UMC Reports First Quarter 2025 Results

22nm revenue surges 46% QoQ on display driver and networking chip demand

Inauguration of new Singapore fab to support future 22nm growth

First Quarter 2025 Overview¹:

• Revenue: NT$57.86 billion (US$1.74 billion)
• Gross margin: 26.7%; Operating margin: 16.9%
• Revenue from 22/28nm: 37%
• Capacity utilization rate: 69%
• Net income attributable to shareholders of the parent: NT$7.78 billion (US$234 million)
• Earnings per share: NT$0.62; earnings per ADS: US$0.093

TAIPEI, Taiwan--(BUSINESS WIRE)-- United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC” or “The Company”), a leading global semiconductor foundry, today announced its consolidated operating results for the first quarter of 2025.

First quarter consolidated revenue was NT$57.86 billion, decreasing 4.2% from NT$60.39 billion in 4Q24. Compared to a year ago, 1Q25 revenue increased 5.9%. Consolidated gross margin for 1Q25 was 26.7%. Net income attributable to the shareholders of the parent was NT$7.78 billion, with earnings per ordinary share of NT$0.62.

Jason Wang, co-president of UMC, said, “Our results in the first quarter were in line with previous guidance, with flattish wafer shipments and the one-time pricing adjustment at the beginning of the year to reflect market conditions. First-quarter highlights include 22/28nm revenue hitting a record high, representing 37% of total sales. That was driven by a 46% quarter-over-quarter increase in 22nm revenue from products such as OLED display driver ICs, image signal processors as well as digital TV, WiFi and audio codec chips. We expect customers to tape-out additional 22nm products in the coming quarters as customers increasingly migrate to our 22nm logic and specialty platforms for next-generation applications. Earlier this month, we also officially inaugurated our new Singapore Phase 3 fab, which will provide additional 22nm capacity to support future growth. Pilot runs are underway and is on schedule to ramp up to volume production early 2026. The expansion in Singapore also further broadens our geographic diversification, enabling customers to strengthen their supply chain resilience. In February, our Board of Directors proposed a cash dividend of NT$2.85 per share, which is subject to approval from shareholders in the upcoming annual general meeting.”

Co-president Wang added, “Looking ahead to the second quarter, we are expecting a moderate rebound in demand across all segments according to near-term alignment with customers. Beyond that, we are cautious about wafer demand projections as policies and markets are still adjusting to the recent tariff announcements. To navigate this challenging environment, we are working closely with customers to monitor trends in end market demand. We are also strengthening our competitive advantages by focusing on execution of key technology projects, such as the 12nm collaboration with U.S. partner, and ensuring our customers have access to geographically diverse manufacturing options. In addition, we are implementing cost reduction plans and accelerating AI and intelligent manufacturing systems to enhance operational efficiency. Through these key focuses, we are confident that UMC can maintain our financial and business resilience.”

Co-president Wang said, “In the first quarter, UMC was honored to receive high ratings in two key sustainability benchmarks. In the Sustainability Yearbook 2025 published by S&P Global, UMC is the only semiconductor company globally to earn the ‘Top 1%’ ranking based on the company’s Corporate Sustainability Assessment (CSA) score. UMC also stood out in the CDP’s annual assessment as the sole semiconductor company to be awarded the highest ‘A’ rating in both Climate Change and Water Security categories.”

Summary of Operating Results

Operating Results
(Amount: NT$ million)		1Q25			4Q24			QoQ % change			1Q24			YoY % change
Operating Revenues		57,859			60,386			(4.2	)		54,632			5.9
Gross Profit		15,447			18,343			(15.8	)		16,899			(8.6	)
Operating Expenses		(6,123	)		(6,748	)		(9.3	)		(5,747	)		6.5
Net Other Operating Income and Expenses		462			362			27.6			513			(9.9	)
Operating Income		9,786			11,957			(18.2	)		11,665			(16.1	)
Net Non-Operating Income and Expenses		(439	)		(1,443	)		(69.5	)		1,056			-
Net Income Attributable to Shareholders of the Parent		7,777			8,497			(8.5	)		10,456			(25.6	)
EPS (NT$ per share)		0.62			0.68						0.84
EPS (US$ per ADS)		0.093			0.104						0.131
Exchange rate (USD/NTD)		33.18			32.78						31.99
Note：Sums may not equal totals due to rounding.

