Chunghwa Telecom Co Ltd (CHT) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to Chunghwa Telecom conference call for the company's second quarter 2026 operating results. (Operator Instructions) For your information, this conference call is now being broadcasted live over the internet. Webcast replay will be available within an hour after the conference is finished. Please visit CHT IR website, www.cht.com.tw/ir under the IR Calendar section.

各位女士、先生，午安。歡迎參加中華電信 2026 年第二季營運成果電話會議。(接線員指示) 提醒各位，本次電話會議目前正透過網際網路進行即時直播。會議結束後一小時內將提供網路重播。請至中華電信投資人關係網站 www.cht.com.tw/ir 的 IR Calendar（投資人行事曆）專區查詢。

And now I would like to turn it over to Ms. Angela Tsai, the Vice President of Finance. Thank you. Ms. Tsai, please go ahead.

接下來我想把時間交給財務副總裁蔡安琪女士。謝謝。蔡女士，請開始。

Thank you. I'm Angela Tsai, Vice President of Finance at Chunghwa Telecom. Welcome to second quarter 2026 earnings results conference call. Joining me on the call today are Chunghwa's President, Rong-Shy Lin; and our Chief Financial Officer, Audrey Hsu.

謝謝。我是中華電信財務副總裁蔡安琪。歡迎各位參加 2026 年第二季財報電話會議。今天與我一同出席的還有中華電信總經理林榮賜，以及財務長許雅惠。

During today's call, management will begin by sharing our recent strategic achievements and providing an overview of our second quarter business results. This will be followed by a discussion of our segment performance and financial highlights. We will then open the floor for questions and answers. Please turn to slide 2 to review our disclaimers and forward-looking statement disclosures.

在今天的會議中，管理團隊將先分享近期的策略性成果，並概述我們第二季的業務表現。接著將說明各事業群的表現與財務重點。之後我們將開放問答。請翻到投影片第 2 頁，檢視免責聲明與前瞻性陳述揭露。

Now without further delay, I will turn the call over to President. President Lin, please go ahead.

接下來不再耽擱，我把時間交給總經理。林總經理，請。

Thank you, Angela, and hello, everyone. Welcome to our second quarter 2026 results conference call. We are excited to announce robust second quarter and first half results with revenue, operating income, net income and EPS all exceeded the high end of our guidance.

謝謝安琪，各位大家好。歡迎參加我們 2026 年第二季營運成果電話會議。我們很高興宣布第二季及上半年表現強勁，營收、營業利益、淨利與每股盈餘（EPS）皆超越我們財測區間的高標。

Notably, total revenue for the second quarter climbed to its highest for any second quarter since 2010, driven by the solid business growth. In addition, our ICT revenue reached its highest second quarter level since 2021. Based on our outperformance in the first half, we are confident in achieving our full year performance targets.

值得一提的是，第二季總營收攀升至 2010 年以來歷年第二季最高水準，主要受惠於穩健的業務成長。此外，我們的 ICT 營收也達到 2021 年以來第二季最高水準。基於上半年優於預期的表現，我們有信心達成全年績效目標。

In 2026, we continue to invest in AI and see concrete results. In the morning today, we announced the kickoff of the operation of our newly built AI data center in Lunping, Taoyuan, which is expected to add up to 36 megawatts to our total IDC capacity upon full build-out.

2026 年我們持續投資 AI，並已看到具體成果。今天上午，我們宣布位於桃園蘆竹新建的 AI 資料中心正式啟用，預期在全數建置完成後，將為我們整體 IDC 容量新增最高達 36 兆瓦（MW）。

In July, we were pleased to sign a memorandum of understanding with Taiwan Stock Exchange to provide dedicated colocation capacity within our new AI data center in Taichung, currently under construction, further expanding our market-leading financial colocation ecosystem in Taiwan.

7 月，我們很高興與臺灣證券交易所簽署合作備忘錄（MOU），將在我們目前興建中的臺中 AI 新資料中心內提供專屬機櫃託管（colocation）容量，進一步擴大我們在臺灣市場領先的金融機櫃託管生態系。

Both achievements demonstrate our ability to convert AI infrastructure investments into long-term financial return. Furthermore, leveraging our leading AIDC infrastructure and Sea-Land-Sky network deployment, we are positioning Chunghwa Telecom as the region's unique AAA Hub for the AI era.

