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ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS' REVIEW REPORT

MARCH 31, 2026 AND 2025

For the convenience of readers and for information purpose only, the auditors' report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. In the event of any discrepancy between the English version and the original Chinese version or any differences in the interpretation of the two versions, the Chinese-language auditors' report and financial statements shall prevail.

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INDEPENDENT AUDITORS' REVIEW REPORT TRANSLATED FROM CHINESE

To the Board of Directors and Shareholders of ABLEREX ELECTRONICS CO., LTD.

Introduction

We have reviewed the accompanying consolidated balance sheets of ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES (the “Group”) as at March 31, 2026 and 2025, and the related consolidated statements of comprehensive income, of changes in equity and of cash flows for the three-month periods then ended, and notes to the consolidated financial statements, including a summary of material accounting policies. 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

Except as explained in the following paragraph, we conducted our reviews in accordance with the Standard on Review Engagements 2410 “Review of Financial Information Performed by the Independent Auditor of the Entity” in 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.

Basis for Qualified Conclusion

As explained in Note 4(3), the financial statements of certain insignificant consolidated subsidiaries were not reviewed by independent auditors. Those statements reflect total assets of NT$625,585 and NT$554,035, constituting 18% and 16% of the consolidated total assets, and total liabilities of NT$67,110 and NT$96,399, constituting 4% and 5% of the consolidated total liabilities as at March 31, 2026 and 2025, and total comprehensive income of NT$12,444 and NT$5,893, constituting 39% and 27% of the consolidated total comprehensive income for the three-month periods then ended.

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Qualified Conclusion

Description

Except for the adjustments to the consolidated financial statements, if any, as might have been determined to be necessary had the financial statements of certain consolidated subsidiaries been reviewed by independent auditors, that we might have become aware of had it not been for the situation described above, based on our reviews, nothing has come to our attention that causes us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of the Group as at March 31, 2026 and 2025, and of its consolidated financial performance and its consolidated cash flows for the three-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.

Lin, Se-Kai

Lin, Kuan-Hung

For and on behalf of PricewaterhouseCoopers, Taiwan

May 4, 2026

The accompanying consolidated financial statements are not intended to present the financial position and results of operations and cash flows in accordance with accounting principles generally accepted in countries and jurisdictions other than the Republic of China. The standards, procedures and practices in the Republic of China governing the audit of such financial statements may differ from those generally accepted in countries and jurisdictions other than the Republic of China. Accordingly, the accompanying consolidated financial statements and independent auditors' review report are not intended for use by those who are not informed about the accounting principles or auditing standards generally accepted in the Republic of China, and their applications in practice.

As the financial statements are the responsibility of the management, PricewaterhouseCoopers cannot accept any liability for the use of, or reliance on, the English translation or for any errors or misunderstandings that may derive from the translation.

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ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026, DECEMBER 31, 2025 AND MARCH 31, 2025

(Expressed in thousands of New Taiwan dollars)

ASSETS	Notes	March 31, 2026		December 31, 2025		March 31, 2025
		AMOUNT	%	AMOUNT	%	AMOUNT	%
Current assets
1100	Cash and cash equivalents	6(1)	$ 346,134	10	$ 344,519	10	$ 435,963	12
1136	Current financial assets at amortised cost	6(3) and 8
			58,683	2	76,088	2	66,809	2
1150	Notes receivable, net	6(4)	14,532	-	7,795	-	11,529	-
1170	Accounts receivable, net	6(4)	485,253	14	535,947	15	508,666	14
1180	Accounts receivable due from related parties, net	6(4) and 7
			2,362	-	-	-	41	-
1200	Other receivables		19,146	1	15,992	1	15,348	1
1220	Current tax assets		6,990	-	6,908	-	6,483	-
130X	Inventories, net	6(5)	1,536,106	44	1,514,066	43	1,361,455	39
1410	Prepayments		71,513	2	50,675	2	46,135	1
11XX	Total current assets		2,540,719	73	2,551,990	73	2,452,429	69
Non-current assets
1517	Non-current financial assets at fair value through other comprehensive income	6(2)
			82,389	3	82,389	2	199,743	6
1535	Non-current financial assets at amortised cost	6(3) and 8
			239	-	-	-	875	-
1600	Property, plant and equipment	6(6) and 8	735,338	21	736,752	21	760,564	21
1755	Right-of-use assets	6(7) and 8	9,890	-	12,690	1	18,673	1
1780	Intangible assets		45,474	1	43,193	1	44,122	1
1840	Deferred income tax assets		36,424	1	40,253	1	37,780	1
1900	Other non-current assets	6(8)	33,499	1	34,780	1	33,959	1
15XX	Total non-current assets		943,253	27	950,057	27	1,095,716	31
1XXX	Total assets		$ 3,483,972	100	$ 3,502,047	100	$ 3,548,145	100
			(Continued)

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2026, DECEMBER 31, 2025 AND MARCH 31, 2025
(Expressed in thousands of New Taiwan dollars)

	LIABILITIES AND EQUITY	Notes	March 31, 2026		December 31, 2025		March 31, 2025
			AMOUNT	%	AMOUNT	%	AMOUNT	%
Current liabilities
2100	Short-term borrowings	6(9)	$ 461,893	13	$ 463,559	13	$ 416,403	12
2110	Short-term notes and bills payable	6(10)	84,908	3	-	-	129,932	4
2130	Current contract liabilities	6(18)	247,818	7	221,170	6	383,544	11
2150	Notes payable		5,287	-	679	-	475	-
2170	Accounts payable		570,015	16	696,662	20	483,221	13
2200	Other payables	6(12)	284,950	8	175,931	5	199,426	6
2230	Current income tax liabilities		38,883	1	34,228	1	19,161	1
2250	Provisions for liabilities - current	6(13)	65,218	2	65,218	2	65,218	2
2280	Current lease liabilities	7	5,035	-	7,142	-	10,031	-
2320	Long-term liabilities, current portion	6(11)	449	-	2,334	-	15,682	-
2399	Other current liabilities, others		21,865	1	22,164	1	24,618	1
21XX	Total current liabilities		1,786,321	51	1,689,087	48	1,747,711	50
Non-current liabilities
2540	Long-term borrowings	6(11)	-	-	-	-	7,755	-
2570	Deferred income tax liabilities		114,011	4	114,011	4	110,976	3
2580	Non-current lease liabilities	7	4,599	-	5,312	-	8,209	-
2640	Net defined benefit liability, non-current	6(14)	4,157	-	4,157	-	5,789	-
25XX	Total non-current liabilities		122,767	4	123,480	4	132,729	3
2XXX	Total liabilities		1,909,088	55	1,812,567	52	1,880,440	53
Equity attributable to owners of parent
	Share capital	6(15)
3110	Common stock		450,000	13	450,000	13	450,000	13
	Capital surplus	6(16)
3200	Capital surplus		713,348	20	713,348	20	713,679	20
	Retained earnings	6(17)
3310	Legal reserve		255,914	7	255,914	7	245,784	7
3350	Unappropriated retained earnings		164,924	5	295,790	9	132,238	4
	Other equity interest
3400	Other equity interest		( 12,724)	-	( 28,040)	( 1)	110,031	3
31XX	Total equity attributable to owners of parent		1,571,462	45	1,687,012	48	1,651,732	47
36XX	Non-controlling interests		3,422	-	2,468	-	15,973	-
3XXX	Total equity		1,574,884	45	1,689,480	48	1,667,705	47
	Significant commitments and contingent liabilities	7 and 9
	Significant events after the balance sheet date	11
3X2X	Total liabilities and equity		$ 3,483,972	100	$ 3,502,047	100	$ 3,548,145	100

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

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ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars, except earnings per share amount)

	Items	Notes	Three-month periods ended March 31
			2026		2025
			AMOUNT	%	AMOUNT	%
4000	Sales revenue	6(18) and 7	$ 804,199	100	$ 698,128	100
5000	Operating costs	6(5)(23)(24)	( 585,575)	( 73)	( 515,731)	( 74)
5950	Gross profit from operations		218,624	27	182,397	26
	Operating expenses	6(23)(24)
6100	Selling expenses		( 104,582)	( 13)	( 96,502)	( 14)
6200	General and administrative expenses		( 35,533)	( 5)	( 32,736)	( 5)
6300	Research and development expenses		( 55,345)	( 7)	( 45,259)	( 6)
6450	Expected credit loss		( 2,601)	-	473	-
6000	Total operating expenses		( 198,061)	( 25)	( 174,024)	( 25)
6900	Net operating income		20,563	2	8,373	1
	Non-operating income and expenses
7100	Interest income	6(3)(19)	792	-	843	-
7010	Other income	6(20)	5,982	1	3,001	-
7020	Other gains and losses	6(21)	1,599	-	5,397	1
7050	Finance costs	6(22) and 7	( 2,359)	-	( 3,036)	-
7000	Total non-operating income and expenses		6,014	1	6,205	1
7900	Profit before income tax		26,577	3	14,578	2
7950	Income tax expense	6(25)	( 10,288)	( 1)	( 6,048)	( 1)
8200	Profit for the period		$ 16,289	2	$ 8,530	1
	Other comprehensive income
	Components of other comprehensive income that will be reclassified to profit or loss
8361	Financial statements translation differences of foreign operations		$ 19,194	2	$ 16,459	2
8399	Income tax relating to components of other comprehensive (losses) income that will be reclassified to profit or loss		( 3,829)	-	( 3,228)	-
8360	Components of other comprehensive income that will be reclassified to profit or loss		15,365	2	13,231	2
8300	Other comprehensive income, net		$ 15,365	2	$ 13,231	2
8500	Total comprehensive income		$ 31,654	4	$ 21,761	3
	Profit attributable to:
8610	Owners of the parent		$ 15,384	2	$ 8,527	1
8620	Non-controlling interest		905	-	3	-
			$ 16,289	2	$ 8,530	1
	Comprehensive income attributable to:
8710	Owners of the parent		$ 30,700	4	$ 21,440	3
8720	Non-controlling interest		954	-	321	-
			$ 31,654	4	$ 21,761	3
	Earnings per share (in dollars)
9750	Basic earnings per share	6(26)	$	0.34	$	0.19
9850	Diluted earnings per share	6(26)	$	0.34	$	0.19

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

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars)

	Equity attributable to owners of the parent
		Capital Surplus			Retained Earnings		Other equity Interest		Unrealised gains (losses) from financial assets measured at fair value through other comprehensive income	Total
		Commons stock	Capital surplus	Changes in ownership interests in subsidiaries	Others	Legal reserve	Unappropriated retained earnings	Total exchange differences on translation of foreign financial statements
2025
Balance at January 1, 2025		$ 450,000	$ 711,878	$ 1,779	$ 22	$ 245,784	$ 213,711	($ 21,625)	$ 118,743	$ 1,720,292	$ 15,652	$ 1,735,944
Profit for the period		-	-	-	-	-	8,527	-	-	8,527	3	8,530
Other comprehensive income for the period		-	-	-	-	-	-	12,913	-	12,913	318	13,231
Total comprehensive income		-	-	-	-	-	8,527	12,913	-	21,440	321	21,761
Cash dividends to shareholders	6(17)	-	-	-	-	-	( 90,000 )	-	-	( 90,000 )	-	( 90,000 )
Balance at March 31, 2025		$ 450,000	$ 711,878	$ 1,779	$ 22	$ 245,784	$ 132,238	($ 8,712)	$ 118,743	$ 1,651,732	$ 15,973	$ 1,667,705
2026
Balance at January 1, 2026		$ 450,000	$ 711,878	$ 1,448	$ 22	$ 255,914	$ 295,790	($ 29,429 )	$ 1,389	$ 1,687,012	$ 2,468	$ 1,689,480
Profit for the period		-	-	-	-	-	15,384	-	-	15,384	905	16,289
Other comprehensive income for the period		-	-	-	-	-	-	15,316	-	15,316	49	15,365
Total comprehensive income		-	-	-	-	-	15,384	15,316	-	30,700	954	31,654
Cash dividends to shareholders	6(17)	-	-	-	-	-	( 146,250 )	-	-	( 146,250 )	-	( 146,250 )
Balance at March 31, 2026		$ 450,000	$ 711,878	$ 1,448	$ 22	$ 255,914	$ 164,924	($ 14,113 )	$ 1,389	$ 1,571,462	$ 3,422	$ 1,574,884

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

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ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars)

	Notes	Three-month periods ended March 31
		2026	2025
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax		$ 26,577	$ 14,578
Adjustments
Adjustments to reconcile profit (loss)
Depreciation expense (including depreciation charges on right-of-use assets)	6(6)(7)(23)
Amortisation expense	6(23)	16,208	15,839
Expected credit (gain) loss		3,384	2,992
Financial costs	6(22)	2,601	( 473 )
Interest income	6(19)	2,359	3,036
Loss on disposal of property, plant and equipment	6(6)(21)	792 )	( 843 )
Unrealised foreign exchange loss		( 66 )	( 602 )
Changes in operating assets and liabilities
Changes in operating assets
Notes receivable, net		( 6,737 )	( 4,951 )
Accounts receivable		47,895	190,835
Accounts receivable due from related parties, net		( 2,362 )	506
Other receivables		( 3,357 )	( 3,156 )
Inventories, net		( 22,040 )	( 7,770 )
Prepayments		( 20,838 )	4,559
Changes in operating liabilities
Current contract liabilities		26,648	129,257
Notes payable		4,608	( 471 )
Accounts payable		( 126,647 )	( 75,746 )
Other payables		( 37,162 )	( 56,725 )
Other current liabilities, others		( 299 )	( 391 )
Defined benefit liability		-	( 8 )
Cash (outflow) inflow generated from operations		( 89,974 )	210,496
Interest received		995	693
Interest paid		( 2,429 )	( 3,024 )
Income tax paid		( 6,041 )	( 1,861 )
Income tax refunded		139	39
Net cash flows (used in) from operating activities		( 97,310 )	206,343

(Continued)

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025
(Expressed in thousands of New Taiwan dollars)

	Notes	Three-month periods ended March 31
		2026	2025
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at amortised cost		($ 42,264 )	($ 29,885 )
Proceeds from disposal of financial assets at amortised cost		60,791	9,962
Acquisition of property, plant and equipment	6(6)	( 6,373 )	( 5,695 )
Proceeds from disposal of property, plant and equipment	6(6)
Acquisition of intangible assets		( 2,833 )	( 219 )
Increase in refundable deposits		( 11 )	( 1,517 )
Increase in other non-current assets		( 1,488 )	( 4,446 )
Net cash flows from (used in) investing activities		7,840	( 31,800 )
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in short-term borrowings	6(28)	641,558	986,403
Decrease in short-term borrowings	6(28)	( 643,919 )	( 870,000 )
Increase in short-term notes and bills payable	6(28)	181,153	230,349
Decrease in short-term notes and bills payable	6(28)	( 96,245 )	( 400,246 )
Repayments of long-term debt	6(28)	( 1,891 )	( 26,114 )
Repayment of principal portion of lease liabilities	6(28)	( 2,819 )	( 2,713 )
Net cash flows from (used in) financing activities		77,837	( 82,321 )
Effect of exchange rate changes on cash and cash equivalents		13,248	12,945
Net increase in cash and cash equivalents		1,615	105,167
Cash and cash equivalents at beginning of period		344,519	330,796
Cash and cash equivalents at end of period		$ 346,134	$ 435,963

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

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ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

(Expressed in thousands of New Taiwan dollars, except as otherwise indicated)

1. History and Organization

(1) Ablerex Electronics Co., Ltd (the “Company”), formerly UIS Abler Electronics Co., Ltd., was incorporated under the provisions of the Company Law of the Republic of China (R.O.C.) on April 27, 1998. The Company merged with PEC Technology Co., Ltd. on April 1, 2002, with the Company as the surviving company and was then renamed as Ablerex Electronics Co., Ltd. The shares of the Company have been trading on the Taipei Exchange since September 9, 2010.

