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Page 1 Taiwan High Speed Rail Corporation 1H 2026 Operation Report Ticker Symbol: 2633 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. 2026.9.16
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Page 2 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Safe Harbor Notice ◼ The information contained in this presentation and its accompanying announcements, including content relating to business outlooks, financial operations, and business forecasts, is based on information derived from internal corporate data and external economic developments as a whole. ◼ The Company's actual operations, financial conditions, and operational performance may differ from forecasted information; this may be due to various factors including but not limited to market demand, changes in policies and regulations and overall economic conditions, and other factors or risks beyond the Company’s control. ◼ The information provided in this presentation reflects the Company's current views about the future; correctness, completeness, or reliability of said views are not explicitly or implicitly expressed or warranted. The Company is not responsible for updating or amending changes or adjustments made to the contents of this presentation, if such changes or adjustments should occur in the future. ◼ For the convenience of readers, this presentation has been translated into English from an original Chinese version. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, information in the Chinese-language presentation shall prevail.
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Page 3 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. AGENDA I. OPERATIONAL OVERVIEW II. FINANCIAL RESULTS III. OPERATIONAL OUTLOOK
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Page 4 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. I. OPERATIONAL OVERVIEW
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Page 5 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Company Profile 12 Sets Stations 34 Sets Train Sets 350 KM Operation Length 5 Sets Maintenance Depots Weekly Schedule Daily Two-way Service (WEEKEND) Daily Two-way Service (WEEKDAY) 1,134 184 152 Weekly Scheduled Operating Shifts Train Set Planning Number of Train Sets (estimated) Total 46 Train Sets is Available by 2028 700T 34 sets N700ST 12 sets
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Page 6 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. (Frequency) (Mn-Km) Transportation Capacity Train Services Seat-Km YoY 1.3% ⚫ The scheduled weekly services were increased to 1,134 in 1Q 2026 ⚫ During the consecutive holidays of Tomb-Sweeping Day, Labor Day and Dragon Boat Festival in 2Q 2026, a total of 344 additional train services would be added. ⚫ In 2Q 2026, the seat-km capacity reached 4.855 bn km, an increase of 50 mn km compared to the same period last year, representing a year-on-year growth of 1.1%. YoY 1.1% (Frequency) Trend of Scheduled Train Services
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Page 7 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. (Thousand Persons) (Mn-Km) Transportation Volume Passenger Passenger-Km YoY 5.9% ⚫ The number of passengers in 2Q 2026 continued to exceed 20 million, marking the fifth consecutive quarters with the number of passengers reached 20 million. ⚫ In 2Q 2026, passenger-km reached 3.51 bn km, an increase of 146 mn km compared to the same period last year, representing a year-on-year growth of 4.3%. ⚫ The average daily ridership in 2Q 2026 was 233,000, an increase of 13,000 passengers compared to that in the same period last year. YoY 4.3% Avg. Daily Ridership(Thousand Persons/Day) QoQ 1.5% QoQ 0.1%
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Page 8 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. (Thousand Persons) (Mn-Km) Transportation Volume Passenger Passenger-Km YoY 5.6% ⚫ The number of passengers in the 1H 2026 reached 42 million, an increase of 2.23 million compared to the same period last year. ⚫ In the 1H 2026, passenger-km transportation volume reached 7 billion kilometers, an annual growth of 4.4%. ⚫ The average load factor remained at 72.1% in 1H 2026. YoY 4.4% ((Thousand Persons/Day) Daily Avg. Ridership +12,000persons/day Load Factor (%)
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Page 9 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Punctuality (Delay<5min) Avg. Delay Time (min) Accidents resulting in Liabilities 5-Year Operation Performance '21 '22 '23 '24 '25 1H'26 0 0 0 0 0 0
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Page 10 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. II. Financial Results
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Page 11 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Profit & Loss and Financial Results Up 4% YoY Revenue Up 3% YoY Gross Profit Net Income after Tax Up 2% YoY Gross Profit Margin Net Profit Margin EPS (NT mn)) (NT mn)) (NT mn)) (NT$)
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Page 12 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Profit & Loss and Financial Results Up 4% YoY Revenue Up 4% YoY Gross Profit Net Income after Tax Up 8% YoY Gross Profit Margin Net Profit Margin EPS (NT mn)) (NT mn)) (NT mn)) (NT$)
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Page 13 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Profit & Loss and Financial Results ⚫ In 1H 2026, revenue grew by nearly 4% YOY, and the cost of electricity was not increased. EBITDA was nearly NT$18.2 bn, up to 2.7% YOY, while the EBITDA margin remained flat at 65.3% YOY. (NT bn) (%) (NT mn) 2Q'26 1Q'26 QoQ 2Q'26 2Q'25 YoY EBITDA 8,675 9,497 -8.7% 8,675 8,533 1.7% EBITDA Margin(%) 62.3% 68.4% - 62.3% 63.9% -
