CHT 6-K

1934 Act Registration No. 1-31731

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Dated May 9, 2025

Chunghwa Telecom Co., Ltd.

(Translation of Registrant’s Name into English)

21-3 Xinyi Road Sec. 1,

Taipei, Taiwan, 100 R.O.C.

(Address of Principal Executive Office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of form 20-F or Form 40-F.)

Form 20-F ☒ Form 40-F ☐

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes ☐ No ☒

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable)

1

EXHIBIT INDEX

Exhibit		Description
99.1		To announce the differences between consolidated financial statements for the three months ended March 31, 2025 under Taiwan-IFRSs and that under IFRSs
99.2		Consolidated Financial Statements for the Three Months Ended March 31, 2025 and 2024 and Independent Auditors’ Review Report pursuant to International Financial Reporting Standards adopted by ROC<br>(“Taiwan-IFRSs”)
99.3		Consolidated Financial Statements for the Three Months Ended March 31, 2025 and 2024 pursuant to International Financial Reporting Standards issued by the International Accounting Standards Board (“IFRSs”)

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant Chunghwa Telecom Co., Ltd. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 9, 2025

Chunghwa Telecom Co., Ltd.
By:	/s/ Wen-Hsin Hsu
Name:	Wen-Hsin Hsu
Title:	Chief Financial Officer

3

EX-99.1

Exhibit 99.1

To announce the differences between consolidated financial statements for the three months ended March 31, 2025 under Taiwan-IFRSs and that under IFRSs

Date of events: 2025/05/09

Contents:

1.	Date of occurrence of the event: 2025/05/09
2.	Year/Quarter of the financial report: The first quarter of 2025
:---	:---
3.	Accounting principles applied for securities listed domestically:
:---	:---

Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China (“Taiwan-IFRSs”)

4.	Inconsistent items/amounts in financial reports for securities listed domestically:

Under Taiwan-IFRSs, Chunghwa Telecom Co., Ltd. and its subsidiaries (or the “Company”) reported consolidated net income of NT$10,195,811 thousand, consolidated net income attributable to stockholders of the parent of NT$9,799,194 thousand, and basic earnings per share of NT$1.26 for the three months ended March 31, 2025, respectively. The Company also reported total consolidated assets of NT$537,230,081 thousand, total consolidated liabilities of NT$128,954,737 thousand, and total consolidated equity of NT$408,275,344 thousand as of March 31, 2025.

5.	Accounting principles applied for securities issued overseas:

IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IFRSs”)

6.	Inconsistent items/ amounts (securities issued overseas):

Under IFRSs, the Company reported consolidated net income of NT$9,732 million, consolidated net income attributable to stockholders of the parent of NT$9,319 million, and basic earnings per share of NT$1.20 for the three months ended March 31, 2025, respectively. The Company also reported total consolidated assets of NT$537,032 million, total consolidated liabilities of NT$131,519 million, and total consolidated equity of NT$405,513 million as of March 31, 2025.

• 1 -

7.	Inconsistent items/amounts in financial information for securities issued overseas:

The differences between consolidated net income under Taiwan-IFRSs and that under IFRSs followed by the Company mainly come from the timing of the recognition of income tax on unappropriated earnings. In addition, prior to incorporation, the Company was subject to the laws and regulations applicable to state-owned enterprises in Taiwan which differed from the generally accepted accounting principles as applicable to commercial companies. As such, revenue from providing fixed line connection service and selling prepaid phone cards was recognized at the time the service was performed or the card was sold by the Company. Upon incorporation, net assets greater than the capital stock was credited as additional paid-in-capital and part of the additional paid-in-capital was from the unearned revenues generated from connection fees and prepaid cards as of the date of incorporation. Under IFRSs, revenue from connection fees and prepaid phone cards was deferred at the time of the service performed or sale and recognized as revenue over time as the service is continuously performed or as consumed. This reclassification from additional paid-in capital to retained earnings did not affect total equity.

8.	Any other matters that need to be specified:

Chunghwa Telecom’s earnings distribution and stockholders’ equity matters are in accordance with Taiwan-IFRSs.

• 2 -

EX-99.2

Exhibit 99.2

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Three Months Ended March 31, 2025 and 2024 and

Independent Auditors’ Review Report

INDEPENDENT AUDITORS’ REVIEW REPORT

PWCR25000313

To the Board of Directors and Stockholders of Chunghwa Telecom Co., Ltd.

Introduction

We have reviewed the accompanying consolidated balance sheets of Chunghwa Telecom Co., Ltd. and its subsidiaries (the “Company”) as of March 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, and notes to the consolidated financial statements, including a summary of material accounting policy information. Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting”, that came into effect as endorsed by the Financial Supervisory Commission. Our responsibility is to express a conclusion on these consolidated financial statements based on our reviews.

Scope of Review

We conducted our reviews in accordance with the Standards on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” of the Republic of China. A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Company as of March 31, 2025 and 2024, and of its consolidated financial performance and its consolidated cash flows for the three-month period then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34, “Interim Financial Reporting”, that came into effect as endorsed by the Financial Supervisory Commission.

/s/ Huang, Shih-Chun		/s/ Hsu,<br>Chien-Yeh

For and on behalf of PricewaterhouseCoopers, Taiwan

May 9, 2025

Notice to Readers

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors’ review report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice. As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

• 1 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of New Taiwan Dollars)

		March 31, 2025					December 31, 2024					March 31, 2024
ASSETS		Amount		%			Amount		%			Amount		%
CURRENT ASSETS
Cash and cash equivalents (Notes 6, 14 and 38)		29,047,839			5		36,259,689			6		33,330,473			6
Financial assets at fair value through profit or loss (Note 7)		5,048			—		290			—		1,507			—
Hedging financial assets (Note 21)		30			—		1,133			—		29			—
Contract assets (Note 30)		8,486,649			2		8,401,343			2		6,985,515			1
Trade notes and accounts receivable, net (Notes 10 and 30)		22,496,724			4		26,025,696			5		22,623,592			4
Receivables from related parties (Note 38)		154,602			—		193,004			—		76,646			—
Inventories (Notes 11, 30, 39 and 40)		11,916,341			2		12,087,118			2		11,113,440			2
Prepayments (Note 12)		6,408,832			1		3,138,313			1		5,921,499			1
Other current monetary assets (Notes 13 and 38)		36,773,359			7		23,408,001			4		27,794,732			6
Incremental costs of obtaining contracts (Note 30)		339,172			—		339,172			—		271,077			—
Other current assets (Notes 20 and 39)		2,994,656			1		3,114,554			1		3,120,896			1
Total current assets		118,623,252			22		112,968,313			21		111,239,406			21
NONCURRENT ASSETS
Financial assets at fair value through profit or loss (Note 7)		1,082,818			—		1,005,236			—		1,079,847			—
Financial assets at fair value through other comprehensive income (Note 8)		5,300,400			1		4,666,976			1		5,068,811			1
Financial assets at amortized cost (Note 9)		2,000,000			—		2,000,000			—		—			—
Investments accounted for using equity method (Note 15)		9,124,013			2		9,073,464			2		8,561,336			2
Contract assets (Note 30)		4,353,711			1		4,327,424			1		4,017,392			1
Property, plant and equipment (Notes 14, 16, 35, 39 and 40)		286,589,967			54		289,840,144			55		287,065,209			55
Right-of-use assets<br>(Notes 17 and 38)		11,320,565			2		10,912,329			2		11,123,239			2
Investment properties (Note 18)		12,292,561			2		12,301,719			2		11,516,870			2
Intangible assets (Notes 19 and 38)		64,647,191			12		66,283,202			12		71,095,912			13
Deferred income tax assets (Note 3)		1,748,558			—		1,661,402			—		2,076,300			—
Incremental costs of obtaining contracts (Note 30)		1,209,212			—		1,221,652			—		975,660			—
Net defined benefit assets (Note 3)		9,072,610			2		8,883,719			2		6,137,580			1
Prepayments (Notes 12 and 40)		4,789,717			1		4,461,017			1		3,618,175			1
Other noncurrent assets (Notes 20, 39 and 40)		5,075,506			1		4,885,230			1		4,802,621			1
Total noncurrent assets		418,606,829			78		421,523,514			79		417,138,952			79
TOTAL		537,230,081			100		534,491,827			100		528,378,358			100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans (Notes 14 and 22)		530,000			—		215,000			—		465,000			—
Financial liabilities at fair value through profit or loss (Note 7)		—			—		—			—		200			—
Hedging financial liabilities (Note 21)		—			—		1,907			—		—			—
Contract liabilities (Notes 30 and 40)		16,582,177			3		16,300,986			3		14,293,408			3
Trade notes and accounts payable (Note 25)		10,692,983			2		17,742,532			3		9,806,485			2
Payables to related parties (Note 38)		120,174			—		480,401			—		185,951			—
Current tax liabilities (Note 3)		7,141,579			1		4,718,103			1		6,895,807			1
Lease liabilities (Notes 17, 35 and 38)		3,738,416			1		3,557,874			1		3,448,987			1
Other payables (Notes 26 and 35)		23,586,489			5		26,581,353			5		22,936,744			5
Provisions (Note 27)		668,780			—		441,801			—		316,748			—
Current portion of long-term liabilities (Notes 23, 24 and 39)		8,805,183			2		8,802,526			2		1,600,000			—
Other current liabilities		1,016,527			—		1,050,559			—		982,041			—
Total current liabilities		72,882,308			14		79,893,042			15		60,931,371			12
NONCURRENT LIABILITIES
Long-term loans (Notes 23 and 39)		1,629,167			—		1,631,354			—		—			—
Bonds payable (Note 24)		21,690,253			4		21,689,326			4		30,484,156			6
Contract liabilities (Notes 30 and 40)		7,407,333			1		7,540,730			2		7,559,425			2
Deferred income tax liabilities (Note 3)		2,713,617			1		2,658,419			—		2,516,784			—
Provisions (Note 27)		307,725			—		534,684			—		492,286			—
Lease liabilities (Notes 17, 35 and 38)		7,462,150			2		7,333,503			2		7,398,566			1
Customers’ deposits (Note 38)		5,160,925			1		5,310,453			1		5,105,091			1
Net defined benefit liabilities (Note 3)		2,119,689			—		2,107,224			—		2,125,559			—
Other noncurrent liabilities		7,581,570			1		7,688,236			2		7,125,182			1
Total noncurrent liabilities		56,072,429			10		56,493,929			11		62,807,049			11
Total liabilities		128,954,737			24		136,386,971			26		123,738,420			23
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		171,596,531			32		171,587,279			32		171,365,339			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			—		2,898,503			1
Unappropriated earnings		64,752,573			12		54,953,379			10		62,010,096			12
Total retained earnings		145,002,457			27		135,203,263			25		142,483,064			28
Others		1,230,537			—		585,683			—		1,080,707			—
Total equity attributable to stockholders of the parent		395,403,990			74		384,950,690			72		392,503,575			75
NONCONTROLLING INTERESTS (Notes 14 and 29)		12,871,354			2		13,154,166			2		12,136,363			2
Total equity		408,275,344			76		398,104,856			74		404,639,938			77
TOTAL		537,230,081			100		534,491,827			100		528,378,358			100

All values are in US Dollars.

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
		2025					2024
		Amount		%			Amount		%
REVENUES (Notes 30, 38 and 44)		55,808,409			100		54,943,471			100
OPERATING COSTS (Notes 11, 28, 30, 31 and 38)		34,203,238			61		34,454,292			63
GROSS PROFIT		21,605,171			39		20,489,179			37
OPERATING EXPENSES (Notes 10, 28, 31 and 38)
Marketing		6,140,628			11		5,931,519			11
General and administrative		1,793,499			3		1,637,107			3
Research and development		1,029,841			2		943,067			1
Expected credit loss		119,535			—		55,786			—
Total operating expenses		9,083,503			16		8,567,479			15
OTHER INCOME AND EXPENSES (Note 31)		1,018			—		2,520			—
INCOME FROM OPERATIONS		12,522,686			23		11,924,220			22
NON-OPERATING INCOME AND EXPENSES
Interest income (Note 38)		211,517			—		155,800			—
Other income (Notes 31 and 38)		38,448			—		37,769			—
Other gains and losses (Notes 14, 31, 37 and 38)		(25,118	)		—		(61,264	)		—
Interest expense (Notes 17, 31 and 38)		(89,357	)		—		(83,287	)		—
Share of profits of associates and joint ventures accounted for using equity method (Note<br>15)		40,835			—		14,502			—
Total non-operating income and expenses		176,325			—		63,520			—
INCOME BEFORE INCOME TAX		12,699,011			23		11,987,740			22
INCOME TAX EXPENSE (Notes 3 and 32)		2,503,200			5		2,383,557			4
NET INCOME		10,195,811			18		9,604,183			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<br>comprehensive income (Notes 29 and 37)		568,424			1		626,468			1

All values are in US Dollars.

(Continued)

• 3 -

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
		2025					2024
		Amount		%			Amount		%
Gain or loss on hedging instruments subject to basis adjustment (Note 21)		804			—		73			—
Share of other comprehensive income (loss) of associates and joint ventures (Notes 15 and<br>29)		669			—		(124	)		—
		569,897			1		626,417			1
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		73,809			—		103,779			—
Share of other comprehensive income of associates and joint ventures (Notes 15 and 29)		7,268			—		25,632			—
		81,077			—		129,411			—
Total other comprehensive income, net of income tax		650,974			1		755,828			1
TOTAL COMPREHENSIVE INCOME		10,846,785			19		10,360,011			19
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent		9,799,194			17		9,391,419			18
Noncontrolling interests		396,617			1		212,764			—
		10,195,811			18		9,604,183			18
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent		10,444,048			18		10,119,234			19
Noncontrolling interests		402,737			1		240,777			—
		10,846,785			19		10,360,011			19
EARNINGS PER SHARE (Note 33)
Basic		1.26					1.21
Diluted		1.26					1.21

All values are in US Dollars.

The accompanying notes are an integral part of the consolidated financial statements.		(Concluded)

• 4 -

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
									UnrealizedGainor Loss onFinancialAssetsat FairValueThroughOtherComprehensiveIncome
							ExchangeDifferencesArisingfrom theTranslationofthe ForeignOperations
				Retained Earnings					Gain orLosson HedgingInstruments					NoncontrollingInterests(Notes 14and 29)
	CommonStocks	AdditionalPaid-inCapital		LegalReserve	SpecialReserve	UnappropriatedEarnings				Total						Total Equity
BALANCE, JANUARY 1, 2024	77,574,465	171,289,086		77,574,465	2,898,503	52,618,677	(167,812	)	520,748	(44	)	382,308,088		12,596,252		394,904,340
Cash dividends by subsidiaries	—	—		—	—	—	—		—	—		—		(716,689	)	(716,689	)
Change in additional paid-in capital from investments in<br>associates and joint ventures accounted for using equity method	—	76,658		—	—	—	—		—	—		76,658		—		76,658
Net income for the three months ended March 31, 2024	—	—		—	—	9,391,419	—		—	—		9,391,419		212,764		9,604,183
Other comprehensive income for the three months ended March 31, 2024	—	—		—	—	—	101,022		626,720	73		727,815		28,013		755,828
Total comprehensive income for the three months ended March 31, 2024	—	—		—	—	9,391,419	101,022		626,720	73		10,119,234		240,777		10,360,011
Changes in equities of subsidiaries	—	(405	)	—	—	—	—		—	—		(405	)	16,023		15,618
BALANCE, MARCH 31, 2024	77,574,465	171,365,339		77,574,465	2,898,503	62,010,096	(66,790	)	1,147,468	29		392,503,575		12,136,363		404,639,938
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 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

All values are in US Dollars.

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
		2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax		12,699,011		11,987,740
Adjustments for:
Depreciation		8,340,188		8,236,489
Amortization		1,668,887		1,672,272
Amortization of incremental costs of obtaining contracts		238,217		214,720
Expected credit loss		119,535		55,786
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss,<br>net		(193	)	61,657
Interest expense		89,357		83,287
Interest income		(211,517	)	(155,800	)
Compensation cost of share-based payment transactions		1,225		2,373
Share of profits of associates and joint ventures accounted for using equity method		(40,835	)	(14,502	)
Gain on disposal of property, plant and equipment		(1,018	)	(2,520	)
Gain on disposal of financial instruments		—		(1,073	)
Provision for impairment loss and obsolescence of inventory		38,153		25,576
Gain on disposal of subsidiaries		(15,290	)	—
Others		50,931		16,442
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(120,849	)	(522,119	)
Trade notes and accounts receivable		3,407,094		2,163,421
Receivables from related parties		38,402		1,443
Inventories		126,103		381,749
Prepayments		(3,258,324	)	(3,028,232	)
Other current assets		117,602		(298,637	)
Other current monetary assets		(119,227	)	33,411
Incremental cost of obtaining contracts		(225,777	)	(311,125	)
Increase (decrease) in:
Contract liabilities		155,170		204,065
Trade notes and accounts payable		(7,040,550	)	(4,589,472	)
Payables to related parties		(360,227	)	(199,138	)
Other payables		(2,348,547	)	(1,628,332	)
Provisions		20		(13,639	)
Other current liabilities		(35,396	)	(506	)
Net defined benefit plans		(176,426	)	(146,868	)
Cash generated from operations		13,135,719		14,228,468
Interests paid		(71,376	)	(65,425	)
Income taxes paid		(113,327	)	(34,601	)
Net cash provided by operating activities		12,951,016		14,128,442

All values are in US Dollars.

(Continued)

• 6 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands of New Taiwan Dollars)

		Three Months Ended March 31
		2025		2024
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(65,000	)	(30,000	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		—		3,326
Acquisition of financial assets at fair value through profit or loss		(82,191	)	(109,617	)
Proceeds from disposal of financial assets at fair value through profit or loss		—		4,468
Net cash outflow from loss of control of subsidiaries		(8,664	)	—
Acquisition of property, plant and equipment		(5,407,350	)	(5,042,549	)
Proceeds from disposal of property, plant and equipment		2,168		4,914
Acquisition of intangible assets		(32,751	)	(40,274	)
Acquisition of investment properties		(2,067	)	—
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(23,031,073	)	(19,413,662	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		9,704,902		11,842,467
Increase in other noncurrent assets		(204,163	)	(165,262	)
Increase in prepayments for leases		(342,190	)	(341,388	)
Interests received		168,718		149,223
Dividends received		156,220		150,946
Proceeds from capital reduction and profit distribution of financial assets at fair value through<br>profit or loss		44		16
Net cash used in investing activities		(19,143,397	)	(12,987,392	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		530,000		265,000
Repayments of short-term loans		(150,000	)	(385,000	)
Decrease in customers’ deposits		(141,038	)	(204,798	)
Payments for the principal of lease liabilities		(1,203,598	)	(1,055,215	)
Decrease in other noncurrent liabilities		(106,666	)	(280,376	)
Cash dividends distributed to noncontrolling interests		(688	)	(4,283	)
Change in other noncontrolling interests		13,474		13,245
Net cash used in financing activities		(1,058,516	)	(1,651,427	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		39,047		16,966
NET DECREASE IN CASH AND CASH EQUIVALENTS		(7,211,850	)	(493,411	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,259,689		33,823,884
CASH AND CASH EQUIVALENTS, END OF PERIOD		29,047,839		33,330,473

All values are in US Dollars.

The accompanying notes are an integral part of the consolidated financial statements.		(Concluded)

• 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(In Thousands of New Taiwan Dollars, Unless Stated Otherwise)

1.	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.

2.	APPROVAL OF FINANCIAL STATEMENTS

The consolidated financial statements were approved by the Board of Directors on May 9, 2025.

3.	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, 2024. Please refer to the consolidated financial statements for the year ended December 31, 2024 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.

• 8 -

Basis of Consolidation

The detail information of the subsidiaries at the end of reporting period was as follows:

						Percentage of Ownership Interests
Name of Investor		Name of Investee		Main Businesses and Products		March 31,<br><br>2025		December 31,<br>2024		March 31,<br><br>2024		Note
Chunghwa Telecom Co., Ltd.		Senao International Co., Ltd. (“SENAO”)		Handset and peripherals retailer, sales of CHT mobile phone plans as an agent		28		28		28		a.
		Light Era Development Co., Ltd. (“LED”)		Planning and development of real estate and intelligent buildings, and property management		100		100		100
		Donghwa Telecom Co., Ltd. (“DHT”)		International private leased circuit, IP VPN service, and IP transit services		100		100		100
		Chunghwa Telecom Singapore Pte., Ltd. (“CHTS”)		International private leased circuit, IP VPN service, and IP transit services		100		100		100
		Chunghwa System Integration Co., Ltd. (“CHSI”)		Providing system integration services and telecommunications equipment		100		100		100
		Chunghwa Investment Co., Ltd. (“CHI”)		Investment		89		89		89
		CHIEF Telecom Inc. (“CHIEF”)		Network integration, internet data center (“IDC”), communications integration and cloud<br>application services		56		56		56		b.
		CHYP Multimedia Marketing & Communications Co., Ltd. (“CHYP”)		Digital information supply services and advertisement services		100		100		100
		Prime Asia Investments Group Ltd. (“Prime Asia”)		Investment		100		100		100
		Spring House Entertainment Tech. Inc. (“SHE”)		Software design services, internet contents production and play, and motion picture production and<br>distribution		56		56		56
		Chunghwa Telecom Global, Inc. (“CHTG”)		International private leased circuit, internet services, and transit services		100		100		100
		Chunghwa Telecom Vietnam Co., Ltd. (“CHTV”)		Intelligent energy saving solutions, international circuit, and information and communication<br>technology (“ICT”) services.		100		100		100
		Smartfun Digital Co., Ltd. (“SFD”)		Providing diversified family education digital services		65		65		65
		Chunghwa Telecom Japan Co., Ltd. (“CHTJ”)		International private leased circuit, IP VPN service, and IP transit services		100		100		100
		Chunghwa Sochamp Technology Inc. (“CHST”)		Design, development and production of Automatic License Plate Recognition software and<br>hardware		—		37		37		c.
		Honghwa International Co., Ltd. (“HHI”)		Telecommunications engineering, sales agent of mobile phone plan application and other business<br>services, etc.		100		100		100
		Chunghwa Leading Photonics Tech Co., Ltd. (“CLPT”)		Production and sale of electronic components and finished products		70		70		75		d.
		Chunghwa Telecom (Thailand) Co., Ltd. (“CHTT”)		International private leased circuit, IP VPN service, ICT and cloud VAS services		100		100		100

(Continued)