First quarter operating revenues declined 4.2% sequentially to NT$57.86 billion. Revenue contribution from 40nm and below technologies represented 53% of wafer revenue. Gross profit decreased 15.8% QoQ to NT$15.45 billion, or 26.7% of revenue. Operating expenses decreased 9.3% to NT$6.12 billion. Net other operating income increased 27.6% to NT$0.46 billion. Net non-operating expenses totaled NT$0.44 billion. Net income attributable to shareholders of the parent amounted to NT$7.78 billion.

Earnings per ordinary share for the quarter was NT$0.62. Earnings per ADS was US$0.093. The basic weighted average number of shares outstanding in 1Q25 was 12,484,780,989, compared with 12,481,192,676 shares in 4Q24 and 12,414,087,724 shares in 1Q24. The diluted weighted average number of shares outstanding was 12,579,207,466 in 1Q25, compared with 12,610,756,874 shares in 4Q24 and 12,577,525,057 shares in 1Q24. The fully diluted shares counted on March 31, 2025 were approximately 12,579,207,000.

Detailed Financials Section

Operating revenues decreased to NT$57.86 billion. COGS grew 0.9% to NT$42.41 billion, which included a 4.1% sequential increase in depreciation. Gross profit decreased 15.8% QoQ to NT$15.45 billion. Operating expenses decreased to NT$6.12 billion, as G&A declined 13.9% QoQ to NT$1.54 billion, R&D declined 8.5% to NT$3.96 billion, and Sales & Marketing also declined 0.7% to NT$0.62 billion. Net other operating income was NT$0.46 billion. In 1Q25, operating income declined 18.2% QoQ to NT$9.79 billion.

COGS & Expenses
(Amount: NT$ million)		1Q25			4Q24			QoQ % change			1Q24			YoY % change
Operating Revenues		57,859			60,386			(4.2	)		54,632			5.9
COGS		(42,412	)		(42,043	)		0.9			(37,733	)		12.4
Depreciation		(12,321	)		(11,841	)		4.1			(9,335	)		32.0
Other Mfg. Costs		(30,091	)		(30,202	)		(0.4	)		(28,398	)		6.0
Gross Profit		15,447			18,343			(15.8	)		16,899			(8.6	)
Gross Margin (%)		26.7	%		30.4	%					30.9	%
Operating Expenses		(6,123	)		(6,748	)		(9.3	)		(5,747	)		6.5
Sales & Marketing		(619	)		(623	)		(0.7	)		(684	)		(9.5	)
G&A		(1,542	)		(1,791	)		(13.9	)		(1,702	)		(9.4	)
R&D		(3,964	)		(4,334	)		(8.5	)		(3,407	)		16.3
Expected Credit Impairment Gain		2			0			523.3			46			(94.7	)
Net Other Operating Income & Expenses		462			362			27.6			513			(9.9	)
Operating Income		9,786			11,957			(18.2	)		11,665			(16.1	)
Note：Sums may not equal totals due to rounding.

Net non-operating expenses in 1Q25 was NT$0.44 billion, primarily reflecting the NT$0.77 billion in net investment loss, offset by the NT$0.22 billion in net interest income, and the NT$0.12 billion in exchange gain.

Non-Operating Income and Expenses
(Amount: NT$ million)		1Q25			4Q24			1Q24
Non-Operating Income and Expenses		(439	)		(1,443	)		1,056
Net Interest Income and Expenses		219			290			676
Net Investment Gain and Loss		(769	)		(2,614	)		(324	)
Exchange Gain and Loss		115			877			697
Other Gain and Loss		(5	)		4			7
Note：Sums may not equal totals due to rounding.

