Chunghwa Telecom : Q1 2026 Consolidated Financial Statements (T-IFRSs) (3115q1entifrs)

About this update from Chunghwa Telecom Co., Ltd

Chunghwa Telecom Co., Ltd. and Subsidiaries Consolidated Financial Statements for the Three Months Ended March 31, 2026 and 2025 and Independent Auditors' Review Report - ~ pwc 資試 INDEPENDENT AUDITORS'REVIEW REPORT T PW o t C he R2 B 6 o 0 a 0 rd 00 o 5 f I Directors and Stockholders ofChunghwa Telecom Co., Ltd. Introduction Scope of Review We conducted our reviews in accordance with the Standards on Review Engagements 24l O, ｀＇Review of Interim Financial Information Performed by the Independent Auditor ofthe Enfity" ofthe Republic ofChina. A review ofconsolidated financial statements consists ofmaking inquiries, p rimari l y ofpersons responsible 罪 express an audit opinion. f s o u r bs fi ta n n a t n ia c l i l a y l l a e n s d s i a n cc s o c unt e m t节a m n a a t n ter a s u ， d 叩 n d and � p c p o ly n i s n e g qu a e n n a t l ly ti d ? o al es i n d ot o e t n h a � b r . le re u v s ie t w o o p b _ro ta c i � n du a r s e s s u . ra A nce rev th :ie a w t w i e s would become aware o all significant matters that might be identified in an audit. Accordingly, we do not Conclusion ［嚐 Based on our ṯeviews, nothing has come to our attention that caused us to believe that the acc o m an y in consolidated financial statements do not present fairly, in all material respects, the consolidated fnan c ia{ position ofthe Com as ofMarch 3 l, 2O26 and 2O25, and ofits consohdated financial performance and G Its ov c e o m ns i o n l g id t a h t e ed Pr c e a p s aration ws of fo Fi r na th n e oa th l r R ee e - p m or o t n s th by p · S e e ri c o u d r s iti t e h s e I n ss e u n e d rs ed an i d n I a n c te c r o n r a d t a i n on ce al w A i c th co t u h n e tm R g e 磨 u ta Ia n t d io a n rd s i 34, "Interim Financial Reporting", that came into effiect as endorsed by the Financial Supervisory C o mm1 ss 1 o n. H l竺 守 心'f旦 － 牛 茫』<-- For and on behalfofPricewaterhouseCoopers. Taiwan May 8, 2026 Notice to Readers www.pwc.œm 資誠聯合會計師事務所PricewaterhouseCoopers, Taiwan 110208蔓北市信義區基隆路 一 段333號 27 樓 27F, No. 333, Sec. 1, Keelung Rd., Xinyi Dist., Taipei 110208, Taiwan T: +886 (2) 2729 6666, F:+ 886 (2) 2729 6686 - I - CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands of New Taiwan Dollars) March 31, 2026 December 31, 2025 March 31, 2025 ASSETS Amount % Amount % Amount % CURRENT ASSETS Cash and cash equivalents (Notes 6, 14 and 38) $ 35,230,791 6 $ 36,944,206 7 $ 29,047,839 5 Financial assets at fair value through profit or loss (Note 7) 250 - 3,372 - 5,048 - Financial assets at fair value through other comprehensive income (Note 8) - - 18,555 - - - Hedging financial assets (Note 21) - - 3,204 - 30 - Contract assets (Note 30) 8,809,445 2 8,576,194 2 8,486,649 2 Trade notes and accounts receivable, net (Notes 10 and 30) 29,146,345 5 27,396,423 5 22,496,724 4 Receivables from related parties (Note 38) 178,084 - 213,480 - 154,602 - Inventories (Notes 11, 30, 39 and 40) 14,904,433 3 13,178,595 2 11,916,341 2 Prepayments (Note 12) 8,197,935 1 3,789,733 1 6,408,832 1 Other current monetary assets (Notes 13 and 38) 33,625,902 6 23,467,523 4 36,773,359 7 Incremental costs of obtaining contracts (Note 30) 338,581 - 338,581 - 339,172 - Other current assets (Notes 20 and 39) 4,033,113 1 3,441,219 1 2,994,656 1 Total current assets 134,464,879 24 117,371,085 22 118,623,252 22 NONCURRENT ASSETS Financial assets at fair value through profit or loss (Note 7) 1,239,325 - 1,211,352 - 1,082,818 - Financial assets at fair value through other comprehensive income (Note 8) 6,707,025 1 6,786,803 1 5,300,400 1 Financial assets at amortized cost (Note 9) 2,020,294 - 2,020,300 - 2,000,000 - Investments accounted for using equity method (Note 15) 8,684,889 2 8,456,132 2 9,124,013 2 Contract assets (Note 30) 4,834,207 1 4,733,374 1 4,353,711 1 Property, plant and equipment (Notes 14, 16, 35, 39 and 40) 282,832,850 52 288,164,825 55 286,589,967 54 Right-of-use assets (Notes 17 and 38) 10,475,736 2 10,763,909 2 11,320,565 2 Investment properties (Note 18) 14,102,858 3 12,420,318 2 12,292,561 2 Intangible assets (Notes 19 and 35) 58,260,806 11 59,762,175 11 64,647,191 12 Deferred income tax assets (Note 3) 1,795,783 - 1,781,649 - 1,748,558 - Incremental costs of obtaining contracts (Note 30) 1,051,918 - 1,109,029 - 1,209,212 - Net defined benefit assets (Note 3) 10,021,823 2 9,865,533 2 9,072,610 2 Prepayments (Notes 12 and 40) 6,173,824 1 5,931,213 1 4,789,717 1 Other noncurrent assets (Notes 20, 39 and 40) 5,147,417 1 5,494,254 1 5,075,506 1 Total noncurrent assets 413,348,755 76 418,500,866 78 418,606,829 78 TOTAL $ 547,813,634 100 $ 535,871,951 100 $ 537,230,081 100 LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term loans (Notes 14 and 22) $ 540,000 - $ 340,000 - $ 530,000 - Financial liabilities at fair value through profit or loss (Note 7) 1,681 - 3 - - - Hedging financial liabilities (Note 21) 1,619 - 56 - - - Contract liabilities (Notes 30 and 40) 22,646,787 4 21,296,124 4 16,582,177 3 Trade notes and accounts payable (Note 25) 13,845,531 3 15,922,842 3 10,692,983 2 Payables to related parties (Note 38) 143,987 - 176,746 - 120,174 - Current tax liabilities (Note 3) 7,730,733 1 5,218,971 1 7,141,579 1 Lease liabilities (Notes 17, 35 and 38) 3,950,500 1 3,889,510 1 3,738,416 1 Other payables (Notes 26 and 35) 26,053,359 5 28,716,142 5 23,586,489 5 Provisions (Note 27) 541,388 - 524,743 - 668,780 - Current portion of long-term liabilities (Notes 23, 24 and 39) 5,399,058 1 1,899,856 - 8,805,183 2 Other current liabilities 947,986 - 957,029 - 1,016,527 - Total current liabilities 81,802,629 15 78,942,022 14 72,882,308 14 NONCURRENT LIABILITIES Long-term loans (Notes 23 and 39) 1,600,000 - 1,600,000 - 1,629,167 - Bonds payable (Notes 3 and 24) 21,687,792 4 23,288,282 4 