• 9 -

						Percentage of Ownership Interests
Name of Investor		Name of Investee		Main Businesses and Products		March 31,<br><br>2025		December 31,<br>2024		March 31,<br><br>2024		Note
		CHT Security Co., Ltd. (“CHTSC”)		Computing equipment installation, wholesale of computing and business machinery equipment and<br>software, management consulting services, data processing services, digital information supply services and internet identity services		63		63		66		e.
		International Integrated Systems, Inc. (“IISI”)		IT solution provider, IT application consultation, system integration and package solution		50		50		51		f.
		Chunghwa Digital Cultural and Creative Capital Co., Ltd (“CDCC Capital”)		Investment and management consulting		100		100		100		g.
		Chunghwa Telecom Europe GmbH (“CHTEU”)		International private leased circuit, internet services, transit services and ICT services		100		100		—		h.
Senao International Co., Ltd.		Youth Co., Ltd. (“Youth”)		Sale of information and communication technologies products		96		96		96
		Aval Technologies Co., Ltd. (“Aval”)		Sale of information and communication technologies products		100		100		100
		Senyoung Insurance Agent Co., Ltd. (“SENYOUNG”)		Property and liability insurance agency		100		100		100
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”)		Telecommunications and internet service		100		100		100
		Chief International Corp. (“CIC”)		Telecommunications and internet service		100		100		100
		Shanghai Chief Telecom Co., Ltd. (“SCT”)		Telecommunications and internet service		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)”)		Design and after-sale services of semiconductor testing components and printed circuit<br>board		100		100		100
		CHPT Japan Co., Ltd. (“CHPT (JP)”)		Related services of electronic parts, machinery processed products and printed circuit<br>board		100		100		100
		Chunghwa Precision Test Tech. International, Ltd. (“CHPT (International)”)		Wholesale and retail of electronic materials, and investment		100		100		100
		TestPro Investment Co., Ltd. (“TestPro”)		Investment		100		100		100

(Continued)

• 10 -

						Percentage of Ownership Interests
Name of Investor		Name of Investee		Main Businesses and Products		March 31,<br><br>2025		December 31,<br>2024		March 31,<br><br>2024		Note
TestPro Investment Co., Ltd. (“TestPro”)		NavCore Tech. Co., Ltd (“NavCore”)		Sale and manufacturing of smart equipment, smart factory software and hardware integration and<br>technical consulting service		54		54		54
Prime Asia Investments Group Ltd.		Chunghwa Hsingta Co., Ltd. (“CHC”)		Investment		100		100		100
Chunghwa Precision Test Tech. International, Ltd.		Shanghai Taihua Electronic Technology Limited (“STET”)		Design of printed circuit board and related consultation service		100		100		100
		Su Zhou Precision Test Tech. Ltd. (“SZPT”)		Assembly processed of circuit board, design of printed circuit board and related consultation<br>service		100		100		100
International Integrated Systems, Inc.		Unitronics Technology Corp. (“UTC”)		Development and maintenance of information system		100		100		100

(Concluded)

a.	Chunghwa continues to control more than half of seats of the Board of Directors of SENAO through the support of<br>large beneficial stockholders. As a result, the Company treated SENAO as a subsidiary.
b.	CHIEF issued new shares in December 2024 and March 2025 as its employees exercised options. Therefore, the<br>Company’s ownership interest in CHIEF decreased to 58.57% and 58.56% as of December 31, 2024 and March 31, 2025, respectively.
:---	:---
c.	Chunghwa controlled more than half of seats of the Board of Directors of CHST as of December 31, 2024;<br>therefore, the Company treated CHST as a subsidiary. 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<br>associate. Please refer to Note 14(c) for details.
:---	:---
d.	CLPT issued new shares in July 2024 as its employees exercised options. Therefore, the Company’s ownership<br>interest in CLPT decreased to 69.87% as of December 31, 2024.
:---	:---
e.	CHTSC issued new shares in January 2024, March 2024, December 2024 and February 2025 as its employees exercised<br>options. In addition, Chunghwa disposed of some shares of CHTSC in August 2024 before CHTSC traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in CHTSC decreased to<br>66.08%, 63.45% and 63.44% as of March 31, 2024, December 31, 2024 and March 31, 2025, respectively.
:---	:---
f.	Chunghwa disposed of some shares of IISI in August 2024 before IISI traded its shares on the emerging stock<br>market according to the local requirements. Therefore, the Company’s ownership interest in IISI decreased to 49.64% as of December 31, 2024. Chunghwa continues to control more than half of seats of the Board of Directors of IISI. As a result,<br>the Company treated IISI as a subsidiary.
:---	:---
g.	Chunghwa invested and established CDCC Capital in February 2024. Chunghwa obtained 100% ownership interest of<br>CDCC Capital.
:---	:---
h.	Chunghwa invested and established CHTEU in July 2024. Chunghwa obtained 100% ownership interest of CHTEU.
:---	:---

• 11 -

i.	CHIEF has more than half of seats of the Board of Directors of SCT according to the mutual agreements among<br>stockholders and gained control over SCT; hence, SCT is deemed as a subsidiary of the Company.
j.	Though the Company’s ownership interest in CHPT is less than 50%, the management considered the absolute<br>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<br>of the Company.
:---	:---

The following diagram presented information regarding the relationship and percentages of ownership interests between Chunghwa and its subsidiaries as of March 31, 2025.

Other Material Accounting Policies

a.	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.

b.	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.

• 12 -

c.	Loss of control of subsidiaries

When the Company loses control of a subsidiary, a gain or loss is recognized in profit or loss and is calculated as the difference between (a) the aggregate of the fair value of the consideration received and any investment retained in the former subsidiary at its fair value at the date when control is lost and (b) the assets (including any goodwill) and liabilities and any non-controlling interests of the former subsidiary at their carrying amounts at the date when control is lost. The Company accounts for all amounts recognized in other comprehensive income in relation to that subsidiary on the same basis as would be required had the Company directly disposed of the related assets or liabilities.

The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the cost on initial recognition of an investment in an associate.

4.	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, 2024.

5.	APPLICATION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS
a.	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.

b.	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<br><br>Announced by IASB
---	---	---	---	:---:
Amendments to IFRS 9 and IFRS 7		Amendments to the Classification and Measurement of Financial Instruments		January 1, 2026
Amendments to IFRS 9 and IFRS 7		Contracts Referencing Nature-Dependent Electricity		January 1, 2026
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		January 1, 2027
IFRS 19		Subsidiaries without Public Accountability: Disclosures		January 1, 2027
Amendments to IFRS Accounting Standards		Annual Improvements—Volume 11		January 1, 2026

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.

• 13 -

6.	CASH AND CASH EQUIVALENTS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Cash
Cash on hand		462,783		443,745		437,166
Bank deposits		11,020,474		13,242,716		10,089,820
		11,483,257		13,686,461		10,526,986
Cash equivalents (with maturities of less than three months)
Commercial paper		14,307,959		16,887,390		11,213,868
Negotiable certificates of deposit		—		2,800,000		8,300,000
Time deposits		3,256,322		2,883,479		3,288,653
Stimulus vouchers		301		2,359		966
		17,564,582		22,573,228		22,803,487
		29,047,839		36,259,689		33,330,473

All values are in US Dollars.

The annual yield rates of bank deposits, commercial paper, negotiable certificates of deposit and time deposits as of balance sheet dates were as follows:

		March 31, 2025	December 31,<br>2024	March 31, 2024
Bank deposits		0.00%~2.55%	0.00%~2.55%	0.00%~3.10%
Commercial paper		1.07%~1.53%	0.95%~1.56%	0.90%~1.44%
Negotiable certificates of deposit		—	1.55%~1.70%	1.38%~1.43%
Time deposits		0.01%~4.45%	0.01%~4.90%	0.01%~5.50%
7.	FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
:---	:---
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Financial assets-current
Mandatorily measured at FVTPL
Derivatives (not designated for hedge)
Forward exchange contracts		5,048		290		1,086
Non-derivatives
Listed stocks - domestic		—		—		421
		5,048		290		1,507
Financial assets-noncurrent
Mandatorily measured at FVTPL
Non-derivatives
Non-listed stocks - domestic		626,277		628,737		648,456
Non-listed stocks - foreign		34,979		32,415		85,287
Limited partnership - domestic		362,982		307,327		316,646
Other investing agreements		58,580		36,757		29,458
		1,082,818		1,005,236		1,079,847

All values are in US Dollars.

(Continued)

• 14 -

		March 31, 2025		December 31,2024		March 31, 2024
Financial liabilities-current
Held for trading
Derivatives (not designated for hedge)
Forward exchange contracts		—		—		200

All values are in US Dollars.

(Concluded)

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, 2025, Chunghwa invested $60,000 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, 2025, Chunghwa invested $300,000 thousand.

Outstanding forward exchange contracts not designated for hedge as of balance sheet dates were as follows:

		Currency		Maturity<br>Period			Contract Amount<br>(In Thousands)
March 31, 2025
Forward exchange contracts - buy			NT/		June 2025			NT$78,434/EUR2,300
Forward exchange contracts - buy			NT/		April 2025			NT$183,337/USD5,560
December 31, 2024
Forward exchange contracts - buy			NT/		March 2025			NT$10,177/EUR300
Forward exchange contracts - buy			NT/		January 2025			NT$45,879/USD1,408
March 31, 2024
Forward exchange contracts - buy			NT/		April to June 2024			NT$236,119/EUR6,900

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.

• 15 -

8.	FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NONCURRENT
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Domestic investments
Listed and emerging stocks		117,170		126,013		217,220
Non-listed stocks		4,446,802		3,873,647		4,407,720
Foreign investments
Non-listed stocks		736,428		667,316		443,871
		5,300,400		4,666,976		5,068,811

All values are in US Dollars.

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.

9.	FINANCIAL ASSETS AT AMORTIZED COST - NONCURRENT
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Corporate bonds		2,000,000		2,000,000		—

All values are in US Dollars.

The Company 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.

10.	TRADE NOTES AND ACCOUNTS RECEIVABLE, NET
		March 31, 2025			December 31,2024			March 31, 2024
---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable		23,729,417			27,168,306			23,743,073
Less: Loss allowance		(1,232,693	)		(1,142,610	)		(1,119,481	)
		22,496,724			26,025,696			22,623,592

All values are in US Dollars.

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.

• 16 -

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:

March 31, 2025

		Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications<br><br>business
Expected credit loss rate (Note a)		0%~1%		2%~22%		2%~68%		12%~84%		22%~91%		41%~96%		100%
Gross carrying amount		16,194,883		410,585		193,720		74,541		47,009		38,940		601,885		17,561,563
Loss allowance (lifetime ECL)		(69,927	)	(39,443	)	(36,873	)	(33,611	)	(26,641	)	(24,956	)	(601,885	)	(833,336	)
Amortized cost		16,124,956		371,142		156,847		40,930		20,368		13,984		—		16,728,227
Project business
Expected credit loss rate (Note b)		0%~5%		5%		10%		30%		50%		80%		100	%
Gross carrying amount		2,716,339		37,725		24,380		11,347		126,291		1,597		279,018		3,196,697
Loss allowance (lifetime ECL)		(2,704	)	(1,862	)	(2,438	)	(3,404	)	(63,222	)	(1,277	)	(279,018	)	(353,925	)
Amortized cost		2,713,635		35,863		21,942		7,943		63,069		320		—		2,842,772

All values are in US Dollars.

December 31, 2024

		Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications<br><br>business
Expected credit loss rate (Note a)		0%~1%		1%~22%		2%~68%		11%~84%		21%~92%		39%~96%		100%
Gross carrying amount		16,477,102		335,307		138,573		74,834		49,884		48,247		605,994		17,729,941
Loss allowance (lifetime ECL)		(51,501	)	(23,505	)	(34,429	)	(31,370	)	(33,080	)	(34,412	)	(605,994	)	(814,291	)
Amortized cost		16,425,601		311,802		104,144		43,464		16,804		13,835		—		16,915,650
Project business
Expected credit loss rate (Note b)		0%~5%		5%		10%		30%		50%		80%		100	%
Gross carrying amount		5,547,739		44,167		82,518		3,204		1,242		44		279,974		5,958,888
Loss allowance (lifetime ECL)		(3,355	)	(2,215	)	(8,252	)	(993	)	(621	)	(35	)	(279,974	)	(295,445	)
Amortized cost		5,544,384		41,952		74,266		2,211		621		9		—		5,663,443

All values are in US Dollars.

• 17 -

March 31, 2024

		Not Past Due		Past Due Lessthan 30 Days		Past Due<br>31 to 60 Days		Past Due<br>61 to 90 Days		Past Due<br>91 to 120 Days		Past Due<br>121 to 180 Days		Past Due<br>over 180 Days		Total
Telecommunications<br><br>business
Expected credit loss rate (Note a)		0%~1%		1%~20%		3%~65%		11%~82%		25%~91%		54%~96%		100%
Gross carrying amount		16,965,432		393,127		141,699		52,636		32,285		25,558		575,024		18,185,761
Loss allowance (lifetime ECL)		(71,092	)	(34,375	)	(27,318	)	(27,742	)	(24,938	)	(23,189	)	(575,024	)	(783,678	)
Amortized cost		16,894,340		358,752		114,381		24,894		7,347		2,369		—		17,402,083
Project business
Expected credit loss rate (Note b)		0%~5%		5%		10%		30%		50%		80%		100%
Gross carrying amount		2,377,209		57,877		33,335		45,635		74		—		285,726		2,799,856
Loss allowance (lifetime ECL)		(2,153	)	(2,894	)	(3,333	)	(13,690	)	(59	)	—		(285,726	)	(307,855	)
Amortized cost		2,375,056		54,983		30,002		31,945		15		—		—		2,492,001

All values are in US Dollars.

Note a:	Please refer to Note 44 for the information of disaggregation of telecommunications service revenue. The<br>expected credit loss rate applicable to different business revenue varies so as to reflect the risk level indicating by factors like historical experience.
Note b:	The project business has different loss types according to the customer types. The expected credit loss rate<br>listed above is for general customers. When the customer is a government-affiliated entity, it is anticipated that there will not be an instance of credit loss. Customers with past history of bounced checks or accounts receivable exceeding six<br>months overdue are classified as high-risk customers, with an expected credit loss rate of 50%, increasing by period as the days overdue increase.
:---	:---

Movements of loss allowance for trade notes and accounts receivable were as follows:

		Three Months Ended March 31
		2025			2024
Beginning balance		1,142,610			1,101,640
Add: Provision for credit loss		117,733			56,172
Less: Amounts written off		(27,650	)		(38,331	)
Ending balance		1,232,693			1,119,481

All values are in US Dollars.

11.	INVENTORIES
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Merchandise		4,341,573		4,874,164		4,149,699
Project in process		5,001,963		4,564,444		4,546,340
Work in process		176,035		268,570		69,276
Raw materials		190,163		221,856		232,380
		9,709,734		9,929,034		8,997,695
Land held under development		1,998,733		1,998,733		1,998,733
Construction in progress		207,874		159,351		117,012
		11,916,341		12,087,118		11,113,440

All values are in US Dollars.

• 18 -

The operating costs related to inventories were $11,954,062 thousand (including the valuation loss on inventories of $38,153 thousand) and $12,588,852 thousand (including the valuation loss on inventories of $25,576 thousand) for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, December 31, 2024 and March 31, 2024, inventories of $2,206,607 thousand, $2,158,084 thousand and $2,115,745 thousand, respectively, were expected to be realized from the sale after more than twelve months. The aforementioned amount of inventories is related to property development owned by LED.

Land held under development and construction in progress was mainly developed by LED for Qingshan Sec., Dayuan Dist., Taoyuan City project. The Board of Directors of LED resolved to sign a joint construction and separate sale contract with Farglory Land Development Co., Ltd. in June 2021. LED entrusts Land Bank of Taiwan to execute fund control and property right management for the land held under development.

Construction in progress also included the Datong S. Sec., Sanchong Dist., New Taipei City project. The Board of Directors of Chunghwa resolved to sign a joint construction with separate sale and partition contract with LED in August 2021. Chunghwa classified the land of the project as investment properties.

Regarding the aforementioned two projects, the Company has signed the house and land presale contracts with customers and has received payments in accordance with the contracts. Please refer to Notes 30 and 40 for details.

12.	PREPAYMENTS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Prepayments for leases - satellite (Note 40)		3,471,382		3,129,192		2,070,506
Prepaid salary and bonus		3,082,019		4,556		2,917,486
Prepaid rents		1,747,363		1,761,848		2,077,928
Others		2,897,785		2,703,734		2,473,754
		11,198,549		7,599,330		9,539,674
Current
Prepaid salary and bonus		3,082,019		4,556		2,917,486
Prepaid rents		494,567		496,790		572,333
Others		2,832,246		2,636,967		2,431,680
		6,408,832		3,138,313		5,921,499
Noncurrent
Prepayments for leases - satellite (Note 40)		3,471,382		3,129,192		2,070,506
Prepaid rents		1,252,796		1,265,058		1,505,595
Others		65,539		66,767		42,074
		4,789,717		4,461,017		3,618,175

All values are in US Dollars.

Prepaid rents comprised the prepayments from the lease agreements applying the recognition exemption and the prepayments for leases that do not meet the definition of leases under IFRS 16.

• 19 -

13.	OTHER CURRENT MONETARY ASSETS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months		35,042,708		21,679,910		26,195,432
Accrued custodial receipts		809,717		725,414		833,276
Others		920,934		1,002,677		766,024
		36,773,359		23,408,001		27,794,732

All values are in US Dollars.

The annual yield rates of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months at the balance sheet dates were as follows:

		March 31, 2025			December 31,<br>2024			March 31, 2024
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months			0.03%~5.10%			0.03%~5.10%			0.03%~5.00%
14.	SUBSIDIARIES
:---	:---
a.	Information on subsidiaries with material noncontrolling interests
:---	:---
		Principal			Proportion of Ownership<br>Interests and Voting Rights Held<br>by Noncontrolling Interests
---	---	:---:	---	---	:---:	---	---	---	---	---	---	---	---
Subsidiaries		Place of<br>Business			March 31,<br>2025			December 31,<br>2024			March 31,<br>2024
SENAO			Taiwan			72	%		72	%		72	%
CHPT			Taiwan			66	%		66	%		66	%
		Profit Allocated toNoncontrolling Interests				AccumulatedNoncontrolling Interests
---	---	---	---	---	---	---	---	---	---	---
		Three Months Ended March 31				March 31,		December 31,		March 31,
		2025		2024		2025		2024		2024
SENAO		82,718		96,826		4,462,311		4,683,629		4,412,858
CHPT		142,154		2,385		5,449,884		5,305,195		5,004,863
Individually immaterial subsidiaries with noncontrolling interests						2,959,159		3,165,342		2,718,642
						12,871,354		13,154,166		12,136,363

All values are in US Dollars.

• 20 -

Summarized financial information in respect of SENAO and its subsidiaries that has material noncontrolling interests is set out below. The summarized financial information below represented amounts before intercompany eliminations.

		March 31, 2025			December 31,2024			March 31, 2024
Current assets		6,315,261			6,737,556			7,132,733
Noncurrent assets		3,709,616			3,675,523			3,365,022
Current liabilities		(3,480,860	)		(3,549,249	)		(3,938,838	)
Noncurrent liabilities		(404,000	)		(415,771	)		(487,134	)
Equity		6,140,017			6,448,059			6,071,783
Equity attributable to the parent		1,677,706			1,764,430			1,658,925
Equity attributable to noncontrolling interests		4,462,311			4,683,629			4,412,858
		6,140,017			6,448,059			6,071,783

All values are in US Dollars.

		Three Months Ended March 31
		2025			2024
Revenues and income		7,646,727			8,171,181
Costs and expenses		7,531,442			8,036,271
Profit for the period		115,285			134,910
Profit attributable to the parent		32,567			38,084
Profit attributable to noncontrolling interests		82,718			96,826
Profit for the period		115,285			134,910
Other comprehensive income attributable to the parent		786			7,940
Other comprehensive income attributable to noncontrolling interests		2,004			20,236
Other comprehensive income for the period		2,790			28,176
Total comprehensive income attributable to the parent		33,353			46,024
Total comprehensive income attributable to noncontrolling interests		84,722			117,062
Total comprehensive income for the period		118,075			163,086
Net cash flow from operating activities		(326,746	)		327,163
Net cash flow from investing activities		(14,732	)		(6,819	)
Net cash flow from financing activities		(75,820	)		(75,378	)
Effect of exchange rate changes on cash and cash equivalents		1			19
Net cash inflow (outflow)		(417,297	)		244,985

All values are in US Dollars.

• 21 -

Summarized financial information in respect of CHPT and its subsidiaries that has material noncontrolling interests is set out below. The summarized financial information below represented amounts before intercompany eliminations.

		March 31, 2025			December 31,2024			March 31, 2024
Current assets		5,273,480			4,936,011			3,788,825
Noncurrent assets		4,138,193			4,222,292			4,416,004
Current liabilities		(1,113,385	)		(1,079,055	)		(591,800	)
Noncurrent liabilities		(18,752	)		(21,470	)		(21,410	)
Equity		8,279,536			8,057,778			7,591,619
Equity attributable to CHI		2,829,652			2,752,583			2,586,756
Equity attributable to noncontrolling interests		5,449,884			5,305,195			5,004,863
		8,279,536			8,057,778			7,591,619

All values are in US Dollars.

		Three Months Ended March 31
		2025			2024
Revenues and income		1,170,288			697,630
Costs and expenses		952,384			690,450
Profit for the period		217,904			7,180
Profit attributable to CHI		75,750			4,795
Profit attributable to noncontrolling interests		142,154			2,385
Profit for the period		217,904			7,180
Other comprehensive income attributable to CHI		1,320			3,739
Other comprehensive income attributable to noncontrolling interests		2,534			7,177
Other comprehensive income for the period		3,854			10,916
Total comprehensive income attributable to CHI		77,070			8,534
Total comprehensive income attributable to noncontrolling interests		144,688			9,562
Total comprehensive income for the period		221,758			18,096
Net cash flow from operating activities		582,333			(35,657	)
Net cash flow from investing activities		(16,753	)		(34,200	)
Net cash flow from financing activities		(10,160	)		(6,605	)
Effect of exchange rate changes on cash and cash equivalents		4,580			13,187
Net cash inflow (outflow)		560,000			(63,275	)

All values are in US Dollars.

• 22 -

b.	Equity transactions with noncontrolling interests

CHIEF issued new shares in December 2024 and March 2025 as its employees exercised options. Therefore, the Company’s ownership interest in CHIEF decreased. See Note 34(a) for details.

CHTSC issued new shares in January 2024, March 2024, December 2024 and February 2025 as its employees exercised options. Therefore, the Company’s ownership interest in CHTSC decreased. See Note 34(b) for details.

The above transactions were accounted for as equity transactions since the Company did not cease to have control over these subsidiaries.

Information of the Company’s equity transactions with noncontrolling interests for the three months ended March 31, 2025 and 2024 was as follows:

		Three Months EndedMarch 31, 2025
		CHTSCShare-BasedPayment			CHIEFShare-BasedPayment
Cash consideration received from noncontrolling interests		95			1,165
The proportionate share of the carrying amount of the net assets of the subsidiary transferred<br>from (to) noncontrolling interests		(184	)		8,176
Differences arising from equity transactions		(89	)		9,341
Line items for equity transaction adjustments
Additional paid-in capital - arising from changes in<br>equities of subsidiaries		(89	)		9,341

All values are in US Dollars.

		Three MonthsEndedMarch 31, 2024
		CHTSCShare-BasedPayment
Cash consideration received from noncontrolling interests (Note)		13,245
The proportionate share of the carrying amount of the net assets of the subsidiary transferred to<br>noncontrolling interests		(13,650	)
Differences arising from equity transactions		(405	)
Line items for equity transaction adjustments
Additional paid-in capital - arising from changes in<br>equities of subsidiaries		(405	)

All values are in US Dollars.

Note:	The proceeds from the new shares issued in January 2024 by CHTSC have been received in advance in December<br>2023.

• 23 -

c.	Loss of control of subsidiaries

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.

The Company recognized the retained interest in CHST at the fair value on the date control was lost; therefore, the Company recognized the disposal gain of $15,920 thousand based on the difference between the fair value and the carrying amount. The disposal gain was included in other gains or losses in the consolidated statements of comprehensive income.

