Stock Code: 6914

PSS Co., Ltd. and subsidiaries

Consolidated Financial Statements and Independent Auditor's Report

2025 and 2024

Address: 7F-8, No. 2, Sanmin Rd., Tucheng Dist., New Taipei City

Telephone: (02)2248-8958

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.

§Table of Contents§

ITEM		PAGE	FINANCIAL STATEMENT NOTE NUMBER
I. Cover		1	-
II. Table of Contents		2	-
III. Statement of Consolidated Financial Statements of Affiliated Enterprises		3	-
IV. Independent Auditors’ Report		4~7	-
V. Consolidated Statement of Financial Position		8	-
VI. Consolidated Statement of Comprehensive Income		9~10	-
VII. Consolidated Statement of Changes in Equity		11	-
VIII. Consolidated Statement of Cash Flows		12~13	-
IX. Notes to the Consolidated Financial Statements
(I)	Company History	14	I
(II)	The authorization of financial statements	14	II
(III)	Application of new and amended standards and interpretations	14~16	III
(IV)	Summary of significant accounting policies	17~32	IV
(V)	Significant accounting judgments and major sources of estimation uncertainty	33	V
(VI)	Description of significant accounting items	33~64	VI~XXVII
(VII)	Related party transactions	64~69	XXVIII
(VIII)	Pledged assets	69	XXIX
(IX)	Significant contingent liabilities and unrecognized contractual commitments	69	XXX
(X)	Losses due to material disasters	-	-
(XI)	Significant subsequent events	-	-
(XII)	Others	69~71	XXXI
(XIII)	Additional disclosures
	1. Information on significant transactions	71、74~78	XXXII
	2. Information on investees	71、79	XXXII
	3. Information on investment in the China	71~72	XXXII
(XIV)	Department information	72~73	XXXIII

Statement of Consolidated Financial Statements of Affiliated Enterprises

For the year 2025 (from January 1 to December 31, 2025), in accordance with the "Regulations Governing the Preparation of Consolidated Business Reports, Consolidated Financial Statements, and Reports on Affiliations," the companies that should be included in the consolidated financial statements of affiliated enterprises are the same as those that should be included in the consolidated financial statements of parent and subsidiary companies under International Financial Reporting Standards No. 10. Since all the information required to be disclosed in the consolidated financial statements of affiliated enterprises has already been disclosed in the aforementioned parent-subsidiary consolidated financial statements, separate consolidated financial statements for affiliated enterprises will not be prepared.

Declared by

Company name: PSS Co., Ltd.

Responsible Person: Wen-Chieh Yang

March 10, 2026

Independent Auditors' Report

To: PSS Co., Ltd.

Audit Opinions

We have completed the audit of the consolidated balance sheets of PSS Co., Ltd. and its subsidiaries (PSS Group) as of December 31, 2025 and 2024, as well as the consolidated statements of comprehensive income, changes in equity, and cash flows for the periods from January 1 to December 31, 2025 and 2024, and the notes to the consolidated financial statements (including a summary of significant accounting policies).

In our opinion, the aforementioned consolidated financial statements have been prepared in all material respects in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the International Financial Reporting Standards, International Accounting Standards, Interpretations, and Interpretation Announcements recognized and effective as issued by the Financial Supervisory Commission. They appropriately present the consolidated financial position of Fuller Group as of December 31, 2025 and 2024, and the consolidated financial performance and consolidated cash flows for the periods from January 1 to December 31, 2025 and 2024.

Basis for the Audit Opinion

We conducted our audits in accordance with the Regulations Governing Auditing and Attestation of Financial Statements by Certified Public Accountant and auditing standards in the R.O.C.. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the PSS Group in accordance with the Norm of Professional Ethics for Certified Public Accountants of the R.O.C. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Consolidated Financial Statements of the Group for the year ended December 31, 2025. These matters were addressed in our audit of the Consolidated Financial Statements as a whole, and in forming our audit opinion. We do not provide a separate opinion on these matters.

Key audit matters of the Group’s Consolidated Financial Statements for the year ended December 31, 2025 are stated as follows:

Recognition of parking revenue

The Group's main source of revenue is parking lot fees. Since the calculation of such revenue highly depends on automated systems and involves a large volume of data, with transaction information processed through front-end parking management systems, manual modifications to system records could potentially affect the recognition of transient parking revenue. The authenticity of system rate settings will significantly impact the calculation of parking lot revenue. Therefore, assessing the authenticity of transient parking rates for specific locations is considered a significant risk and has been identified as a key audit matter.

The main audit procedures that we have implemented for the above-mentioned temporary parking income include:

Understanding management's relevant internal controls for parking revenue recognition and testing their operational effectiveness;
For the parking management system that records parking information, sampling and testing whether its rate settings and changes have been properly approved;
Sampling and reviewing vehicle entry and exit records to confirm the authenticity of parking duration records in the parking management system;
Sampling calculations of parking fees in the management system and verifying them against recorded revenue.

Other matters

PSS Co., Ltd. has prepared parent company only financial statements for the years 2025 and 2024, for which the auditor has issued an unqualified audit opinion, available for reference.

Responsibilities of management and those charged with governance for the Consolidated Financial Statements

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 the IFRS, IAS, IFRIC, and SIC endorsed and issued into effect by the Financial Supervisory Commission of the R.O.C., and for necessary internal control as

management determines is necessary to enable the preparation of Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Consolidated Financial Statements, the management's responsibilities also include evaluating the Group’s ability to continue as a going concern, disclosure of related matters, and use of the going concern basis of accounting, unless management intends to liquidate the Group or cease operations, or have no realistic alternative but to liquidate or suspend business.

PSS Group’s unit in charge of governance (includes the Audit Committee) is responsible for supervising the financial reporting process.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report. Reasonable assurance is a high level of assurance, but is not a guarantee that the audit conducted in accordance with the Standards on Auditing will always detect material misstatements in the Consolidated Financial Statements. Misstatements can arise from fraud or error. If the individual amounts or the aggregate amount can be reasonably expected to influence the economic decisions of the users of the Consolidated Financial Statements, the misstatements are considered material.

We exercise professional judgment and professional skepticism during the audit in accordance with the International Standards on Auditing. We also perform the following tasks:

Identify and assess the risks of material misstatement, whether due to fraud or error, in the consolidated Financial Statements; design and execute countermeasures in response to the risks assessed; and obtain sufficient and appropriate audit evidence to provide a basis for our opinion. Because fraud may involve collusion, forgery, intentional omission, misstatement or violation of internal control, the risk of material misstatement resulting from fraud is higher than that resulting from error.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of giving opinions on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on PSS Group's ability to continue as a going concern. If we are of the opinion that a material uncertainty exists, we
6 -

are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Statements or, modify our opinion when such disclosures are inappropriate. Our conclusion is based on the audit evidence obtained up to the date of the audit report. However, future events or conditions may cause the Group no longer having the ability to continue as a going concern.

Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the group to express an opinion on the consolidated financial statements. We are responsible for the guidance, supervision, and execution of the audit of the Group. We remain solely responsible for our audit opinion of the Group.

The matters communicated between us and the governing unit include the planned scope and time of the audit, and major audit findings (including significant deficiencies in internal control identified during the audit).

We also provide the governance unit with a statement that we have complied with the Code of Ethics for Professional Accountants in terms of independence, and we communicate with the governance unit all relationships and other matters that may be considered to affect the independence of the accountants (including related protective measures).

From the matters communicated with those charged with governance, the auditor determined the key audit matters for the audit of the PSS Group's 2025 consolidated financial statements. We describe such matters in the audit report unless the law does not permit public disclosure of a particular matter or, in extremely rare circumstances, we decide not to communicate a particular matter in the audit report if it can be reasonably expected that the negative impact generated from the communication is greater than the public interest otherwise promoted.

Deloitte Taiwan
CPA Yen-Chun Chen
CPA Chien-Wei Chen
Document Number of Approval by the Financial Supervisory Commission
Letter No. Jin-Guan-Zheng-Shen-Zi 1100356048
Document Number of Approval by the Financial Supervisory Commission
Letter No. Jin-Guan-Zheng-Shen-Zi 1130349292

March 10, 2026

PSS Co., Ltd. and subsidiaries

Consolidated Statement of Financial Position

December 31, 2025 and 2024

Unit: NTD thousands

Code	Assets	December 31, 2025		December 31, 2024
		Amount	%	Amount	%
Current assets
1100	Cash and cash equivalents (Notes 4, 6, and 28)	$ 1,404,996	14	$ 1,681,111	18
1140	Contract assets (Notes 4 and 21)	30,098	-	14,470	-
1170	Accounts receivable (Notes 4 and 8)	459,247	5	228,969	3
1180	Accounts receivable - Related parties (Notes 4, 8, and 28)	7,276	-	6,671	-
1210	Other receivables - Related parties (Note 28)	31,970	-	21,608	-
1220	Current income tax assets (Notes 4 and 23)	453	-	-	-
130X	Inventories (Notes 4, 5 and 9)	98,192	1	96,758	1
1410	Prepayments (Notes 10 and 28)	97,967	1	86,440	1
1470	Other current assets	14,092	-	7,704	-
11XX	Total current assets	2,144,291	21	2,143,731	23
Non-current assets
1510	Financial assets at fair value through profit or loss - Non-current (Notes 4 and 7)	5,807	-	5,373	-
1550	Investments accounted for using equity method (Notes 4 and 12)	24,272	-	19,633	-
1600	Property, plant and equipment (Notes 4, 5, 13, 28 and 29)	1,194,268	12	1,068,481	12
1755	Right-of-use assets (Notes 4, 5, 14, and 28)	5,776,952	56	4,869,646	53
1760	Net amount of investment property (Notes 4,15and 29)	21,328	-	12,073	-
1780	Intangible assets (Notes 4, 5 and 16)	186,345	2	235,690	3
1840	Deferred income tax assets (Notes 4 and 23)	33,236	-	36,983	1
1920	Refundable deposits (Notes 4 and 28)	561,749	5	397,533	4
1930	Long-term accounts receivable (Notes 4 and 8)	64,993	1	71,573	1
1980	Other financial assets - Non-current (Notes 4, 17, 28 and 29)	312,896	3	294,552	3
1990	Other non-current assets - Others	2,022	-	301	-
15XX	Total non-current assets	8,183,868	79	7,011,838	77
1XXX	Total assets	$ 10,328,159	100	$ 9,155,569	100
Liabilities and equity
Current liabilities
2100	Short-term borrowings (Notes 4, 17, and 29)	$ -	-	$ 10,000	-
2110	Long-term borrowings due within one year (Notes 4, 17, and 29)	7,439	-	12,449	-
2130	Contract liabilities - Current (Notes 4 and 21)	69,899	1	139,792	2
2150	Notes payable	6,612	-	6,955	-
2160	Notes payable - Related parties (Note 28)	2,170	-	2,000	-
2170	Accounts payable	133,798	1	157,868	2
2180	Accounts payable - Related parties (Note 28)	8,798	-	2,193	-
2200	Other payables (Note 18)	277,869	3	254,306	3
2220	Other payables - Related parties (Note 28)	1,420	-	1,351	-
2230	Current income tax liabilities (Notes 4 and 23)	101,867	1	46,368	-
2280	Lease liabilities - Current (Notes 4, 14, and 28)	1,728,210	17	1,554,024	17
2128	Financial liabilities measured at amortized cost - current (Notes 4 and 16)	16,224	-	36,925	-
2399	Other current liabilities	113,078	1	94,978	1
21XX	Total current liabilities	2,467,384	24	2,319,209	25
Non-current liabilities
2520	Financial liabilities measured at amortized cost - non-current (Notes 4 and 16)	56,879	-	73,104	1
2540	Long-term borrowings (Notes 4, 17, and 29)	777	-	8,175	-
2550	Provision - non-current (Note 4)	2,664	-	5,151	-
2570	Deferred income tax liabilities (Notes 4 and 23)	4,831	-	7,872	-
2580	Lease liabilities - Non-current (Notes 4, 14, and 28)	4,086,847	40	3,272,080	36
2645	Guarantee deposits received (Note 15)	13,513	-	14,083	-
25XX	Total non-current liabilities	4,165,511	40	3,380,465	37
2XXX	Total liabilities	6,632,895	64	5,699,674	62
Equity
Share capital
3110	Capital - common stock	662,260	6	662,260	7
3200	Capital reserve	1,640,141	16	1,640,141	18
Retained earnings
3310	Legal reserve	207,964	2	162,095	2
3320	Special reserves	-	-	493	-
3350	Undistributed earnings	1,183,132	12	990,143	11
3300	Total retained earnings	1,391,096	14	1,152,731	13
3400	Other equity	1,767	-	763	-
3XXX	Total equity	3,695,264	36	3,455,895	38
Total liabilities and equity		$ 10,328,159	100	$ 9,155,569	100

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

Chairman: Wen-Chieh Yang

Manager: Hao-Hsin Pan

Accounting Supervisor: Kun-Hsien Lin

PSS Co., Ltd. and subsidiaries
Consolidated Statement of Comprehensive Income
January 1 to December 31, 2025 and 2024
Unit: NTD thousands; EPS in NTD

Code		2025		2024
		Amount	%	Amount	%
4000	Operating revenue (Notes 4, 21, and 28)	$ 5,678,227	100	$ 4,716,986	100
5000	Operating cost (Notes 4, 9, 22, and 28)	4,434,956	78	3,753,580	80
5900	Gross operating profit	1,243,271	22	963,406	20
	Operating expenses (Notes 4, 22, and 28)
6100	Promotion expenses	95,537	1	91,830	2
6200	Administrative expenses	216,613	4	197,455	4
6300	R&D expenses	40,861	1	37,290	1
6000	Total operating expenses	353,011	6	326,575	7
6900	Net operating profit	890,260	16	636,831	13
	Non-operating income and expenses (Notes 4, 12, 13,14,16, 22 and 28)
7010	Other income	25,033	-	21,415	1
7020	Other gains and losses	3,122	-	19,906	-
7050	Financial cost	( 131,865 )	( 2 )	( 99,905 )	( 2 )
7055	Impairment reversal gain	649	-	331	-
7060	Investment gains and losses under equity method	3,635	-	3,118	-
7000	Total non-operating income and expenses	( 99,426 )	( 2 )	( 55,135 )	( 1 )

(To be Continued)

(Continued from previous page)

Code		2025		2024
		Amount	%	Amount	%
7900	Net profit before tax	$ 790,834	14	$ 581,696	12
7950	Income tax expenses	( 155,113 )	( 3 )	( 123,007 )	( 2 )
8200	Net income for the year	635,721	11	458,689	10
	Other comprehensive income (net) (Note 4)
8360	Items that may be reclassified subsequently to profit or loss
8361	Exchange differences on translation of the financial statements of foreign operations	1,004	-	1,256	-
8500	Total comprehensive income for the year	$ 636,725	11	$ 459,945	10
	Earnings per share (Note 24)
9710	Basic	$ 9.60		$ 7.14
9810	Diluted	$ 9.58		$ 7.12