21,690,253 4 Contract liabilities (Notes 30 and 40) 6,646,928 1 6,567,398 1 7,407,333 1 Deferred income tax liabilities (Note 3) 2,888,283 1 2,828,682 1 2,713,617 1 Provisions (Note 27) 563,060 - 560,273 - 307,725 - Lease liabilities (Notes 17, 35 and 38) 6,574,169 1 7,000,631 2 7,462,150 2 Customers' deposits (Note 38) 5,222,660 1 5,261,997 1 5,160,925 1 Net defined benefit liabilities (Note 3) 2,362,916 - 2,329,312 - 2,119,689 - Other noncurrent liabilities 7,032,517 1 6,703,278 2 7,581,570 1 Total noncurrent liabilities 54,578,325 9 56,139,853 11 56,072,429 10 Total liabilities 136,380,954 24 135,081,875 25 128,954,737 24 EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT (Notes 14 and 29) Common stocks 77,574,465 15 77,574,465 15 77,574,465 15 Additional paid-in capital 172,473,842 31 172,450,886 32 171,596,531 32 Retained earnings Legal reserve 77,574,465 15 77,574,465 15 77,574,465 15 Special reserve 2,675,419 - 2,675,419 - 2,675,419 - Unappropriated earnings 65,072,551 12 54,962,307 10 64,752,573 12 Total retained earnings 145,322,435 27 135,212,191 25 145,002,457 27 Others 941,514 - 1,020,169 - 1,230,537 - Total equity attributable to stockholders of the parent 396,312,256 73 386,257,711 72 395,403,990 74 NONCONTROLLING INTERESTS (Note 14) 15,120,424 3 14,532,365 3 12,871,354 2 Total equity 411,432,680 76 400,790,076 75 408,275,344 76 TOTAL $ 547,813,634 100 $ 535,871,951 100 $ 537,230,081 100 The accompanying notes are an integral part of the consolidated financial statements. - 2 - CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) Three Months Ended March 31 2026 2025 Amount % Amount % REVENUES (Notes 30, 38 and 45) $ 59,988,435 100 $ 55,808,409 100 OPERATING COSTS (Notes 11, 28, 30, 31 and 38) 37,238,688 62 34,203,238 61 GROSS PROFIT 22,749,747 38 21,605,171 39 OPERATING EXPENSES (Notes 10, 28, 31 and 38) Marketing 6,428,072 11 6,140,628 11 General and administrative 1,972,202 3 1,793,499 3 Research and development 1,114,800 2 1,029,841 2 Expected credit loss 132,074 - 119,535 - Total operating expenses 9,647,148 16 9,083,503 16 OTHER INCOME AND EXPENSES (Note 31) 1,927 - 1,018 - INCOME FROM OPERATIONS 13,104,526 22 12,522,686 23 NON-OPERATING INCOME AND EXPENSES Interest income (Note 38) 197,862 - 211,517 - Other income (Notes 31 and 38) 41,110 - 38,448 - Other gains and losses (Notes 14, 31, 37 and 38) (45,282) - (25,118) - Interest expense (Notes 17, 31 and 38) Share of profit or loss of associates and joint ventures accounted for using equity method (Note 15) (102,516) (14,975) - - (89,357) 40,835 - - Total non-operating income and expenses 76,199 - 176,325 - INCOME BEFORE INCOME TAX 13,180,725 22 12,699,011 23 INCOME TAX EXPENSE (Notes 3 and 32) 2,573,003 4 2,503,200 5 NET INCOME 10,607,722 18 10,195,811 18 TOTAL OTHER COMPREHENSIVE INCOME (LOSS) Items that will not be reclassified to profit or loss: Unrealized gain or loss on investments in equity instruments at fair value through other comprehensive income (Notes 29 and 37) (117,386) - 568,424 1 (Continued) CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands of New Taiwan Dollars, Except Earnings Per Share) Three Months Ended March 31 2026 2025 Amount % Amount % Gain or loss on hedging instruments subject to basis adjustment (Note 21) $ (4,767) - $ 804 - Share of other comprehensive income of associates and joint ventures (Notes 15 and 29) (5,277 ) - 669 - (127,430 ) - 569,897 1 Items that may be reclassified subsequently to profit or loss: Exchange differences arising from the translation of the foreign operations 72,442 - 73,809 - Share of other comprehensive income of associates and joint ventures (Notes 15 and 29) (7,247 ) - 7,268 - 65,195 - 81,077 - Total other comprehensive income, net of income tax (62,235 ) - 650,974 1 TOTAL COMPREHENSIVE INCOME $ 10,545,487 18 $ 10,846,785 19 NET INCOME ATTRIBUTABLE TO Stockholders of the parent $ 10,109,931 17 $ 9,799,194 17 Noncontrolling interests 497,791 1 396,617 1 $ 10,607,722 18 $ 10,195,811 18 COMPREHENSIVE INCOME ATTRIBUTABLE TO Stockholders of the parent $ 10,031,589 17 $ 10,444,048 18 Noncontrolling interests 513,898 1 402,737 1 $ 10,545,487 18 $ 10,846,785 19 EARNINGS PER SHARE (Note 33) Basic $ 1.30 $ 1.26 Diluted $ 1.30 $ 1.26 The accompanying notes are an integral part of the consolidated financial statements. (Concluded) CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In Thousands of New Taiwan Dollars) Equity Attributable to Stockholders of the Parent (Notes 14, 21 and 29) Others Unrealized Gain Exchange or Loss on Differences Financial Assets Arising from the at Fair Value Retained Earnings Translation of Through Other Gain or Loss Noncontrolling Additional Unappropriated the Foreign Comprehensive on Hedging Interests Common Stocks Paid-in Capital Legal Reserve Special Reserve Earnings Operations Income Instruments Total (Note 14) Total Equity BALANCE, JANUARY 1, 2025 $ 77,574,465 $ 171,587,279 $ 77,574,465 $ 2,675,419 $ 54,953,379 $ 22,852 $ 563,605 $ (774) $ 384,950,690 $ 13,154,166 $ 398,104,856 Cash dividends distributed by subsidiaries - - - - - - - - - (710,530) (710,530) Net income for the three months ended March 31, 2025 - - - - 9,799,194 - - - 9,799,194 396,617 10,195,811 Other comprehensive income for the three months ended March 31, 2025 - - - - - 69,868 574,182 804 644,854 6,120 650,974 Total comprehensive income for the three months ended March 31, 2025 - - - - 9,799,194 69,868 574,182 804 10,444,048 402,737 10,846,785 Changes in equities of subsidiaries - 9,252 - - - - - - 9,252 (6,767) 2,485 Net increase in noncontrolling interests - - - - - - - - - 31,748 31,748 BALANCE, MARCH 31, 2025 $ 77,574,465 $ 171,596,531 $ 77,574,465 $ 2,675,419 $ 64,752,573 $ 92,720 $ 1,137,787 $ 30 $ 395,403,990 $ 12,871,354 $ 408,275,344 BALANCE, JANUARY 1, 2026 $ 77,574,465 $ 172,450,886 $ 77,574,465 $ 2,675,419 $ 54,962,307 $ (191,679) $ 1,208,700 $ 