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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION Annual Report 2025
52019_rns_2026-03-13_47afc854-9688-4376-b61f-4841258168a5.pdf
Annual Report
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SYNNEX 練強國際
2025 Results SYNNEX TECH. INTL. CORP.
March, 2026
Disclaimer
IMPORTANT NOTICE
Synnex's statements of its current expectations provided herein are forward-looking. These statements are subject to risks and uncertainties that might cause significant deviations from actual results, including but not limited to changes in business policy, possible fluctuations in economic situations, technology development, competition environment, and other circumstances beyond control. Synnex undertakes no obligation to update the forward-looking statements to reflect events or circumstances after the issuance of the statements.
Nothing contained herein constitutes an investment advice, offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, Synnex makes no representation that it is accurate or complete. Neither Synnex nor any of its officers or employees shall be liable for any direct, indirect or consequential loss, damage, cost or expense incurred or arising from any use of the information contained herein.
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Consolidate Performance - By Quarter
X
Constant Currency YoY
Unit: NTSE
| Q1 | Q2 | Q3 | Q4 | Year | |
|---|---|---|---|---|---|
| Y21 | $867 | $966 | $1,016 | $1,239 | $4,088 |
| Y22 | $1,009 | $1,034 | $1,088 | $1,115 | $4,246 |
| Y23 | $886 | $949 | $982 | $1,142 | $3,960 |
| Y24 | $1,038 | $1,002 | $1,088 | $1,132 | $4,260★ |
| Y25 | $914 | $933 | $1,002 | $1,262 | $4,112 |
YoY -3%
(Flat in constant currency)
P3
Historical High
Record High in Same Period
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Y25 Revenue Share Unit: NTSE
Consolidate Performance – By Product (Quarterly)
P4 Historical High Record High in Same Period SYNNEX Confidential SYNNEX
X
Y25 Revenue Share
Unit: Local Currency
Consolidate Performance – By Country (Quarter)
P5
Historical High
Record High in Same Period
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SYNNEX Group Business Overview
Group (Y25 $28.5bn / +8%)
India/SA (23% / +23%)
(CAGR: +9%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
Taiwan (24% / +2%)
(CAGR: +4%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
AMZ (7% / +7%)
(CAGR: +2%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
METACIS (22% / +13%)
(CAGR: +7%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
China/HK (13% / -10%)
(CAGR: -3%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
SEA (12% / +10%)
(CAGR: +9%)
Y11 Y13 Y15 Y17 Y19 Y21 Y23 Y25
SYNNEX Group Business Overview
Y25 USD$28.5bn / YoY +8%
Technology Solution
- $8,969 (mn)
- Y25: +9%
31%
31%
Device & Lifestyle
- $8,826 (mn)
- Y25: +7%
Smartphone & Adjacency
- $6,108 (mn)
- Y25: +19%
21%
17%
Semicon & IC Module
- $4,884 (mn)
- Y25: -3%
Consolidated Income Statement – Y25Q4 & Y25
Unit: NT$mn
| Y24Q4 | Y25Q4 | YOY | Y24 | Y25 | YOY | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113,246 | $126,210★ | 11% | $426,009 | $411,153 | -3% | ||||
| Gross profit | 5,309 | 4.69% | 5,373★ | 4.26% | 1% | 18,648 | 4.38% | 17,504 | 4.26% | -6% |
| Operating expenses | (2,183) | 1.93% | (2,169◎ | 1.72% | -1% | (8,625) | 2.02% | (8,941) | 2.17% | 4% |
| Operating income | 3,126 | 2.76% | 3,204★ | 2.54% | 2% | 10,023 | 2.35% | 8,563 | 2.08% | -15% |
| Others income/expense | 659 | 563 | 2,331 | 3,250 | ||||||
| JV Business Income * | 467 | 529 | 13% | 1,670 | 2,138 | 28% | ||||
| Net interest expenses | (180) | 0.16% | (208) | 0.16% | 15% | (803) | 0.19% | (969) | 0.24% | 21% |
| Others | 372 | 241 | 1,464 | 2,081 | ||||||
| Pre-tax income & minority interest | 3,785 | 3.34% | 3,767 | 2.98% | 0% | 12,354 | 2.90% | 11,813 | 2.87% | -4% |
| Income tax | (566) | (768) | (2,424) | (2,716) | ||||||
| Minority interest (income) loss | (284) | (238) | (717) | (630) | ||||||
| Net income | $ 2,935 | 2.59% | $ 2,761 | 2.19% | -6% | $ 9,213 | 2.16% | $ 8,467 | 2.06% | -8% |
| EPS (NT$) | $ 1.76 | $ 1.66 | $ 5.52 | $ 5.08 |
- JV Business in Redington India, Synnex Thailand and Synnex FPT which were accounted under equity method.