Analysis of assets and liabilities over which the Company lost control:

		CHST
Current assets
Cash and cash equivalents		8,664
Contract assets		9,132
Trade notes and accounts receivable, net		9,148
Inventories		6,521
Others		6,631
Noncurrent assets
Property, plant and equipment		202
Right-of-use<br>assets		3,369
Deferred income tax assets		1,645
Other noncurrent assets		12,415
Current liabilities
Short-term loans		(65,000	)
Contract liabilities		(7,376	)
Trade notes and accounts payable		(9,036	)
Others		(2,309	)
Noncurrent liabilities
Customers’ deposits		(7,126	)
Others		(1,704	)
Net liabilities		(34,824	)

All values are in US Dollars.

15.	INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Investments in associates		9,114,825		9,064,213		8,551,936
Investment in joint venture		9,188		9,251		9,400
		9,124,013		9,073,464		8,561,336

All values are in US Dollars.

• 24 -

a.	Investments in associates

Investments in associates were as follows:

		Carrying Amount
		March 31, 2025		December 31,2024		March 31, 2024
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)		3,871,773		3,950,922		4,207,893
Associates that are not individually material
Listed
Senao Networks, Inc. (“SNI”)		2,051,979		1,998,346		1,608,490
KingwayTek Technology Co., Ltd. (“KWT”)		284,437		278,967		270,090
Non-listed
Viettel-CHT Co., Ltd. (“Viettel-CHT”)		605,329		573,275		567,596
Taiwan International Standard Electronics Co., Ltd. (“TISE”)		390,400		379,357		312,238
ST-2 Satellite Ventures Pte., Ltd.<br>(“STS”)		364,913		313,467		322,008
WiAdvance Technology Corporation (“WATC”)		270,306		273,440		285,617
Taiwania Hive Technology Fund L.P. (“TWTF”)		270,060		276,180		—
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)		251,256		252,625		256,115
So-net Entertainment Taiwan Limited (“So-net”)		180,792		192,968		224,102
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)		143,944		151,241		171,342
Taiwan International Ports Logistics Corporation (“TIPL”)		143,208		133,836		129,330
Porrima Inc. (“PORRIMA”)		76,679		77,634		—
CHT Infinity Singapore Pte., Ltd. (“CISG”)		58,097		60,782		58,474
Imedtac Co., Ltd. (“IME”)		56,431		56,667		46,295
Click Force Co., Ltd. (“CF”)		50,320		51,011		44,828
AgriTalk Technology Inc. (“ATT”)		26,228		26,254		29,572
Baohwa Trust Co., Ltd. (“BHT”)		13,400		11,967		10,383
Cornerstone Ventures Co., Ltd. (“CVC”)		5,273		5,274		7,563
Chunghwa Sochamp Technology Inc. (“CHST”) (Note 14)		—		—		—
		5,243,052		5,113,291		4,344,043
		9,114,825		9,064,213		8,551,936

All values are in US Dollars.

• 25 -

The percentages of ownership interests and voting rights in associates held by the Company as of balance sheet dates were as follows:

		% of Ownership Interests and Voting Rights
		March 31, 2025			December 31,<br>2024			March 31, 2024
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)			46			46			46
Associates that are not individually material
Listed
Senao Networks, Inc. (“SNI”)			33			33			34
KingwayTek Technology Co., Ltd. (“KWT”)			23			23			23
Non-listed
Viettel-CHT Co., Ltd. (“Viettel-CHT”)			30			30			30
Taiwan International Standard Electronics Co., Ltd. (“TISE”)			40			40			40
ST-2 Satellite Ventures Pte., Ltd.<br>(“STS”)			38			38			38
WiAdvance Technology Corporation (“WATC”)			16			16			16
Taiwania Hive Technology Fund L.P. (“TWTF”)			42			42			—
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)			50			50			50
So-net Entertainment Taiwan Limited (“So-net”)			30			30			30
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)			30			30			30
Taiwan International Ports Logistics Corporation (“TIPL”)			27			27			27
Porrima Inc. (“PORRIMA”)			10			10			—
CHT Infinity Singapore Pte., Ltd. (“CISG”)			40			40			40
Imedtac Co., Ltd. (“IME”)			10			10			7
Click Force Co., Ltd. (“CF”)			49			49			49
AgriTalk Technology Inc. (“ATT”)			29			29			29
Baohwa Trust Co., Ltd. (“BHT”)			25			25			25
Cornerstone Ventures Co., Ltd. (“CVC”)			49			49			49
Chunghwa Sochamp Technology Inc. (“CHST”) (Note 14)			37			—			—

• 26 -

Summarized financial information of NCB was set out below:

		March 31, 2025			December 31,2024			March 31, 2024
Assets		51,785,156			48,636,633			39,498,355
Liabilities		(43,366,071	)		(40,043,113	)		(30,339,323	)
Equity		8,419,085			8,593,520			9,159,032
The percentage of ownership interest held by the Company		46.26%			46.26%			46.26%
Equity attributable to the Company		3,894,668			3,975,362			4,236,968
Unrealized gain or loss from downstream transactions		(22,895	)		(24,440	)		(29,075	)
The carrying amount of investment		3,871,773			3,950,922			4,207,893

All values are in US Dollars.

		Three Months Ended March 31
		2025			2024
Net revenues		89,521			68,964
Net loss for the period		(183,577	)		(185,512	)
Other comprehensive income (loss)		9,142			(2,532	)
Total comprehensive loss for the period		(174,435	)		(188,044	)

All values are in US Dollars.

Except for NCB, no associate is considered individually material to the Company. Summarized financial information of associates that are not individually material to the Company was as follows:

		Three Months Ended March 31
		2025		2024
The Company’s share of profits		124,276		98,838
The Company’s share of other comprehensive income		3,708		26,679
The Company’s share of total comprehensive income		127,984		125,517

All values are in US Dollars.

The Level 1 fair values of associates based on the closing market prices as of the balance sheet dates were as follows:

		March 31, 2025		December 31, 2024		March 31, 2024
SNI		3,857,743		3,838,161		3,556,203
KWT		932,362		896,747		896,169

All values are in US Dollars.

CVC was approved to end and dissolve its business in November 2024. The liquidation of CVC is still in process. The Company invested and obtained 49% ownership interest in CVC. However, as the Company has only two out of five seats of the Board of Directors of CVC, the Company has no control but significant influence over CVC. Therefore, the Company recognized CVC as an investment in associate.

• 27 -

KWT transferred its treasury stock repurchased from December 2019 to February 2020 to employees in October 2024. Therefore, the Company’s ownership interest in KWT decreased to 22.58% as of December 31, 2024.

The Company increased its investment in SNI in lower proportion to the original shareholder percentage in October 2024. Therefore, the Company’s ownership interest in SNI decreased to 33.16% as of December 31, 2024.

The Company did not participate in the capital increase of WATC in January 2024. WATC issued new shares in March 2024 and September 2024 as its employees exercised option. Therefore, the Company’s ownership interest in WATC decreased to 16.35% and 16.24% as of March 31, 2024 and December 31, 2024, respectively. However, as the Company continues to control one out of five seats of the Board of Directors of WATC, the Company has significant influence over WATC.

Chunghwa’s Board of Directors approved an investment in TWTF at the amount of USD 30,000 thousand in February 2024. The Company initially invested in TWTF in August 2024 and obtained 41.75% ownership interest. TWTF mainly engages in investment.

The Company participated in the capital increase of PORRIMA in May 2024 and obtained 10.00% ownership interest. PORRIMA mainly engages in designing and selling zero-emission ships. As the Company has one out of five seats of the Board of Directors of PORRIMA, the Company has significant influence over PORRIMA.

The Company increased its investment in IME in higher proportion to the original shareholder percentage in April 2024. Therefore, the Company’s ownership interest in IME increased to 10.00% as of December 31, 2024. As the Company continues to control one out of five seats of the Board of Directors of IME, the Company has significant influence over IME.

Although Chunghwa is the single largest stockholder of NCB, it only obtained six out of fifteen seats of the Board of Directors of NCB. In addition, the management considered the size of ownership interest and the dispersion of shares owned by the other stockholders, other holdings are not extremely dispersed. Chunghwa is not able to direct its relevant activities. Therefore, Chunghwa does not have control over NCB and merely has significant influence over NCB and treats it as an associate.

The Company invested and obtained 50% ownership interest in CPFI. However, as the Company has only two out of five seats of the Board of Directors of CPFI, the Company has no control but significant influence over CPFI. Therefore, the Company recognized CPFI as an investment in associate.

The Company’s share of profits and other comprehensive income (loss) of associates was recognized based on the reviewed financial statements.

b.	Investment in joint venture

Investment in joint venture was as follows:

		Carrying Amount						% of Ownership Interests and Voting Rights
Name of Joint Venture		March 31,2025		December 31,2024		March 31,2024		March 31,<br>2025		December 31,<br>2024		March 31,<br>2024
Non-listed
Chunghwa SEA Holdings (“CHT SEA”)		9,188		9,251		9,400			51%		51%		51%

All values are in US Dollars.

• 28 -

The Company invested and established a joint venture, CHT SEA, with Delta Electronics, Inc. and Kwang Hsing Industrial Co., Ltd. and obtained 51% ownership interest of CHT SEA. However, according to the mutual agreements among stockholders, the Company does not individually direct CHT SEA’s relevant activities and has joint control with the other party; therefore, the Company treated CHT SEA as a joint venture.

The joint venture is not considered individually material to the Company. Summarized financial information of CHT SEA was set out below:

		Three Months Ended March 31
		2025			2024
The Company’s share of loss		(63	)		(63	)
The Company’s share of other comprehensive income		—			—
The Company’s share of total comprehensive loss		(63	)		(63	)

All values are in US Dollars.

The Company’s share of loss and other comprehensive income of the joint venture was recognized based on the reviewed financial statements.

16.	PROPERTY, PLANT AND EQUIPMENT
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Assets used by the Company		280,810,739		284,714,764		280,840,400
Assets subject to operating leases		5,779,228		5,125,380		6,224,809
		286,589,967		289,840,144		287,065,209

All values are in US Dollars.

a.	Assets used by the Company
	Land		LandImprovements		Buildings		ComputerEquipment		Telecommuni-cationsEquipment		TransportationEquipment		MiscellaneousEquipment		Construction inProgress andEquipment tobe Accepted		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2024	102,885,454		1,709,236		71,754,783		11,044,831		721,434,979		4,049,661		12,091,029		15,937,187		940,907,160
Additions	—		—		5,242		18,379		23,002		2,839		14,608		3,550,693		3,614,763
Disposal	—		—		—		(249,084	)	(4,697,374	)	(59,735	)	(89,651	)	—		(5,095,844	)
Effect of foreign exchange differences	—		—		—		41		91,121		98		6,151		8,105		105,516
Others	(528,935	)	1,652		(301,140	)	228,301		5,501,226		73		76,673		(5,831,630	)	(853,780	)
Balance on March 31, 2024	102,356,519		1,710,888		71,458,885		11,042,468		722,352,954		3,992,936		12,098,810		13,664,355		938,677,815
Accumulated depreciation<br><br>and impairment
Balance on January 1, 2024	—		(1,507,932	)	(33,283,812	)	(9,221,060	)	(599,131,991	)	(3,654,724	)	(9,022,741	)	—		(655,822,260	)
Depreciation expenses	—		(8,344	)	(358,607	)	(182,451	)	(6,394,220	)	(29,325	)	(205,976	)	—		(7,178,923	)
Disposal	—		—		—		248,665		4,695,821		59,735		89,229		—		5,093,450
Effect of foreign exchange differences	—		—		—		(39	)	(55,411	)	(14	)	(3,360	)	—		(58,824	)
Others	—		—		162,600		(72	)	(29,857	)	(147	)	(3,382	)	—		129,142
Balance on March 31, 2024	—		(1,516,276	)	(33,479,819	)	(9,154,957	)	(600,915,658	)	(3,624,475	)	(9,146,230	)	—		(657,837,415	)
Balance on January 1, 2024, net	102,885,454		201,304		38,470,971		1,823,771		122,302,988		394,937		3,068,288		15,937,187		285,084,900
Balance on March 31, 2024, net	102,356,519		194,612		37,979,066		1,887,511		121,437,296		368,461		2,952,580		13,664,355		280,840,400
Cost
Balance on January 1, 2025	102,346,031		1,749,614		74,178,077		10,448,407		718,353,045		4,183,540		12,680,123		16,572,752		940,511,589
Additions	—		—		1,037		16,471		64,065		—		6,621		3,904,326		3,992,520
Disposal	—		—		(90	)	(49,055	)	(2,067,426	)	(81,274	)	(47,767	)	—		(2,245,612	)
Effect of deconsolidation of subsidiaries (Note 14)	—		—		—		—		—		(2,009	)	(3,213	)	—		(5,222	)
Effect of foreign exchange differences	—		—		—		31		26,393		156		2,808		2,702		32,090
Others	(459,049	)	8,211		(376,545	)	15,641		4,910,310		115,166		100,134		(5,122,984	)	(809,116	)
Balance on March 31, 2025	101,886,982		1,757,825		73,802,479		10,431,495		721,286,387		4,215,579		12,738,706		15,356,796		941,476,249

All values are in US Dollars.

(Continued)

• 29 -

	Land	LandImprovements		Buildings		ComputerEquipment		Telecommuni-cationsEquipment		TransportationEquipment		MiscellaneousEquipment		Construction inProgress andEquipment tobe Accepted	Total
Accumulated depreciation<br><br>and impairment
Balance on January 1, 2025	—	(1,543,373	)	(34,721,367	)	(8,727,171	)	(597,674,608	)	(3,629,903	)	(9,500,403	)	—	(655,796,825	)
Depreciation expenses	—	(11,497	)	(377,384	)	(163,282	)	(6,411,938	)	(44,292	)	(227,324	)	—	(7,235,717	)
Disposal	—	—		90		49,052		2,066,645		81,274		47,401		—	2,244,462
Effect of deconsolidation of subsidiaries (Note 14)	—	—		—		—		—		2,009		3,011		—	5,020
Effect of foreign exchange differences	—	—		—		(27	)	(17,877	)	(95	)	(1,850	)	—	(19,849	)
Others	—	—		148,868		(79	)	1,673		(417	)	(12,646	)	—	137,399
Balance on March 31, 2025	—	(1,554,870	)	(34,949,793	)	(8,841,507	)	(602,036,105	)	(3,591,424	)	(9,691,811	)	—	(660,665,510	)
Balance on January 1, 2025, net	102,346,031	206,241		39,456,710		1,721,236		120,678,437		553,637		3,179,720		16,572,752	284,714,764
Balance on March 31, 2025, net	101,886,982	202,955		38,852,686		1,589,988		119,250,282		624,155		3,046,895		15,356,796	280,810,739

All values are in US Dollars.

(Concluded)

There was no indication that property, plant and equipment was impaired; therefore, the Company did not recognize any impairment loss for the three months ended March 31, 2025 and 2024.

Depreciation expense for assets used by the Company is computed using the straight-line method over the following estimated service lives:

Land improvements		10~30 years
Buildings
Main buildings		20~60 years
Other building facilities		3~15 years
Computer equipment		2~8 years
Telecommunications equipment
Telecommunication circuits		2~30 years
Telecommunication machinery and antennas equipment		2~30 years
Transportation equipment		2~10 years
Miscellaneous equipment
Leasehold improvements		1~18 years
Mechanical and air conditioner equipment		3~16 years
Others		1~15 years
b.	Assets subject to operating leases
:---	:---
		Land			Buildings			Total
---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2024		4,924,387			4,131,031			9,055,418
Additions		—			99			99
Others		(1,181,880	)		279,033			(902,847	)
Balance on March 31, 2024		3,742,507			4,410,163			8,152,670
Accumulated depreciation and impairment
Balance on January 1, 2024		—			(1,802,576	)		(1,802,576	)
Depreciation expenses		—			(19,304	)		(19,304	)
Others		—			(105,981	)		(105,981	)
Balance on March 31, 2024		—			(1,927,861	)		(1,927,861	)
Balance on January 1, 2024, net		4,924,387			2,328,455			7,252,842
Balance on March 31, 2024, net		3,742,507			2,482,302			6,224,809

All values are in US Dollars.

(Continued)

• 30 -

		Land		Buildings			Total
Cost
Balance on January 1, 2025		3,104,874		3,737,084			6,841,958
Others		459,049		351,848			810,897
Balance on March 31, 2025		3,563,923		4,088,932			7,652,855
Accumulated depreciation and impairment
Balance on January 1, 2025		—		(1,716,578	)		(1,716,578	)
Depreciation expenses		—		(17,869	)		(17,869	)
Others		—		(139,180	)		(139,180	)
Balance on March 31, 2025		—		(1,873,627	)		(1,873,627	)
Balance on January 1, 2025, net		3,104,874		2,020,506			5,125,380
Balance on March 31, 2025, net		3,563,923		2,215,305			5,779,228

All values are in US Dollars.

(Concluded)

The Company leases out land and buildings with lease terms between 1 to 20 years. The lessees do not have bargain purchase options to acquire the assets at the expiry of the lease periods.

The future aggregate lease collection under operating lease for the freehold plant, property and equipment was as follows:

		March 31, 2025		December 31,2024		March 31, 2024
Year 1		316,153		305,357		287,684
Year 2		185,488		197,780		184,484
Year 3		122,211		121,845		125,358
Year 4		90,854		92,431		81,970
Year 5		56,926		62,415		54,715
Onwards		125,534		136,567		122,943
		897,166		916,395		857,154

All values are in US Dollars.

The above items of property, plant and equipment subject to operating leases are depreciated on a straight-line basis over their estimated useful lives as follows:

Buildings
Main buildings		35~60 years
Other building facilities		3~15 years

• 31 -

17.	LEASE ARRANGEMENTS
a.	Right-of-use assets
:---	:---
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Land and buildings
Handsets base stations		7,755,557		7,648,470		7,596,291
Others		1,805,447		1,564,104		1,696,547
Equipment		1,759,561		1,699,755		1,830,401
		11,320,565		10,912,329		11,123,239

All values are in US Dollars.

		Three Months Ended March 31
		2025		2024
Additions to<br>right-of-use assets		1,560,497		979,391
Depreciation charge for<br>right-of-use assets
Land and buildings
Handsets base stations		759,682		743,846
Others		201,303		195,986
Equipment		114,392		87,323
		1,075,377		1,027,155

All values are in US Dollars.

The Company did not have significant sublease or impairment of right-of-use assets for the three months ended March 31, 2025 and 2024.

b.	Lease liabilities
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Lease liabilities
Current		3,738,416		3,557,874		3,448,987
Noncurrent		7,462,150		7,333,503		7,398,566
		11,200,566		10,891,377		10,847,553

All values are in US Dollars.

Ranges of discount rates for lease liabilities were as follows:

		March 31, 2025		December 31,<br>2024		March 31, 2024
Land and buildings
Handsets base stations			0.37%~2.00%		0.37%~2.00%		0.37%~1.78%
Others			0.37%~9.00%		0.37%~9.00%		0.37%~9.00%
Equipment			0.37%~3.50%		0.37%~3.50%		0.37%~3.50%

• 32 -

c.	Important lease-in activities and terms

The Company mainly enters into lease-in agreements of land and buildings for handsets base stations located throughout Taiwan with lease terms ranging from 1 to 20 years. The lease agreements do not contain bargain purchase options to acquire the assets at the expiration of the respective leases. For majority of the lease-in agreements on handsets base station, the Company has the right to terminate the agreement prior to the expiration date if the Company is unable to build the required telecommunication equipment, either due to legal restrictions, controversial events, or other events.

The Company also leases land and buildings for the use of offices, server rooms, and stores with lease terms from 1 to 30 years. Most of the lease agreements for national land adjust the lease payment according to the changes of the announced land values by the authority. At the expiry of the lease term, the Company does not have bargain purchase options to acquire the assets.

The lease agreements for equipment include a contract between Chunghwa and ST-2 Satellite Ventures Pte., Ltd. to lease capacity on the ST-2 satellite. For the information of lease agreements with related parties, please refer to Note 38 for details.

d.	Other lease information
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Expenses relating to low-value asset leases		2,254		2,063
Expenses relating to variable lease payments not included in the measurement of lease<br>liabilities		1,604		1,478
Total cash outflow for leases		1,244,847		1,088,205

All values are in US Dollars.

The Company leases certain equipment which qualifies as low-value asset leases. The Company has elected to apply the recognition exemption and, thus, not to recognize right-of-use assets and lease liabilities for these leases.

Lease-out arrangements under operating leases for freehold property, plant, and equipment and investment properties were set out in Notes 16 and 18.

18.	INVESTMENT PROPERTIES
Cost
---	---	---	---
Balance on January 1, 2024		11,161,834
Reclassification		1,747,177
Balance on March 31, 2024		12,909,011
Accumulated depreciation and impairment
Balance on January 1, 2024		(1,356,371	)
Depreciation expense		(11,107	)
Reclassification		(24,663	)
Balance on March 31, 2024		(1,392,141	)
Balance on January 1, 2024, net		9,805,463
Balance on March 31, 2024, net		11,516,870

All values are in US Dollars.

(Continued)

• 33 -

Cost
Balance on January 1, 2025		13,592,694
Additions		2,067
Balance on March 31, 2025		13,594,761
Accumulated depreciation and impairment
Balance on January 1, 2025		(1,290,975	)
Depreciation expense		(11,225	)
Balance on March 31, 2025		(1,302,200	)
Balance on January 1, 2025, net		12,301,719
Balance on March 31, 2025, net		12,292,561

All values are in US Dollars.

(Concluded)

Depreciation expense is computed using the straight-line method over the following estimated service lives:

Land improvements		15~30 years
Buildings
Main buildings		8~60 years
Other building facilities		10~35 years

The fair values of the Company’s investment properties as of December 31, 2024 and 2023 were determined by Level 3 fair value measurements inputs based on the appraisal reports conducted by independent appraisers. The Company used the aforementioned appraisal reports as the basis to determine the fair values as of March 31, 2025 and 2024 because there was no material change in the economic environment or the market transaction price. Those appraisal reports are based on the comparison approach, income approach or cost approach. Key assumptions and the fair values were as follows:

		March 31, 2025	December 31,<br>2024	March 31, 2024
Fair value		$41,286,825	$41,284,758	$35,336,628
Overall capital interest rate		1.47%~5.81%	1.47%~5.81%	1.43%~5.51%
Profit margin ratio		12%~20%	12%~20%	10%~20%
Discount rate		0%~10%	0%~10%	—
Capitalization rate		1.12%~2.13%	1.12%~2.13%	0.23%~2.28%

All of the Company’s investment properties are held under freehold interest.

The future aggregate lease collection under operating lease for investment properties is as follows:

		March 31, 2025		December 31,2024		March 31, 2024
Year 1		279,978		274,163		270,731
Year 2		247,592		247,997		249,088
Year 3		215,352		216,256		224,283
Year 4		194,029		192,062		192,871

All values are in US Dollars.

(Continued)

• 34 -

		March 31, 2025		December 31,2024		March 31, 2024
Year 5		188,972		190,020		172,931
Onwards		1,259,643		1,306,456		1,283,870
		2,385,566		2,426,954		2,393,774

All values are in US Dollars.