這兩項成果展現我們能將 AI 基礎建設投資轉化為長期財務報酬的能力。此外，憑藉我們領先的 AIDC 基礎設施與海、陸、空網路部署，我們正將中華電信定位為 AI 時代區域內獨特的 AAA Hub。

Powered by our IOWN network and distributed AIDCs, the AAA Hub delivers three core values: assurance, providing resilience sea-land-sky connectivity, All-Photonics, enabling ultra-high capacity, low latency and energy-efficient networking through IOWN and AI Hub connecting distributed AI, computing resources across the Asia Pacific to support customers' AI development.

在 IOWN 網路與分散式 AIDC 的驅動下，AAA Hub 提供三大核心價值：Assurance（保障），提供具韌性的海、陸、空連結；All-Photonics（全光化），透過 IOWN 實現超高容量、低延遲且節能的網路；以及 AI Hub（AI 樞紐），串聯分散式 AI 與運算資源，連結亞太各地以支援客戶的 AI 發展。

In addition, in terms of IOWN, we would like to highlight the IOWN AI Fund, which is the financial instrument we jointly established with global partner in June. The fund aims to not only build the IOWN ecosystem but also create new business opportunities through technology investments as all investors believe the optical ecosystem is essential to the AI development.

另外，在 IOWN 方面，我們也要特別提到 IOWN AI Fund，這是我們於 6 月與全球合作夥伴共同成立的金融工具。該基金不僅旨在建構 IOWN 生態系，也希望透過技術投資創造新的商機，因為所有投資人皆相信光學生態系對 AI 發展至關重要。

Our subsidiaries also continue to seize AI-related opportunities. In the second quarter, Chunghwa Telecom Precision Tech commenced new factory construction to meet growing AI semiconductor testing demand, while Chunghwa Telecom -- Chunghwa leading photonics tech, which stands to benefit from potential opportunities in the AI supply chain. Began trading on the emerging stock exchange in June.

我們的子公司也持續掌握 AI 相關機會。第二季，中華電信精密科技為因應日益成長的 AI 半導體測試需求，啟動新廠建置；同時，中華電信—中華領先光電科技可望受惠於 AI 供應鏈的潛在機會。並於 6 月在興櫃市場開始交易。

Finally, we are delighted to report that ESG recognitions received in the second quarter, including the CDP's top A-List rating for the supplier engagement and the Best Issuer for Sustainable Finance and the Best Sustainability Bond award from The Asset. And the top 5% of Taiwan Stock Exchange listed companies for the corporate governance.

最後，我們很高興報告第二季獲得多項 ESG 肯定，包括 CDP 供應商議合（Supplier Engagement）最高 A-List 評等，以及《The Asset》頒發的永續金融最佳發行人與最佳永續債券獎。並在臺灣證券交易所上市公司公司治理評鑑中名列前 5%。

Additionally, we are proud to report that despite continued revenue growth in 2025, we remained on track with our SBTi commitments reducing Scope 1 and Scope 2 greenhouse gas emission by 24.5% from our 2020 baseline and Scope 3 emissions by 10.8% from our 2021 baseline.

此外，我們也很自豪地報告，儘管 2025 年營收持續成長，我們仍按計畫達成 SBTi 承諾：相較 2020 年基準年，範疇 1 與範疇 2 溫室氣體排放量降低 24.5%；相較 2021 年基準年，範疇 3 排放量降低 10.8%。

Now let's move on to our second quarter 2026 results. In the second quarter, we continued our market share leadership in Taiwan's mobile market. Our mobile revenue market share continued to increase, climbing to a record high of 41.2%, while our subscriber market share rose to 39.8% according to our telecom regulator. We would particularly like to highlight the strength of our premium revenue base as our revenue share continued to exceed our subscriber share.

接下來我們進入 2026 年第二季營運成果。第二季，我們持續維持臺灣行動市場的市占領先地位。依據電信主管機關資料，我們的行動營收市占持續提升，攀升至創新高的 41.2%，而用戶市占則上升至 39.8%。我們特別要強調高價值營收基礎的強勁表現，因為我們的營收市占持續高於用戶市占。

Our 5G performance was equally impressive. The 5G market share in Taiwan reached 39.4% maintaining number one status, while 5G penetration rate among smartphone users increased to nearly 49% as of June. The average monthly fee uplift from 5G migration remained stable at 36% and the postpaid churn rate stayed at a low level of 0.36%, reflecting strong customer loyalty. Thanks to the market-leading subscriber base, growing 5G adoption and the increased roaming revenue on a year-over-year basis, our mobile service revenue grew by 3.2%, outperforming the industry average.