P8
: Historical High
: Record High in Same Period
: Record Low in Same Period
: Record High in Same Period
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Working Capital
Unit: NTSE
| Y23Q1 | Y23Q2 | Y23Q3 | Y23Q4 | Y24Q1 | Y24Q2 | Y24Q3 | Y24Q4 | Y25Q1 | Y25Q2 | Y25Q3 | Y25Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WC | 908 | 899 | 847 | 1,043 | 830 | 853 | 796 | 892 | 759 | 717 | 618 | 809 |
| AR | 706 | 738 | 728 | 798 | 734 | 726 | 776 | 776 | 707 | 670 | 639 | 767 |
| Inventories | 456 | 455 | 462 | 531 | 400 | 452 | 420 | 477 | 391 | 380 | 362 | 438 |
| AP(net) | 254 | 294 | 343 | 287 | 304 | 325 | 400 | 361 | 339 | 333 | 383 | 396 |
| Net days | 104 | 85 | 83 | 75 | 82 | 77 | 70 | 69 | 85 | 72 | 66 | 56 |
| AR days | 76 | 68 | 70 | 61 | 67 | 65 | 63 | 63 | 74 | 66 | 61 | 51 |
| INV days | 56 | 46 | 45 | 43 | 41 | 40 | 37 | 36 | 44 | 38 | 35 | 30 |
| AP days | 28 | 29 | 32 | 29 | 26 | 28 | 30 | 30 | 34 | 32 | 30 | 25 |
P9
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Balance Sheet Key Index
Unit: NTSE
Assets
Liabilities & Equity
| Y25Q4 | Y25Q3 | Y24Q4 | |
|---|---|---|---|
| Debt Ratio | 62% | 63% | 64% |
| Net Int. bearing Debt / Equity | 51% | 54% | 68% |
| Net Worth Per Share (NT$) | 48.1 | 44.5 | 46.2 |
| Free Cash Flow (NT$E) | +63 | +63 | -70 |
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Profitability Trend
Unit: NTSE / %
OPI/GP Ratio
- 10yr average 46% Y25 : 49%
Gross Margin
- 10yr average 4.13% Y25 : 4.26%
Operating Expense
- 10yr average 2.23% Y25 : 2.17%
Operating Income
- 10yr average 1.90% Y25 : 2.08%
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Value Creation for Shareholder
Unit: NTSE / NT$
Net Income
PAT$ - 10yr avg. NT$91E PAT% - 10yr avg. 2.3% Y25 NT$85E / 2.1%
Book Value
- 10yr CAGR 7%
- Y25 NT$802E & NT$48 /share
Dividend & Payout ratio
- 10yr avg. NT$3.08
- 10yr avg. Payout 58% Y25 NT$4.2, Payout 83%
P12
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2026 Jan~Feb Performance
Overall Achievement
- Cumulative Rev. NT$70.3 bn, +23% YoY, record high for the period
- Jan over NT$40 bn, the second-highest Jan
- Feb near NT$30 bn, record high for the month
Business Segment
- Growth across all business segments
- "Dual Engines" – Enterprise solution and semiconductors are the primary catalysts
- Enterprise solution +23% YoY, hit record highs for 3 consecutive months as of Feb
- Semiconductors +34% YoY, the second-highest for the period
Regional Market
- Delivered robust growth across Taiwan, Indonesia, and ANZ
- Taiwan surged nearly 40% YoY, hitting a 15-year high for the period
- Record highs in Indonesia & ANZ, with Indonesia achieving 6 consecutive months of new highs
- China and Hong Kong demonstrated a steady recovery trend
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2026 Development Strategy & Operational Outlook
Driving the next phase of growth
"Extreme operational efficiency" and "Dual-platform strategy"
Lean transformation
- OPEX optimization : operating expense ratio down to 1.72% in last Q4
- Strategic rightsizing : total headcount naturally reduced by 30% by leveraging operation automation
- Productivity surge : revenue per employee increased by 59%
Digital Intelligence Platform
- Moving from a traditional distributor to a highly automated digital service platform
- Data-driven decisions : utilizing big data to predict market demand and optimize inventory
- Ecosystem empowerment : providing partners with real-time BI tools to enhance supply chain resilience
AI Acceleration Platform
- AI Infrastructure : providing high-performance AI servers、GPU computing、enterprise storage
- Endpoint upgrades: driving the replacement cycle for AI PC & AI Smartphone, increasing ASP
- Edge AI : integrating AI recognition and monitoring devices for industrial and commercial edge
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Environmental, Social & Governance
Environment
-
ISO Certification Continuously achieving ISO 14001 Environmental Management System and ISO 14064 GHG Emissions Inventories
-
Digitalization of Business Procedures The digital transformation initiative reduced paper purchases by 60% from 2022 to 2025.
