Stock Code: 2546

Kedge Construction Co., Ltd. and Subsidiaries Consolidated Financial Statements and Independent Auditors’ Review Report

First Quarter of 2025 and 2024

The auditors’ review report and the accompanying financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language auditors’ review report and consolidated financial statements, the Chinese version shall prevail.

This financial report has not been reviewed or audited by independent certified public accountants.

Company Address: 6F, No. 131, Sec. 3, Heping E. Rd., Taipei City

Tel: (02)23786789

~1~

Item I. Cover page II. Table of Contents III. Independent Auditors’ Review Report IV. Consolidated Balance Sheet V. Consolidated Statement of Comprehensive Income VI. Consolidated Statement of Changes in Equity VII. Consolidated Statement of Cash Flows VIII. Notes to Consolidated Financial Statements (I) Company History (II) Date and Procedure for Approval of Financial Statements (III) Application of new and revised standards and interpretations (IV) Summary of significant accounting policies (V) Major accounting judgments, estimates, and major sources of uncertainty for assumptions (VI) Description of important accounting items (VII) Related party transactions (VIII) Pledged Assets (IX) Significant contingent liabilities and unrecognized contractual commitments (X) Losses from major disasters (XI) Material events after the reporting period (XII) Others (XIII) Disclosures in Notes 1. Information on significant transactions 2. Information on investees 3. Investment information in Mainland China (XIV) Segment information	Page
	1 2 3 4 5 6 7 8 8 8~10 10~12 12~13 13~30 30~33 33 33~34 34 34 34~35 35~38 38~39 39 39

Item
I.
Cover page
II.
Table of Contents
III.
Independent Auditors’ Review Report
IV.
Consolidated Balance Sheet
V.
Consolidated Statement of Comprehensive Income
VI.
Consolidated Statement of Changes in Equity
VII.
Consolidated Statement of Cash Flows
VIII.
Notes to Consolidated Financial Statements
(I)
Company History
(II) Date and Procedure for Approval of Financial Statements
(III) Application of new and revised standards and interpretations
(IV) Summary of significant accounting policies
(V) Major accounting judgments, estimates, and major sources of
uncertainty for assumptions
(VI) Description of important accounting items
(VII) Related party transactions
(VIII) Pledged Assets
(IX) Significant contingent liabilities and unrecognized contractual
commitments
(X) Losses from major disasters
(XI) Material events after the reporting period
(XII) Others
(XIII) Disclosures in Notes
1.
Information on significant transactions
2.
Information on investees
3.
Investment information in Mainland China
(XIV) Segment information

Page

1
2
3
4
5
6
7
8
8
8~10
10~12
12~13
13~30
30~33
33
33~34
34
34
34~35
35~38
38~39
39
39

~2~

Independent Auditors’ Review Report

To the Board of Directors of Kedge Construction Co., Ltd.:

Introduction

We have reviewed the accompanying Consolidated Statement of Financial Position of Kedge Construction Co., Ltd. and subsidiaries as of March 31, 2025 and 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months then ended and notes to the financial statements, including a summary of significant accounting policies. Management is responsible for the preparation and fair presentation of the 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” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China. Our responsibility is to express a conclusion on the consolidated financial statements based on our reviews.

Scope of Review

We conducted ours reviews in accordance with the Statement of Auditing Standards No. 2410 “Review of Financial Information Performed by the Independent Auditor of the Entity.” A review of consolidated financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that caused us to believe that the accompanying consolidated financial statements do not present fairly, in all material respects, the consolidated financial position of Kedge Construction Co., Ltd. and subsidiaries as of March 31, 2025 and 2024 and its consolidated financial performance and its consolidated cash flows as of March 31, 2025 and 2024 in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and International Accounting Standard 34 “Interim Financial Reporting” endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

KPMG Taiwan

Certified Public Accountant:

Approval reference number Jin-Guan-Zheng-Shen-Zi No. 1090332798 of the securities authority : Jin-Guan-Zheng-Shen-Zi No. 1000011652 May 9, 2025

~3~

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Balance Sheet

March 31, 2025 and December 31 & March 31, 2024

Unit: NT$ thousand

2025.3.31 Amount % $ 5,396,623 42 105,277 1 3,577,945 27 1,538,354 12 353,246 3 382,196 3 60,823 - 628,950 5	2024.12.31 Amount % 4,634,266 36 111,294 1 4,164,171 32 1,449,251 11 436,509 3 441,145 3 38,686 - 901,938 7	2025.3.31 Amount % $ - - 2,595,995 20 263,674 2 3,879,582 30 687,409 6 143,569 1 38,369 -	2024.12.31 Amount % 100,000 1 2,428,654 19 307,839 2 4,231,645 32 353,984 3 98,121 1 22,756 -	2024.3.31 Amount % 100,000 1 1,832,220 15 250,071 2 4,077,075 34 789,340 7 287,446 2 15,770 -
		7,608,598 59	7,542,999 58	7,351,922 61
		171,754 1 25,441 -	174,197 1 21,274 -	180,975 2 9,458 -
12,043,414 93	12,177,260 93
17,994 - 629,229 5 137,988 1 27,999 - 48,167 1 10,943 - 35,896 - 2,508 - 10,168 - 3,476 -	17,498 - 601,956 5 143,549 1 19,382 - 48,225 1 12,303 - 37,650 - 2,508 - 10,187 - 8,480 -	197,195 1	195,471 1	190,433 2
		7,805,793 60	7,738,470 59	7,542,355 63
		1,231,360 10 519,017 4 3,002,182 23 409,186 3	1,231,360 9 518,809 4 3,208,202 25 381,918 3	1,207,216 10 518,809 4 2,476,652 21 276,348 2
		5,161,745 40	5,340,289 41	4,479,025 37
		244 -	239 -	200 -
		5,161,989 40	5,340,528 41	4,479,225 37
924,368 7	901,738 7
$ 12,967,782 100	13,078,998 100	$ 12,967,782 100	13,078,998 100	12,021,580 100

(Please refer to the notes to the consolidated financial statements enclosed for detail) Managerial Officers: Yi-Fang Huang, Chun-Ming Chen Accounting Officer: Fang-Chia Chang

Chairman: Ai-Wei Yuan

~4~

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Comprehensive Income

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

January to March 2025 Amount % $ 3,934,400 100 3,621,069 92	January to March 2025 Amount % $ 3,934,400 100 3,621,069 92	January to March 2024	January to March 2024
Amount $ 3,934,400 3,621,069		Amount 3,002,404 2,783,871	%
			100 93
313,331	8	218,533	7
86,252	2	85,681	3
227,079	6	132,852	4
14,895 525 (5,958) (353) 496	- - - - -	12,752 538 6,138 (528) (779)	1 - - - -
9,605	-	18,121	1
236,684 48,669	6 1	150,973 29,512	5 1
188,015	5	121,461	4
27,273 27,273	1 1	34,612 34,612	1 1
$ 215,288	6	156,073	5
$ 188,015 -	5 -	121,459 2	4 -
$ 188,015	5	121,461	4
$ 215,283 5	6 -	156,063 10	5 -
$ 215,288	6	156,073	5
$	1.53		0.99
$	1.52		0.98

(Please refer to the notes to the consolidated financial statements enclosed for detail)

Chairman: Ai-Wei Yuan Managerial Officers: Yi-Fang Huang, Chun-Ming Chen Accounting Officer: Fang-Chia Chang

~5~

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Changes in Equity

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

Equity attributable to owners of the parent company

Share capital	Capital reserve	Retained earnings	Retained earnings	Retained earnings	Otherequity	Total equity attributable to owners of the parent company	Non- controlling interests	Total equity
					Unrealized gains or losses on financial assets at fair value through other comprehensive income
Common stock capital		Legal reserve	Undistributed earnings	Total
$ 1,207,216	518,634	524,049	2,314,030	2,838,079	241,744	4,805,673	224	4,805,897
- -	- -	- -	121,459 -	121,459 -	- 34,604	121,459 34,604	2 8	121,461 34,612
-	-	-	121,459	121,459	34,604	156,063	10	156,073
- - -	- 34 141	- - -	(482,886) - -	(482,886) - -	- - -	(482,886) 34 141	- (34) -	(482,886) - 141
$ 1,207,216	518,809	524,049	1,952,603	2,476,652	276,348	4,479,025	200	4,479,225
$ 1,231,360	518,809	623,143	2,585,059	3,208,202	381,918	5,340,289	239	5,340,528
- -	- -	- -	188,015 -	188,015 -	- 27,268	188,015 27,268	- 5	188,015 27,273
-	-	-	188,015	188,015	27,268	215,283	5	215,288
- -	- 208	- -	(394,035) -	(394,035) -	- -	(394,035) 208	- -	(394,035) 208
$ 1,231,360	519,017	623,143	2,379,039	3,002,182	409,186	5,161,745	244	5,161,989