我們的 5G 表現同樣亮眼。臺灣 5G 市占達 39.4%，維持第一名地位；截至 6 月，智慧型手機用戶的 5G 滲透率提升至接近 49%。5G 轉換帶來的月租費提升幅度維持穩定在 36%，後付費（postpaid）流失率（churn rate）亦維持在 0.36% 的低水準，反映客戶黏著度強。受惠於市場領先的用戶基礎、5G 採用率提升，以及漫遊營收年增，我們的行動服務營收成長 3.2%，優於產業平均。

Meanwhile, postpaid ARPU increased by 2.4% or TWD[13]. Notably, we observed our roaming revenue increased 19% year-over-year in the second quarter with inbound roaming revenue growing 42%, benefiting from the robust tourism demand and increasing international travel activities.

同時，後付費 ARPU 成長 2.4%，或新台幣[13]元。值得注意的是，第二季我們觀察到漫遊營收年增 19%，其中入境漫遊營收成長 42%，受惠於強勁的觀光需求與國際旅遊活動增加。

Let's move on to slide 6 for our fixed broadband business update. In the second quarter, we were glad to see the number of the subscriber adoption services speeds of 300 megabits per second and above reached 42% of our total fixed broadband subscriber base and the number continued to increase quarter-over-quarter. Among them, subscribers adopting 1 gigabits per second and above increased 61% year-over-year, supporting by the continued of our broadband promotion package.

接下來請看投影片第 6 頁，了解我們固網寬頻業務的最新進展。第二季，我們很高興看到採用 300 Mbps 以上速率服務的用戶數已達整體固網寬頻用戶基礎的 42%，且該比例持續季增。其中，採用 1 Gbps 以上速率的用戶數年增 61%，主要受惠於我們持續推出的寬頻促案。

As a result, fixed broadband revenue in the second quarter posted a 3% increase year-over-year, while the ARPU rose year-over-year by TWD20 to TWD824 per month. Fixed broadband subscriber also continued to deliver positive growth year-over-year. We will continue to keep the business up and sustainable.

因此，第二季固網寬頻營收年增3%，同時ARPU年增新台幣20元至每月新台幣824元。固網寬頻用戶數亦持續呈現年增的正向成長。我們將持續維持該業務的穩健與永續發展。

Page 7 highlights the performance of our million subscriber consumer services. In the second quarter, signs up of our multiple-play offering, which integrates mobile fixed broadband and Wi-Fi services continued to grow year-over-year for the 18th consecutive quarter, representing a 14% increase year-over-year and driven up over our overall telecom revenue growth. Notably, our Wi-Fi penetration among fixed broadband subscribers reached 57% as a solid basis for the smartphone connectivity.

第7頁重點呈現我們百萬用戶消費者服務的表現。第二季，我們整合行動、固網寬頻與Wi‑Fi服務的多重組合方案（multiple-play）申辦數持續年增，已連續第18個季度成長，年增14%，並帶動整體電信營收成長。值得注意的是，固網寬頻用戶的Wi‑Fi滲透率達57%，為智慧型手機連線提供穩固基礎。

As the 2026 FIFA World Cup kicked off in June and ran through July, it successfully boosted video subscription number to their annual peak in July. At the same time, the introduction of data payment, real-time match data and highlights feature during this FIFA World Cup helped drive total views of tech-supported broadcast across MOD and Hami Video up 24% compared with the previous tournament.

2026年FIFA世界盃於6月開踢並延續至7月，成功帶動影音訂閱數於7月達到年度高峰。同時，本屆世界盃導入數據付費、即時賽事數據與精華回放功能，帶動MOD與Hami Video上技術支援轉播的總觀看次數較上一屆賽事提升24%。

As a result, we are glad to see our total OTT revenue in the second quarter increased 20% year-over-year. With the upcoming Asia games in the third quarter, we are optimistic about our video performance through the next quarter.