-
Carbon Reduction Achievements 15% reduction in total Group emissions vs. 2023 baseline — reflecting strong focus on sustainability.
Social
-
Gender Equality The proportion of female managers in leadership positions reached 47%, highlighting the principle of recognizing capability without gender distinction
-
Employees Interest Free Loans Provide a worry-free working environment for employees, set up an interest-free loan system, and assist more than 1,300 people, the total amount of loans to date exceeds NT$400 million
-
Occupational Safety and Health Achieved ISO 45001 certification, fostering a safe, healthy, and sustainable work environment.
Governance
-
Business Performance Consolidated revenue reached NT$411.2 billion and net profit after tax reached NT$8.5 billion in 2025.
-
Information security management Put emphasis on information security, and receive ISO27001 certification consistently.
-
Awards and Recognition Honored with the “Best Taiwan Global Brands” awarded by Ministry of Economic Affairs and Interbrand for 23 consecutive years.
Sustainable SYNNEX Cherish the Earth
http://www.synnex.com.tw/en/esg-report
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Environmental, Social & Governance
Target ↓ 25% in 2030 (vs. Y23)
2025 ↓ 15%
carbon emission (same boundary)
- 2026.Q1
- ISO 14064-1 GHG inventory verification completed for the parent company (Y2603)
- GHG self-inventories completed for domestic and overseas subsidiaries (Y2601)
- 2026.Q2
- Sustainability Report – Environmental section preparation
Sustainable SYNNEX Cherish the Earth
http://www.synnex.com.tw/en/esg-report
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Environmental, Social & Governance
2025 Inventory Results
Synnex Group (Parent Company + Consolidated Subsidiaries)
- Industry: High-tech distribution (low-energy, non-manufacturing)
- Energy profile: Mainly office & logistics center electricity use
- Parent company emissions (2025): ~2,349 tCO₂e (<25,000 tCO₂e threshold)
- Electricity cost ratio: <1% of OPEX, indicating limited environmental and cost impact
GHG Inventory Results
- 2025 Emissions: ~6,570.5 tCO₂e (Scope 1 + Scope 2)
- vs. 2024: ↓7.6% ; vs. Base Year 2023: ↓15.3%
Sustainable SYNNEX Cherish the Earth
http://www.synnex.com.tw/en/esg-report
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SYNNEX 聯強國際
Group website http://www.synnex-grp.com/en ESG http://www.synnex-grp.com/en/esg-report
Appendix
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Consolidated Balance Sheet
Unit: NT$mn
| Item / Year | Y25Q4 | Y25Q3 | Y24Q4 |
|---|---|---|---|
| Cash and cash equivalents | $ 24,422 | 21,844 | $ 25,818 |
| Financial Assets(listed stocks, financial products...etc.) | 21,766 | 33,754 | 25,433 |
| Notes and accounts receivables - net | 76,707 | 63,891 | 77,648 |
| Inventories - net | 43,763 | 36,191 | 47,684 |
| Others | 10,855 | 11,570 | 8,882 |
| Current Assets | 177,513 | 167,251 | 185,465 |
| Long-term Investments | 19,300 | 19,579 | 19,258 |
| Fixed Assets - net | 16,231 | 15,836 | 16,326 |
| Other Assets | 4,379 | 3,908 | 3,919 |
| Total Assets | $ 217,423 | $ 206,573 | $ 224,967 |
| Short-term loans | $ 66,520 | $ 54,577 | $ 66,355 |
| Notes and accounts payables | 39,623 | 38,312 | 39,402 |
| Others | 11,491 | 9,220 | 10,825 |
| Current Liabilities | 117,635 | 102,108 | 116,583 |
| Other liabilities | 7,355 | 7,475 | 7,410 |
| Total Liabilities | 134,190 | 129,683 | 144,943 |
| Common stock | 16,679 | 16,679 | 16,679 |
| Capital reserve | 13,483 | 13,482 | 13,484 |
| Retained earnings | 56,755 | 52,794 | 53,734 |
| Others | (6,725) | (8,722) | (6,811) |
| Minority interest | 3,041 | 2,656 | 2,937 |
| Total Stockholders' Equity | 83,233 | 76,890 | 80,024 |
| Total Liabilities and Stockholders' Equity | $ 217,423 | $ 206,573 | $ 224,967 |
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