UMC Reports Fourth Quarter 2024 Results

Robust 22nm pipeline to fuel growth in 2025, strengthening company's foundry competitiveness

Fourth Quarter 2024 Overview¹:

• Revenue: NT$60.39 billion (US$1.84 billion)
• Gross margin: 30.4%; Operating margin: 19.8%
• Revenue from 22/28nm: 34%
• Capacity utilization rate: 70%
• Net income attributable to shareholders of the parent: NT$8.50 billion (US$259 million)
• Earnings per share: NT$0.68; earnings per ADS: US$0.104

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 fourth quarter of 2024.

Fourth quarter consolidated revenue was NT$60.39 billion, decreasing 0.2% from NT$60.49 billion in 3Q24. Compared to a year ago, 4Q24 revenue increased 9.9%. Consolidated gross margin for 4Q24 was 30.4%. Net income attributable to the shareholders of the parent was NT$8.50 billion, with earnings per ordinary share of NT$0.68.

Jason Wang, co-president of UMC, said, “Our fourth-quarter results met guidance, with wafer shipments and utilization slightly exceeding expectations. For full year 2024, revenue grew 4.4% year-on-year, reflecting a steady improvement in demand across communication, consumer, and computer segments. Our 22/28nm portfolio remained the largest contributor, with revenue increasing 15% in 2024. Notably, customers are showing strong interest in migrating to our 22nm specialty platforms for next-generation networking and display driver applications, which offer significant power savings and performance advantages over 28nm solutions. Tape-outs for 22nm products are accelerating and we expect to see higher revenue contribution from 2025 onwards.”

Co-president Wang commented, “Looking into 2025, the semiconductor market is poised for another year of growth, driven by strong demand for AI servers as well as increasing semiconductor content in smartphones, PCs, and other electronic devices. To capture opportunities in this fast-moving market, UMC continues to invest in technology innovation, developing industry-leading specialty solutions to ride the next wave of system upgrades and stay ahead of the competition. Building on our technology foundation, UMC is also actively expanding our advanced packaging offering to help unleash the potential of AI in the coming years. In conjunction with technology development, our key capacity expansion projects are progressing as planned. Our new Singapore Phase 3 fab will enhance customers’ supply chain resilience, while the 12nm collaboration with our U.S. partner will offer customers a migration path beyond 22nm.”

Co-president Wang added, “In the fourth quarter of 2024, we signed a major offshore wind purchase agreement, which is UMC’s largest renewable energy transaction to date. This agreement puts UMC well on track to achieving our goal of 50% renewable energy use by 2030 as part of our roadmap to net zero emissions and 100% renewable energy by 2050. Our commitment to best practices in sustainable development continued to be recognized by key ESG benchmarks. In the 2024 Dow Jones Sustainability Indices (DJSI) results announced in December, UMC is proud to achieve the top ranking in the semiconductor industry, marking UMC’s 17^th consecutive year of being recognized as one of the most sustainable companies globally.”

Summary of Operating Results

Operating Results
(Amount: NT$ million)		4Q24			3Q24			QoQ % change			4Q23			YoY % change
Operating Revenues		60,386			60,485			(0.2	)		54,958			9.9
Gross Profit		18,343			20,429			(10.2	)		17,806			3.0
Operating Expenses		(6,748	)		(6,559	)		2.9			(6,635	)		1.7
Net Other Operating Income and Expenses		362			230			57.7			1,252			(71.1	)
Operating Income		11,957			14,100			(15.2	)		12,423			(3.8	)
Net Non-Operating Income and Expenses		(1,443	)		2,464			-			2,227			-
Net Income Attributable to Shareholders of the Parent		8,497			14,472			(41.3	)		13,195			(35.6	)
EPS (NT$ per share)		0.68			1.16						1.06
(US$ per ADS)		0.104			0.177						0.162

Fourth quarter operating revenues declined 0.2% sequentially to NT$60.39 billion. Revenue contribution from 40nm and below technologies represented 50% of wafer revenue. Gross profit decreased 10.2% QoQ to NT$18.34 billion, or 30.4% of revenue. Operating expenses increased 2.9% to NT$6.75 billion. Net other operating income increased 57.7% to NT$0.36 billion. Net non-operating expenses totaled NT$1.44 billion. Net income attributable to shareholders of the parent amounted to NT$8.50 billion.