3,148 $ 386,257,711 $ 14,532,365 $ 400,790,076 Cash dividends distributed by subsidiaries - - - - - - - - - (609,621) (609,621) Change in additional paid-in capital for not participating in the capital increase of a subsidiary - 266 - - - - - - 266 29,734 30,000 Net income for the three months ended March 31, 2026 - - - - 10,109,931 - - - 10,109,931 497,791 10,607,722 Other comprehensive income for the three months ended March 31, 2026 - - - - - 66,988 (140,563) (4,767) (78,342) 16,107 (62,235) Total comprehensive income for the three months ended March 31, 2026 - - - - 10,109,931 66,988 (140,563) (4,767) 10,031,589 513,898 10,545,487 Disposal of investments in equity instruments at fair value through other comprehensive income - - - - 313 - (313) - - - - Changes in equities of subsidiaries - 22,690 - - - - - - 22,690 304,048 326,738 Net increase in noncontrolling interests - - - - - - - - - 350,000 350,000 BALANCE, MARCH 31, 2026 $ 77,574,465 $ 172,473,842 $ 77,574,465 $ 2,675,419 $ 65,072,551 $ (124,691) $ 1,067,824 $ (1,619) $ 396,312,256 $ 15,120,424 $ 411,432,680 The accompanying notes are an integral part of the consolidated financial statements. - 5 - CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) Three Months Ended March 31 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax $ 13,180,725 $ 12,699,011 Adjustments for: Depreciation 8,536,925 8,340,188 Amortization 1,663,940 1,668,887 Amortization of incremental costs of obtaining contracts 232,964 238,217 Expected credit loss 132,074 119,535 Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net 31,717 (193) Interest expense 102,516 89,357 Interest income (197,862) (211,517) Dividend income (669) - Compensation cost of share-based payment transactions - 1,225 Share of loss (gain) of associates and joint ventures accounted for using equity method 14,975 (40,835) Gain on disposal of property, plant and equipment (1,927) (1,018) Provision for impairment loss and obsolescence of inventory 19,063 38,153 Gain on disposal of subsidiaries - (15,290) Others (49,904) 50,931 Changes in operating assets and liabilities: Decrease (increase) in: Contract assets (334,934) (120,849) Trade notes and accounts receivable (1,865,596) 3,407,094 Receivables from related parties 35,396 38,402 Inventories (1,744,901) 126,103 Prepayments (4,415,147) (3,258,324) Other current assets (591,894) 117,602 Other current monetary assets (215,144) (119,227) Incremental costs of obtaining contracts (175,853) (225,777) Increase (decrease) in: Contract liabilities 1,430,193 155,170 Trade notes and accounts payable (2,077,311) (7,040,550) Payables to related parties (32,759) (360,227) Other payables (2,370,891) (2,348,547) Provisions 19,432 20 Net defined benefit plans (122,686) (176,426) Other current liabilities (10,802 ) (35,396 ) Cash generated from operations 11,191,640 13,135,719 Interests paid (72,361) (71,376) Income taxes paid (15,774 ) (113,327 ) Net cash provided by operating activities 11,103,505 12,951,016 (Continued) CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) Three Months Ended March 31 2026 2025 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of financial assets at fair value through other comprehensive income $ (37,103) $ (65,000) Proceeds from disposal of financial assets at fair value through other comprehensive income 18,050 - Acquisition of financial assets at fair value through profit or loss (60,000) (82,191) Acquisition of investments accounted for using equity method (240,000) - Net cash outflow from loss of control of subsidiaries - (8,664) Acquisition of property, plant and equipment (4,549,627) (5,407,350) Proceeds from disposal of property, plant and equipment 5,862 2,168 Acquisition of intangible assets (79,362) (32,751) Acquisition of investment properties - (2,067) Acquisition of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months (21,529,777) (23,031,073) Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months 11,657,827 9,704,902 Decrease (increase) in other noncurrent assets 346,615 (204,163) Increase in prepayments for leases (235,666) (342,190) Interests received 167,296 168,718 Dividends received 1,000 156,220 Proceeds from profit distribution of financial assets at fair value through profit or loss 5,110 44 Net cash used in investing activities (14,529,775 ) (19,143,397 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term loans 675,000 530,000 Repayments of short-term loans (475,000) (150,000) Proceeds from issuance of bonds 2,568,531 - Payments for transaction costs attributable to the issuance of bonds (5,195) - Decrease in customers' deposits (37,578) (141,038) Payments for the principal of lease liabilities (1,163,404) (1,203,598) Increase (decrease) in other noncurrent liabilities 295,786 (106,666) Cash dividends distributed to noncontrolling interests (216,003) (688) Change in other noncontrolling interests 32,573 13,474 Net cash provided by (used in) financing activities 1,674,710 (1,058,516 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 38,145 39,047 (Continued) CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands of New Taiwan Dollars) Three Months Ended March 31 2026 2025 NET DECREASE IN CASH AND CASH EQUIVALENTS $ (1,713,415) $ (7,211,850) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 36,944,206 36,259,689 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 35,230,791 $ 29,047,839 The accompanying notes are an integral part of the consolidated financial statements. (Concluded) CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (In Thousands of New Taiwan Dollars, Unless Stated Otherwise) GENERAL Chunghwa Telecom Co., Ltd. ("Chunghwa"; Chunghwa together with its subsidiaries are hereinafter referred to collectively as the "Company".) was incorporated on July 1, 1996 in the Republic of China ("ROC"). Chunghwa is a company limited by shares and, prior to August 