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

Chairman: Wen-Chieh Yang

Manager: Hau-Hsin Pan

Accounting Supervisor: Kun-Hsien Lin

PSS Co., Ltd. and subsidiaries

Consolidated Statement of Changes in Equity

January 1 to December 31, 2025 and 2024

Unit: NTD thousands; Dividends per share in NTD

Code	Equity attributable to owners of the Company
		Share capital (Note 20)		Capital reserve	Retained earnings (Notes 4 and 20)				Other equity item Exchange differences on translation of the financial statements of foreign operations (Note 4)	Total equity
		Number of shares (thousand shares)	Amount		Legal reserve	Special reserves	Undistributed earnings	Total
A1	Balance as of January 1, 2024	60,232	$ 602,320	$ 679,975	$ 107,253	$ 616	$ 887,333	$ 995,202	($ 493)	$ 2,277,004
	Earnings appropriation and distribution for 2023
B1	Legal reserve	-	-	-	54,842	-	( 54,842)	-	-	-
B3	Reversal of special reserves	-	-	-	-	( 123)	123	-	-	-
B5	Cash dividends to shareholders - NT$4.547 per share	-	-	-	-	-	( 301,160)	( 301,160)	-	( 301,160)
D1	Net income for 2024	-	-	-	-	-	458,689	458,689	-	458,689
D3	Other comprehensive income after tax in 2024	-	-	-	-	-	-	-	1,256	1,256
N1	Capital increase in cash	5,994	59,940	955,532	-	-	-	-	-	1,015,472
K1	Share-based payment transactions	-	-	4,634	-	-	-	-	-	4,634
Z1	Balance as of December 31, 2024	66,226	662,260	1,640,141	162,095	493	990,143	1,152,731	763	3,455,895
	Earnings appropriation and distribution for 2024
B1	Legal reserve	-	-	-	45,869	-	( 45,869)	-	-	-
B3	Reversal of special reserves	-	-	-	-	( 493)	493	-	-	-
B5	Cash dividends to shareholders - NT$6.000 per share	-	-	-	-	-	( 397,356)	( 397,356)	-	( 397,356)
D1	Net income for 2025	-	-	-	-	-	635,721	635,721	-	635,721
D3	Other comprehensive income after tax in 2025	-	-	-	-	-	-	-	1,004	1,004
Z1	Balance as of December 31, 2025	66,226	$ 662,260	$ 1,640,141	$ 207,964	$ -	$ 1,183,132	$ 1,391,096	$ 1,767	$ 3,695,264

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

Chairman: Wen-Chieh Yang

Manager: Hau-Hsin Pan

Accounting Supervisor: Kun-Hsien Lin

PSS Co., Ltd. and subsidiaries
Consolidated Statement of Cash Flows
January 1 to December 31, 2025 and 2024
Unit: NTD thousands

Code	Cash flow from operating activities	2025	2024
A10000	Net income before tax for the current year	$ 790,834	$ 581,696
A20010	Income and expenses
A20100	Depreciation expense	2,460,533	2,073,113
A20200	Amortization expense	62,017	79,460
A20400	Net gain on financial assets and liabilities measured at fair value through profit or loss	( 434)	( 11,965)
A20900	Financial cost	131,865	99,905
A21300	Dividend income	( 175)	( 417)
A21200	Interest revenue	( 22,205)	( 18,668)
A21900	Share-based payment for remuneration cost	-	4,634
A22300	The profit of affiliated companies under equity method	( 3,635)	( 3,118)
A22500	Losses from disposal of property, plant and equipment	6,235	8,152
A22800	Loss from disposal of intangible assets	1,474	-
A22600	Reversal of inventory write-downs	( 1,748)	( 670)
A20300	Reversal of expected credit losses	-	( 306)
A23700	Impairment loss reversal	( 649)	( 331)
A29900	Loss (gain) from lease modifications	1,861	( 4,808)
A30000	Net changes in operating assets and liabilities
A31125	Contract assets	( 15,628)	51,627
A31150	Accounts receivable	( 223,698)	( 88,480)
A31160	Accounts receivable - Related parties	( 605)	( 5,195)
A31200	Inventory	314	( 2,623)
A31230	Prepayments	( 11,527)	( 39,642)
A31240	Other current assets	( 6,388)	( 406)
A32125	Contract liabilities	( 69,893)	16,752
A32130	Notes payable	( 343)	( 3,055)
A32140	Notes payable - related party	170	2,000
A32150	Accounts payable	( 24,070)	15,851
A32160	Accounts payable - Related parties	6,605	( 2,070)
A32180	Other payables	26,187	10,606
A32190	Other payables - Related parties	69	866

(To be Continued)

(Continued from previous page)

Code		2025	2024
A32200	Provision for liabilities	($ 2,487)	$ -
A32230	Other current liabilities	18,100	29,580
A33000	Cash generated from operations	3,122,779	2,792,488
A33100	Interest received	21,961	18,498
A33200	Dividends received	175	417
A33300	Interest paid	( 131,896)	( 99,983)
A33500	Income tax paid	( 99,361)	( 224,375)
AAAA	Net cash inflow from operating activities	2,913,658	2,487,045
	Cash flow from investing activities
B00200	Disposal of financial assets at fair value through profit or loss	-	34,695
B02700	Purchase of property, plant and equipment	( 572,570)	( 485,055)
B02800	Proceeds from the disposal of property, plant and equipment	12,193	9,009
B03700	Increase in refundable deposits	( 164,216)	( 42,714)
B04300	Increase in other receivables - related parties	( 10,118)	( 15,017)
B04500	Acquisition of intangible assets	( 14,146)	( 10,428)
B06500	Decrease (increase) of other financial assets	( 18,344)	5,538
BBBB	Net cash outflow from investing activities	( 767,201)	( 503,972)
	Cash flow from financing activities
C00200	Decrease in short-term borrowings	( 10,000)	( 35,000)
C01700	Repayment of long-term borrowings	( 12,408)	( 81,396)
C02500	Financial liabilities measured at amortized cost decreased	( 36,926)	( 55,034)
C03000	Decrease in guarantee deposits received	( 570)	( 219)
C04020	Lease principal repayment	( 1,965,312)	( 1,747,242)
C04500	Distribution of cash dividends	( 397,356)	( 301,160)
C04600	Capital increase in cash	-	1,015,472
CCCC	Net cash outflow from financing activities	( 2,422,572)	( 1,204,579)
EEEE	Net (decrease) increase in cash and cash equivalents	( 276,115)	778,494
E00100	Opening balance of cash and cash equivalents	1,681,111	902,617
E00200	Closing balance of cash and cash equivalents	$ 1,404,996	$ 1,681,111

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

Chairman: Wen-Chieh Yang

Manager: Hau-Hsin Pan

Accounting Supervisor: Kun-Hsien Lin

PSS Co., Ltd. and subsidiaries
Notes to the consolidated financial statements
January 1 to December 31, 2025 and 2024
(expressed in New Taiwan Dollars thousands, unless otherwise specified)

I. Company History

The Company was registered and incorporated as PSS Parking Enterprise Co., Ltd. on January 19, 2001, and the name was changed to PSS Co., Ltd. on November 3, 2017. The main business of the Company and its subsidiaries (hereinafter referred to as the "consolidated company") is the wholesale and retail of machinery and equipment, and the construction and operation of parking lots.

The Company’s shares have been approved by Taipei Exchange for trading over the Emerging Stock Market since January 2023, and listed on the Taiwan Stock Exchange (TWSE) on May 3, 2024.

The consolidated financial statements are presented in New Taiwan Dollar, which is the Company's functional currency.

II. The authorization of financial statements

These consolidated financial statements were approved by the Board of Directors on March 10, 2026.

III. Application of new and amended standards and interpretations

(I) Initial application of the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), International Financial Reporting Interpretations Committee Interpretations (IFRIC), and Standing Interpretations Committee Interpretations (SIC) (collectively, the “IFRS Accounting Standards”) endorsed and issued into effect by the Financial Supervisory Commission (FSC).

The application of the IFRS Accounting Standards endorsed and issued into effect by the FSC did not have material impact on the consolidated company’s accounting policies:

(II) IFRS Accounting Standards endorsed by FSC applicable in 2026

New/amended/revised standards and interpretations	Effective date announced by IASB
Amendments to IFRS 9 and IFRS 7 "Amendments to the Classification and Measurement of Financial Instruments"	January 1, 2026
Amendments to IFRS 9 and IFRS 7 "Contracts Involving Natural-Dependent Electricity"	January 1, 2026

"IFRS Annual Improvements - Volume 11"

January 1, 2026

IFRS 17 "Insurance Contracts" (including 2020 and 2021 amendments)

January 1, 2023

As of the approval date of these consolidated financial statements, the consolidated company has assessed that other amendments to standards will not have a significant impact on its financial position and financial performance.

(III) IFRS Accounting Standards issued by the IASB but not yet endorsed and issued into effect by the FSC

New/amended/revised standards and interpretations	Effective date announced by IASB (Note 1)
Amendments to IFRS 10 and IAS 28 “Sale or Contribution of Assets between an Investor and its Associate or Joint Venture”	To be determined
IFRS 18 "Presentation and Disclosure in Financial Statements"	January 1, 2027 (Note 2)
IFRS 19 "Subsidiaries without Public Accountability: Disclosures” (including 2025 amendments)	January 1, 2027
Amendments to IAS 21 “Translation to a Hyperinflationary Presentation Currency”	January 1, 2027

Note 1: Unless stated otherwise, the above new IFRSs are effective for annual periods beginning on or after their respective effective dates.

Note 2: On September 25, 2025, the FSC announced that Taiwanese enterprises will be required to apply IFRS 18 from January 1, 2028, or may elect to apply it earlier once IFRS 18 is approved by the FSC.

IFRS 18 "Presentation and Disclosure in Financial Statements" and related amendments

IFRS 18 will supersede IAS 1 “Presentation of Financial Statements” and the main changes include:

The consolidated company shall assess whether it has specific main business activities such as investing in specific types of assets and providing financing to customers, based on which the income and expense items in the income statement are classified into operating, investing, financing, income tax and discontinued operations categories.

The income statement should present operating profit or loss, profit or loss before financing and taxes, and subtotals and totals of profit or loss.

15 -

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'Provides guidance to strengthen aggregation and disaggregation requirements: The consolidated company must identify assets, liabilities, equity, income, expenses, and cash flows generated from individual transactions or other events, and classify and aggregate them based on common characteristics, so that each line item presented in the primary financial statements has at least one similar characteristic. Items with dissimilar characteristics should be disaggregated in the primary financial statements and notes. The Company should only label such items as 'Other' when it cannot find a more informative label.

Enhanced disclosure of management-defined performance measures: When the consolidated company communicates outside the financial statements publicly, and communicates management's perspectives on a particular aspect of the consolidated company's overall financial performance to financial statement users, it should disclose information related to management-defined performance measures in a single note to the financial statements, including a description of the measure, how it is calculated, its reconciliation with subtotals or totals specified by IFRS accounting standards, and the income tax and non-controlling interest effects of related reconciliation items.

In addition, the following amendments have been made to IAS 7 "Statements of Cash Flows":

'When the consolidated company prepares the statement of cash flows from operating activities using the indirect method, operating profit or loss shall be the starting point for reconciliation.

The interest and dividends received by the consolidated company shall be classified as investment activities, and interest and dividends paid shall be classified as financing activities. If the consolidated company is assessed to have specific main business activities, it must consider the types of dividend income, interest income, and interest expense listed in the income statement to determine the classification of receiving dividends, receiving interest, and paying interest in the statement of cash flows. However, the above cash flows can only be classified in a single activity in the statement of cash flows.

In addition to the above effects, the consolidated company continues to evaluate other impacts of each standard and amendment to interpretations on its financial position and financial performance as of the release date of the Consolidated Financial Statements. The relevant impact will be disclosed when the evaluation is completed.

IV. Summary of significant accounting policies

(I) Statement of Compliance

The consolidated financial statements are prepared in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and the IFRS Accounting Standards as endorsed and issued into effect by the FSC.

(II) Basis of Preparation

Except for the financial instruments measured at fair value, the Consolidated Financial Statements have been prepared on the historical cost basis.

The fair value measurement is divided into Level 1 to Level 3 according to the observable degree and importance of the relevant input value:

Level 1 inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities available on the measurement date.
Level 2 inputs: Inputs, other than quoted prices in Level 1, that are observable, either directly (i.e., prices) or indirectly (i.e., derived from prices) for the asset or liability.
Level 3 inputs: Unobservable inputs for the asset or liability.

(III) Criteria for distinguishing current and non-current assets and liabilities

Current assets include:

Assets held primarily for the purpose of trading;
Assets expected to be realized within 12 months after the Statement of Financial Position date; and
Cash and cash equivalents (excluding those restricted from being exchanged or used to settle a liability for at least 12 months after the Statement of Financial Position date).

Current liabilities include:

Liabilities held primarily for the purpose of trading;
Liabilities due to be settled within 12 months after the Statement of Financial Position date; and
As of the statement of financial position date, the Company has no substantive right to defer settlement of liabilities for at least 12 months after the statement of financial position date.

Current assets or current liabilities that are not classified as above are classified as non-current assets or non-current liabilities.

(IV) Basis of Consolidation

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The consolidated financial statements include the financial statements of the Company and the entities (subsidiaries) controlled by the Company. The operating profit or loss of the subsidiary acquired or disposed of in the current period is included in the consolidated statement of comprehensive income from the date of acquisition or until the date of disposal. The financial statements of the subsidiaries have been adjusted to make their accounting policies consistent with those of the consolidated Company. In preparing the consolidated financial statements, all inter-group transactions, account balances, income, and expenses have been eliminated. The total comprehensive income of the subsidiaries is attributable to the owners of the Company and non-controlling interests, even if the non-controlling interests thus become a deficit.

Changes in the consolidated company's ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the consolidated company and the non-controlling interests have been adjusted to reflect the changes in their relative interests in the subsidiaries. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

Please refer to Note 11 and Table 6 for details of subsidiaries, shareholding ratio and business items.

(V) Foreign Currency

In preparing the financial statements of each individual entity, transactions in currencies other than the entity's functional currency (i.e. foreign currencies) are recognized at the rates of exchange prevailing on the transaction dates.

Monetary items denominated in foreign currencies are translated at the rates prevailing at the Statement of Financial Position date. The exchange differences arising from the settlement of monetary items or translating monetary items are recognized in profit or loss in the period in which they are incurred.

The foreign currency non-monetary item measured at fair value is translated at the exchange rate on the date when the fair value is determined, and the exchange difference generated is recognized in the current profit or loss. However, for the change in fair value recognized in other comprehensive income, the exchange difference generated is recognized in other comprehensive income.

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Non-monetary items in foreign currency measured at historical cost are translated at the exchange rate on the transaction date and will not be retranslated.

In preparing the consolidated financial statements, the assets and liabilities of the Company's foreign operations (including affiliates that operate in countries or adopt currencies different from the Company's) are translated into NTD at the exchange rates prevailing at each balance sheet date. Income and expense items are translated at the average exchange rates for the period, and the resulting exchange differences are recognized in other comprehensive income.

If the consolidated company disposes of all interests in foreign operations, or disposes of part of interests in subsidiaries of foreign operations but loses control, or disposes of affiliates of foreign operations, the retained equity is financial asset and should be treated in accordance with the accounting policy for financial instruments, all the accumulated exchange differences related to the foreign operations will be reclassified to profit or loss.

(VI) Inventory

Inventories are measured at the lower of cost or net realizable value. When comparing cost and net realizable value, unless similar or related items are categorized, they are compared item by item. The net realizable value refers to the balance of the estimated selling price in the ordinary course of business less the estimated costs to be invested in completion and the completion of the sale. The cost of inventories is calculated using the weighted average method.

(VII) Investment in Associates

Affiliated enterprises are enterprises over which the consolidated company has significant influence but is not a subsidiary or a joint venture.

The consolidated company adopts the equity method for investment in associates.

Under the equity method, an associate investment is initially recognized at cost, and the carrying amount after the acquisition is increased or decreased by the consolidated company's share of the associate's profit or loss and other comprehensive income of the subsidiary and the profit distribution. In addition, the changes in the equity of associates are recognized based on the shareholding ratio.

