Giant Group, one of the largest bicycle manufacturers in the world and owner of the Giant, Liv, Cadex and Momentum brands, reported that 2026 first quarter consolidated revenue declined 25.7 percent year-over-year (y/y) to NT$12.5 billion, reportedly impacted by normalization of OEM business mix following an elevated prior-year comparison base and softer demand. The 2026 Q1 decline tracks against a 4.9 percent increase in the year-ago first quarter, following a weak 2024 first quarter.
Giant Group reports in the New Taiwan dollar (NT$) currency.
The Group said it continued to improve profitability through product mix optimization strategy and a stronger contribution from premium innovation and higher-value products in its own brand business. As a result, the Group’s gross margin improved 180 basis points y/y to 19.6 percent of revenue from 17.8 percent in Q1 last year, which was said to reflect the successful market launch of high-margin new products under the Group’s own brands.
Operating expense ratio increased to 21.2 percent of revenue in Q1, said to be primarily due to a one-time recognition of approximately NT$80 million in WRO-related* costs. The Group stated that this case has entered its final stage and is not expected to have any further impact on future earnings.
Although the Group recorded a net loss after tax of NT$200 million for the quarter, Giant said continued growth in Vietnam’s manufacturing operations and the E-bike OEM business highlights resilient demand in key segments.
The company posted a loss per share of NT$0.51 in Q1 2026 against earnings per share (EPS) of NT$0.94 in Q1 2025, said to be primarily due to “last year’s high comparison base and structural normalization of the OEM business mix.”
The Giant Board of Directors officially approved a share buyback program (treasury shares), with repurchased shares to be transferred to employees. This reflects management’s proactive response to the current market valuation. In addition, the Board approved a capital investment in a new wind tunnel laboratory featuring world-class aerodynamic testing capabilities, which will serve as a critical platform for advancing Giant Group’s expertise in cycling science and the development of professional-grade racing products.
Looking ahead, the Group said it expects market conditions to gradually improve as the industry enters the traditional peak season in the second and third quarters, supported by the launch of new products and improving retail demand. Giant Group will said it will continue to leverage its global manufacturing footprint and vertically integrated capabilities to enhance operational resilience and efficiency, and continue to drive innovation in support of global sustainable mobility.
* WRO references the Work Release Order imposed by the U.S. Customs and Border Patrol in September 2025 as a result of labor issues uncovered at the company.
To access Giant’s financial reports, please visit: www.giantgroup-cycling.com
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