Earnings per ordinary share for the quarter was NT$0.68. Earnings per ADS was US$0.104. The basic weighted average number of shares outstanding in 4Q24 was 12,481,192,676, compared with 12,436,436,695 shares in 3Q24 and 12,414,087,724 shares in 4Q23. The diluted weighted average number of shares outstanding was 12,610,756,874 in 4Q24, compared with 12,559,358,115 shares in 3Q24 and 12,589,138,701 shares in 4Q23. The fully diluted shares counted on December 31, 2024 were approximately 12,614,345,000.

Detailed Financials Section

Operating revenues decreased to NT$60.39 billion. COGS grew 5.0% to NT$42.04 billion, which included 13.3% sequential increase in depreciation. Gross profit decreased 10.2% QoQ to NT$18.34 billion. Operating expenses increased to NT$6.75 billion, as R&D grew 7.8% sequentially to NT$4.33 billion or 7.2% of revenue, while Sales & Marketing decreased 13.0% to NT$0.62 billion and G&A also declined 1.6% QoQ to NT$1.79 billion. Net other operating income was NT$0.36 billion. In 4Q24, operating income declined 15.2% QoQ to NT$11.96 billion.

COGS & Expenses
(Amount: NT$ million)		4Q24			3Q24			QoQ % change			4Q23			YoY % change
Operating Revenues		60,386			60,485			(0.2	)		54,958			9.9
COGS		(42,043	)		(40,056	)		5.0			(37,152	)		13.2
Depreciation		(11,841	)		(10,449	)		13.3			(9,006	)		31.5
Other Mfg. Costs		(30,202	)		(29,607	)		2.0			(28,146	)		7.3
Gross Profit		18,343			20,429			(10.2	)		17,806			3.0
Gross Margin (%)		30.4	%		33.8	%					32.4	%
Operating Expenses		(6,748	)		(6,559	)		2.9			(6,635	)		1.7
Sales & Marketing		(623	)		(717	)		(13.0	)		(823	)		(24.3	)
G&A		(1,791	)		(1,820	)		(1.6	)		(1,930	)		(7.2	)
R&D		(4,334	)		(4,022	)		7.8			(3,945	)		9.9
Expected Credit Impairment gain (loss)		0			(0	)		-			63			(99.4	)
Net Other Operating Income & Expenses		362			230			57.7			1,252			(71.1	)
Operating Income		11,957			14,100			(15.2	)		12,423			(3.8	)

Net non-operating expenses in 4Q24 was NT$1.44 billion, primarily reflecting the NT$2.61 billion in net investment loss, offset by the NT$0.88 billion in exchange gain, and the NT$0.29 billion in net interest income.

Non-Operating Income and Expenses
(Amount: NT$ million)		4Q24			3Q24			4Q23
Non-Operating Income and Expenses		(1,443	)		2,464			2,227
Net Interest Income and Expenses		290			324			880
Net Investment Gain and Loss		(2,614	)		2,791			1,750
Exchange Gain and Loss		877			(652	)		(405	)
Other Gain and Loss		4			1			2

In 4Q24, cash inflow from operating activities was NT$32.98 billion. Cash outflow from investing activities totaled NT$16.97 billion, which included NT$18.93 billion in capital expenditure, resulting in free cash flow of NT$14.04 billion. Cash outflow from financing was NT$14.31 billion, primarily from NT$10.50 billion in bank loans and NT$3.40 billion in redemption of bonds. Net cash flow in 4Q24 amounted to NT$1.59 billion. Over the next 12 months, the company expects to repay NT$5.53 billion in bank loans.

Cash Flow Summary
(Amount: NT$ million)		For the 3-Month Period Ended Dec. 31, 2024			For the 3-Month Period Ended Sep. 30, 2024
Cash Flow from Operating Activities		32,977			17,347
Net income before tax		10,514			16,564
Depreciation & Amortization		13,463			12,702
Share of loss (profit) of associates and joint ventures		1,800			(843	)
Income tax paid		(137	)		(3,755	)
Changes in working capital & others		7,337			(7,321	)
Cash Flow from Investing Activities		(16,968	)		(23,927	)
Decrease (increase) in financial assets measured at amortized cost		564			(1,988	)
Acquisition of PP&E		(18,275	)		(21,729	)
Acquisition of intangible assets		(877	)		(499	)
Others		1,620			289
Cash Flow from Financing Activities		(14,305	)		(12,750	)
Bank loans		(10,495	)		25,050
Redemption of bonds		(3,400	)		-
Cash dividends		-			(37,585	)
Others		(410	)		(215	)
Effect of Exchange Rate		(111	)		1,073
Net Cash Flow		1,593			(18,257	)
Beginning balance		103,407			121,234
Changes in non-current assets held for sale		-			430
Ending balance		105,000			103,407

Cash and cash equivalents increased to NT$105.00 billion. Days of inventory decreased 5 days to 80 days.