When the affiliated enterprise issues new shares, and if the consolidated company fails to subscribe to them in proportion to their shareholding, resulting in a change in the shareholding ratio and thus causing an increase or decrease in the net equity investment, the increase or decrease will be adjusted the capital reserve - changes of

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net value of affiliated enterprise recognized under equity method and investments accounted for using the equity method. However, if the shareholding in the affiliated enterprise is reduced due to the failure to subscribe or obtain it in proportion to the shareholding, the amount related to the affiliated enterprise recognized in other comprehensive income shall be reclassified in accordance with the proportion of the decrease, and the accounting treatment shall be based on the accounting treatment of the affiliated enterprise if the related assets or liabilities are directly disposed of on the same basis; if the aforementioned adjustments should be debited to capital reserve, and the capital reserve balance generated by an investment under the equity method is insufficient, the difference is debited to retained earnings.

When the consolidated company's share of losses on an associate equals or exceeds its equity in the associate (including the carrying amount of the investment in the associate under the equity method and other long-term interests that in substance form part of the consolidated company's net investment in the associate), the recognition of further loss shall cease. The consolidated company only recognizes additional losses and liabilities within the scope of legal obligations, presumed obligations, or payments on behalf of affiliates.

When assessing impairment, the consolidated company treats the entire carrying amount of the investment (including goodwill) as a single asset, comparing the recoverable amount with the carrying amount to conduct an impairment test. The recognized impairment loss is not allocated to any assets that make up the components of the investment's carrying amount, including goodwill. Any reversal of an impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

The consolidated company ceases to adopt the equity method from the date its investment ceases to be an affiliate, and its retained interest in the former affiliate is measured at fair value. The difference between the fair value and the disposal price and the carrying amount of the investment on the date of cessation of the equity method is stated included in current profit and loss. In addition, all amounts recognized in other comprehensive income related to the affiliated enterprise shall be accounted for on the same basis as the one that the affiliated enterprise must observe if it directly disposes of the relevant assets or liabilities. If the investment in affiliates become an investment in the joint venture, or the investment in the joint venture becomes an investment in

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affiliates, the consolidated company continues to adopt the equity method and does not remeasure the reserved equity.

The profit or loss arising from the upstream, downstream and lateral transactions between the consolidated company and the affiliated company is recognized in the consolidated financial statements only within the range that is irrelevant to the consolidated company's interest in the affiliated company.

(VIII) Property, Plant and Equipment

Property, plant and equipment are recognized at cost and subsequently measured at cost less accumulated depreciation.

The property, plant and equipment under construction is recognized at the amount of cost. Cost includes professional service fees and borrowing costs that meet the capitalization conditions. Before the assets reach the expected state of use, the samples produced for testing whether the assets can operate normally are measured at the lower of the cost or the net realizable value. The selling price and cost are recognized in profit or loss. Such assets are classified into the appropriate category of property, plant and equipment and begin to be depreciated upon completion and reaching the state of intended use.

Except for owned land, which is not depreciated, all other property, plant and equipment are depreciated separately for each significant part on a straight-line basis over their useful lives. The consolidated company reviews the estimated useful life, residual value, and depreciation methods at least at the end of each year, while applying the effects of changes in accounting estimates prospectively.

When derecognizing property, plant and equipment, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

(IX) Investment Property

Investment property is held for the purpose of earning rent or capital appreciation or both. Investment property also includes land held for which the future use has not yet been determined.

Self-owned investment property is initially measured at cost (including transaction cost) and subsequently measured at cost less accumulated depreciation and accumulated impairment losses.

Investment property is depreciated on a straight-line basis.

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When an investment property is derecognized, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss.

(X) Intangible Assets

Separately Acquired

The intangible assets with limited useful life acquired separately are initially measured at cost, and subsequently measured at cost less accumulated amortization and accumulated impairment losses. Intangible assets are amortized on a straight-line basis over the useful lives. The consolidated company reviews the estimated useful life, residual value, and amortization methods at least at the end of each year, while applying the effects of changes in accounting estimates prospectively.

When the consolidated company obtains the right to collect fees from public construction users (as the consideration for providing construction services in the service concession agreement), they are recognized as intangible assets - concessions; subsequently measured at costs of the amount less the accumulated amortization and accumulated impairment losses.

Derecognition

When an intangible asset is derecognized, the difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss for the period.

(XI) Impairment of Property, Plant and Equipment, Right-of-Use Assets, Investment Property and Intangible Assets

The consolidated company assesses at each statement of financial position date whether there is any indication that the property, plant and equipment, right-of-use assets, investment property and intangible assets may have been impaired. If there is any sign of impairment, estimate the recoverable amount of the asset. If the recoverable amount of an individual asset cannot be estimated, the consolidated company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the fair value less cost of sale or its value in use, whichever is higher. If the recoverable amount of an individual asset or cash-generating unit is lower than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount, and the impairment loss is recognized in profit or loss.

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When the impairment loss is subsequently reversed, the carrying amount of the asset or cash-generating unit is increased to the revised recoverable amount. However, the increased carrying amount shall not exceed the carrying amount (less amortization or depreciation) determined when the asset or cash-generating unit was not recognized as impairment loss in the previous fiscal year. Reversal of impairment loss is recognized in profit or loss.

(XII) Financial Instruments

Financial assets and financial liabilities shall be recognized in the consolidated statement of financial position when the consolidated company becomes a party to the contractual provisions of the instrument.

When financial assets and financial liabilities are initially recognized, if the financial assets or financial liabilities are not measured at fair value through profit or loss, they are measured at the fair value plus transaction costs that are directly attributable to the acquisition or issuance of financial assets or financial liabilities. Transaction costs directly attributable to the acquisition or issuance of financial assets or financial liabilities measured at fair value through profit or loss are immediately recognized in profit or loss.

Financial Assets

Conventional transactions of financial assets are recognized and derecognized using the trade date accounting method.

(1) Measurement Categories

The types of financial assets held by the consolidated company are financial assets measured at fair value through profit or loss and financial assets measured at amortized cost.

A. Financial assets measured at fair value through profit or loss

Financial assets at FVTPL include financial assets mandatorily measured at FVTPL. Financial assets mandatorily measured at fair value through profit or loss include investments in equity instruments not designated to be measured at fair value through other comprehensive income, and investments in debt instruments not eligible for classification as measured at amortized cost or at fair value through other comprehensive income.

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Financial assets at FVTPL are measured at fair value, and the dividends generated are recognized in other income. Methods for determining fair value are described in Note 27.

B. Financial Assets Measured at Amortized Cost

If the consolidated company's investment financial assets meet the following two conditions at the same time, they are classified as financial assets measured at amortized cost:

a. Held within a business model whose purpose is to hold financial assets in order to collect contractual cash flows; and
b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets measured at amortized cost (including cash and cash equivalents, notes and accounts receivable measured at amortized cost (including related parties), other receivable - related parties and refundable deposits) after initial recognition, it is measured at the amortized cost of the total carrying amount determined by the effective interest method less any impairment loss. Any foreign currency exchange gains or losses are recognized in profit or loss.

Except for the following two situations, interest income is calculated by multiplying the effective interest rate by the total carrying amount of a financial asset:

a. For purchased or originated credit-impaired financial assets, interest revenue is calculated by multiplying the credit-adjusted effective interest rate by the amortized cost of the financial asset.
b. For financial assets that are not acquired or originated credit-impaired but subsequently become credit-impaired, interest revenue shall be calculated by multiplying the effective interest rate by the amortized cost of the financial asset from the next reporting period after the credit impairment.

Financial assets are credit-impaired when the issuer or debtor has experienced major financial difficulties, default, the debtor is likely to file for bankruptcy or other financial reorganization, or financial

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difficulties that cause the active market of the financial asset to disappear.

Cash equivalents include time deposits that are highly liquid, convertible into known amounts of cash at any time with little risk of value changes within 3 months from the date of acquisition, and is used to meet short-term cash commitments.

Demand deposits with restrictions on use due to contracts with third parties are also classified as cash, unless such restrictions change the nature of the deposit so that it no longer meets the definition of cash.

(2) Impairment of financial assets and contract assets

The consolidated company assesses the impairment loss of financial assets measured at amortized cost (including accounts receivable) and contract assets based on the expected credit loss at each statement of financial position date.

Accounts receivable and contract assets are recognized in loss allowance based on lifetime expected credit losses. Other financial assets are first assessed by assessing whether the credit risk has increased significantly since the initial recognition. If there is no significant increase in the credit risk, the allowance for loss is recognized at an amount equal to 12-month expected credit losses. If there has been a significant increase, an amount equal to lifetime expected credit losses is recognized in loss allowance.

The expected credit loss is the weighted average credit loss with the risk of default as the weight. The 12-month expected credit loss represents the expected credit loss generated by the possible default of the financial instrument within 12 months after the reporting date, and the lifetime expected credit loss represents the expected credit loss generated by all possible defaults of the financial instrument during the expected lifetime.

For the purpose of internal credit risk management, the consolidated company, without considering the collateral held, determines that the following situations represent a default on a financial asset:

A. There is internal or external information indicating that it is impossible for the debtor to pay off the debt.

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B. Overdue for more than 360 days, unless there is reasonable and corroborative information to show that a delayed default basis is more appropriate.

The impairment loss of all financial assets is reduced to the carrying amount through the allowance account.

(3) Derecognition of Financial Assets

The consolidated company derecognizes a financial asset only when the contractual rights to the cash flows from the financial asset expire or have been completed, or when substantially all of the risks and rewards of ownership of the financial asset have been transferred.

When derecognition of a financial asset at amortized cost in its entirety, the difference between the carrying amount and the consideration received is recognized in profit or loss.

Equity Instruments

The consolidated company’s debt and equity instruments are classified as financial liabilities or equity based on the substance of the contractual agreements and the definitions of financial liabilities and equity instruments.

The equity instruments issued by the consolidated company are recognized at the acquisition price net of directly attributable transaction costs.

The repurchase of the Company’s own equity instruments is recognized in and deducted under equity, and the carrying amount is calculated based on the weighted average of the types of shares. The purchase, sale, issuance or cancellation of the Company’s own equity instruments is not recognized in profit or loss.

Financial Liabilities

(1) Subsequent Measurement

All financial liabilities are measured at amortized cost in the effective interest method.

(2) Derecognition of Financial Liabilities

When derecognizing a financial liability, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(XIII) Provisions

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Recognized in the provisions for liabilities include the service concession agreement that states that the Company shall allocate a certain percentage of the operating revenue as the replacement fund for the retirement and replacement of assets. The related amount is the best estimate of the expenditure required to settle the obligation at the statement of financial position date, taking into account the risks and uncertainties of the obligation.

(XIV) Revenue Recognition

After identifying the performance obligation in the contract with the customer, the consolidated company allocates the transaction price to each performance obligation, and recognizes revenue when each performance obligation is satisfied.

Parking Fee Revenue

For parking lots, off-street parking management, and monthly rental contracts, since customers simultaneously receive and consume the benefits of performance, the related revenue is recognized over time during the contract period.

Management service income

Management service income comes from hosted parking lots and off-street parking services. Because customers obtain and consume performance benefits at the same time, related income is recognized over time during the contract period.

Revenue from construction of parking lots

The obligations committed to the customer in the construction contract include the management and coordination of the transfer of customized equipment, wiring, installation, system integration testing, site preparation and signboard hanging, including major integration services of different items, to ensure that individual products or services are consolidated as a combination of customer needs. Since the contract provides significant integration services, it should be regarded as a single performance obligation.

If the contract specifies a construction contract in which the asset is under the control of the customer during the construction process, the consolidated company recognizes it as revenue over time. Since the cost of construction is directly related to the degree of completion of the performance obligation, the consolidated company measures the progress of completion based on the ratio of the actual investment cost to the expected total cost. The consolidated

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company recognizes contract assets progressively during the construction process, and reclassifies them to accounts receivable when the unconditional right to collect is obtained. If the construction payment received exceeds the amount recognized as revenue, the difference is recognized as a contract liability.

If the contract does not meet the conditions for progressive recognition of revenue over time, the consolidated company recognizes the revenue and accounts receivable when the contract is completed and accepted.

The retention of construction projects withheld by the customer according to the contract terms is to ensure that the consolidated company completes all contractual obligations and is recognized as a contract asset before the consolidated company's performance is completed.

Equipment sales revenue

When equipment-related products arrive at the customer's designated location, the customer has the right to set the price and the use of the product, and has the main responsibility for resale and the risk of obsolescence. The consolidated company recognizes the revenue and accounts receivable at this point of time.

Other Revenue

Other income mainly includes customer contracts that only include leases and labor services (i.e., repair and maintenance services). Since the customer obtains and consumes the benefits of performance at the same time, it is recognized as income over time during the contract period.

(XV) Leasing

The consolidated company assesses whether the contract is (or contains) a lease on the date of establishment of the contract.

For contracts containing lease and non-lease components, the consolidated company allocates the consideration in the contracts based on the relative stand-alone prices and treats them separately.

The Consolidated Company as Lessor

When the lease clause transfers almost all the risks and rewards attached to the ownership of assets to the lessee, it is classified as a financing lease. All other leases are classified as operating leases.

Under finance leases, lease payments include fixed payments. The net lease investment amount is measured by the sum of the present value of the lease

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payment receivable and the unguaranteed residual value plus the original direct cost, and is expressed as the leasehold receivable. Financing income is allocated to each accounting period to reflect the fixed rate of return on the consolidated company's unexpired net lease investment in each period.

Under operating leases, the lease payments net of lease incentives are recognized as income on a straight-line basis over the relevant lease terms. The initial direct costs incurred in acquiring operating leases are added to the carrying amount of the underlying assets and recognized as expenses on a straight-line basis over the lease terms. The lease negotiation with the lessee is treated as the new lease from the effective date of the lease modification.

The consolidated company is the lessee

Except for low-value asset leases and short-term leases to which a recognition exemption applies, for which lease payments are recognized as expenses on a straight-line basis over the lease terms, other leases are recognized as right-of-use assets and lease liabilities on the lease commencement date.

The right-of-use asset is initially measured at cost (including the initial measured amount of the lease liability, lease payments paid at the beginning of the lease less lease incentives received, initial direct costs, and the estimated cost of restoring the underlying asset), and subsequently measured at cost less accumulated depreciation. After measurement of the amount after the accumulated impairment loss, remeasurement of the lease liability is performed. Right-of-use assets are presented on a separate line in the consolidated statement of financial position.

Right-of-use assets are depreciated on a straight-line basis from the lease commencement date to the end of the service life or the expiration of the lease term, whichever is earlier.

Lease liabilities are initially measured at the present value of the lease payments (including fixed payments, substantive fixed payments, variable lease payments depending on the index or rate, and the amount expected to be paid by the lessee under the residual value guarantee). If the interest rate implied by the lease is easy to determine, the lease payment is discounted at the interest rate. If the interest rate cannot be easily determined, the lessee's incremental borrowing rate is used.

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Subsequently, the lease liability is measured at the amortized cost using the effective interest method, and the interest expense is amortized over the lease term. If there are changes in future lease payments during the lease term due to changes of the expected payment amount under the residual value guarantee, or the index or rate used to determine lease payments, the consolidated company remeasures the lease liabilities and adjusts the right-of-use assets accordingly. If the carrying amount of the right-of-use assets is reduced to zero, the remaining remeasurement amount is recognized in profit or loss. For lease modifications that are not treated as a separate lease, the remeasurement of the lease liabilities due to the reduced scope of the lease is to reduce the right-of-use assets, and recognize the gain or loss of the partial or full termination of the lease; the remeasurement of the lease liabilities due to other modifications is to adjust the right-of-use assets. Lease liabilities are presented on a separate line in the consolidated statement of financial position.