In 1Q25, cash inflow from operating activities was NT$23.83 billion. Cash outflow from investing activities totaled NT$10.51 billion, which included NT$14.57 billion in capital expenditure, resulting in free cash flow of NT$9.26 billion. Cash outflow from financing was NT$13.78 billion, primarily from NT$13.02 billion in bank loans. Net cash flow in 1Q25 amounted to NT$1.35 billion. Over the next 12 months, the company expects to repay NT$5.62 billion in bank loans.

Cash Flow Summary
(Amount: NT$ million)		For the 3-Month Period Ended Mar. 31, 2025			For the 3-Month Period Ended Dec. 31, 2024
Cash Flow from Operating Activities		23,826			32,977
Net income before tax		9,347			10,514
Depreciation & Amortization		14,128			13,463
Share of loss of associates and joint ventures		208			1,800
Income tax paid		(585	)		(137	)
Changes in working capital & others		728			7,337
Cash Flow from Investing Activities		(10,506	)		(16,968	)
Acquisition of PP&E		(14,153	)		(18,275	)
Acquisition of intangible assets		(329	)		(877	)
Others		3,976			2,184
Cash Flow from Financing Activities		(13,776	)		(14,305	)
Bank loans		(13,018	)		(10,495	)
Redemption of bonds		-			(3,400	)
Others		(758	)		(410	)
Effect of Exchange Rate		1,810			(111	)
Net Cash Flow		1,354			1,593
Beginning balance		105,000			103,407
Ending balance		106,354			105,000
Note：Sums may not equal totals due to rounding.

Cash and cash equivalents increased to NT$106.35 billion. Days of inventory decreased 3 days to 77 days.

Current Assets
(Amount: NT$ billion)		1Q25		4Q24		1Q24
Cash and Cash Equivalents		106.35		105.00		119.43
Accounts Receivable		34.80		33.34		30.68
Days Sales Outstanding		54		51		50
Inventories, net		35.43		35.78		34.59
Days of Inventory		77		80		85
Total Current Assets		192.32		189.68		205.16

Current liabilities decreased to NT$72.87 billion. Long-term credit/bonds decreased to NT$44.63 billion. Total liabilities decreased to NT$182.13 billion, leading to a debt to equity ratio of 47%.

Liabilities
(Amount: NT$ billion)		1Q25			4Q24			1Q24
Total Current Liabilities		72.87			75.26			88.40
Accounts Payable		9.27			7.63			7.46
Short-Term Credit / Bonds		17.63			19.51			25.60
Payables on Equipment		8.46			10.52			13.97
Other		37.51			37.60			41.37
Long-Term Credit / Bonds		44.63			55.53			43.45
Total Liabilities		182.13			192.02			188.85
Debt to Equity		47	%		51	%		50	%

Analysis of Revenue²

Revenue from Asia Pacific increased to 66%, while business from North America was 22% of sales. Business from Europe decreased to 7%, while contribution from Japan was 5%.

Revenue Breakdown by Region
Region	1Q25			4Q24			3Q24			2Q24			1Q24
North America		22	%		25	%		26	%		25	%		25	%
Asia Pacific		66	%		61	%		65	%		64	%		63	%
Europe		7	%		11	%		5	%		7	%		8	%
Japan		5	%		3	%		4	%		4	%		4	%

Revenue contribution from 22/28nm increased to 37% of wafer revenue, while 40nm contribution remained at 16% of sales.

Revenue Breakdown by Geometry
Geometry	1Q25			4Q24			3Q24			2Q24			1Q24
14nm and below		0	%		0	%		0	%		0	%		0	%
14nm<x<=28nm		37	%		34	%		35	%		33	%		33	%
28nm<x<=40nm		16	%		16	%		13	%		12	%		14	%
40nm<x<=65nm		16	%		16	%		15	%		15	%		18	%
65nm<x<=90nm		8	%		11	%		10	%		12	%		10	%
90nm<x<=0.13um		7	%		10	%		10	%		11	%		9	%
0.13um<x<=0.18um		10	%		9	%		11	%		10	%		11	%
0.18um<x<=0.35um		5	%		4	%		5	%		5	%		4	%
0.5um and above		1	%		0	%		1	%		2	%		1	%

Revenue from fabless customers accounted for 82% of revenue.