(Concluded)

19.	INTANGIBLE ASSETS
		MobileBroadbandConcession		ComputerSoftware		Goodwill		Others		Total
---	---	---	---	---	---	---	---	---	---	---	---
Cost
Balance on January 1, 2024		109,963,431		2,532,249		291,206		421,835		113,208,721
Additions-acquired separately		—		38,579		—		1,695		40,274
Disposal		—		(103,569	)	—		(7,044	)	(110,613	)
Effect of foreign exchange differences		—		170		—		(10	)	160
Others		—		1,271		—		—		1,271
Balance on March 31, 2024		109,963,431		2,468,700		291,206		416,476		113,139,813
Accumulated amortization and impairment
Balance on January 1, 2024		(38,202,416	)	(1,954,096	)	(73,624	)	(252,040	)	(40,482,176	)
Amortization expenses		(1,597,535	)	(67,167	)	—		(7,570	)	(1,672,272	)
Disposal		—		103,569		—		7,044		110,613
Effect of foreign exchange differences		—		(71	)	—		5		(66	)
Balance on March 31, 2024		(39,799,951	)	(1,917,765	)	(73,624	)	(252,561	)	(42,043,901	)
Balance on January 1, 2024 net		71,761,015		578,153		217,582		169,795		72,726,545
Balance on March 31, 2024 net		70,163,480		550,935		217,582		163,915		71,095,912
Cost
Balance on January 1, 2025		109,963,431		2,427,063		291,206		418,959		113,100,659
Additions-acquired separately		—		31,914		—		837		32,751
Disposal		—		(49,639	)	—		(351	)	(49,990	)
Effect of foreign exchange differences		—		155		—		15		170
Balance on March 31, 2025		109,963,431		2,409,493		291,206		419,460		113,083,590
Accumulated amortization and impairment
Balance on January 1, 2025		(44,592,555	)	(1,877,275	)	(73,624	)	(274,003	)	(46,817,457	)
Amortization expenses		(1,597,536	)	(65,113	)	—		(6,238	)	(1,668,887	)
Disposal		—		49,639		—		351		49,990
Effect of foreign exchange differences		—		(35	)	—		(10	)	(45	)
Balance on March 31, 2025		(46,190,091	)	(1,892,784	)	(73,624	)	(279,900	)	(48,436,399	)
Balance on January 1, 2025 net		65,370,876		549,788		217,582		144,956		66,283,202
Balance on March 31, 2025 net		63,773,340		516,709		217,582		139,560		64,647,191

All values are in US Dollars.

• 35 -

The concessions are granted and issued by the National Communications Commission (“NCC”). The concession fees are amortized using the straight-line method over the period from the date operations commence through the date the license expires or the useful life, whichever is shorter. The 4G concession fees will be fully amortized by December 2030 and December 2033 and 5G concession fees will be fully amortized by December 2040.

The computer software is amortized using the straight-line method over the estimated useful lives of 1 to 10 years. Other intangible assets, except for those assessed as having indefinite useful lives, are amortized using the straight-line method over the estimated useful lives of 3 to 20 years. Goodwill is not amortized.

20.	OTHER ASSETS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Refundable deposits		2,120,994		2,161,983		1,942,580
Spare parts		1,908,601		2,005,946		2,393,762
Other financial assets		1,000,000		1,000,000		1,000,000
Others		3,040,567		2,831,855		2,587,175
		8,070,162		7,999,784		7,923,517
Current
Spare parts		1,908,601		2,005,946		2,393,762
Others		1,086,055		1,108,608		727,134
		2,994,656		3,114,554		3,120,896
Noncurrent
Refundable deposits		2,120,994		2,161,983		1,942,580
Other financial assets		1,000,000		1,000,000		1,000,000
Others		1,954,512		1,723,247		1,860,041
		5,075,506		4,885,230		4,802,621

All values are in US Dollars.

Other financial assets - noncurrent was Piping Fund. As part of the government’s effort to upgrade the existing telecommunications infrastructure, Chunghwa and other public utility companies were required by the ROC government to contribute to a Piping Fund administered by the Taipei City Government. This fund was used to finance various telecommunications infrastructure projects. Net assets of this fund will be returned proportionately after the project is completed.

21.	HEDGING FINANCIAL INSTRUMENTS

Chunghwa’s hedge strategy is to enter into forward exchange contracts—buy to avoid its foreign currency exposure to certain foreign currency denominated equipment payments in the following six months. In addition, Chunghwa’s management considers the market condition to determine the hedge ratio and enters into forward exchange contracts with the banks to avoid the foreign currency risk.

Chunghwa signed equipment purchase contracts with suppliers and entered into forward exchange contracts to avoid foreign currency risk exposure to Euro-denominated purchase commitments. Those forward exchange contracts were designated as cash flow hedges. When forecast purchases actually take place, basis adjustments are made to the initial carrying amounts of hedged items.

• 36 -

For the hedges of highly probable forecast sales and purchases, as the critical terms (i.e. the notional amount, life and underlying) of the forward foreign exchange contracts and their corresponding hedged items are the same, the Company performs a qualitative assessment of effectiveness and it is expected that the value of the forward contracts and the value of the corresponding hedged items will systematically change in opposite direction in response to movements in the underlying exchange rates.

The main source of hedge ineffectiveness in these hedging relationships is the effect of credit risks of the Company and the counterparty on the fair value of the forward exchange contracts. Such credit risks do not impact the fair value of the hedged item attributable to changes in foreign exchange rates. No other sources of ineffectiveness emerged from these hedging relationships.

The following tables summarized the information relating to the hedges for foreign currency risk.

March 31, 2025

				Notional<br>Amount						ForwardRate		Line Item in				Carrying Amount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
Hedging Instruments		Currency		(In Thousands)			Maturity			(In Dollars)		Balance Sheet				Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts		NT$	/		NT 6,067/ 170			June 2025		35.69			Hedging financial<br>assets (liabilities)			30		—		804
		Change inValue ofHedged ItemUsed for<br>CalculatingHedgeIneffectiveness			Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items					ContinuingHedges		HedgeAccountingNo LongerApplied
Cash flow hedge
Forecast equipment purchases		(804	)		30		—

All values are in US Dollars.

December 31, 2024

				Notional<br>Amount							Forward Rate		Line Item in				Carrying Amount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
Hedging Instruments		Currency		(In Thousands)				Maturity			(In Dollars)		Balance Sheet				Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts		NT$	/		NT$341,036<br>/EUR10,000				March 2025		34.10			Hedging financial<br>assets (liabilities)			1,133		1,907		(730	)
		Change inValue ofHedged ItemUsed for<br>CalculatingHedgeIneffectiveness		Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items				ContinuingHedges			HedgeAccountingNo LongerApplied
Cash flow hedge
Forecast equipment purchases		730		(774	)		—

All values are in US Dollars.

• 37 -

March 31, 2024

				Notional<br>Amount<br><br>(In Thousands)						ForwardRate<br>(In Dollars)		Line Item in				Carrying Amount				Change in FairValues ofHedgingInstrumentsUsed forCalculatingHedge
Hedging Instruments		Currency					Maturity					Balance Sheet				Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts		NT$	/		NT47,915/ 1,400			June 2024		34.23			Hedging financial<br>assets (liabilities)			29		—		73
		Change inValue ofHedged ItemUsed for<br>CalculatingHedgeIneffectiveness			Accumulated Gain or Losson Hedging Instrumentsin Other Equity
---	---	---	---	---	---	---	---
Hedged Items					ContinuingHedges		HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases		(73	)		29		—

All values are in US Dollars.

Three months ended March 31, 2025

		Comprehensive Income							Reclassification from Equityto Assets and the Adjusted Line Item
Hedge Transaction		HedgingGain orLossRecognizedin OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br>Which Hedge<br>Ineffectiveness<br>is Included			AmountReclassified toAssets and theAdjusted LineItem			Due to HedgedFuture CashFlows No Longer<br>Expected toOccur
Cash flow hedge
Forecast equipment purchases		804		—			—		1,626			—
									Construction in<br>progress and<br>equipment<br>to be<br>accepted			Other gains and<br>losses

All values are in US Dollars.

Three months ended March 31, 2024

		Comprehensive Income							Reclassification from Equityto Assets and the Adjusted Line Item
Hedge Transaction		HedgingGain orLossRecognizedin OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item in<br>Which Hedge<br>Ineffectiveness<br>is Included			AmountReclassified toAssets and theAdjusted LineItem			Due to HedgedFuture CashFlows No Longer<br>Expected toOccur
Cash flow hedge
Forecast equipment purchases		73		—			—		1,551			—
									Construction in<br>progress and<br>equipment<br>to be<br>accepted			Other gains and<br>losses

All values are in US Dollars.

• 38 -

22.	SHORT-TERM LOANS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Unsecured bank loans		530,000		215,000		465,000

All values are in US Dollars.

The annual interest rates of bank loans were as follows:

		March 31, 2025			December 31,<br>2024			March 31, 2024
Unsecured bank loans			2.29%~2.35%			1.82%~3.49%			1.70%~3.49%
23.	LONG-TERM LOANS
:---	:---
		March 31, 2025			December 31,2024			March 31, 2024
---	---	---	---	---	---	---	---	---	---
Secured bank loans (Note 39)		1,600,000			1,600,000			1,600,000
Unsecured bank loans		35,000			35,000			—
Less: Current portion		(5,833	)		(3,646	)		(1,600,000	)
		1,629,167			1,631,354			—

All values are in US Dollars.

The annual interest rates of bank loans were as follows:

		March 31, 2025			December 31,<br>2024			March 31, 2024
Secured bank loans			2.10	%		2.09	%		1.87	%
Unsecured bank loans			2.22	%		2.22	%		—

LED obtained a secured loan from Chang Hwa Bank with monthly interest payments. LED entered into a contract with Chang Hwa Bank to renew the contract upon the maturity of the aforementioned contract in August 2024, and the due date of the renewed contract is September 2027.

CLPT entered into an unsecured loan contract with Mega International Commercial Bank, interest is paid monthly, and the principal will be repaid in 48 equal installments from August 2025 to July 2029.

24.	BONDS PAYABLE
		March 31, 2025			December 31,2024			March 31, 2024
---	---	---	---	---	---	---	---	---	---
Unsecured domestic bonds		30,500,000			30,500,000			30,500,000
Less: Discounts on bonds payable		(10,397	)		(11,794	)		(15,844	)
		30,489,603			30,488,206			30,484,156
Less: Current portion		(8,799,350	)		(8,798,880	)		—
		21,690,253			21,689,326			30,484,156

All values are in US Dollars.

• 39 -

The major terms of unsecured domestic bonds issued by Chunghwa were as follows:

Issuance		Tranche		Issuance Period		TotalAmount		Coupon<br>Rate			Repayment and Interest Payment
2020-1		A		July 2020 to July 2025		8,800,000			0.50	%	One-time repayment upon maturity; interest payable annually
		B		July 2020 to July 2027		7,500,000			0.54	%	The same as above
		C		July 2020 to July 2030		3,700,000			0.59	%	The same as above
2021-1		A		April 2021 to April 2026		1,900,000			0.42	%	The same as above
		B		April 2021 to April 2028		4,100,000			0.46	%	The same as above
		C		April 2021 to April 2031		1,000,000			0.50	%	The same as above
2022-1<br><br>(Sustainable Bond)		-		March 2022 to March 2027		3,500,000			0.69	%	The same as above

All values are in US Dollars.

25.	TRADE NOTES AND ACCOUNTS PAYABLE
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Trade notes and accounts payable		10,692,983		17,742,532		9,806,485

All values are in US Dollars.

Trade notes and accounts payable were attributable to operating activities and the trading conditions were agreed separately.

26.	OTHER PAYABLES
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Accrued salary and compensation		7,924,564		10,721,819		7,774,277
Accrued compensation to employees and remuneration to directors and supervisors		3,105,520		2,499,932		2,688,772
Amounts collected for others		1,999,761		1,706,744		1,623,358
Payables to contractors		1,003,031		2,264,856		1,167,660
Accrued maintenance costs		986,069		1,116,992		1,069,055
Payables to equipment suppliers		713,642		720,361		813,574
Others		7,853,902		7,550,649		7,800,048
		23,586,489		26,581,353		22,936,744

All values are in US Dollars.

27.	PROVISIONS
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Employee benefits		421,373		415,477		391,808
Warranties		273,114		280,679		238,655
Onerous contracts		266,103		266,755		175,504
Others		15,915		13,574		3,067
		976,505		976,485		809,034

All values are in US Dollars.

(Continued)

• 40 -

		March 31, 2025		December 31,2024		March 31, 2024
Current		668,780		441,801		316,748
Noncurrent		307,725		534,684		492,286
		976,505		976,485		809,034

All values are in US Dollars.

(Concluded)

		EmployeeBenefits		Warranties		OnerousContracts		Others		Total
Balance on January 1, 2024		387,082		237,873		194,651		3,067		822,673
Additional / (reversal of) provisions recognized		9,131		8,136		(19,147	)	—		(1,880	)
Used / forfeited during the period		(4,405	)	(7,408	)	—		—		(11,813	)
Effect of foreign exchange differences		—		54		—		—		54
Balance on March 31, 2024		391,808		238,655		175,504		3,067		809,034
Balance on January 1, 2025		415,477		280,679		266,755		13,574		976,485
Additional / (reversal of) provisions recognized		10,121		23,103		(706	)	2,658		35,176
Used / forfeited during the period		(4,225	)	(30,690	)	—		(317	)	(35,232	)
Effect of foreign exchange differences		—		22		54		—		76
Balance on March 31, 2025		421,373		273,114		266,103		15,915		976,505

All values are in US Dollars.

a.	The provision for warranty claims represents the present value of the management’s best estimate of the<br>future outflow of economic benefits that will be required under the Company’s obligation for warranties in sales agreements. The estimate has been made based on historical warranty experience.
b.	The provision for employee benefits represents vested long-term service compensation accrued.
:---	:---
c.	The provision for onerous contracts represents the present obligation resulting from the measurement for the<br>unavoidable costs of meeting the Company’s contractual obligations exceed the economic benefits expected to be received from the contracts.
:---	:---
28.	RETIREMENT BENEFIT PLANS
:---	:---

Relevant pension costs for defined benefit plans which were determined by the pension cost rates of actuarial valuation as of December 31, 2024 and 2023 were as follows:

		Three Months Ended March 31
		2025		2024
Operating costs		80,433		104,906
Marketing expenses		63,244		77,832
General and administrative expenses		15,130		17,883
Research and development expenses		7,076		8,012
		165,883		208,633

All values are in US Dollars.

• 41 -

29.	EQUITY
a.	Share capital
:---	:---
1)	Common stocks
:---	:---
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Number of authorized shares (thousand)		12,000,000		12,000,000		12,000,000
Authorized shares		120,000,000		120,000,000		120,000,000
Number of issued and paid shares (thousand)		7,757,447		7,757,447		7,757,447
Issued shares		77,574,465		77,574,465		77,574,465

All values are in US Dollars.

Each issued common stock with par value of $10 is entitled the right to vote and receive dividends.

2)	Global depositary receipts

The MOTC and some stockholders sold some common stocks of Chunghwa in an international offering of securities in the form of American Depositary Shares (“ADS”) (one ADS represents 10 common stocks) in July 2003, August 2005, and September 2006. The ADSs were traded on the New York Stock Exchange since July 17, 2003. As of March 31, 2025, the outstanding ADSs were 177,552 thousand common stocks, which equaled 17,755 thousand units and represented 2.29% of Chunghwa’s total outstanding common stocks.

The ADS holders generally have the same rights and obligations as other common stockholders, subject to the provision of relevant laws. The exercise of such rights and obligations shall comply with the related regulations and deposit agreement, which stipulate, among other things, that ADS holders are entitled to, through deposit agents:

a)	Exercise their voting rights,
b)	Sell their ADSs, and
:---	:---
c)	Receive dividends declared and subscribe to the issuance of new shares.
:---	:---
b.	Additional paid-in capital
:---	:---

The adjustments of additional paid-in capital for the three months ended March 31, 2025 and 2024 were as follows:

		SharePremium		Movements ofAdditionalPaid-in Capitalfor Associatesand JointVenturesAccounted forUsing EquityMethod		Movements ofAdditionalPaid-inCapitalArising fromChanges inEquities ofSubsidiaries		DifferencebetweenConsiderationReceived orPaid andCarryingAmount oftheSubsidiaries’Net Assetsduring ActualDisposal orAcquisition		DonatedCapital		Stockholders’Contribution dueto Privatization		Total
Balance on January 1, 2024		147,329,386		151,952		2,144,727		987,607		27,336		20,648,078		171,289,086
Change in additional paid-in capital from investments in<br>associates and joint ventures accounted for using equity method		—		76,658		—		—		—		—		76,658
Changes in equities of subsidiaries		—		—		(405	)	—		—		—		(405	)
Balance on March 31, 2024		147,329,386		228,610		2,144,322		987,607		27,336		20,648,078		171,365,339

All values are in US Dollars.

(Continued)

• 42 -

		SharePremium		Movements ofAdditionalPaid-in Capitalfor Associatesand JointVenturesAccounted forUsing EquityMethod		Movements ofAdditionalPaid-inCapitalArising fromChanges inEquities ofSubsidiaries		DifferencebetweenConsiderationReceived orPaid andCarryingAmount oftheSubsidiaries’Net Assetsduring ActualDisposal orAcquisition		DonatedCapital		Stockholders’Contribution dueto Privatization		Total
Balance on January 1, 2025		147,329,386		223,835		2,145,041		1,211,494		29,445		20,648,078		171,587,279
Changes in equities of subsidiaries		—		—		9,252		—		—		—		9,252
Balance on March 31, 2025		147,329,386		223,835		2,154,293		1,211,494		29,445		20,648,078		171,596,531

All values are in US Dollars.

(Concluded)

Additional paid-in capital from share premium, donated capital and the difference between the consideration received or paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition may be utilized to offset deficits. Furthermore, when Chunghwa has no deficit, it may be distributed in cash or capitalized, which however is limited to a certain percentage of Chunghwa’s paid-in capital except the additional paid-in capital arising from unclaimed dividend can only be utilized to offset deficits.

The additional paid-in capital from movements of paid-in capital arising from changes in equities of subsidiaries may only be utilized to offset deficits.

Among additional paid-in capital from movements of investments in associates and joint ventures accounted for using equity method, the portion arising from the difference between the consideration received or paid and the carrying amount of the subsidiaries net assets during actual disposal or acquisition may be utilized to offset deficits; furthermore, when the Company has no deficit, it may be distributed in cash or capitalized. However, other additional paid-in capital recognized in proportion of share ownership may only be utilized to offset deficits.

c.	Retained earnings and dividends policy

In accordance with the Chunghwa’s Articles of Incorporation, Chunghwa must pay all outstanding taxes, offset deficits in prior years and set aside a legal reserve equal to 10% of its net income before distributing a dividend or making any other distribution to stockholders, except when the accumulated amount of such legal reserve equals to Chunghwa’s total issued capital, and depending on its business needs or requirements, may also set aside or reverse special reserves. No less than 50% of the remaining earnings comprising remaining balance of net income, if any, plus cumulative undistributed earnings shall be distributed as stockholders’ dividends, of which cash dividends to be distributed shall not be less than 50% of the total amount of dividends to be distributed. If cash dividend to be distributed is less than $0.10 per share, such cash dividend shall be distributed in the form of common stocks.

The Company should appropriate a special reserve when the net amount of other equity items is negative at the end of reporting period upon the earnings distribution. Distributions can be made out of any subsequent reversal of the debit to other equity items.

The appropriation for legal reserve shall be made until the accumulated reserve equals the aggregate par value of the outstanding capital stock of Chunghwa. This reserve can only be used to offset a deficit, or, when the legal reserve has exceeded 25% of Chunghwa’s paid-in capital, the excess may be transferred to capital or distributed in cash.

• 43 -

The appropriations of the 2024 earnings of Chunghwa proposed by the Chunghwa’s Board of Directors on February 26, 2025 and the appropriations of the 2023 earnings of Chunghwa approved by the stockholders in their meetings on May 31, 2024 were as follows:

		Appropriation of Earnings					Dividends Per Share<br>(NT$)
		For FiscalYear 2024		For FiscalYear 2023			For Fiscal<br>Year 2024			For FiscalYear 2023
Reversal of special reserve		—		(223,084	)
Cash dividends		38,787,232		36,909,931			$	5.000		4.758

The appropriations of earnings for 2024 are subject to the resolution of the stockholders’ meeting planned to be held on May 29, 2025. Information of the appropriation of Chunghwa’s earnings proposed by the Board of Directors and approved by the stockholders is available on the Market Observation Post System website.

d.	Others
1)	Exchange differences arising from the translation of the foreign operations
:---	:---

The exchange differences arising from the translation of the foreign operations from their functional currency to New Taiwan dollars were recognized as exchange differences arising from the translation of the foreign operations in other comprehensive income.

2)	Unrealized gain or loss on financial assets at FVOCI
		Three Months Ended March 31
---	---	---	---	---	---
		2025		2024
Beginning balance		563,605		520,748
Recognized for the period
Unrealized gain or loss
Equity instruments		569,284		628,015
Share of profits (loss) of associates and joint ventures accounted for using equity<br>method		4,898		(1,295	)
Ending balance		1,137,787		1,147,468

All values are in US Dollars.

e.	Noncontrolling interests
		Three Months Ended March 31
---	---	---	---	---	---	---
		2025			2024
Beginning balance		13,154,166			12,596,252
Shares attributed to noncontrolling interests
Net income for the period		396,617			212,764
Exchange differences arising from the translation of the foreign operations		4,796			10,298
Unrealized gain or loss on financial assets at FVOCI		(860	)		(1,547	)
Share of other comprehensive income of associates and joint ventures accounted for using equity<br>method		2,184			19,262
Cash dividends distributed by subsidiaries		(710,530	)		(716,689	)

All values are in US Dollars.

(Continued)

• 44 -

		Three Months Ended March 31
		2025		2024
Loss of control of subsidiaries (Note 14)		19,534		—
Net increase in noncontrolling interests		5,447		16,023
Ending balance		12,871,354		12,136,363

All values are in US Dollars.

(Concluded)

30.	REVENUES
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Revenue from contracts with customers		55,164,052		54,329,761
Other revenues
Government grants income		379,865		274,352
Rental income		213,485		291,500
Others		51,007		47,858
		644,357		613,710
		55,808,409		54,943,471

All values are in US Dollars.

For the information of performance obligations related to customer contracts, please refer to Note 3 Summary of Material Accounting Policy Information to the consolidated financial statements for the year ended December 31, 2024 for details.

a.	Disaggregation of revenue

Please refer to Note 44 Segment Information for details.

b.	Contract balances
		March 31,2025			December 31,2024			March 31,2024			January 1,2024
---	---	---	---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable (Note 10)		22,496,724			26,025,696			22,623,592			24,841,995
Contract assets
Products and service bundling		10,483,736			10,445,758			9,679,196			9,297,181
Others		2,380,593			2,306,854			1,346,077			1,205,973
Less: Loss allowance		(23,969	)		(23,845	)		(22,366	)		(21,282	)
		12,840,360			12,728,767			11,002,907			10,481,872
Current		8,486,649			8,401,343			6,985,515			6,713,227
Noncurrent		4,353,711			4,327,424			4,017,392			3,768,645
		12,840,360			12,728,767			11,002,907			10,481,872

All values are in US Dollars.