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Page 14 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Note: Non-ticket revenues mainly include: rental income, advertising sales, and trolley sales. 2Q’26 Revenue Mix 2Q’25 Revenue Mix Revenue Structure and Profit & Loss Profits in the past 5 quarters (NT mn) 1H'26 1H'25 YoY Ticket Revenue 26,847 25,779 4.1% Non-ticket Revenue 965 955 1.0% Total 27,812 26,735 4.0%
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Page 15 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. [註1] [註2] Cash Flows Note 1 : The total net cash outflow of money market funds (MMF) and >3-mth fixed deposits/RP decreasing $6.59 bn, capital expenditure totaling $4.72 bn in 1H 2026. Note 2: The issuance for non-guaranteed commercial paper was reduced by $1.35 bn in 1H 2026. NT$million 1H'26 1H'25 Cash flows from operating activities 13,557 12,501 Cash flows from investing activities [note1] 1,934 (100) Cash flows from financing activities [note2] (1,419) (1,655) Cash flows increase (decrease) 14,079 10,758 Cash and cash equivalent at the end of the period 18,878 15,045
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Page 16 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Financial Risk Management (NT$billion) Amount ’16 21.0 ’17 41.2 ’18 10.0 ’20 18.5 ’21 15.0 ’22 25.0 ’23 10.0 Total 140.7 Total early payment of syndicated loan, from 2016 to 2025. Note：Ratio of liabilities to assets = total liabilities/total assets
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Page 17 EPS & Cash Dividend Unit：NT$ Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Note : The calculation of earnings per share is based on the weighted average number of ordinary shares of 5.628 billion shares.
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Page 18 NT$ billion Agency Long-term Short-term Outlook Taiwan Ratings twAAA twA-1+ Stable Fitch AAA(twn) F1+(twn) Stable Jul. 2026 Market Cap NT$147.5bn Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Corporate Credit Ratings & Market Cap
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Page 19 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. III、 OPERATIONAL OUTLOOK
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Page 20 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Operational Overview HSR 2.0 To celebrate the 20th anniversary of the HSR, we plan to create a brand new HSR experience for passengers, strengthen our operational performance, enhance our service values and corporate image, generate greater profits. Brand Build a brand new HSR experience and enhance brand value. Train Upgrade trains to optimize passenger experiences. Station Optimize passenger service facilities and upgrade service experiences. Travel Promote smart transportation to enhance passenger quality. Business Expand business spaces to provide immersive experiences. Sustain -ability Strengthen operational resilience and implement corporate sustainability actions.
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Page 21 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. Benefits of the Introduction of New-generation Trains and the Expansion of the Vehicle Maintenance Depots 34 Sets Current Number of Train Sets Improve the Flexibility and Efficiency of Train Operation 46 Sets Total Train Sets with New Trains Peak Transport Capacity 25% ⚫ Peak Departures: 7 shifts/hr ⚫ Peak Departure Interval: 5 mins Maintenance Capability 47 Sets Zuoying Maintenance Depot Expansion ⚫ Current Maint. Capability：38 sets ⚫ Current Parking Capacity：44 sets Parking Capacity 50 Sets Repair Days for Major Maintenance shorten 16 Days Yanchao Main Workshop Expansion Long-term Transport Capacity Target ⚫ The weekly schedule will be gradually increased to over 1,400 shifts. ⚫ Peak hour stops in Taoyuan and Hsinchu: 8 shifts/hour (making commuting more convenient) ⚫ Peak hour direct trains in Taipei and Taichung: 4 shifts/hour (increase direct trains to Taichung) ⚫ Peak hour direct trains in Tainan and Chiayi: 2 shifts/hour (Enhance Southern Direct trains) ⚫ Current Major Repair Time for Train: 19-20 days
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Page 22 Copyright © Taiwan High Speed Rail Corporation. All Contents Confidential. ESG Promote and Awards To be the platform for advancement and enjoyment. THSRC not only provides passengers with safe, fast, and punctual transportation services, but also cooperates and builds alliances with external industries to enhance our railway capabilities. THSRC also strives to provide passengers with comprehensive, high-quality life experiences through integration of advanced technology, local culture, and environmental protection. Received the Taiwan Corporate Sustainability Awards for 9 consecutive years. 2017-2025 Selected as a constituent of the FTSE4Good TIP Taiwan ESG Index for 8 consecutive years. 2019-2026 Selected for the TWSE RA Taiwan Employment Creation 99 Index for 7 consecutive years. 2020-2026 Received top 5% ranking in the Corporate Governance Evaluation for 9 consecutive years. 2018-2026 Selected as one of the Top 100 Global Sustainable Companies by Corporate Knights for 4 consecutive years. 2022-2025 Won the “Gold Award” for Corporate Sustainability Report THSRC 2025 "Enterprise Value Enhancement Plan" was announced on the "Enterprise Value Enhancement Plan Zone" of the Market Observation Post System, demonstrating its commitment to sustainable governance. Selected as one of the world's top clean 200 companies for 2 consecutive years. 2025-2026
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Page 23 To learn more about THSRC, please visit http://www.thsrc.com.tw