Current Assets
(Amount: NT$ billion)		4Q24		3Q24		4Q23
Cash and Cash Equivalents		105.00		103.41		132.55
Accounts Receivable		33.34		33.74		29.59
Days Sales Outstanding		51		50		50
Inventories, net		35.78		38.09		35.71
Days of Inventory		80		85		89
Total Current Assets		189.68		193.61		216.80

Current liabilities decreased to NT$75.26 billion. Long-term credit/bonds decreased to NT$55.53 billion. Total liabilities decreased to NT$192.02 billion, leading to a debt to equity ratio of 51%.

Liabilities
(Amount: NT$ billion)		4Q24			3Q24			4Q23
Total Current Liabilities		75.26			88.27			99.02
Accounts Payable		7.63			9.01			7.53
Short-Term Credit / Bonds		19.51			30.86			29.54
Payables on Equipment		10.52			14.89			19.20
Other		37.60			33.51			42.75
Long-Term Credit / Bonds		55.53			58.13			45.24
Total Liabilities		192.02			205.80			199.61
Debt to Equity		51	%		56	%		56	%

Analysis of Revenue²

Revenue from Asia Pacific decreased to 61%, while business from North America was 25% of sales. Business from Europe increased to 11%, while contribution from Japan was 3%.

Revenue Breakdown by Region
Region		4Q24			3Q24			2Q24			1Q24			4Q23
North America		25	%		26	%		25	%		25	%		23	%
Asia Pacific		61	%		65	%		64	%		63	%		62	%
Europe		11	%		5	%		7	%		8	%		11	%
Japan		3	%		4	%		4	%		4	%		4	%

Revenue contribution from 22/28nm slightly decreased to 34% of the wafer revenue, while 40nm contribution grew to 16% of sales.

Revenue Breakdown by Geometry
Geometry		4Q24			3Q24			2Q24			1Q24			4Q23
14nm and below		0	%		0	%		0	%		0	%		0	%
14nm<x<=28nm		34	%		35	%		33	%		33	%		36	%
28nm<x<=40nm		16	%		13	%		12	%		14	%		14	%
40nm<x<=65nm		16	%		15	%		15	%		18	%		16	%
65nm<x<=90nm		11	%		10	%		12	%		10	%		9	%
90nm<x<=0.13um		10	%		10	%		11	%		9	%		9	%
0.13um<x<=0.18um		9	%		11	%		10	%		11	%		9	%
0.18um<x<=0.35um		4	%		5	%		5	%		4	%		5	%
0.5um and above		0	%		1	%		2	%		1	%		2	%

Revenue from fabless customers accounted for 84% of revenue.

Revenue Breakdown by Customer Type
Customer Type		4Q24			3Q23			2Q23			1Q23			4Q22
Fabless		84	%		85	%		87	%		82	%		78	%
IDM		16	%		15	%		13	%		18	%		22	%

Revenue from the communication segment accounted for 39%, while business from computer applications remained at 13%. Business from consumer applications was 29%, while other segments increased to 19% of revenue.

Revenue Breakdown by Application (1)
Application		4Q24			3Q24			2Q24			1Q24			4Q23
Computer		13	%		13	%		15	%		13	%		13	%
Communication		39	%		42	%		39	%		48	%		47	%
Consumer		29	%		31	%		31	%		23	%		23	%
Others		19	%		14	%		15	%		16	%		17	%

(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) remained flat in 4Q24.

(To view blended ASP trend, please click here for 4Q24 ASP)

Shipment and Utilization Rate³

Wafer shipments increased 1.5% QoQ to 909K in the fourth quarter, while quarterly capacity was 1,280K. Overall utilization rate in 4Q24 slightly declined to 70%.

