6-K - CHT - Equibles

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 November 10, 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)

EXHIBIT INDEX

Exhibit	Description
99.1	To announce the differences between consolidated financial statements for the nine months ended September 30, 2025 under Taiwan-IFRSs and that under IFRSs
99.2	Consolidated Financial Statements for the Nine Months Ended September 30, 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 Nine Months Ended September 30, 2025 and 2024 pursuant to International Financial Reporting Standards issued by the International Accounting Standards Board<br>(“IFRSs”)

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: November 10, 2025
	Chunghwa Telecom Co., Ltd.
	By:	/s/ Wen-Hsin<br>Hsu
	Name:	Wen-Hsin Hsu
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

Chunghwa Telecom’s Material Information as Reported to Taiwan Stock Exchange Corporation

Subject:	To announce the differences between consolidated financial statements for the nine months endedSeptember 30, 2025 under Taiwan-IFRSs and that under IFRSs

To which item it meets – article 4 paragraph xx:47 (Form 1)

Date of events: 2025/11/10

Contents:

1.	Date of occurrence of the event:

2025/11/10

2.	Year/Quarter of the financial report:

The third 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$9,854,849 thousand and NT$30,655,286 thousand, consolidated net income attributable to stockholders of the parent of NT$9,440,098 thousand and NT$29,406,456 thousand, and basic earnings per share of NT$1.22 and NT$3.79 for the three months and nine months ended September 30, 2025, respectively. The Company also reported total consolidated assets of NT$513,095,556 thousand, total consolidated liabilities of NT$122,665,684 thousand, and total consolidated equity of NT$390,429,872 thousand as of September 30, 2025.

5.	Accounting principles applied for securities issued overseas:

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

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

Under IFRSs, the Company reported consolidated net income of NT$9,336 million and NT$31,153 million, consolidated net income attributable to stockholders of the parent of NT$8,941 million and NT$29,896 million, and basic earnings per share of NT$1.15 and NT$3.85 for the three months and nine months ended September 30, 2025, respectively. The Company also reported total consolidated assets of NT$512,903 million, total consolidated liabilities of NT$124,268 million, and total consolidated equity of NT$388,635 million as of September 30, 2025.

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 were 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.

EX-99.2

Exhibit 99.2

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2025 and 2024 and

Independent Auditors’ Review Report

INDEPENDENT AUDITORS’ REVIEW REPORT

PWCR25002096

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 September 30, 2025 and 2024, and the related consolidated statements of comprehensive income for the three-month and nine-month periods then ended, as well as the consolidated statements of changes in equity and of cash flows for the nine-month periods 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 September 30, 2025 and 2024, and of its consolidated financial performance for the three-month and nine-month periods then ended and its consolidated cash flows for the nine-month periods 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, Chien-Yeh
For and on behalf of PricewaterhouseCoopers, Taiwan
November 7, 2025

Notice to Readers

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows inaccordance 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 differfrom 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 arenot 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 cannotaccept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Thousands of NewTaiwan Dollars)

	September 30, 2025				December 31, 2024				September 30, 2024
	Amount		%		Amount		%		Amount		%
ASSETS
CURRENT ASSETS
Cash and cash equivalents (Notes 6, 14 and 38)	$	23,526,659		5	$	36,259,689		6	$	31,214,852		6
Financial assets at fair value through profit or loss (Note 7)		1,482		—		290		—		517		—
Hedging financial assets (Note 21)		6,275		—		1,133		—		—		—
Contract assets (Note 30)		8,052,300		2		8,401,343		2		7,444,080		1
Trade notes and accounts receivable, net (Notes 10 and 30)		26,520,593		5		26,025,696		5		23,085,802		5
Receivables from related parties (Note 38)		234,085		—		193,004		—		182,085		—
Inventories (Notes 11, 30, 39 and 40)		13,209,430		3		12,087,118		2		11,807,287		2
Prepayments (Note 12)		6,420,189		1		3,138,313		1		5,933,459		1
Other current monetary assets (Notes 13 and 38)		17,488,671		3		23,408,001		4		14,692,754		3
Incremental costs of obtaining contracts (Note 30)		338,581		—		339,172		—		339,055		—
Other current assets (Notes 20 and 39)		3,989,687		1		3,114,554		1		4,222,645		1
Total current assets		99,787,952		20		112,968,313		21		98,922,536		19
NONCURRENT ASSETS
Financial assets at fair value through profit or loss (Note 7)		1,221,640		—		1,005,236		—		1,032,819		—
Financial assets at fair value through other comprehensive income (Note 8)		5,682,562		1		4,666,976		1		4,808,272		1
Financial assets at amortized cost (Note 9)		2,000,000		—		2,000,000		—		—		—
Investments accounted for using equity method (Note 15)		8,823,513		2		9,073,464		2		8,745,273		2
Contract assets (Note 30)		4,483,188		1		4,327,424		1		4,243,524		1
Property, plant and equipment (Notes 14, 16, 35, 38, 39 and 40)		283,739,631		55		289,840,144		55		283,083,272		56
Right-of-use assets (Notes 17 and 38)		11,055,176		2		10,912,329		2		11,001,831		2
Investment properties (Note 18)		12,303,927		3		12,301,719		2		11,642,246		2
Intangible assets (Notes 19 and 38)		61,373,411		12		66,283,202		12		67,857,608		14
Deferred income tax assets (Note 3)		1,729,228		—		1,661,402		—		2,054,672		—
Incremental costs of obtaining contracts (Note 30)		1,133,181		—		1,221,652		—		1,125,205		—
Net defined benefit assets (Note 3)		9,372,847		2		8,883,719		2		6,416,911		1
Prepayments (Notes 12 and 40)		5,737,876		1		4,461,017		1		4,144,143		1
Other noncurrent assets (Notes 20, 39 and 40)		4,651,424		1		4,885,230		1		4,544,478		1
Total noncurrent assets		413,307,604		80		421,523,514		79		410,700,254		81
TOTAL	$	513,095,556		100	$	534,491,827		100	$	509,622,790		100
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans (Notes 14 and 22)	$	755,000		—	$	215,000		—	$	430,000		—
Financial liabilities at fair value through profit or loss (Note 7)		68		—		—		—		1,080		—
Hedging financial liabilities (Note 21)		—		—		1,907		—		662		—
Contract liabilities (Notes 30 and 40)		19,010,040		4		16,300,986		3		16,238,717		3
Trade notes and accounts payable (Note 25)		13,471,366		3		17,742,532		3		12,379,605		2
Payables to related parties (Note 38)		121,245		—		480,401		—		196,470		—
Current tax liabilities (Note 3)		2,999,228		1		4,718,103		1		2,438,114		—
Lease liabilities (Notes 17, 35 and 38)		3,811,130		1		3,557,874		1		3,539,219		1
Other payables (Notes 26 and 35)		23,055,133		4		26,581,353		5		21,693,143		5
Provisions (Note 27)		437,013		—		441,801		—		308,999		—
Current portion of long-term liabilities (Notes 23, 24 and 39)		1,899,750		—		8,802,526		2		8,798,425		2
Other current liabilities		958,011		—		1,050,559		—		1,248,054		—
Total current liabilities		66,517,984		13		79,893,042		15		67,272,488		13
NONCURRENT LIABILITIES
Long-term loans (Notes 23 and 39)		1,600,000		—		1,631,354		—		1,600,000		—
Bonds payable (Note 24)		23,287,336		5		21,689,326		4		21,688,442		5
Contract liabilities (Notes 30 and 40)		6,599,428		1		7,540,730		2		7,638,614		2
Deferred income tax liabilities (Note 3)		2,741,963		1		2,658,419		—		2,596,198		1
Provisions (Note 27)		318,779		—		534,684		—		501,057		—
Lease liabilities (Notes 17, 35 and 38)		7,225,607		1		7,333,503		2		7,456,843		1
Customers’ deposits (Note 38)		5,226,712		1		5,310,453		1		5,114,595		1
Net defined benefit liabilities (Note 3)		2,147,596		—		2,107,224		—		2,133,807		—
Other noncurrent liabilities		7,000,279		1		7,688,236		2		6,933,145		1
Total noncurrent liabilities		56,147,700		10		56,493,929		11		55,662,701		11
Total liabilities		122,665,684		23		136,386,971		26		122,935,189		24
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT (Notes 14 and 29)
Common stocks		77,574,465		15		77,574,465		15		77,574,465		15
Additional paid-in capital		172,120,952		34		171,587,279		32		171,572,234		34
Retained earnings
Legal reserve		77,574,465		15		77,574,465		15		77,574,465		15
Special reserve		2,675,419		1		2,675,419		—		2,675,419		1
Unappropriated earnings		45,570,881		9		54,953,379		10		44,148,475		9
Total retained earnings		125,820,765		25		135,203,263		25		124,398,359		25
Others		1,097,574		—		585,683		—		560,077		—
Total equity attributable to stockholders of the parent		376,613,756		74		384,950,690		72		374,105,135		74
NONCONTROLLING INTERESTS (Notes 14 and 29)		13,816,116		3		13,154,166		2		12,582,466		2
Total equity		390,429,872		77		398,104,856		74		386,687,601		76
TOTAL	$	513,095,556		100	$	534,491,827		100	$	509,622,790		100

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

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(InThousands of New Taiwan Dollars, Except Earnings Per Share)

	Three Months Ended September 30										Nine Months Ended September 30
	2025					2024					2025					2024
	Amount			%		Amount			%		Amount			%		Amount			%
REVENUES (Notes 30, 38 and 44)	$	57,924,337			100	$	55,613,476			100	$	170,463,142			100	$	164,672,680			100
OPERATING COSTS (Notes 11, 28, 30, 31 and 38)		36,412,454			63		35,207,760			63		105,570,809			62		102,948,193			63
GROSS PROFIT		21,511,883			37		20,405,716			37		64,892,333			38		61,724,487			37
OPERATING EXPENSES (Notes 10, 28, 31 and 38)
Marketing		6,418,454			11		6,294,507			11		18,969,991			11		18,416,022			11
General and administrative		1,785,161			3		1,662,723			3		5,373,339			3		4,979,880			3
Research and development		1,097,567			2		1,067,585			2		3,228,357			2		3,015,340			2
Expected credit loss (reversal of credit loss)		112,529			—		(4,385	)		—		160,931			—		75,556			—
Total operating expenses		9,413,711			16		9,020,430			16		27,732,618			16		26,486,798			16
OTHER INCOME AND EXPENSES (Note 31)		2,005			—		(9,026	)		—		8,219			—		(9,715	)		—
INCOME FROM OPERATIONS		12,100,177			21		11,376,260			21		37,167,934			22		35,227,974			21
NON-OPERATING INCOME AND EXPENSES
Interest income (Note 38)		180,894			—		173,554			—		694,718			—		568,319			1
Other income (Notes 31 and 38)		62,363			—		93,238			—		442,104			—		418,640			—
Other gains and losses (Notes 14, 15, 31, 37 and 38)		(52,773	)		—		(108,599	)		—		(40,503	)		—		(202,750	)		—
Interest expenses (Notes 17, 31 and 38)		(91,141	)		—		(85,814	)		—		(272,678	)		—		(252,274	)		—
Share of profits of associates and joint ventures accounted for using equity method (Note<br>15)		58,554			—		40,463			—		95,767			—		63,658			—
Total non-operating income and expenses		157,897			—		112,842			—		919,408			—		595,593			1
INCOME BEFORE INCOME TAX		12,258,074			21		11,489,102			21		38,087,342			22		35,823,567			22
INCOME TAX EXPENSE (Notes 3 and 32)		2,403,225			4		2,203,816			4		7,432,056			4		6,822,893			4
NET INCOME		9,854,849			17		9,285,286			17		30,655,286			18		29,000,674			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)		(284,150	)		—		(154,544	)		—		753,466			—		86,254			—
Gain or loss on hedging instruments subject to basis adjustment (Note 21)		19,430			—		(763	)		—		7,049			—		(618	)		—
Share of other comprehensive income (loss) of associates and joint ventures (Notes 15 and<br>29)		245			—		(1,646	)		—		(552	)		—		(407	)		—
		(264,475	)		—		(156,953	)		—		759,963			—		85,229			—

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(InThousands of New Taiwan Dollars, Except Earnings Per Share)

	Three Months Ended September 30										Nine Months Ended September 30
	2025					2024					2025					2024
	Amount			%		Amount			%		Amount			%		Amount		%
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations	$	161,071			—	$	(21,603	)		—	$	(269,914	)		—	$	115,246		—
Share of other comprehensive income (loss) of associates and joint ventures (Notes 15 and<br>29)		19,807			—		20,043			—		(3,576	)		—		41,413		—
		180,878			—		(1,560	)		—		(273,490	)		—		156,659		—
Total other comprehensive income (loss), net of income tax		(83,597	)		—		(158,513	)		—		486,473			—		241,888		—
TOTAL COMPREHENSIVE INCOME	$	9,771,252			17	$	9,126,773			17	$	31,141,759			18	$	29,242,562		18
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,440,098			16	$	9,005,006			16	$	29,406,456			17	$	28,216,292		18
Noncontrolling interests		414,751			1		280,280			1		1,248,830			1		784,382		—
	$	9,854,849			17	$	9,285,286			17	$	30,655,286			18	$	29,000,674		18
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,345,099			16	$	8,843,774			16	$	29,916,625			17	$	28,423,830		18
Noncontrolling interests		426,153			1		282,999			1		1,225,134			1		818,732		—
	$	9,771,252			17	$	9,126,773			17	$	31,141,759			18	$	29,242,562		18
EARNINGS PER SHARE (Note 33)
Basic	$	1.22				$	1.16				$	3.79				$	3.64
Diluted	$	1.22				$	1.16				$	3.78				$	3.63
The accompanying notes are an integral part of the consolidated financial statements.	(Concluded)
---	---

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(InThousands of New Taiwan Dollars)

	Equity Attributable to Stockholders of the Parent (Notes 14, 21 and 29)
														Others
														ExchangeDifferencesArising from theTranslation ofthe ForeignOperations			Unrealized Gain<br><br><br>or Loss on<br> <br>FinancialAssets<br> <br>at Fair Value<br><br><br>Through Other<br><br><br>Comprehensive<br><br><br>Income
						Retained Earnings												Gain or Loss<br><br><br>on Hedging<br><br><br>Instruments							Noncontrolling<br><br><br>Interests<br><br><br>(Notes 14 and 29)
	Common Stocks		Additional<br><br><br>Paid-in Capital			LegalReserve		Special Reserve			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
Appropriation of 2023 earnings
Special reserve		—		—			—		(223,084	)		223,084			—			—			—			—				—			—
Cash dividends distributed by Chunghwa		—		—			—		—			(36,909,931	)		—			—			—			(36,909,931	)			—			(36,909,931	)
Cash dividends distributed by subsidiaries		—		—			—		—			—			—			—			—			—				(898,565	)		(898,565	)
Payment of unclaimed dividend		—		(123	)		—		—			—			—			—			—			(123	)			—			(123	)
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		62,904			—		—			—			—			—			—			62,904				(1,728	)		61,176
Actual disposal of interests in subsidiaries		—		224,293			—		—			—			—			—			—			224,293				34,480			258,773
Net income for the nine months ended September 30, 2024		—		—			—		—			28,216,292			—			—			—			28,216,292				784,382			29,000,674
Other comprehensive income (loss) for the nine months ended September 30, 2024		—		—			—		—			353			121,595			86,208			(618	)		207,538				34,350			241,888
Total comprehensive income (loss) for the nine months ended September 30, 2024		—		—			—		—			28,216,645			121,595			86,208			(618	)		28,423,830				818,732			29,242,562
Changes in equities of subsidiaries		—		(3,926	)		—		—			—			—			—			—			(3,926	)			33,295			29,369
BALANCE, SEPTEMBER 30, 2024	$	77,574,465	$	171,572,234		$	77,574,465	$	2,675,419		$	44,148,475		$	(46,217	)	$	606,956		$	(662	)	$	374,105,135			$	12,582,466		$	386,687,601
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
Appropriation of 2024 earnings
Cash dividends distributed by Chunghwa		—		—			—		—			(38,787,232	)		—			—			—			(38,787,232	)			—			(38,787,232	)
Cash dividends distributed by subsidiaries		—		—			—		—			—			—			—			—			—				(1,094,115	)		(1,094,115	)
Unclaimed dividend		—		2,033			—		—			—			—			—			—			2,033				—			2,033
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		(6,128	)		—		—			—			—			—			—			(6,128	)			—			(6,128	)
Change in additional paid-in capital for not participating in the capital increase of<br>subsidiaries		—		531,781			—		—			—			—			—			—			531,781				500,016			1,031,797
Net income for the nine months ended September 30, 2025		—		—			—		—			29,406,456			—			—			—			29,406,456				1,248,830			30,655,286
Other comprehensive income (loss) for the nine months ended September 30, 2025		—		—			—		—			(1,722	)		(260,824	)		765,666			7,049			510,169				(23,696	)		486,473
Total comprehensive income (loss) for the nine months ended September 30, 2025		—		—			—		—			29,404,734			(260,824	)		765,666			7,049			29,916,625				1,225,134			31,141,759
Changes in equities of subsidiaries		—		5,987			—		—			—			—			—			—			5,987				11,381			17,368
Net increase in noncontrolling interests		—		—			—		—			—			—			—			—			—				19,534			19,534
BALANCE, SEPTEMBER 30, 2025	$	77,574,465	$	172,120,952		$	77,574,465	$	2,675,419		$	45,570,881		$	(237,972	)	$	1,329,271		$	6,275		$	376,613,756			$	13,816,116		$	390,429,872

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

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands ofNew Taiwan Dollars)

	Nine Months Ended September 30
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	38,087,342		$	35,823,567
Adjustments for:
Depreciation		25,050,161			24,658,206
Amortization		5,002,602			5,021,075
Amortization of incremental costs of obtaining contracts		709,247			670,972
Expected credit loss		160,931			75,556
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		75,282			125,526
Interest expense		272,678			252,274
Interest income		(694,718	)		(568,319	)
Dividend income		(280,667	)		(239,908	)
Compensation cost of share-based payment transactions		3,721			6,782
Share of profits of associates and joint ventures accounted for using equity method		(95,767	)		(63,658	)
Loss (gain) on disposal of property, plant and equipment		(8,219	)		9,715
Gain on disposal of financial instruments		—			(1,073	)
Loss on disposal of investments accounted for using equity method		2			—
Provision for impairment loss and obsolescence of inventory		54,684			63,286
Gain on disposal of subsidiaries		(15,290	)		—
Others		(5,541	)		14,062
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		180,976			(1,207,484	)
Trade notes and accounts receivable		(685,351	)		1,707,701
Receivables from related parties		(41,081	)		(103,996	)
Inventories		(1,183,517	)		(349,808	)
Prepayments		(3,074,612	)		(2,864,919	)
Other current assets		(877,429	)		(1,400,386	)
Other current monetary assets		(1,471,562	)		(11,322	)
Incremental cost of obtaining contracts		(620,185	)		(984,900	)
Increase (decrease) in:
Contract liabilities		1,775,128			2,228,563
Trade notes and accounts payable		(4,261,847	)		(2,016,221	)
Payables to related parties		(359,156	)		(188,619	)
Other payables		(2,029,372	)		(1,625,974	)
Provisions		(220,693	)		(12,617	)
Net defined benefit plans		(448,756	)		(417,951	)
Other current liabilities		(93,860	)		275,702
Cash generated from operations		54,905,131			58,875,832
Interests paid		(311,543	)		(288,396	)
Income taxes paid		(9,136,858	)		(8,830,588	)
Net cash provided by operating activities		45,456,730			49,756,848

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands ofNew Taiwan Dollars)

	Nine Months Ended September 30
	2025			2024
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	$	(261,875	)	$	(312,780	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		—			6,431
Acquisition of financial assets at fair value through profit or loss		(296,841	)		(128,018	)
Proceeds from disposal of financial assets at fair value through profit or loss		—			4,468
Acquisition of investments accounted for using equity method		(14,400	)		(400,319	)
Proceeds from disposal of investments accounted for using equity method		5,026			—
Net cash outflow from loss of control of subsidiaries		(8,664	)		—
Acquisition of property, plant and equipment		(17,300,638	)		(16,015,567	)
Proceeds from disposal of property, plant and equipment		14,709			10,236
Acquisition of intangible assets		(90,630	)		(137,447	)
Acquisition of investment properties		(7,060	)		—
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(43,442,773	)		(56,160,759	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		50,766,532			61,787,927
Decrease in other noncurrent assets		221,446			81,535
Increase in prepayments for leases		(1,485,418	)		(1,042,629	)
Interests received		687,104			605,270
Dividends received		563,740			570,622
Proceeds from profit distribution of financial assets at fair value through profit or<br>loss		4,031			3,446
Net cash used in investing activities		(10,645,711	)		(11,127,584	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		2,880,000			720,000
Repayment of short-term loans		(2,275,000	)		(875,000	)
Proceeds from issuance of bonds		3,500,000			—
Repayment of bonds payable		(8,800,000	)		—
Payments for transaction costs attributable to the issuance of bonds		(4,985	)		—
Repayment of long-term loans		(35,000	)		—
Decrease in customers’ deposits		(75,303	)		(205,489	)
Payments for the principal of lease liabilities		(3,156,992	)		(2,923,928	)
Decrease in other noncurrent liabilities		(687,957	)		(472,413	)
Cash dividends paid		(38,787,232	)		(36,909,931	)
Partial disposal of interests in subsidiaries without a loss of control		—			258,773

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands ofNew Taiwan Dollars)

	Nine Months Ended September 30
	2025			2024
Cash dividends distributed to noncontrolling interests	$	(1,078,594	)	$	(887,217	)
Change in other noncontrolling interests		1,045,444			22,587
Unclaimed dividend (payment of unclaimed dividend)		2,033			(123	)
Net cash used in financing activities		(47,473,586	)		(41,272,741	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(70,463	)		34,445
NET DECREASE IN CASH AND CASH EQUIVALENTS		(12,733,030	)		(2,609,032	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,259,689			33,823,884
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	23,526,659		$	31,214,852
The accompanying notes are an integral part of the consolidated financial statements.	(Concluded)
---	---

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHSENDED SEPTEMBER 30, 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 November 7, 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.