(2) The Company and its subsidiaries (collectively referred herein as the “Group”) are primarily engaged in the following business activities:

(a) Manufacturing and sales of uninterruptible power supply systems.
(b) Manufacturing and sales of equipment to power quality devices.
(c) Manufacturing and sales of solar energy equipment.
(d) Maintenance and technical services.

2. The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization

These consolidated financial statements were authorised for issuance by the Board of Directors on May 4, 2026.

3. Application of New Standards, Amendments and Interpretations

(1) Effect of the adoption of new issuances of or amendments to International Financial Reporting Standards (“IFRS®”) Accounting Standards that came into effect as endorsed by the Financial Supervisory Commission (“FSC”)

New standards, interpretations and amendments endorsed by the FSC and became effective from 2026 are as follows:

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
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
IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendments to IFRS 17, ‘Insurance contracts’	January 1, 2023
Amendment to IFRS 17, ‘Initial application of IFRS 17 and IFRS 9 - comparative information’	January 1, 2023
Annual Improvements to IFRS Accounting Standards-Volume 11	January 1, 2026

The above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

(2) Effect of new issuances of or amendments to IFRS Accounting Standards as endorsed by the FSC but not yet adopted by the Group

None.

(3) IFRS Accounting Standards issued by IASB but not yet endorsed by the FSC

New standards, interpretations and amendments issued by IASB but not yet included in the IFRS Accounting Standards as endorsed by the FSC are as follows:

New Standards, Interpretations and Amendments	Effective date by International Accounting Standards Board
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 International Accounting Standards Board
IFRS 18, ‘Presentation and disclosure in financial statements’	January 1, 2027 (Note)
IFRS 19, ‘Subsidiaries without public accountability: disclosures’	January 1, 2027
Amendments to IAS 21, ‘Translation to a Hyperinflationary Presentation Currency’	January 1, 2027

Note: The FSC has announced in a press release on September 25, 2025 that public companies will apply IFRS 18 starting from the fiscal year 2028. Additionally, entities can choose to adopt IFRS 18 earlier based on their requirements after the FSC endorses IFRS 18.

Except for the following, the above standards and interpretations have no significant impact to the Group's financial condition and financial performance based on the Group's assessment.

IFRS 18, ‘Presentation and disclosure in financial statements’

IFRS 18, ‘Presentation and disclosure in financial statements’ replaces IAS 1. The standard introduces a defined structure of the statement of profit or loss, disclosure requirements related to management-defined performance measures, and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes.

4. Summary of Material Accounting Policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

(1) Compliance statement

The consolidated financial statements of the Group have been prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and the International Accounting Standard 34, ‘Interim financial reporting’ that came into effect as endorsed by the FSC.

(2) Basis of preparation

A. Except for the following items, the consolidated financial statements have been prepared under the historical cost convention:

(a) Financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.
(b) Financial assets at fair value through other comprehensive income.
(c) Defined benefit liabilities recognised based on the net amount of pension fund assets less present value of defined benefit obligations.

B. The preparation of financial statements in conformity with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5.

(3) Basis of consolidation

A. Basis for preparation of consolidated financial statements:

(a) All subsidiaries are included in the Group’s consolidated financial statements. Subsidiaries are all entities (including structured entities) controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.
(b) Inter-company transactions, balances and unrealised gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.
(c) Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the non-controlling interests. Total comprehensive income is attributed to the owners of the parent and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.
(d) Changes in a parent’s ownership interest in a subsidiary that do not result in the parent losing control of the subsidiary (transactions with non-controlling interests) are accounted for as equity transactions, i.e. transactions with owners in their capacity as owners. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity.
(e) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognised in profit or loss. All amounts previously recognised in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognised in other comprehensive income in relation to the subsidiary should

~12~

be reclassified from equity to profit or loss, if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

B. Subsidiaries included in the consolidated financial statements:

Name of investor	Name of subsidiary	Main business activities	Ownership (%)			Description
			March 31, 2026	December 31, 2025	March 31, 2025
The Company	Ablerex Electronics (Samoa) Co., Ltd. (Ablerex-Samoa)	Investment holdings	100	100	100	Note 1,2
The Company	Ablerex Corporation (Ablerex-USA)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 2,5
The Company	Ablerex International Co., Ltd. (Ablerex-HK)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 2,5
The Company	Ablerex Electronics (S) Pte. Ltd. (Ablerex-SG)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 1,2
The Company	Ablerex Electronics U.K. Ltd. (Ablerex-UK)	Investment holdings	100	100	100	Note 2,5
The Company	Wada Denki Co., Ltd. (Ablerex-JP)	Sales of uninterruptible power supply systems and solar energy equipment and others	99	99	99	Note 2,5
Ablerex Electronics U.K. Ltd.	Ablerex Electronics Italy S.R.L. (Ablerex-IT)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 2,5
Ablerex Electronics (Samoa) Co., Ltd.	Ablerex Overseas Co., Ltd. (Ablerex-Overseas)	Investment holdings	100	100	100	Note 1,2
Ablerex Overseas Co., Ltd.	Ablerex Electronics (Suzhou) Co., Ltd. (Ablerex-SZ)	Manufacturing and sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 1,2
Ablerex Overseas Co., Ltd.	Ablerex Electronics (Beijing) Co., Ltd. (Ablerex-BJ)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	80	Note 2,4,5
Ablerex Electronics (S) Pte. Ltd.	Ablerex Electronics (Thailand) Co., Ltd. (Ablerex-TH)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 2,3,5
Ablerex Corporation	Ablerex Latam Corporation (Ablerex-Latam)	Sales of uninterruptible power supply systems and solar energy equipment and others	86	86	86	Note 2,5
Ablerex Electronics Italy S.R.L.	ABLEREX ELECTRONICS LTD (Ablerex-GB)	Sales of uninterruptible power supply systems and solar energy equipment and others	100	100	100	Note 2,5

Note 1: The information included in these consolidated financial statements as at December 31, 2026 and 2025 is based on the audited financial statements of the investee.

Note 2: The information included in these consolidated financial statements as at December 31, 2025 is based on the audited financial statements of the investee.

Note 3: Due to restriction of local regulations, the Company holds 51% ownership which is under the name of other individuals. The substantial ownership held by the Company is 100%.

Note 4: In July 2025, Ablerex Electronics (Beijing) Co., Ltd. reduced its capital that was not in proportion to the shareholding of its owners. After the capital reduction, the Group's shareholding ratio increased to 100%. The related information is provided in Note 6(27).

Note 5: The information included in those consolidated financial statements as at March 31, 2026 and 2025 is based on the unreviewed financial statements of each investee as the investees failed to meet the definition of a significant subsidiary.

C. Subsidiaries not included in the consolidated financial statements: None.

D. Adjustments for subsidiaries with different balance sheet dates: None.

E. Significant restrictions

Cash and short-term deposits of $77,405 deposited in Mainland China are under local foreign exchange control which restricts the capital to be remitted outside the borders (except for normal dividend distribution).

F. Subsidiaries that have non-controlling interests that are material to the Group: None.

(4) Foreign currency translation

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The consolidated financial statements are presented in New Taiwan Dollars, which is the Company's functional and the Group's presentation currency.

A. Foreign currency transactions and balances

(a) Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions are recognised in profit or loss in the period in which they arise.

(b) Monetary assets and liabilities denominated in foreign currencies at the period end are re-translated at the exchange rates prevailing at the balance sheet date. Exchange differences arising upon re-translation at the balance sheet date are recognised in profit or loss.

(c) Non-monetary assets and liabilities denominated in foreign currencies held at fair value through profit or loss are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies held at fair value through other comprehensive income are re-translated at the exchange rates prevailing at the balance sheet date; their translation differences are recognised in other comprehensive income. However, non-monetary assets and

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liabilities denominated in foreign currencies that are not measured at fair value are translated using the historical exchange rates at the dates of the initial transactions.

(d) All foreign exchange gains and losses are presented in the statement of comprehensive income within ‘other gains and losses’.

B. Translation of foreign operations

(a) The operating results and financial position of all the group entities associates and joint arrangements that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

i. Assets and liabilities for each balance sheet presented are translated at the closing exchange rate at the date of that balance sheet;

ii. Income and expenses for each statement of comprehensive income are translated at average exchange rates of that period; and

iii. All resulting exchange differences are recognised in other comprehensive income.

(b) When the foreign operation partially disposed of or sold is a subsidiary, cumulative exchange differences that were recorded in other comprehensive income are proportionately transferred to the non-controlling interest in this foreign operation. In addition, even when the Group retains partial interest in the former foreign subsidiary after losing control of the former foreign subsidiary, such transactions should be accounted for as disposal of all interest in the foreign operation.

(5) Classification of current and non-current items

A. Assets that meet one of the following criteria are classified as current assets; otherwise they are classified as non-current assets:

(a) Assets that are expected to be realised, or are intended to be sold or consumed in the normal operating cycle;

(b) Assets that are held primarily for the purpose of trading;

(d) Cash and cash equivalents, excluding restricted cash and cash equivalents and those that are to be exchanged or used to settle liabilities for at least twelve months after the reporting period.

B. Liabilities that meet one of the following criteria are classified as current liabilities; otherwise they are classified as non-current liabilities:

(a) Liabilities that are expected to be settled in the normal operating cycle;

(b) Liabilities that are held primarily for the purpose of trading;

(d) It does not have the right at the end of the reporting period to defer settlement of the liability at least twelve months after the reporting period.

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(6) Cash equivalents

Cash equivalents refer to short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value. Time deposits that meet the above criteria and are held for the purpose of meeting short-term cash commitments in operations are classified as cash equivalents.

(7) Financial assets at fair value through other comprehensive income

A. Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and for which the Group has made an irrevocable election at initial recognition to recognise changes in fair value in other comprehensive income.

B. On a regular way purchase or sale basis, financial assets at fair value through other comprehensive income are recognised and derecognised using trade date accounting.

C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. The Group subsequently measures the financial assets at fair value. The changes in fair value of equity investments that were recognised in other comprehensive income are reclassified to retained earnings and are not reclassified to profit or loss following the derecognition of the investment. Dividends are recognised as revenue when the right to receive payment is established, future economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

(8) Financial assets at amortised cost

A. Financial assets at amortised cost are those that meet all of the following criteria:

(a) The objective of the Group’s business model is achieved by collecting contractual cash flows.

(b) The assets’ contractual cash flows represent solely payments of principal and interest.

B. On a regular way purchase or sale basis, financial assets at amortised cost are recognised and derecognised using trade date accounting.

C. At initial recognition, the Group measures the financial assets at fair value plus transaction costs. Interest income from these financial assets is included in finance income using the effective interest method. A gain or loss is recognised in profit or loss when the asset is derecognised or impaired.

D. The Group’s time deposits which do not fall under cash equivalents are those with a short maturity period and are measured at initial investment amount as the effect of discounting is immaterial.

(9) Accounts and notes receivable

A. Accounts and notes receivable entitle the Group a legal right to receive consideration in exchange for transferred goods or rendered services.

B. The short-term accounts and notes receivable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(10) Impairment of financial assets

For financial assets at amortised cost, at each reporting date, the Group recognises the impairment provision for 12 months expected credit losses if there has not been a significant increase in credit risk since initial recognition or recognises the impairment provision for the lifetime expected credit

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losses (ECLs) if such credit risk has increased since initial recognition after taking into consideration all reasonable and verifiable information that includes forecasts. On the other hand, for accounts receivable or contract assets that do not contain a significant financing component, the Group recognises the impairment provision for lifetime ECLs.

(11) Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to receive the cash flows from the financial asset expire.

(12) Inventories

Inventories are stated at the lower of cost and net realizable value. Cost is determined using the weighted-average method. The cost of finished goods and work in process comprises raw materials, direct labour, other direct costs and related production overheads (allocated fixed production overheads based on normal capacity). It excludes borrowing costs. The item by item approach is used in applying the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale.

(13) Property, plant and equipment

A. Property, plant and equipment are initially recorded at cost. Borrowing costs incurred during the construction period are capitalised.

B. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.

C. Land is not depreciated. Other property, plant and equipment apply cost model and are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item must be depreciated separately.