Wafer Shipments
		4Q24			3Q24			2Q24			1Q24			4Q23
Wafer Shipments (12” K equivalents)		909			896			831			810			775
Quarterly Capacity Utilization Rate
		4Q24			3Q24			2Q24			1Q24			4Q23
Utilization Rate		70	%		71	%		68	%		65	%		66	%
Total Capacity (12” K equivalents)		1,280			1,274			1,257			1,212			1,204

Capacity⁴

Total capacity in the fourth quarter increased to 1,280K 12-inch equivalent wafers. Capacity will decline in the first quarter of 2025 to 1,264K 12-inch equivalent wafers, reflecting the annual production maintenance across 8” and 12” facilities.

Annual Capacity in thousands of wafers												Quarterly Capacity in thousands of wafers
FAB		Geometry (um)	2024		2023		2022		2021			FAB		1Q25E	4Q24	3Q24	2Q24
WTK	6"	5 – 0.15	331		328		335		329			WTK	6"	78	83	83	83
8A	8"	3 – 0.11	829		811		765		755			8A	8"	212	207	207	207
8C	8"	0.35 – 0.11	477		473		459		459			8C	8"	123	119	119	119
8D	8"	0.18 – 0.09	473		440		410		380			8D	8"	116	118	118	118
8E	8"	0.6 – 0.14	524		490		469		457			8E	8"	129	131	131	131
8F	8"	0.18 – 0.11	578		570		550		514			8F	8"	144	145	145	145
8S	8"	0.18 – 0.11	455		447		443		408			8S	8"	115	114	114	114
8N	8"	0.5 – 0.11	1,013		996		952		917			8N	8"	246	254	254	254
12A	12"	0.13 – 0.014	1,556		1,305		1,170		1,070			12A	12"	402	409	403	386
12i	12"	0.13 – 0.040	678		655		655		641			12i	12"	169	172	172	172
12X	12"	0.080 – 0.022	318		317		314		284			12X	12"	78	80	80	80
12M	12"	0.13 – 0.040	455		438		436		395			12M	12"	113	115	115	115
Total(1)			5,022		4,674		4,458		4,201			Total		1,264	1,280	1,274	1,257
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 4Q24 totaled US$602 million as 2024 CAPEX amounted to US$2.9 billion. 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

Brief Summary of Full Year 2024 Consolidated Results

• Consolidated revenue in NTD increased 4.4% YoY to NT$232.30 billion, from NT$222.53 billion in 2023.
• Gross profit decreased 2.7%, compared to a year ago, representing 32.6% of 2024 revenue.
• Operating income decreased 10.8% year-on-year, accounting for 22.2% of 2024 revenue.
• Net income attributable to shareholders of the parent decreased 22.6% to NT$47.21 billion in 2024.
• EPS was NT$3.80, or EPADS of US$0.580 for 2024.
• 22/28nm revenue contribution accounted for 34% in 2024.

Operating Results
(Amount: NT$ million)		2024			2023			YoY % change
Operating Revenues		232,303			222,533			4.4
Gross Profit		75,654			77,744			(2.7	)
Operating Expenses		(25,365	)		(23,855	)		6.3
Net Other Operating Income and Expenses		1,324			4,002			(66.9	)
Operating Income		51,613			57,891			(10.8	)
Net Non-Operating Income and Expenses		4,607			13,021			(64.6	)
Income Tax Expense		(9,114	)		(9,472	)		(3.8	)
Net Income Attributable to Shareholders of the Parent		47,211			60,990			(22.6	)
EPS (NT$ per share)		3.80			4.93
(US$ per ADS)		0.580			0.752

Annual Sales Breakdown in Revenue for Foundry Segment

Region		2024			2023
North America		25	%		27	%
Asia Pacific		63	%		57	%
Europe		8	%		11	%
Japan		4	%		5	%
Technology		2024			2023
14nm and below		0	%		0	%
14nm<x<=28nm		34	%		31	%
28nm<x<=40nm		14	%		14	%
40nm<x<=65nm		16	%		19	%
65nm<x<=90nm		11	%		10	%
90nm<x<=0.13um		10	%		10	%
0.13um<x<=0.18um		10	%		9	%
0.18um<x<=0.35um		4	%		5	%
0.5um and above		1	%		2	%
Customer Type		2024			2023
Fabless		84	%		78	%
IDM		16	%		22	%
Application		2024			2023
Computer		14	%		11	%
Communication		42	%		45	%
Consumer		28	%		24	%
Others		16	%		20	%