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 andProducts	September 30,2025	December 31,2024	September 30,2024	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<br>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<br>cloud 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	70	d.
	Chunghwa Telecom (Thailand) Co., Ltd. (“CHTT”)	International private leased circuit, IP VPN service, ICT and cloud VAS services	100	100	100

(Continued)

10 -

			Percentage of Ownership Interests
Name of Investor	Name of Investee	Main Businesses andProducts	September 30,2025	December 31,2024	September 30,2024	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	57	63	63	e.
	International Integrated Systems, Inc. (“IISI”)	IT solution provider, IT application consultation, system integration and package<br>solution	50	50	50	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<br>services	100	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
TestPro Investment Co., Ltd.	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

(Continued)

11 -

			Percentage of Ownership Interests
Name of Investor	Name of Investee	Main Businesses andProducts	September 30,2025	December 31,2024	September 30,2024	Note
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
Chunghwa Telecom Singapore Pte., Ltd.	Chunghwa Telecom Malaysia SDN. BHD. (“CHTM”)	International private leased circuit, IP VPN service, and ICT services	100	—	—	k.

(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 September 30, 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<br>ownership interest in CLPT decreased to 69.87% as of December 31, 2024.
---	---
e.	CHTSC conducted its initial public offering through public underwriting in September 2025, and Chunghwa did not<br>participate in the capital increase of CHTSC in accordance with applicable regulations. CHTSC issued new shares in January 2024, March 2024, December 2024, February 2025, May 2025 and August 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>63.49%, 63.45% and 56.69% as of September 30, 2024, December 31, 2024 and September 30, 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<br>result, 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.
---	---

12 -

h.	Chunghwa invested and established CHTEU in July 2024. Chunghwa obtained 100% ownership interest of CHTEU.<br>
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.
---	---
k.	CHTS established CHTM in June 2025 and obtained 100% ownership interest in CHTM. The investment capital was<br>remitted in October 2025.
---	---

The following diagram presented information regarding the relationship and percentages of ownership interests between Chunghwa and its subsidiaries as of September 30, 2025.

LOGO

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.

13 -

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<br>
---	---

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.	The IFRSs endorsed by the FSC for application starting from 2026
New, Revised or Amended Standards andInterpretations		Effective Date<br><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 Accounting Standards	Annual Improvements—Volume 11	January 1, 2026

The application of the above new, revised or amended standards and interpretations will not have a material impact on the Company’s consolidated financial statements.

14 -

c.	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><br>Announced by IASB
---	---	---
Amendments to IFRS 10 and IAS 28	Sale or Contribution of Assets between an Investor and Its Associate or Joint Venture	To be determined by IASB
IFRS 18	Presentation and Disclosure in Financial Statements	January 1, 2027
IFRS 19	Subsidiaries without Public Accountability: Disclosures	January 1, 2027

As of the date the consolidated financial statements were authorized for issue, the Company is continuously assessing the possible impact that the application of above standards and interpretations will have on the Company’s financial position and operating result and will disclose the relevant impact when the assessment is completed.

6.	CASH AND CASH EQUIVALENTS
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Cash
Cash on hand	$	322,378	$	443,745	$	446,732
Bank deposits		15,642,437		13,242,716		11,606,077
		15,964,815		13,686,461		12,052,809
Cash equivalents (with maturities of less than three months)
Commercial paper		4,866,946		16,887,390		12,162,589
Negotiable certificates of deposit		—		2,800,000		4,100,000
Time deposits		2,693,572		2,883,479		2,896,506
Stimulus vouchers		1,326		2,359		2,948
		7,561,844		22,573,228		19,162,043
	$	23,526,659	$	36,259,689	$	31,214,852

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

	September 30,2025	December 31,2024	September 30,2024
Bank deposits	0.00%~2.30%	0.00%~2.55%	0.00%~2.75%
Commercial paper	0.95%~1.45%	0.95%~1.56%	0.95%~1.54%
Negotiable certificates of deposit	—	1.55%~1.70%	1.50%~1.51%
Time deposits	0.01%~4.10%	0.01%~4.90%	0.01%~5.56%

15 -

7.	FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Financial assets-current
Mandatorily measured at FVTPL
Derivatives (not designated for hedge)
Forward exchange contracts	$	1,482	$	290	$	65
Non-derivatives
Listed stocks - domestic		—		—		452
	$	1,482	$	290	$	517
Financial assets-noncurrent
Mandatorily measured at FVTPL
Non-derivatives
Non-listed stocks - domestic	$	630,947	$	628,737	$	617,728
Non-listed stocks - foreign		31,112		32,415		67,891
Limited partnership - domestic		496,374		307,327		308,063
Other investing agreements		63,207		36,757		39,137
	$	1,221,640	$	1,005,236	$	1,032,819
Financial liabilities-current
Held for trading
Derivatives (not designated for hedge)
Forward exchange contracts	$	68	$	—	$	1,080

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 September 30, 2025, Chunghwa invested $120,000 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 September 30, 2025, Chunghwa invested $400,000 thousand.

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

			Contract Amount(In Thousands)
September 30, 2025
Forward exchange contracts—buy	NT/	October 2025	NT$167,376/USD5,548
Forward exchange contracts—sell	/NT	October 2025	USD300/NT$9,065
			(Continued)

All values are in US Dollars.

16 -

	Currency			Contract Amount(In Thousands)
December 31, 2024
Forward exchange contracts—buy	NT$	/	March 2025	NT$10,177/EUR300
Forward exchange contracts—buy	NT$	/	January 2025	NT$45,879/USD1,408
September 30, 2024
Forward exchange contracts—buy	NT$	/	December 2024	NT$70,581/EUR2,000
Forward exchange contracts—buy	NT$	/	October 2024	NT$71,940/USD2,245
				(Concluded)

All values are in Euros.

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.

8.	FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME - NONCURRENT
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Domestic investments
Listed and emerging stocks	$	102,198	$	126,013	$	208,063
Non-listed stocks		4,767,094		3,873,647		3,910,698
Foreign investments
Non-listed stocks		813,270		667,316		689,511
	$	5,682,562	$	4,666,976	$	4,808,272

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
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Corporate bonds	$	2,000,000	$	2,000,000	$	—

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.

17 -

10.	TRADE NOTES AND ACCOUNTS RECEIVABLE, NET
	September 30,2025			December 31,2024			September 30,2024
---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable	$	27,703,570		$	27,168,306		$	24,160,818
Less: Loss allowance		(1,182,977	)		(1,142,610	)		(1,075,016	)
	$	26,520,593		$	26,025,696		$	23,085,802

The main credit terms range from 30 to 90 days.

The Company serves a large consumer base for telecommunications business; therefore, the concentration of credit risk is limited. When having transactions with customers, the Company considers the record of arrears in the past. In addition, the Company may also collect some telecommunication charges in advance to reduce the payment arrears in subsequent periods.

The Company adopted a policy of dealing with counterparties with certain credit ratings for project business and to obtain collateral where necessary to mitigate the risk of loss arising from defaults. Credit rating information is provided by independent rating agencies where available and, if such credit rating information is not available, the Company uses other publicly available financial information and its own historical transaction experience to rate its major customers. The Company continues to monitor the credit exposure and credit ratings of its counterparties and spread the credit risk amongst qualified counterparties.

In order to mitigate credit risk, the management of the Company has delegated a team responsible for determining credit limits, credit approvals and other monitoring procedures to ensure the recoverability of receivables. In addition, the Company reviews the recoverable amount of receivables at balance sheet dates to ensure that adequate allowance is provided for possible irrecoverable amounts. In this regard, the management believes the Company’s credit risk could be reasonably reduced.

The Company applies the simplified approach to recognize expected credit losses prescribed by IFRS 9, which permits the use of lifetime expected loss provision for receivables. The expected credit losses on receivables are estimated using a provision matrix by reference to past default experience of the customers and an analysis of the customers’ current financial positions, as well as the forward-looking indicators such as macroeconomic business indicators.

When there is evidence indicating that the counterparty is in evasion, bankruptcy, deregistration or the accounts receivable are over two years past due and the recoverable amount cannot be reasonable estimated, the Company writes off the trade notes and accounts receivable. For accounts receivable that have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

Except for receivables arising from telecommunications business and project business, the Company’s remaining accounts receivable are insignificant. Therefore, only Chunghwa’s provision matrix arising from telecommunications business and project business is disclosed below:

September 30, 2025

	Not Past Due			Past Due Less<br><br><br>than 30 Days			Past Due<br><br><br>31 to 60 Days			Past Due<br><br><br>61 to 90 Days			Past Due<br><br><br>91 to 120 Days			Past Due<br><br><br>121 to 180 Days			Past Due<br><br><br>over 180 Days			Total
Telecommunications business
Expected credit loss rate (Note a)		0%~1%			1%~22%			3%~67%			13%~84%			25%~91%			52%~96%			100%
Gross carrying amount	$	18,113,384		$	386,351		$	300,435		$	94,127		$	39,162		$	27,104		$	605,651		$	19,566,214
Loss allowance (lifetime ECL)		(49,986	)		(27,261	)		(32,572	)		(31,279	)		(31,448	)		(23,216	)		(605,651	)		(801,413	)
Amortized cost	$	18,063,398		$	359,090		$	267,863		$	62,848		$	7,714		$	3,888		$	—		$	18,764,801

(Continued)

18 -

	Not Past Due			Past Due Lessthan 30 Days			Past Due<br><br><br>31 to 60 Days			Past Due<br><br><br>61 to 90 Days			Past Due<br><br><br>91 to 120 Days			Past Due<br><br><br>121 to 180 Days		Past Due<br><br><br>over 180 Days			Total
Project business
Expected credit loss rate (Note b)		0%~5%			5%			10%			30%			50%			80%		100%
Gross carrying amount	$	3,253,167		$	671,511		$	26,805		$	55,862		$	2,706		$	—	$	275,884		$	4,285,935
Loss allowance (lifetime ECL)		(2,645	)		(33,576	)		(2,681	)		(16,759	)		(1,352	)		—		(275,884	)		(332,897	)
Amortized cost	$	3,250,522		$	637,935		$	24,124		$	39,103		$	1,354		$	—	$	—		$	3,953,038

(Concluded)

December 31, 2024

	Not Past Due			Past Due Lessthan 30 Days			Past Due<br><br><br>31 to 60 Days			Past Due<br><br><br>61 to 90 Days			Past Due<br><br><br>91 to 120 Days			Past Due<br><br><br>121 to 180 Days			Past Due<br><br><br>over 180 Days			Total
Telecommunications 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

September 30, 2024

	Not Past Due			Past Due Lessthan 30 Days			Past Due<br><br><br>31 to 60 Days			Past Due<br><br><br>61 to 90 Days			Past Due<br><br><br>91 to 120 Days			Past Due<br><br><br>121 to 180 Days			Past Due<br><br><br>over 180 Days			Total
Telecommunications business
Expected credit loss rate (Note a)		0%~5%			1%~20%			3%~65%			12%~82%			23%~91%			31%~96%			100%
Gross carrying amount	$	16,583,773		$	361,091		$	211,070		$	84,972		$	54,171		$	33,543		$	576,460		$	17,905,080
Loss allowance (lifetime ECL)		(50,791	)		(22,817	)		(29,922	)		(26,503	)		(30,430	)		(21,856	)		(576,460	)		(758,779	)
Amortized cost	$	16,532,982		$	338,274		$	181,148		$	58,469		$	23,741		$	11,687		$	—		$	17,146,301
Project business
Expected credit loss rate (Note b)		0%~5%			5%			10%			30%			50%			80%			100%
Gross carrying amount	$	2,751,123		$	149,094		$	30,165		$	19,931		$	6,767		$	298		$	262,906		$	3,220,284
Loss allowance (lifetime ECL)		(2,722	)		(7,455	)		(3,016	)		(7,751	)		(3,383	)		(239	)		(262,906	)		(287,472	)
Amortized cost	$	2,748,401		$	141,639		$	27,149		$	12,180		$	3,384		$	59		$	—		$	2,932,812
Note a:	Please refer to Note 44 for the information of disaggregation of telecommunications service revenue. The expected credit loss rate applicable to different business revenue varies so as to reflect the risk level<br>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 listed above is for general customers. When the customer is a government-affiliated entity, it is anticipated<br>that there will not be an instance of credit loss. Customers with past history of bounced checks or accounts receivable exceeding six months overdue are classified as high-risk customers, with an expected credit loss rate of 50%, increasing by<br>period as the days overdue increase.

19 -

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

	Nine Months Ended September 30
	2025			2024
Beginning balance	$	1,142,610		$	1,101,640
Add: Provision for credit loss		158,432			76,101
Less: Amounts written off		(118,065	)		(102,725	)
Ending balance	$	1,182,977		$	1,075,016
11.	INVENTORIES
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Merchandise	$	4,375,708	$	4,874,164	$	3,992,057
Project in process		6,147,659		4,564,444		5,328,106
Work in process		136,899		268,570		152,083
Raw materials		215,466		221,856		192,899
		10,875,732		9,929,034		9,665,145
Land held under development		1,998,733		1,998,733		1,998,733
Construction in progress		334,965		159,351		143,409
	$	13,209,430	$	12,087,118	$	11,807,287

The operating costs related to inventories were $13,336,150 thousand (including the valuation loss on inventories of $40,648 thousand) and $37,487,694 thousand (including the valuation loss on inventories of $54,684 thousand) for the three months and nine months ended September 30, 2025, respectively. The operating costs related to inventories were $11,893,571 thousand (including the valuation loss on inventories of $27,565 thousand) and $35,100,378 thousand (including the valuation loss on inventories of $63,286 thousand) for the three months and nine months ended September 30, 2024, respectively.

As of September 30, 2025, December 31, 2024 and September 30, 2024, inventories of $2,333,698 thousand, $2,158,084 thousand and $2,142,142 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.

20 -

12.	PREPAYMENTS
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Prepayments for leases—satellite (Note 40)	$	4,614,610	$	3,129,192	$	2,771,747
Prepaid salary and bonus		2,465,461		4,556		2,479,090
Prepaid rents		1,569,852		1,761,848		1,839,597
Others		3,508,142		2,703,734		2,987,168
	$	12,158,065	$	7,599,330	$	10,077,602
Current
Prepaid salary and bonus	$	2,465,461	$	4,556	$	2,479,090
Prepaid rents		544,711		496,790		522,180
Others		3,410,017		2,636,967		2,932,189
	$	6,420,189	$	3,138,313	$	5,933,459
Noncurrent
Prepayments for leases—satellite (Note 40)	$	4,614,610	$	3,129,192	$	2,771,747
Prepaid rents		1,025,141		1,265,058		1,317,417
Others		98,125		66,767		54,979
	$	5,737,876	$	4,461,017	$	4,144,143

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.

13.	OTHER CURRENT MONETARY ASSETS
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months	$	14,250,053	$	21,679,910	$	12,998,224
Accrued custodial receipts		902,423		725,414		788,742
Others		2,336,195		1,002,677		905,788
	$	17,488,671	$	23,408,001	$	14,692,754

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:

	September 30,2025		December 31,2024		September 30,2024
Time deposits, negotiable certificates of deposit and commercial paper with maturities of more<br>than three months		0.03%~4.47%		0.03%~5.10%		0.03%~5.10%

21 -

14.	SUBSIDIARIES
a.	Information on subsidiaries with material noncontrolling interests
---	---
	Principal		Proportion of Ownership Interests and VotingRights Held by Noncontrolling Interests
---	---	---	---	---	---
Subsidiaries	Place ofBusiness		September 30,2025	December 31,2024	September 30,2024
SENAO		Taiwan	72%	72%	72%
CHPT		Taiwan	66%	66%	66%
	Profit Allocated to Noncontrolling Interests
---	---	---	---	---	---	---	---	---
	Three Months Ended<br>September 30				Nine Months Ended September 30
	2025		2024		2025		2024
SENAO	$	52,900	$	79,344	$	196,101	$	243,988
CHPT	$	177,754	$	62,092	$	459,183	$	99,347
	Accumulated Noncontrolling Interests
---	---	---	---	---	---	---
	September 30,2025		December 31,2024		September 30,2024
SENAO	$	4,554,963	$	4,683,629	$	4,569,015
CHPT		5,584,383		5,305,195		5,090,657
Individually immaterial subsidiaries with noncontrolling interests		3,676,770		3,165,342		2,922,794
	$	13,816,116	$	13,154,166	$	12,582,466

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.