(Continued)

• 45 -

		March 31,2025		December 31,2024		March 31,2024		January 1,2024
Contract liabilities
Telecommunications business		13,836,198		13,931,238		13,961,741		14,015,949
Project business		8,180,447		8,014,350		6,637,247		6,654,364
Advance house and land receipts (Notes 11 and 40)		1,064,150		1,064,150		576,826		459,697
Others		908,715		831,978		677,019		518,758
		23,989,510		23,841,716		21,852,833		21,648,768
Current		16,582,177		16,300,986		14,293,408		14,088,416
Noncurrent		7,407,333		7,540,730		7,559,425		7,560,352
		23,989,510		23,841,716		21,852,833		21,648,768

All values are in US Dollars.

(Concluded)

The changes in the contract asset and the contract liability balances primarily result from the timing difference between the satisfaction of performance obligations and the payments collected from customers.

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. Contract assets will be reclassified to trade receivables when the corresponding invoice is billed to the client. Contract assets have substantially the same risk characteristics as the trade receivables of the same types of contracts. Therefore, the Company concluded that the expected loss rates for trade receivables can be applied to the contract assets.

c.	Incremental costs of obtaining contracts
		March 31, 2025		December 31,2024		March 31, 2024
---	---	---	---	---	---	---
Current
Incremental costs of obtaining contracts		339,172		339,172		271,077
Noncurrent
Incremental costs of obtaining contracts		1,209,212		1,221,652		975,660

All values are in US Dollars.

The Company considered the past experience and the default clauses in the telecommunications service contracts and believes the commissions and equipment subsidies paid for obtaining such contracts are expected to be recoverable; therefore, such costs were capitalized. The Company also believes the commissions paid for obtaining real estate sale contracts are expected to be recoverable; therefore, such costs were capitalized. Amortization expenses for the three months ended March 31, 2025 and 2024 are $238,217 thousand and $214,720 thousand, respectively.

• 46 -

31.	NET INCOME
a.	Other income and expenses
:---	:---
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Gain on disposal of property, plant and equipment, net		1,018		2,520

All values are in US Dollars.

b.	Other income
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Rental income		19,222		17,487
Others		19,226		20,282
		38,448		37,769

All values are in US Dollars.

c.	Other gains and losses
		Three Months Ended March 31
---	---	---	---	---	---	---
		2025			2024
Valuation gain (loss) on financial assets and liabilities at fair value through profit or loss,<br>net		193			(61,657	)
Foreign currency exchange loss, net		(39,187	)		(6,644	)
Gain on disposal of financial instruments, net		—			1,073
Gain on disposal of subsidiaries		15,290			—
Others		(1,414	)		5,964
		(25,118	)		(61,264	)

All values are in US Dollars.

d.	Interest expenses
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Interest on bonds payable		41,978		41,970
Interest on lease liabilities		37,391		29,449
Interest paid to financial institutions		9,732		11,199
Others		256		669
		89,357		83,287

All values are in US Dollars.

e.	Impairment loss (reversal of impairment loss)
		Three Months Ended March 31
---	---	---	---	---	---
		2025		2024
Contract assets		124		1,084
Trade notes and accounts receivable		117,733		56,172
Other receivables		1,678		(1,470	)
Inventories		38,153		25,576

All values are in US Dollars.

• 47 -

f.	Depreciation and amortization expenses
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Property, plant and equipment		7,253,586		7,198,227
Right-of-use<br>assets		1,075,377		1,027,155
Investment properties		11,225		11,107
Intangible assets		1,668,887		1,672,272
Incremental costs of obtaining contracts		238,217		214,720
Total depreciation and amortization expenses		10,247,292		10,123,481
Depreciation expenses summarized by functions
Operating costs		7,787,168		7,701,733
Operating expenses		553,020		534,756
		8,340,188		8,236,489
Amortization expenses summarized by functions
Operating costs		1,862,288		1,838,789
Marketing expenses		23,525		20,433
General and administrative expenses		12,150		15,746
Research and development expenses		9,141		12,024
		1,907,104		1,886,992

All values are in US Dollars.

g.	Employee benefit expenses
		Three Months Ended March 31
---	---	---	---	---
		2025		2024
Post-employment benefit
Defined contribution plans		289,836		256,170
Defined benefit plans		165,883		208,633
		455,719		464,803
Share-based payment
Equity-settled share-based payment		1,225		2,373
Other employee benefit (Note)		12,010,134		11,383,272
Total employee benefit expenses		12,467,078		11,850,448
Summary by functions
Operating costs		5,776,994		5,522,712
Operating expenses		6,690,084		6,327,736
		12,467,078		11,850,448

All values are in US Dollars.

Note: Other employee benefit mainly includes salaries, compensation and labor and health insurance expenses, etc.

The amendments to the Chunghwa’s Articles of Incorporation were approved by the Chunghwa’s stockholders in their meeting on May 31, 2024. The distribution rate of employees’ compensation increased from 1.7% to 4.3% of pre-tax income to 2% to 5% of pre-tax income, while the distribution rate of directors’ remuneration remained at no higher than 0.17%.

• 48 -

If there is a change in the proposed amounts after the annual consolidated financial statements are authorized for issue, the difference is recorded as a change in accounting estimate.

The compensation to the employees and remuneration to the directors of 2024 and 2023 approved by the Board of Directors on February 26, 2025 and February 23, 2024, respectively, were as follows. The compensation to the employees and remuneration to the directors of 2024 will be reported to the stockholders in their meeting planned to be held on May 29, 2025.

		Cash
		2024		2023
Compensation distributed to the employees		1,931,610		1,522,481
Remuneration paid to the directors		40,440		39,797

All values are in US Dollars.

There was no difference between the initial accrued amounts recognized in 2024 and 2023 and the amounts approved by the Board of Directors in 2025 and 2024 of the aforementioned compensation to employees and the remuneration to directors.

Information of the appropriation of Chunghwa’s employees compensation and remuneration to directors and those approved by the Board of Directors is available on the Market Observation Post System website.

32.	INCOME TAX
a.	Income tax recognized in profit or loss
:---	:---

The major components of income tax expense were as follows:

		Three Months Ended March 31
		2025			2024
Current tax
Current tax expenses recognized for the period		2,533,710			2,302,333
Income tax adjustments on prior years		713			1,768
Others		17			27
		2,534,440			2,304,128
Deferred tax
Deferred tax expenses recognized for the period		(31,240	)		79,429
Income tax recognized in profit or loss		2,503,200			2,383,557

All values are in US Dollars.

The applicable tax rate used by the entities subject to the Income Tax Act of the Republic of China is 20%. Tax rates used by other entities of the Company operating in other jurisdictions are based on the tax laws in those jurisdictions.

b.	Income tax examinations

Income tax returns of Chunghwa, SENYOUNG, CHYP, CHSI, LED, CHIEF, Unigate, CHPT, SFD, HHI, IISI and UTC have been examined by the tax authorities through 2022. Income tax returns of SENAO, Youth, ISPOT, Aval, Wiin, SHE, CHI, NavCore, TestPro, CLPT and CHTSC have been examined by the tax authorities through 2023.

• 49 -

c.	Pillar Two Model Rules

The application of the Pillar Two rules does not have a material impact on the Company’s consolidated financial statements. The Company will continue to review the possible impact on the Company’s future financial performance.

33.	EARNINGS PER SHARE (“EPS”)

Net income and weighted average number of common stocks used in the calculation of earnings per share were as follows:

Net Income

		Three Months Ended March 31
		2025			2024
Net income used to compute the basic earnings per share
Net income attributable to the parent		9,799,194			9,391,419
Assumed conversion of all dilutive potential common stocks
Employee stock options and employee compensation of subsidiaries		(622	)		(546	)
Net income used to compute the diluted earnings per share		9,798,572			9,390,873

All values are in US Dollars.

Weighted Average Number of Common Stocks

		(Thousand Shares)
		Three Months Ended March 31
		2025			2024
Weighted average number of common stocks used to compute the basic earnings per share			7,757,447			7,757,447
Assumed conversion of all dilutive potential common stocks
Employee compensation			13,572			11,169
Weighted average number of common stocks used to compute the diluted earnings per share			7,771,019			7,768,616

As Chunghwa may settle the employee compensation in shares or cash, Chunghwa shall presume that it will be settled in shares and take those shares into consideration when calculating the weighted average number of outstanding shares used in the calculation of diluted EPS if the shares have a dilutive effect. The dilutive effect of the shares needs to be considered until the approval of the number of shares to be distributed to employees as compensation in the following year.

34.	SHARE-BASED PAYMENT ARRANGEMENT
a.	CHIEF share-based compensation plan (“CHIEF Plan”) described as follows:
:---	:---

The Board of Directors of CHIEF resolved to issue 200 stock options on November 13, 2020. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise price is $206.00 per share. The options are granted to specific employees that meet the vesting conditions. The CHIEF Plan has an exercise price adjustment formula upon the changes in common stocks or distribution of cash dividends. The options of the CHIEF Plan are valid for five years and the graded vesting schedule will vest two years after the grant date.

• 50 -

CHIEF did not recognize any compensation costs for stock options for the three months ended March 31, 2025. The compensation costs for stock options for the three months ended March 31, 2024 were $816 thousand.

CHIEF modified the plan terms of stock options granted on November 13, 2020 in July 2024; therefore, the exercise price changed from $171.70 to $166.50 per share. The modification did not cause any incremental fair value granted.

Information about CHIEF’s outstanding stock options for the three months ended March 31, 2025 and 2024 was as follows:

		Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
		Granted on<br>November 13, 2020							Granted on<br>November 13, 2020
		Number of<br><br>Options				Weighted<br>Average<br><br>Exercise<br><br>Price<br><br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br><br>Exercise<br><br>Price<br><br>(NT$)
Employee stock options
Options outstanding at beginning of the period			7			$	166.50			93		$	171.70
Options exercised			(7	)			166.50			—			—
Options outstanding at end of the period			—				—			93			171.70
Options exercisable at end of the period			—				—			—			—
Weighted average remaining contractual life (years)			—							1.62

CHIEF used the fair value method to evaluate the options using the Black-Scholes model and binomial option pricing model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onNovember 13,2020
Grant-date share price (NT$)		356.00
Exercise price (NT$)		206.00
Dividend yield		—
Risk-free interest rate		0.18	%
Expected life		5 years
Expected volatility		34.61	%
Weighted average fair value of grants (NT$)		173,893

The expected volatility for the options granted in 2020 was based on CHIEF’s average annualized historical share price volatility from June 5, 2018, CHIEF’s listing date on Taipei Exchange, to the grant date.

• 51 -

b.	CHTSC share-based compensation plan (“CHTSC Plan”) described as follows:

The Board of Directors of CHTSC resolved to issue 4,500 and 3,500 stock options on December 20, 2019 and February 20, 2021, respectively. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise prices are both $19.085 per share. The options are granted to specific employees that meet the vesting conditions. The CHTSC Plan has an exercise price adjustment formula upon the changes in common stocks. The options of the CHTSC Plan are valid for five years and the graded vesting schedule will vest one year after the grant date.

The compensation costs for stock options for the three months ended March 31, 2025 and 2024 were $89 thousand and $194 thousand, respectively.

Information about CHTSC’s outstanding stock options for the three months ended March 31, 2025 and 2024 was as follows:

		Three Months Ended<br>March 31, 2025
		Granted on<br>February 20, 2021
		Number of<br><br>Options				Weighted<br>Average<br>Exercise<br><br>Price<br><br>(NT$)
Employee stock options
Options outstanding at beginning of the period			655			$	19.085
Options exercised			(640	)			19.085
Options outstanding at end of the period			15				19.085
Options exercisable at end of the period			6				19.085
Weighted average remaining contractual life (years)			0.89
		Three Months Ended March 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---
		Granted on<br>February 20, 2021							Granted on<br>December 20, 2019
		Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options				Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the period			1,519			$	19.085			40			$	19.085
Options exercised			(689	)			19.085			(5	)			19.085
Options forfeited			(111	)			—			—				—
Options outstanding at end of the period			719				19.085			35				19.085

(Continued)

• 52 -

		Three Months Ended March 31, 2024
		Granted on<br>February 20, 2021						Granted on<br>December 20, 2019
		Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Options exercisable at end of the period			14		$	19.085			35		$	19.085
Weighted average remaining contractual life (years)			1.89						0.72

(Concluded)

CHTSC used the fair value method to evaluate the options using the Black-Scholes model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onFerbuary 20,2021		Stock OptionsGranted onDecember 20,2019
Grant-date share price (NT$)		23.76		20.17
Exercise price (NT$)		19.085		19.085
Dividend yield		15.18	%	12.49	%
Risk-free interest rate		0.25	%	0.54	%
Expected life		5 years		5 years
Expected volatility		47.35	%	42.41	%
Weighted average fair value of grants (NT$)		3,350		2,470

Expected volatility was based on the average annualized historical share price volatility of CHTSC’s comparable companies before the grant date.

c.	CLPT share-based compensation plan (“CLPT Plan”) described as follows:

The Board of Directors of CLPT resolved to issue 690, 600 and 755 stock options on February 26, 2021, May 31, 2022 and September 26, 2023, respectively. Each option is eligible to subscribe for one thousand common stocks when exercisable and the exercise prices are all $16.87 per share. The options are granted to specific employees that meet the vesting conditions. The CLPT Plan has an exercise price adjustment formula upon the changes in common stocks or distribution of cash dividends. The options of the CLPT Plan are valid for four years and the graded vesting schedule will vest two years after the grant date.

The compensation costs for stock options for the three months ended March 31, 2025 and 2024 were $1,136 thousand and $1,363 thousand, respectively.

CLPT modified the plan terms of stock options granted on September 26, 2023 in October 2024; therefore, the exercise price changed from $15.30 to $14.10 per share. The modification did not cause any incremental fair value granted.

CLPT modified the plan terms of stock options granted on May 31, 2022 in October 2024; therefore, the exercise price changed from $15.30 to $14.10 per share. The modification did not cause any incremental fair value granted.

• 53 -

CLPT modified the plan terms of stock options granted on February 26, 2021 in October 2024; therefore, the exercise price changed from $14.40 to $13.30 per share. The modification did not cause any incremental fair value granted.

Information about CLPT’s outstanding stock options for the three months ended March 31, 2025 and 2024 was as follows:

		Three Months Ended March 31, 2025
		Granted on<br>September 26, 2023						Granted on<br>May 31, 2022						Granted on<br>February 26, 2021
		Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning of the period			750		$	14.10			220		$	14.10			25		$	13.30
Options forfeited			—			—			—			—			(25	)		—
Options outstanding at end of the period			750			14.10			220			14.10			—			—
Weighted average remaining contractual life (years)			2.49						1.17						—
		Three Months Ended March 31, 2024
---	---	:---:	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Granted on<br>September 26, 2023						Granted on<br>May 31, 2022						Granted on<br>February 26, 2021
		Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)			Number of<br><br>Options			Weighted<br>Average<br>Exercise<br>Price<br>(NT$)
Employee stock options
Options outstanding at beginning and end of the period			755		$	15.30			440		$	15.30			440		$	14.40
Options exercisable at end of the period			—			—			—			—			440			14.40
Weighted average remaining contractual life (years)			3.49						2.17						0.91

CLPT used the fair value method to evaluate the options using the Black-Scholes model and the related assumptions and the fair value of the options were as follows:

		Stock OptionsGranted onSeptember 26,2023		Stock OptionsGranted onMay 31,<br>2022		Stock OptionsGranted onFebruary 26,2021
Grant-date share price (NT$)		28.43		18.66		17.63
Exercise price (NT$)		16.87		16.87		16.87
Dividend yield		—		—		—
Risk-free interest rate		1.10	%	0.98	%	0.31	%
Expected life		4 years		4 years		4 years
Expected volatility		31.99	%	35.76	%	35.22	%
Weighted average fair value of grants (NT$)		13,225		5,665		4,750

• 54 -

Expected volatility was based on the average annualized historical share price volatility of CLPT’s comparable companies before the grant date.

35.	CASH FLOW INFORMATION

Except for those disclosed in other notes, the Company entered into the following non-cash investing and financing activities:

Investing activities		Three Months Ended March 31
		2025		2024
Additions of property, plant and equipment		3,992,520		3,614,862
Changes in other payables		1,414,830		1,427,687
Payments for acquisition of property, plant and equipment		5,407,350		5,042,549

All values are in US Dollars.

Financing Activities

		Balance on<br>January 1,		Cash Flows<br>fromFinancing		Changes in Non-CashTransactions				Cash Flows<br>from<br>OperatingActivities -		Balance on<br>March 31,
		2025		Activities		New Leases		Others		Interest Paid		2025
Lease liabilities		10,891,377		(1,203,598	)	1,560,497		(10,319	)	(37,391	)	11,200,566

All values are in US Dollars.

		Balance on<br>January 1,		Cash Flows<br>fromFinancing		Changes in Non-CashTransactions				Cash Flows<br>From<br>OperatingActivities -		Balance on<br>March 31,
		2024		Activities		New Leases		Others		Interest Paid		2024
Lease liabilities		10,975,181		(1,055,215	)	979,391		(22,355	)	(29,449	)	10,847,553

All values are in US Dollars.

36.	CAPITAL MANAGEMENT

The Company manages its capital to ensure that entities in the Company will be able to continue as going concerns while maximizing the return to stakeholders through the optimization of the debt and equity balance.

The capital structure of the Company consists of debt of the Company and the equity attributable to the parent.

Some consolidated entities are required to maintain minimum paid-in capital amount as prescribed by the applicable laws.

The management reviews the capital structure of the Company as needed. As part of this review, the management considers the cost of capital and the risks associated with each class of capital. According to the management’s suggestions, the Company maintains a balanced capital structure through paying cash dividends, increasing its share capital, purchasing outstanding shares, and issuing new debt or repaying debt.

• 55 -

37.	FINANCIAL INSTRUMENTS

Fair Value Information

The fair value measurement guidance establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. These levels are:

Level 1 fair value measurements: These measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 fair value measurements: These measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 fair value measurements: These measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

a.	Financial instruments that are not measured at fair value but for which fair value is disclosed

Except those listed in the table below, the Company considers that the carrying amounts of financial assets and liabilities not measured at fair value approximate their fair values.

		March 31, 2025				December 31, 2024				March 31, 2024
		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Financial assets at amortized cost
Corporate bonds		2,000,000		2,029,710		2,000,000		2,002,268		—		—
Financial liabilities
Financial liabilities at amortized cost
Bonds payable		30,489,603		30,489,167		30,488,206		30,485,103		30,484,156		30,472,704

All values are in US Dollars.

The fair value of bonds is measured using Level 2 inputs. The valuation of fair value is based on the quoted market prices provided by third party pricing services.

b.	Financial instruments that are measured at fair value on a recurring basis

March 31, 2025

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		5,048		—		5,048
Non-listed stocks		—		—		661,256		661,256
Limited partnership		—		—		362,982		362,982
Other investing agreements		—		—		58,580		58,580
		—		5,048		1,082,818		1,087,866

All values are in US Dollars.

(Continued)

• 56 -

		Level 1		Level 2		Level 3		Total
Financial assets at FVOCI
Listed and emerging stocks		117,170		—		—		117,170
Non-listed stocks		—		—		5,183,230		5,183,230
		117,170		—		5,183,230		5,300,400
Hedging financial assets		—		30		—		30

All values are in US Dollars.

(Concluded)

December 31, 2024

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		290		—		290
Non-listed stocks		—		—		661,152		661,152
Limited partnership		—		—		307,327		307,327
Other investing agreements		—		—		36,757		36,757
		—		290		1,005,236		1,005,526
Financial assets at FVOCI
Listed and emerging stocks		126,013		—		—		126,013
Non-listed stocks		—		—		4,540,963		4,540,963
		126,013		—		4,540,963		4,666,976
Hedging financial assets		—		1,133		—		1,133
Hedging financial liabilities		—		1,907		—		1,907

All values are in US Dollars.

March 31, 2024

		Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives		—		1,086		—		1,086
Listed stocks		421		—		—		421
Non-listed stocks		—		—		733,743		733,743
Limited partnership		—		—		316,646		316,646
Other investing agreements		—		—		29,458		29,458
		421		1,086		1,079,847		1,081,354

All values are in US Dollars.

(Continued)

• 57 -

		Level 1		Level 2		Level 3		Total
Financial assets at FVOCI
Listed and emerging stocks		217,220		—		—		217,220
Non-listed stocks		—		—		4,851,591		4,851,591
		217,220		—		4,851,591		5,068,811
Hedging financial assets		—		29		—		29
Financial liabilities at FVTPL
Derivatives		—		200		—		200

All values are in US Dollars.

(Concluded)

There were no transfers between Levels 1 and 2 for the three months ended March 31, 2025 and 2024.

The reconciliations for financial assets measured at Level 3 were listed below:

Three months ended March 31, 2025

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome		Total
Balance on January 1, 2025		1,005,236			4,540,963		5,546,199
Acquisition		82,191			65,000		147,191
Recognized in profit or loss under “Other gains and losses”		(4,565	)		—		(4,565	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			577,267		577,267
Proceeds from profit distribution of the investees		(44	)		—		(44	)
Balance on March 31, 2025		1,082,818			5,183,230		6,266,048
Unrealized gain or loss for the three months ended March 31, 2025		(4,565	)

All values are in US Dollars.

• 58 -

Three months ended March 31, 2024

Financial Assets		Measured atFair Valuethrough Profitor Loss			Measured atFair Valuethrough OtherComprehensiveIncome		Total
Balance on January 1, 2024		1,035,701			4,168,694		5,204,395
Acquisition		106,222			30,000		136,222
Recognized in profit or loss under “Other gains and losses”		(62,060	)		—		(62,060	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			652,897		652,897
Proceeds from profit distribution of the investees		(16	)		—		(16	)
Balance on March 31, 2024		1,079,847			4,851,591		5,931,438
Unrealized gain or loss for the three months ended March 31, 2024		(62,060	)

All values are in US Dollars.

The fair values of financial assets and financial liabilities of Level 2 are determined as follows:

1)	The fair values of financial assets and financial liabilities with standard terms and conditions and traded in<br>active markets are determined with reference to quoted market prices.
2)	For derivatives, fair values are estimated using discounted cash flow model. Future cash flows are estimated<br>based on observable inputs including forward exchange rates at the end of the reporting periods and the forward and spot exchange rates stated in the contracts, discounted at a rate that reflects the credit risk of various counterparties.
:---	:---

The fair values of non-listed domestic and foreign equity investments and other investing agreements were Level 3 financial assets and determined using the market approach by reference the Price-to-Book ratios (P/B ratios) of peer companies that traded in active markets, using the income approach, in which the discounted cash flow is used to capture the present value of the expected future economic benefits to be derived from the investments, or using assets approach. The significant unobservable inputs used were listed in the below table. An increase in growth rate of long-term revenue, a decrease in discount for the lack of marketability or noncontrolling interests discount, or a decrease in the discount rate would result in increases in the fair values.

		March 31,<br>2025	December 31,<br>2024	March 31,<br>2024
Discount for lack of marketability		20.00%~30.00%	20.00%~30.00%	4.91%~20.00%
Noncontrolling interests discount		15.00%~29.04%	15.00%~29.04%	17.01%~25.00%
Growth rate of long-term revenue		1.33%	0.12%	0.12%
Discount rate		8.14%~14.80%	8.32%~14.40%	7.08%~9.00%

• 59 -

If the inputs to the valuation model were changed to reflect reasonably possible alternative assumptions while all the other variables were held constant, the fair values of Level 3 financial assets would increase (decrease) as below table.

