Slide 1: Delpha: A Rising Star
2530.TW, October 10, 2025 Delpha: A Rising Star
Slide 2: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 2025 Investor Presentation P2
Slide 3: Great Long-Term Perf, Buy on Recent Dips
Great Long-Term Perf, Buy on Recent Dips ▪ Strong mid- and long-term TSR at 107% and 139% ▪ Near-term temporarily affected by cyclical measures and government policies TSR: 1-YEAR TSR: 3-YEAR TSR: 5-YEAR 107% 139% -3% 96% 87% -10% 52% 71% 40% -16% 30% 36% 25% -18% -21% Delpha C/H Huaku Farglory H/W
Slide 4: Outperforms Sector & TWSE in Long Run
Outperforms Sector & TWSE in Long Run ▪ Superior mid- & long-term TSR perf, compared to sector and TWSE ▪ Cyclical nature weighs short-term perf and presents buying opportunity TSR: 1-YEAR TSR: 3-YEAR TSR: 5-YEAR 16% 107% 139% 73% 97% 38% 51% -19% -21% Delpha Sector TWSE Delpha Sector TWSE Delpha Se
Slide 5: Operational Performance
OPERATIONAL PERFORMANCE 2025 Investor Presentation P5
Slide 6: Booming Sales Growth
Booming Sales Growth ▪ Sales growth exponential, 2Y FY22-24 CAGR of 74.8%; 1H25 YoY much higher ▪ Growth continues, against backdrop of cyclical and government measures SALES COMPARABLE: 1H25 YOY Q1~Q3 6,095 6,198 42.3% 16.3% NT$ mn 1H 3,639 1,994 1,952 -36.0% -61.1% -89.0% 2022 2023 2024 2025 Q1~Q3
Slide 7: Superb OPEX Control
Superb OPEX Control ▪ OPEX increases on revenue growth, but percentage lowers via scale & control ▪ OPEX (as % of sales) at the lower end, 8.9%, compared to competition OPEX OPEX % OF SALES COMPARABLE: AVG OPEX % 471 Q1~Q3 20.7% Sales up 212% YoY 380 12% 11% NT$ mn 12.4% 234 8% 205 6% 8.9% 9.8% 1H 8
Slide 8: Exceptional Profitability and Growth
Exceptional Profitability and Growth ▪ Op Profit on the rise, 3Y CAGR reaches 89.4% and OM enhancing to 37.3% ▪ Average Op Margin at 31.0%, highest in the competitive landscape OPERATING PROFIT OPERATING MARGIN COMPARABLE: AVG OM Q1~Q3 31.0% 2,171 2,041 28.2% 33.1% 33.5% 35.0% 23.5% NT$ mn 19.5% 1H
Slide 9: Generous Dividend
Generous Dividend ▪ Cash DVD payout: ~90%, implying belief in strong outlook & future earnings ▪ Average 3Y cash DVD payout ratio tops the chart at 87.0% CASH DIVIDENDS CASH DVD PAYOUT COMPARABLE: 3Y CASH DVD PAYOUT 1.76 88.5% 90.5% 88.0% 87.0% 73.4% 73.1% 72.1% 68.8% NT$ 1.10 46.2% 0.54 0.41 2022 2
Slide 10: Investment Rationale
INVESTMENT RATIONALE 2025 Investor Presentation P10
Slide 11: Net Profit Shines
Net Profit Shines ▪ Net profit on the surge at 2Y CAGR of 89.9%, surpasses all the peers ▪ Net margin steadily increases to 28.9% for 1H25; AVG NM tops the class NET PROFIT NET MARGIN COMPARABLE: AVG NM Q1~Q3 26.2% 26.7% 28.0% 26.1% 1,736 1,629 22.6% 21.6% NT$ mn 18.3% 1H 1,052 11.2% 452 511 1.2% 20
Slide 12: ROE, Top of the Sector
ROE, Top of the Sector ▪ RoE ranks top at 15.6% for FY24 among comparable ▪ Despite cyclical measures, 1H25 RoE exceeds competition by far to 19.6% ROE: FY24 ROE: 1H25 15.6% 19.6% 12.7% 11.2% 7.3% 6.7% 2.8% 2.3% 1.9% -2.0% Delpha H/W C/H Farglory Huaku Delpha C/H Huaku H/W Farglory 2530.TT 2542.TT 5
Slide 13: Strong Pipeline for the Future
Strong Pipeline for the Future ▪ Superior Operation + Solid Pipeline = Bright Future Ahead ▪ Pipeline for coming 5 year amounts to NT$77,866 mn, and INCREASING TOTAL SALES VALUE OF PROJECTS Taipei & New Taipei Projects: 3 Future Est. Sale: NT$22.2 bn 20,788 Taoyuan 20,036 Projects: 10 Past Est. Sale
Slide 14: Attractive Valuation & Highest DVD Yield
Attractive Valuation & Highest DVD Yield ▪ Cash DVD yield tops the sector at 7.1% ▪ P/E multiple is most attractive in the sector at 12.4X CASH DVD YIELD COMPARABLE: P/E 94.6 7.1% 6.8% 80.1 5.4% 4.8% 4.4% 42.1 12.4 1H25 at loss Delpha C/H Huaku Farglory H/W Delpha C/H Huaku H/W Farglory 2530.TT 5534
Slide 15: Sound & Consistent SH Value Creation
Sound & Consistent SH Value Creation ▪ Surpassing performance in shareholder value creation ▪ SH Value creation = Increment in Shareholder Equity + Cash DVD - Fundraising % SINCE FY23 % SINCE FY22 % SINCE FY21 23.3% 44.0% 28.6% 40.5% 39.4% 22.2% 31.5% 16.5% 24.4% 14.2% 9.2% 11.8% 4.8% 3.4% 3.3% Delp
Slide 16: Versus Banking Stocks – More Promising
Versus Banking Stocks – More Promising ✓ Booming top-line growth ✓ Sound execution & profitability ✓ Higher cash dividend yield ✓ Greater cash dividend payout CASH DVD YIELD CASH DVD PAYOUT TOTAL SALES VALUE OF PROJECTS Future 7.1% 88.0% 20,788 20,036 5.4% 5.3% Past 16,000 NT$ mn 4.8% 63.2% 14,280 4