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D. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. If expectations for the assets' residual values and useful lives differ from previous estimates or the patterns of consumption of the assets' future economic benefits embodied in the assets have changed significantly, any change is accounted for as a change in estimate under IAS 8, 'Accounting Policies, Changes in Accounting Estimates and Errors', from the date of the change. The estimated useful lives of property, plant and equipment are as follows:

Buildings and structures	10~50 years
Machinery and equipment	5~10 years
Transportation equipment	5 years
Office equipment	5~10 years
Leasehold improvements	5~20 years

(14) Leasing arrangements (lessee)—right-of-use assets/ lease liabilities

A. Leases are recognised as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use by the Group. For short-term leases or leases of low-value assets, lease payments are recognised as an expense on a straight-line basis over the lease term.

B. Lease liabilities include the net present value of the remaining lease payments at the commencement date, discounted using the incremental borrowing interest rate. Lease payments are mainly fixed payments, less any lease incentives receivable.

The Group subsequently measures the lease liability at amortised cost using the interest method and recognises interest expense over the lease term. The lease liability is remeasured and the amount of remeasurement is recognised as an adjustment to the right-of-use asset when there are changes in the lease term or lease payments and such changes do not arise from contract modifications.

C. At the commencement date, the right-of-use asset is stated at cost and the cost is mainly the amount of the initial measurement of lease liability.

The right-of-use asset is measured subsequently using the cost model and is depreciated from the commencement date to the earlier of the end of the asset's useful life or the end of the lease term. When the lease liability is remeasured, the amount of remeasurement is recognised as an adjustment to the right-of-use asset.

(15) Intangible assets

A. Trademark right and patent rights

Trademark right and patent rights are stated at cost, have a finite useful life and are amortised on a straight-line basis over its estimated useful life of 5 years.

B. Computer software

Computer software is stated at cost and amortised on a straight-line basis over its estimated useful life of 3~5 years.

C. Goodwill

Goodwill arises in a business combination accounted for by applying the acquisition method.

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(16) Impairment of non-financial assets

A. The Group assesses at each balance sheet date the recoverable amounts of those assets where there is an indication that they are impaired. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell or value in use. Except for goodwill, when the circumstances or reasons for recognising impairment loss for an asset in prior years no longer exist or diminish, the impairment loss is reversed. The increased carrying amount due to reversal should not be more than what the depreciated or amortised historical cost would have been if the impairment had not been recognised.

B. The recoverable amounts of goodwill shall be evaluated periodically. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Impairment loss of goodwill previously recognised in profit or loss shall not be reversed in the following years.

C. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units, or groups of cash-generating units, that is/are expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.

(17) Borrowings

Borrowings comprise long-term and short-term bank borrowings. Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method.

(18) Notes and accounts payable

A. Accounts payable are liabilities for purchases of raw materials, goods or services and notes payable are those resulting from operating and non-operating activities.

B. The short-term notes and accounts payable without bearing interest are subsequently measured at initial invoice amount as the effect of discounting is immaterial.

(19) Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability specified in the contract is discharged or cancelled or expires.

(20) Provisions

Provisions (primarily warranties) are recognised when the Group has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation on the balance sheet date, which is discounted using a pre-tax discount rate that reflects the current

~19~

market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to passage of time is recognised as interest expense. Provisions are not recognised for future operating losses.

(21) Employee benefits

A. Short-term employee benefits

Short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period and should be recognised as expense in that period when the employees render service.

B. Pensions

(a) Defined contribution plans

For defined contribution plans, the contributions are recognised as pension expense when they are due on an accrual basis. Prepaid contributions are recognised as an asset to the extent of a cash refund or a reduction in the future payments.

(b) Defined benefit plans

i. Net obligation under a defined benefit plan is defined as the present value of an amount of pension benefits that employees will receive on retirement for their services with the Group in current period or prior periods. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. The net defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The rate used to discount is determined by using interest rates of government bonds (at the balance sheet date) of a currency and term consistent with the currency and term of the employment benefit obligations.

ii. Remeasurement arising on defined benefit plans are recognised in other comprehensive income in the period in which they arise and are recorded as retained earnings.

iii. Past service costs are recognised immediately in profit or loss.

C. Termination benefits

Termination benefits are employee benefits provided in exchange for the termination of employment as a result from either the Group’s decision to terminate an employee’s employment before the normal retirement date, or an employee’s decision to accept an offer of redundancy benefits in exchange for the termination of employment. The Group recognises termination benefits when it is demonstrably committed to a termination, when it has a detailed formal plan to terminate the employment of current employees and when it can no longer withdraw the plan. In the case of an offer made by the Group to encourage voluntary termination of employment, the termination benefits are recognised as expenses only when it is probable that the employees are expected to accept the offer and the number of the employees taking the offer can be reliably estimated. Benefits falling due more than 12 months after balance sheet date are discounted to their present value.

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D. Employees' and directors' remuneration

Employees' and directors' remuneration are recognised as expense and liability, provided that such recognition is required under legal or constructive obligation and those amounts can be reliably estimated. Any difference between the resolved amounts and the subsequently actual distributed amounts is accounted for as changes in estimates. If employee compensation is distributed by shares, the Group calculates the number of shares based on the closing price at the previous day of the board meeting resolution.

(22) Income tax

A. The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or items recognised directly in equity, in which cases the tax is recognised in other comprehensive income or equity.

B. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in accordance with applicable tax regulations. It establishes provisions where appropriate based on the amounts expected to be paid to the tax authorities. An additional 10% tax is levied on the unappropriated retained earnings and is recorded as income tax expense in the year the stockholders resolve to retain the earnings.

C. Deferred income tax is recognised, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of goodwill or of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

D. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. At each balance sheet date, unrecognised and recognised deferred income tax assets are reassessed.

E. Current income tax assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. Deferred income tax assets and liabilities are offset on the balance sheet when the entity has the legally enforceable

~21~

right to offset current tax assets against current tax liabilities and they are levied by the same taxation authority on either the same entity or different entities that intend to settle on a net basis or realise the asset and settle the liability simultaneously.

(23) Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or stock options are shown in equity as a deduction, net of tax, from the proceeds.

(24) Dividends

Dividends are recorded in the Company's financial statements in the period in which they are approved by the Company's shareholders. Cash dividends are recorded as liabilities; stock dividends are recorded as stock dividends to be distributed and are reclassified to ordinary shares on the effective date of new shares issuance.

(25) Revenue recognition

A. Sales revenue

(a) The Group manufactures and sells uninterrupted power supply equipment and system, improved power quality system and equipment and solar energy equipment and other related products. Sales are recognised when control of the products has transferred, being when the products are delivered to the wholesaler, the wholesaler has full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the wholesaler's acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the wholesaler, and either the wholesaler has accepted the products in accordance with the sales contract, or the Group has objective evidence that all criteria for acceptance have been satisfied.

(b) The Group's obligation to provide a repair for faulty products under the standard warranty terms is recognised as a provision.

(c) A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

B. Sale of goods—Project construction

(a) The Group provides sales services related to uninterruptible power system and equipment, improved power quality system and equipment and solar energy system and equipment. The project construction revenue includes equipment sales and installation services, and the contract involves and provides integrated services. Therefore, the equipment and installation are indistinguishable and are regarded as a single performance obligation. The Group installs equipment, the customer performs the acceptance procedure, and the Group opens the warranty book. The customer obtains the control of the equipment and the benefits arising therefrom. When all the acceptance criteria are met, the Group completes the contractual performance obligated of contract to recognise revenue.

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(b) The Group’s obligation to provide a repair for project construction under the standard warranty terms is recognised as a provision.

(c) A receivable is recognised when the project construction is completed and the warranty book is delivered to the customer. As this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

C. Service revenue

The Group provides related services of maintaining uninterruptible power supply equipment, improved power quality system and equipment and solar energy system and equipment. Service revenue is recognised as income during the financial reporting period in which the services are provided to customers. Revenue from fixed price contracts is recognised as a percentage of the number of months of service actually provided on the balance sheet date. The customer pays the contract price in accordance with the payment schedule agreed upon, and is recognised as a contract assets when the services provided by the Group exceed the customers’ payables, and are recognized as contract liabilities if the customer pays more than the services provided by the Group.

D. Costs of obtaining a customer contract

Given that the contractual period lasts less than one year, the Group recognises the incremental costs of obtaining a contract as an expense when incurred although the Group expects to recover those costs.

(26) Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision-Maker. The Group’s Chief Operating Decision-Maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors that makes strategic decisions.

Critical Accounting Judgements, Estimates and Key Sources of Assumption Uncertainty

The preparation of these consolidated financial statements requires management to make critical judgements in applying the Group’s accounting policies and make critical assumptions and estimates concerning future events. Assumptions and estimates may differ from the actual results and are continually evaluated and adjusted based on historical experience and other factors. Such assumptions and estimates have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year; and the related information is addressed below:

(1) Critical judgements in applying the Group’s accounting policies

None.

(2) Critical accounting estimates and assumptions

A. Evaluation of inventories

Evaluation of inventories are stated at the lower of cost and net realizable value, the Group must determine the net realizable value of inventories on balance sheet date using judgements and estimates. Due to the rapid technology innovation, the Group evaluates the amounts of normal

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inventory consumption, obsolete inventories or inventories without market selling value on balance sheet date, and writes down the cost of inventories to the net realizable value. Such an evaluation of inventories is principally based on the demand for the products within the specified period in the future. Therefore, there might be material changes to the evaluation.

As of March 31, 2026, the Group’s carrying amount of inventories was $1,536,106.

B. Estimation of provisions for liabilities

The sale of goods requires consideration of the cost incurred or to be incurred in connection with the transaction. Therefore, the Group formulates the proposed policy for the determination of the warranty for the sale of the product, which is used to measure the actual operating profit and loss of the Group. The Group’s liability determination is based on the Group’s policy based on the historical warranty data of the product as the basis for the assessment, and the related product warranty liabilities are estimated to estimate the future maintenance costs.

As of March 31, 2026, the Group estimated the liability provision to be $65,218.

6. Details of Significant Accounts

(1) Cash and cash equivalents

	March 31, 2026	December 31, 2025	March 31, 2025
Cash on hand and revolving funds	$ 651	$ 955	$ 959
Checking accounts and demand deposits	297,769	331,939	389,919
Time deposits	47,714	11,625	45,085
	$ 346,134	$ 344,519	$ 435,963

A. The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.
B. The Group has no cash and equivalents pledged to others.

(2) Financial assets at fair value through other comprehensive income

Items	March 31, 2026	December 31, 2025	March 31, 2025
Non-current items:
Equity instruments
Unlisted stocks	$ 81,000	$ 81,000	$ 81,000
Fair value adjustments	1,389	1,389	118,743
	$ 82,389	$ 82,389	$ 199,743

A. The Group has elected to classify equity instruments that are considered to be strategic investments as financial assets at fair value through other comprehensive income.
B. Amounts recognised in profit or loss and other comprehensive income in relation to the financial assets at fair value through other comprehensive income are both $0, for the three-month periods ended March 31, 2026 and 2025, respectively.

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C. As at March 31, 2026, December 31, 2025 and March 31, 2025, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the financial assets at fair value through other comprehensive income held by the Group were $82,389, $82,389 and $199,743, respectively.

D. Information relating to price risk of financial assets at fair value through other comprehensive income is provided in Note 12(2)(3).

(3) Financial assets at amortised cost

Items	March 31, 2026	December 31, 2025	March 31, 2025
Current items:
Time deposits expiring beyond three months	$ 58,283	$ 75,688	$ 63,412
Pledged time deposits	400	400	3,397
Total	$ 58,683	$ 76,088	$ 66,809
Non-current items:
Restricted bank deposits	$ 239	$ -	$ 875
Total	$ 239	$ -	$ 875

A. Amounts recognised in profit or loss in relation to financial assets at amortised cost were $582 and $521 for the three-month periods ended March 31, 2026 and 2025, respectively.

B. As at March 31, 2026, December 31, 2025 and March 31, 2025, without taking into account any collateral held or other credit enhancements, the maximum exposures to credit risk in respect of the amount that best represents the financial assets at amortised cost held by the Group were $58,922, $76,088 and $67,684, respectively.

C. Details of the Group’s financial assets at amortised cost pledged to others as collateral are provided in Note 8.

D. Information relating to credit risk and fair value of financial assets at amortised cost is provided in Note 12(2). The counterparties of the Group’s investments in certificates of deposit are financial institutions with high credit quality, so the Group expects that the probability of counterparty default is remote.

(4) Notes and accounts receivable (including related parties)

	March 31, 2026	December 31, 2025	March 31, 2025
Notes receivable	$ 14,532	$ 7,795	$ 11,529
Accounts receivable	$ 508,110	$ 556,005	$ 524,679
Less: Allowance for bad debts
— accounts receivable	( 22,857)	( 20,058)	( 16,013)
	$ 485,253	$ 535,947	$ 508,666
Accounts receivable due from related parties	$ 2,362	$ -	$ 41

A. The ageing analysis of accounts receivable (including related parties) and notes receivable is as follows:

	March 31, 2026			December 31, 2025
	Accounts receivable	Related parties	Notes receivable	Accounts receivable	Related parties	Notes receivable
Not overdue	$ 464,696	$ 2,362	$ 14,532	$ 513,812	$ -	$ 7,795
Within 30 days	20,089	-	-	14,946	-	-
31 to 60 days	3,121	-	-	2,661	-	-
61 to 90 days	2,074	-	-	3,823	-	-
Over 90 days	18,130	-	-	20,763	-	-
	$ 508,110	$ 2,362	$ 14,532	$ 556,005	$ -	$ 7,795
				March 31, 2025
				Accounts receivable	Related parties	Notes receivable
Not overdue				$ 436,448	$ 41	$ 11,529
Within 30 days				67,207	-	-
31 to 60 days				5,760	-	-
61 to 90 days				3,193	-	-
Over 90 days				12,071	-	-
				$ 524,679	$ 41	$ 11,529

The above ageing analysis was based on past due date.

B. As at March 31, 2026, December 31, 2025 and March 31, 2025, accounts receivable and notes receivable were all from contracts with customers. And as of January 1, 2025, the balance of receivables including related parties from contracts with customers amounted to $722,639.

C. As at March 31, 2026, December 31, 2025 and March 31, 2025, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group's notes and accounts receivable including related parties were $14,532, $7,795 and $11,529; $487,615, $535,947 and $508,707, respectively.

D. The Group does not hold any collateral as security.

E. Information relating to credit risk of accounts receivable including related parties and notes receivable is provided in Note 12(2).