		March 31,2025			March 31,2024
Discount for lack of marketability
5% increase		(63,808	)		(49,062	)
5% decrease		63,808			48,788
Noncontrolling interests discount
5% increase		(52,040	)		(21,359	)
5% decrease		52,040			21,359
Growth rate of long-term revenue
0.1% increase		38,672			38,699
0.1% decrease		(37,963	)		(37,978	)
Discount rate
1% increase		(463,572	)		(462,559	)
1% decrease		569,057			569,394

All values are in US Dollars.

Categories of Financial Instruments

		March 31,2025		December 31,2024		March 31,2024
Financial assets
Measured at FVTPL
Mandatorily measured at FVTPL		1,087,866		1,005,526		1,081,354
Hedging financial assets		30		1,133		29
Financial assets at amortized cost (Note a)		93,593,518		91,048,373		86,768,023
Financial assets at FVOCI		5,300,400		4,666,976		5,068,811
Financial liabilities
Measured at FVTPL
Held for trading		—		—		200
Hedging financial liabilities		—		1,907		—
Financial liabilities at amortized cost (Note b)		61,185,090		69,231,194		60,120,378

All values are in US Dollars.

Note a:		The balances included cash and cash equivalents, trade notes and accounts receivable, receivables from related parties, other current monetary assets, financial assets at amortized cost and refundable deposits (classified as other<br>noncurrent assets).
Note b:		The balances included short-term loans, trade notes and accounts payable, payables to related parties, partial other payables, customers’ deposits, bonds payable (including the current portion) and long-term loans (including<br>the current portion).

Financial Risk Management Objectives

The main financial instruments of the Company include investments in equity and debt instruments, trade notes and accounts receivable, trade notes and accounts payable, lease liabilities, loans and bonds payable. The Company’s Finance Department provides services to its business units, co-ordinates access to domestic and international capital markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. These risks include market risk (including foreign currency risk, interest rate risk and other price risk), credit risk, and liquidity risk.

• 60 -

The Company seeks to minimize the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors. Those derivatives are used to hedge the risks of exchange rate fluctuation arising from operating or investment activities. Compliance with policies and risk exposure limits is reviewed by the Company’s Finance Department on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

Chunghwa reports the significant risk exposures and related action plans timely and actively to the audit committee and if needed to the Board of Directors.

a.	Market risk

The Company is exposed to market risks of changes in foreign currency exchange rates and interest rates. The Company uses forward exchange contracts to hedge the exchange rate risk arising from assets and liabilities denominated in foreign currencies.

There were no changes to the Company’s exposure to market risks or the manner in which these risks are managed and measured.

1)	Foreign currency risk

For details about the carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the balance sheet dates, please refer to Note 42 Significant Assets and Liabilities Denominated in Foreign Currencies.

The carrying amounts of the Company’s derivatives with exchange rate risk exposures at the balance sheet dates were as follows:

	March 31,2025		December 31,2024		March 31,2024
Assets
	1,001		263		—
	4,077		1,160		1,115
Liabilities
	—		1,907		200

Foreign currency sensitivity analysis

The Company is mainly exposed to the fluctuations of the currencies USD, EUR, SGD and RMB.

The following table details the Company’s sensitivity to a 5% increase and decrease in the functional currency against the relevant foreign currencies. 5% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible changes in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and forward exchange contracts. A positive number below indicates an increase in pre-tax profit or equity where the functional currency weakens 5% against the relevant currency.

• 61 -

	Three Months Ended March 31
	2025			2024
Profit or loss
Monetary assets and liabilities (a)
	56,642			31,943
	(24,096	)		(30,842	)
SGD	(24,264	)		(39,060	)
RMB	3,875			6,004
Derivatives (b)
	9,230			—
	4,137			(1,206	)
Equity
Derivatives (c)
	306			2,412
a)	This is mainly attributable to the exposure to foreign currency denominated receivables and payables of the<br>Company outstanding at the balance sheet dates.
:---	:---
b)	This is mainly attributable to forward exchange contracts.
:---	:---
c)	This is mainly attributable to the changes in the fair value of derivatives that are designated as cash flow<br>hedges.
:---	:---

For a 5% strengthening of the functional currency against the relevant currencies, there would be an equal and opposite effect on the pre-tax profit or equity for the amounts shown above.

2)	Interest rate risk

The carrying amounts of the Company’s exposures to interest rates on financial assets and financial liabilities at the balance sheet dates were as follows:

		March 31,2025		December 31,2024		March 31,2024
Fair value interest rate risk
Financial assets		55,909,740		47,562,672		49,803,317
Financial liabilities		41,940,169		41,444,583		41,581,709
Cash flow interest rate risk
Financial assets		10,228,959		12,949,846		9,740,595
Financial liabilities		1,915,000		1,785,000		1,815,000

All values are in US Dollars.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for non-derivative instruments at the end of the reporting period. A 25 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

If interest rates had been 25 basis points higher/lower and all other variables were held constant, the Company’s pre-tax income would increase/decrease by $20,785 thousand and $19,814 thousand for the three months ended March 31, 2025 and 2024, respectively. This is mainly attributable to the Company’s exposure to floating interest rates on its financial assets, short-term and long-term loans.

• 62 -

3)	Other price risk

The Company is exposed to equity price risks arising from holding other company’s equity. Equity investments are held for strategic rather than trading purposes. The management managed the risk through holding various risk portfolios. Further, the Company assigned finance and investment departments to monitor the price risk.

Equity price sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income would have increased/decreased by $51,212 thousand and $265,020 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the three months ended March 31, 2025. If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income would have increased/decreased by $52,541 thousand and $253,441 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the three months ended March 31, 2024.

b.	Credit risk

Credit risk refers to the risk that a counterparty would default on its contractual obligations resulting in financial loss to the Company. The maximum credit exposure of the aforementioned financial instruments is equal to their carrying amounts recognized in the consolidated balance sheet as of the balance sheet date.

The Company has large trade receivables outstanding with its customers. A substantial majority of the Company’s outstanding trade receivables are not covered by collateral or credit insurance. The Company has implemented ongoing measures including enhancing credit assessments and strengthening overall risk management to reduce its credit risk. While the Company has procedures to monitor and limit exposure to credit risk on trade receivables, there can be no assurance such procedures will effectively limit its credit risk and avoid losses. This risk is heightened during periods when economic conditions worsen. As the Company serves a large number of unrelated consumers, the concentration of credit risk was limited.

The Company mitigates its financial credit risk by selecting counterparties with investment grade credit ratings and by limiting the exposure to any individual counterparty. The Company regularly monitors and reviews market conditions, and adjusts the limit applied to counterparties according to their credit standing.

In accordance with the Company’s investment and risk management policies, counterparties for debt investments must be financial institutions with investment grade or higher, and thus there is no significant credit exposure resulting from such investments. The Company assesses whether there has been a significant increase in credit risk on debt instruments since initial recognition by reviewing changes in financial market conditions, and external credit ratings and material information of the issuers.

The Company assesses the 12-month expected credit loss and lifetime expected credit loss for debt instruments based on the probability of default and loss given default provided by external credit rating agencies.

• 63 -

c.	Liquidity risk

The Company manages and maintains sufficient cash and cash equivalent position to support the operations and reduce the impact on fluctuation of cash flow.

1)	Liquidity and interest risk tables

The following tables detailed the Company’s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables had been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to pay.

March 31, 2025

		Weighted<br>Average<br>Effective<br>Interest Rate<br>(%)			Less than1 Month		1-3 Months		3 Months to1 Year		1-5 Years		More than5 Years		Total
Non-derivative financial liabilities
Non-interest bearing			—		31,193,259		—		3,105,520		5,160,925		—		39,459,704
Floating interest rate instruments			2.13		3,904		106,706		211,972		1,680,673		—		2,003,255
Fixed interest rate instruments			0.55		43,434		278,007		8,963,294		17,225,427		4,712,692		31,222,854
					31,240,597		384,713		12,280,786		24,067,025		4,712,692		72,685,813

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than1 Year		1-3 Years		3-5 Years		More than5 Years		Total
Lease liabilities		3,766,707		5,516,994		2,022,421		158,836		11,464,958

All values are in US Dollars.

December 31, 2024

		Weighted<br>Average<br>Effective<br>Interest Rate<br>(%)			Less than1 Month		1-3 Months		3 Months to1 Year		1-5 Years		More than5 Years		Total
Non-derivative financial liabilities
Non-interest bearing			—		42,220,071		—		2,499,932		5,310,453		—		50,030,456
Floating interest rate instruments			2.08		103,653		5,794		79,384		1,691,150		—		1,879,981
Fixed interest rate instruments			0.54		78,746		45,166		8,968,938		17,248,299		4,719,401		31,060,550
					42,402,470		50,960		11,548,254		24,249,902		4,719,401		82,970,987

All values are in US Dollars.

Information about the maturity analysis for lease liabilities was as follows:

		Less than1 Year		1-3 Years		3-5 Years		More than5 Years		Total
Lease liabilities		3,586,029		5,255,191		2,142,230		164,061		11,147,511

All values are in US Dollars.

March 31, 2024

		Weighted<br>Average<br>Effective<br>Interest Rate<br>(%)			Less than1 Month		1-3 Months		3 Months to1 Year		1-5 Years		More than5 Years		Total
Non-derivative financial liabilities
Non-interest bearing			—		30,139,431		—		2,688,772		5,105,091		—		37,933,294
Floating interest rate instruments			1.95		3,646		220,445		1,604,989		—		—		1,829,080
Fixed interest rate instruments			0.54		163,877		56,523		293,616		26,120,293		4,737,287		31,371,596
					30,306,954		276,968		4,587,377		31,225,384		4,737,287		71,133,970

All values are in US Dollars.

• 64 -

Information about the maturity analysis for lease liabilities was as follows:

		Less than1 Year		1-3 Years		3-5 Years		More than5 Years		Total
Lease liabilities		3,462,694		4,871,329		2,320,025		413,018		11,067,066

All values are in US Dollars.

The following table detailed the Company’s liquidity analysis for its derivative financial instruments. The table had been drawn up based on the undiscounted gross inflows and outflows on those derivatives that require gross settlement.

		Less than1 Month		1-3 Months		3 Months to<br>1 Year		1-5 Years		Total
March 31, 2025
Gross settled
Forward exchange contracts
Inflow		184,338		88,578		—		—		272,916
Outflow		183,337		84,501		—		—		267,838
		1,001		4,077		—		—		5,078
December 31, 2024
Gross settled
Forward exchange contracts
Inflow		46,142		350,466		—		—		396,608
Outflow		45,879		351,213		—		—		397,092
		263		(747	)	—		—		(484	)
March 31, 2024
Gross settled
Forward exchange contracts
Inflow		130,824		154,125		—		—		284,949
Outflow		131,024		153,010		—		—		284,034
		(200	)	1,115		—		—		915

All values are in US Dollars.

2)	Financing facilities
		March 31,2025		December 31,2024		March 31,2024
---	---	---	---	---	---	---
Unsecured bank loan facilities
Amount used		565,000		250,000		465,000
Amount unused		50,454,845		56,438,486		57,588,866
		51,019,845		56,688,486		58,053,866
Secured bank loan facilities
Amount used		1,600,000		1,600,000		1,600,000
Amount unused		15,000		15,000		20,000
		1,615,000		1,615,000		1,620,000

All values are in US Dollars.

• 65 -

38.	RELATED PARTIES TRANSACTIONS

The ROC Government has significant equity interest in Chunghwa. Chunghwa provides fixed-line services, mobile services, internet and data and other services to the various departments and institutions of the ROC Government in the normal course of business and at arm’s-length prices. Except for those disclosed in other notes or this note, the transactions with the ROC government bodies have not been disclosed because the transactions are not individually or collectively significant. However, the related revenues and operating costs have been appropriately recorded.

a.	The Company engages in business transactions with the following related parties:
Company		Relationship
:---:	---	:---:
Taiwan International Standard Electronics Co., Ltd.		Associate
So-net Entertainment Taiwan Limited		Associate
KKBOX Taiwan Co., Ltd.		Associate
KingwayTek Technology Co., Ltd.		Associate
Taiwan International Ports Logistics Corporation		Associate
Senao Networks, Inc.		Associate
EnGenius Networks Inc.		Subsidiary of the Company’s associate, SNI
EnRack Technology Inc.		Subsidiary of the Company’s associate, SNI
Emplus Technologies, Inc.		Subsidiary of the Company’s associate, SNI
ST-2 Satellite Ventures Pte., Ltd.		Associate
CHT Infinity Singapore Pte., Ltd.		Associate
Viettel-CHT Co., Ltd.		Associate
PT. CHT Infinity Indonesia		Subsidiary of the Company’s associate, CISG
Click Force Co., Ltd.		Associate
Chunghwa PChome Fund I Co., Ltd.		Associate
Cornerstone Ventures Co., Ltd.		Associate
Next Commercial Bank Co., Ltd.		Associate
WiAdvance Technology Corporation		Associate
AgriTalk Technology Inc.		Associate
Imedtac Co., Ltd.		Associate
Baohwa Trust Co., Ltd.		Associate
Porrima Inc.		Associate
Taiwania Hive Technology Fund L.P.		Associate
Chunghwa Sochamp Technology Inc.		Associate
Chunghwa SEA Holdings		Joint venture
Other related parties
Chunghwa Telecom Foundation		A nonprofit organization of which the funds donated by Chunghwa exceeds one third of its total<br>funds
Senao Technical and Cultural Foundation		A nonprofit organization of which the funds donated by SENAO exceeds one third of its total<br>funds
Tsann Kuen Enterprise Co., Ltd.		Substantial related party of SENAO
E-Life Mall Co., Ltd.		Substantial related party of SENAO
Engenius Technologies Co., Ltd.		Substantial related party of SENAO
Cheng Keng Investment Co., Ltd.		Substantial related party of SENAO
Cheng Feng Investment Co., Ltd.		Substantial related party of SENAO
All Oriented Investment Co., Ltd.		Substantial related party of SENAO
Hwa Shun Investment Co., Ltd.		Substantial related party of SENAO
Yu Yu Investment Co., Ltd.		Substantial related party of SENAO
Kangsin Co., Ltd.		Substantial related party of SENAO

(Continued)

• 66 -

Company		Relationship
United Daily News Co., Ltd.		Investor of significant influence over SFD
Shenzhen Century Communication Co., Ltd.		Investor of significant influence over SCT
Advantech Co., Ltd.		Investor of significant influence over IISI

(Concluded)

b.	Balances and transactions between Chunghwa and its subsidiaries, which are related parties of Chunghwa, have<br>been eliminated on consolidation and are not disclosed in this note. Terms of the foregoing transactions with related parties were not significantly different from transactions with non-related parties. When<br>no similar transactions with non-related parties can be referenced, terms were determined in accordance with mutual agreements. Details of transactions between the Company and other related parties are<br>disclosed below:
1)	Operating transactions
:---	:---
		Revenues
---	---	---	---	---
		Three Months Ended March 31
		2025		2024
Associates		80,905		79,579
Others		43,126		5,163
		124,031		84,742

All values are in US Dollars.

		Operating Costs and Expenses
		Three Months Ended March 31
		2025		2024
Associates		190,994		217,009
Others		70,290		70,428
		261,284		287,437

All values are in US Dollars.

2)	Non-operating transactions
		Non-operating Income and Expenses
---	---	---	---	---
		Three Months Ended March 31
		2025		2024
Associates		10,462		9,513
Others		—		100
		10,462		9,613

All values are in US Dollars.

3)	Receivables
		March 31,2025		December 31,2024		March 31,2024
---	---	---	---	---	---	---
Associates		132,130		183,753		75,164
Others		22,472		9,251		1,482
		154,602		193,004		76,646

All values are in US Dollars.

• 67 -

4)	Payables
		March 31,2025		December 31,2024		March 31,2024
---	---	---	---	---	---	---
Associates		110,482		476,069		181,223
Others		9,692		4,332		4,728
		120,174		480,401		185,951

All values are in US Dollars.

5)	Customers’ deposits
		March 31,2025		December 31,2024		March 31,2024
---	---	---	---	---	---	---
Associates		3,144		3,557		19,399
Others		—		—		284
		3,144		3,557		19,683

All values are in US Dollars.

6)	Acquisition of intangible assets
		Three Months EndedMarch 31
---	---	---	---	---
		2025		2024
Associates		—		429

All values are in US Dollars.

7)	Lease-in agreements

Chunghwa entered into a contract with ST-2 Satellite Ventures Pte., Ltd. on March 12, 2010 to lease capacity on the ST-2 satellite. This lease term is for 15 years which should start from the official operation of ST-2 satellite and the total contract value is approximately $6,000,000 thousand (SGD 260,723 thousand), including a prepayment of $3,067,711 thousand at the inception of the lease, and the rest of amount should be paid annually when ST-2 satellite starts its official operation. ST-2 satellite was launched in May 2011 and began its official operation in August 2011. As ST-2 satellite is in good operating condition, the useful life is extended for another 3 years and 3 months after evaluation in 2021. The Board of Directors of Chunghwa approved to extend the lease period accordingly with the original contract terms in December 2021; therefore, Chunghwa acquired right-of-use asset of $1,124,780 thousand from the aforementioned lease extension.

The lease liabilities of ST-2 Satellite Ventures Pte., Ltd. as of balance sheet dates were as follows:

		March 31,2025		December 31,2024		March 31,2024
Lease liabilities - current		209,814		204,393		200,920
Lease liabilities - noncurrent		1,451,040		1,463,029		1,583,785
		1,660,854		1,667,422		1,784,705

All values are in US Dollars.

The interest expense recognized for the aforementioned lease liabilities for the three months ended March 31, 2025 and 2024 were $1,763 thousand and $1,898 thousand, respectively.

• 68 -

8)	Others

The bank deposits and other financial assets of NCB as of balance sheet dates were as follows:

		March 31,2025		December 31,2024		March 31,2024
Bank deposits and other financial assets		2,757,493		2,708,878		1,266,920

All values are in US Dollars.

The interest income recognized for the aforementioned bank deposits and other financial assets for the three months ended March 31, 2025 and 2024 were $15,063 thousand and $3,856 thousand, respectively.

c.	Compensation of key management personnel

The compensation of directors and key management personnel was as follows:

		Three Months Ended March 31
		2025		2024
Short-term employee benefits		120,873		101,443
Post-employment benefits		2,439		2,298
Share-based payment		154		324
		123,466		104,065

All values are in US Dollars.

The compensation of directors and key management personnel was mainly determined by the compensation committee having regard to the performances and market trends.

39.	PLEDGED ASSETS

The following assets are mainly pledged as collaterals for bank loans, customs duties of the imported materials and warranties of contract performance, or the trust account the Company entrusts to Land Bank of Taiwan for fund control and property rights management.

		March 31,2025		December 31,2024		March 31,2024
Property, plant and equipment		2,431,942		2,439,320		2,461,456
Land held under development (included in inventories)		1,998,733		1,998,733		1,998,733
Restricted assets (included in other assets - others)		1,185,874		1,189,118		665,077
		5,616,549		5,627,171		5,125,266

All values are in US Dollars.

40.	SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS

Except for those disclosed in other notes, the Company’s significant commitments and contingent liabilities as of March 31, 2025 were as follows:

a.	Acquisitions of property, plant and equipment of $15,578,686 thousand.

• 69 -

b.	Acquisitions of telecommunications-related inventory of $5,018,172 thousand.
c.	Unused letters of credit amounting to $10,000 thousand.
:---	:---
d.	A commitment to contribute $2,000,000 thousand to a Piping Fund administered by the Taipei City<br>Government, of which $1,000,000 thousand was contributed by Chunghwa on August 15, 1996 (classified as other financial assets - noncurrent). If the fund is not sufficient, Chunghwa will contribute the remaining $1,000,000 thousand<br>upon notification from the Taipei City Government.
:---	:---
e.	Chunghwa committed that when its ownership interest in NCB is greater than 25% and NCB encounters financial<br>difficulty or the capital adequacy ratio of NCB cannot meet the related regulation requirements, Chunghwa will provide financial support to assist NCB in maintaining a healthy financial condition.
:---	:---
f.	Chunghwa signed a contract, the ST-2 Satellite Succession Plan, with<br>Singapore Telecommunications Limited, for a total transaction price of EUR 177,000 thousand and SGD 51,000 thousand. As of March 31, 2025, Chunghwa had paid the amount of EUR 99,120 thousand (classified as prepayments -<br>noncurrent).
:---	:---
g.	The Company has signed the house and land presale contracts amounting to $7,703,522 thousand and has<br>received $1,064,150 thousand in accordance with the contracts (classified as contract liabilities).
:---	:---
h.	Chunghwa’s Board of Directors approved an investment in Cultural Content Industry Fund in February 2024.<br>The investment amount is capped at $1,200,000 thousand.
:---	:---
41.	SIGNIFICANT SUBSEQUENT EVENTS
:---	:---

Chunghwa’s Board of Directors approved a satellite investment project with Astranis Space Technologies Corp. in April 2025, with an investment amount not exceeding USD 115,000 thousand.

42.	SIGNIFICANT ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

The following information summarizes the disclosure of foreign currencies other than the functional currency of Chunghwa and its subsidiaries. The following exchange rates are the exchange rates used to translate to the presentation currency of the consolidated financial statements, which is the NTD:

	March 31, 2025
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	68,543			33.21		2,275,962
	1,679			35.97		60,376
SGD	50,440			24.77		1,249,398
RMB	25,662			4.573		117,351

(Continued)

• 70 -

	March 31, 2025
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Non-monetary items
Investments accounted for using equity method
	8,133			33.21		270,060
SGD	14,732			24.77		364,913
VND	472,913,382			0.0013		605,329
Liabilities denominated in foreign currencies
Monetary items
	34,426			33.21		1,143,129
	15,077			35.97		542,303
SGD	70,032			24.77		1,734,687
RMB	8,714			4.573		39,850

(Concluded)

	December 31, 2024
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	90,344			32.79		2,961,914
	1,663			34.14		56,783
SGD	44,547			24.13		1,074,925
RMB	39,339			4.478		176,160
Non-monetary items
Investments accounted for using equity method
	8,424			32.79		276,180
SGD	12,991			24.13		313,467
VND	451,398,010			0.0013		573,275
Liabilities denominated in foreign currencies
Monetary items
	37,087			32.79		1,215,887
	30,433			34.14		1,038,994
SGD	72,054			24.13		1,738,668
RMB	9,244			4.478		41,394

• 71 -

	March 31, 2024
	ForeignCurrencies(Thousands)		Exchange<br>Rate			New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	56,619			32.00		1,811,804
	1,499			34.46		51,665
SGD	45,094			23.72		1,069,620
RMB	36,927			4.408		162,773
Non-monetary items
Investments accounted for using equity method
SGD	13,575			23.72		322,008
VND	446,926,254			0.0013		567,596
Liabilities denominated in foreign currencies
Monetary items
	36,655			32.00		1,172,953
	19,399			34.46		668,501
SGD	78,027			23.72		1,850,812
RMB	9,686			4.408		42,697

The unrealized foreign currency exchange gains and losses were loss of $62,823 thousand and gain of $5,185 thousand for the three months ended March 31, 2025 and 2024, respectively. Due to the various foreign currency transactions and the functional currency of each individual entity of the Company, foreign exchange gains and losses cannot be disclosed by the respective significant foreign currency.

