Delta Electronics 2025 Annual Results: NT$554.9 Billion Revenue as Infrastructure Segment Reaches 33%

Delta Electronics’ 2025 annual report covers a year of record revenue — NT$554.9 billion, up 32 % — driven by demand for AI data center power systems. Energy storage sits inside Delta’s Infrastructure segment, which made up 33 % of group revenue, but the report does not break out energy storage revenue separately.

1. Headline numbers

Delta’s consolidated revenue rose 32 % to NT$554.9 billion (~$17.9 billion at ~31 NT$/USD) in fiscal year 2025. Net income after tax was NT$60.1 billion (~$1.9 billion). Total profit for the period — including non-controlling interests — was NT$67.9 billion, up 68 %. Earnings per share (EPS) were NT$23.14 and return on equity (ROE) was 24.1 %.

Gross profit rose 39 % to NT$190.2 billion, with gross margin at 34.3 %. Operating profit rose 76 % to NT$83.9 billion, with an operating margin of 15.1 %. The report attributes the revenue increase mainly to higher revenue from the Power Electronics and Infrastructure business categories.

Research and development spending was NT$48.7 billion, 9 % of revenue. The parent company employed 14,016 people at year-end 2025, up from 13,226 in 2024. The consolidated group employs over 80,000 people worldwide.

2. Infrastructure segment: 33 % of revenue

Delta reports revenue across four business categories. Infrastructure — which includes energy storage, solar inverters, electric vehicle (EV) charging, data center power, uninterruptible power supply (UPS) systems and industrial drives — accounted for 33 % of total revenue in 2025.

Revenue by business category

The report does not break out energy storage revenue from the rest of the Infrastructure category. Other products in the same category include data center power solutions, UPS systems, telecom infrastructure, EV chargers and solar inverters.

3. Energy storage products and projects

The report describes Delta’s energy storage offering as a one-stop service covering project consulting, power conditioning systems (PCS), battery energy storage systems (BESS), switchgear, control systems and energy management software (EMS), for commercial, industrial and utility-scale applications.

Products listed in the filing include:

• DELTerra C+ Series — an all-in-one commercial and industrial energy storage solution rated at 125 kW / 279 kWh, with direct-current (DC) coupling to solar panels up to 225 kW
• PCS and BESS systems from hundreds of kilowatts to megawatt scale, in both centralized and string architectures
• Solar inverters for utility, commercial and residential applications, and hybrid PV-plus-storage inverters
• Medium and high voltage variable frequency drives from 250 kW to 3,550 kW

Delta also mentions establishing the first solid oxide fuel cell (SOFC) demonstration site in collaboration with Taiwan Power Company, with integrated energy storage for microgrid applications. Separately, Delta assisted Innolux Corporation in deploying a 40 MW energy storage system.

4. R&D pipeline for energy storage

The annual report lists R&D projects with estimated production schedules. Projects relevant to energy storage under the Infrastructure category include:

• 1.25–2.5 MW / 5 MWh Utility-Scale Energy Storage System — estimated production 2026
• High-Efficiency Hybrid PV Inverter with Energy Storage Integration — estimated production 2026
• Hydrogen Solutions with SOFC — estimated production 2026
• Megawatt Charging System (MCS) Solution — estimated production 2026
• High-Efficiency Utility-Scale Solar Inverter and Commercial and Industrial Solar Inverter — estimated production 2026

Under Power Electronics, the report also lists “Development of high protection DC fans for energy storage system” as a 2026 project.

5. The rest of the group

Power Electronics (50 % of revenue) was the largest category, driven by AI data center demand for power supplies, thermal management and passive components. The report describes development of high-voltage direct current (HVDC) power solutions for AI server racks, liquid cooling systems and trans-inductor voltage regulators (TLVRs) for high-performance computing. Delta’s liquid cooling business “became a key growth driver in 2025.”