2000, was wholly owned by the Ministry of Transportation and Communications ("MOTC"). Prior to July 1, 1996, the current operations of Chunghwa were carried out under the Directorate General of Telecommunications ("DGT"). The DGT was established by the MOTC in June 1943 to take primary responsibility in the development of telecommunications infrastructure and to formulate policies related to telecommunications. On July 1, 1996, the telecom operations of the DGT were spun-off as Chunghwa which continues to carry out the business and the DGT continues to be the industry regulator. Effective August 12, 2005, the MOTC completed the process of privatizing Chunghwa by reducing the government ownership to below 50% in various stages. In July 2000, Chunghwa received approval from the Securities and Futures Commission (the "SFC") for a domestic initial public offering and its common stocks were listed and traded on the Taiwan Stock Exchange (the "TWSE") on October 27, 2000. Certain of Chunghwa's common stocks were sold, in connection with the foregoing privatization plan, in domestic public offerings at various dates from August 2000 to July 2003. Certain of Chunghwa's common stocks were also sold in an international offering of securities in the form of American Depository Shares ("ADS") on July 17, 2003 and were listed and traded on the New York Stock Exchange (the "NYSE"). The MOTC sold common stocks of Chunghwa by auction in the ROC on August 9, 2005 and completed the second international offering on August 10, 2005. Upon completion of the share transfers associated with these offerings on August 12, 2005, the MOTC owned less than 50% of the outstanding shares of Chunghwa and completed the privatization plan. The consolidated financial statements are presented in Chunghwa's functional currency, New Taiwan dollars. APPROVAL OF FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors on May 8, 2026. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION Except for the following items, the accounting policies applied in these consolidated financial statements are consistent with those applied in the consolidated financial statements for the year ended December 31, 2025. Please refer to the consolidated financial statements for the year ended December 31, 2025 for the details. Statement of Compliance The accompanying consolidated financial statements have been prepared in conformity with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Accounting Standard 34 "Interim Financial Reporting" endorsed and issued into effect by the Financial Supervisory Commission (the "FSC"). The consolidated financial statements do not present all the disclosures required for a complete set of annual consolidated financial statements as required by International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), International Financial Reporting Interpretations Committee (IFRIC) and SIC Interpretations (SIC) (collectively, the "IFRSs") endorsed and issued into effect by the FSC. Basis of Consolidation The detail information of the subsidiaries at the end of reporting period was as follows: Percentage of Ownership Interests Main Businesses and March 31, December March 31, Name of Investor Name of Investee Products 2026 31, 2025 2025 Note Chunghwa Telecom Senao International Co., Ltd. Handset and peripherals 28 28 28 a. Co., Ltd. ("SENAO") retailer, sales of CHT mobile phone plans as an agent Light Era Development Co., Planning and development of 100 100 100 Ltd. ("LED") real estate and intelligent buildings, and property management Donghwa Telecom Co., Ltd. International private leased 100 100 100 ("DHT") circuit, IP VPN service, and IP transit services Chunghwa Telecom Singapore International private leased 100 100 100 Pte., Ltd. ("CHTS") circuit, IP VPN service, and IP transit services Chunghwa System Integration Providing system integration 100 100 100 Co., Ltd. ("CHSI") services and telecommunications equipment Chunghwa Investment Co., Investment 89 89 89 Ltd. ("CHI") CHIEF Telecom Inc. Network integration, internet ("CHIEF") data center ("IDC"), 56 56 56 b. communications integration and cloud application services CHYP Multimedia Marketing Digital information supply 100 100 100 & Communications Co., Ltd. services and advertisement ("CHYP") services Prime Asia Investments Group Investment 100 100 100 Ltd. ("Prime Asia") Spring House Entertainment Software design services, 56 56 56 Tech. Inc. ("SHE") internet contents production and play, and motion picture production and distribution Chunghwa Telecom Global, International private leased 100 100 100 Inc. ("CHTG") circuit, internet services, and transit services Chunghwa Telecom Vietnam Intelligent energy saving 100 100 100 Co., Ltd. ("CHTV") solutions, international circuit, and information and communication technology ("ICT") services. Smartfun Digital Co., Ltd. Providing diversified family 65 65 65 ("SFD") education digital services Chunghwa Telecom Japan Co., International private leased 100 100 100 Ltd. ("CHTJ") Chunghwa Sochamp Technology Inc. ("CHST") circuit, IP VPN service, and IP transit services Design, development and production of Automatic License Plate Recognition software and hardware - - - c. Honghwa International Co., Telecommunications 100 100 100 Ltd. ("HHI") engineering, sales agent of mobile phone plan application and other Chunghwa Leading Photonics business services, etc. Production and sale of 62 62 70 d. Tech Co., Ltd. ("CLPT") electronic components and Chunghwa Telecom (Thailand) finished products International private leased 100 100 100 Co., Ltd. ("CHTT") circuit, IP VPN service, ICT and cloud VAS services (Continued) Percentage of Ownership Interests Name of Investor Name of Investee Main Businesses and Products March 31, 2026 December 31, 2025 March 31, 2025 Note CHT Security Co., Ltd. ("CHTSC") International Integrated