its existing 6-inch and 8-inch product portfolio, GlobalWafers continues to deepen its presence in the power device market while further expanding its technology roadmap toward next-generation applications. These include new directions such as 12-inch SiC with improved thermal conductivity performance and semi-insulating SiC wafers. Relevant products have entered customer validation and sampling stages, focusing on applications requiring high thermal conductivity, including advanced packaging thermal solutions, high-power devices, AI servers, and other high-performance computing markets, with potential future extensions to emerging end devices such as AI glasses.

As global semiconductor customers place increasing emphasis on supply-chain carbon management and localized supply capabilities, while actively advancing decarbonization targets and sustainable procurement, the importance of local supply and green power deployment continues to rise. Leveraging its existing renewable-energy footprint and low-carbon manufacturing foundation, GlobalWafers has incorporated renewable energy into the core planning of its global expansion and fab construction strategy. New facilities and added capacity adopt green power and energy-efficient process measures from the early design stage. At the same time, the Company has strengthened water resource management by continuously improving process water efficiency, promoting wastewater recycling and reuse, and establishing comprehensive water risk identification and management mechanisms. These initiatives have gradually demonstrated results and were further recognized by the Company’s receipt of the highest leadership rating, an “A” score, in CDP Water Security 2025, comprehensively enhancing operational resilience and supply-chain stability.

GlobalWafers’ new plant in Texas (GWA) is primarily responsible for transforming high-purity silicon into wafers used in subsequent chip manufacturing, serving as an essential source of foundational materials for the semiconductor industry. As global supply chains undergo restructuring and localization trends accelerate, the company’s investments and presence in the United States are gradually demonstrating their strategic value. GlobalWafers continues to strengthen its role within the global semiconductor supply chain, providing international customers with stable and resilient support in critical materials. 

For the full article, please refer to The Wall Street Journal:
Inside Apple’s Push to Build an All-American Chip – WSJ 

Watch the full video:
https://www.youtube.com/watch?v=ktFlaBhpMu8 

GlobalWafers (6488:TT) continues to expand the application landscape of its advanced materials technologies. Leveraging decades of experience in manufacturing ultrapure silicon materials for the semiconductor industry, the company is playing a critical role in the development of quantum technology. Its Danish subsidiary, Topsil GlobalWafers A/S (Topsil), has maintained long-term investment in ultrapure Float Zone (FZ) silicon material technologies, actively supporting the advancement of next-generation quantum applications.

The promises and demands of Quantum

Quantum technology is widely regarded as a disruptive and transformative technology, with the potential to deliver major breakthroughs in high-performance computing, precision sensing, and secure communications. Its impact is expected to extend across a wide range of applications, including medicine, cybersecurity and defense, machine learning, and climate modelling. However, the realization of quantum technology is highly dependent on materials of exceptional purity and precision, as even the smallest impurity can significantly affect device performance. Through continuous innovation and rigorous quality standards, GlobalWafers has built deep expertise in ultrapure silicon material processing and successfully extended this technological advantage into the quantum domain. The ultrapure FZ silicon wafer platform provided by its subsidiary, Topsil, offers high stability and low defect characteristics, delivering an indispensable material foundation for quantum devices.

Becoming an integrated part of the Quantum ecosystem

In terms of industry collaboration, Topsil has actively engaged in the global quantum ecosystem for many years, establishing strong partnerships with leading international technology companies, academic research institutions, and innovative startups. Through these sustained efforts, Topsil has progressively strengthened its position as a trusted partner in the field of quantum materials. Over the past two years, Topsil’s technological achievements have attracted significant attention. Several Danish government ministers have visited the company for in-depth exchanges, and in 2025, the Danish King expressed strong interest in Topsil’s Float Zone silicon material technology during European Quantum Technologies Conference, the largest quantum technology event in Europe. In 2025, Topsil’s Chief Technology Officer was also elected to the board of Danish Quantum Community (DQC), Denmark’s national non-profit organization dedicated to connecting stakeholders and advancing the overall development of the Danish quantum ecosystem.