(Please refer to the notes to the consolidated financial statements enclosed for detail)

Chairman: Ai-Wei Yuan

Managerial Officers: Yi-Fang Huang, Chun-Ming Chen Accounting Officer: Fang-Chia Chang

~6~

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Cash Flows

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

Cash flows from operating activities: Net income before tax for the current period Adjustments: Income and expenses Depreciation expense Amortization expense Net loss (gain) from financial assets and liabilities mandatorily measured at fair value through profit or loss Interest expense Interest revenue Share of profit or loss on affiliated companies and joint ventures under equity method Gains from the disposal of property, plant and equipment Total income and expense Changes in operating assets/liabilities: Net changes in assets related to operating activities: Decrease in contract assets Increase in notes and accounts receivable Decrease in notes and accounts receivable - related parties Decrease in prepayments Increase of other current assets Decrease in other financial assets Increase in other non-current assets - others Decrease in net defined benefit assets - non-current Total net changes in assets related to operating activities Net changes in liabilities related to operating activities: Increase (decrease) of contract liabilities Decrease in notes payable Decrease in accounts payable Decrease in other payables Decrease in provisions Increase (decrease) of other current liabilities Decrease in other non-current liabilities Total net changes in liabilities related to operating activities Total net changes in assets and liabilities related to operating activities Total adjustment items Cash inflow (outflow) from operating activities Interest received Interest paid Income tax paid Net cash generated from (used in) operating activities Cash flow from investing activities: Acquisition of property, plant and equipment Disposal of property, plant and equipment Decrease in other financial assets Net cash inflow from investing activities Cash flow from financing activities: Increase in short-term borrowings Decrease in short-term borrowings Increase in short-term bills payable Decrease in short-term bills payable Lease principal repayment Net cash outflow from financing activities Increase (decrease) in cash and cash equivalents for the current period Opening balance of cash and cash equivalents Closing balance of cash and cash equivalents	January to March 2025 $ 236,684 12,170 1,360 6,017 353 (14,895) (496) (59)	January to March 2024 150,973 11,230 162 (5,921) 528 (12,752) 779 -
	4,450	(5,974)
	586,226 (89,103) 83,263 58,949 (22,137) 272,884 - 19	82,771 (390,098) 73,687 18,036 (14,897) 125,306 (2,508) 33
	890,101	(107,670)
	167,341 (44,165) (352,063) (61,059) (2,443) 10,854 (97)	(270,964) (10,493) (403,248) (44,743) (695) (13,260) -
	(281,632)	(743,403)
	608,469	(851,073)
	612,919	(857,047)
	849,603 15,027 (393) (1,495)	(706,074) 13,322 (537) (1,321)
	862,742	(694,610)
	(1,003) 61 5,004	- - 1,056
	4,062	1,056
	- (100,000) - - (4,447)	50,000 (50,000) 50,000 (50,000) (4,009)
	(104,447)	(4,009)
	762,357 4,634,266	(697,563) 5,262,388
	$ 5,396,623	4,564,825

(Please refer to the notes to the consolidated financial statements enclosed for detail)

Chairman: Ai-Wei Yuan

Managerial Officers: Yi-Fang Huang, Chun-Ming Chen Accounting Officer: Fang-Chia Chang

~7~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements First Quarter of 2025 and 2024

(Unless otherwise stated, all amounts are in NT$ thousand)

I. Company History

Kedge Construction Co., Ltd. (hereinafter referred to as the “Company”) was established on April 13, 1982 with the approval of the Ministry of Economic Affairs, and the Company's registered address is 6F., No. 131, Section 3, Heping East Road, Daan District, Taipei City, Taiwan. The Company and its subsidiaries (hereinafter referred to as the “consolidated company”) mainly focus on integrated construction and development and rental of housing and buildings.

II. Date and Procedure for Approval of Financial Statements

The consolidated financial statements of the Company were authorized for issue in accordance with a resolution of the Board of Directors’ meeting on May 9, 2025.

III. Application of new and revised standards and interpretations

(I) The impact of the adoption of the new and revised standards and interpretations approved by the Financial Supervisory Commission

The consolidated company has initially adopted the following new amendments of IFRSs, which do not have a significant impact on its consolidated financial statements, from January 1, 2025.

Amendments to IAS 21 “Lack of Exchangeability”
Amendments to IFRS 9 and IFRS 7 “Amendment to Classification and Measurement of Financial Instruments” and application index of Section 4.1 of IFRS 9 and relevant disclosure requirements of IFRS 7
(II) New and revised standards and interpretations not yet approved by the FSC

The standards and interpretations that have been issued and amended by the IASB but have not yet been approved by the FSC may be relevant to the consolidated company as follows:

~8~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

New Announcement or Amendment of Standards IFRS 18 “Presentation and Disclosure in Financial Statements” IFRS 18 “Presentation and Disclosure in Financial Statements”	Main Content of Amendment The new standard introduces three types of income and expense, two income statement subtotals, and a single note on management's performance measurement. These three amendments and enhanced guidance on how information are divided into financial statements have laid the foundation for better and more consistent information provided to users, and will affect all companies. More structured income statement: Under existing standards, companies use different formats to present their operating results, making it difficult for investors to compare the financial performance of different companies. The new standard adopts a more structured income statement, introduces a newly defined subtotal of “operating income,” and stipulates that all income, expenses and losses are classified into three new different categories based on the company's main operating activities.  Management Performance Measurements (MPMs): The new standard introduces the definition of management performance measurement, and requires companies to provide the information on each measurement indicator in a single note to the financial statements, and to explain the calculation and how to adjust the measured indicator and the amount recognized in the IFRS accounting standards.	Effective Date per IASB
		January 1, 2027 January 1, 2027

 Detailed information: The new standard includes guidance on how to strengthen the grouping of information in the financial statements. This includes guidance on whether the information should be included in the main financial statements or further broken down in notes.

~9~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

The consolidated company is currently evaluating the impact of the above standards and interpretations on the financial position and operating results of the consolidated company. The relevant impact will be disclosed when the evaluation is completed.

The consolidated company expects the following other new and amendments to standards that have not yet been approved to have no significant impact on the consolidated financial statements.

Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”
Amendments to IFRS 17 “Insurance Contracts” and IFRS 17
IFRS 19 “Disclosure Initiative—Subsidiaries without Public Accountability: Disclosures”
Amendments to IFRS 9 and IFRS 7 “Amendment to Classification and Measurement of Financial Instruments” and application index of Sections 3.1 and 3.3 of IFRS 9 and relevant disclosure requirements of IFRS 7
Annual Improvements to IFRS Accounting Standards
Amendments to IFRS 9 and IFRS 7 “Contracts Referencing Nature-dependent Electricity”

IV. Summary of significant accounting policies

(I) Declaration of compliance

The consolidated financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers (hereinafter referred to as the “Regulations”) and IAS No. 34 “Interim Financial Reporting” endorsed and issued into effect by the FSC. This consolidated financial statement does not include all necessary information to be disclosed in the entire annual financial statements prepared in accordance with the IFRS, IAS, interpretations and interpretation announcements approved and issued by the FSC (hereinafter referred to as “IFRS approved by the FSC”).

Except as described below, the significant accounting policies used in these interim consolidated financial statements are the same as those used in the consolidated financial statements as of and for the year ended December 31, 2024; please refer to Note 4 to the consolidated financial statements as of and for the year ended December 31, 2024 for related information.

(II) Basis of consolidation

1. Subsidiaries included in the consolidated financial statements

Name of Investee Name of subsidiary Nature of business	Shareholding percentage	Shareholding percentage	Description
	2025.3.31 2024.12.31	2024.3.31
The Company Guanqing Electromechanical Co., Ltd. (Guanqing Electromechanical) Electrical Appliance Installation and Fire Safety Equipment Installation	99.97% 99.97%	99.97%	Subsidiary which directly holds more than 50% of the total

~10~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Name of Investee Name of subsidiary Nature of business	Shareholding percentage	Shareholding percentage	Description
	2025.3.31 2024.12.31	2024.3.31
Engineering The Company Jiequn Investment Co., Ltd. (Jiequn Investment) General investment Jointly held by Guanqing Electromechanical and Jiequn Investment Dingtian Construction Co., Ltd. (Dingtian Construction) Comprehensive Construction Activities, etc.	99.98% 99.98% 100.00% 100.00%	99.98% 100.00%	number of issued shares with voting rights Subsidiary which directly holds more than 50% of the total number of issued shares with voting rights Subsidiary in which the Company indirectly holds more than 50% of the voting rights

Subsidiaries not included in the consolidated financial statements: None.
(III) Foreign currency
Foreign currency transactions

Transactions denominated in foreign currencies are translated into the functional currency in accordance with the exchange rates prevailing on the transaction date. On the reporting date (hereinafter referred to as the reporting date), monetary items denominated in foreign currencies are translated into functional currency in accordance with the exchange rate of the reporting date. The non-monetary item denominated in foreign currency measured at fair value is translated into the functional currency in accordance with the exchange rate on the date the fair value is measured. The non-monetary item denominated in foreign currency measured at historical cost is translated in accordance with the exchange rate on the transaction date.