因此，我們很高興看到第二季整體OTT營收年增20%。隨著第三季即將到來的亞運，我們對下一季的影音表現保持樂觀。

Lastly, our digital services continued to deliver solid growth. The subscriber number of our consumer cybersecurity services maintained over 1 million and delivered 11% year-over-year growth, supported by the rising awareness of digital security. Meanwhile, the number of transacting users of our Digital Carrier Billing or DCB increased by 4.7% year-over-year as customers continue to adopt digital net content, gaming and AI application tool. We continue to see the potential growth in DCB services going forward.

最後，我們的數位服務持續繳出穩健成長。在數位安全意識提升的支持下，我們消費者資安服務訂戶數維持在100萬以上，並實現年增11%。同時，隨著客戶持續採用數位網路內容、遊戲與AI應用工具，我們的電信帳單代收（Digital Carrier Billing，DCB）交易用戶數年增4.7%。展望未來，我們持續看好DCB服務的成長潛力。

Slide 8 illustrates the key developments in our Enterprise ICT business. Through the collective efforts across the group, our ICT business delivered another strong quarter with revenue increasing 32% year-over-year, driven by the continuous expansion of emerging services. Recurring ICT revenue also grew by 9%, maintaining solid momentum across major service lines, particularly IDC, cybersecurity and international public cloud services.

第8頁說明我們企業ICT業務的關鍵進展。在集團跨單位共同努力下，我們ICT業務再度繳出強勁季度表現，營收年增32%，主要受惠於新興服務持續擴張。經常性ICT營收亦成長9%，在主要服務線維持穩健動能，尤其是IDC、資安與國際公有雲服務。

Among our core ICT service pillars, Big Data, Cybersecurity and IDC are the key growth driver drivers, posting year-over-year growth of 167%, 34% and 14%, respectively. Big Data revenue surged and Cybersecurity revenue grew strongly, driven by the recognition of large-scale projects for public sector customers, while IDC revenue growth was supported by the installation project for the manufacturing companies.

在我們核心ICT服務支柱中，大數據、資安與IDC為主要成長動能，年增率分別為167%、34%與14%。大數據營收大幅攀升、資安營收強勁成長，主要受惠於公部門客戶大型專案的認列；而IDC營收成長則由製造業客戶的建置專案所帶動。

Notably, a key highlight is our second high ICT order intake built on the strong momentum in ICT contract acquisitions during the first quarter, our ICT order intake remained robust in the second quarter with contract value increasing by 30% year-over-year. As a result, the total ICT contract value secured in the first half of the year has already matched full year's total amount achieved in 2025, reflecting a strong project pipeline and reinforcing our confidence in future growth.

值得一提的是，另一項重點亮點為我們第二季ICT接單再創高峰；延續第一季ICT合約取得的強勁動能，第二季ICT接單仍維持強勁，合約金額年增30%。因此，上半年累計取得的ICT合約總金額已追平2025年全年達成的總額，反映出強勁的專案管線，並強化我們對未來成長的信心。

As of June, our major contract win in the second quarter include large-scale AIDC projects, which are expected to further increase AI-related revenue. Flagship Taipower energy storage project positioning us with us for additional smart grid opportunities and multiple smart surveillance projects from correctional institutions, demonstrating our ability to replicate successful deployment across the sector.

截至6月，我們第二季主要得標合約包括大型AIDC專案，預期將進一步提升AI相關營收。具代表性的台電儲能專案使我們得以掌握更多智慧電網機會，並取得多項矯正機關的智慧監控專案，展現我們在該領域複製成功部署的能力。

In addition, we became the first telecom operator to provide cloud-based encryption sharing services to the financial industry, further reinforcing our differentiated ICT market leadership.

此外，我們成為首家為金融業提供雲端加密分享服務的電信業者，進一步鞏固我們差異化的ICT市場領導地位。

Slide 9 highlights the robust performance of our international subsidiaries and the global network performance. In the second quarter, our international subsidiaries delivered impressive performance as aggregate revenue increased 242% year-over-year, particularly due to the large-scale ICT project deliveries across the United States and the Southeast Asia. In the United States, revenue increased more than 11-fold year-over-year, mainly due to the delivery of the large-scale AI supply chain projects in Texas.