(XVI) Government Grants

Government subsidies are recognized only when it is reasonably certain that the consolidated company will comply with the conditions attached to the government subsidies and that the subsidies will be received.

Government subsidies are recognized in profit or loss in the period in which they become collectible if they are intended to compensate for expenses or losses already incurred, or to provide immediate financial support to the consolidated company and have no future related costs.

(XVII) Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction, or production of qualifying assets are treated as part of the cost of the asset until the asset is nearly ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

Except for the above, all other borrowing costs are recognized in profit or loss in the period in which they are incurred.

(XVIII) Employee Benefits

Short-term employee benefits
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The liabilities related to short-term employee benefits are measured by the non-discounted amount expected to be paid in exchange for employee services.

Post-employment benefits

For the pension under the defined contribution plan, the amount of the pension to be contributed is recognized as an expense during the service period of the employees.

(XIX) Share-based Payment Arrangements

Employee stock options granted to employees

Employee stock options are expenses recognized on a straight-line basis within the vesting period based on the fair value of the equity instruments on the grant date and the best estimate of the number expected to be vested, and the capital reserve - employee stock options is adjusted at the same time. If it is immediately vested on the grant date, the full amount is recognized as expenses on the grant date.

The consolidated company revises the estimated number of expected vested employee share options at each statement of financial position date. If the original estimate is revised, the effect is recognized in profit or loss so that the accrued expenses reflect the revised estimate, with a corresponding adjustment to capital reserves - employee stock options.

(XX) Income tax

Income tax expense represents the sum of current income tax and deferred income tax.

Current Tax

The consolidated company determines the income (loss) of the current period in accordance with the laws and regulations of the Republic of China, and calculates the payable (recoverable) income tax accordingly.

According to the Income Tax Act of the R.O.C., an additional tax on undistributed earnings is recognized in the year by shareholders' meeting resolution.

Adjustments to income tax payable from prior years are recognized in current income tax.

Deferred Tax

Deferred tax is accounted for temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit or loss.

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Deferred income tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are generally recognized when it is probable that taxable income will be available to deduct the temporary differences.

The taxable temporary differences related to the investment in subsidiaries and affiliated companies are recognized as deferred income tax liabilities. However, this is with exception to when the consolidated company can control the time point of the temporary difference reversal, and it is probable that the temporary difference will not reverse in the foreseeable future. The deductible temporary difference related to such investment is recognized as deferred income tax assets only when it is probable that there will be sufficient taxable income to realize the temporary difference, which is expected to be reversed in the foreseeable future.

The carrying amount of deferred income tax assets is reviewed at each statement of financial position date, and the carrying amount is reduced if it is no longer probable to have sufficient taxable income to recover for all or part of the assets. Unrecognized deferred income tax assets are also reviewed at each statement of financial position date, and the carrying amount is increased when the taxable income will probably be generated in the future for the recovery of all or part of the assets.

Deferred income tax assets and liabilities are measured at the expected tax rates in the period in which the assets are realized or liabilities are settled, based on tax rates and tax laws that have been enacted or substantively enacted by the statement of financial position date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would arise from the manner in which the consolidated company expects to recover or settle the carrying amount of its assets and liabilities at the statement of financial position date.

Current and Deferred Tax

Current and deferred income tax is recognized in profit or loss, except when the current and deferred income tax relating to the item is recognized in other comprehensive income or directly in equity, respectively.

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V. Significant accounting judgments and major sources of estimation uncertainty

When adopting accounting policies, the management must make judgments, estimates and assumptions that are based on historical experience and other factors that are not readily apparent from other sources. Actual results may differ from estimates.

When the consolidated company develops significant accounting estimates, it includes the consideration of cash flow estimates, growth rates, discount rates, profitability, and other relevant major estimates. The management will continue to review the estimates and basic assumptions.

(I) Impairment of Inventories

The net realizable value of inventories is estimated by taking the balance of the estimated selling price in the normal business process less the estimated cost of completion and the estimated cost of sales. Such estimation is evaluated based on the current market status and the historical sales experiences of similar products. Changes in market conditions may materially affect the estimated results.

(II) Impairment of property, plant and equipment/intangible assets/right-of-use assets

The impairment of property, plant and equipment, intangible assets and right-of-use assets is assessed based on the recoverable amount (the fair value less the selling cost or the value in use whichever is higher) of these assets. Changes in the market price, future cash flow or discount rate will affect the recoverable amount of these assets, which may cause the consolidated company to recognize additional impairment losses or reverse the already recognized impairment losses. In addition, the uncertainties caused by the effects of inflation and market interest rate fluctuations lead to greater uncertainty in the estimates of projected cash flows, growth rates, and discount rates.

VI. Cash and cash equivalents

	December 31, 2025	December 31, 2024
Cash on hand and working capital	$ 36,709	$ 48,246
Checks and demand deposits	908,287	1,170,915
Cash equivalents (investments with an original maturity date within three months)
Bank time deposits	460,000	461,950
	$1,404,996	$1,681,111

The interest rate ranges of bank time deposits on the balance sheet date are as follows:

Bank time deposits	December 31, 2025	December 31, 2024
	1.28%~1.75%	1.23%

VII. Financial instruments at fair value through profit or loss

	December 31, 2025	December 31, 2024
Financial assets - non-current
Mandatorily at fair value through profit or loss
Non-derivative financial assets
- TPEx listed stocks	$ 5,307	$ 4,873
- Domestic unlisted stocks	500	500
	$ 5,807	$ 5,373

VIII. Accounts receivable

(I) Statement of Accounts Receivable :

Notes receivable	December 31, 2025	December 31, 2024
	$ 3,889	$ 2,191
Accounts receivable - (including related parties)	$ 420,769	$ 190,645
Allowance for losses	( 52 )	( 49 )
	$ 420,717	$ 190,596
Lease payment receivable	$ 117,066	$ 126,029
Less: Loss allowance	( 33 )	( 36 )
Unearned financing income	( 10,123 )	( 11,567 )
	$ 106,910	$ 114,426

(II) The consolidated company is engaged in the manufacturing and sales of equipment, and has signed equipment financing lease contracts with certain customers. The financing lease sales revenue generated is as follows:

	2025	2024
Financing and leasing sales revenue	$ 15,262	$ 26,457

The consolidated company's accounts receivable due to installment payment is as follows:

Total accounts receivable	December 31, 2025	December 31, 2024
	$ 571	$ 1,029

Unrealized interest income
( 9) ( 20)
$ 562 $ 1,009

Installment receivables are classified as follows according to their liquidity:

	December 31, 2025	December 31, 2024
Current	$ 448	$ 444
Non-current (accounted as long-term receivables)	114	565
	$ 562	$ 1,009

(III) The consolidated company's lease receivables are as follows:

	December 31, 2025	December 31, 2024
Undiscounted lease payments
Year 1	$ 45,428	$ 47,060
Year 2	20,757	21,745
Year 3	17,031	17,148
Year 4	13,064	13,036
More than 5 years	20,786	27,040
	117,066	126,029
Less: Loss allowance	( 33)	( 36)
Unearned financing income	( 10,123)	( 11,567)
	$ 106,910	$ 114,426

The lease receivables are classified according to their liquidity as follows:

	December 31, 2025	December 31, 2024
Carrying amount of lease receivables
Current	$ 42,031	$ 43,418
Non-current (accounted as long-term receivables)	64,879	71,008
	$ 106,910	$ 114,426

If the lease receivables are expected to be recovered over a period of more than a year, they are expected to be recovered before 2034.

(IV) The average credit period of the consolidated company for labor services, product sales and financial leases is shorter than 90 days, and no interest is calculated on accounts receivable. To mitigate credit risk, the consolidated company has established credit management measures to regulate the determination of credit limit, credit approval and other monitoring procedures to ensure that appropriate actions are taken in the recovery of overdue accounts receivable. In addition, the consolidated company reviews the recoverable amounts of notes receivable, accounts receivable, and lease receivables one by one at the balance sheet date to ensure that uncollectible notes,

accounts, and lease receivables have been set aside as appropriate impairment of losses. Accordingly, the consolidated company's management believes that the consolidated company's credit risk has been significantly reduced.

The consolidated company recognizes the loss allowance for notes receivable, accounts receivable and lease receivables based on the lifetime expected credit losses. The lifetime expected credit losses are calculated using a provision matrix, which takes into account the customer's past default history and current financial position and industry economic situation. As the consolidated company's credit loss history shows that there is no significant difference in the loss patterns of different customer groups, the allowance matrix does not further divide the customer groups, but only uses notes receivable, accounts receivable and lease payment days to establish the expected credit loss rate.

If there is evidence that the counterparty is facing serious financial difficulties and the consolidated company cannot reasonably expect the recoverable amount, the consolidated company will directly write off the relevant notes receivable, accounts receivable and lease receivables. The consolidated company will continue to take the recovery actions and the recovered amount is recognized in profit or loss.

The consolidated company measures the allowance for losses of notes receivable, accounts receivable and lease receivables based on the provision matrix as follows:

December 31, 2025

	0 - 60 days	61 - 90 days	91 - 180 days	Over 181 days	Total
Expected credit loss rate	-	0.01%	0.01%~0.02%	0.02%~0.05%
Gross carrying amount	$ 305,268	$ 47,673	$ 59,766	$ 118,894	$ 531,601
Loss allowance (lifetime expected credit losses)	-	( 3 )	( 1 )	( 81 )	( 85 )
Amortized cost	$ 305,268	$ 47,670	$ 59,765	$ 118,813	$ 531,516

December 31, 2024

	0 - 60 days	61 - 90 days	91 - 180 days	Over 181 days	Total
Expected credit loss rate	-	0.01%	0.02%	0.04%~0.05%
Gross carrying amount	$ 187,783	$ 38,640	$ 4,466	$ 76,409	$ 307,298
Loss allowance (lifetime expected credit losses)	-	( 3 )	( 1 )	( 81 )	( 85 )
Amortized cost	$ 187,783	$ 38,637	$ 4,465	$ 76,328	$ 307,213

Information on changes in the allowance for losses on accounts receivable and lease payment receivable is as follows:

	2025	2024
Opening balance	$ 85	$ 391
Less: Reversal of impairment loss for the current year	-	( 306 )
Closing balance	$ 85	$ 85

IX. Inventory

	December 31, 2025	December 31, 2024
Finished goods	$ 12,685	$ 11,651
Work in progress	42,406	38,296
Raw materials	43,101	46,811
	$ 98,192	$ 96,758

Cost of goods sold related to inventories amounted to NT$209,689 thousand and NT$214,062 thousand for 2025 and 2024, respectively. Cost of goods sold for 2025 and 2024 included gains on the reversal of inventory write-downs of NT$1,748 thousand and NT$670 thousand, respectively. The reversals in net realizable value of inventory were due to inventory liquidation.

X. Prepayments

	December 31, 2025	December 31, 2024
Prepayment for construction	$ 46,645	$ 24,188
Prepaid rent	22,873	3,571
Prepaid tax	9,695	8,776
Prepayment for purchase	8,143	32,959
Pre-paid guarantee service charges	4,888	4,447
Prepaid insurance	36	7,428
Others	5,687	5,071
	$ 97,967	$ 86,440

XI. Subsidiary

Subsidiaries included in the consolidated financial statements

The subjects of the consolidated financial statements are as follows:

Name of investor	Name of subsidiary	Overseas registration location	Nature of business	Percentage of equity held
				December 31, 2025	December 31, 2024
PSS Co., Ltd.	Horng Suey Marketing Co., Ltd.	Taiwan	Parking area operators	100%	100%
	Yua-Yung Co., Ltd.	Taiwan	Parking area operators	100%	100%
	CANYI CO., LTD.	Taiwan	Parking area operators	30%	30%
Horng Suey Marketing Co., Ltd.	CANYI CO., LTD.	Taiwan	Parking area operators	70%	70%

According to the revised Articles of Incorporation of the Company on June 27, 2024, when the Company's subsidiaries, Yua-Yung Co., Ltd., and Horng Suey Marketing Co., Ltd., increase their capital by cash, the Company shall subscribe in proportion to the

original shareholding. If these are not subscribed in full, it is necessary to obtain approval by board resolution and by a shareholders' meeting before implementation. The same shall apply to the Company's disposal, transfer or reduction of its shareholdings in its subsidiaries, Yua-Yung Co., Ltd. and Horng Suey Marketing Co., Ltd..

XII. Investment under equity method

	December 31, 2025	December 31, 2024
Investment in Associates
Associated companies that are not individually material	$ 24,272	$ 19,633

Investments using the equity method and the consolidated company's share of profit or loss and other comprehensive income are recognized based on the affiliated enterprises' audited financial statements during the same period.

Aggregate information of individually immaterial affiliated companies

	2025	2024
The consolidated company's share
Profit and loss of the current year	$ 3,635	$ 3,118
Other comprehensive income	1,004	1,256
Total comprehensive income	$ 4,639	$ 4,374

XIII. Property, plant and equipment

	Self-owned land	Buildings	Machinery and equipment	Leasehold improvements	Other equipment	Construction in progress	Total
Cost
Balance as of January 1, 2024	$ 6,000	$ 6,455	$ 570,868	$ 773,079	$ 115,751	$ 42,892	$ 1,515,045
Addition	-	-	121,960	252,373	35,352	73,109	482,794
Disposal	-	-	( 92,991 )	( 157,626 )	( 12,660 )	-	( 263,277 )
Reclassification	-	-	12,261	7,438	-	( 19,770 )	( 71 )
Balance as of December 31, 2024	$ 6,000	$ 6,455	$ 612,098	$ 875,264	$ 138,443	$ 96,231	$ 1,734,491
Accumulated depreciation
Balance as of January 1, 2024	$ -	$ 2,394	$ 224,715	$ 282,735	$ 43,588	$ -	$ 553,432
Depreciation expense	-	137	111,786	187,500	33,651	-	333,074
Disposal	-	-	( 88,188 )	( 120,252 )	( 12,056 )	-	( 220,496 )
Balance as of December 31, 2024	$ -	$ 2,531	$ 248,313	$ 349,983	$ 65,183	$ -	$ 666,010
Accumulated impairment
Balance as of January 1, 2024	$ -	$ -	$ 1,237	$ 24,489	$ 154	$ -	$ 25,880
Reversal of impairment loss	-	-	-	( 260 )	-	-	( 260 )
Disposal	-	-	( 1,237 )	( 24,229 )	( 154 )	-	( 25,620 )
Balance as of December 31, 2024	$ -	$ -	$ -	$ -	$ -	$ -	$ -
Net as of December 31, 2024	$ 6,000	$ 3,924	$ 363,785	$ 525,281	$ 73,260	$ 96,231	$ 1,068,481

(To be Continued)

(Continued from previous page)

	Self-owned land	Buildings	Machinery and equipment	Leasehold improvements	Other equipment	Construction in progress	Total
Cost
Balance as of January 1, 2025	$ 6,000	$ 6,455	$ 612,098	$ 875,264	$ 138,443	$ 96,231	$1,734,491
Addition	47,913	77,242	115,573	238,475	38,617	50,436	568,256
Disposal	-	-	( 105,714 )	( 157,652 )	( 33,019 )	-	( 296,385 )
Reclassification	( 6,000 )	( 5,676 )	10,500	33,183	638	( 44,321 )	( 11,676 )
Balance as of December 31, 2025	$ 47,913	$ 78,021	$ 632,457	$ 989,270	$ 144,679	$ 102,346	$1,994,686
Accumulated depreciation
Balance as of January 1, 2025	$ -	$ 2,531	$ 248,313	$ 349,983	$ 65,183	$ -	$ 666,010
Depreciation expense	-	265	144,476	232,610	37,249	-	414,600
Disposal	-	-	( 96,401 )	( 148,859 )	( 32,697 )	-	( 277,957 )
Reclassification	-	( 2,235 )	-	-	-	-	( 2,235 )
Balance as of December 31, 2025	$ -	$ 561	$ 296,388	$ 433,734	$ 69,735	$ -	$ 800,418
Net as of December 31, 2025	$ 47,913	$ 77,460	$ 336,069	$ 555,536	$ 74,944	$ 102,346	$1,194,268

Depreciation expenses are accrued on a straight-line basis over the following useful years/lease periods:

Buildings
- Main building: 35 years
- Auxiliary buildings: 30 years
- Machinery and equipment: 1 to 15 years
- Leasehold improvements: 1 to 20 years
- Other equipment: 1 to 7 years

Please refer to Note 29 for the amount of property, plant and equipment pledged for borrowings.