Study evaluating Topsil’s FZ silicon for quantum published in Nature

As quantum computing and quantum sensing technologies continue to move from research laboratories toward real-world deployment, qubit stability and scalability have emerged as two of the most critical technological challenges. The ultrapure silicon materials provided by GlobalWafers are helping the industry achieve breakthroughs in these areas. In November 2025, a study incorporating intrinsic Float Zone (FZ) silicon material supplied by Topsil was published in Nature, the world’s most authoritative scientific journal. The study demonstrated record-high coherence times when silicon material from GlobalWafers was applied in superconducting qubits.

Chairperson of GlobalWafers, Doris Hsu, stated:“Through deep collaboration with leading research institutions and technology companies, the technological potential of quantum innovation is increasingly being translated into real-world applications and tangible business opportunities, with related market demand continuing to grow year by year. Looking ahead, GlobalWafers will continue to leverage its global manufacturing footprint, advanced materials R&D capabilities, and strong industry partnerships to deepen its commitment to emerging technologies, including power electronics, advanced computing, and quantum technologies, providing critical material support for the development of global industries.”

GlobalWafers operates across multiple overseas locations, and foreign-currency transactions account for a relatively high proportion of the Group’s revenue. Measured in U.S. dollar terms, GlobalWafers’ revenue performance in 2025 remained solid. For FY2025, consolidated revenue denominated in U.S. dollars amounted to US$1.95 billion, remaining almost flat year over year. SAS’s revenue was also affected by the performance of its subsidiary GlobalWafers. When measured in U.S. dollar terms, SAS’s cumulative FY2025 revenue reached US$2.51 billion, reflecting a YoY increase of 1.24%. The changes in consolidated revenue measured in U.S. dollars indicate that the underlying operating performance of both SAS and GlobalWafers remained stable.

Amid easing inflationary pressures and policy adjustments by certain central banks, the global economy has maintained moderate growth. Nevertheless, geopolitical tensions and uncertainties surrounding trade policies continue to pose challenges to the market. The semiconductor industry is experiencing divergent demand dynamics and an uneven recovery pace. Inventory digestion for applications related to mature process technologies has progressed more slowly than expected, while the recovery momentum in end-consumer markets remains limited. Against this backdrop, GlobalWafers has continued to strengthen its operational resilience. Leveraging its global footprint and localized manufacturing capabilities, the Company has flexibly optimized capacity allocation and shipment mix, while accelerating customer qualification and ramp-up for new expansion lines to proactively address customers’ long-term demand for localized supply. As the Company’s global expansion projects gradually deliver tangible results, several key operating sites and product lines have reported strong revenue performance. In particular, the 2025 revenues of subsidiaries in Niigata and Utsunomiya, Japan, as well as the Danish subsidiary, all reached record highs. From a product perspective, niche products such as Gallium Nitride (GaN) demonstrated especially strong performance.

Looking ahead, the accelerated development of technologies including AI, HPC (high-performance computing), silicon photonics, and high-efficiency power management is expected to continue driving demand for high-efficiency power devices and advanced materials. Demand for leading-edge silicon wafers and SOI wafers remain robust, while GaN capacity will continue to operate at full utilization. In the new materials segment, GlobalWafers is steadily advancing its technology and process roadmap, with ongoing investments in the research and development of next-generation materials such as square wafers and 12-inch Silicon Carbide (SiC). Sampling have commenced, and related technologies are being progressively advanced to address growing market interest and demand. GlobalWafers will remain focused on large-diameter wafers for advanced applications, and high value-added specialty wafer segments. By combining localized supply advantages across its global manufacturing network with advanced process capabilities, the Company aims to leverage its diversified portfolio and competitive strengths to drive sustainable long-term growth.