First Quarter 2025 Outlook & Guidance

Quarter-over-Quarter Guidance:

• Wafer Shipments: Will remain flat
• ASP in USD: Will decrease by mid-single digit %
• Gross Profit Margin: Will be higher than 25% with 0121 earthquake impact
• Capacity Utilization: approximately 70%
• 2025 CAPEX: US$1.8 billion

Recent Developments / Announcements

Oct. 30, 2024		UMC Ranks Top 10 in the CRIF Asia Top 1000
Dec. 10, 2024		UMC’s Collaboration with Suppliers to Build a Sustainable Supply Chain Contributes to 2.64 Million Tons of Carbon Reduction
Dec. 17, 2024		UMC Recognized as a Sustainability Leader in the Dow Jones Sustainability Indices (DJSI) and MSCI ESG Ratings
Dec. 18, 2024		UMC Signs 30-Year, 30 Billion kWh Offshore Wind Power Agreement with CIP’s Fengmiao I Offshore Wind Farm
Jan. 14, 2025		UMC’s Flagship Fab Designated One of 189 Smart Manufacturing Lighthouses by the World Economic Forum

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

Conference Call / Webcast Announcement

Tuesday, January 21, 2025

Time: 5:00 PM (Taipei) / 4:00 AM (New York) / 9:00 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:		3026521#

A live webcast and replay of the 4Q24 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 fourth quarter of 2024; 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 “First 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 December 31, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
		December 31, 2024
		US$		NT$		%
Assets
Current assets
Cash and cash equivalents		3,203		105,000		18.4	%
Accounts receivable, net		1,017		33,343		5.9	%
Inventories, net		1,092		35,782		6.3	%
Other current assets		474		15,553		2.7	%
Total current assets		5,786		189,678		33.3	%
Non-current assets
Funds and investments		2,212		72,495		12.7	%
Property, plant and equipment		8,513		279,059		48.9	%
Right-of-use assets		245		8,039		1.4	%
Other non-current assets		639		20,930		3.7	%
Total non-current assets		11,609		380,523		66.7	%
Total assets		17,395		570,201		100.0	%
Liabilities
Current liabilities
Short-term loans		260		8,515		1.5	%
Payables		1,392		45,625		8.0	%
Current portion of long-term liabilities		335		10,995		1.9	%
Other current liabilities		309		10,125		1.8	%
Total current liabilities		2,296		75,260		13.2	%
Non-current liabilities
Bonds payable		750		24,585		4.3	%
Long-term loans		944		30,949		5.4	%
Lease liabilities, noncurrent		176		5,783		1.0	%
Other non-current liabilities		1,692		55,439		9.8	%
Total non-current liabilities		3,562		116,756		20.5	%
Total liabilities		5,858		192,016		33.7	%
Equity
Equity attributable to the parent company
Capital		3,832		125,607		22.0	%
Additional paid-in capital		451		14,782		2.6	%
Retained earnings and other components of equity		7,246		237,539		41.7	%
Total equity attributable to the parent company		11,529		377,928		66.3	%
Non-controlling interests		8		257		0.0	%
Total equity		11,537		378,185		66.3	%
Total liabilities and equity		17,395		570,201		100.0	%
Note：New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2024 exchange rate of NT $32.78 per U.S. Dollar.