XIV. Lease agreement

(I) Right-of-use assets

	Land	Buildings	Transportation equipment	Total
Cost
January 1, 2024	$ 6,272,847	$ 26,440	$ 60,968	$ 6,360,255
Addition	2,596,865	160,917	13,078	2,770,860
Disposal	( 1,043,375 )	( 15,730 )	( 13,447 )	( 1,072,552 )
Remeasurement	11,896	-	-	11,896
December 31, 2024	$ 7,838,233	$ 171,627	$ 60,599	$ 8,070,459
Accumulated depreciation and impairment
January 1, 2024	$ 2,280,199	$ 13,327	$ 26,706	$ 2,320,232
Depreciation expense	1,702,733	17,511	19,663	1,739,907
Disposal	( 832,399 )	( 13,820 )	( 13,107 )	( 859,326 )
December 31, 2024	$ 3,150,533	$ 17,018	$ 33,262	$ 3,200,813
Net as of December 31, 2024	$ 4,687,700	$ 154,609	$ 27,337	$ 4,869,646

(To be Continued)

(Continued from previous page)

	Land	Buildings	Transportation equipment	Total
Cost
January 1, 2025	$ 7,838,233	$ 171,627	$ 60,599	$ 8,070,459
Addition	3,018,188	1,804	15,247	3,035,239
Disposal	( 1,276,820 )	( 1,241 )	( 24,375 )	( 1,302,436 )
Remeasurement	36,108	-	-	36,108
December 31, 2025	$ 9,615,709	$ 172,190	$ 51,471	$ 9,839,370
Accumulated depreciation and impairment
January 1, 2025	$ 3,150,533	$ 17,018	$ 33,262	$ 3,200,813
Depreciation expense	2,007,967	19,489	18,291	2,045,747
Disposal	( 1,157,888 )	( 1,242 )	( 24,363 )	( 1,183,493 )
Reversal of impairment	( 649 )	-	-	( 649 )
December 31, 2025	$ 3,999,963	$ 35,265	$ 27,190	$ 4,062,418
Net as of December 31, 2025	$ 5,615,746	$ 136,925	$ 24,281	$ 5,776,952

(II) Lease Liabilities

	December 31, 2025	December 31, 2024
Lease liabilities carrying amount
Current	$1,728,210	$1,554,024
Non-current	$4,086,847	$3,272,080

As of December 31, 2025 and 2024, notes payable of the above lease liabilities have been issued amounted to NT$221,915 thousand and NT$209,132 thousand, respectively.

The range of the discount rate of lease liabilities is as follows:

	December 31, 2025	December 31, 2024
Land	1.395%~2.554%	1.149%~2.411%
Buildings	1.541%~2.554%	1.541%~2.413%
Transportation equipment	1.541%~2.554%	1.157%~2.413%

(III) Important lease-in activities and terms and conditions

The consolidated company leases certain lands, buildings and transportation equipment for operating purposes, and the lease terms are 2 to 20 years. The consolidated company has no preferential right to acquire the land, buildings and equipment leased at the end of the lease term.

(IV) Other lease information

	2025	2024
Short-term lease expense	$ 125,029	$ 89,033
Variable lease payments not included in the measurement of lease liabilities	$ 418,447	$ 341,058
Total cash outflow for leases	($ 2,638,020)	($ 2,273,034)

The consolidated company has elected to apply the recognition exemption for certain leases that qualify as short-term leases and does not recognize the related right-of-use assets and lease liabilities for such leases.

The consolidated company's land lease contract includes a contingent rent payment clause, which stipulates that the consolidated company shall pay a specific percentage of the total sales amount net of relevant business tax.

XV. Investment Property

	Land and improvements	Buildings and structures	Total
Cost
Balance as of January 1 and December 31, 2024	$ 10,349	$ 3,491	$ 13,840
Accumulated depreciation
Balance as of January 1, 2024	$ -	$ 1,635	$ 1,635
Depreciation expense	-	132	132
Balance as of December 31, 2024	$ -	$ 1,767	$ 1,767
Net as of December 31, 2024	$ 10,349	$ 1,724	$ 12,073
Cost
Balance as of January 1, 2025	$ 10,349	$ 3,491	$ 13,840
Reclassification	6,000	5,676	11,676
Balance as of December 31, 2025	$ 10,349	$ 9,167	$ 25,516
Accumulated depreciation
Balance as of January 1, 2025	$ -	$ 1,767	$ 1,767
Depreciation expense	-	186	186
Reclassification	-	2,235	2,235
Balance as of December 31, 2025	$ -	$ 4,188	$ 4,188
Net as of December 31, 2025	$ 10,349	$ 4,979	$ 21,328

Investment property is depreciated on a straight-line basis over the following useful lives:

Buildings and structures
19 to 50 years

The investment property is leased out for a lease term of 2-3 years. When the lessee exercises the right to renew the lease, it is agreed that the rent will be adjusted according to the market rent. The lessee does not have the preferential right to acquire the investment property at the end of the lease term.

The fair value of investment property is evaluated by the management of the Company using the evaluation model commonly used by market participants. The evaluation was made with reference to market evidence of similar real estate transaction prices. The fair value on December 31, 2025 and 2024 was NT$43,614 thousand and NT$18,471 thousand, respectively.

All the investment properties of the consolidated company are self-owned equity. Please refer to Note 29 for the amount of investment property pledged as collateral for borrowings.

42 -

XVI. Intangible Assets

	Concession right	Computer software	Patent right	Total
Cost
Balance as of January 1, 2024	$ 689,346	$ 14,679	$ 254	$ 704,279
Addition	106,195	8,897	64	115,156
Disposal	( 284,620 )	( 2,117 )	-	( 286,737 )
Others	1,542	71	-	1,613
Balance as of December 31, 2024	$ 512,463	$ 21,530	$ 318	$ 534,311
Accumulated amortization and impairment
Balance as of January 1, 2024	$ 502,416	$ 3,495	$ 58	$ 505,969
Amortization expense	75,724	3,714	22	79,460
Disposal	( 284,691 )	( 2,117 )	-	( 286,808 )
Balance as of December 31, 2024	$ 293,449	$ 5,092	$ 80	$ 298,621
Net as of December 31, 2024	$ 219,014	$ 16,438	$ 238	$ 235,690
Cost
Balance as of January 1, 2025	$ 512,463	$ 21,530	$ 318	$ 534,311
Addition	1,786	12,360	-	14,146
Disposal	( 231,097 )	( 1,847 )	-	( 232,944 )
Balance as of December 31, 2025	$ 283,152	$ 32,043	$ 318	$ 315,513

(To be Continued)

(Continued from previous page)

	Concession right	Computer software	Patent right	Total
Accumulated amortization and impairment
Balance as of January 1, 2025	$ 293,449	$ 5,092	$ 80	$ 298,621
Amortization expense	53,874	8,121	22	62,017
Disposal	( 229,623 )	( 1,847 )	-	( 231,470 )
Balance as of December 31, 2025	$ 117,700	$ 11,366	$ 102	$ 129,168
Net as of December 31, 2025	$ 165,452	$ 20,677	$ 216	$ 186,345

The amortization expense is amortized evenly over the contractual period, and the rest is accrued on a straight-line basis over the following useful lives:

Concession right	5 to 6 years
Computer software	1 to 5 years
Patent right	10 to 19 years

If the consolidated company undertakes a government agency parking lot construction project, the present value of the construction cost plus the annual fixed rent discounted during the contract period shall be regarded as the concession cost. It will be listed in the financial liabilities measured at amortized cost under the current and non-current items.

XVII. Borrowings

(I) Short-term Loans

	December 31, 2025	December 31, 2024
Secured borrowings
Bank borrowings	$ -	$ 10,000
Interest rate range
—Secured borrowings	-	2.728%

(II) Long-term Loans

	December 31, 2025	December 31, 2024
Credit loans
Bank borrowings	$ 8,216	$ 20,624
Less: Portion due within 1 year	( 7,439 )	( 12,449 )
Long-term borrowings	$ 777	$ 8,175

The interest rate on bank revolving loans was 2.350% - 2.825% as of December 31, 2025 and 2024, calculated monthly with a 1-period frequency, and amortized over 35 to 60 periods. These loans will mature between May 2026 and November 2027, and January 2025 and November 2027, respectively.

XVIII. Other payables

	December 31, 2025	December 31, 2024
Salaries and bonuses payable	$ 118,315	$ 97,090
Employee remuneration payable	40,505	31,479
Business tax payable	23,669	19,374
Payables for equipment	21,832	24,425
Others	73,548	81,938
	$ 277,869	$ 254,306

XIX. Post-employment benefits

Defined contribution pension schemes

The consolidated company's pension system under the "Labor Pension Act" is a state-managed defined contribution pension schemes. Under the Labor Pension Act, the Company makes monthly contributions to employees' individual pension accounts with the Bureau of Labor Insurance at 6% of their monthly salaries and wages.

XX. Equity

(I) Share capital

Common shares

	December 31, 2025	December 31, 2024
Authorized shares (thousand shares)	100,000	100,000
Authorized share capital	$ 1,000,000	$ 1,000,000
Issued and paid shares (in thousands)	66,226	66,226
Issued share capital	$ 662,260	$ 662,260

On April 11, 2023, the Company's Board of Directors resolved to issue 5,994 thousand new shares to increase capital, and on June 29, 2023, the shareholders' meeting approved the underwriting of the initial public offering, of which 899 thousand shares were reserved for employees. The remaining 5,095 thousand shares were publicly underwritten by the securities underwriter. The Company has collected a total amount of NT$1,018,472 thousand on April 30, 2024, and set April 30, 2024 as the base date for the cash capital increase. On May 17, 2024, the change registration was completed.

The cash capital increase plan reserved 899 thousand shares for employee subscription. On the grant date, a salary expense and a corresponding capital reserve – Employee Stock Options amounting to NT$4,634 thousand were recognized.

(II) Capital reserve

	December 31, 2025	December 31, 2024
Can be used to offset losses, distribute cash or capitalize on share capital (Note)
Stock issuance premium	$1,639,536	$1,639,536
Expired employee stock options	605	605
	$1,640,141	$1,640,141

Note: Such capital reserves may be used to make up for losses, and may be distributed in cash or applied to share capital when the Company has no losses. However, the capital reserves applied to the share capital shall not exceed a certain percentage of the Company's paid-in capital each year.

(III) Retained earnings and dividend policy

According to the earnings distribution policy of the Company's Articles of Incorporation, if there is a surplus at the end of the year, it shall first pay tax and make up for past losses, and then appropriate 10% as legal reserve and as special reserve. The portion retained for business needs, together with the undistributed earnings from prior years, is subject to the payment of dividends, and the Board of Directors shall draft a proposal for distribution of earnings and submit it to the shareholders' meeting for resolution. In accordance with paragraph 5, Article 240 of the Company Act, after the Company has publicly offered its shares, if the distribution of dividends and bonuses is entirely or partially in cash, it shall be agreed by more than half of the attending Directors at a Board meeting attended by over two-thirds of the Directors and reported to the shareholders' meeting.

In accordance with Article 241 of the Company Act, the when the Company distribute the entire or partial legal reserve and capital reserve to shareholders based on the initial shareholding ratio in new shares or in cash. When the distribution is made in cash, it shall be agreed by more than half of the attending Directors at a Board meeting attended by over two-thirds of the Directors and reported to the shareholders' meeting.

The Company's dividend policy is to take into account the Company's future capital needs and cash dividends to shareholders are distributed each year at no less

46 -

than 30% of the distributable earnings of the current year according to the Company's earnings, financial structure and future operating plans. The annual general shareholders' meeting may still decide the most appropriate dividend distribution method in a timely manner depending on the industry condition and with the Company's interest and development as the top priority.

Please refer to Note 22(7) for the policy on the remuneration of employees and directors and supervisors stipulated in the consolidated company's Articles of Incorporation.

The legal reserve shall be appropriated until the balance reaches the paid-in capital of the Company. Legal reserves may be used to offset losses. If the legal reserve exceeds 25% of the total paid-in capital, and if the Company has no losses, it may be used as capital and distributed in cash.

The Company's earnings distribution proposal for 2024 and 2023 are as follows:

	2024	2023
Legal reserve	$ 45,869	$ 54,842
Reversal of special reserves	($ 493)	($ 123)
Cash dividends	$ 397,356	$ 301,160
Cash dividend per share (NTD)	$ 6.000	$ 4.547

The cash dividends mentioned above were resolved by the Board of Directors on March 13, 2025, and March 15, 2024, respectively. The distribution of earnings for the years 2024 and 2023 was approved by the shareholders' meetings on June 26, 2025, and June 27, 2024, respectively.

The 2025 earnings appropriation was proposed by the Board of Directors on March 10, 2026 as follows:

	2025
Provision of legal reserve	$ 63,573
Cash dividends	$ 397,356
Stock dividends	$ 132,452
Cash dividend per share (NTD)	$ 6.000
Stock dividend per share (NTD)	$ 2.000

The aforementioned 2025 earnings distribution proposal is yet to be resolved by the shareholders' meeting in June 2026.

47 -

XXI. Income

	2025	2024
Parking lot charging and management services	$ 5,282,779	$ 4,325,458
Construction of parking lot	196,021	179,040
Equipment sales	60,394	78,515
Other income	139,033	133,973
	$ 5,678,227	$ 4,716,986

(I) Contract balance

	December 31, 2025	December 31, 2024	January 1, 2024
Net receivables (Note 8)	$ 531,516	$ 307,213	$ 213,232
Contract assets	$ 30,098	$ 14,470	$ 66,097
Contract liabilities
Parking lot charging and management services	$ 45,816	$ 129,603	$ 114,914
Equipment sales and construction	22,041	9,233	7,200
Others	2,042	956	926
	$ 69,899	$ 139,792	$ 123,040

(II) The changes in contract liabilities are mainly due to the difference between the point of time in meeting the performance obligation and the payment from the customer. The amount of revenue recognized in the current year for which the performance obligations of the contract liabilities have been met at the beginning of the year:

	2025	2024
Contract liabilities at the beginning of the year
Parking lot charging and management services	$ 129,603	$ 114,914
Equipment sales and construction	9,143	7,110
Other income	845	825
	$ 139,591	$ 122,849

(III) Breakdown of Revenue

Please refer to Note 33 for the breakdown of revenue.