	September 30,2025			December 31,2024			September 30,2024
Current assets	$	7,280,982		$	6,737,556		$	7,391,993
Noncurrent assets		3,590,568			3,675,523			3,307,773
Current liabilities		(4,242,042	)		(3,549,249	)		(3,936,661	)
Noncurrent liabilities		(360,761	)		(415,771	)		(474,930	)
Equity	$	6,268,747		$	6,448,059		$	6,288,175
Equity attributable to the parent	$	1,713,784		$	1,764,430		$	1,719,160
Equity attributable to noncontrolling interests		4,554,963			4,683,629			4,569,015
	$	6,268,747		$	6,448,059		$	6,288,175

22 -

	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025			2024
Revenues and income	$	7,963,586	$	7,866,235	$	22,962,977		$	23,491,166
Costs and expenses		7,889,147		7,755,659		22,689,630			23,152,033
Profit for the period	$	74,439	$	110,576	$	273,347		$	339,133
Profit attributable to the parent	$	21,539	$	31,232	$	77,246		$	95,145
Profit attributable to noncontrolling interests		52,900		79,344		196,101			243,988
Profit for the period	$	74,439	$	110,576	$	273,347		$	339,133
Other comprehensive income (loss) attributable to the parent	$	1,634	$	3,185	$	(7,480	)	$	11,369
Other comprehensive income (loss) attributable to noncontrolling interests		4,165		8,119		(19,062	)		28,976
Other comprehensive income (loss) for the period	$	5,799	$	11,304	$	(26,542	)	$	40,345
Total comprehensive income attributable to the parent	$	23,173	$	34,417	$	69,766		$	106,514
Total comprehensive income attributable to noncontrolling interests		57,065		87,463		177,039			272,964
Total comprehensive income for the period	$	80,238	$	121,880	$	246,805		$	379,478
	Nine Months Ended September 30
---	---	---	---	---	---	---
	2025			2024
Net cash flow from operating activities	$	111,958		$	1,016,024
Net cash flow from investing activities		4,839			(36,539	)
Net cash flow from financing activities		(118,509	)		(742,936	)
Effect of exchange rate changes on cash and cash equivalents		(5	)		50
Net cash inflow (outflow)	$	(1,717	)	$	236,599
Dividends paid to noncontrolling interests	$	306,040		$	370,957

23 -

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.

	September 30,2025			December 31,2024			September 30,2024
Current assets	$	5,429,968		$	4,936,011		$	4,166,549
Noncurrent assets		4,039,828			4,222,292			4,249,868
Current liabilities		(969,550	)		(1,079,055	)		(663,537	)
Noncurrent liabilities		(13,053	)		(21,470	)		(21,804	)
Equity	$	8,487,193		$	8,057,778		$	7,731,076
Equity attributable to CHI	$	2,902,810		$	2,752,583		$	2,640,419
Equity attributable to noncontrolling interests		5,584,383			5,305,195			5,090,657
	$	8,487,193		$	8,057,778		$	7,731,076
	Three Months EndedSeptember 30					Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---
	2025		2024			2025			2024
Revenues and income	$	1,252,245	$	905,402		$	3,644,440		$	2,355,499
Costs and expenses		980,101		806,771			2,941,273			2,191,877
Profit for the period	$	272,144	$	98,631		$	703,167		$	163,622
Profit attributable to CHI	$	94,390	$	36,539		$	243,984		$	64,275
Profit attributable to noncontrolling interests		177,754		62,092			459,183			99,347
Profit for the period	$	272,144	$	98,631		$	703,167		$	163,622
Other comprehensive income (loss) attributable to CHI	$	3,637	$	(1,268	)	$	(6,164	)	$	3,536
Other comprehensive income (loss) attributable to noncontrolling interests		6,982		(2,434	)		(11,834	)		6,789
Other comprehensive income (loss) for the period	$	10,619	$	(3,702	)	$	(17,998	)	$	10,325
Total comprehensive income attributable to CHI	$	98,027	$	35,271		$	237,820		$	67,811
Total comprehensive income attributable to noncontrolling interests		184,736		59,658			447,349			106,136
Total comprehensive income for the period	$	282,763	$	94,929		$	685,169		$	173,947

24 -

	Nine Months Ended September 30
	2025			2024
Net cash flow from operating activities	$	1,107,250		$	316,055
Net cash flow from investing activities		(113,590	)		(64,659	)
Net cash flow from financing activities		(276,634	)		(36,529	)
Effect of exchange rate changes on cash and cash equivalents		(12,261	)		11,777
Net cash inflow	$	704,765		$	226,644
Dividends paid to noncontrolling interests	$	168,161		$	10,780
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 conducted its initial public offering through public underwriting in September 2025, and Chunghwa did not participate in the capital increase of CHTSC in accordance with applicable regulations. CHTSC issued new shares in January 2024, March 2024, December 2024, February 2025, May 2025 and August 2025 as its employees exercised options. Therefore, the Company’s ownership interest in CHTSC decreased. See Note 34(b)(c) for details. 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.

Chunghwa disposed of some shares of IISI in August 2024 before IISI traded its shares on the emerging stock market according to the local requirements. Therefore, the Company’s ownership interest in IISI decreased.

CLPT issued new shares in July 2024 as its employees exercised options. Therefore, the Company’s ownership interest in CLPT decreased. See Note 34(d) 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 nine months ended September 30, 2025 and 2024 was as follows:

	Nine Months Ended September 30, 2025
	NotParticipating in<br><br><br>the Capital<br><br><br>Increase of<br><br><br>CHTSC			CHTSC<br><br><br>Share-Based<br><br><br>Payment			CHIEF<br><br><br>Share-Based<br><br><br>Payment
Cash consideration received from noncontrolling interests	$	1,031,797		$	12,482		$	1,165
The proportionate share of the carrying amount of the net assets of the subsidiary transferred<br>from (to) noncontrolling interests		(500,016	)		(15,836	)		8,176
Differences arising from equity transactions	$	531,781		$	(3,354	)	$	9,341
								(Continued	)

25 -

	Nine Months Ended September 30, 2025
	NotParticipating in<br><br><br>the Capital<br><br><br>Increase of<br><br><br>CHTSC		CHTSC<br><br><br>Share-Based<br><br><br>Payment			CHIEF<br><br><br>Share-Based<br><br><br>Payment
Line items for equity transaction adjustments
Additional paid-in capital—arising from changes in equities of subsidiaries	$	531,781	$	(3,354	)	$	9,341
							(Concluded	)
	Nine Months Ended September 30, 2024
---	---	---	---	---	---	---	---	---	---	---	---	---
	CHTSCShare-Based<br><br><br>Payment			CLPT<br><br><br>Share-BasedPayment			Disposal of<br><br><br>CHTSC<br> <br>Shares			Disposal of<br><br><br>IISI<br> <br>Shares
Cash consideration received from noncontrolling interests (Note)	$	13,245		$	9,342		$	206,618		$	52,155
The proportionate share of the carrying amount of the net assets of the subsidiary transferred to<br>noncontrolling interests		(13,650	)		(12,863	)		(19,150	)		(15,330	)
Differences arising from equity transactions	$	(405	)	$	(3,521	)	$	187,468		$	36,825
Line items for equity transaction adjustments
Additional paid-in capital—arising from the difference between the consideration received or<br>paid and the carrying amount of the subsidiaries’ net assets during actual disposal or acquisition	$	—		$	—		$	187,076		$	36,811
Additional paid-in capital—arising from changes in equities of subsidiaries	$	(405	)	$	(3,521	)	$	392		$	14

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

26 -

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 $15,290 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 assets		3,369
Deferred income tax assets		1,645
Others		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	)
15.	INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Investments in associates	$	8,814,430	$	9,064,213	$	8,735,947
Investment in joint venture		9,083		9,251		9,326
	$	8,823,513	$	9,073,464	$	8,745,273

27 -

a.	Investments in associates

Investments in associates were as follows:

	Carrying Amount
	September 30,2025		December 31,2024		September 30,2024
Material associate
Non-listed
Next Commercial Bank Co., Ltd. (“NCB”)	$	3,680,266	$	3,950,922	$	4,028,346
Associates that are not individually material
Listed
Senao Networks, Inc. (“SNI”)		2,009,391		1,998,346		1,583,693
KingwayTek Technology Co., Ltd. (“KWT”)		256,721		278,967		267,887
Non-listed
Viettel-CHT Co., Ltd. (“Viettel-CHT”)		607,325		573,275		547,601
ST-2 Satellite Ventures Pte., Ltd. (“STS”)		444,886		313,467		423,874
Taiwan International Standard Electronics Co., Ltd. (“TISE”)		379,949		379,357		297,362
WiAdvance Technology Corporation (“WATC”)		267,098		273,440		281,579
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)		248,538		252,625		253,519
Taiwania Hive Technology Fund L.P. (“TWTF”)		239,488		276,180		281,855
So-net Entertainment Taiwan Limited (“So-net”)		145,224		192,968		200,625
KKBOX Taiwan Co., Ltd. (“KKBOXTW”)		128,797		151,241		157,526
Taiwan International Ports Logistics Corporation (“TIPL”)		125,855		133,836		122,309
Porrima Inc. (“PORRIMA”)		73,334		77,634		78,715
Imedtac Co., Ltd. (“IME”)		54,501		56,667		58,479
CHT Infinity Singapore Pte., Ltd. (“CISG”)		54,216		60,782		57,084
Click Force Co., Ltd. (“CF”)		46,731		51,011		52,133
AgriTalk Technology Inc. (“ATT”)		22,710		26,254		27,244
Baohwa Trust Co., Ltd. (“BHT”)		16,364		11,967		10,862
Gather Works Co., Ltd. (“GW”)		13,036		—		—
Cornerstone Ventures Co., Ltd. (“CVC”)		—		5,274		5,254
Chunghwa Sochamp Technology Inc. (“CHST”) (Note 14)		—		—		—
		5,134,164		5,113,291		4,707,601
	$	8,814,430	$	9,064,213	$	8,735,947

28 -

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
	September 30,2025		December 31,2024		September 30,2024
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
ST-2 Satellite Ventures Pte., Ltd. (“STS”)		38		38		38
Taiwan International Standard Electronics Co., Ltd. (“TISE”)		40		40		40
WiAdvance Technology Corporation (“WATC”)		16		16		16
Chunghwa PChome Fund I Co., Ltd. (“CPFI”)		50		50		50
Taiwania Hive Technology Fund L.P. (“TWTF”)		40		42		42
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		10
Imedtac Co., Ltd. (“IME”)		10		10		10
CHT Infinity Singapore Pte., Ltd. (“CISG”)		40		40		40
Click Force Co., Ltd. (“CF”)		49		49		49
AgriTalk Technology Inc. (“ATT”)		29		29		29
Baohwa Trust Co., Ltd. (“BHT”)		25		25		25
Gather Works Co., Ltd. (“GW”)		48		—		—
Cornerstone Ventures Co., Ltd. (“CVC”)		—		49		49
Chunghwa Sochamp Technology Inc. (“CHST”) (Note 14)		37		—		—

29 -

Summarized financial information of NCB was set out below:

	September 30,2025			December 31,2024			September 30,2024
Assets	$	62,980,622		$	48,636,633		$	41,603,098
Liabilities		(54,982,196	)		(40,043,113	)		(32,838,872	)
Equity	$	7,998,426		$	8,593,520		$	8,764,226
The percentage of ownership interest held by the Company		46.26%			46.26%			46.26%
Equity attributable to the Company	$	3,700,072		$	3,975,362		$	4,054,331
Unrealized gain or loss from downstream transactions		(19,806	)		(24,440	)		(25,985	)
The carrying amount of investment	$	3,680,266		$	3,950,922		$	4,028,346
	Three Months EndedSeptember 30						Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---
	2025			2024			2025			2024
Net revenues	$	111,417		$	54,042		$	191,124		$	195,958
Net loss for the period	$	(188,387	)	$	(204,538	)	$	(642,285	)	$	(582,667	)
Other comprehensive income (loss)		28,578			18,445			47,191			(183	)
Total comprehensive loss for the period	$	(159,809	)	$	(186,093	)	$	(595,094	)	$	(582,850	)

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<br>September 30				Nine Months Ended September 30
	2025		2024		2025			2024
The Company’s share of profits	$	144,232	$	133,579	$	388,422		$	328,702
The Company’s share of other comprehensive income (loss)		6,831		9,865		(25,959	)		41,091
The Company’s share of total comprehensive income	$	151,063	$	143,444	$	362,463		$	369,793

30 -

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

	September 30,2025		December 31,2024		September 30,2024
SNI	$	3,094,028	$	3,838,161	$	2,743,830
KWT	$	833,148	$	896,747	$	873,851

CVC was approved to end and dissolve its business in November 2024, and CVC completed its liquidation in August 2025. The Company received the liquidation distribution of $5,026 thousand and recognized loss on disposal of $2 thousand under “other gains and losses” on the consolidated statements of comprehensive income.

CHST was approved to end and dissolve its business in July 2025.

KWT transferred its treasury stock repurchased from December 2019 to February 2020 to employees in October 2024. In addition, KWT repurchased its stock from April 2025 to May 2025. Therefore, the Company’s ownership interest in KWT decreased to 22.58% and 22.78% as of December 31, 2024 and September 30, 2025, respectively.

The Company invested $14,400 thousand and obtained 48.00% ownership interest in GW in April 2025. GW mainly engages in film and drama IP development, copyright management and copyright sales.

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 $288,405 thousand (USD 9,000 thousand) in TWTF in August 2024 and obtained 41.75% ownership interest. TWTF raised capital in multiple stages. New capital was received in April 2025, resulting in an increase in the fund size; therefore, the Company’s ownership interest in TWTF changed to 39.81% as of September 30, 2025. TWTF mainly engages in investment.

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 16.24% as of September 30, 2024. 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.

The Company participated in the capital increase of PORRIMA at the amount of $80,000 thousand 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 at the amount of $31,914 thousand in April 2024. Therefore, the Company’s ownership interest in IME increased to 10.00%. 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,

31 -

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	September 30,2025		December 31,2024		September 30,2024		September 30,2025		December 31,2024		September 30,2024
Non-listed
Chunghwa SEA Holdings (“CHT SEA”)	$	9,083	$	9,251	$	9,326		51%		51%		51%

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. CHT SEA was approved to end and dissolve its business in June 2025. The liquidation of CHT SEA is still in process.

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

	Three Months Ended<br>September 30						Nine Months Ended<br>September 30
	2025			2024			2025			2024
The Company’s share of loss	$	(75	)	$	(41	)	$	(168	)	$	(137	)
The Company’s share of other comprehensive income		—			—			—			—
The Company’s share of total comprehensive loss	$	(75	)	$	(41	)	$	(168	)	$	(137	)

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

32 -

16.	PROPERTY, PLANT AND EQUIPMENT
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Assets used by the Company	$	278,027,165	$	284,714,764	$	276,930,430
Assets subject to operating leases		5,712,466		5,125,380		6,152,842
	$	283,739,631	$	289,840,144	$	283,083,272
a.	Assets used by the Company
---	---
	Land			Land<br><br><br>Improvements			Buildings			Computer<br><br><br>Equipment			Telecommuni-cationsEquipment			Transportation<br><br><br>Equipment			Miscellaneous<br><br><br>Equipment			Construction in<br><br><br>Progress and<br><br><br>Equipment to<br> <br>beAccepted			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		—			—			17,018			24,045			79,698			2,939			75,026			13,916,345			14,115,071
Disposal		(222	)		—			(6,375	)		(884,712	)		(20,502,761	)		(103,467	)		(335,048	)		—			(21,832,585	)
Effect of foreign exchange differences		—			—			—			56			83,036			230			6,268			7,293			96,883
Others		(700,841	)		11,066			75,487			387,805			13,133,152			86,405			661,836			(14,585,537	)		(930,627	)
Balance on September 30, 2024	$	102,184,391		$	1,720,302		$	71,840,913		$	10,572,025		$	714,228,104		$	4,035,768		$	12,499,111		$	15,275,288		$	932,355,902
Accumulated depreciation<br><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 expense		—			(25,701	)		(1,082,713	)		(563,249	)		(19,070,430	)		(93,338	)		(617,266	)		—			(21,452,697	)
Disposal		—			—			6,375			884,234			20,497,943			102,922			321,160			—			21,812,634
Effect of foreign exchange differences		—			—			—			(51	)		(48,985	)		(275	)		(3,768	)		—			(53,079	)
Others		—			—			209,139			(298	)		(9,807	)		(383	)		(108,721	)		—			89,930
Balance on September 30, 2024	$	—		$	(1,533,633	)	$	(34,151,011	)	$	(8,900,424	)	$	(597,763,270	)	$	(3,645,798	)	$	(9,431,336	)	$	—		$	(655,425,472	)
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 September 30, 2024, net	$	102,184,391		$	186,669		$	37,689,902		$	1,671,601		$	116,464,834		$	389,970		$	3,067,775		$	15,275,288		$	276,930,430
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		—			—			80,248			76,821			152,930			1,180			100,782			15,368,969			15,780,930
Disposal		—			(1,186	)		(387	)		(607,553	)		(9,490,648	)		(348,310	)		(266,722	)		—			(10,714,806	)
Effect of deconsolidation of subsidiaries (Note 14)		—			—			—			—			—			(2,009	)		(3,213	)		—			(5,222	)
Effect of foreign exchange differences		—			—			—			(264	)		(183,632	)		(298	)		(12,288	)		(12,806	)		(209,288	)
Others		(555,505	)		34,010			(59,393	)		268,290			13,475,227			171,950			1,111,270			(15,100,602	)		(654,753	)
Balance on September 30, 2025	$	101,790,526		$	1,782,438		$	74,198,545		$	10,185,701		$	722,306,922		$	4,006,053		$	13,609,952		$	16,828,313		$	944,708,450
Accumulated depreciation<br><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 expense		—			(37,134	)		(1,132,880	)		(496,343	)		(19,274,605	)		(136,165	)		(651,033	)		—			(21,728,160	)
Disposal		—			1,186			387			607,499			9,488,798			348,310			262,136			—			10,708,316
Effect of deconsolidation of subsidiaries (Note 14)		—			—			—			—			—			2,009			3,011			—			5,020
Effect of foreign exchange differences		—			—			—			226			119,478			109			7,655			—			127,468
Others		—			—			32,176			(314	)		762,689			(1,303	)		(790,352	)		—			2,896
Balance on September 30, 2025	$	—		$	(1,579,321	)	$	(35,821,684	)	$	(8,616,103	)	$	(606,578,248	)	$	(3,416,943	)	$	(10,668,986	)	$	—		$	(666,681,285	)
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 September 30, 2025, net	$	101,790,526		$	203,117		$	38,376,861		$	1,569,598		$	115,728,674		$	589,110		$	2,940,966		$	16,828,313		$	278,027,165

There was no indication that property, plant and equipment was impaired; therefore, the Company did not recognize any impairment loss for the nine months ended September 30, 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
	(Continued)

33 -

Transportation equipment	2~10 years
Miscellaneous equipment
Leasehold improvements	1~18 years
Mechanical and air conditioner equipment	2~16 years
Others	1~15 years
	(Concluded)
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		—			138			138
Others		(1,128,922	)		150,389			(978,533	)
Balance on September 30, 2024	$	3,795,465		$	4,281,558		$	8,077,023
Accumulated depreciation and impairment
Balance on January 1, 2024	$	—		$	(1,802,576	)	$	(1,802,576	)
Depreciation expense		—			(56,432	)		(56,432	)
Others		—			(65,173	)		(65,173	)
Balance on September 30, 2024	$	—		$	(1,924,181	)	$	(1,924,181	)
Balance on January 1, 2024, net	$	4,924,387		$	2,328,455		$	7,252,842
Balance on September 30, 2024, net	$	3,795,465		$	2,357,377		$	6,152,842
Cost
Balance on January 1, 2025	$	3,104,874		$	3,737,084		$	6,841,958
Additions		—			127			127
Others		532,321			111,574			643,895
Balance on September 30, 2025	$	3,637,195		$	3,848,785		$	7,485,980
Accumulated depreciation and impairment
Balance on January 1, 2025	$	—		$	(1,716,578	)	$	(1,716,578	)
Depreciation expense		—			(50,106	)		(50,106	)
Others		—			(6,830	)		(6,830	)
Balance on September 30, 2025	$	—		$	(1,773,514	)	$	(1,773,514	)
Balance on January 1, 2025, net	$	3,104,874		$	2,020,506		$	5,125,380
Balance on September 30, 2025, net	$	3,637,195		$	2,075,271		$	5,712,466

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.

