Financials TCC Group Holdings Co., Ltd.

Equities

1101

TW0001101004

Construction Materials

End-of-day quote Taiwan S.E. Other stock markets 19/01/2026			5-day change	1st Jan Change
26.20 ^TWD	+4.80%		+5.01%	+12.93%

19/12	TCC Unit to Acquire Incineration System Worth 8.8 Billion Yen	MT
19/12	TCC Revises Deal to Obtain Rights-of-Use Assets	MT

Projected Income Statement: TCC Group Holdings Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,14,367	1,07,041	1,13,930	1,09,314	1,54,607	1,56,959	1,64,868	1,67,515
Change	-	-6.41%	6.44%	-4.05%	41.43%	1.52%	5.04%	1.61%
EBITDA ¹	38,607	26,850	9,678	19,315	33,597	33,864	39,242	41,208
Change	-	-30.45%	-63.95%	99.57%	73.94%	0.8%	15.88%	5.01%
EBIT ¹	31,342	19,786	1,162	10,030	17,127	16,622	21,027	22,455
Change	-	-36.87%	-94.13%	763.08%	70.75%	-2.94%	26.5%	6.79%
Interest Paid ¹	-1,986	-1,670	-	-3,543	-5,254	-5,804	-5,295	-5,730
Earnings before Tax (EBT) ¹	35,353	26,078	6,646	14,357	22,833	20,246	26,093	-
Change	-	-26.24%	-74.51%	116.02%	59.04%	-11.33%	28.88%	-
Net income ¹	25,099	20,256	5,405	7,998	10,907	9,141	12,777	-
Change	-	-19.3%	-73.32%	47.97%	36.37%	-16.19%	39.78%	-
Announcement Date	19/03/21	25/02/22	24/02/23	29/02/24	12/03/25	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	32,119	22,038	27,986	26,881	30,137	22,973	25,178	31,123	34,655	26,296	27,668	27,002	28,348	25,545	38,969	41,075	49,018	34,956	35,354	39,067	48,550	39,489	44,369	43,712	48,046
Change	-	-31.39%	26.99%	-3.95%	12.11%	-23.77%	9.6%	23.61%	11.35%	-24.12%	5.22%	-2.41%	4.98%	-9.89%	52.55%	5.4%	19.34%	-28.69%	1.14%	10.5%	24.27%	-18.66%	12.36%	-1.48%	9.91%
EBITDA	-	6,030	8,698	5,832	6,290	2,151	-	2,732	4,642	2,435	5,664	5,417	5,799	4,135	6,567	10,911	-	-	-	-	-	-	-	-	-
Change	-	-	44.26%	-32.96%	7.87%	-65.8%	-	-	69.9%	-47.55%	132.63%	-4.37%	7.05%	-28.69%	58.82%	66.14%	-	-	-	-	-	-	-	-	-
EBIT ¹	8,505	4,208	7,044	3,856	4,679	207.6	-2,008	627.5	2,324	166.1	3,368	3,062	3,434	1,200	4,325	6,270	5,331	2,301	1,114	5,140	6,547	4,279	5,484	6,435	6,527
Change	-	-50.53%	67.41%	-45.26%	21.34%	-95.56%	-1,066.98%	131.26%	270.38%	-92.86%	1,928.25%	-9.08%	12.12%	-65.05%	260.38%	44.97%	-14.97%	-56.83%	-51.58%	361.23%	27.37%	-34.64%	28.16%	17.34%	1.43%
Charge d'intérêts	-	-417.9	-376	-411.2	-465.4	-525.2	-660.2	-812.6	-	-829.3	-843.4	-892.9	-977.1	-939.1	-1,362	-1,464	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	9,136	4,855	9,799	4,692	6,733	1,172	-434.8	2,103	3,805	1,481	5,782	3,277	3,817	3,351	5,463	6,507	7,512	1,892	1,179	-10,117	6,639	4,779	6,528	7,712	7,072
Change	-	-46.86%	101.82%	-52.12%	43.5%	-82.59%	-137.09%	583.8%	80.92%	-61.08%	290.43%	-43.32%	16.48%	-12.21%	63.04%	19.09%	15.45%	-74.81%	-37.67%	-957.85%	165.62%	-28.02%	36.6%	18.14%	-8.3%
Net income ¹	6,692	3,319	7,533	3,984	5,420	1,204	204	1,510	2,487	1,407	3,542	1,247	1,802	1,956	2,267	3,141	3,543	527.3	433.4	-10,200	3,128	2,308	3,173	3,706	3,590
Change	-	-50.4%	126.97%	-47.11%	36.02%	-77.78%	-83.05%	639.85%	64.75%	-43.42%	151.71%	-64.8%	44.52%	8.53%	15.92%	38.56%	12.78%	-85.12%	-17.8%	-2,453.36%	130.67%	-26.21%	37.48%	16.8%	-3.13%
Announcement Date	19/03/21	12/05/21	12/08/21	11/11/21	25/02/22	11/05/22	12/08/22	11/11/22	24/02/23	11/05/23	10/08/23	10/11/23	29/02/24	15/05/24	14/08/24	11/11/24	12/03/25	12/05/25	12/08/25	13/11/25	-	-	-	-	-