In the solar product manufacturing segment, it is expected that total solar installations in the United States will reach 40~42 GW in 2026. Driven by trade controls as well as anti-dumping and countervailing duty measures, the solar wafer market is undersupplied, further highlighting the advantages of Taiwan-based compliant manufacturing, high product quality, and strong reliability. In addition, with the rapid growth of global 5G communications, data and video transmission, and VR-based immersive applications, demand for low Earth orbit (LEO) satellites is expected to experience a significant surge in 2026. Against this backdrop, solar cell products manufactured by SAS in Taiwan, having passed stringent reliability testing and qualified by U.S.-based customers, are steadily expanding their international market presence and capturing emerging growth opportunities.

In the renewable energy services segment, as the 2050 net-zero emissions policy continues to advance, enterprises are accelerating their net-zero transition and committing to the Science Based Targets initiative (SBTi). The combined momentum from policy initiatives and corporate action has driven sustained growth in demand for renewable energy. In response to industry trends, SAS has continued to deepen its green energy business deployment. Through its comprehensive renewable energy service platform, Susen Green Energy Co., Ltd. (SGE), the Group has progressively established an integrated service framework encompassing green power development, power sales, energy storage, and energy efficiency solutions, addressing enterprises’ practical needs in their net-zero transition. As of the end of December 2025, SGE had cumulatively signed green power purchase agreements exceeding 18 billion kWh. With market demand continuing to expand, SGE’s power trading subsidiaries, Sustainable Energy Solution (SES) and Anneal Energy (Anneal), recorded combined revenue growth of approximately sevenfold in 2025 compared with the previous year. Looking ahead, operating momentum is expected to be released progressively in line with further market expansion. Supported by strong market demand, the Group’s green power services business has demonstrated0 strong growth momentum, further enhancing its market visibility and influence.

Among affiliated companies, Actron Technology Corporation (8255:TT) has strengthened its presence in automotive electronics while expanding into AI server power supply and energy-related applications, driving steady operational growth. Actron’s 2025 revenue amounted to NT$ 8.1 billion, a 6.9% year-over-year increase, reaching a historical high. Advanced Wireless Semiconductor Company (8086:TT) has seen tangible results from its diversified application portfolio across high-speed wireless communication (Datacom) chips, LiDAR, filters, and unmanned aerial vehicle (UAV) applications. Its revenue increased month by month throughout 2025, with full-year revenue reaching NT$ 4.12 billion, marking the second highest level in the Company’s history.

Taiwan Specialty Chemicals Corporation (4772:TT) benefited from rising demand for disilane (Si₂H₆) driven by advanced process technologies, delivering strong operating performance. TSC’s 2025 standalone revenue, excluding the consolidation of Hung Jie Technology, increased by 20% YoY, with Q4 2025 standalone revenue setting a new quarterly record. December standalone revenue reached a historical high, marking 11 consecutive months of YoY revenue growth. TSC’s consolidated revenue, including Hung Jie Technology, in December exceeded NT$300 million for the first time, delivering outstanding results! Following the addition of Hong Jie Technology, TSC further strengthens its one-stop solution capabilities, spanning specialty gases, precision surface processing of equipment components, and ultra-high purity cleaning and refurbishment services. This expanded service scope enhances coverage of advanced process requirements. After consolidating Hung Jie Technology, TSC’s full-year 2025 consolidated revenue reached NT$ 2 billion, up 128% YoY, driving overall operating scale to a new high.

Looking ahead, SAS will continue to position renewable energy and semiconductors as its dual growth engines. Leveraging deep industry expertise and technical capabilities, the Group will pursue disciplined investment deployment, integrate the diversified growth momentum of affiliated companies, and fully realize group synergies. Through the progressive construction of a competitive industrial value chain, SAS aims to steadily advance the Group’s sustainable growth.