43.	ADDITIONAL DISCLOSURES

Following are the additional disclosures required by the FSC for the Company:

a.	Financing provided: None.
b.	Endorsement/guarantee provided: Please see Table 1.
:---	:---
c.	Significant marketable securities held (excluding investments in subsidiaries, associates and interests in<br>joint ventures): Please see Table 2.
:---	:---
d.	Total purchases from or sales to related parties amounting to at least $100 million or 20% of the paid-in capital: Please see Table 3.
:---	:---
e.	Receivables from related parties amounting to $100 million or 20% of the<br>paid-in capital: Please see Table 4.
:---	:---
f.	Names, locations, and other information of investees on which the Company exercises significant influence<br>(excluding investments in Mainland China): Please see Table 5.
:---	:---

• 72 -

g.	Investments in Mainland China: Please see Table 6.
h.	Intercompany relationships and significant intercompany transactions: Please see Table 7.
:---	:---
44.	SEGMENT INFORMATION
:---	:---

The Company’s reportable segments are “Consumer Business”, “Enterprise Business”, “International Business” and “Others”, which are managed separately because each segment represents a strategic business unit that serves different customers. Segment information is provided to the chief operating decision maker who allocates resources and assesses segment performance. The Company’s measure of segment performance is mainly based on revenues and income before income tax.

Some operating segments have been aggregated into a single operating segment taking into account the following factors: (a) the type or class of customer for the telecommunications products and services are similar; (b) the nature of the telecommunications products and services are similar; and (c) the methods used to provide the services to the customers are similar.

The accounting policies of the operating segments are the same as those described in Note 3.

Segment Revenues and Operating Results

Analysis by reportable segment of revenues and operating results of continuing operations are as follows:

		ConsumerBusiness		EnterpriseBusiness		InternationalBusiness		Others		Total
Three months ended March 31, 2025
Revenues
From external customers		34,569,028		17,335,780		2,435,256		1,468,345		55,808,409
Intersegment revenues		597,174		223,671		241,965		95,601		1,158,411
Segment revenues		35,166,202		17,559,451		2,677,221		1,563,946		56,966,820
Intersegment elimination										(1,158,411	)
Consolidated revenues										55,808,409
Segment income before income tax		8,131,135		3,286,461		632,544		648,871		12,699,011
Three months ended March 31, 2024
Revenues
From external customers		34,624,542		16,952,309		2,413,413		953,207		54,943,471
Intersegment revenues		587,834		176,059		239,926		90,976		1,094,795
Segment revenues		35,212,376		17,128,368		2,653,339		1,044,183		56,038,266
Intersegment elimination										(1,094,795	)
Consolidated revenues										54,943,471
Segment income before income tax		7,743,505		3,416,895		622,617		204,723		11,987,740

All values are in US Dollars.

• 73 -

Main Products and Service Revenues

		Three Months Ended March 31
		2025		2024
Consumer Business
Mobile services		14,530,554		14,092,595
Fixed-line services		10,694,341		10,691,130
Sales		8,613,930		9,244,106
Others		730,203		596,711
		34,569,028		34,624,542
Enterprise Business
Fixed-line services		8,236,570		8,334,485
ICT business		5,926,892		5,311,234
Mobile services		2,287,993		2,252,916
Others		884,325		1,053,674
		17,335,780		16,952,309
International Business
Fixed-line services		1,265,630		1,267,581
ICT business		1,022,298		844,825
Others		147,328		301,007
		2,435,256		2,413,413
Others
Sales		1,236,957		720,099
Others		231,388		233,108
		1,468,345		953,207
		55,808,409		54,943,471

All values are in US Dollars.

• 74 -

TABLE 1

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

No.<br><br>(Note 1)		Endorsement/<br>Guarantee<br>Provider			Guaranteed Party							Limits onEndorsement/GuaranteeAmountProvided toEachGuaranteedParty		MaximumBalancefor thePeriod		EndingBalance		ActualBorrowingAmount		Amount ofEndorsement/GuaranteeCollateralizedbyProperties		Ratio of<br>Accumulated<br>Endorsement/<br>Guarantee to<br>Net<br>Equity<br>Per<br>Latest<br>Financial<br>Statements			MaximumEndorsement/GuaranteeAmountAllowable		Endorsement/<br>Guarantee<br>Given<br>by Parent on<br>Behalf of<br>Subsidiaries			Endorsement/<br>Guarantee<br>Given<br>by<br>Subsidiaries<br>on<br>Behalf<br>of<br>Parent			Endorsement/<br>Guarantee<br>Given<br>on Behalf of<br>Companies in<br>Mainland<br>China			Note
					Name				Nature of<br>Relationship<br>(Note 2)
1			Senao<br>International<br>Co., Ltd.			Aval<br>Technologies<br>Co., Ltd.				b		613,068		300,000		300,000		300,000		—			4.89		3,065,341			Yes			No			No			Notes 3 and 4
						Wiin<br>Technology<br>Co., Ltd.				b		613,068		200,000		200,000		200,000		—			3.26		3,065,341			Yes			No			No			Notes 3 and 4

All values are in US Dollars.

Note 1:	Significant transactions between the Company and its subsidiaries or among subsidiaries are numbered as<br>follows:
a.	“0” for the Company.
:---	:---
b.	Subsidiaries are numbered from “1”.
:---	:---
Note 2:	Relationships between the endorsement/guarantee provider and the guaranteed party:
:---	:---
a.	A company with which it does business.
:---	:---
b.	A company in which the Company directly and indirectly holds more than 50 percent of the voting shares.
:---	:---
c.	A company that directly and indirectly holds more than 50 percent of the voting shares in the Company.
:---	:---
d.	Companies in which the Company holds, directly or indirectly, 90% or more of the voting shares.
:---	:---
e.	The Company fulfills its contractual obligations by providing mutual endorsements/guarantees for another<br>company in the same industry or for joint builders for purposes of undertaking a construction project.
:---	:---
f.	All capital contributing shareholders make endorsements/guarantees for their jointly invested company in<br>proportion to their shareholding percentages.
:---	:---
g.	Companies in the same industry provide among themselves jointly and severally guarantee for a performance<br>guarantee of a sales contract for pre-construction homes pursuant to the Consumer Protection Act for each other.
:---	:---
Note 3:	The limits on endorsement or guarantee amount provided to each guaranteed party is up to 10% of the net assets<br>value of the latest financial statements of Senao International Co., Ltd.
:---	:---
Note 4:	The total amount of endorsement or guarantee that the Company is allowed to provide is up to 50% of the net<br>assets value of the latest financial statements of Senao International Co., Ltd.
:---	:---

• 75 -

TABLE 2

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name		Marketable Securities<br>Type and Name	Relationship with<br>the Company		Financial Statement<br>Account	March 31, 2025						Note
						Shares<br>(Thousands/<br>Thousand Units)		Carrying Value(Note 1)	Percentage of<br>Ownership		Fair Value
Chunghwa Telecom Co., Ltd.		Stocks
		Taipei Financial Center Corp.		—	Financial assets at FVOCI		172,927	4,326,530		12	4,326,530		—
		iKala Global Online Corp.		—	Financial assets at FVOCI		112,500	275,217		8	275,217		—
		KKCompany Technologies Inc.		—	Financial assets at FVOCI		2,762	274,321		2	274,321		—
		4 Gamers Entertainment Inc.		—	Financial assets at FVOCI		136	118,280		19.9	118,280		—
		Industrial Bank of Taiwan II Venture Capital Co., Ltd. (IBT II)		—	Financial assets at FVOCI		5,252	19,183		17	19,183		—
		Taiwan mobile payment Co., Ltd.		—	Financial assets at FVOCI		1,200	4,578		2	4,578		—
		Innovation Works Limited		—	Financial assets at FVOCI		1,000	3,610		2	3,610		—
		RPTI Intergroup International Ltd.		—	Financial assets at FVOCI		4,765	—		10	—		—
		Global Mobile Corp.		—	Financial assets at FVOCI		7,617	—		3	—		—
		Taiwania Capital Buffalo Fund Co., Ltd.		—	Financial assets at FVTPL - noncurrent		555,600	450,247		13	450,247		—
		TOP TAIWAN XIV VENTURE CAPITAL CO., LTD.		—	Financial assets at FVTPL - noncurrent		20,000	176,030		9	176,030		—
		Innovation Works Development Fund, L.P.		—	Financial assets at FVTPL - noncurrent		—	19,493		4	19,493		—
		Limited partnership
		Taiwania Capital Buffalo Fund VI, L.P.		—	Financial assets at FVTPL - noncurrent		—	273,238		10	273,238		—
		TRF 1 L.P.		—	Financial assets at FVTPL - noncurrent		—	60,000		10	60,000		—
		Corporate bonds
		Fubon Life Insurance Co., Ltd.		—	Financial assets at amortized cost		2	2,000,000		—	2,029,710		Note 3
Senao International Co., Ltd.		Stocks
		N.T.U. Innovation Incubation Corporation		—	Financial assets at FVOCI		1,200	10,842		9	10,842		—
CHIEF Telecom Inc.		Stocks
		WT Microelectronics Co., Ltd.		—	Financial assets at FVOCI		361	18,050		—	18,050		Note 2
		3 Link Information Service Co., Ltd.		—	Financial assets at FVOCI		37	6,390		10	6,390		—

All values are in US Dollars.

(Continued)

• 76 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Held Company<br>Name		Marketable Securities<br>Type and Name		Relationship with<br>the Company			Financial Statement<br>Account		March 31, 2025										Note
									Shares<br>(Thousands/<br>Thousand Units)			Carrying Value(Note 1)		Percentage of<br>Ownership			Fair Value
Chunghwa Investment Co., Ltd.		Stocks
		PChome Online Inc.			—		Financial assets at FVOCI			1,875		73,605			1		73,605			Note 2
		Tatung Technology Inc.			—		Financial assets at FVOCI			4,571		39,509			11		39,509			—
		Bossdom Digiinnovation Co., Ltd.			—		Financial assets at FVOCI			2,309		25,515			7		25,515			Note 2
		KEYXENTIC INC.			—		Financial assets at FVOCI			600		26,399			9		26,399			—
		ioNetworks Inc.			—		Financial assets at FVOCI			107		13,371			2		13,371			—
		iSing99 Inc.			—		Financial assets at FVOCI			10,000		—			7		—			—
		Powtec ElectroChemical Corporation			—		Financial assets at FVOCI			20,000		—			2		—			—
		Limited partnership
		Taiwania Capital Buffalo Fund V, L.P.			—		Financial assets at FVTPL - noncurrent			—		29,744			3		29,744			—
CHT Security Co., Ltd.		Stocks
		TXOne Networks Inc.			—		Financial assets at FVTPL - noncurrent			91		15,486			—		15,486			—
		CyCraft Technology Corporation			—		Financial assets at FVOCI			912		65,000			3		65,000			—

All values are in US Dollars.

Note 1: Except debt instrument investments are shown at amortized cost, the remaining are shown at carrying amounts with fair value adjustments.

Note 2: Fair value was based on the closing price on the last trading day of the reporting period in the stock market.

Note 3: Fair value was based on the weighted average price per 100 units of par value for bonds on the last trading day of the reporting period in the over-the-counter market.

(Concluded)

• 77 -

TABLE 3

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

TOTAL PURCHASES FROM OR SALES TO RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Company Name	Related Party	Nature of Relationship	Transaction Details					Abnormal Transaction (Note 3)			Notes / Accounts Payableor Receivable
			Purchases/Sales<br>(Note 1)	Amount(Note 4)	% to Total		Payment Terms	Unit Price	Payment Terms		Ending Balance(Notes 2 and 4)		% to Total
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	Sales	1,021,885		2	30 days	—		—	263,440			1
			Purchase	350,193		1	30~90 days	—		—	(1,058,985	)		(14	)
	CHIEF Telecom Inc.	Subsidiary	Sales	126,837		—	30 days	—		—	68,064			—
	Chunghwa System Integration Co., Ltd.	Subsidiary	Purchase	243,061		1	30 days	—		—	(268,856	)		(4	)
	Honghwa International Co., Ltd.	Subsidiary	Purchase	1,692,476		6	30~60 days	—		—	(900,870	)		(12	)
	Donghwa Telecom Co., Ltd.	Subsidiary	Purchase	136,451		—	90 days	—		—	(109,689	)		(1	)
	International Integrated Systems, Inc.	Subsidiary	Purchase	186,752		1	30 days	—		—	(100,924	)		(1	)

All values are in US Dollars.

Note 1: Purchases include costs to acquire services.

Note 2: Notes and accounts receivable did not include the amounts collected for others and other receivables.

Note 3: Transaction terms with related parties were determined in accordance with mutual agreements when there were no similar transactions with third parties. Other transactions with related parties were not significantly different from those with third parties.

Note 4: All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

• 78 -

TABLE 4

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

RECEIVABLES FROM RELATED PARTIES AMOUNTING TO AT LEAST NT$100 MILLION OR 20% OF THE PAID-IN CAPITAL

MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Company Name		Related Party		Nature of Relationship		Ending Balance		Turnover Rate<br>(Note 1)			Overdue					AmountsReceived inSubsequentPeriod		Allowance forBad Debts
											Amounts		Action Taken
Chunghwa Telecom Co., Ltd.		Senao<br>International Co., Ltd.		Subsidiary		373,226<br><br>(Note 2	)		10.92		—			—		119,443		—
Senao International Co., Ltd.		Chunghwa Telecom<br>Co., Ltd.		Parent company		1,226,937<br><br>(Note 2	)		7.89		—			—		179,033		—
Chunghwa System Integration Co., Ltd.		Chunghwa Telecom<br>Co., Ltd.		Parent company		268,856<br><br>(Note 2	)		3.65		—			—		29,623		—
Honghwa International Co., Ltd.		Chunghwa Telecom<br>Co., Ltd.		Parent company		920,932<br><br>(Note 2	)		5.47		—			—		80,242		—
Donghwa Telecom Co., Ltd.		Chunghwa Telecom<br>Co., Ltd.		Parent company		109,689<br><br>(Note 2	)		5.57		—			—		65,792		—
International Integrated Systems, Inc.		Chunghwa Telecom<br>Co., Ltd.		Parent company		100,924<br><br>(Note 2	)		8.08		—			—		43,361		—
Chunghwa Precision Test Tech. Co., Ltd.		Su Zhou Precision<br>Test Tech. Ltd.		Subsidiary		84,640<br><br>(Note 2	)		1.43		—			—		40,830		—

All values are in US Dollars.

Note 1: Payments and receipts collected in trust for others are excluded from the accounts receivable in calculating the turnover rate.

Note 2: The amount was eliminated upon consolidation.

• 79 -

TABLE 5

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount				Balance as of March 31, 2025								Net Income(Loss) of theInvestee		Recognized<br>Gain (Loss)<br>(Notes 1 and<br>2)			Note
				March 31,2025		December 31,2024		Shares<br>(Thousands)			Percentage of<br>Ownership<br>(%)			Carrying Value
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Taiwan	Handset and peripherals retailer; sales of CHT mobile phone plans as an agent	1,065,813		1,065,813			71,773			28		1,664,489		115,570			30,674		Subsidiary<br>(Notes 3<br>and 5)
	Light Era Development Co., Ltd.	Taiwan	Planning and development of real estate and intelligent buildings, and property management	3,000,000		3,000,000			300,000			100		3,841,348		1,449			1,881		Subsidiary<br>(Note 5)
	Donghwa Telecom Co., Ltd.	Hong<br>Kong	International private leased circuit, IP VPN service, and IP transit services	691,163		691,163			178,590			100		965,100		26,631			26,631		Subsidiary<br>(Note 5)
	Chunghwa Telecom Singapore Pte., Ltd.	Singapore	International private leased circuit, IP VPN service, and IP transit services	574,112		574,112			26,383			100		1,355,094		59,305			59,335		Subsidiary<br>(Note 5)
	Chunghwa System Integration Co., Ltd.	Taiwan	Providing system integration services and telecommunications equipment	838,506		838,506			60,000			100		712,521		7,439			17,443		Subsidiary<br>(Note 5)
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud application<br>services	459,652		459,652			43,368			56		1,963,019		278,616			161,526		Subsidiary<br>(Note 5)
	Chunghwa Investment Co., Ltd.	Taiwan	Investment	639,559		639,559			68,085			89		3,230,668		75,951			67,652		Subsidiary<br>(Note 5)
	Prime Asia Investments Group Ltd.	British<br>Virgin<br>Islands	Investment	385,274		385,274			1			100		187,798		136			136		Subsidiary<br>(Note 5)
	Honghwa International Co., Ltd.	Taiwan	Telecommunication engineering, sales agent of mobile phone plan application and other business services, etc.	180,000		180,000			18,000			100		761,795		82,729			84,967		Subsidiary<br>(Notes 3<br>and 5)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Taiwan	Digital information supply services and advertisement services	150,000		150,000			15,000			100		212,140		2,410			1,559		Subsidiary<br>(Note 5)
	Chunghwa Telecom Vietnam Co., Ltd.	Vietnam	Intelligent energy saving solutions, international circuit, and information and communication technology (“ICT”)<br>services	148,275		148,275			—			100		87,648		10,643			10,643		Subsidiary<br>(Note 5)
	Chunghwa Telecom Global, Inc.	United<br>States	International private leased circuit, internet services, and transit services	70,429		70,429			6,000			100		893,153		26,805			26,805		Subsidiary<br>(Note 5)
	CHT Security Co., Ltd.	Taiwan	Computing equipment installation, wholesale of computing and business machinery equipment and software, management<br>consulting services, data processing services, digital information supply services and internet identify services	230,580		230,580			23,058			63		585,102		123,432			85,993		Subsidiary<br>(Note 5)
	Chunghwa Telecom (Thailand) Co., Ltd.	Thailand	International private leased circuit, IP VPN service, ICT and cloud VAS services	119,624		119,624			1,300			100		155,117		1,853			1,853		Subsidiary<br>(Note 5)
	Spring House Entertainment Tech. Inc.	Taiwan	Software design services, internet contents production and play, and motion picture production and distribution	62,209		62,209			8,251			56		169,616		5,727			3,210		Subsidiary<br>(Note 5)
	Chunghwa Leading Photonics Tech Co., Ltd.	Taiwan	Production and sale of electronic components and finished products	70,500		70,500			7,050			70		217,186		29,819			20,835		Subsidiary<br>(Note 5)
	Smartfun Digital Co., Ltd.	Taiwan	Providing diversified family education digital services	65,000		65,000			6,500			65		86,103		2,766			1,819		Subsidiary<br>(Note 5)
	Chunghwa Telecom Japan Co., Ltd.	Japan	International private leased circuit, IP VPN service, and IP transit services	17,291		17,291			1			100		326,259		31,323			27,240		Subsidiary<br>(Note 5)
	International Integrated Systems, Inc.	Taiwan	IT solution provider, IT application consultation, system integration and package solution	507,363		507,363			36,205			50		636,805		(34,358	)		(17,511	)	Subsidiary<br>(Note 5)
	Chunghwa Digital Cultural and Creative Capital Co., Ltd	Taiwan	Investment and management consulting	50,000		50,000			5,000			100		36,867		(2,245	)		(2,333	)	Subsidiary<br>(Note 5)
	Chunghwa Telecom Europe GmbH	Germany	International private leased circuit, internet services, transit services and ICT services	122,675		122,675			3,500			100		121,149		(1,789	)		(1,789	)	Subsidiary<br>(Note 5)

All values are in US Dollars.

(Continued)

• 80 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount				Balance as of March 31, 2025								Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and<br>2)		Note
				March 31,2025		December 31,2024		Shares<br>(Thousands)			Percentage of<br>Ownership<br>(%)			Carrying Value
	Viettel-CHT Co., Ltd.	Vietnam	IDC services	288,327		288,327			—			30		605,329		106,846		32,054		Associate
	Taiwan International Standard Electronics Co., Ltd.	Taiwan	Manufacturing, selling, designing, and maintaining of telecommunications systems and equipment	164,000		164,000			1,760			40		390,400		22,123		11,043		Associate
	KKBOX Taiwan Co., Ltd.	Taiwan	Providing of music on-line, software, electronic information, and advertisement<br>services	67,025		67,025			4,438			30		143,944		(24,323	)	(7,297	)	Associate
	So-net Entertainment Taiwan Limited	Taiwan	Online service and sale of computer hardware	120,008		120,008			9,429			30		180,792		(40,588	)	(12,176	)	Associate
	KingwayTek Technology Co., Ltd.	Taiwan	Design and sale of digital map, technical support for computer peripherals device, design and development of system<br>programming projects	66,684		66,684			12,720			23		284,437		21,262		4,801		Associate
	Taiwan International Ports Logistics Corporation	Taiwan	Import and export storage, logistic warehouse, and ocean shipping service	80,000		80,000			8,000			27		143,208		35,139		9,371		Associate
	Chunghwa PChome Fund I Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy service	200,000		200,000			20,000			50		251,256		(2,739	)	(1,369	)	Associate
	Cornerstone Ventures Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy service	4,900		4,900			490			49		5,273		(2	)	(1	)	Associate
	Next Commercial Bank Co., Ltd.	Taiwan	Online banking business	5,733,847		5,733,847			462,643			46		3,871,773		(183,577	)	(83,378	)	Associate
	Chunghwa SEA Holdings	Taiwan	Investment business	10,200		10,200			1,020			51		9,188		(124	)	(63	)	Joint<br>venture
	WiAdvance Technology Corporation	Taiwan	Software solution integration	273,800		273,800			3,700			16		270,306		(10,873	)	(3,134	)	Associate
	Taiwania Hive Technology Fund L.P.	Cayman<br>Islands	Investment business	288,405		288,405			—			42		270,060		(14,660	)	(6,120	)	Associate
	Chunghwa Sochamp Technology Inc.	Taiwan	Design, development and production of Automatic License Plate Recognition software and hardware	20,400		20,400			2,040			37		—		(8,104	)	—		Associate
Senao International Co., Ltd.	Senao Networks, Inc.	Taiwan	Telecommunication facilities manufactures and sales	578,186		578,186			19,582			33		2,051,979		152,593		50,595		Associate
	Youth Co., Ltd.	Taiwan	Sale of information and communication technologies products	427,850		427,850			14,752			96		158,355		(1,036	)	(3,043	)	Subsidiary<br>(Note 5)
	Aval Technologies Co., Ltd.	Taiwan	Sale of information and communication technologies products	89,550		89,550			13,266			100		143,369		649		648		Subsidiary<br>(Note 5)
	Senyoung Insurance Agent Co., Ltd.	Taiwan	Property and liability insurance agency	59,000		59,000			8,909			100		147,569		9,867		9,867		Subsidiary<br>(Note 5)
CHIEF Telecom Inc.	Unigate Telecom Inc.	Taiwan	Telecommunications and internet service	2,000		2,000			200			100		1,471		25		25		Subsidiary<br>(Note 5)
	Chief International Corp.	Samoa<br>Islands	Telecommunications and internet service	6,068		6,068			200			100		45,268		1,742		1,742		Subsidiary<br>(Note 5)
Chunghwa Telecom Singapore Pte., Ltd.	ST-2 Satellite Ventures Pte., Ltd.	Singapore	Operation of ST-2 telecommunications satellite	21,309		21,309			943			38		364,913		123,141		46,954		Associate
	CHT Infinity Singapore Pte., Ltd.	Singapore	Investment business	55,720		55,720			2,000			40		58,097		74		29		Associate
Chunghwa Investment Co., Ltd.	Chunghwa Precision Test Tech. Co., Ltd.	Taiwan	Production and sale of semiconductor testing components and printed circuit board	178,608		178,608			11,230			34		2,829,652		221,173		75,749		Subsidiary<br>(Note 5)
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud application services	19,064		19,064			2,286			3		93,914		278,616		8,170		Associate<br>(Note 5)
	Senao International Co., Ltd.	Taiwan	Selling and maintaining mobile phones and its peripheral products	49,731		49,731			1,001			—		44,507		115,570		448		Associate<br>(Note 5)
	AgriTalk Technology Inc.	Taiwan	Providing smart agricultural solutions, scientific agricultural product, biological inhibitor, and biochips	65,175		65,175			3,300			29		26,228		(425	)	(26	)	Associate
	Imedtac Co., Ltd.	Taiwan	Providing medical AIoT solution, biomedical engineering services, and sales of medical device as an agent	91,381		91,381			1,828			10		56,431		493		(235	)	Associate
	Porrima Inc.	Taiwan	Designing and selling zero-emission ships	80,000		80,000			8,000			10		76,679		(9,549	)	(955	)	Associate

All values are in US Dollars.