¹TWD in Million

Estimates

Forecast Balance Sheet: TCC Group Holdings Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	78,181	82,081	-	80,937	1,01,048	1,11,337	94,119	80,286
Change	-	4.99%	-	-	24.85%	10.18%	-15.46%	-14.7%
Announcement Date	19/03/21	25/02/22	24/02/23	29/02/24	12/03/25	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: TCC Group Holdings Co., Ltd.

Fiscal Period: December	2020	2021	2023	2024	2025	2026	2027
CAPEX ¹	9,572	16,553	24,726	33,604	15,430	20,274	20,924
Change	-	72.92%	-	35.9%	-54.08%	31.39%	3.21%
Free Cash Flow (FCF) ¹	21,707	2,420	-	-1,810	153	7,740	3,210
Change	-	-88.85%	-	-	108.46%	4,958.82%	-58.53%
Announcement Date	19/03/21	25/02/22	29/02/24	12/03/25	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: TCC Group Holdings Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	33.76%	25.08%	8.49%	17.67%	21.73%	21.57%	23.8%	24.6%
EBIT Margin (%)	27.4%	18.48%	1.02%	9.18%	11.08%	10.59%	12.75%	13.4%
EBT Margin (%)	30.91%	24.36%	5.83%	13.13%	14.77%	12.9%	15.83%	-
Net margin (%)	21.95%	18.92%	4.74%	7.32%	7.05%	5.82%	7.75%	-
FCF margin (%)	18.98%	2.26%	-	-	-1.17%	0.1%	4.69%	1.92%
FCF / Net Income (%)	86.48%	11.94%	-	-	-16.59%	1.67%	60.58%	-
Profitability
ROA	6.63%	4.87%	-	1.72%	2.05%	2.2%	2.9%	-
ROE	12.62%	9.92%	-	3.56%	4.55%	0.95%	4.35%	4.97%
Financial Health
Leverage (Debt/EBITDA)	2.03x	3.06x	-	4.19x	3.01x	3.29x	2.4x	1.95x
Debt / Free cash flow	3.6x	33.92x	-	-	-55.84x	727.69x	12.16x	25.01x
Capital Intensity
CAPEX / Current Assets (%)	8.37%	15.46%	-	22.62%	21.73%	9.83%	12.3%	12.49%
CAPEX / EBITDA (%)	24.79%	61.65%	-	128.02%	100.02%	45.57%	51.66%	50.78%
CAPEX / FCF (%)	44.1%	684.12%	-	-	-1,856.98%	10,084.97%	261.93%	651.84%
Items per share
Cash flow per share ¹	4.648	2.82	-	4.406	4.02	3.258	3.797	4.203
Change	-	-39.34%	-	-	-8.76%	-18.96%	16.55%	10.7%
Dividend per Share ¹	3.182	0.9092	-	1	1	0.985	1.12	1.14
Change	-	-71.43%	-	-	0%	-1.5%	13.71%	1.79%
Book Value Per Share ¹	32.38	30.39	-	30.58	32.86	31.84	32.91	32.83
Change	-	-6.13%	-	-	7.43%	-3.09%	3.37%	-0.26%
EPS ¹	3.718	3	0.74	1.04	1.42	0.317	1.528	1.624
Change	-	-19.32%	-75.33%	40.54%	36.54%	-77.67%	382.03%	6.3%
Nbr of stocks (in thousands)	63,02,456	69,46,200	73,52,182	77,31,182	75,31,182	74,93,182	74,93,182	74,93,182
Announcement Date	19/03/21	25/02/22	24/02/23	29/02/24	12/03/25	-	-	-