34 -

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

	September 30,2025		December 31,2024		September 30,2024
Year 1	$	281,762	$	305,357	$	320,905
Year 2		172,221		197,780		216,091
Year 3		116,027		121,845		129,951
Year 4		81,618		92,431		94,032
Year 5		51,873		62,415		66,857
Onwards		107,733		136,567		173,110
	$	811,234	$	916,395	$	1,000,946

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
17.	LEASE ARRANGEMENTS
---	---
a.	Right-of-use assets
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Land and buildings
Handsets base stations	$	7,739,861	$	7,648,470	$	7,668,373
Others		1,614,914		1,564,104		1,665,320
Equipment		1,700,401		1,699,755		1,668,138
	$	11,055,176	$	10,912,329	$	11,001,831
	Three Months Ended<br>September 30				Nine Months Ended<br>September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Additions to right-of-use assets					$	3,622,272	$	3,068,649
Depreciation charge for right-of-use assets
Land and buildings
Handsets base stations	$	759,920	$	756,725	$	2,280,474	$	2,249,304
Others		204,998		204,090		613,269		602,871
Equipment		115,114		87,755		344,422		263,371
	$	1,080,032	$	1,048,570	$	3,238,165	$	3,115,546

The Company did not have significant sublease or impairment of right-of-use assets for the nine months ended September 30, 2025 and 2024.

35 -

b.	Lease liabilities
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Lease liabilities
Current	$	3,811,130	$	3,557,874	$	3,539,219
Noncurrent		7,225,607		7,333,503		7,456,843
	$	11,036,737	$	10,891,377	$	10,996,062

Ranges of discount rates for lease liabilities were as follows:

	September 30,2025
Land and buildings
Handsets base stations		0.37%~2.00%	0.37%~2.00%	0.37%~1.98%
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%
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<br>September 30				Nine Months Ended<br>September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Expenses relating to low-value asset leases	$	2,281	$	2,846	$	6,628	$	7,235
Expenses relating to variable lease payments not included in the measurement of lease<br>liabilities	$	1,924	$	1,653	$	5,362	$	4,719
Total cash outflow for leases					$	3,283,830	$	3,030,014

36 -

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		1,894,977
Balance on September 30, 2024	$	13,056,811
Accumulated depreciation and impairment
Balance on January 1, 2024	$	(1,356,371	)
Depreciation expense		(33,531	)
Reclassification		(24,663	)
Balance on September 30, 2024	$	(1,414,565	)
Balance on January 1, 2024, net	$	9,805,463
Balance on September 30, 2024, net	$	11,642,246
Cost
Balance on January 1, 2025	$	13,592,694
Additions		7,060
Reclassification		30,235
Balance on September 30, 2025	$	13,629,989
Accumulated depreciation and impairment
Balance on January 1, 2025	$	(1,290,975	)
Depreciation expense		(33,730	)
Reclassification		(1,357	)
Balance on September 30, 2025	$	(1,326,062	)
Balance on January 1, 2025, net	$	12,301,719
Balance on September 30, 2025, net	$	12,303,927

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

37 -

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 September 30, 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:

	September 30,2025		December 31,2024		September 30,2024
Fair value	$	41,496,818	$	41,284,758	$	35,492,590
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:

	September 30,2025		December 31,2024		September 30,2024
Year 1	$	271,509	$	274,163	$	273,976
Year 2		236,609		247,997		246,991
Year 3		206,136		216,256		215,571
Year 4		196,344		192,062		184,618
Year 5		188,973		190,020		179,463
Onwards		1,168,348		1,306,456		1,229,287
	$	2,267,919	$	2,426,954	$	2,329,906
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		—			133,672			—			3,775			137,447
Disposal		—			(202,904	)		—			(7,440	)		(210,344	)
Effect of foreign exchange differences		—			107			—			54			161
Others		—			14,255			—			—			14,255
Balance on September 30, 2024	$	109,963,431		$	2,477,379		$	291,206		$	418,224		$	113,150,240
Accumulated amortization and impairment
Balance on January 1, 2024	$	(38,202,416	)	$	(1,954,096	)	$	(73,624	)	$	(252,040	)	$	(40,482,176	)
Amortization expenses		(4,792,604	)		(205,789	)		—			(22,682	)		(5,021,075	)
Disposal		—			202,904			—			7,440			210,344
														(Continued	)

38 -

	MobileBroadbandConcession			ComputerSoftware			Goodwill			Others			Total
Effect of foreign exchange differences	$	—		$	(56	)	$	—		$	(33	)	$	(89	)
Others		—			364			—			—			364
Balance on September 30, 2024	$	(42,995,020	)	$	(1,956,673	)	$	(73,624	)	$	(267,315	)	$	(45,292,632	)
Balance on January 1, 2024, net	$	71,761,015		$	578,153		$	217,582		$	169,795		$	72,726,545
Balance on September 30, 2024, net	$	66,968,411		$	520,706		$	217,582		$	150,909		$	67,857,608
Cost
Balance on January 1, 2025	$	109,963,431		$	2,427,063		$	291,206		$	418,959		$	113,100,659
Additions-acquired separately		—			88,135			—			2,495			90,630
Disposal		—			(166,626	)		—			(1,256	)		(167,882	)
Effect of foreign exchange differences		—			(676	)		—			(10	)		(686	)
Others		—			2,658			—			—			2,658
Balance on September 30, 2025	$	109,963,431		$	2,350,554		$	291,206		$	420,188		$	113,025,379
Accumulated amortization and impairment
Balance on January 1, 2025	$	(44,592,555	)	$	(1,877,275	)	$	(73,624	)	$	(274,003	)	$	(46,817,457	)
Amortization expenses		(4,792,604	)		(191,351	)		—			(18,647	)		(5,002,602	)
Disposal		—			166,626			—			1,256			167,882
Effect of foreign exchange differences		—			202			—			7			209
Balance on September 30, 2025	$	(49,385,159	)	$	(1,901,798	)	$	(73,624	)	$	(291,387	)	$	(51,651,968	)
Balance on January 1, 2025, net	$	65,370,876		$	549,788		$	217,582		$	144,956		$	66,283,202
Balance on September 30, 2025, net	$	60,578,272		$	448,756		$	217,582		$	128,801		$	61,373,411

(Concluded)

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
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---	---
Spare parts	$	2,676,658	$	2,005,946	$	2,955,635
Refundable deposits		1,909,876		2,161,983		2,002,643
Other financial assets		1,000,000		1,000,000		1,000,000
Others		3,054,577		2,831,855		2,808,845
	$	8,641,111	$	7,999,784	$	8,767,123
						(Continued	)

39 -

	September 30,2025		December 31,2024		September 30,2024
Current
Spare parts	$	2,676,658	$	2,005,946	$	2,955,635
Others		1,313,029		1,108,608		1,267,010
	$	3,989,687	$	3,114,554	$	4,222,645
Noncurrent
Refundable deposits	$	1,909,876	$	2,161,983	$	2,002,643
Other financial assets		1,000,000		1,000,000		1,000,000
Others		1,741,548		1,723,247		1,541,835
	$	4,651,424	$	4,885,230	$	4,544,478
						(Concluded	)

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.

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.

40 -

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

September 30, 2025

Hedging Instruments					Forward<br><br><br>Rate		Line Item in	CarryingAmount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
	Currency				(In Dollars)		Balance Sheet	Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts	NT$	/	NT 297,544/ 8,500	December 2025	$	35.01	Hedging financial assets (liabilities)	$	6,275	$	—	$	7,049

All values are in Euros.

	Change inValue ofHedged ItemUsed for<br><br><br>CalculatingHedgeIneffectiveness				Accumulated Gain or Loss onHedging Instruments in Other Equity
Hedged Items				ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases	$	(7,049	)		$	6,275		$	—

December 31, 2024

Hedging Instruments					Forward<br><br><br>Rate		Line Item in	CarryingAmount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
	Currency				(In Dollars)		Balance Sheet	Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts		NT/	NT341,036/10,000	March 2025	$	34.10	Hedging financial assets (liabilities)	$	1,133	$	1,907	$	(730	)

All values are in US Dollars.

	Change inValue ofHedged ItemUsed for		Accumulated Gain or Loss onHedging Instruments in Other Equity
Hedged Items	CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases	$	730	$	(774	)	$	—

September 30, 2024

Hedging Instruments					Forward<br><br><br>Rate		Line Item in	CarryingAmount				Change in FairValues ofHedgingInstruments Usedfor CalculatingHedge
	Currency				(In Dollars)		Balance Sheet	Asset		Liability		Ineffectiveness
Cash flow hedge
Forecast purchases - forward exchange contracts	NT$	/	NT 141,607/ 4,000	December 2024	$	35.40	Hedging financial assets (liabilities)	$	—	$	662	$	(618	)

All values are in Euros.

41 -

	Change inValue ofHedged ItemUsed for		Accumulated Gain or Loss onHedging Instruments in Other Equity
Hedged Items	CalculatingHedgeIneffectiveness		ContinuingHedges			HedgeAccounting NoLonger Applied
Cash flow hedge
Forecast equipment purchases	$	618	$	(662	)	$	—

Nine months ended September 30, 2025

	Comprehensive Income						Reclassification from Equityto Assets and the Adjusted Line Item
Hedge Transaction	HedgingGain or LossRecognized in OCI		Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item inWhich HedgeIneffectiveness is<br><br><br>Included		AmountReclassified toAssets and theAdjusted LineItem			Due to HedgedFuture Cash FlowsNo Longer Expectedto Occur
Cash flow hedge
Forecast equipment purchases	$	7,049	$	—		—	$	(5,660<br> <br>Construction in<br>progress and<br>equipment to<br>be accepted	)	$	— <br> <br>Other gains and losses

Nine months ended September 30, 2024

	Comprehensive Income							Reclassification from Equityto Assets and the Adjusted Line Item
Hedge Transaction	HedgingGain or LossRecognized in OCI			Amount ofHedgeIneffectivenessRecognized inProfit or Loss		Line Item inWhich HedgeIneffectiveness is<br><br><br>Included		AmountReclassified toAssets and theAdjusted LineItem		Due to HedgedFuture Cash FlowsNo Longer Expectedto Occur
Cash flow hedge
Forecast equipment purchases	$	(618	)	$	—		—	$	4,591<br>Construction in<br>progress and<br>equipment to be<br>accepted	$	— <br> <br>Other gains and losses
22.	SHORT-TERM LOANS
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Unsecured bank loans	$	755,000	$	215,000	$	430,000

The annual interest rates of bank loans were as follows:

	September 30,2025		December 31,2024		September 30,2024
Unsecured bank loans		1.76%~2.28%		1.82%~3.49%		1.82%~3.49%

42 -

23.	LONG-TERM LOANS
	September 30,2025		December 31,2024			September 30,2024
---	---	---	---	---	---	---	---
Secured bank loans (Note 39)	$	1,600,000	$	1,600,000		$	1,600,000
Unsecured bank loans		—		35,000			—
Less: Current portion		—		(3,646	)		—
	$	1,600,000	$	1,631,354		$	1,600,000

The annual interest rates of bank loans were as follows:

	September 30,2025			December 31,2024			September 30,2024
Secured bank loans		2.10	%		2.09	%		2.06	%
Unsecured bank loans		—			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, and interest was paid monthly. The loan was fully repaid in July 2025.

24.	BONDS PAYABLE
	September 30,2025			December 31,2024			September 30,2024
---	---	---	---	---	---	---	---	---	---
Unsecured domestic bonds	$	25,200,000		$	30,500,000		$	30,500,000
Less: Discounts on bonds payable		(12,914	)		(11,794	)		(13,133	)
		25,187,086			30,488,206			30,486,867
Less: Current portion		(1,899,750	)		(8,798,880	)		(8,798,425	)
	$	23,287,336		$	21,689,326		$	21,688,442

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

Issuance	Tranche	Issuance Period	Total Amount	Coupon<br><br><br>Rate	Repayment and InterestPayment
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><br>(Sustainable Bond)	—	March 2022 to March 2027	3,500,000	0.69%	The same as above
2025-1<br><br><br>(Sustainable Bond)	—	August 2025 to August 2030	3,500,000	1.73%	The same as above

43 -

25.	TRADE NOTES AND ACCOUNTS PAYABLE
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Trade notes and accounts payable	$	13,471,366	$	17,742,532	$	12,379,605

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

26.	OTHER PAYABLES
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Accrued salary and compensation	$	9,029,643	$	10,721,819	$	8,269,073
Accrued compensation to employees and remuneration to directors and supervisors		2,089,605		2,499,932		1,946,960
Amounts collected for others		1,861,617		1,706,744		1,620,636
Accrued maintenance costs		1,129,730		1,116,992		1,104,841
Payables to contractors		1,049,818		2,264,856		1,284,815
Payables to equipment suppliers		527,241		720,361		215,647
Others		7,367,479		7,550,649		7,251,171
	$	23,055,133	$	26,581,353	$	21,693,143
27.	PROVISIONS
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Warranties	$	261,521	$	280,679	$	230,178
Onerous contracts		256,833		266,755		167,830
Employee benefits		225,166		415,477		409,081
Others		12,272		13,574		2,967
	$	755,792	$	976,485	$	810,056
Current	$	437,013	$	441,801	$	308,999
Noncurrent		318,779		534,684		501,057
	$	755,792	$	976,485	$	810,056
	Warranties			OnerousContracts			EmployeeBenefits			Others			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Balance on January 1, 2024	$	237,873		$	194,651		$	387,082		$	3,067		$	822,673
Additional / (reversal of) provisions recognized		41,260			(26,821	)		27,394			(100	)		41,733
Used / forfeited during the period		(49,012	)		—			(5,395	)		—			(54,407	)
Effect of foreign exchange differences		57			—			—			—			57
Balance on September 30, 2024	$	230,178		$	167,830		$	409,081		$	2,967		$	810,056
Balance on January 1, 2025	$	280,679		$	266,755		$	415,477		$	13,574		$	976,485
Additional / (reversal of) provisions recognized		50,036			(9,561	)		30,364			2,558			73,397
Used / forfeited during the period		(69,102	)		—			(220,675	)		(3,860	)		(293,637	)
Effect of foreign exchange differences		(92	)		(361	)		—			—			(453	)
Balance on September 30, 2025	$	261,521		$	256,833		$	225,166		$	12,272		$	755,792

44 -

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.<br>
---	---
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 EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Operating costs	$	79,608	$	102,935	$	240,598	$	312,760
Marketing expenses		63,436		79,082		189,795		234,666
General and administrative expenses		15,470		18,588		45,702		54,490
Research and development expenses		7,314		8,256		21,457		24,254
	$	165,828	$	208,861	$	497,552	$	626,170
29.	EQUITY
---	---
a.	Share capital
---	---
1)	Common stocks
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
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

45 -

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 September 30, 2025, the outstanding ADSs were 189,383 thousand common stocks, which equaled 18,938 thousand units and represented 2.44% 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 nine months ended September 30, 2025 and 2024 were as follows:

	Share Premium		Movements ofAdditionalPaid-in Capitalfor Associatesand JointVenturesAccounted forUsing EquityMethod			Movements ofAdditionalPaid-in CapitalArising fromChanges inEquities ofSubsidiaries			DifferencebetweenConsiderationReceived or Paidand CarryingAmount of theSubsidiaries’ NetAssets duringActual Disposalor Acquisition		Donated Capital			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
Payment of unclaimed dividend		—		—			—			—		(123	)		—		(123	)
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		62,904			—			—		—			—		62,904
Actual disposal of interests in subsidiaries		—		—			406			223,887		—			—		224,293
Changes in equities of subsidiaries		—		—			(3,926	)		—		—			—		(3,926	)
Balance on September 30, 2024	$	147,329,386	$	214,856		$	2,141,207		$	1,211,494	$	27,213		$	20,648,078	$	171,572,234
Balance on January 1, 2025	$	147,329,386	$	223,835		$	2,145,041		$	1,211,494	$	29,445		$	20,648,078	$	171,587,279
Unclaimed dividend		—		—			—			—		2,033			—		2,033
Change in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—		(6,128	)		—			—		—			—		(6,128	)
Change in additional paid-in capital for not participating in the capital increase of<br>subsidiaries		—		—			531,781			—		—			—		531,781
Changes in equities of subsidiaries		—		—			5,987			—		—			—		5,987
Balance on September 30, 2025	$	147,329,386	$	217,707		$	2,682,809		$	1,211,494	$	31,478		$	20,648,078	$	172,120,952

46 -

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.

47 -

The appropriations of the 2024 and 2023 earnings of Chunghwa approved by the stockholders in their meetings on May 29, 2025 and May 31, 2024 were as follows:

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

All values are in US Dollars.

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
	Nine Months Ended September 30
---	---	---	---	---	---
	2025		2024
Beginning balance	$	563,605	$	520,748
Recognized for the period
Unrealized gain or loss
Equity instruments		742,655		87,065
Share of profits (loss) of associates and joint ventures accounted for using equity<br>method		23,011		(857	)
Ending balance	$	1,329,271	$	606,956
e.	Noncontrolling interests
---	---
	Nine Months Ended September 30
---	---	---	---	---	---	---
	2025			2024
Beginning balance	$	13,154,166		$	12,596,252
Shares attributed to noncontrolling interests
Net income for the period		1,248,830			784,382
Exchange differences arising from the translation of the foreign operations		(16,096	)		6,957
Unrealized gain or loss on financial assets at FVOCI		10,811			(811	)
Share of other comprehensive income (loss) of associates and joint ventures accounted for using<br>equity method		(18,411	)		28,204
Cash dividends distributed by subsidiaries		(1,094,115	)		(898,565	)
Loss of control of subsidiaries (Note 14)		19,534			—
Changes in additional paid-in capital from investments in associates and joint ventures accounted<br>for using equity method		—			(1,728	)
Actual disposal of interests in subsidiaries		—			34,480
Change in additional paid-in capital for not participating in the capital increase of<br>subsidiaries		500,016			—
Net increase in noncontrolling interests		11,381			33,295
Ending balance	$	13,816,116		$	12,582,466

48 -

30.	REVENUES
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Revenue from contracts with customers	$	57,321,629	$	55,001,703	$	168,615,562	$	162,820,518
Other revenues
Government grants income		322,029		271,051		1,036,110		838,290
Rental income		223,323		292,071		651,862		870,489
Others		57,356		48,651		159,608		143,383
		602,708		611,773		1,847,580		1,852,162
	$	57,924,337	$	55,613,476	$	170,463,142	$	164,672,680

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
	September 30,2025			December 31,2024			September 30,2024			January 1,2024
---	---	---	---	---	---	---	---	---	---	---	---	---
Trade notes and accounts receivable (Note 10)	$	26,520,593		$	26,025,696		$	23,085,802		$	24,841,995
Contract assets
Products and service bundling	$	10,598,390		$	10,445,758		$	10,081,628		$	9,297,181
Others		1,964,114			2,306,854			1,629,010			1,205,973
Less: Loss allowance		(27,016	)		(23,845	)		(23,034	)		(21,282	)
	$	12,535,488		$	12,728,767		$	11,687,604		$	10,481,872
Current	$	8,052,300		$	8,401,343		$	7,444,080		$	6,713,227
Noncurrent		4,483,188			4,327,424			4,243,524			3,768,645
	$	12,535,488		$	12,728,767		$	11,687,604		$	10,481,872
Contract liabilities
Telecommunications business	$	13,624,294		$	13,931,238		$	14,041,785		$	14,015,949
Project business		9,667,908			8,014,350			7,958,963			6,654,364
Advance house and land receipts (Notes 11 and 40)		1,226,571			1,064,150			978,878			459,697
Others		1,090,695			831,978			897,705			518,758
	$	25,609,468		$	23,841,716		$	23,877,331		$	21,648,768
Current	$	19,010,040		$	16,300,986		$	16,238,717		$	14,088,416
Noncurrent		6,599,428			7,540,730			7,638,614			7,560,352
	$	25,609,468		$	23,841,716		$	23,877,331		$	21,648,768

49 -

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
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Current
Incremental costs of obtaining contracts	$	338,581	$	339,172	$	339,055
Noncurrent
Incremental costs of obtaining contracts	$	1,133,181	$	1,221,652	$	1,125,205

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 and nine months ended September 30, 2025 were $237,556 thousand and $709,247 thousand, respectively. Amortization expenses for the three months and nine months ended September 30, 2024 were $234,292 thousand and $670,972 thousand, respectively.

