Bull Will Income Statement

Financials in millions TWD. Fiscal year is January - December.

Millions TWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	456.53	382.34	432.49	604.53	371.18
Revenue Growth (YoY)	19.41%	-11.60%	-28.46%	62.87%	97.96%
Cost of Revenue	350.24	291.29	326.99	492.69	299.95
Gross Profit	106.29	91.04	105.5	111.84	71.23
Selling, General & Admin	88.6	82.59	81.99	87.67	67.26
Research & Development	2.57	2.38	2.31	2.4	2.3
Operating Expenses	91.08	85.05	84.3	90.07	67.77
Operating Income	15.21	5.99	21.2	21.77	3.46
Interest Expense	-1.55	-1.54	-1.03	-1.04	-0.58
Interest & Investment Income	5.49	5.85	5.19	2.81	2.51
Earnings From Equity Investments	-	-	-	-3.42	1.42
Currency Exchange Gain (Loss)	-2.06	8.02	-0.71	8.69	-6.6
Other Non Operating Income (Expenses)	2.09	1.74	1.36	1.82	1.21
EBT Excluding Unusual Items	19.19	20.07	26	30.64	1.41
Gain (Loss) on Sale of Investments	1.9	-4.61	1.82	-1.24	2.05
Pretax Income	21.08	15.46	27.82	29.39	3.46
Income Tax Expense	2.45	3.18	3.47	5.78	1.37
Earnings From Continuing Operations	18.63	12.28	24.35	23.61	2.09
Net Income to Company	18.63	12.28	24.35	23.61	2.09
Minority Interest in Earnings	-0.2	0.06	-0.66	-2.6	-1.56
Net Income	18.43	12.33	23.69	21.01	0.53
Net Income to Common	18.43	12.33	23.69	21.01	0.53
Net Income Growth	49.46%	-47.95%	12.75%	3849.81%	-93.53%
Shares Outstanding (Basic)	26	25	24	22	19
Shares Outstanding (Diluted)	27	26	25	24	23
Shares Change (YoY)	3.31%	4.47%	3.95%	3.87%	22.92%
EPS (Basic)	0.70	0.49	1.01	0.95	0.03
EPS (Diluted)	0.69	0.48	0.96	0.88	0.02
EPS Growth	43.75%	-49.84%	8.69%	3435.74%	-94.34%
Free Cash Flow	14.48	30.06	32.96	62.98	-17.55
Free Cash Flow Per Share	0.54	1.16	1.33	2.64	-0.76
Dividend Per Share	0.350	0.095	0.188	0.573	0.158
Dividend Growth	270.37%	-49.76%	-67.15%	262.86%	-
Gross Margin	23.28%	23.81%	24.39%	18.50%	19.19%
Operating Margin	3.33%	1.57%	4.90%	3.60%	0.93%
Profit Margin	4.04%	3.23%	5.48%	3.48%	0.14%
Free Cash Flow Margin	3.17%	7.86%	7.62%	10.42%	-4.73%
EBITDA	18.14	8.89	24.49	25	5.52
EBITDA Margin	3.97%	2.33%	5.66%	4.13%	1.49%
D&A For EBITDA	2.93	2.9	3.29	3.22	2.06
EBIT	15.21	5.99	21.2	21.77	3.46
EBIT Margin	3.33%	1.57%	4.90%	3.60%	0.93%
Effective Tax Rate	11.63%	20.58%	12.47%	19.68%	39.54%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.