(IV) Classification criteria for current and non-current assets and liabilities

The consolidated company’s assets that meet one of the following conditions are classified as current assets; assets other than current assets are classified as non-current assets:

The asset is expected to be realized, or intended to be sold or consumed in its normal business cycle;

~11~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

The asset is held mainly for the purpose of trading;
The asset is realized within 12 months after the reporting period; or
The asset is cash or cash equivalents (as defined in IAS 7), unless the asset is restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period.

The consolidated company’s liabilities that meet one of the following conditions are classified as current liabilities, and all liabilities other than current liabilities are classified as non-current liabilities:

The liability is expected to be settled in the normal business cycle;
The liability is held mainly for the purpose of trading;
The liability will be settled within twelve months after the reporting period; or
At the end of the reporting period, the consolidated company does not have the right to defer the settlement of the liability for at least 12 months after the reporting period.
(V) Employee benefits

The interim pension of defined benefit plan is calculated in accordance with the actuarial pension cost rate on the reporting date of the previous year, from the beginning of the year to the end of the current period. The plan is adjusted accordingly to major market fluctuation and major shrinkage, repayment or other major one-time events after the reporting date.

(VI) Income tax

The consolidated company measured and disclosed the interim income tax expense in accordance with International Accounting Standard No. 34 “Interim Financial Report” Paragraph B12.

Income tax expense is measured by multiplying the net profit before tax during the interim reporting period by the management's best estimate of the average effective tax rate for the year, and fully recognized as current income tax expense.

V. Major accounting judgments, estimates, and major sources of uncertainty for assumptions

When the management prepares these consolidated financial statements pursuant to the preparation standards and IAS 34, “Interim Financial Reporting” as endorsed by the FSC, it must make judgments and estimates on the future (including climate-related risks and opportunities). They will create an impact on the adoption of accounting policies and the amounts reported for assets, liabilities, revenue and expenses. Actual results may differ from estimates.

When preparing these interim consolidated financial statements, the management has made significant judgments in the adoption of the consolidated company's accounting policies and the key sources of estimation uncertainty are consistent with Note 5 to the Consolidated Financial Statements for the year ended December 31, 2024.

Main sources of uncertainty in estimates and assumptions:

(I) Construction contracts

~12~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

The recognition of income and cost of construction contract construction profit and loss is based on the degree of completion of the contract activities. The consolidated company measures the degree of completion based on the completion of the performance obligation stated in the contract.

Since the estimated total cost and contract items are based on the evaluation and judgment of the management based on the nature, expected contract amount, construction duration, engineering implementation and construction methods of different projects, they may affect the calculation of the percentage of completion and project profit and loss.

VI. Description of important accounting items

Except as described below, there are no material differences between the details of significant accounting in these interim consolidated financial statements and the consolidated financial statements for the year ended December 31, 2024, please refer to Note 6 to the consolidated financial statements as of December 31, 2024 for related information.

(I) Cash and cash equivalent

Cash and petty cash Demand deposits Check deposits Time deposit Cash equivalents Cash and cash equivalents	2025.3.31 $ 320 736,804 766,059 3,100,000 793,440	2024.12.31 320 153,864 1,001,043 3,100,000 379,039	2024.3.31 320 127,099 595,343 2,900,000 942,063
	$ 5,396,623	4,634,266	4,564,825

The cash equivalents referred to above are short-term bills with maturity intervals of April~May 2025, January~February 2025, and April~May, 2024, and the interest rate interval of which are 1.45%~1.51%, 1.42%~1.43% and 1.33%~1.38%, respectively.

For the interest rate risk and sensitivity analysis disclosure of the consolidated company's financial assets and liabilities, please refer to Note 6(19).

(II) Financial assets measured at fair value through profit or loss

Financial assets mandatorily measured at fair value through profit or loss: Non-derivative financial assets Stocks of TWSE/TPEx-listed company	2025.3.31 $ 105,277	2024.12.31 111,294	2024.3.31 82,821

The consolidated company's financial assets were not provided as collateral on March 31, 2025, December 31, 2024 and March 31, 2024.
(III) Financial assets measured at fair value through other comprehensive income

~13~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Equity instruments measured at fair value through other comprehensive income: Stocks of TWSE/TPEx-listed company - Kindom Development Co., Ltd. Stocks of TWSE/TPEx-listed company - Fubon Financial Preferred Shares C (FBFHCPSC) Stocks of non-TWSE/TPEx-listed company - Global Views Commonwealth Publishing Group Stock of non-TWSE/TPEx-listed company - Taiwan Calcom International Computer Graphic Co., Ltd. Total	2025.3.31 $ 621,949 1,078 6,202 - $ 629,229	2024.12.31 595,061 1,099 5,796 - 601,956	2024.3.31 488,675 1,131 6,557 - 496,363

Equity instrument investment measured at fair value through other comprehensive income The investments in these equity instruments held by the consolidated company are long-term strategic investments and are not held for trading purposes, and therefore have been designated to be measured at fair value through other comprehensive income.
The consolidated company did not dispose of the strategic investment from January 1 to March 31, 2025 and 2024, and the accumulated gain or loss during that period was not transferred within the equity.
None of the financial assets of the consolidated company has been provided as a collateral guarantee.
For information on credit risk (including impairment of debt instrument investment) and market risk, please refer to Note 6(19).
(IV) Notes and accounts receivable

Notes and accounts receivable
Accounts receivable Less: Loss allowance	2025.3.31 $ 1,538,354 -	2024.12.31 1,449,251 -	2024.3.31 1,338,221 (7,551)
	$ 1,538,354	1,449,251	1,330,670

The consolidated company estimates the expected credit losses using the simplified method for all notes and accounts receivable, that is, using the expected credit losses of the duration for measurement. For the objective of such measurement, the consolidated company considers the past default records of the customers and the present financial position, industrial economic conditions and future outlook. The expected credit loss of the consolidated

~14~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

company's notes and accounts receivable is analyzed as follows:

	2025.3.31	Allowance provision for lifetime expected credit losses - -
Carrying amount of notes and accounts receivable $ 1,538,354 -	Weighted- average expected credit loss rate
	- 100% 2024.12.31
$ 1,538,354		-
		Allowance provision for lifetime expected credit losses - -
Carrying amount of notes and accounts receivable $ 1,449,251 -	Weighted- average expected credit loss rate
	- 100% 2024.3.31
$ 1,449,251		-
		Allowance provision for lifetime expected credit losses - 7,551
Carrying amount of notes and accounts receivable $ 1,330,670 7,551	Weighted- average expected credit loss rate
	- 100%
$ 1,338,221		7,551

The changes in the allowance for notes and accounts receivable of the consolidated company are as follows:

Opening balance (i.e. ending balance)	January to March 2025	January to March 2024 7,551
	$ -

The consolidated company's accounts receivable were not provided as collateral on March 31, 2025, December 31, 2024, and March 31, 2024.

(V) Investment under equity method

The consolidated company's investment under equity method on the reporting date is as follows:

Readycom Information Services Co.,	2025.3.31	2024.12.31 17,498	2024.3.31 15,352
	$ 17,994

~15~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

2025.3.31 2024.12.31

2024.3.31

Ltd.

As of March 31, 2025, December 31, 2024 and March 31, 2024, the consolidated company's investments under the equity method were not provided as collateral. (VI) Property, plant and equipment

Changes in the cost, depreciation and impairment loss of the property, plant and equipment of the consolidated company are as follows:

Land	House and buildings	Transportation equipment	Other equipment 112,687 1,700 (61)	Total 256,672 1,700 (61)
$ 115,630 - - $ 115,630 $ 115,630 $ 115,630 $ 7,000 - - $ 7,000 $ 7,000 - $ 7,000 $ 108,630 $ 108,630 $ 108,630 $ 108,630	27,635 - - 27,635 27,635 27,635 21,592 78 - 21,670 21,282 78 21,360 6,043 5,965 6,353 6,275	720 - - 720 - - 140 60 - 200 - - - 580 520 - -
			114,326	258,311
			101,152	244,417
			101,152	244,417
			84,391 7,121 (59)	113,123 7,259 (59)
			91,453	120,323
			57,311 6,529	85,593 6,607
			63,840	92,200
			28,296	143,549
			22,873	137,988
			43,841	158,824
			37,312	152,217

Please refer to the consolidated company's property, plant and equipment as guarantee for the financing amount on March 31, 2025, December 31, 2024 and March 31, 2024

~16~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

respectively. Please refer to Note 8.