50 -

31.	NET INCOME
a.	Other income and expenses
---	---
	Three Months EndedSeptember 30					Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---
	2025		2024			2025		2024
Gain (loss) on disposal of property, plant and equipment, net	$	2,005	$	(9,026	)	$	8,219	$	(9,715	)
b.	Other income
---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Dividend income	$	5,183	$	4,943	$	280,667	$	239,908
Rental income		19,124		19,491		57,412		56,067
Others		38,056		68,804		104,025		122,665
	$	62,363	$	93,238	$	442,104	$	418,640
c.	Other gains and losses
---	---
	Three Months EndedSeptember 30						Nine Months Ended September 30
---	---	---	---	---	---	---	---	---	---	---	---	---
	2025			2024			2025			2024
Valuation gain (loss) on financial assets and liabilities at fair value through profit or loss,<br>net	$	9,906		$	(53,079	)	$	(75,282	)	$	(125,526	)
Foreign currency exchange gain (loss), net		(57,434	)		(51,593	)		30,474			(76,225	)
Gain on disposal of financial instruments, net		—			—			—			1,073
Gain on disposal of subsidiaries		—			—			15,290			—
Loss on disposal of investments accounted for using equity method		(2	)		—			(2	)		—
Others		(5,243	)		(3,927	)		(10,983	)		(2,072	)
	$	(52,773	)	$	(108,599	)	$	(40,503	)	$	(202,750	)
d.	Interest expenses
---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Interest on bonds payable	$	39,372	$	41,909	$	123,318	$	125,840
Interest on lease liabilities		39,099		33,274		114,848		94,132
Interest paid to financial institutions		12,507		10,627		33,836		31,623
Others		163		4		676		679
	$	91,141	$	85,814	$	272,678	$	252,274

51 -

e.	Impairment loss (reversal of impairment loss)
	Three Months EndedSeptember 30					Nine Months EndedSeptember 30
---	---	---	---	---	---	---	---	---	---	---	---
	2025		2024			2025			2024
Contract assets	$	2,759	$	(482	)	$	3,171		$	1,752
Trade notes and accounts receivable	$	104,313	$	(6,501	)	$	158,432		$	76,101
Other receivables	$	5,457	$	2,598		$	(672	)	$	(2,297	)
Inventories	$	40,648	$	27,565		$	54,684		$	63,286
f.	Depreciation and amortization expenses
---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Property, plant and equipment	$	7,250,699	$	7,148,174	$	21,778,266	$	21,509,129
Right-of-use assets		1,080,032		1,048,570		3,238,165		3,115,546
Investment properties		11,272		11,212		33,730		33,531
Intangible assets		1,666,854		1,676,163		5,002,602		5,021,075
Incremental costs of obtaining contracts		237,556		234,292		709,247		670,972
Total depreciation and amortization expenses	$	10,246,413	$	10,118,411	$	30,762,010	$	30,350,253
Depreciation expenses summarized by functions
Operating costs	$	7,798,382	$	7,668,878	$	23,407,279	$	23,056,260
Operating expenses		543,621		539,078		1,642,882		1,601,946
	$	8,342,003	$	8,207,956	$	25,050,161	$	24,658,206
Amortization expenses summarized by functions
Operating costs	$	1,859,688	$	1,860,173	$	5,578,542	$	5,545,850
Marketing expenses		24,065		24,236		71,176		67,002
General and administrative expenses		15,041		16,216		40,825		47,404
Research and development expenses		5,616		9,830		21,306		31,791
	$	1,904,410	$	1,910,455	$	5,711,849	$	5,692,047

52 -

g.	Employee benefit expenses
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Post-employment benefit
Defined contribution plans	$	305,377	$	270,872	$	897,824	$	790,731
Defined benefit plans		165,828		208,861		497,552		626,170
		471,205		479,733		1,395,376		1,416,901
Share-based payment
Equity-settled share—based payment		1,395		2,153		3,721		6,782
Other employee benefit (Note)		12,282,321		11,772,188		36,648,142		34,860,996
Total employee benefit expenses	$	12,754,921	$	12,254,074	$	38,047,239	$	36,284,679
Summary by functions
Operating costs	$	5,886,456	$	5,709,537	$	17,620,090	$	16,927,710
Operating expenses		6,868,465		6,544,537		20,427,149		19,356,969
	$	12,754,921	$	12,254,074	$	38,047,239	$	36,284,679
Note: Other	employee benefit mainly includes salaries, compensation and labor and health insurance expenses, etc.<br>
---	---

According to the amendments to the Chunghwa’s Articles of Incorporation 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 more than 0.17%. According to the amendments to the Chunghwa’s Articles of Incorporation approved by the Chunghwa’s stockholders in their meeting on May 29, 2025, no less than 20% of the total employees’ compensation shall be distributed to non-executive employees.

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:

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

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.

53 -

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

The major components of income tax expense were as follows:

	Three Months EndedSeptember 30					Nine Months Ended September 30
	2025		2024			2025			2024
Current tax
Current tax expenses recognized for the period	$	2,356,279	$	2,217,676		$	7,413,607		$	6,832,853
Income tax on unappropriated earnings		—		20			19,042			5,620
Income tax adjustments on prior years		4,685		(49,765	)		(19,762	)		(200,118	)
Others		3,691		3,549			3,879			3,518
		2,364,655		2,171,480			7,416,766			6,641,873
Deferred tax
Deferred tax expenses recognized for the period		38,570		31,586			15,229			184,245
Income tax adjustments on prior years		—		750			61			(3,225	)
		38,570		32,336			15,290			181,020
Income tax recognized in profit or loss	$	2,403,225	$	2,203,816		$	7,432,056		$	6,822,893

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

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.

54 -

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 EndedSeptember 30						Nine Months Ended September 30
	2025			2024			2025			2024
Net income used to compute the basic earnings per share
Net income attributable to the parent	$	9,440,098		$	9,005,006		$	29,406,456		$	28,216,292
Assumed conversion of all dilutive potential common stocks
Employee stock options and employee compensation of subsidiaries		(421	)		(294	)		(2,783	)		(1,713	)
Net income used to compute the diluted earnings per share	$	9,439,677		$	9,004,712		$	29,403,673		$	28,214,579

Weighted Average Number of Common Stocks

(Thousand Shares)

	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Weighted average number of common stocks used to compute the basic earnings per share		7,757,447		7,757,447		7,757,447		7,757,447
Assumed conversion of all dilutive potential common stocks
Employee compensation		3,863		3,716		14,586		13,915
Weighted average number of common stocks used to compute the diluted earnings per share		7,761,310		7,761,163		7,772,033		7,771,362

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.

55 -

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.

CHIEF did not recognize any compensation costs for stock options for the nine months ended September 30, 2025. The compensation costs for stock options for the three months and nine months ended September 30, 2024 were $816 thousand and $2,448 thousand, respectively.

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 nine months ended September 30, 2025 and 2024 was as follows:

	Nine Months EndedSeptember 30, 2025				Nine Months EndedSeptember 30, 2024
	Granted on November 13, 2020				Granted on November 13, 2020
	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options		WeightedAverageExercisePrice(NT)
Employee stock options
Options outstanding at beginning of the period		7				93
Options exercised		(7	)			—
Options outstanding at end of the period		—				93
Options exercisable at end of the period		—				—
Weighted average remaining contractual life (years)		—				1.12

All values are in US Dollars.

56 -

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.

b.	New shares reserved for subscription by employees under capital increase of CHTSC

On June 25, 2025, the Board of Directors of CHTSC approved the capital increase to issue 3,683 thousand shares and simultaneously reserved 552 thousand shares, representing 15% of the total issuance, for subscription by employees. Furthermore, when the employees did not fully subscribe or discarded their rights to subscribe shares, the Board of Directors of CHTSC authorized the chairman of the Board of Directors to contact specific people or group to subscribe.

The aforementioned options granted to employees are accounted for and measured at fair value of the grant date in accordance with IFRS 2 “Share-based Payment”. The fair value of CHTSC’s options granted to employees was $1.03 per share. The compensation costs for stock options for the three months and nine months ended September 30, 2025 were both $569 thousand.

CHTSC used the fair value method to evaluate the options granted to employees on August 20, 2025 using the Black-Scholes model and the related assumptions and the fair value of the options were as follows:

	Stock OptionsGranted onAugust 20,2025
Grant-date share price (NT$)	$	216.96
Exercise price (NT$)	$	238.00
Dividend yield		—
Risk-free interest rate		0.97	%
Expected life		0.038 years
Expected volatility		39.95	%
Weighted average fair value of grants (NT$)	$	1.03

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

57 -

c.	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.

CHTSC did not recognize any compensation costs for stock options for the three months ended September 30, 2025. The compensation costs for stock options for the three months ended September 30, 2024 were $194 thousand. The compensation costs for stock options for the nine months ended June 30, 2025 and 2024 were $89 thousand and $583 thousand, respectively.

Information about CHTSC’s outstanding stock options for the nine months ended September 30, 2025 and 2024 was as follows:

	Nine Months Ended September 30, 2025
	Granted on<br>February 20, 2021
	Number of<br><br><br>Options			WeightedAverage<br>Exercise Price<br>(NT)
Employee stock options
Options outstanding at beginning of the period		655
Options exercised		(649	)
Options outstanding at end of the period		6
Options exercisable at end of the period		2
Weighted average remaining contractual life (years)		0.39

All values are in US Dollars.

	Nine Months Ended September 30, 2024
	Granted on<br>February 20, 2021				Granted on<br>December 20, 2019
	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)
Employee stock options
Options outstanding at beginning of the period		1,519				40
Options exercised		(694	)			(5	)
Options forfeited		(165	)			(5	)
Options outstanding at end of the period		660				30
Options exercisable at end of the period		10				15
Weighted average remaining contractual life (years)		1.39				0.22

All values are in US Dollars.

58 -

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.

d.	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 September 30, 2025 and 2024 were $826 thousand and $1,143 thousand, respectively. The compensation costs for stock options for the nine months ended September 30, 2025 and 2024 were $3,063 thousand and $3,751 thousand, respectively.

59 -

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.

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 nine months ended September 30, 2025 and 2024 was as follows:

	Nine Months Ended September 30, 2025
	Granted on September 26, 2023			Granted on May 31, 2022			Granted on February 26, 2021
	Number of<br><br><br>Options		WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options		WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)
Employee stock options
Options outstanding at beginning of the period		750			220			25
Options forfeited		—			—			(25	)
Options outstanding at end of the period		750			220			—
Options exercisable at end of the period		375			220			—
Weighted average remaining contractual life (years)		1.99			0.67			—

All values are in US Dollars.

	Nine Months Ended September 30, 2024
	Granted on September 26, 2023			Granted on May 31, 2022				Granted on February 26, 2021
	Number of<br><br><br>Options		WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)	Number of<br><br><br>Options			WeightedAverageExercisePrice(NT)
Employee stock options
Options outstanding at beginning of the period		755			440				440
Options exercised		—			(220	)			(415	)
Options outstanding at end of the period		755			220				25
Options exercisable at end of the period		—			—				25
Weighted average remaining contractual life (years)		2.99			1.67				0.41

All values are in US Dollars.

60 -

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><br><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

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	Nine Months EndedSeptember 30
	2025		2024
Additions of property, plant and equipment	$	15,781,057	$	14,115,209
Changes in other payables		1,519,581		1,900,358
Payments for acquisition of property, plant and equipment	$	17,300,638	$	16,015,567

Financing Activities

	Balance on<br><br><br>January 1,<br><br><br>2025		Cash Flows<br><br><br>fromFinancing<br><br><br>Activities			Changes in Non-CashTransactions						Cash Flows<br><br><br>from<br><br><br>OperatingActivities —			Balance on<br><br><br>September 30,<br><br><br>2025
				New Leases				Others			Interest Paid
Lease liabilities	$	10,891,377	$	(3,156,992	)	$	3,622,272		$	(205,072	)	$	(114,848	)	$	11,036,737
	Balance on<br><br><br>January 1,<br><br><br>2024		Cash Flows<br><br><br>fromFinancing<br><br><br>Activities			Changes in Non-CashTransactions						Cash Flows<br><br><br>from<br><br><br>OperatingActivities —			Balance on<br><br><br>September 30,<br><br><br>2024
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
				New Leases				Others			Interest Paid
Lease liabilities	$	10,975,181	$	(2,923,928	)	$	3,068,649		$	(29,708	)	$	(94,132	)	$	10,996,062

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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.

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<br>

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.

	September 30, 2025				December 31, 2024				September 30, 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	$	2,023,316	$	2,000,000	$	2,002,268	$	—	$	—
Financial liabilities
Financial liabilities at amortized cost
Bonds payable	$	25,187,086	$	25,195,428	$	30,488,206	$	30,485,103	$	30,486,867	$	30,480,904

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.

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

September 30, 2025

	Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives	$	—	$	1,482	$	—	$	1,482
Non-listed stocks		—		—		662,059		662,059
Limited partnership		—		—		496,374		496,374
Other investing agreements		—		—		63,207		63,207
	$	—	$	1,482	$	1,221,640	$	1,223,122
Financial assets at FVOCI
Listed and emerging stocks	$	102,198	$	—	$	—	$	102,198
Non-listed stocks		—		—		5,580,364		5,580,364
	$	102,198	$	—	$	5,580,364	$	5,682,562
Hedging financial assets	$	—	$	6,275	$	—	$	6,275
Financial liabilities at FVTPL
Derivatives	$	—	$	68	$	—	$	68

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

63 -

September 30, 2024

	Level 1		Level 2		Level 3		Total
Financial assets at FVTPL
Derivatives	$	—	$	65	$	—	$	65
Listed stocks		452		—		—		452
Non-listed stocks		—		—		685,619		685,619
Limited partnership		—		—		308,063		308,063
Other investing agreements		—		—		39,137		39,137
	$	452	$	65	$	1,032,819	$	1,033,336
Financial assets at FVOCI
Listed and emerging stocks	$	208,063	$	—	$	—	$	208,063
Non-listed stocks		—		—		4,600,209		4,600,209
	$	208,063	$	—	$	4,600,209	$	4,808,272
Financial liabilities at FVTPL
Derivatives	$	—	$	1,080	$	—	$	1,080
Hedging financial liabilities	$	—	$	662	$	—	$	662

There were no transfers between Levels 1 and 2 for the nine months ended September 30, 2025 and 2024.

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

Nine months ended September 30, 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		296,841			262,120		558,961
Recognized in profit or loss under “Other gains and losses”		(76,406	)		—		(76,406	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			777,281		777,281
Proceeds from profit distribution of the investees		(4,031	)		—		(4,031	)
Balance on September 30, 2025	$	1,221,640		$	5,580,364	$	6,802,004
Unrealized gain or loss for the nine months ended September 30, 2025	$	(76,406	)

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Nine months ended September 30, 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		124,623			312,780			437,403
Recognized in profit or loss under “Other gains and losses”		(124,059	)		—			(124,059	)
Recognized in other comprehensive income under “Unrealized gain or loss on financial assets<br>at fair value through other comprehensive income”		—			121,840			121,840
Proceeds from capital reduction of the investees and profit distribution		(3,446	)		(3,105	)		(6,551	)
Balance on September 30, 2024	$	1,032,819		$	4,600,209		$	5,633,028
Unrealized gain or loss for the nine months ended September 30, 2024	$	(124,059	)

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.<br>
---	---

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.

	September 30,2025	December 31,2024	September 30,2024
Discount for lack of marketability	10.00%~30.00%	20.00%~30.00%	13.84%~20.00%
Noncontrolling interests discount	10.00%~29.04%	15.00%~29.04%	15.00%~25.00%
Growth rate of long-term revenue	1.33%	0.12%	0.12%
Discount rate	7.94%~10.80%	8.32%~14.40%	8.18%~14.00%

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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.

	September 30,2025			September 30,2024
Discount for lack of marketability
5% increase	$	(65,808	)	$	(64,782	)
5% decrease	$	65,808		$	64,782
Noncontrolling interests discount
5% increase	$	(55,184	)	$	(50,981	)
5% decrease	$	55,184		$	50,981
Growth rate of long-term revenue
0.1% increase	$	42,010		$	31,620
0.1% decrease	$	(41,234	)	$	(31,060	)
Discount rate
1% increase	$	(482,569	)	$	(372,711	)
1% decrease	$	592,812		$	452,054

Categories of Financial Instruments

	September 30,2025		December 31,2024		September 30,2024
Financial assets
Measured at FVTPL
Mandatorily measured at FVTPL	$	1,223,122	$	1,005,526	$	1,033,336
Hedging financial assets		6,275		1,133		—
Financial assets at amortized cost (Note a)		72,679,884		91,048,373		72,178,136
Financial assets at FVOCI		5,682,562		4,666,976		4,808,272
Financial liabilities
Measured at FVTPL
Held for trading	$	68	$	—	$	1,080
Hedging financial liabilities		—		1,907		662
Financial liabilities at amortized cost (Note b)		58,297,294		69,231,194		61,684,647
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.

66 -

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:

		December 31,2024		September 30,2024
Assets
	1,482	$	263	$	—
	6,275		1,160		65
Liabilities
	68		—		951
	—		1,907		791

All values are in Euros.

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.

67 -


			2024
Profit or loss
Monetary assets and liabilities (a)
	89,374		$	50,461
	(41,192	)		(44,363	)
SGD	(18,979	)		(37,515	)
RMB	1,173			8,389
Derivatives (b)
	7,989			3,552
	—			3,538
Equity
Derivatives (c)
	15,202			7,076

All values are in Euros.

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:

	September 30,2025		December 31,2024		September 30,2024
Fair value interest rate risk
Financial assets	$	25,205,797	$	47,562,672	$	33,406,988
Financial liabilities		36,223,823		41,444,583		41,547,929
Cash flow interest rate risk
Financial assets		14,739,532		12,949,846		10,667,961
Financial liabilities		2,355,000		1,785,000		1,965,000

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 $30,961 thousand and $21,757 thousand for the nine months ended September 30, 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.