GlobalWafers announced consolidated revenue of NT$4.712 billion for November, representing a month-over-month increase of 9.97 percent and a year-over-year decline of 7.94 percent. Its parent company, Sino-American Silicon Products Inc. (SAS, 5483:TT), reported November consolidated revenue of NT$6.275 billion, with a month-over-month increase of 4.23 percent and a year-over-year decrease of 0.14 percent. Among SAS Group affiliates, Advanced Wireless Semiconductor Company (AWSC, 8086:TT) recorded consolidated revenue of NT$420 million in November, marking ten consecutive months of growth with strong performance; Taiwan Speciality Chemicals Corporation (TSC, 4772:TT) reported November consolidated revenue of NT$272 million, reaching a historical high for the same period; Actron Technology Corporation (Actron, 8255:TT) reported November consolidated revenue of NT$550 million.

GlobalWafers continues to steadily advance its global expansion plans. Driven by demand for AI, advanced packaging, and high-performance computing (HPC), the Company is aligning with market trends and strengthening its capacity footprint and supply flexibility across Europe, the United States, and Asia. These efforts are now gradually yielding results, with major expansion sites in all three regions having entered the sample delivery and qualification stages. In Asia, the newly built 12-inch epitaxial wafer line at the Utsunomiya plant in Japan has successfully increased capacity to record levels. Most key customers have completed product qualifications, evaluations of advanced products are proceeding as planned, and the Company has secured an early government subsidy of JPY 1.5 billion to support ongoing expansion momentum. In Europe, the new 12-inch FAB300 plant in Novara, Italy, has begun sample delivery and small-volume shipments. With fully integrated manufacturing capability, the fab is expected to start contributing to revenue gradually beginning in 2026. Government subsidies will continue to progress in line with the construction and ramp-up schedule of FAB300. In the United States, the flagship GWA fab in Texas is accelerating product qualification and ramp efforts to meet the needs of the local supply chain.

SOI (Silicon-On-Insulator) wafers serve as a key material for silicon photonics, significantly reducing signal loss while improving speed and power efficiency—essential for data centers and HPC applications in the AI era. GlobalWafers’ Missouri fab is the only 12-inch SOI wafer R&D and manufacturing site in the United States. Trial production commenced this year, with mass production planned for 2026, supported by a strong order outlook. GlobalWafers has an independent and comprehensive SOI technology platform, with all related products based on in-house technology and qualified by major customers. This provides a vertically integrated, U.S.-made SOI solution to support rapid growth in silicon photonics and AI-related demand.

The compound semiconductor business also recorded positive developments. The gallium nitride (GaN) production line continues to operate at full capacity, supported by demand from high-efficiency power conversion, data centers, industrial automation, automotive power systems, and fast-charging applications, with order visibility has extended into 2026. The Company plans to expand capacity by approximately 30% to meet long-term demand for next-generation high-efficiency materials. As AI and HPC continue to drive rapid upgrades in power architectures, GaN’s high efficiency and compact characteristics remain well-received in the market. For silicon carbide (SiC), pricing pressure persists, but signs of recovery are emerging across the industry. SiC holds long-term strategic importance in electric vehicles, energy systems, and industrial applications. The Company will continue to adjust its capacity strategies and product development roadmap in line with market conditions to strengthen supply capabilities of this critical material.

With global expansion plans progressing, GlobalWafers’ capacity structure, product mix, and localized supply capabilities continue to improve. The Company remains committed to advancing its worldwide operations with prudent financial discipline, strengthening resilience amid foreign exchange fluctuations, market shifts, and geopolitical changes. GlobalWafers will continue to enhance its comprehensive and reliable global supply capabilities to serve customers and create long-term value for shareholders.

The Taiwan Corporate Sustainability Awards (TCSA) emphasize the quality of sustainability reports and the degree of alignment with international standards such as GRI and TCFD. The evaluation examines completeness, credibility, and communication effectiveness to assess companies’ ESG integration and internal governance. This year, GlobalWafers’ Sustainability Report advanced from Silver to Platinum level, demonstrating significant improvements in materiality assessment, stakeholder engagement, third-party assurance, and internal control processes. Enhancements to the ESG section of the company website and the adoption of an interactive digital sustainability report were also recognized, greatly improving transparency and readability in line with global disclosure trends.