(5) Inventories

	March 31, 2026
	Cost	Allowance for valuation loss	Book value
Raw materials	$ 347,366	($ 110,711)	$ 236,655
Work in process	73,684	( 4,111)	69,573
Semi-finished goods	180,300	( 34,572)	145,728
Finished goods	103,813	( 12,339)	91,474
Goods	358,026	( 42,459)	315,567
Inventory in transit	81,709	-	81,709
Unfinished constructions	595,400	-	595,400
	$ 1,740,298	($ 204,192)	$ 1,536,106
	December 31, 2025
	Cost	Allowance for valuation loss	Book value
Raw materials	$ 307,254	($ 108,799)	$ 198,455
Work in process	85,542	( 4,905)	80,637
Semi-finished goods	171,437	( 36,085)	135,352
Finished goods	95,285	( 13,300)	81,985
Goods	266,666	( 35,240)	231,426
Inventory in transit	133,520	-	133,520
Unfinished constructions	652,691	-	652,691
	$ 1,712,395	($ 198,329)	$ 1,514,066
	March 31, 2025
	Cost	Allowance for valuation loss	Book value
Raw materials	$ 331,685	($ 108,435)	$ 223,250
Work in process	80,656	( 5,896)	74,760
Semi-finished goods	165,167	( 36,739)	128,428
Finished goods	111,571	( 9,999)	101,572
Goods	277,332	( 39,008)	238,324
Inventory in transit	73,342	-	73,342
Unfinished constructions	521,779	-	521,779
	$ 1,561,532	($ 200,077)	$ 1,361,455

The cost of inventories recognised as expense for the period:

	For the three-month periods ended March 31,
	2026	2025
Cost of goods sold	$ 563,086	$ 491,732
Maintenance cost	17,720	20,771
Decline in market value of inventory	3,267	1,300
Others	1,502	1,928
	$ 585,575	$ 515,731

(6) Property, plant and equipment

	2026
	Land	Buildings	Machinery	Transportation equipment	Office equipment	Leasehold improvements	Others	Total
At January 1
Cost	$ 169,880	$ 662,611	$ 349,595	$ 9,952	$ 67,660	$ 16,559	$ 143	$ 1,276,400
Accumulated depreciation	-	( 266,582)	( 212,089)	( 8,517)	( 39,322)	( 13,027)	( 111)	( 539,648)
	$ 169,880	$ 396,029	$ 137,506	$ 1,435	$ 28,338	$ 3,532	$ 32	$ 736,752
Opening net book amount as at January 1	$ 169,880	$ 396,029	$ 137,506	$ 1,435	$ 28,338	$ 3,532	$ 32	$ 736,752
Additions	-	2,571	2,563	-	1,239	-	-	6,373
Disposals	-	-	( 43)	-	( 21)	-	-	( 64)
Depreciation charge	-	( 5,789)	( 4,965)	( 157)	( 2,279)	( 194)	( 1)	( 13,385)
Net exchange differences	68	3,910	1,506	27	120	31	-	5,662
Closing net book amount as at March 31	$ 169,948	$ 396,721	$ 136,567	$ 1,305	$ 27,397	$ 3,369	$ 31	$ 735,338
At March 31
Cost	$ 169,948	$ 672,732	$ 358,635	$ 10,181	$ 69,332	$ 16,877	$ 146	$ 1,297,851
Accumulated depreciation	-	( 276,011)	( 222,068)	( 8,876)	( 41,935)	( 13,508)	( 115)	( 562,513)
	$ 169,948	$ 396,721	$ 136,567	$ 1,305	$ 27,397	$ 3,369	$ 31	$ 735,338

	2025
	Land	Buildings	Machinery	Transportation equipment	Office equipment	Leasehold improvements	Others	Total
At January 1
Cost	$ 170,044	$ 660,809	$ 348,035	$ 12,165	$ 65,193	$ 16,795	$ 149	$ 1,273,190
Accumulated depreciation	-	( 243,944)	( 201,986)	( 10,671)	( 39,774)	( 13,161)	( 110)	( 509,646)
	$ 170,044	$ 416,865	$ 146,049	$ 1,494	$ 25,419	$ 3,634	$ 39	$ 763,544
Opening net book amount as at January 1	$ 170,044	$ 416,865	$ 146,049	$ 1,494	$ 25,419	$ 3,634	$ 39	$ 763,544
Additions	-	94	4,409	52	951	189	-	5,695
Disposals	-	-	( 9)	-	( 21)	-	-	( 30)
Depreciation charge	-	( 5,712)	( 4,816)	( 145)	( 2,150)	( 201)	( 1)	( 13,025)
Net exchange differences	51	2,898	1,162	23	181	65	-	4,380
Closing net book amount as at March 31	$ 170,095	$ 414,145	$ 146,795	$ 1,424	$ 24,380	$ 3,687	$ 38	$ 760,564
At March 31
Cost	$ 170,095	$ 666,261	$ 357,294	$ 12,413	$ 66,500	$ 17,248	$ 149	$ 1,289,960
Accumulated depreciation	-	( 252,116)	( 210,499)	( 10,989)	( 42,120)	( 13,561)	( 111)	( 529,396)
	$ 170,095	$ 414,145	$ 146,795	$ 1,424	$ 24,380	$ 3,687	$ 38	$ 760,564

A. The abovementioned equipment are all assets for its own use.
B. The significant components of buildings include buildings, air conditioners, elevators and utility construction. Buildings are depreciated over 26 to 50 years, and others are depreciated over 10 years.
C. Information about the property, plant and equipment that were pledged to others as collaterals is provided in Note 8.
D. There were no borrowing costs capitalised as part of property, plant and equipment.
E. As of March 31, 2026, December 31, 2025 and March 31, 2025, the amount paid but not yet delivered for equipment, under the equipment purchase contracts for production and operation were $600, $600 and $427, respectively.

(7) Leasing arrangements—lessee

A. The Group leases various assets including land, buildings (including land), transportation equipment and office equipment. Rental contracts are typically made for periods of 1 to 45 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose covenants, but leased assets may not be used as security for borrowing purposes.
B. Short-term leases with a lease term of 12 months or less comprise buildings. Low-value assets comprise office equipment. As of March 31, 2026, December 31, 2025 and March 31, 2025, payments of lease commitments for short-term leases amounted to $549, $1,864 and $544, respectively.

C. The carrying amount of right-of-use assets and the depreciation charge are as follows:

	March 31, 2026	December 31, 2025	March 31, 2025
	Carrying amount	Carrying amount	Carrying amount
Land	$ 790	$ 774	$ 809
Buildings (including land)	8,999	11,805	17,723
Office equipment	101	111	141
	$ 9,890	$ 12,690	$ 18,673
	For the three-month periods ended March 31,
---	---	---
	2026	2025
	Depreciation charge	Depreciation charge
Land	$ 7	$ 7
Buildings (including land)	2,806	2,797
Office equipment	10	10
	$ 2,823	$ 2,814

D. For the three-month periods ended March 31, 2026 and 2025, the additions to right-of-use assets were $0 and $1,706, respectively.

E. The information on profit and loss accounts relating to lease contracts is as follows:

	For the three-month periods ended March 31,
	2026	2025
Items affecting profit or loss
Interest expense on lease liabilities	$ 201	$ 297
Expense on short-term lease contracts	549	544
Expense on leases of low-value assets	99	70

F. For the three-month periods ended March 31, 2026 and 2025, the Group's total cash outflow for leases were $3,668 and $3,624, respectively.

G. Information about the right-of-use assets - land use right that were pledged to others as collateral is provided in Note 8.

(8) Other non-current assets

	March 31, 2026	December 31, 2025	March 31, 2025
Overdue receivable	$ 17,024	$ 16,985	$ 17,108
Allowance for bad debts
- overdue receivable	( 17,024)	( 16,985)	( 17,108)
Guarantee deposits paid	10,814	10,803	11,953
Others	22,685	23,977	22,006
	$ 33,499	$ 34,780	$ 33,959

(9) Short-term borrowings

Type of borrowings	March 31, 2026	Interest rate range	Collateral
Bank borrowings
Unsecured borrowings	$ 450,321	1.87%~2.57%	None
Secured borrowings	11,572	2.60%	Please refer to Note 8
	$ 461,893
Type of borrowings	December 31, 2025	Interest rate range	Collateral
Bank borrowings
Unsecured borrowings	$ 441,079	1.85%~1.92%	None
Secured borrowings	22,480	2.70%	Please refer to Note 8
	$ 463,559
Type of borrowings	March 31, 2025	Interest rate range	Collateral
Bank borrowings
Unsecured borrowings	$ 416,403	1.85%~1.98%	None

(10) Short-term notes and bills payable

Acceptance agency	March 31, 2026	Interest rate range	Collateral
MEGA BILLS	$ 84,908	1.71%	None
Acceptance agency	March 31, 2025	Interest rate range	Collateral
MEGA BILLS	$ 99,943	1.68%	None
ETFC BILLS	29,989	1.68%	None
	$ 129,932

As at December 31, 2025, the Company had no short-term notes and bills payable.

(11) Long-term borrowings

Type of borrowings	Borrowing period and repayment term	Interest rate range	Collateral	March 31, 2026
Installment-repayment borrowings
Unsecured EUR borrowings	Borrowing period is from October 27, 2020 to December 31, 2026; interest is repayable half-yearly from June 30, 2021; principal is repayable in 8 installments from June 30, 2023.(Note)	0.74%	None	$ 449
Less: Current portion (shown as "other current liabilities")				( 449)
				$ -
Type of borrowings	Borrowing period and repayment term	Interest rate range	Collateral	December 31, 2025
Installment-repayment borrowings
Unsecured EUR borrowings	Borrowing period is from October 27, 2020 to December 31, 2026; interest is repayable half-yearly from June 30, 2021; principal is repayable in 8 installments from June 30, 2023.(Note)	0.74%	None	$ 451
Unsecured EUR borrowings	Borrowing period is from March 30, 2022 to March 30, 2026; interest is repayable monthly; principal is repayable in 36 installments from April 30, 2023.	1.50%	None
				1,883
				2,334
Less: Current portion (shown as "other current liabilities")				( 2,334)
				$ -

~32~

~33~

Type of borrowings	Borrowing period and repayment term	Interest rate range	Collateral	March 31, 2025
Installment-repayment borrowings
Unsecured EUR borrowings	Borrowing period is from October 27, 2020 to December 31, 2026; interest is repayable half-yearly from June 30, 2021; principal is repayable in 8 installments from June 30, 2023.(Note)	0.74%	None	$ 1,759
Unsecured EUR borrowings	Borrowing period is from March 30, 2022 to March 30, 2026; interest is repayable monthly; principal is repayable in 36 installments from April 30, 2023.	1.50%	None	7,303
Secured borrowings	Borrowing period is from February 20, 2024 to February 20, 2030, principal and interest are repayable by month.	2.325%	Please refer to Note 8	14,375
				23,437
Less: Current portion (shown as "other current liabilities")				( 15,682)
				$ 7,755

Note: Ablerex-IT, a subsidiary of the Group, was approved to apply for a loan from the Italian government. This loan is provided by the Italian government to encourage the internationalization of Italian companies, the total amount of funding is EUR$163,000, of which EUR$65,200 are government grants.

(12) Other payables

	March 31, 2026	December 31, 2025	March 31, 2025
Dividends payable	$ 146,250	$ -	$ 90,000
Payable for wages and salaries	35,476	35,425	31,249
Compensation due to employees and directors	23,846	23,291	15,643
Payable for year-end bonus	23,461	55,028	21,226
Payable for other short-term employee benefits	15,246	15,509	15,328
Others	40,671	46,678	25,980
	$ 284,950	$ 175,931	$ 199,426

~34~

(13) Provisions for liabilities -current

	2026	2025
Warranty:
At January 1	$ 65,218	$ 65,218
Additional provisions	837	1,279
Used during the period	( 837)	( 1,279)
At March 31	$ 65,218	$ 65,218

The Group’s provisions for warranties are primarily for uninterruptible power supplies and solar energy related products. The provisions for warranties are estimated based on historical warranty data of uninterruptible power supplies and solar energy related products.

(14) Pensions

A. (a) The Company has a defined benefit pension plan in accordance with the Labor Standards Law, covering all regular employees’ service years prior to the enforcement of the Labor Pension Act on July 1, 2005 and service years thereafter of employees who chose to continue to be subject to the pension mechanism under the Law. Under the defined benefit pension plan, two units are accrued for each year of service for the first 15 years and one unit for each additional year thereafter, subject to a maximum of 45 units. Pension benefits are based on the number of units accrued and the average monthly salaries and wages of the last 6 months prior to retirement. The Company and its domestic subsidiaries contribute monthly an amount equal to 2% of the employees’ monthly salaries and wages to the retirement fund deposited with Bank of Taiwan, the trustee, under the name of the independent retirement fund committee. Also, the Company and its domestic subsidiaries would assess the balance in the aforementioned labor pension reserve account by December 31, every year. If the account balance is insufficient to pay the pension calculated by the aforementioned method of the employees expected to qualify for retirement in the following year, the Company will make contributions to cover the deficit by next March.

(b) For the aforementioned pension plan, the Group recognised pension costs of $48 and $51 for the three-month periods ended March 31, 2026 and 2025, respectively.

(c) Expected contributions to the defined benefit pension plans of the Group for the year ending December 31, 2026 amount to $814.

B. (a) Effective July 1, 2005, the Company has established a defined contribution pension plan (the “New Plan”) under the Labour Pension Act (the “Act”), covering all regular employees with R.O.C. nationality. Under the New Plan, the Company contributes monthly an amount based on 6% of the employees’ monthly salaries and wages to the employees’ individual pension accounts at the Bureau of Labour Insurance. The benefits accrued are paid monthly or in lump sum upon termination of employment.