68 -

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 $57,922 thousand and $284,128 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the nine months ended September 30, 2025. If equity prices had been 5% higher/lower, pre-tax profit and pre-tax other comprehensive income would have increased/decreased by $49,707 thousand and $240,414 thousand, respectively, as a result of the changes in fair value of financial assets at FVTPL and financial assets at FVOCI for the nine months ended September 30, 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.

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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.

September 30, 2025

		Less than 1 Month		1-3 Months		3 Months to1 Year		1-5 Years		More than5 Years		Total
Non-derivative financial liabilities
Non-interest bearing	—	$	34,516,586	$	—	$	2,089,605	$	5,226,712	$	—	$	41,832,903
Floating interest rate instruments	2.07		339,598		207,106		248,126		1,633,600		—		2,428,430
Fixed interest rate instruments	0.71		14,906		29,811		2,071,604		22,716,523		1,002,917		25,835,761
		$	34,871,090	$	236,917	$	4,409,335	$	29,576,835	$	1,002,917	$	70,097,094

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

	Less than 1 Year		1-3 Years		3-5 Years		More than5 Years		Total
Lease liabilities	$	3,839,145	$	5,502,996	$	1,804,189	$	155,700	$	11,302,030

December 31, 2024

		Less than 1 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

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

70 -

September 30, 2024

		Less than 1 Month		1-3 Months		3 Months to1 Year		1-5 Years		More than5 Years		Total
Non-derivative financial liabilities
Non-interest bearing	—	$	32,278,644	$	—	$	1,946,960	$	5,114,595	$	—	$	39,340,199
Floating interest rate instruments	2.08		3,922		6,807		393,121		1,665,920		—		2,069,770
Fixed interest rate instruments	0.54		13,744		92,277		8,957,470		17,271,172		4,726,108		31,060,771
		$	32,296,310	$	99,084	$	11,297,551	$	24,051,687	$	4,726,108	$	72,470,740

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	$	3,561,370	$	5,148,440	$	2,329,210	$	205,368	$	11,244,388

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><br><br>1 Year		1-5 Years		Total
September 30, 2025
Gross settled
Forward exchange contracts
Inflow	$	177,923		$	303,819		$	—	$	—	$	481,742
Outflow		176,509			297,544			—		—		474,053
	$	1,414		$	6,275		$	—	$	—	$	7,689
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	)
September 30, 2024
Gross settled
Forward exchange contracts
Inflow	$	70,989		$	211,462		$	—	$	—	$	282,451
Outflow		71,940			212,188			—		—		284,128
	$	(951	)	$	(726	)	$	—	$	—	$	(1,677	)

2) Financing facilities

	September 30,2025		December 31,2024		September 30,2024
Unsecured bank loan facilities
Amount used	$	755,000	$	250,000	$	430,000
Amount unused		25,986,772		56,438,486		56,858,684
	$	26,741,772	$	56,688,486	$	57,288,684
Secured bank loan facilities
Amount used	$	1,600,000	$	1,600,000	$	1,600,000
Amount unused		15,000		15,000		15,000
	$	1,615,000	$	1,615,000	$	1,615,000

71 -

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
Gather Works Co., Ltd.	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 funds
Senao Technical and Cultural Foundation	A nonprofit organization of which the funds donated by SENAO exceeds one third of its total funds
Ba Gua Liao Foundation	Substantial related party of SENAO
Cih Yue Charity Foundation	Substantial related party of SENAO
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

(Continued)

72 -

Company	Relationship
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
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 no similar transactions with non-related<br>parties can be referenced, terms were determined in accordance with mutual agreements. Details of transactions between the Company and other related parties are disclosed below:
1)	Operating transactions
---	---
	Revenues
---	---	---	---	---	---	---	---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Associates	$	77,334	$	146,505	$	244,513	$	301,586
Others		41,223		17,336		129,645		38,918
	$	118,557	$	163,841	$	374,158	$	340,504
	Operating Costs and Expenses
---	---	---	---	---	---	---	---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Associates	$	226,461	$	225,305	$	623,966	$	599,047
Others		7,032		5,827		81,290		76,883
	$	233,493	$	231,132	$	705,256	$	675,930
2)	Non-operating transactions
---	---
	Non-operating Income and Expenses
---	---	---	---	---	---	---	---	---	---
	Three Months EndedSeptember 30					Nine Months Ended September 30
	2025		2024			2025		2024
Associates	$	12,386	$	10,319		$	33,364	$	29,905
Others		508		(9	)		1,402		433
	$	12,894	$	10,310		$	34,766	$	30,338

73 -

3)	Receivables
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Associates	$	219,496	$	183,753	$	174,358
Others		14,589		9,251		7,727
	$	234,085	$	193,004	$	182,085
4)	Payables
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Associates	$	109,396	$	476,069	$	192,322
Others		11,849		4,332		4,148
	$	121,245	$	480,401	$	196,470
5)	Customers’ deposits
---	---
	September 30,2025		December 31,2024		September 30,2024
---	---	---	---	---	---	---
Associates	$	2,299	$	3,557	$	26,183
6)	Acquisition of property, plant and equipment
---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Associates	$	7,999	$	—	$	12,987	$	63
7)	Acquisition of intangible assets
---	---
	Three Months EndedSeptember 30				Nine Months Ended September 30
---	---	---	---	---	---	---	---	---
	2025		2024		2025		2024
Associates	$	—	$	—	$	—	$	429
8)	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.

74 -

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

	September 30,2025		December 31,2024		September 30,2024
Lease liabilities—current	$	234,831	$	204,393	$	209,391
Lease liabilities—noncurrent		1,251,262		1,463,029		1,549,439
	$	1,486,093	$	1,667,422	$	1,758,830

The interest expense recognized for the aforementioned lease liabilities for the three months and nine months ended September 30, 2025 were $1,591 thousand and $5,055 thousand, respectively. The interest expense recognized for the aforementioned lease liabilities for the three months and nine months ended September 30, 2024 were $1,870 thousand and $5,654 thousand, respectively.

9)	Others

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

	September 30,2025		December 31,2024		September 30,2024
Bank deposits and other financial assets	$	3,141,675	$	2,708,878	$	1,635,069

The interest income recognized for the aforementioned bank deposits and other financial assets for the three months and nine months ended September 30, 2025 were $11,445 thousand and $37,932 thousand, respectively. The interest income recognized for the aforementioned bank deposits and other financial assets for the three months and nine months ended September 30, 2024 were $4,534 thousand and $12,640 thousand, respectively.

c.	Compensation of key management personnel

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

	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Short-term employee benefits	$	111,240	$	82,552	$	319,463	$	267,025
Post-employment benefits		2,413		3,404		7,222		6,808
Share-based payment		110		295		413		929
	$	113,763	$	86,251	$	327,098	$	274,762

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

75 -

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.

	September 30,2025		December 31,2024		September 30,2024
Property, plant and equipment	$	2,417,185	$	2,439,320	$	2,446,699
Land held under development (included in inventories)		1,998,733		1,998,733		1,998,733
Restricted assets (included in other assets—others)		1,286,768		1,189,118		1,116,193
	$	5,702,686	$	5,627,171	$	5,561,625
40.	SIGNIFICANT CONTINGENT LIABILITIES AND UNRECOGNIZED COMMITMENTS
---	---

Except for those disclosed in other notes, the Company’s significant commitments and contingent liabilities as of September 30, 2025 were as follows:

a.	Acquisitions of property, plant and equipment of $13,856,471 thousand.
b.	Acquisitions of telecommunications-related inventory of $15,243,166 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 Government, of<br>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 upon notification from<br>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 Singapore Telecommunications Limited, for<br>a total transaction price of EUR 177,000 thousand and SGD 51,000 thousand; as of September 30, 2025, Chunghwa had paid the amount of EUR 111,510 thousand. Chunghwa signed a contract for Astranis block 3 Satellite with Astranis Space<br>Technologies Corp. for a total transaction price of USD 115,000 thousand; as of September 30, 2025, Chunghwa had paid the amount of USD 17,080 thousand. The aforementioned amounts are classified as prepayments—noncurrent.<br>
---	---
g.	The Company has signed the house and land presale contracts amounting to $7,691,358 thousand and has received<br>$1,226,571 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.
---	---

76 -

41.	SIGNIFICANT SUBSEQUENT EVENTS

None to report.

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:


		ExchangeRate		New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	95,033		30.45	$	2,893,292
	634		35.77		22,692
SGD	49,621		23.61		1,171,546
RMB	15,253		4.271		65,148
Non-monetary items
Investments accounted for using equity method
	7,866		30.45		239,488
SGD	18,843		23.61		444,886
VND	532,741,049		0.0011		607,325
Liabilities denominated in foreign currencies
Monetary items
	36,322		30.45		1,105,812
	23,666		35.77		846,532
SGD	65,698		23.61		1,551,133
RMB	9,763		4.271		41,696

All values are in Euros.


		ExchangeRate		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
					(Continued	)

All values are in Euros.

77 -


		ExchangeRate		New TaiwanDollars(Thousands)
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
					(Concluded	)

All values are in US Dollars.


		ExchangeRate		New TaiwanDollars(Thousands)
Assets denominated in foreign currencies
Monetary items
	59,033		31.65	$	1,868,410
	687		35.38		24,291
SGD	43,762		24.72		1,081,791
RMB	45,979		4.523		207,964
Non-monetary items
Investments accounted for using equity method
	8,905		31.65		281,855
SGD	17,147		24.72		423,874
VND	431,182,269		0.0013		547,601
Liabilities denominated in foreign currencies
Monetary items
	27,146		31.65		859,183
	25,765		35.38		911,549
SGD	74,114		24.72		1,832,091
RMB	8,882		4.523		40,175

All values are in Euros.

The unrealized foreign currency exchange losses were $61,156 thousand and $21,282 thousand for the three months ended September 30, 2025 and 2024, respectively. The unrealized foreign currency exchange losses were $46,868 thousand and $30,111 thousand for the nine months ended September 30, 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.

78 -

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<br>capital: Please see Table 3.
---	---
e.	Receivables from related parties amounting to $100 million or 20% of the paid-in capital: Please see Table 4.<br>
---	---
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.
---	---
g.	Information on investments in Mainland China:
---	---
1)	The name of the investee in Mainland China, its main businesses and products, paid-in capital, method of<br>investment, information on inflow or outflow of capital, ownership percentage, net income (loss) of the investee, share of profit (loss) of the investee, ending balance, amount received as dividends from the investee, and the limit on the amount of<br>investment in Mainland China: Please see Table 6.
---	---
2)	Significant transactions with the investee in Mainland China occurring directly or indirectly through a third<br>region, and the prices, terms of payment, unrealized gain or loss, and other related information which is helpful to understand the impact of investment in Mainland China on financial reports: None.
---	---
h.	Intercompany relationships and significant intercompany transactions: Please see Table 7.<br>
---	---
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.

79 -

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 September 30, 2025
Revenues
From external customers	$	35,178,788	$	18,906,181	$	2,325,352	$	1,514,016	$	57,924,337
Intersegment revenues		576,452		270,099		236,258		97,024		1,179,833
Segment revenues	$	35,755,240	$	19,176,280	$	2,561,610	$	1,611,040		59,104,170
Intersegment elimination										(1,179,833	)
Consolidated revenues									$	57,924,337
Segment income before income tax	$	8,010,869	$	2,943,804	$	497,424	$	805,977	$	12,258,074
Nine months ended September 30, 2025
Revenues
From external customers	$	103,821,207	$	55,220,153	$	6,957,267	$	4,464,515	$	170,463,142
Intersegment revenues		1,818,535		743,280		719,298		288,069		3,569,182
Segment revenues	$	105,639,742	$	55,963,433	$	7,676,565	$	4,752,584		174,032,324
Intersegment elimination										(3,569,182	)
Consolidated revenues									$	170,463,142
Segment income before income tax	$	24,235,582	$	9,549,798	$	1,653,632	$	2,648,330	$	38,087,342
Three months ended September 30, 2024
Revenues
From external customers	$	34,429,900	$	17,595,361	$	2,370,996	$	1,217,219	$	55,613,476
Intersegment revenues		665,558		251,136		279,212		94,497		1,290,403
Segment revenues	$	35,095,458	$	17,846,497	$	2,650,208	$	1,311,716		56,903,879
Intersegment elimination										(1,290,403	)
Consolidated revenues									$	55,613,476
Segment income before income tax	$	7,194,787	$	3,103,432	$	610,543	$	580,340	$	11,489,102
Nine months ended September 30, 2024
Revenues
From external customers	$	102,651,208	$	51,437,172	$	7,423,160	$	3,161,140	$	164,672,680
Intersegment revenues		1,787,826		567,598		816,975		279,809		3,452,208
Segment revenues	$	104,439,034	$	52,004,770	$	8,240,135	$	3,440,949		168,124,888
Intersegment elimination										(3,452,208	)
Consolidated revenues									$	164,672,680
Segment income before income tax	$	22,662,543	$	9,666,918	$	1,829,235	$	1,664,871	$	35,823,567

Main Products and Service Revenues

	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Consumer Business
Mobile services	$	14,762,242	$	14,358,410	$	43,858,999	$	42,638,330
Fixed-line services		10,793,854		10,688,228		32,219,243		32,154,161
Sales		8,906,189		8,673,419		25,630,438		25,942,062
Others		716,503		709,843		2,112,527		1,916,655
		35,178,788		34,429,900		103,821,207		102,651,208

(Continued)

80 -

	Three Months EndedSeptember 30				Nine Months Ended September 30
	2025		2024		2025		2024
Enterprise Business
Fixed-line services	$	8,381,628	$	8,427,314	$	24,997,229	$	25,248,393
ICT business		6,899,297		6,027,689		19,817,822		16,458,571
Mobile services		2,415,996		2,282,057		7,064,986		6,824,138
Others		1,209,260		858,301		3,340,116		2,906,070
		18,906,181		17,595,361		55,220,153		51,437,172
International Business
Fixed-line services		1,065,477		1,283,400		3,543,991		3,874,562
ICT business		1,097,633		966,180		2,954,874		2,876,895
Others		162,242		121,416		458,402		671,703
		2,325,352		2,370,996		6,957,267		7,423,160
Others
Sales		1,277,862		979,111		3,775,390		2,466,829
Others		236,154		238,108		689,125		694,311
		1,514,016		1,217,219		4,464,515		3,161,140
	$	57,924,337	$	55,613,476	$	170,463,142	$	164,672,680

(Concluded)

81 -

TABLE 1

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

ENDORSEMENTS/GUARANTEES PROVIDED

NINE MONTHS ENDEDSEPTEMBER 30, 2025

(Amounts in Thousands of New Taiwan Dollars)

No.<br><br><br>(Note 1)	Endorsement/GuaranteeProvider	Guaranteed Party		Limits onEndorsement/<br>GuaranteeAmountProvided toEachGuaranteedParty		MaximumBalancefor thePeriod		EndingBalance		ActualBorrowingAmount		Amount ofEndorsement/<br>GuaranteeCollateralizedby Properties			MaximumEndorsement/<br>GuaranteeAmountAllowable		Endorsement/<br>GuaranteeGiven byParent onBehalf ofSubsidiaries	Endorsement/<br>GuaranteeGiven bySubsidiarieson Behalf ofParent	Endorsement/<br>GuaranteeGiven onBehalf ofCompaniesin MainlandChina	Note
		Name	Nature ofRelationship<br>(Note 2)
1	Senao International Co., Ltd.	Aval Technologies Co., Ltd.	b	$	625,990	$	300,000	$	300,000	$	300,000	$	—	4.79	$	3,129,950	Yes	No	No	Notes 3 and 4
		Wiin Technology Co., Ltd.	b		625,990		200,000		200,000		200,000		—	3.19		3,129,950	Yes	No	No	Notes 3 and 4
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.<br>
---	---
c.	A company that directly and indirectly holds more than 50 percent of the voting shares in the Company.<br>
---	---
d.	Companies in which the Company holds, directly or indirectly, 90% or more of the voting shares.<br>
---	---
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.
---	---

82 -

TABLE 2

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

SEPTEMBER 30,2025

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name	Marketable SecuritiesTypeandName		Financial StatementAccount
				Shares<br>(Thousands/<br>ThousandUnits)		CarryingValue<br>(Note 1)			Percentage ofOwnership		FairValue
Chunghwa Telecom Co., Ltd.	Stocks
	Taipei Financial Center Corp.	—	Financial assets at FVOCI		172,927		$	4,452,757		12		$	4,452,757	—
	iKala Global Online Corp.	—	Financial assets at FVOCI		112,500			360,373		—			360,373	Note 4
	KKCompany Technologies Inc.	—	Financial assets at FVOCI		2,762			237,642		2			237,642	—
	4 Gamers Entertainment Inc.	—	Financial assets at FVOCI		136			106,392		—			106,392	Note 4
	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			4,686		2			4,686	—
	Innovation Works Limited	—	Financial assets at FVOCI		1,000			6,730		—			6,730	Note 4
	RPTI Intergroup International Ltd.	—	Financial assets at FVOCI		4,765			—		10			—	—
	Global Mobile Corp.	—	Financial assets at FVOCI		7,617			—		3			—	—
	Taiwan Smart Electricity & Energy Co., Ltd.	—	Financial assets at FVOCI		19,688			196,875		13			196,875	—
	Cornerstone Ventures Co., Ltd.	—	Financial assets at FVOCI		25			245		5			245	—
	Taiwania Capital Buffalo Fund Co., Ltd.	—	Financial assets at FVTPL—noncurrent		555,600			421,969		—			421,969	Note 4
	TOP TAIWAN XIV VENTURE CAPITAL CO., LTD.	—	Financial assets at FVTPL—noncurrent		20,000			178,978		9			178,978	—
	Innovation Works Development Fund, L.P.	—	Financial assets at FVTPL—noncurrent		—			17,273		4			17,273	—
	Limited partnership
	Taiwania Capital Buffalo Fund VI, L.P.	—	Financial assets at FVTPL—noncurrent		—			345,361		10			345,361	—
	TRF 1 L.P.	—	Financial assets at FVTPL—noncurrent		—			122,175		10			122,175	—
	Corporate bonds
	Fubon Life Insurance Co., Ltd.	—	Financial assets at amortized cost		2			2,000,000		—			2,023,316	Note 3
Senao International Co., Ltd.	Stocks
	N.T.U. Innovation Incubation Corporation	—	Financial assets at FVOCI		1,200			10,191		9			10,191	—
CHIEF Telecom Inc.	Stocks
	WT Microelectronics Co., Ltd.	—	Financial assets at FVOCI		361			18,267		—			18,267	Notes 2<br>and 4
	3 Link Information Service Co., Ltd.	—	Financial assets at FVOCI		37			6,390		10			6,390	—
Chunghwa Investment Co., Ltd.	Stocks
	PChome Online Inc.	—	Financial assets at FVOCI		1,875			59,916		1			59,916	Note 2
	Tatung Technology Inc.	—	Financial assets at FVOCI		4,571			36,633		11			36,633	—
	Bossdom Digiinnovation Co., Ltd.	—	Financial assets at FVOCI		2,309			24,015		7			24,015	Note 2
	KEYXENTIC INC.	—	Financial assets at FVOCI		600			25,947		9			25,947	—
	ioNetworks Inc.	—	Financial assets at FVOCI		107			14,187		—			14,187	Note 4

(Continued)

83 -

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

SIGNIFICANT MARKETABLE SECURITIES HELD

SEPTEMBER 30,2025

(Amounts in Thousands of New Taiwan Dollars)