第9頁重點呈現我們海外子公司與全球網路的強勁表現。第二季，我們海外子公司表現亮眼，合計營收年增242%，主要受惠於美國與東南亞的大型ICT專案交付。在美國，營收年增逾11倍，主要來自德州大型AI供應鏈專案的交付。

Meanwhile, revenue in Southeast Asia doubled on year, supported by the ongoing construction project for key customers in Singapore and Vietnam. Encouragingly, with our proven overseas IC integration expertise, we have successfully secured new projects across the United States, Singapore and Thailand, providing strong visibility into future growth. In addition to the strong momentum of overseas ICT business, our network resilience business continued to expand with our Asia Pacific AAA Hub strength.

同時，東南亞營收年增一倍，受惠於新加坡與越南關鍵客戶的持續建置專案。令人鼓舞的是，憑藉我們成熟的海外IC整合專業能力，我們已成功在美國、新加坡與泰國取得新專案，為未來成長提供高度能見度。除海外ICT業務的強勁動能外，我們的網路韌性業務亦持續擴張，並受惠於我們亞太AAA Hub的優勢。

Satellite services revenue increased 14% year-over-year, supported by increasing adoption of satellite connectivity solution across industry. Notably, satellite-related ICT contracts secured in the first half exceeded TWD200 million, highlighting the growing demand for the diversified communication infrastructure. Another key growth driver from AAA's Hub, strength is International Private Leased Circuit business, whose revenue increased 8% year-over-year, mainly driven by SJC2 and Apricot submarine cable.

衛星服務營收年增14%，主要受惠於各產業對衛星連線解決方案的採用增加。值得注意的是，上半年取得的衛星相關ICT合約金額超過新台幣2億元，凸顯市場對多元化通訊基礎建設的需求持續成長。AAA Hub的另一項關鍵成長動能為國際專線（International Private Leased Circuit）業務，其營收年增8%，主要由SJC2與Apricot海底電纜所帶動。

Looking ahead, given the run-up of the AI-driven data traffic and the growing international connectivity demand resulting from the geopolitical uncertainty, we are well positioned to capture these opportunities, supported by continued investment in submarine cable and satellite projects.

展望未來，鑑於AI驅動的數據流量快速攀升，以及地緣政治不確定性所帶動的國際連線需求增加，在持續投資海底電纜與衛星專案的支持下，我們已具備良好條件把握這些機會。

Now let's move on to the Page 10 for the financial performance of our three business groups. In the second quarter, our core telecom business remained strong. Growth in mobile services, fixed broadband and handset sales drove Consumer Business Group revenue up 4.8% year-over-year, while income before tax increased a solid 3.6%. Beyond our core telecom business, ICT business continued to be a key growth engine. Strong ICT demand, along with the growth in mobile and broadband services lifted the Enterprise Business Group revenue by 3.7% year-over-year, while income before tax increased 2.1%.

接下來請看第10頁，說明我們三大事業群的財務表現。第二季，我們核心電信業務維持強勁。行動服務、固網寬頻與手機銷售的成長帶動消費者事業群營收年增4.8%，稅前盈餘亦穩健成長3.6%。除核心電信業務外，ICT業務持續是關鍵成長引擎。強勁的ICT需求，加上行動與寬頻服務成長，帶動企業事業群營收年增3.7%，稅前盈餘年增2.1%。

In the second quarter, the strongest performance came from our International Business Group, which saw growth across every segment, resulting in an approximately 79% increase in the revenue on year and a 31% increase in income before tax on year, respectively. This was propelled by rising demand for ICT integration projects, mainly driven by the relocation of AI supply chain, contribution from the SJC2 and Apricot submarine cables as well as the strong roaming revenue increase.

第二季表現最強勁的是國際事業群，各項業務皆呈現成長，使營收年增約79%，稅前盈餘年增31%。此成長主要受惠於ICT整合專案需求上升（主要由AI供應鏈移轉所帶動）、SJC2與Apricot海底電纜的貢獻，以及漫遊營收的強勁成長。

That concludes the business overview for the second quarter. Now I would like to hand the call over to Audrey for the financial update.

以上為第二季的業務概況。接下來我想把電話會議交給Audrey進行財務更新。

Thank you, President. Good afternoon, everyone, and thank you for joining us today. I'm pleased to walk you through our financial performance for the second quarter of 2026. Please turn to slide 12. In the second quarter, we delivered record high performance for the period. Consolidated revenue reached TWD61.36 billion, representing an 8.2% increase year-over-year and making our highest Q2 top line since 2010.