(VII) Right-of-use assets

The details of changes in the cost and depreciation of the land, buildings and transportation equipment leased by the consolidated company are as follows:

Land	Transportation equipment	Total 37,954 13,470 (1,600)
	11,949 - (370) 11,579 11,549 411 (713) 11,247 5,069 1,041 (370) 5,740 4,692 1,192 (713) 5,171 6,880 5,839
$ 23,786 14,459		49,824
$ 17,965 10,147 - - (4,786) -		39,661 411 (5,499)
$ 13,179 10,147		34,573
$ 9,120 4,383 2,868 944 - (1,230)		18,572 4,853 (1,600)
$ 11,988 4,097		21,825
$ 6,979 2,592 2,636 737 (4,786) -		14,263 4,565 (5,499)
$ 4,829 3,329		13,329
$ 4,517 7,985		19,382
$ 11,798 10,362		27,999

~17~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Transportation equipment	Transportation equipment	Total 25,398
6,857 6,076
		21,244
	$ 61,682
	$ 61,682
	$ 61,682
	$ 13,457 58
	$ 13,515
	$ 13,225 58
	$ 13,283
	$ 48,225
	$ 48,167
	$ 48,457
	$ 48,399

(VIII) Investment property

There is no significant difference between the fair value of the investment property of the consolidated company and the information disclosed in Note 6(8) to the 2024 consolidated financial statements.

Please refer to Note 8 for the consolidated company's investment property provided as guarantee for the financing amount on March 31, 2025, December 31, 2024 and March 31, 2024.

(IX) Short-term borrowings

The short-term borrowings of the consolidated company are detailed as follows:

Unsecured bank loans Unused credit limit Interest rate range	2025.3.31 $ -	2025.3.31 $ -	2024.12.31 100,000	2024.3.31 100,000 4,533,142 1.83%
	$ 5,711,191		6,111,338
		-	1.79%

Please refer to Note 6(19) for the information on the consolidated company's interest rate and liquidity risk exposure.

~18~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

For the consolidated company's assets pledged as collateral for bank loans, please refer to Note 8.

(X) Provision for liabilities

Balance of warranty reserve on January 1 Liability reserve used in the current period Balance of warranty reserve on March 31	January to March 2025	January to March 2024
	$ 174,197 (2,443)	181,670 (695)
	$ 171,754	180,975

The consolidated company's warranty provision for the three months ended March 31, 2025 and 2024 is mainly related to the contracting of projects. The warranty provision is estimated based on the historical warranty data of various projects. The consolidated company expects the liabilities to be incurred in more than one year after the inspection and acceptance of the project.

(XI) Operating lease

The consolidated company did not have any significant new operating lease contracts during the period from January 1 to March 31, 2025 and 2024. For relevant information, please refer to Note 6(11) to the 2024 consolidated financial statements.

(XII) Employee benefits

1. Defined benefit plan

Since there was no significant market fluctuation, significant curtailment, settlement or other major one-time events after the end of the previous fiscal year, the consolidated company adopted the actuarial pension decision on December 31, 2024 and 2023 for the cost measurement and pension cost disclosed in the interim period.

The details of expenses recognized by the consolidated company as follows:

Operating cost Administrative expenses Total	January to March 2025	January to March 2024 73 68
	$ 64 30
	$ 94	141

2. Defined contribution plans

The pension expenses under the consolidated company's defined contribution plan are as follows, which have been appropriated to the Bureau of Labor Insurance:

Operating cost Administrative expenses Total	January to March 2025	January to March 2024 4,853 1,679
	$ 5,128 1,629
	$ 6,757	6,532

~19~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Liabilities for short-term paid leave

The consolidated company's employee benefit liabilities are detailed 2025.3.31 2024.12.31 Short-term paid leave of absence $ 6,340 12,664	as follows: 2024.3.31
	10,426

(XIII) Income tax

Income tax expense is measured by multiplying the net profit before tax during the interim reporting period by the management's best estimate of the annual effective tax rate.

The details of income tax expenses of the consolidated company are as follows:

Current income tax expense Occurred in the current period Imposition on undistributed earnings Deferred income tax expense Occurrence and reversal of temporary difference Income tax expense	January to March 2025	January to March 2024
	$ 46,797 118	28,561 337
	46,915	28,898
	1,754	614
	$ 48,669	29,512

The income tax returns of the consolidated company's profit-seeking business have been audited by the tax authorities up to 2023.
(XIV) Capital and other equity

Except as described below, there were no significant changes in the consolidated company's capital and other equity between January 1 to March 31, 2025 and 2024, as described in Note 6(14) to the Consolidated Financial Statements as of December 31, 2024.

Issuance of common shares

On May 29, 2024, the general shareholders' meeting resolved to execute capital increase by NT$24,144 thousand from earnings at NT$10 per share, for a total of 2,414 thousand shares. This capital increase proposal has been approved by the Financial Supervisory Commission (FSC), Executive Yuan on June 26, 2024, with August 4, 2024 as the ex-rights base date, and relevant statutory registration procedures have also been completed.

Capital reserve

The balance of the Company's capital reserves is as follows:

2025.3.31 Issued stock premium $ 383,109 Premium of corporate bond conversion 130,766 Changes in net equity of affiliates and 2,602	2025.3.31	2024.12.31 383,109 130,766 2,602	2024.3.31
			383,109 130,766 2,602

~20~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

joint ventures recognized under the equity method Overdue dividends received Others	2025.3.31 1,103 1,437	2024.12.31 895 1,437	2024.3.31 895 1,437
	$ 519,017	518,809	518,809

Pursuant to the Company Act, capital reserves shall be first used to make up for losses before issuing new shares or cash based on realized capital reserve according to the original shareholding ratio. The realized capital reserve mentioned in the preceding paragraph includes the premium of shares issued in excess of the par value and the income from gifts received. According to the Regulations Governing the Offering and Issuance of Securities by Securities Issuers, the total amount of capital reserve for capitalization each year shall not exceed 10% of the paid-in capital.

3. Retained earnings

According to the Articles of Incorporation amended by the resolution of the Company's shareholders' meeting on June 2, 2023, if there is earnings at the end of each year, in addition to withholding tax paid in accordance with the law, it shall first be used to offset the losses of previous years, followed by 10% is the legal reserve and is set aside or reversed as special reserve according to laws and regulations. If there is any surplus, the board of directors shall prepare an earnings appropriation proposal. If this earnings distribution is in the form of cash, the Board of Directors shall be authorized to submit a proposal pursuant to Paragraph 5 of Article 240 of the Company Act with the attendance of at least two-thirds of the total number of directors, and approval by a majority of the total number of directors present at the meeting, and the matter to be reported to the shareholders meeting.

The Company will contract large-scale projects and strive for growth and innovation. To continue expanding the appropriate amount of capital to meet the business's needs and take into account the shareholders' demand for cash, the Company's future cash dividend rate will be based on 20% of the total cash and stock dividends proposed to be distributed for the current fiscal year as the lower limit.

(1) Legal reserve

When the Company has no losses, the shareholders' meeting may resolve to issue new shares or cash from the legal reserve, provided that such reserve exceeds 25% of the paid-in capital.

(2) Earnings distribution

On March 7, 2025 and March 12, 2024, the Board of Directors resolved the amount of cash dividends for the 2024 and 2023 earnings appropriation proposal and stock

~21~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

dividends proposal, respectively. The general shareholders’ meeting held on May 29, 2024 resolved the stock dividends for the 2023 earnings appropriation proposal. The amount of dividends distributed to shareholders is as follows:

Dividends distributed to common stock shareholders: Cash Stocks Total	2024 Distribution rate (NT$) Amount $ 3.20 394,035 0.60 73,882 $ 467,917	2024 Distribution rate (NT$) Amount $ 3.20 394,035 0.60 73,882 $ 467,917	2023 Amount per share (NT$) Amount 4.00 482,886 0.20 24,144 507,030	2023 Amount per share (NT$) Amount 4.00 482,886 0.20 24,144 507,030	2023 Amount per share (NT$) Amount 4.00 482,886 0.20 24,144 507,030
			Amount per share (NT$) 4.00 0.20
		$ 467,917			507,030

4. Other equity (net amount after tax)

Balance on January 1, 2025 Unrealized valuation profit or loss on financial assets measured at fair value through other comprehensive income Balance on March 31, 2025 Balance on January 1, 2024 Unrealized valuation profit or loss on financial assets measured at fair value through other comprehensive income Balance on March 31, 2024	Unrealized gains or losses on financial assets at fair value through other comprehensive income $ 381,918 27,268
	$ 409,186
	$ 241,744 34,604
	$ 276,348