The CommonWealth Magazine’s Excellence in Corporate Social Responsibility Awards evaluate companies across four dimensions: corporate governance, corporate commitment, social engagement, and environmental sustainability. The awards emphasize concrete actions and social impact. This year, GlobalWafers performed particularly well in the areas of social engagement and environmental sustainability, showing tangible results in education initiatives, community partnerships, carbon management, and energy reduction efforts. The company also maintained high standards in governance, with strong performance in information disclosure and compliance receiving positive recognition.

Over the past five years, GlobalWafers has shown steady and continued progress in sustainability evaluations. Since first participating in the TCSA Sustainability Report Award in 2022, the company’s report rating has risen from Silver to this year’s Platinum level. Its overall sustainability performance ranking also improved from 14th place in 2024 to 10th among electronics and ICT manufacturers. In the Excellence in Corporate Social Responsibility Awards, the company entered the ranking for the first time in 2024 at 27th place and rose significantly to 15th place this year, demonstrating broad external recognition of its sustainability advancements.

Across the three ESG dimensions, GlobalWafers continues to elevate its performance. On the environmental front, the company announced that it will move up its RE100 target year to 2040 and signed the Science Based Targets initiative (SBTi) commitment letter, formally committing to science-based emissions reduction targets. GlobalWafers continues to implement green manufacturing across its global operations, promoting energy conservation, carbon reduction, water resource optimization, and circular economy initiatives. The company also released its first Task Force on Climate Related Financial Disclosures (TCFD) Report, disclosing climate risk management, scenario analysis, and financial impact assessments in accordance with international sustainability frameworks. On the social front, the company has strengthened its efforts in educational programs, rural support, and local collaboration. It has enhanced employee health and safety programs, including stronger occupational safety systems, employee wellness initiatives, and emergency response training. These efforts enhance workplace well-being and overall operational resilience. On governance, GlobalWafers places information transparency and compliance at the core of its approach, continually improving the quality of sustainability disclosures and obtaining third-party verification. In response to corporate governance and sustainability trends, the company not only adjusted its organizational structure in 2025 by upgrading the “Nomination Committee” to the “Nomination and Sustainability Committee,” but also reinforced the supervisory role of independent directors in sustainability strategy, climate-related risks, and information transparency. These enhancements further deepen the Board’s governance over sustainability matters. In 2024, GlobalWafers also established an internal control system for sustainability information management and initiated an IFRS Sustainability Disclosure Standards implementation project, providing scheduled progress updates to the Board. Besides, executive compensation is aligned with sustainability performance to further strengthen governance accountability and transparency.

In addition to institutional advancements, GlobalWafers is also committed to environmental protection through direct action. This year, the company held its Beach Cleanup event at Longfeng Fishing Harbor near its Zhunan site for the sixth consecutive year. Employees and their families from GlobalWafers’ Hsinchu Plant, Zhunan Plant, Taisil Branch, as well as our parent company Sino-American Silicon Products Inc. and our subsidiary Crystalwise Technology, joined the event, with more than 100 participants taking part in the coastal cleanup. Approximately 200 kilograms of waste were removed, including about 80 kilograms of Styrofoam and 120 kilograms of general waste. The event incorporated education on plastic reduction and marine conservation, encouraging employees and children to bring reusable items and apply source reduction concepts in daily life. Since 2020, GlobalWafers has adopted this coastline and has supported marine protection through continuous cleanup efforts, education, and community cooperation.

GlobalWafers fully recognizes that sustainability is a long-term commitment. Looking ahead, the company will continue to deepen its efforts across the environmental, social, and governance dimensions, including promoting energy transition, building a sustainable supply chain, enhancing employee well-being, expanding community engagement, and improving information transparency. By leveraging the research, manufacturing, and governance strengths of its global sites, GlobalWafers aims to expand its positive sustainability influence and create long-term value for the industry, society, and the environment.