(Continued)

• 81 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NAMES, LOCATIONS, AND OTHER INFORMATION OF INVESTEES IN WHICH THE COMPANY EXERCISES SIGNIFICANT INFLUENCE (EXCLUDING INVESTMENT IN MAINLAND CHINA)

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount		Balance as of March 31, 2025					Net Income(Loss) of theInvestee		RecognizedGain (Loss)(Notes 1 and 2)		Note
				March 31,2025	December 31,2024	Shares<br>(Thousands)		Percentage of<br>Ownership<br>(%)		Carrying Value
Chunghwa Precision Test Tech. Co., Ltd.	Chunghwa Precision Test Tech USA Corporation	United<br>States	Design and after-sale services of semiconductor testing components and printed circuit board	74,192	74,192		2,600		100	111,636	436		445		Subsidiary<br>(Note 5)
	CHPT Japan Co., Ltd.	Japan	Related services of electronic parts, machinery processed products and printed circuit board	2,008	2,008		1		100	2,391	26		26		Subsidiary<br>(Note 5)
	Chunghwa Precision Test Tech. International, Ltd.	Samoa<br>Islands	Wholesale and retail of electronic materials, and investment	173,649	173,649		5,700		100	139,934	(15,022	)	(14,008	)	Subsidiary<br>(Note 5)
	TestPro Investment Co., Ltd.	Taiwan	Investment	135,000	135,000		13,500		100	32,266	(4,187	)	(3,566	)	Subsidiary<br>(Note 5)
TestPro Investment Co., Ltd.	NavCore Tech. Co., Ltd	Taiwan	Sale and manufacturing of smart equipment, smart factory software and hardware integration and technical consulting service	108,500	108,500		10,850		54	26,888	(7,759	)	(4,209	)	Subsidiary<br>(Note 5)
Prime Asia Investments Group, Ltd.	Chunghwa Hsingta Co., Ltd.	Hong<br>Kong	Investment	375,274	375,274		1		100	187,798	136		136		Subsidiary<br>(Note 5)
Youth Co., Ltd.	ISPOT Co., Ltd.	Taiwan	Sale of information and communication technologies products	53,021	53,021		—		100	14,034	(49	)	(65	)	Subsidiary<br>(Note 5)
Aval Technologies Co., Ltd.	Wiin Technology Co., Ltd.	Taiwan	Sale of information and communication technologies products	29,550	29,550		4,728		100	52,914	314		314		Subsidiary<br>(Note 5)
CHYP Multimedia Marketing & Communications Co., Ltd	Click Force Marketing Company	Taiwan	Advertisement services	44,607	44,607		1,960		49	50,320	(1,410	)	(691	)	Associate
International Integrated Systems, Inc.	Unitronics Technology Corp.	Taiwan	Development and maintenance of information system	55,610	55,610		5,067		100	73,098	(1,176	)	(1,176	)	Subsidiary<br>(Note 5)
CHT Security Co., Ltd.	Baohwa Trust Co., Ltd.	Taiwan	VR integration and AIoT security services	20,000	20,000		2,000		25	13,400	5,732		1,433		Associate

All values are in US Dollars.

Note 1:	The amounts were based on reviewed financial statements.
Note 2:	Recognized gain (loss) of investees includes amortization of differences between the investment cost and net<br>value and elimination of unrealized transactions.
:---	:---
Note 3:	Recognized gain (loss) and carrying value of the investees did not include the adjustment of the difference<br>between the accounting treatment on standalone basis and consolidated basis as a result of the application of IFRS 15.
:---	:---
Note 4:	Investments in mainland China are included in Table 6.
:---	:---
Note 5:	The amount was eliminated upon consolidation.
:---	:---

(Concluded)

• 82 -

TABLE 6

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INVESTMENTS IN MAINLAND CHINA

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investee		Main<br>Businesses<br>and<br>Products		Total Amountof Paid-inCapital		Investment<br>Type<br>(Note 1)			AccumulatedOutflow ofInvestmentfrom Taiwanas ofJanuary<br>1,2025		InvestmentFlows				AccumulatedOutflow<br>ofInvestmentfrom Taiwanas ofMarch 31,2025		Net Income(Loss) of theInvestee		% Ownership<br>of Direct or<br>Indirect<br>Investment			InvestmentGain(Loss)(Note 2)		Carrying Valueas ofMarch 31,2025		AccumulatedInwardRemittanceof Earningsas ofMarch<br>31,2025		Note
											Outflow		Inflow
Chunghwa Telecom (China) Co., Ltd.		Integrated<br>information and<br>communication<br>solution services for<br>enterprise clients,<br>and intelligent<br>energy network<br>service		177,176			2		177,176		—		—		177,176		—			100		—		—		—			Notes 6 and 9
Jiangsu Zhenghua Information Technology Company, LLC		Providing intelligent<br>energy saving<br>solution and<br>intelligent buildings<br>services		189,410			2		142,057		—		—		142,057		—			75		—		—		—			Notes 7 and 9
Shanghai Taihua Electronic Technology Limited		Design of printed<br>circuit board and<br>related consultation<br>service		51,233			2		51,233		—		—		51,233		416			100		416		9,840		—			Notes 8 and 9
Su Zhou Precision Test Tech. Ltd.		Assembly processed<br>of circuit board,<br>design of printed<br>circuit board and<br>related consultation<br>service		119,199			2		119,199		—		—		119,199		(15,478	)		100		(15,478	)	145,290		—			Notes 8 and 9
Shanghai Chief Telecom Co., Ltd.		Telecommunications<br>and internet service		10,150			1		4,973		—		—		4,973		1,206			49		591		6,384		10,194			Note 9

All values are in US Dollars.

Investee		Accumulated Investment inMainland China as ofMarch 31, 2025		Investment AmountsAuthorized by InvestmentCommission, MOEA		Upper Limit on InvestmentStipulated by InvestmentCommission, MOEA
Chunghwa Telecom Co., Ltd. (Note 3)		319,233		319,233		244,965,206
Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries (Note 4)		170,432		216,185		4,967,721
CHIEF Telecom Inc. and its subsidiaries (Note 5)		4,973		4,973		1,926,426

All values are in US Dollars.

Note 1:	Investments are divided into three categories as follows:
a.	Direct investment.
:---	:---
b.	Investments through a holding company registered in a third region.
:---	:---
c.	Others.
:---	:---
Note 2:	The amounts were calculated based on the investee’s reviewed financial statements.
:---	:---
Note 3:	Chunghwa Telecom Co., Ltd. was calculated based on the consolidated net assets value of Chunghwa Telecom Co.,<br>Ltd.
:---	:---
Note 4:	Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries were calculated based on the consolidated net<br>assets value of Chunghwa Precision Test Tech. Co., Ltd.
:---	:---
Note 5:	CHIEF Telecom Inc. and its subsidiaries were calculated based on the consolidated net assets value of CHIEF<br>Telecom Inc.
:---	:---
Note 6:	Chunghwa Telecom (China) Co., Ltd., a reinvestment through Chunghwa Hsingta Co., Ltd., completed its<br>liquidation in October 2022.
:---	:---
Note 7:	Jiangsu Zhenhua Information Technology Company, LLC., a reinvestment through Chunghwa Hsingta Co., Ltd.,<br>completed its liquidation in December 2018.
:---	:---
Note 8:	Shanghai Taihua Electronic Technology Limited and Su Zhou Precision Test Tech. Ltd. were reinvestments through<br>Chunghwa Precision Test Tech. International, Ltd.
:---	:---
Note 9:	The amount was eliminated upon consolidation.
:---	:---

(Concluded)

• 83 -

TABLE 7

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT TRANSACTIONS

THREE MONTHS ENDED MARCH 31, 2025

(Amounts in Thousands of New Taiwan Dollars)

Year	No.<br>(Note 1)		Company Name	Related Party	Nature of<br>Relationship<br>(Note 2)		Transaction Details
							Financial Statement Account	Amount(Note 5)	Payment Terms<br>(Note 3)		% to Total<br>Sales or Assets<br>(Note 4)
2025		0	Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.		a	Accounts receivable	263,440		—		—
							Accrued custodial receipts	109,786		—		—
							Accounts payable	1,058,985		—		—
							Amounts collected for others	167,952		—		—
							Revenues	1,021,885		—		2
							Operating costs and expenses	350,138		—		1
				CHIEF Telecom Inc.		a	Revenues	126,837		—		—
				Chunghwa System Integration Co., Ltd.		a	Accounts payable	268,856		—		—
							Operating costs and expenses	243,061		—		—
				Honghwa International Co., Ltd.		a	Accounts payable	900,870		—		—
							Operating costs and expenses	1,692,476		—		3
				Donghwa Telecom Co., Ltd.		a	Accounts payable	109,689		—		—
							Operating costs and expenses	136,451		—		—
				International Integrated Systems, Inc.		a	Accounts payable	100,924		—		—
							Operating costs and expenses	186,752		—		—

All values are in US Dollars.

Note 1:	Significant transactions between the Company and its subsidiaries or among subsidiaries are numbered as<br>follows:
a.	“0” for the Company.
:---	:---
b.	Subsidiaries are numbered from “1”.
:---	:---
Note 2:	Related party transactions are divided into three categories as follows:
:---	:---
a.	The Company to subsidiaries.
:---	:---
b.	Subsidiaries to the Company.
:---	:---
c.	Subsidiaries to subsidiaries.
:---	:---
Note 3:	Transaction terms with the related parties were determined in accordance with mutual agreements when there were<br>no similar transactions with third parties. Other transactions with related parties were not significantly different from those with third parties.
:---	:---
Note 4:	For assets and liabilities, amount is shown as a percentage to consolidated total assets as of March 31,<br>2025, while revenues, costs and expenses are shown as a percentage to consolidated revenues for the three months ended March 31, 2025.
:---	:---
Note 5:	The amount was eliminated upon consolidation.
:---	:---

• 84 -

EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Three Months Ended March 31, 2025 and 2024

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)

		March 31, 2025(Unaudited)					December 31, 2024(Audited)					March 31, 2024(Unaudited)
		Amount		%			Amount		%			Amount		%
ASSETS
CURRENT ASSETS
Cash and cash equivalents		29,048			5		36,260			7		33,330			6
Financial assets at fair value through profit or loss		5			—		—			—		1			—
Hedging financial assets		—			—		1			—		—			—
Contract assets		8,487			2		8,401			1		6,986			2
Trade notes and accounts receivable, net		22,497			4		26,026			5		22,624			4
Receivables from related parties		155			—		193			—		77			—
Inventories		11,916			2		12,087			2		11,113			2
Prepayments		6,409			1		3,138			1		5,921			1
Other current monetary assets		36,773			7		23,408			4		27,795			5
Incremental costs of obtaining contracts		339			—		339			—		271			—
Other current assets		2,994			1		3,115			1		3,121			1
Total current assets		118,623			22		112,968			21		111,239			21
NONCURRENT ASSETS
Financial assets at fair value through profit or loss		1,083			—		1,005			—		1,080			—
Financial assets at fair value through other comprehensive income		5,300			1		4,667			1		5,069			1
Financial assets at amortized cost		2,000			—		2,000			—		—			—
Investments accounted for using equity method		8,926			2		8,879			2		8,362			2
Contract assets		4,354			1		4,327			1		4,017			1
Property, plant and equipment		286,590			53		289,840			54		287,065			54
Right-of-use<br>assets		11,321			2		10,912			2		11,123			2
Investment properties		12,293			2		12,302			2		11,517			2
Intangible assets		64,647			12		66,283			12		71,096			13
Deferred income tax assets		1,749			—		1,661			—		2,076			1
Incremental costs of obtaining contracts		1,209			—		1,222			—		976			—
Net defined benefit assets		9,072			3		8,884			2		6,138			1
Prepayments		4,790			1		4,461			1		3,618			1
Other noncurrent assets		5,075			1		4,886			2		4,803			1
Total noncurrent assets		418,409			78		421,329			79		416,940			79
TOTAL		537,032			100		534,297			100		528,179			100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans		530			—		215			—		465			—
Hedging financial liabilities		—			—		2			—		—			—
Contract liabilities		16,582			3		16,301			3		14,293			3
Trade notes and accounts payable		10,693			2		17,743			3		9,806			2
Payables to related parties		120			—		480			—		186			—
Current tax liabilities		9,706			2		6,822			1		9,313			2
Lease liabilities		3,739			1		3,558			1		3,449			1
Other payables		23,586			4		26,581			5		22,937			4
Provisions		669			—		442			—		317			—
Current portion of long-term loans		8,805			2		8,803			2		1,600			—
Other current liabilities		1,017			—		1,050			—		982			—
Total current liabilities		75,447			14		81,997			15		63,348			12
NONCURRENT LIABILITIES
Long-term loans		1,629			—		1,631			1		—			—
Bonds payable		21,690			4		21,689			4		30,484			6
Contract liabilities		7,407			1		7,541			2		7,559			2
Deferred income tax liabilities		2,714			2		2,658			1		2,517			1
Provisions		308			—		535			—		492			—
Lease liabilities		7,462			1		7,334			1		7,399			1
Customers’ deposits		5,161			1		5,311			1		5,105			1
Net defined benefit liabilities		2,120			—		2,107			—		2,126			—
Other noncurrent liabilities		7,581			1		7,688			1		7,125			1
Total noncurrent liabilities		56,072			10		56,494			11		62,807			12
Total liabilities		131,519			24		138,491			26		126,155			24
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
Common stocks		77,574			14		77,574			15		77,574			15
Additional paid-in capital		150,063			28		150,054			28		149,828			28
Retained earnings
Legal reserve		77,574			14		77,574			15		77,574			15
Special reserve		2,676			—		2,676			—		2,899			—
Unappropriated earnings		83,681			17		74,362			14		81,069			16
Total retained earnings		163,931			31		154,612			29		161,542			31
Others		1,231			—		586			—		1,081			—
Total equity attributable to stockholders of the parent		392,799			73		382,826			72		390,025			74
NONCONTROLLING INTERESTS		12,714			3		12,980			2		11,999			2
Total equity		405,513			76		395,806			74		402,024			76
TOTAL		537,032			100		534,297			100		528,179			100

All values are in US Dollars.

• 1 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)

		Three Months Ended March 31
		2025					2024
		Amount		%			Amount		%
REVENUES		55,808			100		54,943			100
OPERATING COSTS		34,203			61		34,454			63
GROSS PROFIT		21,605			39		20,489			37
OPERATING EXPENSES
Marketing		6,140			11		5,931			10
General and administrative		1,793			3		1,637			3
Research and development		1,030			2		943			2
Expected credit loss		120			—		56			—
Total operating expenses		9,083			16		8,567			15
OTHER INCOME AND EXPENSES		1			—		3			—
INCOME FROM OPERATIONS		12,523			23		11,925			22
NON-OPERATING INCOME AND EXPENSES
Interest income		212			—		156			—
Other income		37			—		38			—
Other gains and losses		(25	)		—		15			—
Interest expense		(89	)		—		(83	)		—
Share of profits of associates and joint ventures accounted for using equity method		38			—		13			—
Total non-operating income and expenses		173			—		139			—
INCOME BEFORE INCOME TAX		12,696			23		12,064			22
INCOME TAX EXPENSE		2,964			5		2,814			5
NET INCOME		9,732			18		9,250			17
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<br>comprehensive income		568			1		627			1
Gain or loss on hedging instruments subject to basis adjustment		1			—		—			—

All values are in US Dollars.

(Continued)

• 2 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)

		Three Months Ended March 31
		2025					2024
		Amount		%			Amount		%
Share of other comprehensive income of associates and joint ventures		1			—		—			—
		570			1		627			1
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		74			—		104			—
Share of other comprehensive income of associates and joint ventures		7			—		25			—
		81			—		129			—
Total other comprehensive income, net of income tax		651			1		756			1
TOTAL COMPREHENSIVE INCOME		10,383			19		10,006			18
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent		9,319			17		9,010			17
Noncontrolling interests		413			1		240			—
		9,732			18		9,250			17
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent		9,964			18		9,738			18
Noncontrolling interests		419			1		268			—
		10,383			19		10,006			18
EARNINGS PER SHARE
Basic		1.20					1.16
Diluted		1.20					1.16

All values are in US Dollars.

(Concluded)

• 3 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions of New Taiwan Dollars)

(Unaudited)

	Equity Attributable to Stockholders of the Parent
							Others
							Exchange
							Differences
							Arising		Unrealized
							from the		Gain or Loss				Total Equity
			Retained Earnings				Translation of		on Financial	Gain or Loss			Attributable to
		Additional		Special	Unappropriated	Total Retained	the Foreign		Assets at	on Hedging			Stockholders	Noncontrolling
	Common Stocks	Paid-in Capital	Legal Reserve	Reserve	Earnings	Earnings	Operations		FVOCI	Instruments		Total Others	of the Parent	Interests		Total Equity
BALANCE, JANUARY 1, 2024	77,574	149,828	77,574	2,899	72,059	152,532	(168	)	521	—		353	380,287	12,432		392,719
Cash dividends by subsidiaries	—	—	—	—	—	—	—		—	—		—	—	(717	)	(717	)
Net income for the three months ended March 31, 2024	—	—	—	—	9,010	9,010	—		—	—		—	9,010	240		9,250
Other comprehensive income for the three months ended March 31, 2024	—	—	—	—	—	—	101		627	—		728	728	28		756
Total comprehensive income for the three months ended March 31, 2024	—	—	—	—	9,010	9,010	101		627	—		728	9,738	268		10,006
Changes in equities of subsidiaries	—	—	—	—	—	—	—		—	—		—	—	16		16
BALANCE, MARCH 31, 2024	77,574	149,828	77,574	2,899	81,069	161,542	(67	)	1,148	—		1,081	390,025	11,999		402,024
BALANCE, JANUARY 1, 2025	77,574	150,054	77,574	2,676	74,362	154,612	23		564	(1	)	586	382,826	12,980		395,806
Cash dividends by subsidiaries	—	—	—	—	—	—	—		—	—		—	—	(710	)	(710	)
Net income for the three months ended March 31, 2025	—	—	—	—	9,319	9,319	—		—	—		—	9,319	413		9,732
Other comprehensive income for the three months ended March 31, 2025	—	—	—	—	—	—	70		574	1		645	645	6		651
Total comprehensive income for the three months ended March 31, 2025	—	—	—	—	9,319	9,319	70		574	1		645	9,964	419		10,383
Changes in equities of subsidiaries	—	9	—	—	—	—	—		—	—		—	9	(7	)	2
Net increase in noncontrolling interests	—	—	—	—	—	—	—		—	—		—	—	32		32
BALANCE, MARCH 31, 2025	77,574	150,063	77,574	2,676	83,681	163,931	93		1,138	—		1,231	392,799	12,714		405,513

All values are in US Dollars.

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)

		Three Months Ended March 31
		2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax		12,696		12,064
Adjustments to reconcile income before income tax to net cash provided by operating<br>activities:
Depreciation		8,340		8,236
Amortization		1,669		1,672
Amortization of incremental costs of obtaining contracts		238		215
Expected credit loss		120		56
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss,<br>net		—		62
Interest expense		89		83
Interest income		(212	)	(156	)
Compensation cost of share-based payment transactions		1		3
Share of profits of associates and joint ventures accounted for using equity method		(38	)	(13	)
Gain on disposal of property, plant and equipment		(1	)	(3	)
Gain on disposal of financial instruments		—		(1	)
Gain on disposal of investments accounted for using equity method		—		(77	)
Provision for impairment loss and obsolescence of inventory		38		26
Gain on disposal of subsidiaries		(15	)	—
Others		50		15
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(121	)	(521	)
Trade notes and accounts receivable		3,407		2,163
Receivables from related parties		38		1
Inventories		127		382
Prepayments		(3,258	)	(3,028	)
Other current assets		118		(299	)
Other current monetary assets		(119	)	33
Incremental cost of obtaining contracts		(225	)	(312	)
Increase (decrease) in:
Contract liabilities		155		204
Trade notes and accounts payable		(7,041	)	(4,589	)
Payables to related parties		(360	)	(199	)
Other payables		(2,349	)	(1,628	)
Provisions		—		(13	)
Other current liabilities		(35	)	(1	)
Net defined benefit plans		(177	)	(147	)
Cash generated from operations		13,135		14,228
Interests paid		(71	)	(65	)
Income taxes paid		(113	)	(35	)
Net cash provided by operating activities		12,951		14,128

All values are in US Dollars.

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)

		Three Months Ended March 31
		2025		2024
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(65	)	(30	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		—		3
Acquisition of financial assets at fair value through profit or loss		(82	)	(109	)
Proceeds from disposal of financial assets at fair value through profit or loss		—		5
Net cash outflow from loss of control of subsidiaries		(9	)	—
Acquisition of property, plant and equipment		(5,407	)	(5,043	)
Proceeds from disposal of property, plant and equipment		2		5
Acquisition of intangible assets		(33	)	(40	)
Acquisition of investment properties		(2	)	—
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(23,031	)	(19,414	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		9,705		11,842
Increase in other noncurrent assets		(204	)	(165	)
Increase in prepayments for leases		(342	)	(341	)
Interests received		169		149
Dividends received		156		151
Proceeds from capital reduction and profit distribution of financial assets at fair value through<br>profit or loss		—		—
Net cash used in investing activities		(19,143	)	(12,987	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		530		265
Repayments of short-term loans		(150	)	(385	)
Decrease in customers’ deposits		(141	)	(205	)
Payments for the principal of lease liabilities		(1,203	)	(1,055	)
Decrease in other noncurrent liabilities		(107	)	(281	)
Cash dividends distributed to noncontrolling interests		(1	)	(4	)
Change in other noncontrolling interests		13		13
Net cash used in financing activities		(1,059	)	(1,652	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		39		17

All values are in US Dollars.

(Continued)

• 6 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)

		Three Months Ended March 31
		2025		2024
NET DECREASE IN CASH AND CASH EQUIVALENTS		(7,212	)	(494	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,260		33,824
CASH AND CASH EQUIVALENTS, END OF PERIOD		29,048		33,330

All values are in US Dollars.

(Concluded)

• 7 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2025 and 2024

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of March 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2025 and 2024 in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (IASB). The consolidated financial statements are incomplete as they omit the related footnote disclosures as required under International Financial Reporting Standards as issued by IASB.

• 8 -