(XV) Earnings per share

Calculations of the Company's basic earnings per share and diluted earnings per share are as follows:

Basic earnings per share Net profit attributable to the Company's common stock shareholders Weighted average outstanding common stock Diluted earnings per share Net profit attributable to the Company's common stock	January to March 2025	January to March 2024
	$ 188,015	121,459
	123,136	123,136
	$ 1.53	0.99
	$ 188,015	121,459

~22~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

January to March 2025 shareholders Weighted average outstanding common stock 123,136 Dilutive effects of the potential common shares Effect of employee stock compensation 671 Weighted average outstanding common stock shares (after adjusting the potential dilutive effect of the common stock shares) 123,807 $ 1.52 (XVI) Revenue from customer contracts 1. Revenue details January to March 2025 Timing of revenue recognition: Construction transferred over time $ 3,933,560 Services gradually transferred over time 840 $ 3,934,400 2. Contract balance 2025.3.31 2024.12.31 Notes and accounts receivable (including related party) $ 1,891,600 1,885,760 Less: Loss allowance - - Total $ 1,891,600 1,885,760 Contract assets- construction project $ 3,577,945 4,164,171 Less: Loss allowance - - Total $ 3,577,945 4,164,171 Contract liabilities- construction project $ 2,595,995 2,428,654	January to March 2025	January to March 2025	January to March 2024
	123,136 671		123,136 836
	123,807		123,972
	$ 1.52		0.98
	January to March 2025		January to March 2024
	$ 3,933,560 840		3,001,006 1,398
	$ 3,934,400		3,002,404
		2024.12.31	2024.3.31 1,970,039 (7,551)
		1,885,760 -
$ 1,891,600		1,885,760	1,962,488
$ 3,577,945 -		4,164,171 -	3,320,644 -
$ 3,577,945		4,164,171	3,320,644
$ 2,595,995		2,428,654	1,832,220

Please refer to Note 6(4) for the disclosure of accounts receivable and its impairment.

Changes in contract assets and contract liabilities are mainly due to the difference

between the time when the consolidated company transfers goods or services to customers to meet the performance obligation and the time when the customer makes payment. There was no other significant change for the three months ended March 31, 2025 and 2024.

(XVII) Remuneration of employees and directors

According to the Articles of Incorporation of the Company, if there is profit in the year,

~23~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

no less than 0.5% of the profit shall be appropriated as employee's remuneration and no more than 2% as director's remuneration. However, if the Company still has accumulated losses, an amount shall be reserved in advance to offset the losses.

The Company’s estimated employees remuneration for the three months ended March 31, 2025 and 2024 were NT$10,032 thousand and NT$6,387, respectively, and the estimated directors remuneration were NT$5,016 thousand and NT$3,194, respectively. The estimate is based on the net income before tax of each period deducting the remuneration of employees and directors, and multiplied by the distribution percentage of the remuneration of employees and directors as stipulated in the Articles of Incorporation of the Company, and is reported as operating costs and operating expenses for the period. If there is a discrepancy between the actual distributed amount and the estimated figure in the following year, it shall be treated as a change in accounting estimates and recognized as profit or loss of the following year.

In 2024 and 2023, the Company provided NT$62,966 thousand and NT$86,063 thousand for remuneration to employees, and NT$23,672 thousand and NT$27,319 thousand for directors' remuneration, respectively, which were in line with the amounts resolved by the board of directors, and the relevant information can be found on the Market Observation Post System (MOPS).

(XVIII) Non-operating income and expenses

Interest income

The interest income of the consolidated company is detailed as follows:

Bank deposits Short-term bill interest income Other interest income	January to March 2025	January to March 2024
	$ 12,706 2,189 -	9,561 3,189 2
	$ 14,895	12,752

2. Other income

The consolidated company's other income is detailed as follows:

Other income	January to March 2025	January to March 2024
	$ 525	538

3. Other gains and losses

The consolidated company's other gains and losses are detailed as follows:

Gain (loss) on financial assets at fair value through profit or loss	January to March 2025	January to March 2024
	$ (6,017)	5,921

~24~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Foreign exchange gains Gains from the disposal of property, plant and equipment	January to March 2025	January to March 2024
	- 59	217 -
	$ (5,958)	6,138

4. Financial costs

The consolidated company's financial costs are detailed as follows:

Interest expense Bank borrowings Other	January to March 2025	January to March 2024
	$ 323 30	495 33
	$ 353	528

(XIX) Financial instruments

Except for the following, there was no significant change in the fair value of the consolidated company's financial instruments and the exposure to credit risk, liquidity risk and market risk due to the financial instruments. For relevant information, please refer to the 2024 consolidated financial statements Note 6(19).

1. Liquidity risk

The contractual maturities of financial liabilities are shown in the following table, including estimated interest but excluding the effect of the agreement on the net amount.

Carrying amount	Contractual cash flows	Within 1 year	1-3 years	3-5 years	Over 5 years
$ 263,674 3,879,582 687,409 14,115 13,825	263,674 3,879,582 687,409 14,513 14,832	263,674 1,999,346 687,409 14,513 -	- 1,880,236 - - 10,830	- - - - 393	- - - - 3,609
$ 4,858,605	4,860,010	2,964,942	1,891,066	393	3,609
$ 100,000 307,839 4,231,645 353,984 9,356 9,561	101,193 307,839 4,231,645 353,984 9,578 10,515	101,193 307,839 2,324,808 353,984 9,578 -	- - 1,906,837 - - 6,464	- - - - - 393	- - - - - 3,658
$ 5,012,385	5,014,754	3,097,402	1,913,301	393	3,658

~25~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Unsecured bank borrowings Payable notes Accounts payable Other payables Other current liabilities (lease iabilities) Other non-current liabilities (lease iabilities)	Carrying amount	Contractual cash flows	Within 1 year	1-3years	3-5years	Over 5years
	$ 100,000 250,071 4,077,075 789,340 10,918 8,128	101,763 250,071 4,077,075 789,340 11,045 9,016	101,763 250,071 2,128,692 789,340 11,045 -	- - 1,948,383 - - 4,957	- - - - - 450	- - - - - 3,609
	$ 5,235,532	5,238,310	3,280,911	1,953,340	450	3,609

The consolidated company does not expect the cash flow analysis on the maturity date will occur significantly earlier, or the actual amount will be significantly different.

2. Other pricing risks

If the price of equity securities changes on the reporting date (the two analysis are based on the same basis, and assuming other variables unchanged), the impact on the comprehensive income is as follows:

January to March 2025 Impact on other comprehensive income after tax Profit or loss after tax $ 62,303 10,528 $ (62,303) (10,528)	January to March 2025 Impact on other comprehensive income after tax Profit or loss after tax $ 62,303 10,528 $ (62,303) (10,528)	January to March 2024	January to March 2024
Impact on other comprehensive income after tax		Impact on other comprehensive income after tax	Profit or loss after tax
$ 62,303 $ (62,303)		48,981 (48,981)	8,282
	(10,528)		(8,282)

3. Fair value information

(1) Types and fair values of financial instruments

Financial assets measured at fair value through profit or loss and financial assets measured at fair value through other comprehensive income of the consolidated company are measured at fair value on a repetitive basis. The carrying amount and fair value of various financial assets and financial liabilities (including fair value hierarchy information, but the carrying amount of the financial instrument not measured at fair value is a reasonable approximation of the fair value, and there is no quoted price in the active market and the fair value of the equity instrument investment cannot be reliably measured, there is no need to disclose the fair value information according to the regulations) is shown as follows:

Financial assets measured at fair value through profit or loss Financial assets mandatorily measured at fair value through profit or loss		2025.3.31	2025.3.31	2025.3.31	Total 105,277
	Carrying amount $ 105,277		Fairvalue
		Level 1 105,277	Level 2 -	Level 3 -

~26~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

	2025.3.31	2025.3.31	2025.3.31
Carrying amount $ 629,229		Fair value		Total 629,229
	Level 1 623,027	Level 2 -	Level 3 6,202
$ 5,396,623 1,891,600 628,950 3,476	- - - -	- - - -	- - - -	- - - -
7,920,649	-	-	-	-
$ 8,655,155	728,304	-	6,202	734,506
$ 4,143,256 14,115 13,825 687,409	- - - -	- - - -	- - - -	- - - -
$ 4,858,605	-	-	-	-
	2024.12.31
Carrying amount $ 111,294		Fairvalue		Total 111,294
	Level 1 111,294	Level 2 -	Level 3 -
$ 601,956	596,160	-	5,796	601,956
$ 4,634,266 1,885,760 901,938 8,480	- - - -	- - - -	- - - -	- - - -
7,430,444	-	-	-	-
$ 8,143,694	707,454	-	5,796	713,250
$ 100,000 4,539,484 9,356	- - -	- - -	- - -	- - -