GlobalWafers’ third-quarter revenue declined quarter by quarter, as some customers advanced shipments to the second quarter to mitigate uncertainty risks, resulting in a higher comparison base. Exchange rate fluctuations also had a notable impact throughout the year. The New Taiwan dollar (NTD) appreciated significantly against the U.S. dollar in the first half before slightly weakening from August. As the company’s revenue is primarily denominated in U.S. dollars, currency movements affected the conversion into NTD terms, leading to a softer year-over-year performance when reported in local currency. In U.S. dollar terms, consolidated revenue for the third quarter of 2025 reached USD 490 million, representing a 5.95% decline from the previous quarter. Cumulative revenue for the first three quarters totaled USD 1.48 billion, an increase of 2.45% compared with the same period last year. Overall, the divergence between revenue trends in NTD and USD shows that the appreciation of the NTD exerted a clear suppressing effect on reported figures, while the company’s U.S. dollar-based operations remained fundamentally stable.

Despite the complex and evolving global political and economic environment, with U.S. tariff policies and Section 232 investigations still pending, end-market visibility remains limited, and overall demand has yet to show a clear recovery. The rapid expansion of artificial intelligence (AI) applications is driving demand for advanced logic and memory products. However, growth momentum is largely concentrated in AI-related segments, while the recovery of mature-node products continues at a slower pace. In the wafer market, AI-driven demand has fueled a noticeable rebound in semiconductor revenue, but wafer shipment recovery has been more moderate, reflecting continued softness in mature-node demand and ongoing inventory digestion in certain end markets. Nevertheless, the market is showing signs of returning to a steady growth trajectory. In addition, tariffs have significantly accelerated customers’ preference for local sourcing, reflecting greater emphasis on supply-chain resilience and delivery reliability. With major customers expediting sample qualification and product verification, the U.S. market is expected to become an important medium- to long-term growth driver for GlobalWafers. As inventory adjustments near completion and AI applications expand into more industries, wafer demand is expected to recover steadily. GlobalWafers will continue to enhance its technology and operational efficiency, strengthen its global footprint and localized supply capabilities, and capture long-term opportunities arising from AI, high-performance computing, and localization trends to drive sustainable long-term growth.

GlobalWafers’ capacity expansion programs are progressing steadily across the United States and Europe, in line with the accelerating global localization trend. In the United States, the Missouri fab began pilot production earlier this year, with SOI wafer sampling underway and mass production targeted for 2026. The new Texas plant (GWA) is actively conducting product qualifications with customers and will gradually ramp up capacity in response to U.S. localization demand. In Europe, the Novara FAB300 in Italy was officially inaugurated in October 2025, becoming one of the few 12-inch semiconductor wafer fabs in Europe with fully integrated process capabilities. The site has entered the sampling and small-batch shipment phase. This milestone strengthens Europe’s semiconductor supply-chain resilience and brings GlobalWafers closer to its customers to support their long-term development strategies. All new fabs will operate entirely on renewable energy once mass production begins, in compliance with RE100 standards. This demonstrates the company’s commitment to sustainable operations and decarbonization while helping customers increase the proportion of green supply chains and achieve their RE100 and net-zero goals. At the same time, GlobalWafers has completed multiple capacity expansion projects across its major Asian sites, continuously optimizing process efficiency and production flexibility. Together with its new facilities in the United States and Europe, this forms a complementary global manufacturing network that enhances supply stability and localized service capabilities, allowing the company to flexibly allocate capacity in response to a rapidly changing international trade environment.

GlobalWafers’ advanced materials initiatives are also progressing well. The company has completed prototype development of the square silicon wafer and the 12-inch silicon carbide (SiC) wafer, both of which have entered the customer sampling stage. The square silicon wafer improves material utilization and packaging design flexibility, while the SiC wafer, with its high thermal conductivity and mechanical strength, offers strong potential for high-power and high-frequency applications. In parallel, the company continues to refine key processes including slicing, grinding, and polishing to strengthen its technological capability in new materials, capture emerging market opportunities in advance, and lay the foundation for future advanced-node requirements.