Revenue Breakdown by Customer Type
Customer Type	1Q25			4Q24			3Q24			2Q24			1Q24
Fabless		82	%		84	%		85	%		87	%		82	%
IDM		18	%		16	%		15	%		13	%		18	%

Revenue from the communication segment accounted for 40%, while business from computer applications was 11% of sales. Business from consumer applications increased to 34%, while other segments was 15% of revenue.

Revenue Breakdown by Application (1)
Application	1Q25			4Q24			3Q24			2Q24			1Q24
Computer		11	%		13	%		13	%		15	%		13	%
Communication		40	%		39	%		42	%		39	%		48	%
Consumer		34	%		29	%		31	%		31	%		23	%
Others		15	%		19	%		14	%		15	%		16	%

⁽¹⁾ Computer consists of ICs such as CPU, GPU, HDD controllers, DVD/CD-RW control ICs, PC chipset, audio codec, keyboard controller, monitor scaler, USB, I/O chipset, WLAN. Communication consists of handset components, broadband, bluetooth, Ethernet, LAN, DSP, etc. Consumer consists of ICs used for DVD players, DTV, STB, MP3/MP4, flash controller, game consoles, DSC, smart cards, toys, etc.

Blended ASP Trend

Blended average selling price (ASP) declined in 1Q25.

(To view blended ASP trend, please click here for 1Q25 ASP)

Shipment and Utilization Rate³

Wafer shipments remained flat, accounting for 910K in the first quarter, while quarterly capacity was 1,264K. Overall utilization rate in 1Q25 slightly declined to 69%.

Wafer Shipments
	1Q25			4Q24			3Q24			2Q24			1Q24
Wafer Shipments (12” K equivalents)		910			909			896			831			810
Quarterly Capacity Utilization Rate
	1Q25			4Q24			3Q24			2Q24			1Q24
Utilization Rate		69	%		70	%		71	%		68	%		65	%
Total Capacity (12” K equivalents)		1,264			1,280			1,274			1,257			1,212

Capacity⁴

Total capacity in the first quarter decreased to 1,264K 12-inch equivalent wafers. Capacity will grow in the second quarter of 2025 to 1,290K 12-inch equivalent wafers.

Annual Capacity in																		Quarterly Capacity in
thousands of wafers																		thousands of wafers
FAB			Geometry (um)		2024			2023			2022			2021				FAB			2Q25E		1Q25		4Q24		3Q24
WTK		6"		5 – 0.15		331			328			335			329			WTK		6"		80		78		83		83
8A		8"		3 – 0.11		829			811			765			755			8A		8"		215		212		207		207
8C		8"		0.35 – 0.11		477			473			459			459			8C		8"		125		123		119		119
8D		8"		0.18 – 0.09		473			440			410			380			8D		8"		118		116		118		118
8E		8"		0.6 – 0.14		524			490			469			457			8E		8"		131		129		131		131
8F		8"		0.18 – 0.11		578			570			550			514			8F		8"		146		144		145		145
8S		8"		0.18 – 0.11		455			447			443			408			8S		8"		117		115		114		114
8N		8"		0.5 – 0.11		1,013			996			952			917			8N		8"		250		246		254		254
12A		12"		0.13 – 0.014		1,556			1,305			1,170			1,070			12A		12"		409		402		409		403
12i		12"		0.13 – 0.040		678			655			655			641			12i		12"		172		169		172		172
12X		12"		0.080 – 0.022		318			317			314			284			12X		12"		80		78		80		80
12M		12"		0.13 – 0.040		455			438			436			395			12M		12"		119		113		115		115
Total(1)						5,022			4,674			4,458			4,201			Total				1,290		1,264		1,280		1,274
YoY Growth Rate						7	%		5	%		6	%		3	%

⁽¹⁾ One 6-inch wafer is converted into 0.25 (6²/12²) 12-inch equivalent wafer; one 8-inch wafer is converted into 0.44 (8²/12²) 12-inch equivalent wafers. Total capacity figures are expressed in 12-inch equivalent wafers.