Held Company Name	Marketable SecuritiesType andName	Relationshipwith theCompany	Financial StatementAccount	September 30, 2025								Note
				Shares<br>(Thousands/<br>ThousandUnits)		CarryingValue<br>(Note 1)		PercentageofOwnership		FairValue
	iSing99 Inc.	—	Financial assets at FVOCI		10,000	$	—		7	$	—	—
	Powtec ElectroChemical Corporation	—	Financial assets at FVOCI		20,000		—		2		—	—
	Navstar Electronics Co., Ltd.	—	Financial assets at FVTPL - noncurrent		3,000		30,000		—		30,000	Note 4
	Limited partnership
	Taiwania Capital Buffalo Fund V, L.P.	—	Financial assets at FVTPL - noncurrent		—		28,838		3		28,838	—
CHT Security Co., Ltd.	Stocks
	TXOne Networks Inc.	—	Financial assets at FVTPL - noncurrent		91		13,839		—		13,839	Note 4
	CyCraft Technology Corporation	—	Financial assets at FVOCI		912		102,133		3		102,133	—
Note 1:	Except debt instrument investments are shown at amortized cost, the remaining are shown at carrying amounts<br>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.<br>
---	---
Note 3:	Fair value was based on the weighted average price per 100 units of par value for bonds on the last trading day<br>of the reporting period in the over-the-counter market.
---	---
Note 4:	Preferred stocks.
---	---

(Concluded)

84 -

TABLE 3

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

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

NINE MONTHS ENDED SEPTEMBER 30, 2025

(Amounts in Thousands of New Taiwan Dollars)

CompanyName	RelatedParty	Nature ofRelationship	Transaction Details					AbnormalTransaction(Note 3)				Notes / AccountsPayable or Receivable
			Purchases/Sales<br>(Note 1)	Amount<br>(Note 4)		% toTotal	PaymentTerms	UnitPrice		PaymentTerms		EndingBalance<br>(Notes 2and 4)			% toTotal
Chunghwa Telecom Co., Ltd.	Senao<br>International<br>Co., Ltd.	Subsidiary	Sales	$	2,855,035	2	30 days	$	—		—	$	492,881			2
			Purchase		944,629	1	30~90 days		—		—		(948,744	)		(10	)
	CHIEF<br>Telecom Inc.	Subsidiary	Sales		391,463	—	30 days		—		—		67,202			—
			Purchase		101,930	—	30 days		—		—		(18,181	)		—
	Chunghwa<br>System<br>Integration<br>Co., Ltd.	Subsidiary	Purchase		911,949	1	30 days		—		—		(377,756	)		(4	)
	Honghwa<br>International<br>Co., Ltd.	Subsidiary	Sales		168,028	—	30~60 days		—		—		5,611			—
			Purchase		5,280,798	6	30~60 days		—		—		(1,192,367	)		(12	)
	Donghwa<br>Telecom Co.,<br>Ltd.	Subsidiary	Sales		139,527	—	30 days		—		—		59,488			—
			Purchase		375,717	—	90 days		—		—		(99,233	)		(1	)
	Chunghwa<br>Telecom<br>Global, Inc.	Subsidiary	Sales		104,971	—	30~90 days		—		—		20,318			—
			Purchase		212,575	—	90 days		—		—		(70,794	)		(1	)
	Chunghwa<br>Telecom<br>Singapore<br>Pte., Ltd.	Subsidiary	Purchase		138,160	—	30 days		—		—		(172,195	)		(2	)
	CHT Security<br>Co., Ltd.	Subsidiary	Purchase		260,642	—	30 days		—		—		(7,906	)		—
	International<br>Integrated<br>Systems, Inc.	Subsidiary	Purchase		522,208	1	30 days		—		—		(86,065	)		(1	)
	Senyoung<br>Insurance<br>Agent Co.,<br>Ltd.	Subsidiary	Sales		121,770	—	30 days		—		—		44,419			—
	Taiwan<br>International<br>Standard<br>Electronics<br>Co., Ltd.	Associate	Purchase		231,771	—	30~90 days		—		—		(8,051	)		—
	WiAdvance<br>Technology<br>Corporation	Associate	Purchase		121,002	—	60 days		—		—		(43,662	)		—
Senao International Co., Ltd.	Aval<br>Technologies<br>Co., Ltd.	Subsidiary	Purchase		228,067	1	30 days		—		—		(4,474	)		—
CHIEF Telecom Inc.	So-net<br>Entertainment<br>Taiwan<br>Limited	Associate	Sales		105,877	4	30 days		—		—		10,913			3
Chunghwa Precision Test Tech. Co., Ltd.	Su Zhou<br>Precision<br>Test Tech.<br>Ltd.	Subsidiary	Sales		119,621	3	90 days		—		—		48,596			7
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.<br>
---	---
Note 3:	Transaction terms with related parties were determined in accordance with mutual agreements when there were no<br>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.<br>
---	---

85 -

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

SEPTEMBER 30, 2025

(Amounts in Thousands of New TaiwanDollars)

Company Name	Related Party	Nature of Relationship	EndingBalance				Overdue				AmountsReceived inSubsequentPeriod		Allowancefor<br>Bad Debts
						Amounts			ActionTaken
Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	Subsidiary	$	662,988<br> <br>(Note 2	)	10.91	$	—		—	$	62,486	$	—
Chunghwa Telecom Singapore Pte. Ltd.	Chunghwa Telecom Co., Ltd.	Subsidiary		172,195<br> <br>(Note 2	)	8.26		—		—		156,900		—
Senao International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company		1,117,866<br> <br>(Note 2	)	8.57		—		—		172,340		—
Chunghwa System Integration Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company		377,756<br> <br>(Note 2	)	4.18		—		—		184,745		—
Honghwa International Co., Ltd.	Chunghwa Telecom Co., Ltd.	Parent company		1,213,997<br> <br>(Note 2	)	5.11		—		—		166,315		—
Note 1:	Payments and receipts collected in trust for others are excluded from the accounts receivable in calculating<br>the turnover rate.
---	---
Note 2:	The amount was eliminated upon consolidation.
---	---

86 -

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)

NINEMONTHS ENDED SEPTEMBER 30, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount				Balance as of September 30, 2025						Net Income(Loss) of theInvestee			RecognizedGain (Loss)<br>(Notes 1 and 2)			Note
				September 30,2025		December 31,2024		Shares<br>(Thousands)		Percentage ofOwnership(%)		CarryingValue
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	$	1,697,091	$	274,122		$	71,429		Subsidiary<br> <br>(Notes 3 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		3,829,046		16,827			9,796		Subsidiary<br> <br>(Note 5)
	Donghwa Telecom Co., Ltd.	Hong Kong	International private leased circuit, IP VPN service, and IP transit services		691,163		691,163		178,590		100		928,800		70,183			70,183		Subsidiary<br> <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		1,365,181		164,558			164,563		Subsidiary<br> <br>(Note 5)
	Chunghwa System Integration Co., Ltd.	Taiwan	Providing system integration services and telecommunications equipment		838,506		838,506		60,000		100		696,216		21,150			41,123		Subsidiary<br> <br>(Note 5)
	CHIEF Telecom Inc.	Taiwan	Network integration, internet data center (“IDC”), communications integration and cloud application services		459,652		459,652		43,368		56		2,319,791		912,733			520,481		Subsidiary<br> <br>(Note 5)
	Chunghwa Investment Co., Ltd.	Taiwan	Investment		639,559		639,559		68,085		89		3,334,638		233,234			207,727		Subsidiary<br> <br>(Note 5)
	Prime Asia Investments Group Ltd.	British Virgin Islands	Investment		385,274		385,274		1		100		174,171		(1,109	)		(1,109	)	Subsidiary<br> <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		646,938		279,514			284,108		Subsidiary<br> <br>(Notes 3 and 5)
	CHYP Multimedia Marketing & Communications Co., Ltd.	Taiwan	Digital information supply services and advertisement services		150,000		150,000		15,000		100		190,551		2,383			487		Subsidiary<br> <br>(Note 5)
	Chunghwa Telecom Vietnam Co., Ltd.	Vietnam	Intelligent energy saving solutions, international circuit, and information and communication technology (“ICT”) services		148,275		148,275		—		100		77,104		8,973			8,973		Subsidiary<br> <br>(Note 5)
	Chunghwa Telecom Global, Inc.	United States	International private leased circuit, internet services, and transit services		70,429		70,429		6,000		100		857,362		64,333			64,333		Subsidiary<br> <br>(Note 5)
	CHT Security Co., Ltd.	Taiwan	Computing equipment installation, wholesale of computing and business machinery equipment and software, management consulting services, data processing services, digital information supply services and internet identify<br>services		230,580		230,580		23,058		57		1,054,424		317,140			216,370		Subsidiary<br> <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		151,170		3,784			3,784		Subsidiary<br> <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		160,232		22,109			12,390		Subsidiary<br> <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		202,109		39,520			27,613		Subsidiary<br> <br>(Note 5)
	Smartfun Digital Co., Ltd.	Taiwan	Providing diversified family education digital services		65,000		65,000		6,500		65		80,592		13,163			7,631		Subsidiary<br> <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		338,538		73,080			64,897		Subsidiary<br> <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		631,062		63,125			31,053		Subsidiary<br> <br>(Note 5)
	Chunghwa Digital Cultural and Creative Capital Co., Ltd	Taiwan	Investment and management consulting		50,000		50,000		5,000		100		31,314		(7,737	)		(7,887	)	Subsidiary<br> <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		112,786		(9,296	)		(9,296	)	Subsidiary<br> <br>(Note 5)
	Viettel-CHT Co., Ltd.	Vietnam	IDC services		288,327		288,327		—		30		607,325		307,651			92,295		Associate

(Continued)

87 -

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)

NINE MONTHS ENDED SEPTEMBER 30, 2025

(Amounts inThousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount				Balance as of September 30, 2025					Net Income(Loss) of theInvestee			Recognized Gain (Loss)<br>(Notes 1 and 2)			Note
				September 30,2025		December 31,2024		Shares<br>(Thousands)		Percentageof Ownership(%)	CarryingValue
	Taiwan International Standard Electronics Co., Ltd.	Taiwan	Manufacturing, selling, designing, and maintaining of telecommunications systems and equipment	$	164,000	$	164,000		1,760	40	$	379,949	$	292,653		$	123,521		Associate
	KKBOX Taiwan Co., Ltd.	Taiwan	Providing of music on-line, software, electronic information, and advertisement services		67,025		67,025		4,438	30		128,797		(74,815	)		(22,445	)	Associate
	So-net Entertainment Taiwan Limited	Taiwan	Online service and sale of computer hardware		120,008		120,008		9,429	30		145,224		(159,906	)		(47,972	)	Associate
	KingwayTek Technology Co., Ltd.	Taiwan	Design and sale of digital map, technical support for computer peripherals device, design and development of system programming projects		66,684		66,684		12,720	23		256,721		49,951			11,593		Associate
	Taiwan International Ports Logistics Corporation	Taiwan	Import and export storage, logistic warehouse, and ocean shipping service		80,000		80,000		8,000	27		125,855		120,056			32,019		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		248,538		(8,175	)		(4,087	)	Associate
	Cornerstone Ventures Co., Ltd.	Taiwan	Investment, venture capital, investment advisor, management consultant and other consultancy service		—		4,900		—	—		—		(1	)		—		Associate<br> <br>(Note 6)
	Next Commercial Bank Co., Ltd.	Taiwan	Online banking business		5,733,847		5,733,847		462,643	46		3,680,266		(642,285	)		(292,487	)	Associate
	Chunghwa SEA Holdings	Taiwan	Investment business		10,200		10,200		1,020	51		9,083		(329	)		(168	)	Joint venture
	WiAdvance Technology Corporation	Taiwan	Software solution integration		273,800		273,800		3,700	16		267,098		(13,776	)		(6,341	)	Associate
	Taiwania Hive Technology Fund L.P.	Cayman<br>Islands	Investment business		288,405		288,405		—	40		239,488		(36,206	)		(14,710	)	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		—		(11,414	)		—		Associate
Senao International Co., Ltd.	Senao Networks, Inc.	Taiwan	Telecommunication facilities manufactures and sales		578,186		578,186		19,582	33		2,009,391		287,831			95,434		Associate
	Youth Co., Ltd.	Taiwan	Sale of information and communication technologies products		427,850		427,850		14,752	96		154,162		(1,097	)		(7,236	)	Subsidiary<br> <br>(Note 5)
	Aval Technologies Co., Ltd.	Taiwan	Sale of information and communication technologies products		89,550		89,550		13,740	100		148,004		5,286			5,283		Subsidiary<br> <br>(Note 5)
	Senyoung Insurance Agent Co., Ltd.	Taiwan	Property and liability insurance agency		59,000		59,000		8,909	100		132,225		25,348			25,348		Subsidiary<br> <br>(Note 5)
CHIEF Telecom Inc.	Unigate Telecom Inc.	Taiwan	Telecommunications and internet service		2,000		2,000		200	100		1,491		45			45		Subsidiary<br> <br>(Note 5)
	Chief International Corp.	Samoa<br>Islands	Telecommunications and internet service		6,068		6,068		200	100		43,597		3,798			3,798		Subsidiary<br> <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		444,886		364,865			139,124		Associate
	CHT Infinity Singapore Pte., Ltd.	Singapore	Investment business		55,720		55,720		2,000	40		54,216		3,480			1,392		Associate
	Chunghwa Telecom Malaysia SDN. BHD.	Malaysia	International private leased circuit, IP VPN service, and ICT services		—		—		—	100		—		—			—		Subsidiary<br> <br>(Note 5)
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		2,902,809		712,385			243,984		Subsidiary<br> <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		112,391		912,733			26,762		Associate<br> <br>(Note 5)
	Senao International Co., Ltd.	Taiwan	Selling and maintaining mobile phones and its peripheral products		49,731		49,731		1,001	—		45,008		274,122			1,063		Associate<br> <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		22,710		(12,983	)		(3,544	)	Associate

(Continued)

88 -

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)

NINE MONTHS ENDED SEPTEMBER 30, 2025

(Amounts inThousands of New Taiwan Dollars)

Investor Company	Investee Company	Location	Main Businesses and Products	Original Investment Amount				Balance as of September 30, 2025						Net Income(Loss) of theInvestee			Recognized Gain (Loss)<br>(Notes 1 and 2)			Note
				September 30,2025		December 31,2024		Shares<br>(Thousands)		Percentageof Ownership(%)		CarryingValue
	Imedtac Co.,<br>Ltd.	Taiwan	Providing medical AIoT solution, biomedical engineering services, and sales of medical device as an agent	$	91,381	$	91,381		1,828		10	$	54,501	$	(15,521	)	$	(2,311	)	Associate
	Porrima Inc.	Taiwan	Designing and selling zero-emission ships		80,000		80,000		8,000		10		73,334		(42,997	)		(4,299	)	Associate
	Gather<br>Works Co.,<br>Ltd.	Taiwan	Film and drama IP development, copyright management and copyright sales		14,400		—		1,440		48		13,036		(2,842	)		(1,364	)	Associate
Chunghwa Precision Test Tech. Co., Ltd.	Chunghwa<br>Precision<br>Test Tech<br>USA<br>Corporation	United<br>States	Design and after-sale services of semiconductor testing components and printed circuit board		74,192		74,192		2,600		100		107,034		5,204			5,231		Subsidiary<br> <br>(Note 5)
	CHPT Japan<br>Co., Ltd.	Japan	Related services of electronic parts, machinery processed products and printed circuit board		2,008		2,008		1		100		2,264		82			82		Subsidiary<br> <br>(Note 5)
	Chunghwa<br>Precision<br>Test Tech.<br>International,<br>Ltd.	Samoa<br>Islands	Wholesale and retail of electronic materials, and investment		173,649		173,649		5,700		100		127,840		(27,990	)		(21,845	)	Subsidiary<br> <br>(Note 5)
	TestPro<br>Investment<br>Co., Ltd.	Taiwan	Investment		135,000		135,000		13,500		100		25,856		(11,418	)		(9,976	)	Subsidiary<br> <br>(Note 5)
TestPro Investment Co., Ltd.	NavCore<br>Tech. Co.,<br>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		19,582		(21,226	)		(11,515	)	Subsidiary<br> <br>(Note 5)
Prime Asia Investments Group, Ltd.	Chunghwa<br>Hsingta Co.,<br>Ltd.	Hong<br>Kong	Investment		375,274		375,274		1		100		174,171		(1,109	)		(1,109	)	Subsidiary<br> <br>(Note 5)
Youth Co., Ltd.	ISPOT Co.,<br>Ltd.	Taiwan	Sale of information and communication technologies products		53,021		53,021		—		100		13,428		(5	)		(21	)	Subsidiary<br> <br>(Note 5)
Aval Technologies Co., Ltd.	Wiin<br>Technology<br>Co., Ltd.	Taiwan	Sale of information and communication technologies products		29,550		29,550		5,029		100		56,124		3,524			3,524		Subsidiary<br> <br>(Note 5)
CHYP Multimedia Marketing & Communications Co., Ltd	Click Force<br>Marketing<br>Company	Taiwan	Advertisement services		44,607		44,607		2,450		49		46,731		(8,927	)		(4,280	)	Associate
International Integrated Systems, Inc.	Unitronics<br>Technology<br>Corp.	Taiwan	Development and maintenance of information system		55,610		55,610		5,067		100		60,980		(1,133	)		(1,133	)	Subsidiary<br> <br>(Note 5)
CHT Security Co., Ltd.	Baohwa<br>Trust Co.,<br>Ltd.	Taiwan	VR integration and AIoT security services		20,000		20,000		2,000		25		16,364		17,591			4,397		Associate
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.
---	---
Note 6:	CVC was approved to end and dissolve its business in November 2024, and CVC completed its liquidation in August<br>2025.
---	---

(Concluded)

89 -

TABLE 6

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INVESTMENTS IN MAINLAND CHINA

NINE MONTHS ENDEDSEPTEMBER 30, 2025

(Amounts in Thousands of New Taiwan Dollars)

Investee	Main Businesses and Products	Total Amountof Paid-inCapital		InvestmentType<br>(Note 1)	AccumulatedOutflow ofInvestmentfrom Taiwanas ofJanuary 1, 2025		InvestmentFlows					AccumulatedOutflow ofInvestmentfrom Taiwanas ofSeptember30, 2025		Net Income(Loss) of theInvestee				Investment<br>Gain (Loss)<br>(Note 2)			CarryingValue as of<br>September 30,2025		AccumulatedInwardRemittance ofEarnings as of September 30,2025
						Outflow			Inflow
Chunghwa Telecom (China) Co., Ltd.	Integrated information and communication solution services for enterprise clients, and intelligent energy network service	$	177,176	2	$	177,176	$	—		$	—	$	177,176	$	—		100	$	—		$	—	$	—	Notes 6<br>and 9
Jiangsu Zhenghua Information Technology Company, LLC	Providing intelligent energy saving solution and intelligent buildings services		189,410	2		142,057		—			—		142,057		—		75		—			—		—	Notes 7<br>and 9
Shanghai Taihua Electronic Technology Limited	Design of printed circuit board and related consultation service		51,233	2		51,233		—			—		51,233		639		100		639			9,354		—	Notes 8<br>and 9
Su Zhou Precision Test Tech. Ltd.	Assembly processed of circuit board, design of printed circuit board and related consultation service		119,199	2		119,199		—			—		119,199		(28,703	)	100		(28,703	)		120,820		—	Notes 8<br>and 9
Shanghai Chief Telecom Co., Ltd.	Telecommunications and internet service		10,150	1		4,973		—			—		4,973		4,374		49		2,143			7,523		10,194	Note 9
Investee	Accumulated Investment in<br>Mainland China as of<br>September 30, 2025		Investment AmountsAuthorized by InvestmentCommission, MOEA		Upper Limit on InvestmentStipulated by InvestmentCommission, MOEA
---	---	---	---	---	---	---
Chunghwa Telecom Co., Ltd. (Note 3)	$	319,233	$	319,233	$	234,257,923
Chunghwa Precision Test Tech. Co., Ltd. and its subsidiaries (Note 4)		170,432		216,185		5,092,315
CHIEF Telecom Inc. and its subsidiaries (Note 5)		4,973		4,973		2,305,519
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 liquidation<br>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.
---	---