(b) The Company’s mainland China indirect subsidiaries, Ablerex Electronics (Suzhou) Co., Ltd. and Ablerex Electronics (Beijing) Corporation Limited, have a defined contribution plan. Monthly contributions to an independent fund administered by the government in accordance with the pension regulations in the People’s Republic of China (PRC) are based on a certain percentage of employees’ monthly salaries and wages. The contribution percentage for March 31, 2026, December 31, 2025 and March 31, 2025 was all 20%. Other than the monthly contributions, the Group has no further obligations. Ablerex Corporation, Ablerex Latam Corporation, Ablerex Electronics (S) Pte. Ltd., Ablerex Electronics (Thailand) Co Ltd., Ablerex Electronics Italy S.R.L, ABLEREX ELECTRONICS LTD and Wada Denki Co., Ltd. have a defined contribution plan under the local regulations and have no further obligations. Other consolidated subsidiaries do not have any employees.

(c) The pension costs under the defined contribution pension plans of the Group for the three-month periods ended March 31, 2026 and 2025 were $9,833 and $9,542, respectively.

(15) Share capital

As of March 31, 2026, the Company’s authorised capital was $2,000,000, consisting of 200 million shares of ordinary stock, and the paid-in capital was $450,000 with a par value of $10 (in dollars) per share. All proceeds from shares issued have been collected. The Company’s ordinary shares at the beginning of the period are the same with the outstanding shares at the end of the period.

(16) Capital surplus

Pursuant to the R.O.C. Company Act, capital surplus arising from paid-in capital in excess of par value on issuance of common stocks and donations can be used to cover accumulated deficit or to issue new stocks or cash to shareholders in proportion to their share ownership, provided that the Company has no accumulated deficit. Further, the R.O.C. Securities and Exchange Law requires that the amount of capital surplus to be capitalized mentioned above should not exceed 10% of the paid-in capital each year. However, capital surplus should not be used to cover accumulated deficit unless the legal reserve is insufficient.

(17) Retained earnings

A. Under the Company’s Articles of Incorporation, the current year’s earnings, if any, shall first be used to pay all taxes and offset prior years’ operating losses and then 10% of the remaining amount shall be set aside as legal reserve unless the accumulated legal reserve has reached the total capital stock balance. Special reserve shall be appropriated in accordance with related regulations promulgated by competent authorities, and the special reserve along with the accumulated unappropriated retained earnings from previous years is considered as the distributable earnings. The remainder, if any, after considering the operating status, and through a proposition by the Board of Directors and a resolution by the shareholders, shall be retained.

~35~

B. The Company's dividend policy is based on the Company's current operation status, future capital requirements, long-term operation plan, shareholders' benefits, balanced dividends and the Company's long-term financial plan, etc. The appropriation is proposed by the Board of Directors and then approved by the shareholders during their meeting. Cash dividends shall not be less than 20% of the total dividends distributed to shareholders.

The Board of Directors is authorised by the Company to resolve the distribution of dividends and bonuses, capital reserve or legal reserve, in whole or in part, in the form of cash by a resolution adopted by the majority vote at its meeting attended by at least two-thirds of the total number of directors, and then reported it to the shareholders.

C. Except for covering accumulated deficit or issuing new stocks or cash to shareholders in proportion to their share ownership, the legal reserve shall not be used for any other purpose. The use of legal reserve for the issuance of stocks or cash to shareholders in proportion to their share ownership is permitted, provided that the distribution of the reserve is limited to the portion in excess of 25% of the Company's paid-in capital.

D. In accordance with the regulations, the Company shall set aside special reserve from the debit balance on other equity items at the balance sheet date before distributing earnings. When the debit balance on other equity items is reversed subsequently, the reversed amount may be included in the distributable earnings.

E. The appropriations of 2025 earnings was proposed during the board meeting on March 11, 2026 and the appropriations of 2024 earnings as resolved by the shareholders' meeting on May 28, 2025 are as follows:

	Year ended December 31, 2025		Year ended December 31, 2024
	Amount	Dividend per share (in dollars)	Amount	Dividend per share (in dollars)
Legal reserve	$ 18,221		$ 10,130
Special reserve	28,040		-
Cash dividends	146,250	$ 3.25	90,000	$ 2.00

As of May 4, 2026, the aforementioned profit distribution plan for 2025, except for cash dividends that have been resolved by the Board of Directors on March 11, 2026 (to be reported to the shareholders' meeting), and the dividends payable are reflected in this financial report and has not yet been resolved at the shareholders' meeting. There is no difference between the earnings distribution in 2024 and the proposal of the Board of Directors of the Company on March 11, 2025. For the information relating to the distribution of earnings as approved by the Board of Directors or shareholders, please refer to the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

For the information relating to the distribution of earnings as approved by the Board of Directors or shareholders, please refer to the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

~36~

(18) Sales revenue

	For the three-month periods ended March 31,
	2026	2025
Sales revenue	$ 435,308	$ 381,732
Project construction revenue	334,850	283,386
Service revenue	34,041	33,010
	$ 804,199	$ 698,128

A. Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods and services over time and at a point in time in the following:

For the three-month period ended March 31, 2026	First Business Division	Second Business Division	Technical Services Division	Energy Division	Reconciliation and elimination	Total
Revenue from external customer contracts	$ 291,673	$ 415,302	$ 83,017	$ 14,207	$ -	$ 804,199
Inter-segment revenue	3,348	518,160	253	-	(521,761)	-
Total segment revenue	$ 295,021	$ 933,462	$ 83,270	$ 14,207	($ 521,761)	$ 804,199
Segment income	$ 43,908	$ 21,997	$ 35,297	($ 1,556)	($ 79,083)	$ 20,563
Timing of revenue recognition
At a point in time	$ 286,423	$ 415,302	$ 61,884	$ 8,199	$ -	$ 771,808
Over time	5,250	-	21,133	6,008	-	32,391
	$ 291,673	$ 415,302	$ 83,017	$ 14,207	$ -	$ 804,199
For the three-month period ended March 31, 2025	First Business Division	Second Business Division	Technical Services Division	Energy Division	Reconciliation and elimination	Total
Revenue from external customer contracts	$ 262,964	$ 342,844	$ 68,570	$ 23,750	$ -	$ 698,128
Inter-segment revenue	6,631	439,503	-	-	(446,134)	-
Total segment revenue	$ 269,595	$ 782,347	$ 68,570	$ 23,750	($ 446,134)	$ 698,128
Segment income	$ 27,926	$ 23,514	$ 30,342	($ 3,104)	($ 70,305)	$ 8,373
Timing of revenue recognition
At a point in time	$ 259,610	$ 342,844	$ 47,602	$ 16,580	$ -	$ 666,636
Over time	3,354	-	20,968	7,170	-	31,492
	$ 262,964	$ 342,844	$ 68,570	$ 23,750	$ -	$ 698,128

B. Contract liabilities

The Group has recognised the following revenue-related contract liabilities:

	March 31, 2026	December 31, 2025	March 31, 2025	January 1, 2025
Contract liabilities
– advance receipts
for construction	$ 201,830	$ 172,309	$ 353,798	$ 219,611
Contract liabilities
– advance sales
receipts	45,988	48,861	29,746	34,676
	$ 247,818	$ 221,170	$ 383,544	$ 254,287

(a) Significant changes in contract liabilities
None.

(b) Revenue recognised that was included in the contract liability balance at the beginning of the period

	For the three-month periods ended March 31,
	2026	2025
Revenue recognised that was included in the contract liability balance at the beginning of the period	$ 79,896	$ 87,022

(19) Interest income

	For the three-month periods ended March 31,
	2026	2025
Interest income from bank deposits	$ 210	$ 322
Interest income from financial assets measured at amortised cost	582	521
	$ 792	$ 843

(20) Other income

	For the three-month periods ended March 31,
	2026	2025
Government subsidy income	$ 130	$ 223
Other income, others	5,852	2,778
	$ 5,982	$ 3,001

(21) Other gains and losses

	For the three-month periods ended March 31,
	2026	2025
Foreign exchange gain	$ 1,726	$ 5,492
Loss on disposal of property, plant and equipment	( 46)	( 30)
Others	( 81)	( 65)
	$ 1,599	$ 5,397

(22) Finance costs

	For the three-month periods ended March 31,
	2026	2025
Interest expense	$ 2,359	$ 3,036

(23) Expenses by nature

| By function
By nature | For the three-month periods ended March 31,2026 | | | For the three-month periods ended March 31,2025 | | |
| --- | --- | --- | --- | --- | --- | --- |
| | Operating costs | Operating expenses | Total | Operating costs | Operating expenses | Total |
| Employee benefit expense | $ 64,072 | $ 133,359 | $ 197,431 | $ 59,651 | $ 114,746 | $ 174,397 |
| Depreciation expense | 9,342 | 6,866 | 16,208 | 9,054 | 6,785 | 15,839 |
| Amortization expense | 296 | 3,088 | 3,384 | 336 | 2,656 | 2,992 |

(24) Employee benefit expense

	For the three-month periods ended March 31,
	2026	2025
Wages and salaries	$ 164,073	$ 145,270
Labor and health insurance fees	16,349	14,700
Pension costs	9,881	9,593
Directors’ remuneration	405	225
Other personnel expenses	6,723	4,609
	$ 197,431	$ 174,397

A. In accordance with the Articles of Incorporation of the Company, a ratio of distributable profit of the current year, after covering accumulated losses, shall be distributed as employees' compensation and directors' remuneration. The ratio shall be 6% to 10% for employees' compensation and shall not be higher than 2% for directors' remuneration.

Of the aforementioned employees' compensation, no less than 30% shall be allocated to non-managerial employees.

B. For the three-month periods ended March 31, 2026 and 2025, employees' compensation was accrued at $1,261 and $710, respectively; while directors' remuneration was accrued at $405 and $225, respectively. The aforementioned amounts were recognised in salary expenses. The

employees' compensation and directors' remuneration were estimated and accrued based on 6% and 2% of distributable profit of current year for the three-month periods ended March 31, 2026. Employees' compensation and directors' remuneration for 2025 amounting to $14,652 and $4,604, respectively, as resolved at the meeting of Board of Directors were in agreement with those amounts recognised in the 2025 financial statements. The appropriation was in the form of cash. Information about the appropriation of employees' compensation and directors' remuneration by the Company as resolved by the Board of Directors will be posted in the "Market Observation Post System" at the website of the Taiwan Stock Exchange.

(25) Income tax

A. Income tax expense

(a) Components of income tax expense:

	For the three-month periods ended March 31,
	2026	2025
Current tax:
Current tax on profit for the period	$ 10,442	$ 6,217
Prior year income tax overestimation	( 154)	( 169)
Total current tax	10,288	6,048
Deferred tax:
Origination and reversal of temporary differences	-	-
Income tax expense	$ 10,288	$ 6,048

(b) The income tax (charge)/credit relating to components of other comprehensive income are as follows:

	For the three-month periods ended March 31,
	2026	2025
Currency translation differences	$ 3,829	$ 3,228

B. The Company's income tax returns through 2024 have been assessed and approved by the Tax Authority.

(26) Earnings per share

	For the three-month period ended March 31, 2026
	Amount after tax	Weighted average number of ordinary shares outstanding (shares in thousands)	Earnings per share (in dollars)
Basic earnings per share
Profit attributable to ordinary shareholders of the parent company	$ 15,384	45,000	$ 0.34
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent company	$ 15,384	45,000
Assumed conversion of all dilutive potential ordinary shares
Employees’ compensation	-	198
Profit attributable to ordinary shareholders of the parent plus assumed conversion of all dilutive potential ordinary shares	$ 15,384	45,198	$ 0.34
	For the three-month period ended March 31, 2025
	Amount after tax	Weighted average number of ordinary shares outstanding (shares in thousands)	Earnings per share (in dollars)
Basic earnings per share
Profit attributable to ordinary shareholders of the parent company	$ 8,527	45,000	$ 0.19
Diluted earnings per share
Profit attributable to ordinary shareholders of the parent company	$ 8,527	45,000
Assumed conversion of all dilutive potential ordinary shares
Employees’ compensation	-	149
Profit attributable to ordinary shareholders of the parent plus assumed conversion of all dilutive potential ordinary shares	$ 8,527	45,149	$ 0.19

(27) Transactions with non-controlling interest

In July 2025, the Group’s second-tier subsidiary, Ablerex Electronics (Beijing) Co., Ltd., distributed cash dividends to shareholders as approved by the Board of Directors. In addition, the subsidiary reduced its capital and refunded capital that was not in proportion to the shareholding of its owners. After the capital reduction, the Group’s shareholding ratio increased from 80% to 100%. This transaction decreased non-controlling interests by $12,025 and decreased equity attributable to owners of the parent by $331.

(28) Changes in liabilities from financing activities

	2026
	Short-term borrowings	Short-term notes and bills payable	Long-term borrowings (including current portion)	Lease liabilities	Liabilities from financing activities-gross
At January 1	$ 463,559	$ -	$ 2,334	$ 12,454	$ 478,347
Changes in cash flow from financing activities	( 2,361)	84,908	( 1,891)	( 2,819)	77,837
Impact of changes in foreign exchange rate	695	-	6	-	701
Changes in other non-cash items	-	-	-	-	-
At March 31	$ 461,893	$ 84,908	$ 449	$ 9,635	$ 556,885
	2025
	Short-term borrowings	Short-term notes and bills payable	Long-term borrowings (including current portion)	Lease liabilities	Liabilities from financing activities-gross
At January 1	$ 300,000	$ 299,829	$ 49,066	$ 19,247	$ 668,142
Changes in cash flow from financing activities	116,403	( 169,897)	( 26,114)	( 2,713)	( 82,321)
Impact of changes in foreign exchange rate	-	-	485	-	485
Changes in other non-cash items	-	-	-	1,706	1,706
At March 31	$ 416,403	$ 129,932	$ 23,437	$ 18,240	$ 588,012

Related Party Transactions

(1) Names of related parties and relationship

Names of related parties	Relationship with the Group
United Integrated Services Co., Ltd.	The entity with significant influence to the Group
Wada	Other related party
Yunlin County Samsiu Garden	Other related party
Culture Gathering Association
Directors, general manager and vice general manager	The Group’s key management

(2) Significant related party transactions and balances

A. Sales revenue

	For the three-month periods ended March 31,
	2026	2025
Sales revenue
Entities with significant influence to the Group	$ -	$ 452

The transaction prices and terms of the Group and entities with significant influence over the Group are determined in accordance with the agreed contracts. The credit term is commensurate with non-related parties, which is 60~120 days after monthly billings.