GlobalWafers remains committed to green manufacturing and sustainable development. In 2025, the company once again received the Bronze Award in the National Enterprise Environmental Protection Award from Taiwan’s Ministry of Environment, marking its fifth consecutive year of recognition for excellence in environmental management and resource efficiency. To fulfill its net-zero roadmap, GlobalWafers has pledged to align with the Science Based Targets initiative (SBTi) and achieve net-zero emissions across its entire value chain by 2050, while moving up its RE100 goal to achieve 100% renewable-energy use by 2040, ten years ahead of schedule. Recently, the company also signed a long-term offshore wind power purchase agreement (PPA) to secure renewable-energy supply for the next 30 years, with a capacity of 15.5 MW and an estimated total supply of 2 billion kWh, equivalent to a carbon-reduction impact of approximately 980,000 tons of CO₂. These concrete actions demonstrate GlobalWafers’ determination to achieve sustainable transformation and its ongoing progress toward high-efficiency, low-carbon, and sustainable operations.

The opening ceremony welcomed Hon. Adolfo Urso, Minister of Enterprises and Made in Italy; Sen. Gaetano Nastri, Italian Senate; Hon. Isabella Tovaglieri, Member of the European Parliament; Vincent Y.C. Tsai, Representative of the Taipei Representative Office in Italy; Alessandro Canelli, Novara Mayor; representatives of the Piedmont Region, together with distinguished guests; as well as hundreds of customers, suppliers, and partners who joined GlobalWafers in celebrating this historic milestone for European semiconductors.

Chairperson Doris Hsu stated: “FAB300 is not simply a manufacturing plant, it stands as a symbol of innovation, sustainability, and shared growth. It reflects the excellence, resilience, and outstanding execution of our Italian team, who have earned recognition across the European landscape. For GlobalWafers, customers, technical expertise and people have always been at the core of the company’s growth. FAB300 enables the company to work even more closely with customers to co-develop cutting-edge technologies, support their long-term growth strategies, and further advance Europe’s semiconductor ecosystem.”

In February 2022, GlobalWafers announced the expansion of its historic Novara site, which has produced silicon wafers since 1976, by adding a state-of-the-art 300mm fabrication module. This €450 million investment represents a strategic commitment to strengthening Europe’s semiconductor ecosystem.

As part of Europe’s coordinated industrial strategy to build technological sovereignty, FAB300 has been supported by €103 million in R&D funding through the second Important Project of Common European Interest on Microelectronics and Communication Technologies (IPCEI-ME/CT). This support, delivered through collaboration between the Italian Government and the European Union, recognizes the critical role FAB300 plays in advancing Europe’s semiconductor capabilities and building long-term resilience in the global supply chain.

Italian Senate, Sen. Gaetano Nastri stated: “The inauguration of FAB300 represents a fundamental step for Italy and for Europe: investing in the semiconductor supply chain means investing in the future, in technological sovereignty, and in qualified employment for our young people.”

Member of the European Parliament, Hon. Isabella Tovaglieri stated: “FAB300 represents a decisive step toward Europe’s technological independence, strengthening Italy’s role as a driving force for innovation and competitiveness. Investments like this are essential to building a stronger, more sustainable industrial future capable of creating opportunities for the next generations.”

The project has been developed in partnership with key European microelectronic device manufacturers, ensuring that production capabilities align with customer requirements and Europe’s strategic technology priorities.

“GWC has already demonstrated strong manufacturing capabilities across all silicon diameters, and we have no doubt that this new fab will become a success story. STMicroelectronics highly values GWC’s strategic decision to invest in Novara, close to our advanced manufacturing sites, bringing us sustainable supply robustness” said Chouaib Rokbi, Executive Vice President, Digital Transformation, Information Technology and Global Procurement of STMicroelectronics.