(IV) Contracts with customers not yet completed

The transaction price of the amortization of the performance obligations not yet fully satisfied and the expected time of recognition as revenue are as follows; the amounts do not include the amount of restricted variable consideration:

	December 31, 2025	December 31, 2024
Construction contract
- Performed from January to December, 2025	$ -	$ 14,798
- Performed from January to December, 2026	29,264	-
	$ 29,264	$ 14,798

XXII. Net income for the year

(I) Other income
	2025	2024
Interest revenue	$ 22,205	$ 18,668
Rental income	1,159	740
Government grant income	1,494	1,590
Dividend income	175	417
	$ 25,033	$ 21,415
(II) Other gains and losses
	2025	2024
Gain on financial assets at fair value through profit or loss	$ 434	$ 11,965
Gain (loss) from lease modifications	( 1,861 )	4,808
Losses from disposal of property, plant and equipment	( 6,235 )	( 8,152 )
Loss from disposal of intangible assets	( 1,474 )	-
Others	12,258	11,285
	$ 3,122	$ 19,906

(III) Depreciation and amortization

	2025	2024
Right-of-use assets	$ 2,045,747	$ 1,739,907
Property, plant and equipment	414,600	333,074
Intangible Assets	62,017	79,460
Investment Property	186	132
	$ 2,522,550	$ 2,152,573
Depreciation expenses by function
Operating cost	$ 2,440,214	$ 2,050,070
Operating expenses	20,133	22,911
Non-operating income and expenses	186	132
	$ 2,460,533	$ 2,073,113
Amortization expenses by function
Operating cost	$ 58,632	$ 77,092
Operating expenses	3,385	2,368
	$ 62,017	$ 79,460

(IV) Impairment loss reversal

	2025	2024
Property, plant and equipment	$ -	$ 260
Right-of-use assets	649	-
Concession right	-	71
	$ 649	$ 331

(V) Financial cost

	2025	2024
Interest on lease liabilities	$129,232	$ 95,701
Financial liabilities interest measured at amortized cost	1,996	2,086
Interest on bank borrowings	637	2,118
	$131,865	$ 99,905

(VI) Employee benefit expense

	2025	2024
Post-employment benefits
Defined contribution plan	$ 35,922	$ 33,044
Other employee benefits
Salary expenses	717,214	640,055
Insurance expenses	77,693	70,972
Others	51,051	50,020
	845,958	761,047
Total employee benefit expenses	$ 881,880	$ 794,091
Summary by function
Operating cost	$ 615,091	$ 551,274
Operating expenses	266,789	242,817
	$ 881,880	$ 794,091

(VII) Remuneration to employees and directors/supervisors

In accordance with the Company's Articles of Incorporation, the Company appropriates 2% to 10% of the profit before tax for the fiscal year as the employee remuneration and no more than 2% of it as the director remuneration. According to the amendment to the Securities and Exchange Act in August 2024, the Company's Articles of Incorporation were amended at the 2025 shareholders' meeting to stipulate that at least 10% of the employee remuneration allocated for the current year shall be allocated to base-level employees.

The remuneration of employees (including remuneration for rank-and-file employees) and of directors and supervisors for 2025 and 2024 were resolved by the Board of Directors on March 10, 2026, and March 13, 2025, respectively. The details are as follows:

Estimated percentage

	2025	2024
Remuneration to employees	2.30%	2.59%
Remuneration to directors	-	-

Amount

	2025		2024
	Cash	Stocks	Cash	Stocks
Remuneration to employees	$ 15,312	$ -	$ 12,708	$ -
Remuneration to directors	-	-	-	-

If there is still a change in the amount of the annual consolidated financial statements after the publication date, it will be treated as a change in accounting estimates and will be adjusted and accounted for in the following year.

There is no difference between the actual amount of employees' and directors' remuneration paid for 2024 and 2023 and the amount recognized in the financial reports in 2024 and 2023.

Information on employees' remuneration and directors' remuneration as resolved by the Company's board of directors is available on the Market Observation Post System (MOPS) website of the Taiwan Stock Exchange.

XXIII. Income tax

(I) Main components of income tax expense recognized in profit or loss

	2025	2024
Current income tax
Incurred in the current year	$ 156,893	$ 108,525
Surtax on undistributed earnings	754	9,176
Adjustments from previous years	( 3,240 )	( 44 )
	154,407	117,657
Deferred income tax
Incurred in the current year	706	5,350
Income tax expense recognized in profit or loss	$ 155,113	$ 123,007

The reconciliation of accounting income and income tax expense is as follows:

	2025	2024
Net profit before tax	$ 790,834	$ 581,696
Income tax expense on net income before tax calculated at statutory tax rate	$ 158,167	$ 116,339
Non-deductible gains and losses for tax purposes	( 533 )	( 1,922 )
Tax-exempted income	( 35 )	( 542 )
Surtax on undistributed earnings	754	9,176
The current income tax expense of prior years is adjusted in the current year	( 3,240 )	( 44 )
Income tax expense recognized in profit or loss	$ 155,113	$ 123,007

(II) Current income tax assets and liabilities

	2025	2024
Current income tax assets
Income tax refund receivable	$ 453	$ -
Current income tax assets
Income tax payable	$ 101,867	$ 46,368

(III) Deferred income tax assets and liabilities

Changes in deferred income tax assets and liabilities are as follows:

2025

Deferred income tax assets	Opening balance	Recognized in profit or loss	Closing balance
Temporary difference
Unrealized gross profit from sales	$ 24,283	$ 2,528	$ 26,811
Impairment loss of right-of-use assets	7,991	( 3,432 )	4,559
Impairment loss of intangible assets	2,257	( 2,257 )	-
Inventory valuation losses	1,791	( 350 )	1,441
Provision for liabilities	497	( 228 )	269
Expected credit loss	156	-	156
Others	8	( 8 )	-
	$ 36,983	( $ 3,747 )	$ 33,236
Deferred income tax liabilities
Temporary difference
Unrealized exchange gain or loss	$ 61	( $ 24 )	$ 37
Tax differences on right-of-use assets	3,584	( 1,935 )	1,649
Tax differences on intangible assets	1,809	( 1,809 )	-
Investment under equity method	2,418	727	3,145
	$ 7,872	( $ 3,041 )	$ 4,831

2024

Deferred income tax assets	Opening balance	Recognized in profit or loss	Closing balance
Temporary difference
Unrealized gross profit from sales	$ 22,414	$ 1,869	$ 24,283
Impairment loss of fixed assets	5,176	( 5,176 )	-
Impairment loss of right-of-use assets	8,263	( 272 )	7,991
Impairment loss of intangible assets	2,365	( 108 )	2,257
Inventory valuation losses	1,925	( 134 )	1,791
Provision for liabilities	235	262	497
Expected credit loss	163	( 7 )	156
Others	58	( 50 )	8
	$ 40,599	($ 3,616 )	$ 36,983
Deferred income tax liabilities
Temporary difference
Unrealized exchange gain or loss	$ 5	$ 56	$ 61
Tax differences on depreciation of fixed assets	569	( 569 )	-
Tax differences on right-of-use assets	2,406	1,178	3,584
Tax differences on intangible assets	1,363	446	1,809
Investment under equity method	1,795	623	2,418
	$ 6,138	$ 1,734	$ 7,872

(IV) Authorization of income tax

The consolidated company's filings have been approved by the tax authorities as follows:

PSS Co., Ltd. 2023

Yua-Yung Company 2023

Horng Suey Company 2023

Canyi Company 2023

XXIV. Earnings per share

	2025	Unit: NTD per share
Basic earnings per share	$ 9.60	$ 7.14
Diluted earnings per share	$ 9.58	$ 7.12

54 -

The earnings and the weighted average number of common shares used to calculate the earnings per share are as follows:

Net income for the year

	2025	2024
Net income attributable to owners of the Company	$ 635,721	$ 458,689
Number of shares Unit: Thousand shares
	2025	2024
Weighted average number of ordinary shares used to calculate basic earnings per share	66,226	64,261
Effect of dilutive potential ordinary shares:
Remuneration to employees	127	176
Weighted average number of ordinary shares used in the computation of diluted earnings per share	66,353	64,437

If the consolidated company may choose to pay employees' remuneration in shares or cash, then when calculating the diluted earnings per share, it is assumed that the employees' remuneration will be paid in shares, and when such potential common shares have a diluting effect, they will be included in the weighted average number of shares outstanding for calculating diluted earnings per share. The dilutive effect of these potential ordinary shares will also be considered when calculating the diluted earnings per share before the Board of Directors resolves the number of shares to be distributed to employees in the following year.

55 -

XXV. Cash flow information

Changes in liabilities from financing activities

2025

	114 years	Financing activities	N o n - c a s h		c h a n g e s		Operating activities
	January 1	Cash flow	Newly added le a s e	Interest	Reclassificatio n	O t h e r s	Cash flow	114 years
Lease liabilities (including current and non-current)	$ 4,826,104	($ 1,965,312)	$ 3,035,239	$ 129,232	$ -	($ 80,974)	($ 129,232)	$ 5,815,057
Financial liabilities measured at amortized cost	110,029	( 36,926)	-	1,996	-	-	( 1,996)	73,103
Guarantee deposits received	14,083	( 570)	-	-	-	-	-	13,513
Short-term borrowings	10,000	( 10,000)	-	279	-	10	( 289)	-
Long-term borrowings	8,175	-	-	358	( 7,398)	21	( 379)	777
Long-term borrowings due within one year	12,449	( 12,408)	-	-	7,398	-	-	7,439
	$ 4,980,840	($ 2,025,216)	$ 3,035,239	$ 131,865	$ -	($ 80,943)	($ 131,896)	$ 5,909,889

2024

	January 1, 2024	Cash flow from financing activities	Non-cash changes				Cash flow from operating activities - interest payment	December 31, 2025
			Newly added le a s e	Interest	Reclassificatio n	O t h e r s
Lease liabilities (including current and non-current)	$ 4,008,624	($ 1,747,242)	$ 2,770,860	$ 95,701	$ -	($ 206,138)	($ 95,701)	$ 4,826,104
Financial liabilities measured at amortized cost	58,793	( 55,034)	104,728	2,086	-	1,542	( 2,086)	110,029
Guarantee deposits received	14,302	( 219)	-	-	-	-	-	14,083
Short-term borrowings	45,000	( 35,000)	-	643	-	24	( 667)	10,000
Long-term borrowings	57,318	( 18,016)	-	1,475	( 31,128)	55	( 1,529)	8,175
Long-term borrowings due within one year	44,701	( 63,380)	-	-	31,128	-	-	12,449
	$ 4,228,738	($ 1,918,891)	$ 2,875,588	$ 99,905	$ -	($ 204,517)	($ 99,983)	$ 4,980,840

XXVI. Capital risk management

The consolidated company conducts capital management to ensure that the companies within the group can maximize shareholder returns by optimizing the balance of debt and equity under the premise of continuing to operate. The consolidated company's overall strategy has not changed in the past two years.

The consolidated company's capital structure consists of net debt (i.e. borrowings less cash and cash equivalents) and equity attributable to owners of the Company (i.e. capital stock, capital reserve, retained earnings and other equity items).

The consolidated company is not subject to other external capital requirements.

XXVII. Financial Instruments

(I) Fair value - financial instruments measured at fair value on a recurring basis

Fair value hierarchy

	December 31, 2025
	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss
Domestic TPEx listed stocks	$ 5,307	$ -	$ -	$ 5,307
Domestic unlisted stocks	-	-	500	500
Total	$ 5,307	$ -	$ 500	$ 5,807
	December 31, 2024
---	---	---	---	---
	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss
Domestic TPEx listed stocks	$ 4,873	$ -	$ -	$ 4,873
Domestic unlisted stocks	-	-	500	500
Total	$ 4,873	$ -	$ 500	$ 5,373

There were no transfers between Level 1 and Level 2 fair value measurements in 2025 and 2024.

Reconciliation of Level 3 fair value measurements of financial instruments

	2025	2024
	Financial instruments at fair value through profit or loss	Financial instruments at fair value through profit or loss
Beginning and ending balances	$ 500	$ 500

Valuation techniques and inputs for Level 3 fair value measurement

Type of financial instruments	Valuation technique and inputs
Domestic unlisted stocks	The market approach is based on the comparable Company Act selected by reference to the transaction price of the same asset and the profitability of the company at the end of the year to select the market multiplier of comparable companies, and after taking into account the liquidity risk discount.

58 -

(II) Type of financial instruments

	December 31, 2025	December 31, 2024
Financial assets
Financial assets measured at fair value through profit or loss	$ 5,807	$ 5,373
Financial assets measured at amortized cost (Note 1)	2,847,612	2,706,977
Financial liabilities
Measured at amortized cost (Note 2)	501,830	560,035

Note 1: The balance includes the financial assets measured at amortized cost, such as, cash and cash equivalents, notes and accounts receivable (including related parties), other receivables (including related parties), refundable deposits, long-term receivables, and other financial assets - non-current.

Note 2: The balance includes the financial liabilities measured at amortized cost, such as, short-term borrowings, notes and accounts payable (including related parties), other payables (including related parties excluding business tax payable), long-term borrowings (including those due within one year), long-term notes and accounts payable, and guarantee deposits received.

(III) Financial risk management objectives and policies

The consolidated company's main financial instruments include investments in equity and debt instruments, accounts receivable, accounts payable and borrowings. The consolidated company's financial management department provides services for various business units, coordinates the operations in the domestic and international financial markets, and supervises and manages the financial risks related to the consolidated company's operations through the internal risk report that analyzes exposures according to the level and breadth of risks. Such risks include market risk (including exchange rate risk and interest rate risk), credit risk and liquidity risk.

Market risk

The main financial risks of the consolidated company's operating activities are the risk of changes in foreign currency exchange rates (see (1) below) and the risk of changes in interest rates (see (2) below).

(1) Exchange rate risk

The consolidated company engages in sales and purchase transactions denominated in foreign currencies, which expose the consolidated

company to the risk of exchange rate changes. For exchange rate risk management, the consolidated company regularly reviews assets and liabilities affected by exchange rates and makes appropriate adjustments to control the risks generated by foreign exchange fluctuations.

Please refer to Note 31 for the carrying amounts of monetary assets and liabilities denominated in non-functional currencies of the consolidated company at the balance sheet date.

Sensitivity analysis

The consolidated company is mainly affected by fluctuations in the US dollar exchange rate.

The following table details the sensitivity analysis of the consolidated company when the exchange rate of NTD (the functional currency) increases and decreases by 1% against each relevant foreign currency. The 1% sensitivity rate is used internally when reporting exchange rate risk to key management personnel and represents management's assessment of the reasonable and possible range of changes in foreign currency exchange rates. The sensitivity analysis includes only outstanding monetary items in foreign currencies, and the translation at the end of the year is adjusted based on a 1% change in exchange rates. The positive numbers in the following table represent the amount of increase in net profit before tax when NTD strengthens by 1% against each relevant currency; when NTD depreciates by 1% against each relevant foreign currency, the impact on net profit before tax will be the same amount as the negative number.

	2025	2024
Profit or loss USD	($ 490)	($ 221)

(2) Interest rate risk

Because the entities in the consolidated company borrow funds at fixed and floating interest rates at the same time, resulting in interest rate risk exposure. The consolidated company manages the interest rate risk by maintaining an appropriate combination of fixed and floating interest rates.