Systems, Inc. ("IISI") Chunghwa Digital Cultural and Creative Capital Co., Ltd ("CDCC Capital") Chunghwa Telecom Europe GmbH ("CHTEU") CHT InventAI Co., Ltd. ("CHAI") Computing equipment installation, wholesale of computing and business machinery equipment and software, management consulting services, data processing services, digital information supply services and internet identity services IT solution provider, IT application consultation, system integration and package solution Investment and management consulting International private leased circuit, internet services, transit services and ICT services AI software, system development, application services, and enterprise consulting 57 57 63 e. 45 45 50 f. 100 100 100 100 100 100 80 100 - g. Senao International Co., Ltd. Youth Co., Ltd. ("Youth") Sale of information and communication technologies products 96 96 96 Aval Technologies Co., Ltd. ("Aval") Senyoung Insurance Agent Co., Ltd. ("SENYOUNG") Sakuyo Health Science Co., Ltd. ("SAKUYO") Sale of information and communication technologies products Property and liability insurance agency Health product development and supply chain management 100 100 100 100 100 100 100 - - h. Youth Co., Ltd. ISPOT Co., Ltd. ("ISPOT") Sale of information and communication technologies products 100 100 100 Aval Technologies Co., Ltd. Wiin Technology Co., Ltd. ("Wiin") Sale of information and communication technologies products 100 100 100 CHIEF Telecom Inc. Unigate Telecom Inc. ("Unigate") Chief International Corp. ("CIC") Shanghai Chief Telecom Co., Ltd. ("SCT") Telecommunications and internet service Telecommunications and internet service Telecommunications and internet service 100 100 100 100 100 100 49 49 49 i. Chunghwa Investment Co., Ltd. Chunghwa Precision Test Tech. Co., Ltd. ("CHPT") Production and sale of semiconductor testing components and printed circuit board 34 34 34 j. Chunghwa Precision Test Tech. Co., Ltd. Chunghwa Precision Test Tech USA Corporation ("CHPT (US)") CHPT Japan Co., Ltd. ("CHPT (JP)") Chunghwa Precision Test Tech. International, Ltd. ("CHPT (International)") Design and after-sale services of semiconductor testing components and printed circuit board Related services of electronic parts, machinery processed products and printed circuit board Wholesale and retail of electronic materials, and investment 100 100 100 100 100 100 100 100 100 TestPro Investment Co., Ltd. ("TestPro") Investment 100 100 100 (Continued) Percentage of Ownership Interests Name of Investor Name of Investee Main Businesses and Products March 31, 2026 December 31, 2025 March 31, 2025 Note TestPro Investment Co., Ltd. NavCore Tech. Co., Ltd ("NavCore") Sale and manufacturing of smart equipment, smart 54 54 54 factory software and hardware integration and technical consulting service Prime Asia Investments Group Chunghwa Hsingta Co., Ltd. ("CHC") Investment 100 100 100 Ltd. Chunghwa Precision Shanghai Taihua Electronic Design of printed circuit board 100 100 100 Test Tech. Technology Limited and related consultation International, Ltd. ("STET") Su Zhou Precision Test Tech. service Assembly processed of circuit 100 100 100 Ltd. ("SZPT") board, design of printed circuit board and related consultation service International Integrated Systems, Unitronics Technology Corp. ("UTC") Development and maintenance of information system 100 100 100 Inc. Chunghwa Telecom Chunghwa Telecom Malaysia International private leased 100 100 - k. Singapore Pte., Ltd. SDN. BHD. ("CHTM") circuit, IP VPN service, and ICT services Chunghwa Digital Cultural and Chunghwa Digital Cultural and Creative Fund ("CDCCF") Investment 1 - - l. Creative Capital Co., Ltd (Concluded) Chunghwa continues to control more than half of seats of the Board of Directors of SENAO through the support of large beneficial stockholders. As a result, the Company treated SENAO as a subsidiary. CHIEF repurchased its stock between February and March 2026 and issued new shares in March 2025 as its employees exercised options. Therefore, the Company's ownership interest in CHIEF changed to 58.56% and 59.29% as of March 31, 2025 and 2026, respectively. Chunghwa no longer had more than half of seats of the Board of Directors of CHST since January 2025. As a result, the Company lost control over CHST and recognized CHST as an investment in associate. Please refer to Note 14(c) for details. CLPT issued new shares in December 2025 as its employees exercised options. Therefore, the Company's ownership interest in CLPT decreased to 62.03% as of December 31, 2025. CHTSC conducted its initial public offering through public underwriting in September 2025, and Chunghwa did not participate in the capital increase of CHTSC in accordance with applicable regulations. CHTSC issued new shares in February 2025, May 2025, August 2025 and February 2026 as its employees exercised options. Therefore, the Company's ownership interest in CHTSC decreased to 63.44%, 56.69% and 56.68% as of March 31, 2025, December 31, 2025 and March 31, 2026, respectively. IISI was listed in November 2025. Chunghwa did not participate in the capital increase of its initial public offering through public underwriting and disposed of some shares of IISI in accordance with applicable regulations and the price stabilization mechanism. Therefore, the Company's ownership interest in IISI decreased to 44.53% as of December 31 2025. Chunghwa continues to control more than half of seats of the Board of Directors of IISI. As a result, the Company treated IISI as a subsidiary. Chunghwa invested in and established CHAI in October 2025. Chunghwa obtained 100% ownership interest of CHAI. CHAI's founding employees participated in the capital increase of CHAI in January 2026. Therefore, the Company's ownership interest in CHAI decreased to 80% as of March 31, 2026. SENAO established SAKUYO in March, 2026. SENAO obtained 100% ownership interest