CAPEX

CAPEX spending in 1Q25 totaled US$443 million. 2025 cash-based CAPEX budget will be US$1.8 billion.

Capital Expenditure by Year - in US$ billion
Year	2024			2023			2022			2021			2020
CAPEX		$	2.9		$	3.0		$	2.7		$	1.8		$	1.0
2025 CAPEX Plan
8"		12"			Total
10%		90%			US$1.8 billion

Second Quarter 2025 Outlook & Guidance

Quarter-over-Quarter Guidance:

• Wafer Shipments: Will increase by 5-7%
• ASP in USD: Will remain flat
• Gross Profit Margin: Will be approximately 30%
• Capacity Utilization: mid-70% range
• 2025 CAPEX: US$1.8 billion

Recent Developments / Announcements

Jan. 14, 2025		UMC’s Flagship Fab Designated One of 189 Smart Manufacturing Lighthouses by the World Economic Forum
Feb. 10, 2025		UMC Recognized with Double ‘A’ score for Climate Change and Water Security Leadership in CDP A List for Three Consecutive Years
Feb. 14, 2025		UMC Ranks Top 1% in the Semiconductor Industry in S&P Global Sustainability Yearbook 2025
Feb. 26, 2025		UMC Board of Directors Announces Proposals for its Annual Shareholders Meeting
Apr. 01, 2025		UMC Unveils New Fab Expansion in Singapore in Grand Opening Ceremony

Please visit UMC’s website for further details regarding the above announcements

Conference Call / Webcast Announcement

Wednesday, April 23, 2025

Time: 5:00 PM (Taipei) / 5:00 AM (New York) / 10:00 AM (London)

Dial-in numbers and Access Codes:
Taiwan Number:		02 3396 1191
Taiwan Toll Free:		0080 119 6666
US Toll Free:		+1 866 212 5567
Other Areas:		+886 2 3396 1191
Access Code:		3707023#

A live webcast and replay of the 1Q25 results announcement will be available at www.umc.com under the “Investors / Events” section.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC’s comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD etc. Most of UMC’s 12-in and 8-in fabs with its core R&D are in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with a combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standards. UMC is headquartered in Hsinchu, Taiwan, plus local offices in the United States, Europe, China, Japan, Korea, and Singapore, with a worldwide total of 20,000 employees. For more information, please visit: http://www.umc.com.

Safe Harbor Statements

This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and as defined in the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding anticipated financial results for the first quarter of 2025; the expected wafer shipment and ASP; the anticipated annual budget; capex strategies; environmental protection goals and water management strategies; impact of foreign currency exchange rates; expected foundry capacities; the ability to obtain new business opportunities; and information under the heading “Second Quarter 2025 Outlook and Guidance.”

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual performance, financial condition or results of operations of UMC to be materially different from what is stated or may be implied in such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to: (i) dependence upon the frequent introduction of new services and technologies based on the latest developments in the industry in which UMC operates; (ii) the intensely competitive semiconductor, communications, consumer electronics and computer industries and markets; (iii) the risks associated with international business activities; (iv) dependence upon key personnel; (v) general economic and political conditions; (vi) possible disruptions in commercial activities caused by natural and human-induced events and disasters, including natural disasters, terrorist activity, armed conflict and highly contagious diseases; (vii) reduced end-user purchases relative to expectations and orders; and (viii) fluctuations in foreign currency exchange rates. Further information regarding these and other risk factors is included in UMC’s filings with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F. All information provided in this release is as of the date of this release and are based on assumptions that UMC believes to be reasonable as of this date, and UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

The financial statements included in this release are prepared and published in accordance with Taiwan International Financial Reporting Standards, or TIFRSs, recognized by the Financial Supervisory Commission in the ROC, which is different from International Financial Reporting Standards, or IFRSs, issued by the International Accounting Standards Board. Investors are cautioned that there may be significant differences between TIFRSs and IFRSs. In addition, TIFRSs and IFRSs differ in certain significant respects from generally accepted accounting principles in the ROC and generally accepted accounting principles in the United States.