While the geopolitical context and economic headwinds have created new challenges for European competitiveness, GlobalWafers has remained steadfast in its commitment to Novara and to Europe. The successful completion of FAB300, delivering advanced manufacturing capability and creating up to 150 highly skilled jobs, demonstrates both the strength of the company’s long-term vision and the exceptional capabilities of the Italian workforce.

Novara Mayor, Alessandro Canelli stated: “The opening of FAB300 marks an event of extraordinary importance for our territory: an investment that creates qualified jobs, enhances local expertise, and reinforces Novara’s industrial vocation. Innovation generates employment when it is based on a shared vision among business, institutions, and community — and today we have tangible proof of that.”

In synergy with its Merano crystal growth operations, GlobalWafers offers one of Europe’s rare fully integrated 300 mm silicon wafer value chains, from crystal to finished wafer.

Once fully ramped, FAB300 will manufacture 300mm polished and epitaxial wafers using state-of-the-art, fully automated technology. These wafers will support advanced logic, memory, power, and MEMS/sensor application

The facility will operate under the RE100 standard, ensuring 100% renewable energy supply 100 %, significant water recycling (targeting ~50 %), and green manufacturing practices and reaffirming GlobalWafers’ global ESG commitments.

President of MEMC Electronic Materials S.p.A., Marco Sciamanna stated: “FAB300 is the result of vision, competence, and consistency — the key elements that made this achievement possible. With the strong support of our customers, institutions, and our outstanding Italian team, we are building not only the most advanced semiconductor facility in Europe, but also a model of determination and sustainable growth for the future.”

The close collaboration between the Merano and Novara sites creates a fully localized and efficient production network in Italy, enhancing flexibility, sustainability, and technological strength while reinforcing Europe’s semiconductor ecosystem.

Minister of Enterprises and Made in Italy, Hon. Adolfo Urso stated: “The inauguration of FAB300 confirms Italy’s leadership in the semiconductor sector and its commitment, together with Europe, to building a more autonomous and competitive supply chain. Only by uniting industry, education, and research can we strengthen our technological sovereignty and successfully face the challenges of the future.”

The success of FAB300 extends beyond GlobalWafers. Hundreds of best-in-class suppliers, from equipment manufacturers to engineering firms, have contributed advanced technology, systems, and expertise to the project. This collaborative approach strengthens the entire Piedmont region’s position in the global semiconductor value chain. GlobalWafers continues its long-standing collaborations with leading universities and research centers, fostering the continuous growth of Italy’s semiconductor ecosystem. These partnerships ensure knowledge transfer, talent development, and innovation that will benefit the region for decades to come.

FAB300’s inauguration follows the successful opening of GlobalWafers America (GWA) in Sherman, Texas, on May 15, 2025. Together, these facilities represent GlobalWafers’ commitment to geographic diversification and strategic partnerships with customers and governments worldwide.

300mm silicon wafers are the essential foundation for manufacturing leading-edge, mature-node, and memory chips. Silicon from GlobalWafers’ wafers is found in virtually every device that powers modern life, from home appliances, automobiles, and infrastructure to smartphones, computers, and artificial intelligence applications.

As Chairperson Hsu concluded: “Novara stands at the heart of GlobalWafers’ vision for semiconductor innovation in Europe. FAB300 strengthens Europe’s role in the global semiconductor value chain and enables the technologies that will define our future. Complemented by advanced manufacturing hubs across Asia, Europe, and the United States, GlobalWafers delivers a reliable, globally coordinated, and regionally anchored one-stop solution for 300mm wafers—from crystal growth to epitaxy wafers—ensuring consistency, efficiency, and long-term supply resilience. This is not just about manufacturing—it’s about partnership, resilience, and shaping a globally synchronized yet regionally empowered semiconductor supply network.”