IN BRIEF
According to its release of 7 August 2026, Giant Group’s board of directors approved the first-half accounts that day. The Taiwanese group reports consolidated revenue of NT$29.19 billion, net profit of NT$435 million and earnings per share of NT$1.11. The second quarter, for its part, is picking up: NT$16.67 billion in revenue (+5.8% year on year) and, above all, NT$630 million in net profit, up 234%, for earnings per share of NT$1.62. Giant also reports a first-half gross margin of 22.3%, against 19.1% a year earlier, and of 24.2% for the second quarter alone.
| Revenue, H1 2026 | 29.19 billion NT$ |
| Net profit, H1 2026 | 435 million NT$ |
| Earnings per share, H1 2026 | 1.11 NT$ |
| Operating profit, H1 2026 | 809 million NT$ |
| Revenue, Q2 2026 | 16.67 billion NT$ (+5.8% year on year) |
| Net profit, Q2 2026 | 630 million NT$ (+234% year on year) |
| Earnings per share, Q2 2026 | 1.62 NT$ |
| Gross margin, H1 2026 | 22.3% (19.1% a year earlier) |
| Gross margin, Q2 2026 | 24.2% |
One figure Giant puts front and centre, right down to the headline of its release: +234%. That is how much the net profit of the Taiwanese manufacturer grew between the second quarter of 2025 and the second quarter of 2026. The figure is accurate, and it comes straight from the group’s release published on 7 August. It tells only half the story, though: across the first half as a whole, Giant made less money than a year ago.
Giant’s results, quarter versus half-year
“The board of directors of Giant Group today (7 August) approved the financial report for the first half of 2026,” the group writes. The half-year comes to NT$29.19 billion in consolidated revenue, with net profit after tax of NT$435 million and earnings per share of NT$1.11.
The second quarter tells a different story. Quarterly revenue “returned to a growth trajectory”, at NT$16.67 billion, up 5.8% year on year. And quarterly net profit reached NT$630 million, up 234%, taking earnings per share for the quarter to NT$1.62 — more, then, than for the entire half-year. That 234% jump is measured against a low base, however: in the second quarter of 2025, Giant had posted only NT$190 million in net profit after tax, its pre-tax result being “mainly affected by a foreign exchange loss of NT$230 million”. The group reckoned at the time that, excluding currency effects, its earnings per share for the quarter would have been around NT$1.07, against the NT$0.48 reported.
Giant puts this gap between the quarter and the half-year down to its contract manufacturing: third-party business was “affected by structural factors such as last year’s high comparison base and adjustments to the shipping schedule to the United States”. According to Bicycle Retailer and Industry News, which reported these accounts the same day, first-half net profit of NT$435 million is “down from NT$560 million in the first half of last year”, and half-year revenue fell 10.5%. The 7 August release itself says nothing about how net profit moved from one half-year to the next, nor about the first quarter of 2026, which the same Bicycle Retailer had reported in May as a net loss after tax of NT$200 million.
What lifted the margins
The real news may lie here. The half-year gross margin rose “against the trend” to 22.3%, from 19.1% over the same period last year, and climbs further to 24.2% for the second quarter alone. Half-year operating profit stands at NT$809 million.
Giant puts three things behind this recovery: “In the second quarter in particular, strong sales of the new high-end aero road bike, the Propel, under the GIANT brand, combined with a significant increase in the proportion of high-margin own-brand products and a low need for heavy clearance discounts, substantially improved the overall earnings structure.” In other words: fewer markdowns, more bikes sold under its own brands, and a flagship model that is selling.
The group adds that sales growth in Europe and the United States was driven by the arrival of the new model years, while the Chinese market “returned to a growth trajectory in the second quarter, with the cumulative decline continuing to narrow”.
A signal for the rest of the industry
The detail European bike shops will care about most fits into a single sentence: “Inventory adjustments in the European market are nearing completion”, Giant writes, noting that with the traditional peak season and the global rollout of the new model years, “demand has clearly recovered”. For three years now, the overstock inherited from the post-Covid bubble has been choking the industry, and massive discounting has been eating into everyone’s margins.
Giant says it is “cautiously optimistic” about its recovery overall, and caution remains particularly warranted in the US market: “the consumption trend remains conservative because of geopolitical factors and external uncertainties”, and the group says it intends to track market developments in order to respond flexibly. Bicycle Retailer also notes that the release says nothing about the Withhold Release Order, the US customs measure that bars Giant from exporting bikes made at its Taiwanese factory to the United States, and therefore from selling some of its high-end carbon models there.
