TTC — Investor Presentation 2025

Nov 3, 2025

Taiwan Tea Corp. 2025

QIC Taiwan CEO Week

November | Taipei

Disclaimer

The presentation and the relevant information mentioned in this material, including operating performance, financial performance, and the business outlook, have been compiled from both internal and external resources.

These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including price variation, competition, global economy, exchange rate movement, and market demand, which may cause actual results to differ materially from those implied by such forward-looking statements.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees, or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections, or opinions contained herein necessarily involve significant elements of subjective judgment, analysis, and assumptions and each recipient should satisfy itself in relation to such matters.

The forward-looking statements expressed in this material reflect the Company’s current view about the future as of today. The Company is not responsible for any updates if there are any changes in the future.
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Executive Summary

Established in 1950, Taiwan Tea (2913 TT) is dedicated to four major business lines: 1) Tea cultivation, tea leaf, and tea product manufacturing, and marketing; 2) Agriculture tourism ; 3) Land asset operation outsourcing ; 4) Land development

Taiwan Tea (TTC) is the 2nd largest private landowner in Taiwan with land assets of approximately 3,714 ha; the fair value of its investment properties was NT$25.4 billion (as of 2024/12/31). 2024 revenue was approximately NT$ 430 million.

In 2019, Mr. Wu, Ching-yuan was elected as the Chairman of Taiwan Tea. Over the past six years, Chairman Wu has gradually implemented a series of initiatives to enhance profit margins, with the goal of steering Taiwan Tea toward sustained profitability in the shortest possible time.

Taiwan Tea also leverages its tea garden and tea culture to develop a tourism business. At the same time, the management team actively reviews its own land assets for further development and collaboration, to create sustainable revenue and profit.

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Strong Leadership- ?Chairman: Wu, Ching-Yuan

Chairman Wu graduated from the National Taipei University of Technology and holds an associate degree in Mechanical engineering, he also holds a Master’s Degree in architecture and urban Planning from Chung Hua University.

Mr. Wu was elected to be the Chairman in 2019 and was re-elected in 2022. He is now promoting corporate transformation and margin improvement.

Chairman Wu spent 9 years to reform Sanyang Motor and led the company to achieve record high revenue and margin. Meanwhile, Chairman Wu will keep introducing the successful experience of Sanyang Motor and make TTC profitable in the shortest time.

Under Chairman Wu's leadership, Taiwan Tea Corporation's revenue has grown for six consecutive years, with 2024 revenue increasing by 45% compared to 2019.
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TTC’s Way to Success

Land Assets
Core Business
Margin Improvement

Tourism

Maintain and strengthen TTC’s leading position in the tea market in Taiwan.

Taiwan Tea tea sales are expected to reach approximately 500 tons per year in 2025, accounting for around 3% of domestic production.
Under the new management team’s observation and operation, to achieve the goal of sustainability and margin improvement, TTC is actively reforming the operating models of parts of its core tea and tourism/recreational businesses
Leveraging tea plantations and land in the beautiful mountainous areas with great potential for tourism and leisure and become a solid second revenue and profit stream.

Correctly and effectively utilize TTC's abundant land resources, pursue continuous asset activation, and strengthen external partnerships to maximize the value of TTC's land.
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Notes:

Tea Production

Photo Credit: https://ezgo.coa.gov.tw/zh-TW/Front/News/Detail/1279

Tea Garden & Factories

三義茶廠
SANYI TEA FACTORY
熊空茶廠
XIONGKONG TEA GARDEN

Cultivars: Oriental Beauty Tea
Cultivars: Organic Green Tea, black tea

老埤農場
LAUPI TEA FARM

魚池茶廠
ANTIQUE ASSAM TEA FARM
Area:717 ha
Cultivars: TTES No. 8,No. 12,No. 17,No. 18, No. 20 Chin-Shin Da Pan and Shi-Ji-Chun (Four Season)

Cultivars : TTES No. 8、No. 18、No. 21、coffee

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Notes:

First Smart Tea Garden in Taiwan

Organic and High Quality

Big Data Management

Micro-Weather Management
Precision Irrigation

Applying precision irrigation technology developed by Netafim. With 14,000 drip holes per hectare covering over 94% of the planting area, we managed to save 70% of irrigation water and 50% of fertilizer.
We applied 3 platforms to collect big data:
Smart Agri-management Platform(SAMP) for product traceability
Dispatching App to monitor the productivity of each production unit
Plant doctor App to monitor the entire process of cultivation.
We started our organic plantation in 2003. TTC pledged to produce our tea leaves at the highest safety and highest quality standards. We also use biodegradable bioplastic for our product packaging.
We set up 6 micro-weather stations and soil moisture sensors to monitor the parameters of plant growth, and to analyze the best conditions for cultivation.
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Notes:

Recreational Business

Recreational Business Highlights

Xiongkong Leisure Farm
(Operated by He Xu International since 2023/1/1)
LUGAO COFFEE GARDEN
TONGLUO TEA FACTORY

ANTIQUE ASSAM TEA FARM
DAXI TEA FACTORY

165 ha
(Tea garden 5.6 ha)