of SAKUYO. As of March 31, 2026, the investment capital had not been remitted. CHIEF has more than half of seats of the Board of Directors of SCT according to the mutual agreements among stockholders and gained control over SCT; hence, SCT is deemed as a subsidiary of the Company. CHI disposed of some shares of CHPT from November to December 2025. Therefore, the Company's ownership interest in CHPT decreased to 33.74% as of December 31, 2025. Though the Company's ownership interest in CHPT is less than 50%, the management considered the absolute and relative size of ownership interest, and the dispersion of shares owned by the other stockholders and concluded that the Company has a sufficiently dominant voting interest to direct the relevant activities; hence, CHPT is deemed as a subsidiary of the Company. CHTS established CHTM in June 2025. The investment capital was remitted in October 2025. CHTS obtained 100% ownership interest in CHTM. Chunghwa and CDCC Capital jointly established CDCCF in March 2026, with a combined ownership interest of 65%. CDCC Capital acts as the general partner and is responsible for the operation and management of the partnership. Chunghwa Telecom Co., Ltd. (Chunghwa) 100% 27.79% 100% 100% 100% 100% 100% 56.04% 100% 56.32% 100% 89% 100% 65% 100% 62.03% 100% 56.68% 44.53% 100% 100% Chunghwa Senao Telecom International Multimedia Telecom System Telecom Development Entertainment Telecom Telecom Telecom Investment Investments Digital International Leading CHYP Chunghwa Chunghwa Chunghwa Light Era Spring House Donghwa CHIEF Chunghwa Chunghwa Prime Asia Smartfun Honghwa Chunghwa Chunghwa CHT International Chunghwa Chunghwa Telecom Security Integrated Digital Cultural Telecom Vietnam Co., Ltd. Marketing & Singapore Integration Global, Inc. Co., Ltd. Tech. Inc. Co., Ltd. Inc. Japan Co., Co., Ltd. Group Ltd. Co., Ltd. Co., Ltd. Photonics (Thailand) Co., Ltd. Systems, Inc. and Creative Europe Co., Ltd. ("SENAO") Communications Pte., Ltd. Co., Ltd. ("CHTG") ("LED") ("SHE") ("DHT") ("CHIEF") ("SFD") ("HHI") Tech Co., Co., Ltd. ("CHTSC") ("IISI") Capital Co., Ltd GmbH 80% CHT InventAI Co., Ltd. ("CHAI") ("CHTV") Co., Ltd. ("CHTS") ("CHSI") ("CHYP") Ltd. ("CHI") ("Prime ("CHTJ") Asia") Ltd. ("CHTT") ("CLPT") ("CDCC ("CHTEU") Capital") 100% 2.97% 100% 100% Sakuyo Aval Health Technologies Science Co., Co., Ltd. Ltd. ("Aval") ("SAKUYO") 100% Senyoung Insurance Agent Co., Ltd. ("SENYOUNG") 95.79% Youth Co., Ltd. ("Youth") Chunghwa Telecom Malaysia SDN. BHD. ("CHTM") 100% 100% 49% 100% 1% Unitronics Chunghwa Digital Technology Cultural and Corp. Creative Fund ("UTC") ("CDCCF") Unigate Chief Telecom Inc. International Shanghai Chief ("Unigate") Corp. ("CIC") Telecom Co., Ltd. ("SCT") 33.74% Chunghwa Precision Test Tech. Co., Ltd. ("CHPT") 64% 100% Chunghwa Hsingta Co., Ltd. ("CHC") 100% 100% 0.39% Wiin Technology Co., Ltd. ("Wiin") ISPOT Co., Ltd. ("ISPOT") 100% 100% TestPro Chunghwa Investment Co., Precision Test Ltd. ("TestPro") Tech USA Corporation ("CHPT (US)") 100% 100% CHPT Japan Chunghwa Co., Ltd. Precision ("CHPT (JP)") Test Tech. International, Ltd. ("CHPT (International)") 54.25% NavCore Tech. Co., Ltd ("NavCore") 100% Shanghai Taihua Electronic Technology Limited ("STET") 100% Su Zhou Precision Test Tech. Ltd. ("SZPT") The following diagram presented information regarding the relationship and percentages of ownership interests between Chunghwa and its subsidiaries as of March 31, 2026. Other Material Accounting Policies Defined benefit retirement benefits Pension cost for an interim period is calculated on a year-to-date basis by using the actuarially determined pension cost rate at the end of the prior financial year, adjusted for significant market fluctuations since that time and for other significant one-off events. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. Income taxes for interim period are assessed on an annual basis and calculated by applying to an interim period's pre-tax income the tax rate that would be applicable to expected total annual earnings. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects to recover or settle the carrying amount of its assets and liabilities at balance sheet date. Convertible bonds The component parts of compound instruments (i.e., convertible bonds) issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. On initial recognition, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible instruments. This amount is recognized as a liability and is subsequently measured at amortized cost using the effective interest method until it is extinguished upon conversion or at maturity. The conversion option classified as equity is measured as the residual amount, determined by deducting the fair value of the liability component, as separately determined, from the fair value of the compound instrument as a whole. The resulting amount, net of income tax effects, is recognized in equity and is not subsequently remeasured. Upon exercise of the conversion option, the related liability component and the amount recognized in equity are transferred to common stock and additional paid-in capital - share premium. If the conversion option is not exercised upon maturity, the amount recognized in equity is transferred to additional paid-in capital - share premium. Transaction costs relating to the issuance of convertible bonds are allocated to the liability and equity components in proportion to the gross proceeds allocated to each component. Transaction costs allocated to the liability component are included in the carrying amount of the liability, while transaction costs allocated to the equity component are recognized directly in equity. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION, UNCERTAINTY AND ASSUMPTION In the application of the Company's accounting policies, the management is required to make judgments, estimates and assumptions which are based on historical experience and other factors that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed by the management on an ongoing basis. For the material accounting judgments and key sources of estimation, uncertainty and assumption applied in these consolidated financial statements, please refer to the consolidated financial statements for the year ended December 31, 2025. APPLICATION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS Initial application of the amendments to the IFRSs endorsed and issued into effect by the FSC The initial application of the amendments to the IFRSs issued by the International Accounting Standards Board and endorsed and issued into effect by the FSC does not have a material impact on the Company's consolidated financial statements. The Company has applied the amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity, please refer to Note 41 for details. IFRSs issued by the IASB but not yet endorsed and issued into effect by the FSC New, Revised or Amended Standards and Interpretations Effective Date Announced by IASB Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and Its Associate or Joint Venture To be determined by IASB IFRS 18 Presentation and Disclosure in Financial Statements IFRS 19 Subsidiaries without Public Accountability: Disclosures Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency January 1, 2027 (Note) January 1, 2027 January 1, 2027 Note: The FSC announced in a press release in September 2025 that public companies will apply IFRS 18 starting from fiscal year 2028. In addition, entities may choose to adopt IFRS 18 earlier based on their requirements after the FSC endorses the standard. IFRS 18 "Presentation and Disclosure in Financial Statements" will replace IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to management-defined performance measures, and guidance to enhance the principles of aggregation and disaggregation applying to the primary financial statements and notes. Except for the above, as of the date the consolidated financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of above standards and interpretations will have on the Company's financial position and operating result and will disclose the relevant impact when the assessment is completed. 6. CASH AND CASH EQUIVALENTS March 31, 2026 December 31, 2025 March 31, 2025 Cash Cash on hand $ 240,592 $ 309,644 $ 462,783 Bank deposits 13,823,756 19,103,766 11,020,474 Cash equivalents (with maturities of less than 14,064,348 19,413,410 11,483,257 three months) Commercial paper 10,930,203 8,505,138 14,307,959 Time deposits 8,430,810 8,024,798 3,256,322 (Continued) March 31, 2026 December 31, 2025 March 31, 2025 Negotiable certificates of deposit $ 1,800,000 $ 1,000,000 $ - Stimulus vouchers 5,430 860 301 21,166,443 17,530,796 17,564,582 $ 35,230,791 $ 36,944,206 $ 29,047,839 (Concluded) The annual yield rates of bank deposits, commercial paper, time deposits and negotiable certificates of deposit as of balance sheet dates were as follows: March 31, 2026 December 31, 2025 March 31, 2025 Bank deposits 0.00%~1.98% 0.00%~1.98% 0.00%~2.55% Commercial paper 0.96%~1.56% 0.96%~1.50% 1.07%~1.53% Time deposits 0.01%~3.60% 0.01%~3.90% 0.01%~4.45% Negotiable certificates of deposit 1.59%~1.63% 1.64% - FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS March 31, 2026 December 31, 2025 March 31, 2025 Financial assets-current Mandatorily measured at FVTPL Derivatives (not designated for hedge) Forward exchange contracts $ 250 $ 3,372 $ 5,048 Financial assets-noncurrent Mandatorily measured at FVTPL Non-derivatives Non-listed stocks - domestic $ 596,900 $ 616,347 $ 626,277 Non-listed stocks - foreign 25,299 25,652 34,979 Limited partnership - domestic 558,672 499,656 362,982 Other investing agreements 58,454 69,697 58,580 $ 1,239,325 $ 1,211,352 $ 1,082,818 Financial liabilities-current Held for trading Derivatives (not designated for hedge) Forward exchange contracts $ 1,681 $ 3 $ - Chunghwa's Board of Directors approved an investment in TRF 1 L.P. at the amount of $300,000 thousand in January 2025. As of March 31, 2026, Chunghwa invested $180,000 thousand. Chunghwa's Board of Directors approved an investment in Taiwania Capital Buffalo Fund VI, L.P. at the amount of $600,000 thousand in January 2022. As of March 31, 2026, Chunghwa invested $400,000 thousand. Outstanding forward exchange contracts not designated for hedge as of balance sheet dates were as follows: Currency Maturity Period Contract Amount (In Thousands) March 31, 2026 Forward exchange contracts - buy NT$/EUR June 2026 NT$129,875/EUR3,500 Forward exchange contracts - buy NT$/USD April 2026 NT$86,800/USD2,723 December 31, 2025 Forward exchange contracts - buy NT$/EUR March 2026 NT$88,878/EUR2,500 Forward exchange contracts - buy NT$/USD January 2026 NT$30,039/USD961 March 31, 2025 Forward exchange contracts - buy NT$/EUR June 2025 NT$78,434/EUR2,300 Forward exchange contracts - buy NT$/USD April 2025 NT$183,337/USD5,560 The Company entered into the above forward exchange contracts to manage its exposure to foreign currency risk due to fluctuations in exchange rates. However, the aforementioned derivatives did not meet the criteria for hedge accounting. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME March 31, 2026 December 31, 2025 March 31, 2025 Current Domestic investments Listed and emerging stocks $ - $ 18,555 $ - Noncurrent Domestic investments Listed and emerging stocks $ 510,659 $ 273,916 $ 117,170 Non-listed stocks 4,574,185 4,923,861 4,446,802 Foreign investments Listed and emerging stocks 147,138 23,431 - Non-listed stocks 1,475,043 1,565,595 736,428 $ 6,707,025 $ 6,786,803 $ 5,300,400 The Company holds the above foreign and domestic stocks for medium to long-term strategic purposes and expects to profit from long-term investment. Accordingly, the management elected to designate these investments in equity instruments at FVOCI as they believe that recognizing short-term fair value fluctuations of these investments in profit or loss is not consistent with the Company's strategy of holding these investments for long-term purposes. CHIEF disposed of all its preferred shares in WT Microelectronics Co., Ltd. in February 2026 upon the redemption of the investment. The fair value of the disposed investment was $18,050 thousand, and the cumulative gain on disposal was $556 thousand. The related unrealized gain on financial assets at FVOCI was transferred from other equity to unappropriated earnings at the amount of $313 thousand upon the aforementioned disposal for the three months ended March 31, 2026. FINANCIAL ASSETS AT AMORTIZED COST - NONCURRENT March 31, 2026 December 31, 2025 March 31, 2025 Corporate bonds $ 2,020,294 $ 2,020,300 $ 2,000,000 Chunghwa acquired the 10-year unsecured cumulative subordinated corporate bond of Fubon Life Insurance Co., Ltd. at the amount of $2,000,000 thousand in October 2024. CHTSC acquired the 10-year secured cumulative subordinated corporate bond of Mercuries Life Insurance Co., Ltd. at the amount of $20,300 thousand in December 2025. TRADE NOTES AND ACCOUNTS RECEIVABLE, NET March 31, 2026 December 31, 2025 March 31, 2025 Trade notes and accounts receivable $ 30,408,159 $ 28,583,184 $ 23,729,417 Less: Loss allowance (1,261,814 ) (1,186,761 ) (1,232,693 ) $ 29,146,345 $ 27,396,423 $ 22,496,724 The main credit terms range from 30 to 90 days. The Company serves a large consumer base for telecommunications business; therefore, the concentration of credit risk is limited. When having transactions with customers, the Company considers the record of arrears in the past. In addition, the Company may also collect some telecommunication charges in advance to reduce the payment arrears in subsequent periods. The Company adopted a policy of dealing with counterparties with certain credit ratings for project business and to obtain collateral where necessary to mitigate the risk of loss arising from defaults. Credit rating information is provided by independent rating agencies where available and, if such credit rating information is not available, the Company uses other publicly available financial information and its own historical transaction experience to rate its major customers. The Company continues to monitor the credit exposure and credit ratings of its counterparties and spread the credit risk amongst qualified counterparties. In order to mitigate credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure the recoverability of receivables. In addition, the Company reviews the recoverable amount of receivables at balance sheet dates to ensure that adequate allowance is provided for possible irrecoverable amounts. In this regard, the management believes the Company's credit risk could be reasonably reduced. The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. The expected credit losses on receivables are estimated using a provision matrix by reference to past default experience of the customers and an analysis of the customers' current financial positions, as well as the forward-looking indicators such as macroeconomic business indicators. When there is evidence indicating that the counterparty is in evasion, bankruptcy, deregistration or the accounts receivable are over two years past due and the recoverable amount cannot be reasonable estimated, the Company writes off the trade notes and accounts receivable. For accounts receivable that have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss. Except for receivables arising from telecommunications business and project business, the Company's remaining accounts receivable are insignificant. Therefore, only Chunghwa's provision matrix arising from telecommunications business and project business is disclosed below: Past Due Less Past Due Past Due Past Due Past Due Past Due Not Past Due than 30 Days 31 to 60 Days 61 to 90 Days 91 to 120 Days 121 to 180 Days over 180 Days Total 0%~1% 0%~21% 2%~67% 11%~84% 24%~91% 64%~96% 100% $ 21,188,053 $ 496,784 $ 150,119 $ 98,682 $ 29,781 $ 26,906 $ 619,946 $ 22,610,271 (52,055 ) (93,231 ) (31,130 ) (34,374 ) (22,065 ) (24,901 ) (619,946 ) (877,702 ) $ 21,135,998 $ 403,553 $ 118,989 $ 64,308 $ 7,716 $ 2,005 $ - $ 21,732,569 March 31, 2026 Telecommunications business Expected credit loss rate (Note a) Gross carrying amount Loss allowance (lifetime ECL) Amortized cost Project business (Note b) 0%~5% 5% 10% 30% 50% 80% 100% ross carrying amount $ 3,123,608 $ 27,089 $ 96,363 $ 53,327 $ 31,967 $ 4,628 $ 283,952 $ 3,620,934 ECL) (1,838 ) (1,354 ) (9,636 ) (15,998 ) (18,546 ) (4,163 ) (283,952 ) (335,487 ) mortized cost $ 3,121,770 $ 25,735 $ 86,727 $ 37,329 $ 13,421 $ 465 $ - $ 3,285,447 Expected credit loss rate G Loss allowance (lifetime A Past Due Less Past Due Past Due Past Due Past Due Past Due Not Past Due Telecommunications than 30 Days 31 to 60 Days 61 to 90 Days 9 1 to 120 Days 121 to 180 Days over 180 Days Total Expected credit loss rate (Note a) 0%~1% 2%~21% 2%~67% 13%~84% 27%~91% 55%~96% 100% Gross carrying amount Loss allowance (lifetime $ 16,807,075 $ 418,784 $ 173,148 $ 41,197 $ 37,662 $ 29,047 $ 615,221 $ 18,122,134 ECL) (52,137 ) (27,067 ) (31,146 ) (34,576 ) (30,721 ) (26,420 ) (615,221 ) (817,288 ) Amortized cost $ 16,754,938 $ 391,717 $ 142,002 $ 6,621 $ 6,941 $ 2,627 $ - $ 17,304,846 December 31, 2025 business Project business (Note b) 0%~5% 5% 10% 30% 50% 80% 100% ross carrying amount $ 5,635,620 $ 51,025 $ 5,712 $ 26,064 $ 43,229 $ 65 $ 286,482 $ 6,048,197 ECL) (2,477 ) (2,551 ) (571 ) (7,819 ) (28,740 ) (52 ) (286,482 ) (328,692 ) mortized cost $ 5,633,143 $ 48,474 $ 5,141 $ 18,245 $ 14,489 $ 13 $ - $ 5,719,505 Expected credit loss rate G Loss allowance (lifetime A

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