90 -

TABLE 7

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

INTERCOMPANY RELATIONSHIPS AND SIGNIFICANT TRANSACTIONS

NINE MONTHS ENDED SEPTEMBER 30, 2025

(Amounts inThousands of New Taiwan Dollars)

Year	No.<br>(Note 1)		Company Name	Related Party	Nature ofRelationship<br>(Note 2)		Transaction Details
						Financial Statement Account		Amount<br>(Note 5)			Payment Terms<br>(Note 3)		% to TotalSales or Assets(Note 4)
2025		0	Chunghwa Telecom Co., Ltd.	Senao International Co., Ltd.	a		Accounts receivable		$	492,881		—		—
							Accrued custodial receipts			170,107		—		—
							Accounts payable			948,744		—		—
							Amounts collected for others			169,122		—		—
							Revenues			2,855,035		—		2
							Operating costs and expenses			944,629		—		1
				CHIEF Telecom Inc.	a		Revenues			391,463		—		—
							Operating costs and expenses			101,930		—		—
				Chunghwa System Integration Co., Ltd.	a		Accounts payable			377,756		—		—
							Operating costs and expenses			911,949		—		1
				Honghwa International Co., Ltd.	a		Accounts payable			1,192,367		—		—
							Revenues			168,028		—		—
							Operating costs and expenses			5,280,798		—		3
				Donghwa Telecom Co., Ltd.	a		Revenues			139,527		—		—
							Operating costs and expenses			375,717		—		—
				Chunghwa Telecom Global Inc.	a		Revenues			104,971		—		—
							Operating costs and expenses			212,575		—		—
				CHT Security Co., Ltd.	a		Operating costs and expenses			260,642		—		—
				International Integrated Systems, Inc.	a		Operating costs and expenses			522,208		—		—
				Chunghwa Telecom Singapore Pte., Ltd.	a		Accounts payable			172,195		—		—
							Operating costs and expenses			138,160		—		—
				Senyoung Insurance Agent Co., Ltd.	a		Revenues			121,770		—		—
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<br>September 30, 2025, while revenues, costs and expenses are shown as a percentage to consolidated revenues for the nine months ended September 30, 2025.
---	---
Note 5:	The amount was eliminated upon consolidation.
---	---

91 -

EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Nine Months Ended September 30, 2025 and 2024

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New TaiwanDollars)

	September 30, 2025<br>(Unaudited)			December 31, 2024<br>(Audited)			September 30, 2024<br>(Unaudited)
ASSETS	****	Amount	%	****	Amount	%	****	Amount	%
CURRENT ASSETS
Cash and cash equivalents	$	23,527	5	$	36,260	7	$	31,215	6
Financial assets at fair value through profit or loss		1	—		—	—		1	—
Hedging financial assets		6	—		1	—		—	—
Contract assets		8,052	2		8,401	1		7,444	1
Trade notes and accounts receivable, net		26,521	5		26,026	5		23,086	5
Receivables from related parties		234	—		193	—		182	—
Inventories		13,209	3		12,087	2		11,807	2
Prepayments		6,420	1		3,138	1		5,933	1
Other current monetary assets		17,489	3		23,408	4		14,693	3
Incremental costs of obtaining contracts		339	—		339	—		339	—
Other current assets		3,990	1		3,115	1		4,223	1
Total current assets		99,788	20		112,968	21		98,923	19
NONCURRENT ASSETS
Financial assets at fair value through profit or loss		1,222	—		1,005	—		1,033	—
Financial assets at fair value through other comprehensive income		5,683	1		4,667	1		4,808	1
Financial assets at amortized cost		2,000	—		2,000	—		—	—
Investments accounted for using equity method		8,631	2		8,879	2		8,558	2
Contract assets		4,483	1		4,327	1		4,244	1
Property, plant and equipment		283,740	55		289,840	54		283,083	56
Right-of-use<br>assets		11,055	2		10,912	2		11,002	2
Investment properties		12,304	3		12,302	2		11,642	2
Intangible assets		61,373	12		66,283	12		67,858	13
Deferred income tax assets		1,729	—		1,661	—		2,055	—
Incremental costs of obtaining contracts		1,133	—		1,222	—		1,125	—
Net defined benefit assets		9,373	2		8,884	2		6,417	2
Prepayments		5,738	1		4,461	1		4,144	1
Other noncurrent assets		4,651	1		4,886	2		4,543	1
Total noncurrent assets		413,115	80		421,329	79		410,512	81
TOTAL	$	512,903	100	$	534,297	100	$	509,435	100
	September 30, 2025<br>(Unaudited)			December 31, 2024<br>(Audited)			September 30, 2024<br>(Unaudited)
---	---	---	---	---	---	---	---	---	---
LIABILITIES AND EQUITY	****	Amount	%	****	Amount	%	****	Amount	%
CURRENT LIABILITIES
Short-term loans	$	755	—	$	215	—	$	430	—
Financial liabilities at fair value through profit or loss		—	—		—	—		1	—
Hedging financial liabilities		—	—		2	—		1	—
Contract liabilities		19,010	4		16,301	3		16,239	3
Trade notes and accounts payable		13,471	3		17,743	3		12,380	3
Payables to related parties		121	—		480	—		196	—
Current tax liabilities		4,602	1		6,822	1		3,944	1
Lease liabilities		3,811	1		3,558	1		3,539	1
Other payables		23,055	4		26,581	5		21,693	4
Provisions		437	—		442	—		309	—
Current portion of long-term liabilities		1,900	—		8,803	2		8,798	2
Other current liabilities		958	—		1,050	—		1,249	—
Total current liabilities		68,120	13		81,997	15		68,779	14
NONCURRENT LIABILITIES
Long-term loans		1,600	—		1,631	1		1,600	—
Bonds payable		23,287	5		21,689	4		21,688	4
Contract liabilities		6,599	1		7,541	2		7,639	2
Deferred income taxes liabilities		2,742	1		2,658	1		2,596	2
Provisions		319	—		535	—		501	—
Lease liabilities		7,226	2		7,334	1		7,457	1
Customers’ deposits		5,227	1		5,311	1		5,115	1
Net defined benefit liabilities		2,148	—		2,107	—		2,133	—
Other noncurrent liabilities		7,000	1		7,688	1		6,933	1
Total noncurrent liabilities		56,148	11		56,494	11		55,662	11
Total liabilities		124,268	24		138,491	26		124,441	25
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
Common stocks		77,574	15		77,574	15		77,574	15
Additional paid-in capital		150,594	29		150,054	28		150,049	29
Retained earnings
Legal reserve		77,574	15		77,574	15		77,574	15
Special reserve		2,676	1		2,676	—		2,676	1
Unappropriated earnings		65,469	13		74,362	14		64,123	13
Total retained earnings		145,719	29		154,612	29		144,373	29
Others		1,098	—		586	—		561	—
Total equity attributable to stockholders of the parent		374,985	73		382,826	72		372,557	73
NONCONTROLLING INTERESTS		13,650	3		12,980	2		12,437	2
Total equity		388,635	76		395,806	74		384,994	75
TOTAL	$	512,903	100	$	534,297	100	$	509,435	100

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(InMillions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)

	Three Months Ended September 30										Nine Months Ended September 30
	2025					2024					2025					2024
	Amount			%		Amount			%		Amount			%		Amount			%
REVENUES	$	57,924			100	$	55,614			100	$	170,463			100	$	164,673			100
OPERATING COSTS		36,413			62		35,208			63		105,571			62		102,948			63
GROSS PROFIT		21,511			38		20,406			37		64,892			38		61,725			37
OPERATING EXPENSES
Marketing		6,418			11		6,294			11		18,970			11		18,416			11
General and administrative		1,785			3		1,663			3		5,373			3		4,980			3
Research and development		1,098			2		1,067			2		3,229			2		3,015			2
Expected credit loss (reversal of credit loss)		113			—		(4	)		—		161			—		76			—
Total operating expenses		9,414			16		9,020			16		27,733			16		26,487			16
OTHER INCOME AND EXPENSES		2			—		(9	)		—		8			—		(10	)		—
INCOME FROM OPERATIONS		12,099			22		11,377			21		37,167			22		35,228			21
NON-OPERATING INCOME AND EXPENSES
Interest income		181			—		173			—		695			—		568			—
Other income		62			—		94			—		443			—		419			—
Other gains and losses		(52	)		—		(109	)		—		(46	)		—		(142	)		—
Interest expenses		(91	)		—		(86	)		—		(273	)		—		(252	)		—
Share of profits of associates and joint ventures accounted for using equity method		55			—		37			—		98			—		74			—
Total non-operating income and expenses		155			—		109			—		917			—		667			—
INCOME BEFORE INCOME TAX		12,254			22		11,486			21		38,084			22		35,895			21
INCOME TAX EXPENSE		2,918			5		2,686			5		6,931			4		6,343			3
NET INCOME		9,336			17		8,800			16		31,153			18		29,552			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		(283	)		—		(155	)		—		754			1		86			—
Gain or loss on hedging instruments subject to basis adjustment		19			—		(1	)		—		7			—		(1	)		—
Share of other comprehensive income (loss) of associates and joint ventures		—			—		(1	)		—		(1	)		—		—			—
		(264	)		—		(157	)		—		760			1		85			—
Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		161			—		(22	)		—		(270	)		—		115			—

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(InMillions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)

	Three Months Ended September 30										Nine Months Ended September 30
	2025					2024					2025					2024
	Amount			%		Amount			%		Amount			%		Amount		%
Share of other comprehensive income (loss) of associates and joint ventures	$	19			—	$	20			—	$	(4	)		—	$	42		—
		180			—		(2	)		—		(274	)		—		157		—
Total other comprehensive income (loss), net of income tax		(84	)		—		(159	)		—		486			1		242		—
TOTAL COMPREHENSIVE INCOME	$	9,252			17	$	8,641			16	$	31,639			19	$	29,794		18
NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,941			16	$	8,534			16	$	29,896			17	$	28,751		18
Noncontrolling interests		395			1		266			—		1,257			1		801		—
	$	9,336			17	$	8,800			16	$	31,153			18	$	29,552		18
COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	8,846			16	$	8,373			16	$	30,406			18	$	28,959		18
Noncontrolling interests		406			1		268			—		1,233			1		835		—
	$	9,252			17	$	8,641			16	$	31,639			19	$	29,794		18
EARNINGS PER SHARE
Basic	$	1.15				$	1.11				$	3.85				$	3.71
Diluted	$	1.15				$	1.10				$	3.85				$	3.70

(Concluded)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(InMillions of New Taiwan Dollars)

(Unaudited)

	Equity Attributable to Stockholders of the Parent
																	Others
																	Exchange<br><br><br>Differences<br> <br>Arising<br><br><br>from the<br><br><br>Translation of<br> <br>theForeignOperations			Unrealized<br><br><br>Gain or Loss<br> <br>onFinancial<br> <br>Assets atFVOCI		Gain or Loss on<br><br><br>HedgingInstruments			TotalOthers		Total Equity<br><br><br>Attributable to<br><br><br>Stockholdersof the Parent
						Retained Earnings
	CommonStocks		AdditionalPaid-in Capital			LegalReserve		SpecialReserve			UnappropriatedEarnings			Total RetainedEarnings							NoncontrollingInterests									TotalEquity
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
Appropriation of 2023 earnings
Special reserve		—		—			—		(223	)		223			—			—			—		—			—		—				—			—
Cash dividends distributed by Chunghwa		—		—			—		—			(36,910	)		(36,910	)		—			—		—			—		(36,910	)			—			(36,910	)
Cash dividends distributed by subsidiaries		—		—			—		—			—			—			—			—		—			—		—				(898	)		(898	)
Payment of unclaimed dividend		—		—			—		—			—			—			—			—		—			—		—				—			—
Change in additional paid-in capital from investments in<br>associates and joint ventures accounted for using equity method		—		—			—		—			—			—			—			—		—			—		—				—			—
Actual disposal of interests in subsidiaries		—		224			—		—			—			—			—			—		—			—		224				35			259
Net income for the nine months ended September 30, 2024		—		—			—		—			28,751			28,751			—			—		—			—		28,751				801			29,552
Other comprehensive income (loss) for the nine months ended September 30, 2024		—		—			—		—			—			—			122			87		(1	)		208		208				34			242
Total comprehensive income (loss) for the nine months ended September 30, 2024		—		—			—		—			28,751			28,751			122			87		(1	)		208		28,959				835			29,794
Changes in equities of subsidiaries		—		(3	)		—		—			—			—			—			—		—			—		(3	)			33			30
BALANCE, SEPTEMBER 30, 2024	$	77,574	$	150,049		$	77,574	$	2,676		$	64,123		$	144,373		$	(46	)	$	608	$	(1	)	$	561	$	372,557			$	12,437		$	384,994
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
Appropriation of 2024 earnings
Cash dividends distributed by Chunghwa		—		—			—		—			(38,787	)		(38,787	)		—			—		—			—		(38,787	)			—			(38,787	)
Cash dividends distributed by subsidiaries		—		—			—		—			—			—			—			—		—			—		—				(1,094	)		(1,094	)
Unclaimed dividend		—		2			—		—			—			—			—			—		—			—		2				—			2
Change in additional paid-in capital for not participating<br>in the capital increase of subsidiaries		—		532			—		—			—			—			—			—		—			—		532				500			1,032
Net income for the nine months ended September 30, 2025		—		—			—		—			29,896			29,896			—			—		—			—		29,896				1,257			31,153
Other comprehensive income (loss) for the nine months ended September 30, 2025		—		—			—		—			(2	)		(2	)		(260	)		765		7			512		510				(24	)		486
Total comprehensive income (loss) for the nine months ended September 30, 2025		—		—			—		—			29,894			29,894			(260	)		765		7			512		30,406				1,233			31,639
Changes in equities of subsidiaries		—		6			—		—			—			—			—			—		—			—		6				12			18
Net increase in noncontrolling interests		—		—			—		—			—			—			—			—		—			—		—				19			19
BALANCE, SEPTEMBER 30, 2025	$	77,574	$	150,594		$	77,574	$	2,676		$	65,469		$	145,719		$	(237)		$	1,329	$	6		$	1,098	$	374,985			$	13,650		$	388,635

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions ofNew Taiwan Dollars)

(Unaudited)

	Nine MonthsEndedSeptember 30
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	38,084		$	35,895
Adjustments to reconcile income before income tax to net cash provided by operating<br>activities:
Depreciation		25,050			24,658
Amortization		5,003			5,021
Amortization of incremental costs of obtaining contracts		709			671
Expected credit loss		161			76
Valuation loss on financial assets and liabilities at fair value through profit or loss,<br>net		75			126
Interest expense		273			252
Interest income		(695	)		(568	)
Dividend income		(281	)		(240	)
Compensation cost of share-based payment transactions		4			7
Share of profits of associates and joint ventures accounted for using equity method		(98	)		(74	)
Loss (gain) on disposal of property, plant and equipment		(8	)		10
Gain on disposal of financial instruments		—			(1	)
Loss (gain) on disposal of investments accounted for using equity method		6			(61	)
Provision for impairment loss and obsolescence of inventory		55			63
Gain on disposal of subsidiaries		(15	)		—
Others		(6	)		13
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		181			(1,208	)
Trade notes and accounts receivable		(685	)		1,707
Receivables from related parties		(41	)		(104	)
Inventories		(1,184	)		(349	)
Prepayments		(3,075	)		(2,864	)
Other current assets		(877	)		(1,401	)
Other current monetary assets		(1,471	)		(11	)
Incremental cost of obtaining contracts		(620	)		(985	)
Increase (decrease) in:
Contract liabilities		1,775			2,230
Trade notes and accounts payable		(4,262	)		(2,016	)
Payables to related parties		(359	)		(189	)
Other payables		(2,029	)		(1,626	)
Provisions		(221	)		(12	)
Net defined benefit plans		(448	)		(419	)
Other current liabilities		(95	)		275
Cash generated from operations		54,906			58,876

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions ofNew Taiwan Dollars)

(Unaudited)

	Nine Months Ended September 30
	2025			2024
Interests paid	$	(312	)	$	(288	)
Income taxes paid		(9,137	)		(8,831	)
Net cash provided by operating activities		45,457			49,757
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income		(262	)		(313	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive<br>income		—			6
Acquisition of financial assets at fair value through profit or loss		(297	)		(127	)
Proceeds from disposal of financial assets at fair value through profit or loss		—			4
Acquisition of investments accounted for using equity method		(14	)		(400	)
Proceeds from disposal of investments accounted for using equity method		5			—
Net cash outflow from loss of control of subsidiaries		(9	)		—
Acquisition of property, plant and equipment		(17,301	)		(16,016	)
Proceeds from disposal of property, plant and equipment		15			10
Acquisition of intangible assets		(91	)		(137	)
Acquisition of investment properties		(7	)		—
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with<br>maturities of more than three months		(43,443	)		(56,161	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper<br>with maturities of more than three months		50,767			61,788
Decrease in other noncurrent assets		221			82
Increase in prepayments for leases		(1,485	)		(1,043	)
Interests received		687			605
Dividends received		564			571
Proceeds from profit distribution of financial assets at fair value through profit or<br>loss		4			3
Net cash used in investing activities		(10,646	)		(11,128	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		2,880			720
Repayment of short-term loans		(2,275	)		(875	)
Proceeds from issuance of bonds		3,500			—
Repayment of bonds payable		(8,800	)		—
Payments for transaction costs attributable to the issuance of bonds		(5	)		—

(Continued)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions ofNew Taiwan Dollars)

(Unaudited)

	Nine Months Ended September 30
	2025			2024
Repayment of long-term loans	$	(35	)	$	—
Decrease in customers’ deposits		(75	)		(205	)
Payments for the principal of lease liabilities		(3,157	)		(2,924	)
Decrease in other noncurrent liabilities		(688	)		(473	)
Cash dividends paid		(38,787	)		(36,910	)
Partial disposal of interests in subsidiaries without losing control		—			259
Cash dividends distributed to noncontrolling interests		(1,079	)		(887	)
Change in other noncontrolling interests		1,045			23
Unclaimed dividend (payment of unclaimed dividend)		2			—
Net cash used in financing activities		(47,474	)		(41,272	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		(70	)		34
NET DECREASE IN CASH AND CASH EQUIVALENTS		(12,733	)		(2,609	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,260			33,824
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	23,527		$	31,215

(Concluded)

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHSENDED SEPTEMBER 30, 2025 and 2024

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of September 30, 2025 and 2024, the related consolidated statements of comprehensive income for the three months ended September 30, 2025 and 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the nine months ended September 30, 2025 and 2024 in accordance with International Accounting Standards No. 34 “Interim Financial Reporting” as issued by the International Accounting Standard 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.