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
		December 31, 2024						December 31, 2023						Chg.			December 31, 2024						September 30, 2024						Chg.
		US$			NT$			US$			NT$			%			US$			NT$			US$			NT$			%
Operating revenues		1,842			60,386			1,677			54,958			9.9	%		1,842			60,386			1,845			60,485			(0.2	%)
Operating costs		(1,282	)		(42,043	)		(1,134	)		(37,152	)		13.2	%		(1,282	)		(42,043	)		(1,222	)		(40,056	)		5.0	%
Gross profit		560			18,343			543			17,806			3.0	%		560			18,343			623			20,429			(10.2	%)
		30.4	%		30.4	%		32.4	%		32.4	%					30.4	%		30.4	%		33.8	%		33.8	%
Operating expenses
- Sales and marketing expenses		(19	)		(623	)		(25	)		(823	)		(24.3	%)		(19	)		(623	)		(22	)		(717	)		(13.0	%)
- General and administrative expenses		(55	)		(1,791	)		(59	)		(1,930	)		(7.2	%)		(55	)		(1,791	)		(55	)		(1,820	)		(1.6	%)
- Research and development expenses		(132	)		(4,334	)		(120	)		(3,945	)		9.9	%		(132	)		(4,334	)		(123	)		(4,022	)		7.8	%
- Expected credit impairment gain (loss)		0			0			2			63			(99.4	%)		0			0			(0	)		(0	)		-
Subtotal		(206	)		(6,748	)		(202	)		(6,635	)		1.7	%		(206	)		(6,748	)		(200	)		(6,559	)		2.9	%
Net other operating income and expenses		11			362			38			1,252			(71.1	%)		11			362			7			230			57.7	%
Operating income		365			11,957			379			12,423			(3.8	%)		365			11,957			430			14,100			(15.2	%)
		19.8	%		19.8	%		22.6	%		22.6	%					19.8	%		19.8	%		23.3	%		23.3	%
Net non-operating income and expenses		(44	)		(1,443	)		68			2,227			-			(44	)		(1,443	)		75			2,464			-
Income from continuing operations before income tax		321			10,514			447			14,650			(28.2	%)		321			10,514			505			16,564			(36.5	%)
		17.4	%		17.4	%		26.7	%		26.7	%					17.4	%		17.4	%		27.4	%		27.4	%
Income tax expense		(63	)		(2,054	)		(45	)		(1,457	)		41.0	%		(63	)		(2,054	)		(64	)		(2,122	)		(3.2	%)
Net income		258			8,460			402			13,193			(35.9	%)		258			8,460			441			14,442			(41.4	%)
		14.0	%		14.0	%		24.0	%		24.0	%					14.0	%		14.0	%		23.9	%		23.9	%
Other comprehensive income (loss)		39			1,270			(116	)		(3,808	)		-			39			1,270			(71	)		(2,299	)		-
Total comprehensive income (loss)		297			9,730			286			9,385			3.7	%		297			9,730			370			12,143			(19.9	%)
Net income attributable to:
Shareholders of the parent		259			8,497			403			13,195			(35.6	%)		259			8,497			441			14,472			(41.3	%)
Non-controlling interests		(1	)		(37	)		(1	)		(2	)		1,752.1	%		(1	)		(37	)		(0	)		(30	)		21.8	%
Comprehensive income (loss) attributable to:
Shareholders of the parent		298			9,767			286			9,387			4.0	%		298			9,767			371			12,173			(19.8	%)
Non-controlling interests		(1	)		(37	)		(0	)		(2	)		1,712.8	%		(1	)		(37	)		(1	)		(30	)		21.9	%
Earnings per share-basic		0.021			0.68			0.032			1.06						0.021			0.68			0.035			1.16
Earnings per ADS (2)		0.104			3.40			0.162			5.30						0.104			3.40			0.177			5.80
Weighted average number of shares outstanding (in millions)					12,481						12,414									12,481						12,436
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2024 exchange rate of NT $32.78 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