15.9 ha
7.5 ha
10
9.8 ha
3.7 ha

Notes:

銘栗:建議刪熊空，因為已委外出租

Margin Improvement

Margin Improvement

NT $ mn	2019	2020	2021	2022	2023	2024	2Q25
Revenue	299	312	369	377	380	433	253
Gross Profit	121	125	118	165	138	162	98
Operating Profit	-169	-148	-182	-155	-125	-60	-4

Since the high operating costs of Taiwan Tea's tea cultivation and recreational tourism business are unfavorable to the company’s profit, Chairman Wu has decided to adopt different strategies and make Taiwan Tea profitable in a short period of time, turning it into a sustainable enterprise.
TTC will appropriately reduce the tea cultivation area, cease capacity expansion, and pivot toward diversified development. It will strengthen asset activation and utilization, aiming to achieve maximum benefit for the company.
TTC has outsourced part of its recreational tourism business, resulting in lower OPEX and higher efficiency.

The two plans above will be implemented in the next three to five years.
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Notes:

2017年主要有竹南土地存貨出售，故營收及利益高達22億及3.8億
2021年老埤製茶⼯廠建設完成，相關利用率較低，連帶使毛利率由2020年的40%下降到2021年的32%，連帶營業虧損由2020年的1.48E增加到2021年的1.82E
2022年將毛利率較低工程部門減少接單，同時受惠茶葉訂單增加，使毛利率由2021年的32%上升到2022年44%，連帶營業虧損由2021年的1.82E減少到2022年的1.55E
2023年受惠於2022年底將營運總部由南港遷至湖口，營業費用大幅減少，連帶使營業虧損由2022年的1.55E減少到2023年的1.25E

Land Development

Land Development - Selected Cases

Shopping Mall/ Hotel
Industrial Park
Development Process
Residential Project
Commercial Park

TTC Sanyi Industrial/
Commercial Park
In 2022, acquired feasibility planning approval
In 2023, acquired project development approval
In 2023, acquired approval of the Environmental Impact Assessment Committee
In 2024, the soil and water conservation plan was approved.
In 2024, completed revising the land functional zone
In 2025, initiated soil and water conservation and land preparation work.
In 2025, initiated the architectural design and planning.
Professional Consulting
Potential Cases Selection
Financial Investment
Northern Miaoli Tongluo Industrial Park
In 2021, acquired feasibility planning approval
In 2024, reviewed by the project development committee
In 2025, reviewed by the Environmental Impact Assessment Team
Miaoli Tongluo Industrial / Commercial Park
In 2014, acquired development permission
In 2019, completed water conservation and land preparation
In 2019, completed revising the land functional zone
In 2025, building permit application in progress
Miaoli Tongluo Residential Project
In 2014, acquired development permission
In 2019, completed water conservation and land preparation
In 2019, completed revising the land functional zone
In 2025, building permit application in progress

Revitalize its land assets and enhance the overall value.
Initiate promising development projects in accordance with the government’s land policy.
For large-scale development projects with completed land-use changes, we are actively seeking investment and partnership opportunities.

Land Development
Increase asset value
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Notes:

Development Strategy for Main Projects

To Increase Asset Value
Revitalize land assets and evaluate the potential profit of each project
Initiate promising development projects in accordance with the government’s land policy
For large-scale development projects with completed land-use changes, we are actively seeking investment and partnership opportunities.
Land Development Projects
Strategic Development Projects
Target to achieve substantive review outcomes

New Development Projects

Development Project with Milestones Achieved
Land use change completed
Construction started
Ongoing execution of the business recruitment plan
Tongluo Health and Wellness Park
Northern Miaoli Tongluo Industrial Park
TTC Sanyi Industrial/
Commercial Park
Northern Miaoli Tongluo?Industrial / Commercial Park
Northern Miaoli Tongluo?Residential Project
Project scope planning in progress.
Development Plan and Environmental Impact Assessment under Review

Submitting for building permission
Seeking Business Partners
Submitting for building permission
Seeking Business Partners
Submitting for building permission
Seeking Business Partners
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Notes:

Recreational Business Strategy
Recreational Business
Develop Recreational Business

Develop and expand the tea tourism business
Transform existing agricultural facilities into tourist farm
Build up well-organized agriculture tourism business
Currently under Operation
Filing for Business
Registration for Tourist Farm
Miaoli, Tongluo? Jiuhu
Tourist Farm
Currently Under Operation
New Taipei, Sanxia?Xiongkong
Tourist Farm
Collaborative operations are currently under organization
Taoyuan,Daxi?Shimen Tourist Farm
Collaborative operations are currently under organization
Transform existing facilities
Keep focusing on the reformation
of existing tea/ agricultural facilities
Nantou, Yuchi ?Lugao Coffee Garden
Under Planning and Preparation
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Notes:

台灣農林 ESG

TTC

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ESG: Resource Protection & Reduction

Intelligent Irrigation

Forest Conservation
6 micro weather stations
70% reduction in water usage
50% reduction in fertilizer usage
Water storage facilities to reduce groundwater extraction during drought conditions

475 hectares of afforestation
Protection of old-growth forest
20+ endemic animals sighted on company properties