- FINANCIAL TABLES TO FOLLOW -

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Balance Sheet
As of March 31, 2025
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
		March 31, 2025
		US$		NT$		%
Assets
Current assets
Cash and cash equivalents		3,205		106,354		18.6	%
Accounts receivable, net		1,049		34,801		6.1	%
Inventories, net		1,068		35,425		6.2	%
Other current assets		475		15,744		2.8	%
Total current assets		5,796		192,323		33.6	%
Non-current assets
Funds and investments		2,152		71,407		12.5	%
Property, plant and equipment		8,501		282,051		49.2	%
Right-of-use assets		240		7,948		1.4	%
Other non-current assets		580		19,233		3.4	%
Total non-current assets		11,472		380,639		66.4	%
Total assets		17,268		572,962		100.0	%
Liabilities
Current liabilities
Short-term loans		196		6,500		1.1	%
Payables		1,327		44,018		7.7	%
Current portion of long-term liabilities		336		11,132		1.9	%
Other current liabilities		338		11,224		2.0	%
Total current liabilities		2,196		72,873		12.7	%
Non-current liabilities
Bonds payable		741		24,586		4.3	%
Long-term loans		604		20,041		3.5	%
Lease liabilities, noncurrent		172		5,700		1.0	%
Other non-current liabilities		1,776		58,933		10.3	%
Total non-current liabilities		3,293		109,260		19.1	%
Total liabilities		5,489		182,134		31.8	%
Equity
Equity attributable to the parent company
Capital		3,785		125,584		21.9	%
Additional paid-in capital		452		14,995		2.6	%
Retained earnings and other components of equity		7,535		250,026		43.6	%
Total equity attributable to the parent company		11,772		390,605		68.2	%
Non-controlling interests		7		224		0.0	%
Total equity		11,779		390,829		68.2	%
Total liabilities and equity		17,268		572,962		100.0	%
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar.
(2) Sums may not equal totals due to rounding.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
		Year over Year Comparison												Quarter over Quarter Comparison
		Three-Month Period Ended												Three-Month Period Ended
		March 31, 2025						March 31, 2024			Chg.			March 31, 2025						December 31, 2024			Chg.
		US$			NT$			NT$			%			US$			NT$			NT$			%
Operating revenues		1,744			57,859			54,632			5.9	%		1,744			57,859			60,386			(4.2	%)
Operating costs		(1,278	)		(42,412	)		(37,733	)		12.4	%		(1,278	)		(42,412	)		(42,043	)		0.9	%
Gross profit		466			15,447			16,899			(8.6	%)		466			15,447			18,343			(15.8	%)
		26.7	%		26.7	%		30.9	%					26.7	%		26.7	%		30.4	%
Operating expenses
- Sales and marketing expenses		(19	)		(619	)		(684	)		(9.5	%)		(19	)		(619	)		(623	)		(0.7	%)
- General and administrative expenses		(46	)		(1,542	)		(1,702	)		(9.4	%)		(46	)		(1,542	)		(1,791	)		(13.9	%)
- Research and development expenses		(119	)		(3,964	)		(3,407	)		16.3	%		(119	)		(3,964	)		(4,334	)		(8.5	%)
- Expected credit impairment gain		0			2			46			(94.7	%)		0			2			0			523.3	%
Subtotal		(185	)		(6,123	)		(5,747	)		6.5	%		(185	)		(6,123	)		(6,748	)		(9.3	%)
Net other operating income and expenses		14			462			513			(9.9	%)		14			462			362			27.6	%
Operating income		295			9,786			11,665			(16.1	%)		295			9,786			11,957			(18.2	%)
		16.9	%		16.9	%		21.4	%					16.9	%		16.9	%		19.8	%
Net non-operating income and expenses		(13	)		(439	)		1,056			-			(13	)		(439	)		(1,443	)		(69.5	%)
Income from continuing operations before income tax		282			9,347			12,721			(26.5	%)		282			9,347			10,514			(11.1	%)
		16.2	%		16.2	%		23.3	%					16.2	%		16.2	%		17.4	%
Income tax expense		(48	)		(1,603	)		(2,291	)		(30.0	%)		(48	)		(1,603	)		(2,054	)		(22.0	%)
Net income		233			7,743			10,430			(25.8	%)		233			7,743			8,460			(8.5	%)
		13.4	%		13.4	%		19.1	%					13.4	%		13.4	%		14.0	%
Other comprehensive income (loss)		135			4,489			7,954			(43.6	%)		135			4,489			1,270			253.4	%
Total comprehensive income (loss)		369			12,232			18,384			(33.5	%)		369			12,232			9,730			25.7	%
Net income attributable to:
Shareholders of the parent		234			7,777			10,456			(25.6	%)		234			7,777			8,497			(8.5	%)
Non-controlling interests		(1	)		(34	)		(26	)		26.2	%		(1	)		(34	)		(37	)		(9.2	%)
Comprehensive income (loss) attributable to:
Shareholders of the parent		370			12,266			18,410			(33.4	%)		370			12,266			9,767			25.6	%
Non-controlling interests		(1	)		(33	)		(26	)		26.3	%		(1	)		(33	)		(37	)		(9.3	%)
Earnings per share-basic		0.019			0.62			0.84						0.019			0.62			0.68
Earnings per ADS (2)		0.093			3.10			4.20						0.093			3.10			3.40
Weighted average number of shares
outstanding (in millions)					12,485			12,414									12,485			12,481
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
(3) Sums may not equal totals due to rounding.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statements of Comprehensive Income
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
Except Per Share and Per ADS Data
		For the Three-Month Period Ended									For the Three-Month Period Ended
		March 31, 2025									March 31, 2025
		US$			NT$			%			US$			NT$			%
Operating revenues		1,744			57,859			100.0	%		1,744			57,859			100.0	%
Operating costs		(1,278	)		(42,412	)		(73.3	%)		(1,278	)		(42,412	)		(73.3	%)
Gross profit		466			15,447			26.7	%		466			15,447			26.7	%
Operating expenses
- Sales and marketing expenses		(19	)		(619	)		(1.1	%)		(19	)		(619	)		(1.1	%)
- General and administrative expenses		(46	)		(1,542	)		(2.7	%)		(46	)		(1,542	)		(2.7	%)
- Research and development expenses		(119	)		(3,964	)		(6.9	%)		(119	)		(3,964	)		(6.9	%)
- Expected credit impairment gain		0			2			0.0	%		0			2			0.0	%
Subtotal		(185	)		(6,123	)		(10.6	%)		(185	)		(6,123	)		(10.6	%)
Net other operating income and expenses		14			462			0.8	%		14			462			0.8	%
Operating income		295			9,786			16.9	%		295			9,786			16.9	%
Net non-operating income and expenses		(13	)		(439	)		(0.8	%)		(13	)		(439	)		(0.8	%)
Income from continuing operations before income tax		282			9,347			16.2	%		282			9,347			16.2	%
Income tax expense		(48	)		(1,603	)		(2.8	%)		(48	)		(1,603	)		(2.8	%)
Net income		233			7,743			13.4	%		233			7,743			13.4	%
Other comprehensive income (loss)		135			4,489			7.8	%		135			4,489			7.8	%
Total comprehensive income (loss)		369			12,232			21.1	%		369			12,232			21.1	%
Net income attributable to:
Shareholders of the parent		234			7,777			13.4	%		234			7,777			13.4	%
Non-controlling interests		(1	)		(34	)		(0.1	%)		(1	)		(34	)		(0.1	%)
Comprehensive income (loss) attributable to:
Shareholders of the parent		370			12,266			21.2	%		370			12,266			21.2	%
Non-controlling interests		(1	)		(33	)		(0.1	%)		(1	)		(33	)		(0.1	%)
Earnings per share-basic		0.019			0.62						0.019			0.62
Earnings per ADS (2)		0.093			3.10						0.093			3.10
Weighted average number of shares outstanding (in millions)					12,485									12,485
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.
(3) Sums may not equal totals due to rounding.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Three-Month Period Ended March 31, 2025
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
		US$			NT$
Cash flows from operating activities :
Net income before tax		282			9,347
Depreciation & Amortization		426			14,128
Share of loss of associates and joint ventures		6			208
Income tax paid		(18	)		(585	)
Changes in working capital & others		22			728
Net cash provided by operating activities		718			23,826
Cash flows from investing activities :
Acquisition of property, plant and equipment		(427	)		(14,153	)
Acquisition of intangible assets		(10	)		(329	)
Others		120			3,976
Net cash used in investing activities		(317	)		(10,506	)
Cash flows from financing activities :
Decrease in short-term loans		(61	)		(2,015	)
Proceeds from long-term loans		39			1,300
Repayments of long-term loans		(371	)		(12,303	)
Others		(23	)		(758	)
Net cash used in financing activities		(415	)		(13,776	)
Effect of exchange rate changes on cash and cash equivalents		55			1,810
Net increase in cash and cash equivalents		41			1,354
Cash and cash equivalents at beginning of period		3,165			105,000
Cash and cash equivalents at end of period		3,205			106,354
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the March 31, 2025 exchange rate of NT $33.18 per U.S. Dollar.
(2) Sums may not equal totals due to rounding.