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 Twelve-Month Period Ended
		December 31, 2024									December 31, 2024
		US$			NT$			%			US$			NT$			%
Operating revenues		1,842			60,386			100.0	%		7,087			232,303			100.0	%
Operating costs		(1,282	)		(42,043	)		(69.6	%)		(4,779	)		(156,649	)		(67.4	%)
Gross profit		560			18,343			30.4	%		2,308			75,654			32.6	%
Operating expenses
- Sales and marketing expenses		(19	)		(623	)		(1.0	%)		(82	)		(2,701	)		(1.2	%)
- General and administrative expenses		(55	)		(1,791	)		(3.0	%)		(218	)		(7,118	)		(3.0	%)
- Research and development expenses		(132	)		(4,334	)		(7.2	%)		(476	)		(15,616	)		(6.7	%)
- Expected credit impairment gain		0			0			0.0	%		2			70			0.0	%
Subtotal		(206	)		(6,748	)		(11.2	%)		(774	)		(25,365	)		(10.9	%)
Net other operating income and expenses		11			362			0.6	%		41			1,324			0.5	%
Operating income		365			11,957			19.8	%		1,575			51,613			22.2	%
Net non-operating income and expenses		(44	)		(1,443	)		(2.4	%)		140			4,607			2.0	%
Income from continuing operations before income tax		321			10,514			17.4	%		1,715			56,220			24.2	%
Income tax expense		(63	)		(2,054	)		(3.4	%)		(278	)		(9,114	)		(3.9	%)
Net income		258			8,460			14.0	%		1,437			47,106			20.3	%
Other comprehensive income (loss)		39			1,270			2.1	%		253			8,301			3.6	%
Total comprehensive income (loss)		297			9,730			16.1	%		1,690			55,407			23.9	%
Net income attributable to:
Shareholders of the parent		259			8,497			14.1	%		1,440			47,211			20.3	%
Non-controlling interests		(1	)		(37	)		(0.1	%)		(3	)		(105	)		(0.0	%)
Comprehensive income (loss) attributable to:
Shareholders of the parent		298			9,767			16.2	%		1,693			55,512			23.9	%
Non-controlling interests		(1	)		(37	)		(0.1	%)		(3	)		(105	)		(0.0	%)
Earnings per share-basic		0.021			0.68						0.116			3.80
Earnings per ADS (2)		0.104			3.40						0.580			19.00
Weighted average number of shares outstanding (in millions)					12,481									12,437
Notes:
(1) New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2024 exchange rate of NT $32.78 per U.S. Dollar.
(2) 1 ADS equals 5 common shares.

UNITED MICROELECTRONICS CORPORATION AND SUBSIDIARIES
Consolidated Condensed Statement of Cash Flows
For The Twelve-Month Period Ended December 31, 2024
Figures in Millions of New Taiwan Dollars (NT$) and U.S. Dollars (US$)
		US$			NT$
Cash flows from operating activities :
Net income before tax		1,715			56,220
Depreciation & Amortization		1,469			48,168
Share of profit of associates and joint ventures		(13	)		(411	)
Income tax paid		(304	)		(9,976	)
Changes in working capital & others		(3	)		(129	)
Net cash provided by operating activities		2,864			93,872
Cash flows from investing activities :
Acquisition of property, plant and equipment		(2,701	)		(88,544	)
Acquisition of intangible assets		(85	)		(2,799	)
Others		164			5,402
Net cash used in investing activities		(2,622	)		(85,941	)
Cash flows from financing activities :
Decrease in short-term loans		(153	)		(5,015	)
Redemption of bonds		(259	)		(8,500	)
Proceeds from long-term loans		1,107			36,286
Repayments of long-term loans		(705	)		(23,108	)
Cash dividends		(1,147	)		(37,586	)
Others		(39	)		(1,277	)
Net cash used in financing activities		(1,196	)		(39,200	)
Effect of exchange rate changes on cash and cash equivalents		113			3,715
Net decrease in cash and cash equivalents		(841	)		(27,554	)
Cash and cash equivalents at beginning of period		4,044			132,554
Cash and cash equivalents at end of period		3,203			105,000
Note: New Taiwan Dollars have been translated into U.S. Dollars at the December 31, 2024 exchange rate of NT $32.78 per U.S. Dollar.

__________________________

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 December 31, 2024, the three-month period ending September 30, 2024, and the equivalent three-month period that ended December 31, 2023. For all 4Q24 results, New Taiwan Dollar (NT$) amounts have been converted into U.S. Dollars at the December 31, 2024 exchange rate of NT$ 32.78 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/20250121293936/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 was UMC's revenue and earnings per share in Q4 2024?

UMC reported Q4 2024 revenue of NT$60.39 billion (US$1.84 billion) with earnings per share of NT$0.68 (US$0.104 per ADS).

How much did UMC's 22/28nm technology revenue grow in 2024?

UMC's 22/28nm technology revenue increased by 15% in 2024, representing 34% of wafer revenue.

What is UMC's capital expenditure budget for 2025?

UMC announced a cash-based CAPEX budget of US$1.8 billion for 2025, reduced from US$2.9 billion in 2024.

What is UMC's Q1 2025 guidance for wafer shipments and ASP?

For Q1 2025, UMC expects wafer shipments to remain flat while ASP in USD will decrease by mid-single digit percentage.

What was UMC's capacity utilization rate in Q4 2024?

UMC's capacity utilization rate in Q4 2024 was 70%, slightly down from 71% in Q3 2024.