B. Accounts receivable

	March 31, 2026	December 31, 2025	March 31, 2025
Accounts receivable
Entities with significant influence to the Group	$ 2,362	$ -	$ 41

The accounts receivable of the Group and entities with significant influence over the group are construction accounts. The transaction prices and terms are determined in accordance with the agreed contracts.

C. Leasing arrangements - lessee

(a) The Group leased office and plant from United Integrated Services Co., Ltd. Rental contracts are typically made for periods from 2024 to 2026. Rents are paid at the end of each month.
(b) Lease liabilities

i. Outstanding balance

	March 31, 2026	December 31, 2025	March 31, 2025
United Integrated Services Co., Ltd.	$ 883	$ 2,200	$ 6,108

ii. Interest expense

	For the three-month periods ended March 31,
	2026	2025
United Integrated Services Co., Ltd.	$ 10	$ 40

D. Endorsements and guarantees

As of March 31, 2026, December 31, 2025 and March 31, 2025, there were unsecured bank borrowings amounting to $450,321, $441,079 and $416,403 respectively. The Company's key management was a joint guarantor.

E. Commitments

Promissory notes issued for the warranty of sales and performance guarantees of lease contracts.

	March 31, 2026	December 31, 2025	March 31, 2025
Entities with significant influence to the Group	$ 3,246	$ 3,246	$ 2,322

(3) Key management compensation

	For the three-month periods ended March 31,
	2026	2025
Short-term employee benefits	$ 15,108	$ 13,954
Termination benefits	284	273
	$ 15,392	$ 14,227

Pledged Assets

The Group’s assets pledged as collateral are as follows:

Pledged assets	Book value			Purpose
	March 31, 2026	December 31, 2025	March 31, 2025
Financial assets at amortised cost-current				Performance guarantee for contracts
– time deposits	$ 400	$ 400	$ 3,397
Financial assets at amortised cost-non-current
– restricted bank deposits	239	-	875	Reserve account
Property, plant and equipment				Short-term borrowings or guarantee for line of credit
– land and buildings	112,571	108,503	113,847	Long-term guarantee for line of credit
Property, plant and equipment
– machinery	-	-	75,633	Short-term borrowings or guarantee for line of credit
Right-of-use assets
– land use rights	790	774	809
	$ 114,000	$ 109,677	$ 194,561

Significant Contingent Liabilities and Unrecognised Contract Commitments

(1) Contingencies

None.

(2) Commitments

A. As of March 31, 2026, December 31, 2025 and March 31, 2025, other than the details of contingencies and commitments between the Group and related parties as provided in Note 7(2) E, contingencies and commitments between the Group and third parties are as follows:

Capital expenditure contracted for at the balance sheet date but not yet incurred

	March 31, 2026	December 31, 2025	March 31, 2025
Property, plant and equipment	$ 921	$ 2,303	$ -
Intangible assets	-	119	119
	$ 921	$ 2,422	$ 119

Warranty and performance guarantee

As of March 31, 2026, December 31, 2025 and March 31, 2025, promissory notes issued for the warranty and performance guarantee of sales amounted to $87,180, $90,598 and $112,149, respectively.

B. Details of endorsements/guarantees provided by the Company to subsidiaries are provided in Note 13(1) B.

~45~

Significant Disaster Loss

None.

Significant Events after the Balance Sheet Date

On April 13, 2026, the Company’s Board of Directors approved the renewal of the lease for its existing office with a related party, United Integrated Services Co., Ltd., resulting in the recognition of a right-of-use asset amounting to $10,370.

Others

(1) Capital management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure with reasonable cost of funds. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as total liabilities divided by total assets.

In 2026, the Group’s strategy, which was unchanged from 2025, was to maintain the gearing ratio of about 40%. The gearing ratios at March 31, 2026, December 31, 2025 and March 31, 2025 were as follows:

	March 31, 2026	December 31, 2025	March 31, 2025
Total liabilities	$ 1,909,088	$ 1,812,567	$ 1,880,440
Total equity	1,574,884	1,689,480	1,667,705
Total assets	$ 3,483,972	$ 3,502,047	$ 3,548,145
Gearing ratio	55%	52%	53%

(2) Financial instruments

A. Financial instruments by category

	March 31, 2026	December 31, 2025	March 31, 2025
Financial assets
Financial assets at fair value through other comprehensive income
Designation of equity instrument	$ 82,389	$ 82,389	$ 199,743
Financial assets at amortised cost
Cash and cash equivalents	$ 346,134	$ 344,519	$ 435,963
Financial assets at amortised cost	58,922	76,088	67,684
Notes receivable	14,532	7,795	11,529
Accounts receivable (including related parties)	487,615	535,947	508,707
Other receivables	19,146	15,992	15,348
Guarantee deposits paid	10,814	10,803	11,953
	$ 937,163	$ 991,144	$ 1,051,184

	March 31, 2026	December 31, 2025	March 31, 2025
Financial liabilities
Financial liabilities at amortised cost
Short-term borrowings	$ 461,893	$ 463,559	$ 416,403
Short-term notes and bills payable	84,908	-	129,932
Notes payable	5,287	679	475
Accounts payable	570,015	696,662	483,221
Other accounts payable	284,950	175,931	199,426
Long-term borrowings(including current portion)	449	2,334	23,437
Guarantee deposits received	75	73	74
	$ 1,407,577	$ 1,339,238	$ 1,252,968
Lease liability(including related parties)	$ 9,634	$ 12,454	$ 18,240

B. Financial risk management policies

(a) The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. To minimise any adverse effects on the financial performance of the Group, derivative financial instruments, such as foreign exchange forward contracts and foreign currency option contracts are used to hedge certain exchange rate risk, and interest rate swaps are used to fix variable future cash flows. Derivatives are used exclusively for hedging purposes and not as trading or speculative instruments.

(b) Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close cooperation with the Group’s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

C. Significant financial risks and degrees of financial risks

(a) Market risk

Foreign exchange risk

i. The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD and RMB. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities.

ii. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency. The companies are required to hedge their entire foreign exchange risk exposure with the Group treasury. Exchange rate risk is measured through a forecast of highly probable USD and RMB expenditures. Forward foreign exchange contracts are adopted to minimise the volatility of the exchange rate affecting cost of forecast inventory purchases.

iii. The Group's businesses involve some non-functional currency operations (the Company's functional currency: NTD; other certain subsidiaries' functional currency: USD and RMB). The information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate fluctuations is as follows:

(Foreign currency: Functional currency)	March 31, 2026			March 31, 2026
	Foreign currency amount (In thousands)	Exchange rate	Book value (NTD)	Sensitivity Analysis
				Degree of variation	Effect on profit or loss	Effect on other comprehensive income
Financial assets
Monetary items
USD:NTD	$ 5,819	31.9950	$ 186,179	1%	$ 1,862	$ -
JPY:NTD	35,005	0.2005	7,019	1%	70	-
USD:RMB	750	6.9119	23,996	1%	240	-
SGD:USD	1,696	0.7751	42,060	1%	421	-
Financial liabilities
Monetary items
USD:NTD	$ 2,522	31.9950	$ 80,691	1%	$ 807	$ -
USD:RMB	282	6.9119	9,023	1%	90	-
SGD:USD	113	0.7751	2,802	1%	28	-
	December 31, 2025			December 31, 2025
				Sensitivity Analysis
(Foreign currency: Functional currency)	Foreign currency amount (In thousands)	Exchange rate	Book value (NTD)	Degree of variation	Effect on profit or loss	Effect on other comprehensive income
Financial assets
Monetary items
USD:NTD	$ 6,551	31.4300	$ 205,898	1%	$ 2,059	$ -
JPY:NTD	10,668	0.2008	2,142	1%	21	-
USD:RMB	426	6.9907	13,389	1%	134	-
SGD:USD	1,806	0.7779	44,156	1%	442	-
Financial liabilities
Monetary items
USD:NTD	$ 3,926	31.4300	$ 123,394	1%	$ 1,234	$ -
USD:RMB	268	6.9907	8,423	1%	84	-
SGD:USD	218	0.7779	5,330	1%	53	-

	March 31, 2025			March 31, 2025
				Sensitivity Analysis
(Foreign currency:
Functional currency)	Foreign currency amount	Exchange rate	Book value	Degree	Effect on profit	Effect on other
	(In thousands)		(NTD)	of variation	or loss	comprehensive
Financial assets						income
Monetary items
USD:NTD	$6,999	33.2050	$232,402	1%	$2,324	$-
JPY:NTD	90,601	0.2227	20,177	1%	202	-
USD:RMB	647	7.2611	21,484	1%	215	-
SGD:USD	1,196	0.7460	29,626	1%	296	-
Financial liabilities
Monetary items
USD:NTD	$1,302	33.2050	$43,233	1%	$432	$-
USD:RMB	225	7.2611	7,471	1%	75	-
SGD:USD	112	0.7460	2,774	1%	28	-

iv. The total exchange (loss) gain rising from significant foreign exchange variation on the monetary items held by the Group for three-month periods ended March 31, 2026 and 2025, amounted to $1,726 and $5,492, respectively.

Price risk

i. The Group’s equity securities, which are exposed to price risk, are the held financial assets at fair value through other comprehensive income. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group.

ii. The Group’s investments in equity securities comprise unlisted shares issued by the domestic companies. The prices of equity securities would change due to the change of the future value of investee companies. If the prices of these equity securities had increased/decreased by 1% with all other variables held constant, other components of equity for three-month periods ended March 31, 2026 and 2025 would have increased/decreased by $824 and $1,997, respectively, as a result of other comprehensive income on equity investment classified as at fair value through other comprehensive income.

Cash flow and fair value Interest rate risk

i. The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. During three-month periods ended March 31, 2026 and 2025, the Group’s borrowings at variable rate were mainly denominated in New Taiwan dollars.

ii. If the borrowing interest rate of New Taiwan dollars had increased/decreased by 0.1% with all other variables held constant, profit, net of tax for three-month periods ended March 31, 2026 and 2025 would have increased/decreased by $0 and $12. The main factor is that changes in interest expense result in floating-rate borrowings.

(b) Credit risk

i. Credit risk refers to the risk of financial loss to the Group arising from default by the clients on the contract obligations. The main factor is that counterparties could not repay in full the contract cash flows of accounts receivable, notes receivable and amortized cost financial assets based on the agreed terms.

ii. The Group manages their credit risk taking into consideration the entire group’s concern. For banks and financial institutions, only independently rated parties with a minimum rating of investment grade or above are accepted. According to the Group’s credit policy, each local entity in the Group is responsible for managing and analysing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the management. The utilisation of credit limits is regularly monitored. The main credit risk arises from wholesale and retail customers, including outstanding receivables.

iii. The Group adopts the assumptions under IFRS 9, there has been a significant increase in credit risk on that instrument since initial recognition, when the contract payments were past due over 30 days.

iv. The Group adopts the assumptions under IFRS 9, the default occurs when the contract payments are past due over 90 days.

v. The following indicators are used to determine whether the credit impairment of debt instruments has occurred:

(i) It becomes probable that the issuer will enter bankruptcy or other financial reorganization due to their financial difficulties;

(ii) Default or delinquency in interest or principal repayments;

(iii) Adverse changes in national or regional economic conditions that are expected to cause a default.

vi. The Group classifies customers’ accounts receivable in accordance with sales area. The Group applies the modified approach using provision matrix to estimate expected credit loss under the provision matrix basis.

vii. The Group wrote-off the financial assets, which cannot be reasonably expected to be recovered, after initiating recourse procedures. However, the Group will continue executing the recourse procedures to secure their rights. On March 31, 2026, December 31, 2025 and March 31, 2025, the Group’s written-off financial assets that are still under recourse procedures amounted to $17,024, $16,985 and $17,108, respectively.

~49~

viii. The Group used the forecast ability of Taiwan Institute of Economic Research boom observation report to adjust historical and timely information to assess the default possibility of accounts receivable. On March 31, 2026, December 31, 2025 and March 31, 2025, the provision matrix is as follows:

	Not overdue	Overdue within 30 days	Overdue within 60 days	Overdue within 90 days	Overdue for more than 90 days	Total
At March 31, 2026
Expected loss rate	0.35%	1.11%~6.51%	21.69%~66.39%	69.54%~86.33%	12%~100%
Total book value	$ 467,058	$ 20,089	$ 3,121	$ 2,074	$ 18,130	$ 510,472
Loss allowance	1,626	1,146	2,070	1,517	16,498	22,857
December 31, 2025
Expected loss rate	0.35%~1%	0.07%~42.71%	21.69%~100%	56.98%~100%	8%~100%
Total book value	$ 513,812	$ 14,946	$ 2,661	$ 3,823	$ 20,763	$ 556,005
Loss allowance	2,198	933	1,380	3,352	12,195	20,058
At March 31, 2025
Expected loss rate	0.03%	0.12%~11.46%	28.27%~100%	68.2%~100%	2%~100%
Total book value	$ 436,489	$ 67,207	$ 5,760	$ 3,193	$ 12,071	$ 524,720
Loss allowance	131	1,416	4,191	2,775	7,500	16,013

ix. Movements in relation to the Group applying the modified approach to provide loss allowance for accounts receivable are as follows:

	2026
	Accounts receivable	Overdue receivable
At January 1	$ 20,058	$ 16,985
Provision for impairment loss	2,626	-
Reversal of impairment loss	(25)	-
Effect of foreign exchange	198	39
At March 31	$ 22,857	$ 17,024
	2025
	Accounts receivable	Overdue receivable
At January 1	$ 16,232	$ 23,428
Provision for impairment loss	(473)	-
Write-offs	-	(6,371)
Effect of foreign exchange	254	51
At March 31	$ 16,013	$ 17,108

i. Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group treasury. Group treasury monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs.

ii. Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group treasury. Group treasury invests surplus cash in interest bearing current accounts, time deposits and other cash equivalents, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts.

iii. The Group has the following undrawn borrowing facilities:

	March 31, 2026	December 31, 2025	March 31, 2025
Fixed rate:
Expiring within one year	$ 1,421,738	$ 1,343,068	$ 1,329,532

iv. The table below analyses the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Non-derivative financial liabilities

March 31, 2026	Less than 3 months	Between 3 months and 1 year	Over 1 year	Book value
Short-term borrowings	$ 351,078	$ 112,380	$ -	$ 463,458
Short-term notes and bills payable	85,000	-	-	85,000
Notes payable	5,287	-	-	5,287
Accounts payable	541,016	28,999	-	570,015
Other payables	78,575	194,371	12,004	284,950
Lease liability	2,458	3,153	5,394	11,005
Long-term borrowings (including current portion)	450	-	-	450
	Less than 3 months	Between 3 months and 1 year	Over 1 year	Book value
December 31, 2025
Short-term borrowings	$ 464,864	$ -	$ -	$ 464,864
Short-term notes and bills payable	-	-	-	-
Notes payable	679	-	-	679
Accounts payable	640,775	55,887	-	696,662
Other payables	138,103	28,990	8,838	175,931
Lease liability	3,020	4,777	6,228	14,025
Long-term borrowings (including current portion)	1,888	453	-	2,341

March 31, 2025	Less than 3 months	Between 3 months and 1 year	Over 1 year	Book value
Short-term borrowings	$ 417,368	$ -	$ -	$ 417,368
Short-term notes and bills payable	130,000	-	-	130,000
Notes payable	475	-	-	475
Accounts payable	443,718	39,503	-	483,221
Other payables	58,099	134,912	6,415	199,426
Lease liability	2,854	8,085	9,548	20,487
Long-term borrowings (including current portion)	4,242	11,765	7,839	23,846

v. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

(3) Fair value information

A. The different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have been defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability. The fair value of the Group's investment in unlisted stocks is included in Level 3.