~27~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

	2024.12.31	2024.12.31	2024.12.31	Total - -
Carrying amount 9,561 353,984		Fair value
	Level 1 - -	Level 2 - -	Level 3 - -
$ 5,012,385	-	-	-	-
	2024.3.31			Total 82,821
Carrying amount $ 82,821		Fairvalue
	Level 1 82,821	Level 2 -	Level 3 -
$ 496,363	489,806	-	6,557	496,363
$ 4,564,825 1,962,488 1,060,025 4,944	- - - -	- - - -	- - - -	- - - -
7,592,282	-	-	-	-
$ 8,171,466	572,627	-	6,557	579,184
$ 100,000 4,327,146 10,918 8,128 789,340	- - - - -	- - - - -	- - - - -	- - - - -
$ 5,235,532	-	-	-	-

(2) Details of changes in Level 3

January 1, 2025

Measured at fair value through other comprehensive income/loss Equity instrument without open quotation $ 5,796

~28~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

March 31, 2025 January 1, 2024 March 31, 2024	Measured at fair value through other comprehensive income/loss Equity instrument without open quotation $ 6,202
	$ 6,428
	$ 6,557

The above total profit or loss is reported in the “unrealized valuation gain (loss) of financial assets measured at fair value through other comprehensive gain or loss”. As of March 31, 2025 and 2024, information on related parties who still hold these assets is as follows:

Total profit or loss Recognized in other comprehensive income (reported in “Unrealized valuation gain or loss on financial assets measured at fair value through other comprehensive income”)	January to March 2025	January to March 2024
	$ 406	129

(3) There was no transfer between the levels for the consolidated company from January 1 to March 31, 2025 and 2024.

(XX) Financial risk management

There is no significant change in the objectives and policies of the consolidated company's financial risk management as disclosed in Note 6(20) to the 2024 consolidated financial statements.

(XXI) Capital management

The objectives, policies, and procedures of the consolidated company's capital management are consistent with those disclosed in Note 6(21) to the 2024 consolidated financial statements; in addition, the summarized quantitative information of the capital management items for the current period is as follows:

Total liabilities Less: Cash and cash equivalent Net liabilities Total equity Adjusted capital	2025.3.31 $ 7,805,793 (5,396,623)	2024.12.31 7,738,470 (4,634,266)	2024.3.31 7,542,355 (4,564,825)
	2,409,170 5,161,989	3,104,204 5,340,528	2,977,530 4,479,225
	$ 7,571,159	8,444,732	7,456,755

~29~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Debt capital ratio		2025.3.31 32%	2024.12.31 37%	2024.3.31
				40%

(XXII) Investment and financing activities of non-cash transactions

The consolidated company's investing activities of non-cash transactions for the three months ended March 31, 2025 and 2024 were as follows:

months ended March 31, 2025 and 2024 were as follows:
Purchase of property, plant and equipment Add: Payables for equipment, beginning Less: Payables for equipment, ending	January to March 2025	January to March 2024
	$ 1,700 236 (933)	- - -
	$ 1,003	-

VII. Related party transactions

(I) Parent company and ultimate controller

Kindom Development Co., Ltd. is the parent company and the ultimate controller of the group to which the consolidated company belongs. It holds 34.18% of the outstanding common shares of the consolidated company. Kindom Development Co., Ltd. has prepared the consolidated financial statements for public use.

(II) Names of related parties and their relationships

The transaction related parties of the consolidated company during the period of the consolidated financial statements are as follows:

Name of related party Relationship with the consolidated company Kindom Development Co., Ltd. Parent company of the Company Global Mall Co., Ltd. Same ultimate parent company Readycom Information Services Co., Affiliated enterprise Ltd. Kindom Yu San Education The chairman of the board is a relative of 2nd degree Foundation of kinship to a director of the Company

(III) Major transactions with related parties
Sales of labor services to related parties

The significant sales amount of the consolidated company to the related parties is as follows:

Nature		January to March 2025
	Total contracting price	Amount denominated in the current period 835,029	Revenue recognized in current period
Construction contracting			669,430

~30~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Nature		January to March 2024
	Total contracting price	Amount denominated in the current period 901,914
Construction contracting

(1) The price contracted by the consolidated company from the related party is in accordance with the regulations on the contracting of construction projects of the affiliated enterprise, the project budget is added with reasonable management fees and profits, and the price for the contract is submitted to the supervisor for approval after price comparison and negotiation.
(2) The transaction prices of the consolidated company and related parties are determined by both parties through negotiation, and the payment term is one to three months, which is not materially different from that of general customers. The receivables between related parties have not been accepted as collateral, and after assessment, it is not necessary to recognize the impairment loss.
Claims, contract assets, and liabilities

The claims, liabilities and contractual assets between the consolidated company and the related parties are as follows:

Account Related party category	2025.3.31 $ 353,246 - 294 384,023 425,067	2024.12.31 2024.3.31 436,509 631,526 - 292 - - 583,543 288,177 372,459 183,606
Notes and accounts receivable Parent company - Kindom Development Co., Ltd. Notes and accounts receivable Other related party Other receivables Parent company - Kindom Development Co., Ltd. Contract assets Parent company - Kindom Development Co., Ltd. Contract assets (retained receivables) Parent company - Kindom Development Co.,

~31~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Ltd.

Contract liabilities Parent company - 19,370 39,846 72,776 Kindom Development Co., Ltd. $ 1,182,000 1,432,357 1,176,377

3. Endorsements/guarantees

The consolidated company was the co-partner and joint debtor of the parent company, Kindom Development Co., Ltd., the Company amount of NT$28,384 thousand as of March 31, 2025, December 31, 2024 and March 31, 2024.

4. Leases

For January 1 to March 31, 2025 and 2024, the consolidated company leased an office building to its parent company, Kindom Development Co., Ltd., and a lease contract was signed with reference to the office rent in the neighborhood. The total contract value was NT$294 thousand per month in both. The rent income for January 1 to March 31, 2025 and 2024 were both NT$840 thousand.

In addition, the consolidated company and the parent company, Kindom Development Co, Ltd. rented office buildings for January 1 to March 31, 2025 and 2024 for a total contract value of NT$575 thousand per month in both years. Rent expenses for January 1 to March 31, 2025 and 2024 were both NT$1,643 thousand.

5. Others

(1) The consolidated company donated NT$1,500 thousand to the “Kindom Yu San Education Foundation” for both January 1 to March 31, 2025 and 2024, for the promotion of services of the foundation.
(2) The amounts of gift vouchers purchased by the consolidated company from other related parties during the period from January 1 to March 31, 2025 and 2024 were NT$3,199 thousand and NT$3,604 thousand, respectively.
(3) The provision of consulting services between the consolidated company and the related parties is as follows:

parties is as follows:
The consolidated company provided to the parent	January to March 2024
	Total contract price $ 292	Revenue recognized in the current period
		279

~32~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

company The consolidated company provided to other related parties The parent company provided to the consolidated company	January to March 2024 Total contract price Revenue recognized in the current period 292 279	January to March 2024 Total contract price Revenue recognized in the current period 292 279
	Total contract price 292
	$ 584	558
	$ 4,815	4,586

(IV) Transactions by key management personnel

Remuneration to key management personnel includes:

January to March 2025 January to March 2024 Short-term employee benefits $ 17,894 18,213 Post-employment benefits 756 56 $ 18,650 18,269 Pledged assets The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows: Asset name Subject matter of pledge guarantee 2025.3.31 2024.12.31 2024.3.31 Other financial assets - current Construction deposits secured by loan facilities and restricted assets $ 595,221 867,557 1,029,963 Property, plant and equipment, net Guarantee of loan limit 99,400 99,400 99,400 Investment property, net Guarantee of loan limit 48,167 48,225 48,399 $ 742,788 1,015,182 1,177,762	January to March 2025 January to March 2024 Short-term employee benefits $ 17,894 18,213 Post-employment benefits 756 56 $ 18,650 18,269 Pledged assets The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows: Asset name Subject matter of pledge guarantee 2025.3.31 2024.12.31 2024.3.31 Other financial assets - current Construction deposits secured by loan facilities and restricted assets $ 595,221 867,557 1,029,963 Property, plant and equipment, net Guarantee of loan limit 99,400 99,400 99,400 Investment property, net Guarantee of loan limit 48,167 48,225 48,399 $ 742,788 1,015,182 1,177,762	January to March 2025 January to March 2024 Short-term employee benefits $ 17,894 18,213 Post-employment benefits 756 56 $ 18,650 18,269 Pledged assets The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows: Asset name Subject matter of pledge guarantee 2025.3.31 2024.12.31 2024.3.31 Other financial assets - current Construction deposits secured by loan facilities and restricted assets $ 595,221 867,557 1,029,963 Property, plant and equipment, net Guarantee of loan limit 99,400 99,400 99,400 Investment property, net Guarantee of loan limit 48,167 48,225 48,399 $ 742,788 1,015,182 1,177,762	January to March 2025 January to March 2024 Short-term employee benefits $ 17,894 18,213 Post-employment benefits 756 56 $ 18,650 18,269 Pledged assets The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows: Asset name Subject matter of pledge guarantee 2025.3.31 2024.12.31 2024.3.31 Other financial assets - current Construction deposits secured by loan facilities and restricted assets $ 595,221 867,557 1,029,963 Property, plant and equipment, net Guarantee of loan limit 99,400 99,400 99,400 Investment property, net Guarantee of loan limit 48,167 48,225 48,399 $ 742,788 1,015,182 1,177,762	January to March 2025 January to March 2024 Short-term employee benefits $ 17,894 18,213 Post-employment benefits 756 56 $ 18,650 18,269 Pledged assets The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows: Asset name Subject matter of pledge guarantee 2025.3.31 2024.12.31 2024.3.31 Other financial assets - current Construction deposits secured by loan facilities and restricted assets $ 595,221 867,557 1,029,963 Property, plant and equipment, net Guarantee of loan limit 99,400 99,400 99,400 Investment property, net Guarantee of loan limit 48,167 48,225 48,399 $ 742,788 1,015,182 1,177,762
Other financial assets - current Property, plant and equipment, net Investment property, net	Construction deposits secured by loan facilities and restricted assets Guarantee of loan limit Guarantee of loan limit
		$ 742,788	1,015,182	1,177,762