Energy Efficiency
Rooftop solar power generation: 513 kW
688 MWh of electricity production annually
NT$180k per annum electricity reduction by LED light replacements
High-efficiency gas boiler upgrade

Biodegradable Packaging
Since 2014, most tea bags, threads, and labels are made from biodegradable materials at a higher cost
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Notes:

Global Recognition on ESG Performance

Sustainalytics Score

International Certification

Quality Assurance

ISO 22000, HACCP, FSSC 22000, Rainforest Alliance, and international food safety certifications
Requires TQF, HACCP, ISO, BRC, and FSC certification from the supplier
Passed 488 pesticide residue inspection
Certified organic products
13.5 Sustainalytics score
Ranked 2nd out of 181 in industry by Sustainalytics

Diversity & Equality

Sustainability Funds

51.26% male, 48.74% female workforce
1.11:1 female-to-male pay ratio at the supervisor level
0.94:1 female to male pay ratio at non-supervisor level
Inclusion in DFA Emerging Markets Social Core Equity Portfolio
Inclusion in DFA Emerging Markets Sustainability Core 1 Portfolio
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Notes:

Lugao Coffee Garden has Won the Sustainable Estate Award

2024 Sustainable Rural Specialty Coffee Estate, amid fierce competition among coffee producers across Taiwan, evaluated each estate on environmental, economic, and social sustainability. The top 10 exemplary sustainable coffee estates in Taiwan were selected and awarded the "Sustainable Estate Award."

The top ten estates awarded the "Sustainable Estate Award" will receive further support from the Rural Development, Soil and Water Conservation Agency of the Ministry of Agriculture to participate in promotional activities at the SCAJ International Coffee Exhibition in Tokyo, Japan. By showcasing the achievements of sustainable coffee estates, the goal is to enhance the international visibility of Taiwan’s premium domestic coffee in global markets.

Financials

5-Year Income Statement

NT$ Million	2020	2021	2022	2023	2024	2Q25		YoY (%)
								2020	2021	2022	2023	2024	2Q25(1)
Sales Revenue	312	369	377	380	433	253		4	18	2	0.8	14	31
Gross Profit	125	118	165	138	162	98		3	(6)	40	(16)	17	42
Operating Profit	-148	-182	-155	-125	-60	-4		(12)	23	(15)	(19)	52	92
Income Before Tax	-33	-1,135	-1,614	-292	-175	-60		(81)	3,339	42	(82)	40	38
Net Income to Parent	-17	-1,122	-1,635	-287	-175	-60		(88)	6,500	46	(82)	39	38
EPS(NT$)	-0.02	-1.42	-2.07	-0.36	-0.22	-0.08		(89)	7,000	46	(82)	39	33
Key Financial Ratio (%)
Gross Margin	40.0	32	44	36	37	39
Operating Margin	(47.3)	(50)	(41)	(33)	(14)	(2)
OPEX Ratio	87.3	82	85	69	51	41
Net Margin	(5.6)	(304)	(434)	(76)	(40)	(24)
Note 1: The 2Q25 growth rate refers to the year-over-year (YoY) growth compared to 2Q24.
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Notes:

5-Year Balance Sheet

NT$ Million	2020	2021	2022	2023	2024	2Q25		YoY (%)
								2020	2021	2022	2023	2024	2Q25
TOTAL ASSETS	25,098	24,249	21,850	21,580	21,380	21.314		2.0	(3.4)	(9.9)	(1.2)	(1)	(1)
Cash	176	215	239	151	55	44		40.5	22.2	11.1	(36.8)	(64)	(20)
NR & AR	18	38	33	34	30	42		(5.5)	111.1	(13.1)	3	(12)	40
Inventory	895	902	946	964	1,024	1,005		1.2	0.8	4.8	1.9	6	(2)
Fixed Assets	6,504	6,693	6,250	6,226	6,103	6,030		6.8	2.9	(6.6)	(0.4)	(2)	(1)
TOTAL LIABILITES	9,306	9,572	8,864	8,875	8,846	8,840		5.4	2.9	(7.4)	0.1	(0.3)	(-)
Bank Loans	5,923	6,253	5,549	5,188	5,099	5,164		9.8	5.6	(11.3)	(6.5)	(2)	1.2
NP & AP	16	37	14	13	10	8		19.6	131.3	(62)	(7.1)	(23)	(20)
TOTAL EQUITY	15,792	14,678	12,986	12,705	12,534	12,474		0.2	7.1	(11.5)	(2.2)	(1.3)	(0.4)
A/R days	21.1	26.7	33.5	32	27	26
Inventory days	1,736.3	1,304	1,659	1,460	1,352	1,194
A/P days	28.3	38.0	43.5	20	16	10
ROE(%)	(0.1)	(7.4)	(11.8)	(2.2)	(1.4)	(0.9)
ROA(%)	(0.1)	(4.3)	(6.7)	(0.8)	(0.3)	(0.08)
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Notes:

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Notes:

No. 3, Zhonghua Rd., Hukou Township, Hsinchu County , Taiwan (R.O.C.)
+886-3-6591188
www.ttch.com.tw
THANK YOU
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