B. Financial instruments not measured at fair value.

The Group's carrying amounts of cash and cash equivalents, notes receivable, accounts receivable, other receivables, short-term borrowings, accounts payable, other payables and long-term borrowings are approximate to their fair values. The carrying amounts are provided in Note 12(2) A.

C. The related information of financial and non-financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of the assets and liabilities is as follows:

The related information of natures of the assets and liabilities is as follows:

March 31, 2026	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value through other comprehensive income
Equity securities	$ -	$ -	$ 82,389	$ 82,389
December 31, 2025	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value through other comprehensive income
Equity securities	$ -	$ -	$ 82,389	$ 82,389
March 31, 2025	Level 1	Level 2	Level 3	Total
Assets
Recurring fair value measurements
Financial assets at fair value through other comprehensive income
Equity securities	$ -	$ -	$ 199,743	$ 199,743

D. The methods and assumptions the Group used to measure fair value are as follows:

(a) When assessing non-standard and low-complexity financial instruments, for example, debt instruments without active market, interest rate swap contracts, foreign exchange swap contracts and options, the Group adopts valuation technique that is widely used by market participants. The inputs used in the valuation method to measure these financial instruments are normally observable in the market.

(b) The valuation of derivative financial instruments is based on valuation model widely accepted by market participants, such as present value techniques and option pricing models. Forward exchange contracts are usually valued based on the current forward exchange rate.

E. For the three-month periods ended March 31, 2026 and 2025, there was no transfer between Level 1 and Level 2.

F. The following chart is the movement of Level 3 for the three-month periods ended March 31, 2026 and 2025:

	2026	2025
	Equity instrument	Equity instrument
At January 1/ March 31	$ 82,389	$ 199,743

G. For the three-month periods ended March 31, 2026 and 2025, there was no transfer into or out from Level 3.

H. Financial segment is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating inputs used to the valuation model and making any other necessary adjustments to the fair value.

I. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

	Fair value at March 31, 2026	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
Non-derivative equity instrument:
Unlisted shares	$ 82,389	Market comparable companies	Discount for lack of marketability	30%	The higher the discount for lack of marketability, the lower the fair value.
	Fair value at December 31, 2025	Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
Non-derivative equity instrument:
Unlisted shares	$ 82,389	Market comparable companies	Discount for lack of marketability	30%	The higher the discount for lack of marketability, the lower the fair value.

J. The Group has carefully assessed the valuation models and assumptions used to measure fair value. However, use of different valuation models or assumptions may result in different measurement. The following is the effect of profit or loss or of other comprehensive income from financial assets and liabilities categorised within Level 3 if the inputs used to valuation models have changed:

	Fair value at March 31, 2025		Valuation technique	Significant unobservable input	Range (weighted average)	Relationship of inputs to fair value
	Non-derivative equity instrument:
Unlisted shares	$	199,743	Market comparable companies	Discount for lack of marketability	25%	The higher the discount for lack of marketability, the lower the fair value.

March 31, 2026

	Input	Change	Recognised in profit or loss		Recognised in other comprehensive income
			Favourable change	Unfavourable change	Favourable change	Unfavourable change
Equity instrument	30%	±1%	$ -	$ -	$ 1,177	($ 1,177)
			December 31, 2025
	Input	Change	Recognised in profit or loss		Recognised in other comprehensive income
			Favourable change	Unfavourable change	Favourable change	Unfavourable change
Equity instrument	25%	±1%	$ -	$ -	$ 1,177	($ 1,177)
			March 31, 2025
	Input	Change	Recognised in profit or loss		Recognised in other comprehensive income
			Favourable change	Unfavourable change	Favourable change	Unfavourable change
Financial assets
Equity instrument	25%	±1%	$ -	$ -	$ 2,663	($ 2,663)

13. Supplementary Disclosures

(1) Significant transaction information

A. Loans to others: Please refer to table 1.
B. Provision of endorsements and guarantees to others: Please refer to table 2.
C. Holding of significant marketable securities at the end of the period (not including subsidiaries, associates and joint ventures): Please refer to table 3.

D. Purchases or sales of goods from or to related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 4.
E. Receivables from related parties reaching $100 million or 20% of paid-in capital or more: Please refer to table 5.
F. Significant inter-company transactions during the reporting period: Please refer to table 6.

(2) Information on investees (not including investees in Mainland China)

Names, locations and other information of investee companies (not including investees in Mainland China): Please refer to table 7.

(3) Information on investments in Mainland China

A. Basic information: Please refer to table 8.
B. Significant transactions, either directly or indirectly through a third area, with investee companies in the Mainland Area:

(a) Purchasing amount and percentage and related accounts payable’s percentage and ending balance: Please refer to tables 6 and 9.
(b) Selling amount and percentage and related accounts receivable’s percentage and ending balance: Please refer to tables 6 and 9.
(c) Property transaction amounts and gains and losses arising from them: None.
(d) Ending balance and purpose of endorsements/guarantees or collateral provided: None.
(e) Maximum balance, ending balance, interest rate range and interest for financing during the year...: Please refer to table 1.
(f) Other significant transactions that affected the profit or loss or financial position for the period, such as the rendering/receiving of service: Please refer to table 9.

Segment Information

(1) General information

Management has determined the reportable operating segments based on the reports reviewed by the Chief Operating Decision-Maker that are used to make strategic decisions. The Group has four reportable operating segments: First Business Division, Second Business Division, Technical Services Division and Energy Division. The primary sources of revenue from products and services are as follows:

First Business Division : Promotes domestic sales of consigned and self-manufactured products

Second Business Division : Responsible for international sales and market promotion of self-manufactured products

Technical Services Division : Responsible for the installation, testing, and warranty of products, as well as development of the repair and maintenance business line, and purchases and sales of spare parts and miscellaneous components

Energy Division : Domestic sales and market promotion of self-manufactured energy-related products

~56~

(2) Segment information

The segment information provided to the Chief Operating Decision-Maker for the reportable segments is as follows:

For the three-month period ended March 31, 2026	First Business Division	Second Business Division	Technical Services Division	Energy Division	Reconciliation and elimination	Total
Revenue from external customer contracts	$ 291,673	$ 415,302	$ 83,017	$ 14,207	$ -	$ 804,199
Inter-segment revenue	3,348	518,160	253	-	( 521,761)	-
Total segment revenue	$ 295,021	$ 933,462	$ 83,270	$ 14,207	($ 521,761)	$ 804,199
Segment income	$ 43,908	$ 21,997	$ 35,297	($ 1,556)	($ 79,083)	$ 20,563
For the three-month period ended March 31, 2025	First Business Division	Second Business Division	Technical Services Division	Energy Division	Reconciliation and elimination	Total
Revenue from external customer contracts	$ 262,964	$ 342,844	$ 68,570	$ 23,750	$ -	$ 698,128
Inter-segment revenue	6,631	439,503	-	-	( 446,134)	-
Total segment revenue	$ 269,595	$ 782,347	$ 68,570	$ 23,750	($ 446,134)	$ 698,128
Segment income	$ 27,926	$ 23,514	$ 30,342	($ 3,104)	($ 70,305)	$ 8,373

(3) Reconciliation for segment income (loss)

Sales between segments are carried out at arm’s length. The revenue from external customers reported to the Chief Operating Decision-Maker is measured in a manner consistent with that in the statement of comprehensive income.

Reconciliations of reportable segment income to the income before tax from continuing operations for the three-month periods ended March 31, 2026 and 2025 are as follows:

	For the three-month periods ended March 31,
	2026	2025
Reportable segments income before tax	$ 20,563	$ 8,373
Interest income	792	843
Other income	5,982	3,001
Other gains and losses	1,599	5,397
Finance costs	( 2,359)	( 3,036)
Income before tax from continuing operations	$ 26,577	$ 14,578

The Group did not provide the total assets and total liabilities amounts to the Chief Operating Decision-Maker.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Loans to others

For the three-month period ended March 31, 2026

Table 1

Expressed in thousands of NTD

(Except as otherwise indicated)

No	Creditor	Borrower	General ledger account	Is a related party	Maximum outstanding balance during the three-month period ended March 31, 2026	Balance at March 31, 2026	Actual amount drawn down	Interest rate	Nature of loan	Amount of transactions with the borrower	Reason for short-term financing	Allowance for doubtful accounts	Collateral		Limit on loans granted to a single party	Ceiling on total loans granted	Footnote
													Item	Value
0	The Company	Ablerex-IT	Other receivables	Y	$51,746 (USD 1,657 thousand)	$49,175 (USD 1,537 thousand)	$49,175 (USD 1,537 thousand)	-	Transactions with the borrower	$ 154,676	-	$ -	None	$ -	$ 157,146	$ 628,585	Note 1 Note 3
0	The Company	Ablerex-LATAM	Other receivables	Y	$1,561 (USD 50 thousand)	$0 (USD 0 thousand)	$0 (USD 0 thousand)	-	Transactions with the borrower	55,611	-	-	None	-	157,146	628,585	Note 1 Note 3
1	Ablerex-USA	Ablerex-LATAM	Other receivables	Y	$46,393 (USD 1,450 thousand)	$46,393 (USD 1,450 thousand)	$46,393 (USD 1,450 thousand)	3.00%	Short-term financing	-	Turnover of operation	-	None	-	157,146	628,585	Note 1 Note 2
2	Ablerex-SG	Ablerex-TH	Short term loan	Y	$18,269 (USD 571 thousand)	$18,269 (USD 571 thousand)	$18,269 (USD 571 thousand)	1.00%	Short-term financing	-	Turnover of operation	-	None	-	157,146	628,585	Note 1 Note 2

Note 1: In accordance with the Company's "Procedures for Provision of Loans", limit on total loans to others is $40\%$ of the Company's net assets. Limit on loans to a single party with business transactions is the higher value of purchases
or sales during current year on the year of financing. Limit on loans to a single party with short-term financing is $10\%$ of the Company's net assets; but limit on total loans to subsidiaries is $40\%$ of the parent company's current net assets.
Furthermore, for the foreign companies which the Group holds $100\%$ of the voting rights directly or indirectly, limit on loans is not restricted. The deadline of each loan is 1 year from the lending day; but for the foreign companies which
the Group holds $100\%$ of the voting rights directly or indirectly, the term of each loan is up to three years.
Note 2: In accordance with the Ablerex-USA's - Ablerex-SG's "Procedures for Provision of Loans", limit on total loans to others is $40\%$ of the parent company's net assets. Limit on loans to a single party with business transactions is the higher
value of purchases or sales during current year. Limit on loans to a single party with short-term financing is $20\%$ of the parent company's net assets; the deadline of each loan is 1 year from the lending day.
Furthermore, for the foreign companies which the Parent Company of the Company holds $100\%$ of the voting rights directly or indirectly, limit on loans is not restricted.
Note 3: Accounts receivable beyond the normal credit period are regarded as capital loans.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Provision of endorsements and guarantees to others

For the three-month period ended March 31, 2026

Table 2

Expressed in thousands of NTD

(Except as otherwise indicated)

Number	Endorser/guarantor	Party being endorsed/guaranteed		Limit on endorsements/guarantees provided for a single party	Maximum outstanding endorsement/guarantee amount as of March 31, 2026 (Note 3)	Outstanding endorsement/guarantee amount at March 31, 2026	Actual amount drawn down	Amount of endorsements/guarantees secured with collateral	Ratio of accumulated endorsement/guarantee amount to net asset value of the endorser/guarantor company	Ceiling on total amount of endorsements/guarantees provided	Provision of endorsements/guarantees by parent company to subsidiary	Provision of endorsements/guarantees by subsidiary to parent company	Provision of endorsements/guarantees to the party in Mainland China	Footnote
		Company name	Relationship with the endorser/guarantor
0	The Company	Ablerex-HK	Subsidiary	$ 314,292	$ 335,948	$ 239,963 (USD 7,500 thousand)	$ -	$ -	15%	$ 785,731	Y	N	N	Note 1 Note 2

Note 1: In accordance with the Company's "Procedures for Provision of Endorsements and Guarantees", limit on the Company endorsements/guarantees to others is 50% of the Company's net assets. Limit on the Company's endorsements/guarantees to a single party is 20% of the Company's net assets, and limit on endorsements/guarantees for companies with business relations is the higher value of purchases or sales during current year.
Note 2: Relationship between the endorser/guarantor and the party being endorsed/guaranteed is classified into the following six categories:
(1)Having business relationship.
(2)The endorser/guarantor parent company owns directly and indirectly more than 50% voting shares of the endorsed/guaranteed subsidiary.
(3)The endorsed/guaranteed company owns directly and indirectly more than 50% voting shares of the endorser/guarantor parent company.
(4)The endorser/guarantor parent company owns directly and indirectly more than 90% voting shares of the endorsed/guaranteed company.
(5)Mutual guarantee of the trade made by the endorsed/guaranteed company or joint contractor as required under the construction contract.
(6)Due to joint venture, all shareholders provide endorsements/guarantees to the endorsed/guaranteed company in proportion to its ownership.
Note 3: Transactions made with Ablerex-HK is higher than 50% of the Company's net assets, which is over the limit on the Company endorsements/guarantees to others. Thus, the limit on the Company endorsements/guarantees to Ablerex-HK is 50% of the Company's net assets.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Holding of marketable securities at the end of the period (not including subsidiaries, associates and joint ventures)