¹ Unless otherwise stated, all financial figures discussed in this announcement are prepared in accordance with TIFRSs recognized by Financial Supervisory Commission in the ROC, which is different from IFRSs issued by the International Accounting Standards Board. They represent comparisons among the three-month period ending March 31, 2025, the three-month period ending December 31, 2024, and the equivalent three-month period that ended March 31, 2024. For all 1Q25 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the March 31, 2025 exchange rate of NT$ 33.18 per U.S. Dollar.
² Revenue in this section represents wafer sales
³ Utilization Rate = Quarterly Wafer Out / Quarterly Capacity
⁴ Estimated capacity numbers are based on calculated maximum output rather than designed capacity. The actual capacity numbers may differ depending upon equipment delivery schedules, pace of migration to more advanced process technologies, and other factors affecting production ramp-up.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250423806399/en/

Michael Lin / David Wong

UMC, Investor Relations

+ 886-2-2658-9168, ext. 16900

jinhong_lin@umc.com

david_wong@umc.com

Source: United Microelectronics Corporation

FAQ

What caused UMC's 22nm revenue growth in Q1 2025?

UMC's 22nm revenue grew 46% QoQ driven by increased demand for OLED display driver ICs, image signal processors, digital TV, WiFi, and audio codec chips.

When will UMC's new Singapore fab start volume production?

UMC's new Singapore Phase 3 fab is scheduled to begin volume production in early 2026, with pilot runs currently underway.

What is UMC's dividend proposal for shareholders in 2025?

UMC's Board proposed a cash dividend of NT$2.85 per share, subject to shareholder approval at the upcoming annual general meeting.

What was UMC's capacity utilization rate in Q1 2025?

UMC's capacity utilization rate was 69% in Q1 2025, slightly down from 70% in Q4 2024.

How much did UMC's revenue decline in Q1 2025 compared to Q4 2024?

UMC's revenue declined 4.2% quarter-over-quarter from NT$60.39 billion to NT$57.86 billion.