Automation (10 %) covers industrial automation, building automation and smart manufacturing. Delta completed the acquisition of 100 % of Vivotek, a surveillance technology company, to strengthen its building automation and cloud security services.

Mobility (7 %) covers EV powertrain components. Delta is collaborating with automakers on powertrain products for plug-in hybrid electric vehicles (PHEVs), and established three new business units in 2025 for L3+ autonomous systems, battery management systems (BMS) and braking systems.

6. Factories and capital spending

Capital expenditure on machinery and equipment was NT$25.7 billion in 2025, up from NT$17.8 billion in 2024. Spending on factory construction and office buildings was NT$17.8 billion, up from NT$13.0 billion.

The report states that Delta is expanding production capacity in Asia, Europe and the Americas “to spread regional risks.” Specific new construction projects mentioned include the Chungli Plant 1 in Taiwan (with HVAC installation ongoing) and a solar power project at Hushan’s Ruifang Plant. Delta purchased land and buildings in Guanyin District, Taoyuan City from Federal Corporation.

Manufacturing capacity for energy storage specifically is not disclosed.

7. Risks listed

The filing identifies the following risk areas:

• Interest rate and exchange rate: revenue and receivables are mainly in US dollars; Delta uses hedging through forward exchange agreements and swap transactions
• Price competition and product mix: AI is driving demand but also raising requirements on power supply, thermal management and system reliability; price competition may pressure gross margins
• Cybersecurity: in February 2026, certain overseas subsidiary systems were subject to a cyberattack; the incident did not result in material impact, and systems were restored
• Carbon regulation: the European Union Carbon Border Adjustment Mechanism (CBAM) took effect January 2026; Delta is not included in the first phase of Taiwan’s carbon fee collection
• US tariff policy: the report mentions US tariff adjustments in April 2025 caused short-term volatility in global trade
• Patent litigation: Vicor Corporation filed patent infringement suits in January and February 2026 in the US, with proceedings ongoing

The report does not disclose energy storage shipments in GWh or GW, order backlog, ESS-specific revenue or margin, or geographic revenue breakdown.

8. Key data

Group results

Balance sheet

9. Data notes

• Segment revenue. The report gives revenue shares by business category (50 %, 7 %, 10 %, 33 %) but not absolute revenue per segment. The approximate revenue figures in section 2 are calculated by BESSmanufacturers from the percentages and total revenue.
• Net income. The chairman’s letter states net income of NT$60.1 billion and net after-tax profit margin of 10.8 %. The income statement shows total “Profit for the period” of NT$67,936M (+68 % year-on-year), which includes non-controlling interests. The NT$60.1B figure is the amount attributable to shareholders. The 2024 attributable figure is not stated in the filing summary tables, so the year-on-year change for the attributable amount cannot be derived.
• Energy storage. Energy storage revenue, margins and shipment volumes are not separately disclosed in this filing. The Infrastructure category (33 % of revenue) bundles data center power, UPS, EV charging, solar inverters, energy storage and industrial drives.
• Employees. The parent company employed 14,016 (p.148). The consolidated group employs over 80,000, as stated in company communications; the annual report does not give a consolidated headcount on the pages reviewed.
• USD conversion. Approximate at ~31 NT$/USD for the 2025 fiscal year.
• Our calculations. BESSmanufacturers calculated: approximate revenue per business category from percentage shares; 2024 gross margin (136,580/421,148 = 32.4 %); and the gross margin change in percentage points. All other figures and growth rates are from the filing.
• Page numbers are PDF page numbers:
  • chairman’s letter and headline numbers: pp.3, 166–167
  • business categories and segment shares: p.136
  • energy storage products: pp.139, 143, 146–147
  • R&D pipeline: pp.170–172
  • employees: p.148
  • capital expenditure: p.168
  • important contracts: p.165
  • risks: pp.169, 172–176
  • financial position and performance tables: pp.166–167

Sources