March 31, 2026

Table 3
Expressed in thousands of NTD
(Except as otherwise indicated)

Securities held by	Marketable securities	Relationship with the securities issuer	General ledger account	As of March 31, 2026				Footnote
				Number of shares	Book value	Ownership (%)	Fair value
The Company	Eco Energy Corporation	-	Financial assets at fair value through other comprehensive income	5,400,000	$82,389 thousand	9.62%	$82,389 thousand	None

Table 3, Page 1

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Purchases or sales of goods from or to related parties reaching NT$100 million or 20% of paid-in capital or more

For the three-month period ended March 31, 2026

Table 4

Expressed in thousands of NTD

(Except as otherwise indicated)

Purchaser/seller	Counterparty	Relationship with the counterparty	Transaction				Differences in transaction terms compared to third party transactions		Notes/accounts receivable (payable)		Footnote
			Purchases (sales)	Amount	Percentage of total purchases (sales)	Credit term	Unit price	Credit term	Balance	Percentage of total notes/accounts receivable (payable)
The Company	Ablerex-HK	Subsidiary	Purchases	$ 158,674	39%	Note 1	Note 1	Note 1	($ 131,399)	(24%)	-
Ablerex-HK	The Company	Parent Company	(Sales)	(USD 5,017 thousand)	(100%)	Note 1	Note 1	Note 1	USD 4,107 thousand	100%	-
Ablerex-HK	Ablerex-SZ	Affiliate	Purchases	USD 5,017 thousand	100%	Note 2	Note 2	Note 2	(USD 3,075 thousand)	(100%)	-
Ablerex-SZ	Ablerex-HK	Affiliate	(Sales)	(RMB 34,736 thousand)	(62%)	Note 2	Note 2	Note 2	RMB 21,275 thousand	53%	-

Note 1: The transaction price is commensurate with the purchase price from Ablerex-SZ; the receivable (payable) policy is Net 60 days E.O.M.
Note 2: The transaction price is the Ablerex-SZ production cost plus an agreed gross margin; the receivable (payable) policy is Net 60 days E.O.M.
Note 3: Transaction price are determined according to the agreements between the parties; the receivable (payable) policy is Net 120 days E.O.M.
Note 4: Ablerex-HK conducts purchases from Ablerex, whereby the prices were determined according to the agreements between the parties. The purchases were then sold to Ablerex-SZ with a zero contribution margin; the credit term is coherent with general customers.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Receivables from related parties reaching NT$100 million or 20% of paid-in capital or more

March 31, 2026

Table 5

Expressed in thousands of NTD

(Except as otherwise indicated)

Creditor	Counterparty	Relationship with the counterparty	Balance as at March 31, 2026	Turnover rate	Overdue receivables		Amount collected subsequent to the balance sheet date	Allowance for doubtful accounts
					Amount	Action taken
Ablerex-HK	The Company	Parent Company	USD 4,107 thousand	4.81	-	-	USD 1,470 thousand	-
Ablerex-SZ	Ablerex-HK	Affiliate	RMB 21,275 thousand	6.44	-	-	RMB 5,789 thousand	-

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Significant inter-company transactions during the reporting period

For the three-month period ended March 31, 2026

Table 6
Individual transactions not exceeding $10,000 and their corresponding transactions are not disclosed.
Expressed in thousands of NTD
(Except as otherwise indicated)

Number (Note 1)	Company name	Counterparty	Relationship (Note 2)	Transaction
				General ledger account	Amount	Transaction terms	Percentage of consolidated total operating revenues or total assets (Note 3)
0	The Company	Ablerex-HK	1	Purchases	$ 158,674	Note 4	20%
		Ablerex-HK	1	Accounts Payable	131,399		4%
		Ablerex-SZ	1	Purchases	71,377	Note 5	9%
		Ablerex-SZ	1	Accounts Payable	61,523		2%
		Ablerex-USA	1	Sales	46,042	Note 5	6%
		Ablerex-USA	1	Accounts Receivable	85,691		2%
		Ablerex-SG	1	Sales	12,762	Note 5	2%
		Ablerex-SG	1	Accounts Receivable	23,541		1%
		Ablerex-IT	1	Sales	27,635	Note 5	3%
		Ablerex-IT	1	Accounts Receivable	68,446		2%
		Ablerex-IT	1	Other Receivables	49,175	Note 8	1%
		Ablerex-LATAM	1	Sales	10,419	Note 5	1%
		Ablerex-LATAM	1	Accounts Receivable	38,191		1%
		Ablerex-JP	1	Sales	22,585	Note 5	3%
		Ablerex-JP	1	Accounts Receivable	42,242		1%
1	Ablerex-HK	Ablerex-SZ	3	Purchases	158,676	Note 4	20%
		Ablerex-SZ	3	Accounts Payable	98,480		3%
2	Ablerex-SG	Ablerex-TH	3	Short term loan	18,632	Note 6	1%
3	Ablerex-USA	Ablerex-LATAM	3	Other Receivables	47,279	Note 7	1%

Note 1: The numbers filled in for the transaction company in respect of inter-company transactions are as follows:
(1) Parent company is '0'.
(2) The subsidiaries are numbered in order starting from '1'.
Note 2: Relationship between transaction company and counterparty is classified into the following three categories:
(1) Parent company to subsidiary.
(2) Subsidiary to parent company.
(3) Subsidiary to subsidiary.
Note 3: Regarding percentage of transaction amount to consolidated total operating revenues or total assets, it is computed based on period-end balance of transaction to consolidated total assets for balance sheet accounts and
based on accumulated transaction amount for the period to consolidated total operating revenues for income statement accounts.
Note 4: Ablerex-HK conducted purchases from Ablerex-SZ, whereby the prices were based on Ablerex-SZ's production costs plus an agreed gross margin. The purchases were then resold to Ablerex with a zero contribution margin; the term for receivables and payables is Net 60 days E.O.M.
Note 5: Transaction prices are determined according to the agreements between the parties; the credit term is coherent with general customers.
Note 6: Ablerex-SG loan to Ablerex-TH, interest against agreed interest rate 1% per annum.
Note 7: Ablerex-USA loan to Ablerex-Latam, interest against agreed interest rate 3% per annum.
Note 8: Accounts receivable beyond the normal credit period are regarded as capital loans.

Table 6, Page 1

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Information on investees

For the three-month period ended March 31, 2026

Table 7
Expressed in thousands of NTD
(Except as otherwise indicated)

Investor	Investee	Location	Main business activities	Initial investment amount		Shares held as at March 31, 2026			Net profit (loss) of the investee for the three-month period ended March 31, 2026	Investment income(loss) recognised by the Company for the three-month period ended March 31, 2026	Footnote
				Balance as at March 31, 2026	Balance as at December 31, 2025	Number of shares	Ownership (%)	Book value
The Company	Ablerex-Samoa	Samoa	Holding company	$ 217,445	$ 217,445	6,635,000	100	$ 476,060	($ 15,952)	($ 15,471)	Subsidiary
The Company	Ablerex-USA	U.S.	Sales of uninterruptible power supply, solar energy products, and related systems	8,303	8,303	250,000	100	147,348	10,579	11,285	Subsidiary
The Company	Ablerex-HK	Hong Kong	Sales of uninterruptible power supply, solar energy products, and related systems	43	43	10,000	100	36,567	( 82)	( 82)	Subsidiary
The Company	Ablerex-SG	Singapore	Sales of uninterruptible power supply, solar energy products, and related systems	48,008	48,008	2,140,763	100	123,355	( 381)	( 178)	Subsidiary
The Company	Ablerex-UK	UK	Holding company	4,674	4,674	100,000	100	15,378	1,628	3,626	Subsidiary
The Company	Ablerex-JP	Japan	Sales of uninterruptible power supply, solar energy products, and related systems	9,159	9,159	2,970	99	25,492	( 553)	( 1,629)	Subsidiary
Ablerex-Samoa	Ablerex -Overseas	Hong Kong	Holding company	217,445	217,445	6,635,000	100	479,200	( 16,162)	-	Second-tier subsidiary
Ablerex-UK	Ablerex-IT	Italy	Sales of uninterruptible power supply, solar energy products, and related systems	4,674	4,674	100,000	100	15,378	1,628	-	Second-tier subsidiary
Ablerex-SG	Ablerex-TH	Thailand	Sales of uninterruptible power supply, solar energy products, and related systems	1,795	1,795	20,000	100	( 4,714)	( 353)	-	Second-tier subsidiary
Ablerex-USA	Ablerex-LATAM	U.S.	Sales of uninterruptible power supply, solar energy products, and related systems	15,358	15,358	3,650	86	19,109	6,507	-	Second-tier subsidiary
Ablerex-IT	Ablerex-GB	UK	Sales of uninterruptible power supply, solar energy products, and related systems	412	412	10,000	100	( 160)	503	-	Second-tier subsidiary

Note: The Company recognised investment income comprising of downstream and upstream transactions.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Information on investments in Mainland China

For the three-month period ended March 31, 2026

Table 8

Expressed in thousands of NTD

(Except as otherwise indicated)

Investee in Mainland China	Main business activities	Paid-in capital	Investment method	Accumulated amount of remittance from Taiwan to Mainland China as of January 1, 2026	Amount remitted from Taiwan to Mainland China/ Amount remitted back to Taiwan for the three-month period ended March 31, 2026		Accumulated amount of remittance from Taiwan to Mainland China as of March 31, 2026	Net income of investee as of March 31, 2026	Ownership held by the Company (direct or indirect)	Investment income (loss) recognised by the Company for the three-month period ended March 31, 2026	Book value of investments in Mainland China as of March 31, 2026	Accumulated amount of investment income remitted back to Taiwan as of March 31, 2026	Footnote
					Remitted to Mainland China	Remitted back to Taiwan
Ablerex-SZ	Manufacturing and sales of uninterruptible power supply, solar energy products, and related systems	$ 174,693	Note 1	$ 174,693	$ -	$ -	$ 174,693	($ 16,080)	100	($ 16,080)	$ 425,787	$ -	Note 2
Ablerex-BJ	Sales of uninterruptible power supply, solar energy products, and related systems	37,032	Note 1	37,594	-	-	37,594	( 88)	100	( 88)	50,777	-
Company name	Accumulated amount of remittance from Taiwan to Mainland China as of March 31, 2026	Investment amount approved by the Investment Commission of the Ministry of Economic Affairs (MOEA)	Ceiling on investments in Mainland China imposed by the Investment Commission of MOEA
---	---	---	---
ABLEREX ELECTRONICS CO., LTD.	$ 212,287	$ 212,287	$ 944,930

Note 1: Invested in cash through the third region's subsidiary, Ablerex-Samoa which invested in Ablerex-Overseas and then reinvested in Ablerex-SZ and Ablerex-BJ. The investments were approved by the Investment Commission of the Ministry of Economic Affairs.
Note 2: Excluding the presentation and disclosures of Ablerex-SZ concurrently reviewed by the Certified Public Accountant, the above-listed related parties disclosed below are presentations and disclosures on investees that were not concurrently reviewed by the Certified Public Accountant. For consolidated reporting purposes, all individuals disclosed below have eliminated all inter-group transactions.

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

Significant transactions conducted with investees in Mainland China directly or indirectly through other companies in the third areas

For the three-month period ended March 31, 2026

Table 9

Expressed in thousands of NTD

(Except as otherwise indicated)

(1) Purchasing amount and percentage and related payables' percentage and balance at March 31, 2026:

Company name	General ledger amount	Amount	%	Footnote
Ablerex-SZ	Purchases	$ 230,051	56%	Purchase from Ablerex-SZ through Ablerex-HK of which $158,674 purchase directly.
Ablerex-SZ	Accounts Payable	$ 192,922	36%	Pay to Ablerex-SZ through Ablerex-HK of which $131,399 pay directly.

(2) Selling amount and percentage and related receivables' percentage and balance at March 31, 2026:

Company name	General ledger amount	Amount	%	Footnote
Ablerex-SZ	Sales	$ 618	0%	Sold directly
Ablerex-SZ	Accounts Receivable	$ 718	0%

(3) Other significant transactions that affected the gains and losses or financial status for the period, i.e. rendering/receiving of service:

Company name	General ledger amount	Amount	%	Footnote
Ablerex-SZ	Miscellaneous income	$ 388	8%	The Company purchased the critical raw materials of $5,111 on behalf of Ablerex-SZ.

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盈正 — Interim / Quarterly Report 2026

72748_rns_2026-05-22_46b5dd1a-2822-44ed-80f7-54a845c6be85.pdf

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

INDEPENDENT AUDITORS' REVIEW REPORT TRANSLATED FROM CHINESE

Introduction

Scope of Review

Basis for Qualified Conclusion

Qualified Conclusion

Description

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

THREE-MONTH PERIODS ENDED MARCH 31, 2026 AND 2025

1. History and Organization

2. The Date of Authorization for Issuance of the Financial Statements and Procedures for Authorization

3. Application of New Standards, Amendments and Interpretations

4. Summary of Material Accounting Policies

B. Estimation of provisions for liabilities

6. Details of Significant Accounts

(1) Cash and cash equivalents

(2) Financial assets at fair value through other comprehensive income

(13) Provisions for liabilities -current

(14) Pensions

(25) Income tax

B. Financial risk management policies

C. Significant financial risks and degrees of financial risks

Price risk

Cash flow and fair value Interest rate risk

(3) Fair value information

13. Supplementary Disclosures

(1) Significant transaction information

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

ABLEREX ELECTRONICS CO., LTD. AND SUBSIDIARIES

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