The carrying amounts of the consolidated company's financial assets and financial liabilities with exposure to the interest rate risk at the balance sheet date are as follows:

59 -

	December 31, 2025	December 31, 2024
Fair value interest rate risk
- Financial assets	$ 1,229,332	$ 1,069,242
- Financial liabilities	5,901,673	4,950,216
Cash flow interest rate risk
- Financial assets	1,095,120	1,316,826
- Financial liabilities	8,216	30,624

Sensitivity analysis

The following sensitivity analysis is determined based on the interest rate risk exposure of the non-derivative instruments at the balance sheet date. For liabilities with floating interest rates, the analysis method is based on the assumption that the amount of liabilities outstanding at the balance sheet date is outstanding during the reporting period. The rate of change used in reporting interest rates to key management within the Group is an increase or decrease of 0.5%, which also represents management's assessment of the reasonably possible range of interest rates.

If the interest rate had increased by 0.5%, and all other variables remained unchanged, the consolidated company's net income before tax for 2025 and 2024 would have increased by NT$5,435 thousand and NT$6,431 thousand, respectively, mainly due to the consolidated company's deposits and borrowings at variable interest rates. When the interest rate is reduced by 0.5%, the impact is a negative number of the same amount.

(3) Other price risk

The consolidated company has equity price exposure due to its holding of domestic and foreign unlisted stocks. The consolidated company's management manages the risk by holding a portfolio of investments with different risks. In addition, the consolidated company assigns a specific team to supervise the price risk and assess when it is necessary to increase the hedging position of the hedged risk.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. As of the balance sheet date, the consolidated company's maximum exposure to credit risk of financial loss due to the counterparty's failure to perform its obligations and the consolidated company's provision of financial guarantees is mainly from:

(1) The carrying amount of financial assets recognized in the consolidated balance sheets.

(2) The amount of contingent liabilities arising from the provision of financial guarantees by the consolidated company.

The policy adopted by the consolidated company is to conduct transactions only with counterparties with good credit ratings, and obtain sufficient guarantees under necessary circumstances to mitigate the risk of financial losses due to defaults. The consolidated company conducts credit investigation and credit analysis of its counterparties, and then grants appropriate credit lines based on the counterparties' transaction types, financial status, collateral conditions, and will make adjustments from time to time depending on the credit status of the transaction counterparties. This is for effective control of credit exposure risk.

Except for the consolidated company's largest customer, the consolidated company has no significant credit exposure to any single counterparty or any group of counterparties with similar characteristics. Among the balances of accounts receivable as of December 31, 2025 and 2024, the accounts from the largest customer were NT$137,822 thousand and NT$49,636 thousand, respectively.

The consolidated company's credit risk is mainly concentrated in its largest customer. As of December 31, 2025 and 2024, the percentage of total receivables, accounts receivable-related parties, and long-term receivables from said customers was 25% and 16%.

Liquidity risk

As of December 31, 2025 and 2024, the consolidated company's current liabilities were greater than its current assets by NT$323,093 thousand and NT$175,478 thousand, respectively. However, the consolidated company's management believes that the Company has sufficient working capital to meet

61 -

its short-term cash flows for the following factors and therefore no significant liquidity risk is expected:

(1) The consolidated company operates in the parking lot industry, with stable revenue from parking lots and sufficient net operating cash inflows. It is expected that the consolidated company's core business will continue to provide stable and sufficient cash flows.

(2) The consolidated company's net income before interest, income tax, depreciation, and amortization for January 1 to December 31, 2025 and 2024 was NT$3,423,044 thousand and NT$2,815,506 thousand, respectively. In addition, the net cash inflows from operating activities for January 1 to December 31, 2025 and 2024 were NT$2,913,658 thousand and NT$2,487,045 thousand, respectively, which were sufficient to cover the net cash outflows from financing activities of NT$2,422,572 thousand and NT$1,204,579 thousand, respectively.

The consolidated company manages and maintains sufficient cash and cash equivalents to support group operations and mitigate the impact of cash flow fluctuations. The consolidated company's management supervises the use of bank financing facilities and ensures compliance with the terms of the loan contract.

Bank borrowings are an important source of liquidity for the consolidated company. For the consolidated Company's unused financing facilities as of December 31, 2025 and 2024, please refer to the description of (4) financing facilities below.

(3) Liquidity and interest rate risk table of non-derivative financial liabilities

The remaining contractual maturity analysis of non-derivative financial liabilities was based on the earliest date at which the consolidated company might be required to repay and was compiled based on the undiscounted cash flows of financial liabilities (including principal and estimated interest). Therefore, the bank borrowings that the consolidated company may be required to repay immediately are shown in the earliest period below, regardless of the probability that the bank will immediately exercise the right; the maturity analysis of other non-derivative financial liabilities is prepared based on the agreed repayment dates.

62 -

For the interest cash flow paid with floating interest rate, the undiscounted interest amount is inferred based on the interest rate on the balance sheet date.

December 31, 2025

	Less than 1 year	1 to 2 years	2 to 5 years	5 to 10 years	More than 10 years
Non-interest-bearing liabilities	$ 406,997	$ -	$ -	$ -	$ -
Lease liabilities	1,830,492	1,451,188	1,799,045	518,382	672,571
Financial liabilities measured at amortized cost	17,714	17,714	41,333	-	-
Guarantee deposits received	3,885	1,916	6,743	969	-
Instruments with floating interest rates	7,542	783	-	-	-
Financial Guarantee	955,000	-	-	-	-
	$3,221,630	$1,471,601	$1,847,121	$519,351	$672,571

Further information on the maturity analysis of lease liabilities is as follows:

	Less than 1 year	1 to 5 years	5 to 10 years	10 to 15 years	15 to 20 years
Lease liabilities	$1,830,492	$3,250,233	$518,382	$366,857	$305,714

December 31, 2024

	Less than 1 year	1 to 2 years	2 to 5 years	5 to 10 years	More than 10 years
Non-interest-bearing liabilities	$ 405,299	$ -	$ -	$ -	$ -
Lease liabilities	1,728,671	1,395,501	1,752,431	231,991	-
Financial liabilities measured at amortized cost	38,919	17,714	53,143	5,905	-
Guarantee deposits received	2,668	3,591	6,722	1,102	-
Instruments with floating interest rates	22,827	7,542	740	-	-
Financial Guarantee	882,045	-	-	-	-
	$3,080,429	$1,424,348	$1,813,036	$238,998	$ -

The amount of floating interest rate instruments for the above non-derivative financial assets and liabilities will change due to the difference between the floating interest rate and the estimated interest rate on the balance sheet date.

(4) Financing limit

	December 31, 2025	December 31, 2024
Unsecured borrowings
- Amount used	$ 8,216	$ 20,624
- Undrawn amount	414,468	349,000
Secured borrowings
- Amount used	-	10,000
- Undrawn amount	194,724	121,643
	$ 617,408	$ 501,267

XXVIII. Transactions with related parties

Transactions, account balances, income, and expenses between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. In addition to those disclosed in other notes, the transactions between the consolidated company and other related parties are as follows.

(I) Names of related parties and their relationships

Name of related party	Relationship with the consolidated company
PSS Group (Thailand) Co., Ltd.	Affiliated enterprise
Cathay Life Insurance Co., Ltd.	Investors with significant influence
Cathay United Bank	Other related parties
Cathay Century Insurance Co., Ltd.	Other related parties
Cathay Real Estate Development Co., Ltd.	Other related parties

(To be Continued)

(Continued from previous page)

Name of related party	Relationship with the consolidated company
Cathay Medical Care Corp.	Other related parties
Cathay Healthcare Management Co., Ltd.	Other related parties
Cathay Hospitality Management Co., Ltd.	Other related parties
Cymlin Co., Ltd.	Other related parties
Lin Yuan Property Management Co., Ltd	Other related parties
San Ching Engineering Co., Ltd	Other related parties
Cathay Financial Holdings Co., Ltd.	Other related parties
Cathay Hospitality Consulting Co., Ltd.	Other related parties
Cathay Securities Corporation	Other related parties

(II) Operating revenue

Ledger item	Category of related party	2025	2024
Sales revenue	Affiliated enterprise	$ 7,515	$ 1,886
	Investors with significant influence	13,029	8,670
	Other related parties	29,655	31,814
		$ 50,199	$ 42,370

The conditions for the transaction of operating revenue between the consolidated company and the related party are the same as those of the general transaction.

(III) Purchase of goods

Category of related party	2025	2024
Affiliated enterprise	$ 1,646	$ -

The consolidated company purchases from related parties at the general purchase price and conditions.

(IV) Operating cost

Ledger item	Category of related party	2025	2024
Cost of service	Other related parties	$ 32,279	$ 26,960
	Investors with significant influence	29,585	22,844
		$ 61,864	$ 49,804

The conditions for the transaction of operating cost between the consolidated company and the related party are the same as those of the general transaction.

(V) Operating expenses

Ledger item	Category of related party	2025	2024
Other expenses	Other related parties	$ 1,456	$ 2,118
	Investors with significant influence	3,107	2,316
		$ 4,563	$ 4,434

The conditions for the transaction of operating expenses between the consolidated company and the related party are the same as those of the general transaction.

(VI) Receivables from related parties (excluding loans to related parties)

Ledger item	Category of related party	December 31, 2025	December 31, 2024
Accounts receivable	Affiliated enterprise	$ 5,128	$ 115
	Investors with significant influence	420	2,099
	Other related parties	1,728	4,457
		$ 7,276	$ 6,671
Other receivables	Other related parties	$ -	$ 1

No guarantee is received for the accounts receivable from related parties still outstanding.

(VII) Payables to related parties

Ledger item	Category of related party	December 31, 2025	December 31, 2024
Notes payable	Investors with significant influence	$ 2,000	$ 2,000
	Other related parties	170	-
		$ 2,170	$ 2,000
Accounts payable	Investors with significant influence	$ 3,506	$ 1,948
	Other related parties	5,292	245
		$ 8,798	$ 2,193
Other payables	Other related parties	$ 1,420	$ 1,351

67 -

(VIII) Bank deposits

Ledger item	Category/Name of related party	December 31, 2025	December 31, 2024
Demand deposits	Cathay United Bank	$ 298,758	$ 396,050
Other financial assets	Cathay United Bank	$ 34,310	$ 54,412
- non-current

(IX) Prepayments

Category of related party	December 31, 2025	December 31, 2024
Investors with significant influence	$ -	$ 287
Other related parties	107	3,456
	$ 107	$ 3,743

(X) Disposal of property, plant and equipment

Category/Name of related party	Disposal price		Disposal of gains (losses)
	2025	2024	2025	2024
Other related parties	$ 68	$ -	$ 59	$ -

(XI) Loans to related parties

Category of related party	December 31, 2025	December 31, 2024
Other receivables
Affiliated enterprise	$ 31,970	$ 21,607

In response to the working capital needs of the affiliated company PSS Group (Thailand), the Company’s Board of Directors approved additional loan facility limits of NT$15,000 thousand, USD 500 thousand, USD 500 thousand and USD 500 thousand on August 7, 2024, March 13, 2025, August 11, 2025 and March 10, 2026, respectively.

Category of related party	2025	2024
Interest revenue
Affiliated enterprise	$ 847	$ 368

(XII) Refundable deposits

Category of related party	2025	2024
Investors with significant influence	$ 32,735	$ 24,644
Other related parties	9,434	6,007
	$ 42,169	$ 30,651

(XIII) Lease agreement

It is mainly due to the rent paid by the consolidated company for leasing offices from other related parties. The rent is paid on a monthly basis with reference to the general market price.

Category/Name of related party	2025	2024
Acquisition of right-of-use assets
Investors with significant influence
Cathay Life Insurance Co., Ltd.	$105,507	$361,015
Other related parties
Cathay Medical Care Corp.	-	29,041
Cathay Real Estate Development Co., Ltd.	-	69,770
	$105,507	$459,826
Ledger item	Category/Name of related party	December 31, 2025
---	---	---
Lease liabilities	Investors with significant influence
	Cathay Life Insurance Co., Ltd.	$409,037
	Other related parties
	Cathay Medical Care Corp.	12,347
	Cathay Real Estate Development Co., Ltd.	44,362
		56,709
		$465,746

Category/Name of related party		2025
Interest expense
Investors with significant influence		$8,767
Other related parties		1,635
		$10,402
Rent expense
Investors with significant influence		$229
Other related parties		551
		$780

(XIV) Others

Ledger item	Category of related party	2025	2024
Other income	Other related parties	$ 227	$ 211
Interest revenue	Investors with significant influence	$ 415	$ 292
	Other related parties	2,214	1,999
		$ 2,629	$ 2,291
Other expenses	Investors with significant influence	$ -	$ 11

(XV) Remuneration of key management personnel

	2025	2024
Short-term employee benefits	$ 67,077	$ 58,281
Post-employment benefits	1,089	1,128
	$ 68,166	$ 59,409

XXIX. Pledged assets

The following assets have been provided as collaterals for bank transactions and parking lot leases:

	December 31, 2025	December 31, 2024
Other financial assets - non-current	$ 312,896	$ 294,552
Property, plant and equipment - net	402	9,924
Investment property - net	21,328	12,073
	$ 334,626	$ 316,549

XXX. Significant unrecognized contractual commitments

Because the consolidated company undertakes the parking lot management business, it is required to issue a bank letter of guarantee. As of December 31, 2025 and 2024, the consolidated company has drawn NT$231,142 thousand and NT$214,821 thousand for the bank letter of guarantee, respectively.

XXXI. Significant assets and liabilities denominated in foreign currencies

The following information is expressed in foreign currencies other than the functional currencies of each entity in the consolidated company. The exchange rates disclosed refer to the rates at which these foreign currencies are converted into the

functional currency. The significant assets and liabilities denominated in foreign currencies are as follows:

December 31, 2025

	Foreign currency (in thousands)	Exchange rate	Carrying amount
Assets denominated in foreign currencies
Monetary items
USD	$ 1,559	31.43 (USD:NTD)	$ 48,999
THB	213	1.0019 (THB:NTD)	213
Non-monetary items
Affiliates accounted for using the equity method
THB	24,226	1.0019 (THB:NTD)	24,272

December 31, 2024

	Foreign currency (in thousands)	Exchange rate	Carrying amount
Assets denominated in foreign currencies
Monetary items
USD	$ 676	(USD:NTD)	$ 22,149
THB	213	0.962 (THB:NTD)	205
Non-monetary items
Affiliates accounted for using the equity method
THB	20,402	0.962 (THB:NTD)	19,633

The consolidated company is mainly exposed to the foreign currency exchange rate risk in USD. The following information is aggregated and expressed according to the functional currency of the entities holding foreign currencies. The exchange rate disclosed refers to the exchange rate at which the functional currency is converted to the

presentation currency. The realized and unrealized foreign currency exchange gains and losses with a material impact are as follows:

	2025		2024
Functional currency	Functional currency Expressed in presentation currency	Net foreign exchange gain (loss)	Functional currency against presentation currency	Net foreign exchange gain (loss)
NTD	1 (NTD: NTD)	($ 1,245)	1 (NTD: NTD)	$ 791

XXXII. Additional disclosures

(I) Information on significant transactions

Loaning of funds to others. (Table 1)
Making endorsements/ guarantees for others. (Table 2)
Material marketable securities held at the end of the period (excluding investment in subsidiaries). (Table 3)
Total purchases from and sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital. (Table 4)
Receivables from related parties amounting to at least NT$100 million or 20% of the paid-in capital. (None)
Others: The business relationship between the parent and the subsidiaries and between each subsidiary, and the circumstances and amounts of any significant transactions between them. (Table 5)

(II) Information on investees (Table 6)

(III) Information on investment in the China

Disclose information on the investee company, showing the name, principal business activities, paid-in capital, method of investment, inward and outward remittance of funds, shareholding ratio, profit or loss for the period and recognized investment gain or loss, carrying amount of the investment at the end of the period, repatriated investment gains, and limit on the amount of investment in the Mainland Area. (None)
Any of the following significant transactions with investee companies in the Mainland Area, either directly or indirectly through a third area, and their prices, payment terms, and unrealized gains or losses: None.