VIII. Pledged assets

The carrying amount of the pledged and restricted assets provided by the consolidated company is as follows:

IX. Significant contingent liabilities and unrecognized contractual commitments

(I) Significant unrecognized contractual commitments:
On March 31, 2025, December 31, 2024 and March 31, 2024, the consolidated company undertook medium and major projects for an aggregate amount of NT$82,267,376 thousand,

~33~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

NT$74,609,533 thousand, and NT$51,999,217 thousand, respectively, and received payments of NT$35,077,479 thousand, NT$30,545,559 thousand, and NT$25,976,582 thousand, respectively, in accordance with the agreements.

The letters of guarantee and guarantee notes issued by the consolidated company for contracting projects are as follows:

2025.3.31 2024.12.31 2024.3.31 $ 5,691,528 5,068,287 3,496,012

On March 31, 2024, the consolidated company had issued an unused letter of credit amounting to USD 23 thousand.
As approved by the Board of Directors on December 20, 2024 and December 29, 2023, the consolidated company committed to donate NT$9,000 thousand and NT$6,000 thousand to “Kindom Yu Shan Educational Foundation” in 2025 and 2024 for promotion of the Foundation's affairs.

X. Losses from major disasters: None.

XI. Material events after the period: None.

XII. Others

(1) Employee benefits, depreciation, depletion and amortization expenses by function are summarized as follows:

==> picture [432 x 304] intentionally omitted <==

----- Start of picture text -----

By function January to March 2025 January to March 2024
Attributable Attributable Attributable Attributable
Total Total
By nature to operating to operating to operating to operating
costs expenses costs expenses
Employee
benefit
expense
Salary $ 145,851 49,390 195,241 148,217 50,931 199,148
expenses
Labor and 16,572 5,625 22,197 12,905 3,300 16,205
national
health
insurance
expenses
Pension 5,192 1,659 6,851 4,926 1,747 6,673
expense
Other 5,869 3,771 9,640 4,602 2,159 6,761
employee
benefit
expenses
Depreciation 6,756 5,414 12,170 6,828 4,402 11,230
expense
----- End of picture text -----

~34~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

==> picture [432 x 111] intentionally omitted <==

(II) Seasonality of operation: The operation of the consolidated company is not affected by seasonal or cyclical factors.

XIII. Disclosures in Notes

(I) Information on significant transactions

According to the Regulations Governing the Preparation of Financial Reports by Securities Issuers, the consolidated company shall further disclose the information of significant transactions in March 31, 2025 as follows:

Loaning of funds to others: None.
Endorsements/guarantees made for others:

Unit: NT$ thousand

==> picture [470 x 121] intentionally omitted <==

----- Start of picture text -----

No.Endorsement/ Endorsed/ guaranteed Limits on Balance of Ending Amount Amount of Ratio of Maximum Endorsements/ Endorsement/ Endorsements
guarantee individual/ company endorsement/ maximum balance of actually property accumulated amount of guarantees guarantee and
provider Company Relationship guarantee amount of endorsements/ drawn pledged for endorsement/ endorsements/ made by the provided by guarantees in
name (Note 1) amount endorsement/ guarantees endorsements/ guarantee to net guarantees parent the subsidiary Mainland
provided to guarantee of guarantees equity per latest (Note 2) company to to the parent China
each the period financial subsidiaries company
guaranteed statements
party (Note 2)
0 Kedge Kindom Parent and $ 10,323,491 14,192 14,192 14,192 - 0.27% 10,323,491 - Y -
Construction Development Subsidiary
Co., Ltd.
1 Dingtian Kindom Parent and 57,925 14,192 14,192 14,192 - 24.50% 57,925 - Y -
Construction Development Subsidiary
Co., Ltd.
1 〃 Kedge 〃 8,688,779 1,376,500 1,376,500 1,376,500 - 2,376.35% 17,377,558 - Y -
Construction
----- End of picture text -----

Note 1: There are 7 types of relationship between the endorser/guarantor and the endorsed/guaranteed party as follows, indicating the type is sufficient:
(1) Companies with business transactions.
(2) A company in which the Company directly or indirectly holds more than 50% of the voting shares.
(3) A company in which the Company holds, directly or indirectly, more than 50% of the voting shares of the Company.
(4) Among companies in which the Company directly or indirectly holds more than 90% of the voting shares.
(5) Companies in the same industry or co-builders that require mutual guarantees in accordance with contractual provisions based on the needs of contracting projects.
(6) Companies that are endorsed and guaranteed by all contributing shareholders in accordance with their shareholding ratios for joint investment.
(7) The peers in the same trade are engaged in joint guarantees for the performance of the pre-sale house sales contract in accordance with the regulations of the Consumer Protection Act.
Note 2: 1. The Company's endorsement and guarantee measures stipulate that the total amount of external endorsements/guarantees shall not exceed 200% of the Company's net worth as stated in its latest financial statement, and the amount of endorsement and guarantee made to a single enterprise shall not exceed 200% of

~35~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

the Company's net worth as stated in its latest financial statement. However, the total amount of guarantees for construction projects shall not exceed 10 times the net worth of the Company in the latest financial statements. The total amount of construction engineering guarantees for a single enterprise shall not exceed 5 times the net worth of the Company in the latest financial statements.

The amount of endorsement and guarantee provided by Dingtian Construction: The total amount of external endorsement and guarantee shall not exceed 100% of the net worth of the company in its latest financial statement, and the amount of endorsement and guarantee to a single enterprise shall not exceed 100% of the net worth of the company in its latest financial statement. However, the total guarantee for construction projects shall not exceed 300 times the net worth of the company in its latest financial statement. The total amount of construction project guarantee for a single enterprise shall not exceed 150 times the net worth of the company in its latest financial statement.

Note 3: The above transactions have been eliminated when the consolidated financial statements were prepared.

Significant securities held (excluding investment in subsidiaries, associates, and joint venture equity):

Unit: NT$ thousand

==> picture [423 x 421] intentionally omitted <==

----- Start of picture text -----

Holding company Marketable Relationship with Account End of period Remarks
name securities type and the issuer Number of Carrying Shareholding Fair value
name shares amount percentage
(thousand
shares)
Kedge Construction Stocks - Kindom Kedge Financial assets 550 $ 29,260 0.10 % 29,260
Development Co., Construction is a measured at fair
Ltd. subsidiary of the value through
company other
comprehensive
income - non-
current
Jiequn Investment Stocks - Fubon - Financial assets 621 52,990 - % 52,990
Co., Ltd. Financial at fair value
through profit or
loss -
current
〃 Stocks - Sinopac - 〃 235 5,222 - % 5,222
Holdings
〃 Stocks - Kindom Jiequn Investment Financial assets 9,373 498,648 1.69 % 498,648
Development Co., Co., Ltd. is the measured at fair
Ltd. sub-subsidiary of value through
the other
company comprehensive
income - non-
current
〃 Stocks - Fubon - 〃 11 571 - % 571
Financial Preferred
Shares C
(FBFHCPSC)
〃 Stocks - Taiwan - 〃 405 - 0.78 % -
Calcom International
Computer Graphic
Co., Ltd.
Guanqing Stocks - Kindom Guanqing 〃 1,768 94,041 0.32 % 94,041
Electromechanical Development Co., Electromechanical
Ltd. Co., Ltd. is a sub-
subsidiary of the
company
〃 Stocks - Fubon - 〃 10 507 - % 507
Financial Preferred
Shares C
(FBFHCPSC)
〃 Stocks - Global - 〃 177 6,202 0.59 % 6,202
Views
Commonwealth
Publishing
Group
----- End of picture text -----