(1) The amount and percentage of purchases and the balance and percentage of the related payables at the end of the period.
(2) The amount and percentage of sales and the balance and percentage of the related receivables at the end of the period.

71 -

(3) The amount of property transactions and the amount of the resultant gains or losses.
(4) The balance of negotiable instrument endorsements or guarantees or pledges of collateral at the end of the period and the purposes.
(5) The highest balance, the end of period balance, the interest rate range, and total current period interest with respect to financing of funds.
(6) Other transactions that have a material effect on the profit or loss for the current period or on the financial position, such as the rendering or receiving of services.

XXIII. Financial information of operating segments

The information provided to the chief operating decision-maker for allocating resources and evaluating the department's performance focuses on the type of product or service delivered or provided. The consolidated company's segments to be reported are as follows:

Depot construction and equipment sales - Manufacturing Department

Parking lot operation and management - Parking Management Department

(I) Segment revenues and operating results

The revenue and operating results of the consolidated company are analyzed by reportable segment as follows:

2025

	Manufacturing sector	Parking Management Department	Adjustments and write-offs	Merger
Income from outside the consolidated company
Parking lot charging and management services	$ 73,458	$ 5,209,321	$ -	$ 5,282,779
Equipment sales	59,306	1,088	-	60,394
Construction of parking lot	196,021	-	-	196,021
Others	88,331	50,702	-	139,033
	417,116	5,261,111	-	5,678,227
Revenue from other departments of the consolidated company (Note)
Parking lot charging and management services	-	5,762	( 5,762)	-
Equipment sales	10,428	-	( 10,428)	-
Construction of parking lot	240,433	-	( 240,433)	-
Others	173,639	-	( 173,639)	-
	424,500	5,762	( 430,262)	-
Total revenue	$ 841,616	$ 5,266,873	($ 430,262)	$ 5,678,227
Segment profit or loss	$ 89,695	$ 701,139	$ -	$ 790,834

2024

	Manufacturing sector	Parking Management Department	Adjustments and write-offs	Merger
Income from outside the consolidated company
Parking lot charging and management services	$ 40,380	$ 4,285,078	$ -	$ 4,325,458
Equipment sales	68,271	10,244	-	78,515
Construction of parking lot	179,040	-	-	179,040
Others	93,672	40,301	-	133,973
	381,363	4,335,623	-	4,716,986
Revenue from other departments of the consolidated company (Note)
Parking lot charging and management services	-	9,884	( 9,884)	-
Equipment sales	21,674	-	( 21,674)	-
Construction of parking lot	231,543	-	( 231,543)	-
Others	132,665	-	( 132,665)	-
	385,882	9,884	( 395,766)	-
Total revenue	$ 767,245	$ 4,345,507	($ 395,766)	$ 4,716,986
Segment profit or loss	$ 61,944	$ 519,752	$ -	$ 581,696

Note: Revenues from sales of goods and other revenues between departments.

(II) Financial information by location

The information on the consolidated company's revenue from external customers by location of customer and non-current assets by location of assets is as follows:

	Revenue from external customers		Non-current assets
	2025	2024	December 31, 2025	December 31, 2024
Taiwan	$ 5,670,712	$ 4,715,100	$ 7,205,187	$ 6,205,824
Asia	7,515	1,886	-	-
	$ 5,678,227	$ 4,716,986	$ 7,205,187	$ 6,205,824

Non-current assets do not include financial instruments and deferred income tax assets.

(III) Information about major customers

In 2025 and 2024, no single customer contributed more than 10% of the consolidated company's total revenue.

PSS Co., Ltd. and subsidiaries

Loaning of Funds to Others

January 1 to December 31, 2025

Table 1
Unit: NTD thousands

Serial number (Note 1)	Loaning company	Borrower	Transacting account	Related party	The highest balance in the current year	Closing balance	Amount actually drawn	Interest rate range	Nature of loan	Business transaction amount	Reasons for the necessity of short-term financing	Allowance for bad debt	Collateral		Limit of loans to individual borrowers (Note 2)	Total limit of loans (Note 3)
													Name	Value
0	PSS Co., Ltd.	PSS Group (Thailand) Co., Ltd.	Other receivables - Related parties	Yes	$ 54,317 (US$ 1,650 thousand)	$ 31,430 (US$ 1,000 thousand)	$ 31,430 (US$1,000 thousand)	3.00%	Short-term financing	$ -	Aid to operating turnover	$ -	-	$ -	$ 369,526	$ 1,478,105

Note 1: The description of the number column is as follows:
(1) Fill in '0' for issuers.
(2) The investee companies are numbered sequentially from 1 based on each company.

Note 2: For short-term financing facilities, the individual loan amount may not exceed 10% of the enterprise's net worth.

Note 3: For short-term financing facilities, the total loan amount may not exceed 40% of the enterprise's net worth.

PSS Co., Ltd. and subsidiaries

Making endorsements/ guarantees for others

January 1 to December 31, 2025

Table 2
Unit: NTD thousands

No. (Note)	Endorsing/guaranteeing company name	Counterparty of endorsements/ guarantees		Endorsement and guarantee limit for a single enterprise	The maximum balance of endorsements/ guarantees for the current year	Balance of endorsements/ guarantees at the end of the year	Amount actually drawn	Endorsement/ guarantee amount secured by property	Ratio of accumulated endorsement/ guarantee amount to net worth as stated in the most recent financial statements (%)	Maximum amount of endorsements/ guarantees	Endorsement/ guarantee provided by the parent company to the subsidiary	Subsidiary endorsement and guarantee to parent company	Endorsements and guarantees in Mainland China
		Company name	Relationship
0	PSS Co., Ltd.	Yua-Yung Co., Ltd.	Subsidiary	$ 2,586,684	$ 530,000	$ 500,000	$ 70,427	$ -	13.53%	$ 2,586,684	Yes	No	No
0	PSS Co., Ltd.	Horng Suey Marketing Co., Ltd.	Subsidiary	2,586,684	487,045	455,000	141,364	-	12.31%	2,586,684	Yes	No	No

Note 1: The description of the number column is as follows:
(1) Fill in "0" for issuers.
(2) The investee companies are numbered sequentially from 1 based on each company.
Note 2: According to the "Regulations Governing Endorsement and Guarantee" of the Company, the maximum amount of endorsements/ guarantees for others and the limit of endorsements/ guarantees for one single enterprise are capped at 70% of the company's net worth.

PSS Co., Ltd. and subsidiaries
Material marketable securities held at the end of the period
December 31, 2025

Table 3
Unit: NTD thousands

Companies held	Type and name of marketable securities	Relationship with the securities issuer	Ledger account	End of period				Remarks
				Number of shares	Carrying amount	Shareholding ratio	Fair value
PSS Co., Ltd.	Turn Cloud Technology Service Inc.	—	Financial assets measured at fair value through profit or loss - Non-Current	22,440	$ 5,307	0.10%	$ 5,307
Yua-Yung Co., Ltd.	WEBPOS TECHNOLOGY CO., LTD.	—	Financial assets measured at fair value through profit or loss - Non-Current	50,000	500	5.00%	500	Note

Note: Financial assets measured at fair value through profit or loss is the fair value calculated based on the input value and valuation method.

76 -

PSS Co., Ltd. and subsidiaries

Total purchases from and sales to related parties amounting to at least NT$100 million or 20% of the paid-in capital

2025

Table 4

Unit: NTD thousands

Buyer/Seller	Name of counterparty	Relationship	Transaction status				Circumstances and reasons for the difference between the transaction conditions and general transactions		Notes and accounts receivable (payable)
			Purchase/Sale	Amount	Percentage to total purchase (sale)	Credit Period	Unit price	Credit Period	Balance	Percentage of total notes and accounts receivable (payable)
PSS Co., Ltd.	Horng Suey Marketing Co., Ltd.	Subsidiary	Operating revenue	($ 262,987)	( 31%)	In accordance with the agreed terms	-	-	Accounts receivable $ 65,109	24%
Horng Suey Marketing Co., Ltd.	PSS Co., Ltd.	Parent company	Property, plant and equipment and operating costs	262,987	10%	In accordance with the agreed terms	-	-	Accounts payable ( 65,109)	( 60%)
PSS Co., Ltd.	Yua-Yung Co., Ltd.	Subsidiary	Operating revenue	( 159,953)	( 19%)	In accordance with the agreed terms	-	-	Accounts receivable 46,229	17%
Yua-Yung Co., Ltd.	PSS Co., Ltd.	Parent company	Property, plant and equipment and operating costs	159,953	10%	In accordance with the agreed terms	-	-	Accounts payable ( 46,229)	( 50%)

PSS Co., Ltd. and subsidiaries

The business relationship between the parent and the subsidiaries and between each subsidiary, and the circumstances and amounts of any significant transactions between them

January 1 to December 31, 2025

Table 5
Unit: NTD thousands

Serial number (Note 1)	Trader's Name	Trading counterpart	Relationship with the counterparty (Note 2)	Transactions
Account	Amount	Transaction terms and conditions	As a percentage of consolidated total revenue or total assets (Note 3)
0	PSS Co., Ltd.	Yua-Yung Co., Ltd.	(1)	Operating revenue
Operating cost	4,077	In accordance with the agreed terms	-
Other income	648	In accordance with the agreed terms	-
Accounts receivable	46,229	In accordance with the agreed terms	-
Accounts payable	356	In accordance with the agreed terms	-
Horng Suey Marketing Co., Ltd.	(1)	Other receivables	1,373	In accordance with the agreed terms
Operating revenue	262,987	In accordance with the agreed terms	5%
Operating cost	1,685	In accordance with the agreed terms	-
Other income	1,421	In accordance with the agreed terms	-
Accounts receivable	65,109	In accordance with the agreed terms	1%
Accounts payable	139	In accordance with the agreed terms	-
CANYI CO., LTD.	(1)	Other receivables	1,976	In accordance with the agreed terms
Operating revenue	1,560	In accordance with the agreed terms	-
1	Horng Suey Marketing Co., Ltd.	CANYI CO., LTD.	(3)	Account receivable
Operating revenue	9,240	In accordance with the agreed terms	-
Accounts receivable	2,426	In accordance with the agreed terms	-
Yua-Yung Co., Ltd.	(3)	Other payables	2,371	In accordance with the agreed terms
Operating cost	1,714	In accordance with the agreed terms	-
Accounts receivable	5	In accordance with the agreed terms	-
Accounts payable	1,819	In accordance with the agreed terms	-
Other receivables	2,176	In accordance with the agreed terms	-

Note 1: Information on business transactions between the parent company and its subsidiaries should be marked in the numbered column. The number should be filled in as follows:
(1) Fill in "0" for parent company.
(2) Subsidiaries are numbered sequentially starting from 1 according to the company type.

Note 2: The relationship with the transaction party is divided into the following three types, and it is sufficient to indicate the type:
(1) Parent company to subsidiary
(2) Subsidiary to parent company
(3) Subsidiary to subsidiary

Note 3: For the calculation of the ratio of the transaction amount to the total consolidated revenue or total assets, if it is an asset or liability item, it is calculated as the year-end balance to the total consolidated assets; for the profit or loss item, it is calculated as the annual cumulative amount to the consolidated total revenue calculation.

Note 4: The Company may decide whether to list the important transactions in this table based on the principle of materiality.

PSS Co., Ltd. and subsidiaries

Name, location, and other relevant information of investees

January 1 to December 31, 2025

Table 6
Unit: NTD thousands

Name of investor	Name of investee	Location of the company	Main business items	Initial investment amount		Held at the end of the year			Current income (losses) of the investee	Investment gain (loss) recognized for the year	Remarks
				End of the year	End of previous year	Number of shares (share)	Ratio (%)	Carrying amount
PSS Co., Ltd.	Horng Suey Marketing Co., Ltd.	Taiwan	Parking area operators	$ 410,284	$ 410,284	97,550,000	100%	$ 1,479,418	$ 376,720	$ 376,720	Notes 1 and 3
PSS Co., Ltd.	Yua-Yung Co., Ltd.	Taiwan	Parking area operators	459,408	459,408	75,380,000	100%	1,037,970	181,062	181,062	Notes 1 and 3
PSS Co., Ltd.	CANYI CO., LTD.	Taiwan	Parking area operators	36,000	36,000	3,000,000	30%	37,976	6,608	1,982	Notes 1 and 3
PSS Co., Ltd.	PSS Group (Thailand) Co., Ltd.	Thailand	Manufacturing and sales of automated machinery and equipment	THB 7,350 thousand	THB 7,350 thousand	73,500	49%	24,272	6,168	3,635	Notes 2 and 3
Horng Suey Marketing Co., Ltd.	CANYI CO., LTD.	Taiwan	Parking area operators	84,000	84,000	7,000,000	70%	89,816	6,608	4,626	Notes 1 and 3

Note 1: Subsidiary
Note 2: The Company's investees accounted for using the equity method.
Note 3: Calculated based on each company's 2025 audited financial statements.

AI assistant

PSS Audit Report / Information 2025

52658_rns_2026-05-19_750e87e4-cea4-4f40-8d8b-dd5d1c7379d9.pdf

Audit Opinions

Basis for the Audit Opinion

Key Audit Matters

Recognition of parking revenue

Other matters

Responsibilities of management and those charged with governance for the Consolidated Financial Statements

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

VII. Financial instruments at fair value through profit or loss

VIII. Accounts receivable

(I) Statement of Accounts Receivable :

(II) The consolidated company is engaged in the manufacturing and sales of equipment, and has signed equipment financing lease contracts with certain customers. The financing lease sales revenue generated is as follows:

XIV. Lease agreement

(I) Right-of-use assets

XVII. Borrowings

XXII. Net income for the year

XXIII. Income tax

(IV) Authorization of income tax

XXIV. Earnings per share

Sensitivity analysis

(2) Interest rate risk

Sensitivity analysis

(3) Other price risk

December 31, 2025

December 31, 2024

XXXII. Additional disclosures

(I) Information on significant transactions

(II) Information on investees (Table 6)

(III) Information on investment in the China

XXIII. Financial information of operating segments

(I) Segment revenues and operating results

(II) Financial information by location

(III) Information about major customers

AI assistant

PSS — Audit Report / Information 2025

52658_rns_2026-05-19_750e87e4-cea4-4f40-8d8b-dd5d1c7379d9.pdf

Audit Opinions

Basis for the Audit Opinion

Key Audit Matters

Recognition of parking revenue

Other matters

Responsibilities of management and those charged with governance for the Consolidated Financial Statements

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

VII. Financial instruments at fair value through profit or loss

VIII. Accounts receivable

(I) Statement of Accounts Receivable :

(II) The consolidated company is engaged in the manufacturing and sales of equipment, and has signed equipment financing lease contracts with certain customers. The financing lease sales revenue generated is as follows:

XIV. Lease agreement

(I) Right-of-use assets

XVII. Borrowings

XXII. Net income for the year

XXIII. Income tax

(IV) Authorization of income tax

XXIV. Earnings per share

Sensitivity analysis

(2) Interest rate risk

Sensitivity analysis

(3) Other price risk

December 31, 2025

December 31, 2024

XXXII. Additional disclosures

(I) Information on significant transactions

(II) Information on investees (Table 6)

(III) Information on investment in the China

XXIII. Financial information of operating segments

(I) Segment revenues and operating results

(II) Financial information by location

(III) Information about major customers

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PSS Audit Report / Information 2025