~36~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

==> picture [423 x 99] intentionally omitted <==

----- Start of picture text -----

Holding company Marketable Relationship with Account End of period Remarks
name securities type and the issuer Number of Carrying Shareholding Fair value
name shares amount percentage
(thousand
shares)
〃 Stocks - Fubon - Financial assets 552 47,065 - % 47,065
Financial at fair value
through profit or
loss -
current
----- End of picture text -----

The purchase or sale with related parties for an amount over NT$100 million or 20% of the paid-in capital:

Unit: NT$ thousand

==> picture [416 x 159] intentionally omitted <==

----- Start of picture text -----

Purchasing Name of Relationship Transaction status Circumstances and Notes/Accounts Note
(selling) counterparty reasons for the
company difference between Receivable (Payable)
the transaction
conditions and
general transactions
Purchase Amount Percentage Credit Unit price Credit Balance Percentage
(sale) goods (Note) in total period period of total notes
purchase and
(sales) accounts
receivable
(payable)
Kedge Kindom An investment Contract $ (822,088) (18.19)% The monthly Equivalent Slightly 766,497 18.44%
Construction Development in Kedge engineering payment longer than
Co., Ltd. Construction projects collection general
under the according to
equity the contract
method is generally
slightly
longer.
----- End of picture text -----

Note: Refers to the denominated amount in the current period.

Accounts receivable from related parties amounting to at least NT$100 million or 20% of the paid-in capital:

Unit: NT$ thousand

==> picture [414 x 90] intentionally omitted <==

----- Start of picture text -----

Company of Name of Relationship Balance of Turnover Overdue amount of Receivables from Appropriation of
accounts counterparty accounts rate accounts receivable related parties allowance for
receivable receivables due from related party loss
recognized from related Amount Treatment Amounts received
party method in subsequent
period
Kedge Kindom An investment in $ 766,497 0.85 - - 186,610 -
Construction Development Kedge Construction
Co., under the equity
Ltd. method
----- End of picture text -----

6. Significant intercompany transactions:

No.	Name of transaction	Transaction party	Relationship with		Transaction status	Transaction status
	party		transaction party	Account	Amount Transaction terms		Percentage of consolidated total operating revenue or total assets
0	Kedge Construction Co., Ltd.	Guanqing Electromechanical	1	Contract liabilities	$ 65,806 Equivalent to general transaction		0.51%
0	`〃`	`〃`	1	Accounts payable	14,225 `〃`		0.11%
0	`〃`	`〃`	1	Operating cost	109,941	`〃`	2.79%

~37~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

==> picture [413 x 254] intentionally omitted <==

----- Start of picture text -----

0 〃 Dingtian Construction 1 Contract 1,491 〃 0.01%
Co., Ltd. liabilities
0 〃〃 1 Contract 308 〃 -%
assets
0 〃〃 1 Accounts 22,833 〃 0.18%
payable
1 Guanqing Kedge Construction 2 Contract 65,806 〃 0.51%
Electromechanical Co., Ltd. assets
1 〃〃 2 Accounts 14,225 〃 0.11%
receivable
1 〃〃 2 Operating 109,941 〃 2.79%
revenue
2 Dingtian Construction Kedge Construction 2 Contract 1,491 〃 0.01%
Co., Co., Ltd. assets
Ltd.
2 〃〃 2 Contract 308 〃 -%
liabilities
2 〃〃 2 Accounts 22,833 〃 0.18%
receivable
----- End of picture text -----

Note 1. The method of filling in the serial number is as follows:

0 for the parent company.
Subsidiaries are numbered sequentially starting from 1 according to the company type.

Note 2: Relationships with counterparties are indicated as follows:

Parent company to subsidiaries
Subsidiary to parent company.

Note 3: The above transactions have been eliminated when the consolidated financial statements were prepared.

(II) Information on investees:

The consolidated company’s reinvestment for the three months ended March 31, 2025 is as follows:

==> picture [169 x 10] intentionally omitted <==

----- Start of picture text -----

Unit: NT$ thousand/thousand shares
----- End of picture text -----

==> picture [449 x 159] intentionally omitted <==

----- Start of picture text -----

Name of Investor Name of investee Location Main business Initial investment End of term holding Current Investment Remarks
items amount profit/loss of gains and
End of End of last Number Percentage Carrying investee losses
current year of shares amount recognized in
period the current
period
Kedge Jiequn Investment Taiwan General $ 163,935 163,935 16,396 99.98% 721,095 (3,224) (3,223) Subsidiary
Construction Co., Ltd. investment
Kedge Guanqing Taiwan Electrical 81,326 81,326 7,748 99.97% 322,157 845 844 〃
Construction Electromechanical Appliance
Installation and
Fire Safety
Equipment
Installation
Engineering
Jiequn Investment Dingtian Taiwan Comprehensive 16,500 16,500 - 30.00% 17,377 10 3 Sub-
Co., Ltd. Construction Construction subsidiary
Activities, etc.
----- End of picture text -----

~38~

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

==> picture [450 x 71] intentionally omitted <==

----- Start of picture text -----

Guanqing Dingtian Taiwan Comprehensive 11,105 11,105 - 70.00% 40,548 10 7 〃
Electromechanical Construction Construction
Activities, etc.
Dingtian Readycom Taiwan IT software 15,000 15,000 1,400 46.67% 17,994 1,063 496 Investment
Construction Information service and under the
Services Co., Ltd. management equity
consulting method
----- End of picture text -----

Note: Transactions of the subsidiaries and sub-subsidiaries listed above have been eliminated when the consolidated financial statements were prepared.

(III) nvestment information in Mainland China:
Name and principal business activities of investees in Mainland China: None.
Limit on investment in Mainland China: None.
Significant transactions with investee companies in Mainland China: None.

XIV. Segment information

The consolidated company's reportable operating segment only has the construction segment. The construction department mainly manages the overall work of the construction and management of the projects and the department's income, department's assets and liabilities are consistent with the financial statements. Please refer to the consolidated balance sheet and consolidated statement of comprehensive income.

~39~

AI assistant

KEDGE — Interim / Quarterly Report 2025

52153_rns_2025-12-24_1e88e0e1-0fe1-4ab1-a1f5-cf80822feb92.pdf

Kedge Construction Co., Ltd. and Subsidiaries Consolidated Financial Statements and Independent Auditors’ Review Report

Table of Contents

Independent Auditors’ Review Report

Introduction

Scope of Review

Conclusion

Consolidated Balance Sheet

March 31, 2025 and December 31 & March 31, 2024

Unit: NT$ thousand

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Comprehensive Income

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Changes in Equity

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

(Please refer to the notes to the consolidated financial statements enclosed for detail)

Kedge Construction Co., Ltd. and Subsidiaries

Consolidated Statement of Cash Flows

From January 1 to March 31, 2025 and 2024

Unit: NT$ thousand

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements First Quarter of 2025 and 2024

(Unless otherwise stated, all amounts are in NT$ thousand)

I. Company History

II. Date and Procedure for Approval of Financial Statements

III. Application of new and revised standards and interpretations

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

IV. Summary of significant accounting policies

(II) Basis of consolidation

1. Subsidiaries included in the consolidated financial statements

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

V. Major accounting judgments, estimates, and major sources of uncertainty for assumptions

VI. Description of important accounting items

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

(VII) Right-of-use assets

(IX) Short-term borrowings

(X) Provision for liabilities

(XI) Operating lease

(XII) Employee benefits

1. Defined benefit plan

2. Defined contribution plans

(XIII) Income tax

3. Retained earnings

(1) Legal reserve

(2) Earnings distribution

4. Other equity (net amount after tax)

(XV) Earnings per share

(XVIII) Non-operating income and expenses

2. Other income

3. Other gains and losses

4. Financial costs

(XIX) Financial instruments

1. Liquidity risk

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

2. Other pricing risks

3. Fair value information

(XX) Financial risk management

(XXI) Capital management

VII. Related party transactions

3. Endorsements/guarantees

4. Leases

5. Others

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

(IV) Transactions by key management personnel

VIII. Pledged assets

IX. Significant contingent liabilities and unrecognized contractual commitments

Kedge Construction Co., Ltd. and Subsidiaries Notes to Consolidated Financial Statements (Continued)

X. Losses from major disasters: None.

XI. Material events after the period: None.

XII. Others

XIII. Disclosures in Notes

6. Significant intercompany transactions:

XIV. Segment information

More from KEDGE

KEDGE Interim / Quarterly Report 2025