謝謝總裁。各位下午好，感謝各位今天與會。我很高興向各位說明我們2026年第二季的財務表現。請翻到第12頁。第二季我們創下同期歷史新高的表現。合併營收達新台幣613.6億元，年增8.2%，為2010年以來最高的第二季營收。

This strong momentum was driven by three primary engines. First, our ICT business achieved its highest Q2 revenue since 2021. This is also propelled by our overseas subsidiaries fulfilling major AI supply chain projects in the US and Southeast Asia, alongside the domestic growth in the Big Data, Cybersecurity and AIDC capacity.

這股強勁動能主要由三大引擎所驅動。第一，我們的 ICT 業務創下自 2021 年以來最高的第二季營收。這也受惠於我們海外子公司在美國與東南亞承接並履行多項 AI 供應鏈重大專案，同時國內在大數據、資安與 AIDC 產能方面亦持續成長。

Second, product sales grew behind elevated handset ASPs at Chunghwa and strong AI testing contribution from Chunghwa Precision Test. Third, our core telecom service continued their steady expansion, reinforced by ongoing high-tier 5G migration and broadband speed upgrades.

第二，受中華電信手機 ASP 提升，以及中華精測強勁的 AI 測試貢獻帶動，產品銷售成長。第三，我們的核心電信服務持續穩健擴張，在高資費 5G 持續移轉與寬頻速率升級的支撐下更為強化。

Moving to operating profitability. Income from operations rose 5.7% year-over-year. Beyond top line scale, this operating growth reflects high margin flow-through from our core telecom business, supported by 5G adoption and fixed broadband speed upgrades, paired with margin accretive contribution from Chunghwa Precision Test.

接著看營業獲利能力。營業利益年增 5.7%。除了營收規模擴大之外，這項營運成長也反映核心電信業務的高毛利貢獻，受 5G 採用與固網寬頻速率升級帶動，同時搭配中華精測具增厚毛利的貢獻。

On the bottom line, EPS expanding to TWD1.38, up from TWD1.31 in the prior year period makes our highest second quarter EPS in 10 years. EBITDA also increased 4.1% to TWD23.52 billion, maintaining a healthy EBITDA margin of 38.32%. Turning to our year-to-year performance shown in the final column, H1 revenue increased 7.8% year-over-year, driven by broad-based growth across ICT, mobile sales and core telecom service.

在稅後方面，EPS 擴增至新台幣 1.38 元，高於去年同期的新台幣 1.31 元，創下近 10 年來最高的第二季 EPS。EBITDA 亦成長 4.1% 至新台幣 235.2 億元，維持健康的 EBITDA 利潤率 38.32%。再看最後一欄的年對年表現，上半年營收年增 7.8%，主要由 ICT、行動銷售與核心電信服務的全面性成長所帶動。

Operating income rose 5.2% to TWD26.36 billion. Net income grew 3.9% to TWD20.75 billion, and EPS reached TWD2.68, up from TWD2.57 last year. EBITDA expanding 3.8% to TWD46.82 billion underscoring our recurring cash flow strength. Overall, this balanced result gives us strong confidence in achieving our full year targets.

營業利益成長 5.2% 至新台幣 263.6 億元。淨利成長 3.9% 至新台幣 207.5 億元，EPS 達新台幣 2.68 元，高於去年的新台幣 2.57 元。EBITDA 成長 3.8% 至新台幣 468.2 億元，凸顯我們經常性現金流的強勁。整體而言，這項均衡的成果讓我們對達成全年目標充滿信心。

Please turn to Slide 13 for an overview of our balance sheet position. Total asset increased by 3.3% year-to-date, primarily driven by current assets. This was mainly due to growth in cash, time deposits, NCDs and inventories, reflecting higher investment in ongoing ICT projects. On the liability side, total liabilities rose 27.1% compared to year-end 2025, largely driven by the seasonal recognition of dividend payable.

請翻到第 13 頁，了解我們的資產負債表概況。總資產年初至今增加 3.3%，主要由流動資產帶動。這主要來自現金、定期存款、NCD 與存貨增加，反映我們對進行中的 ICT 專案投入提高。在負債端，總負債較 2025 年底增加 27.1%，主要是因季節性認列應付股利所致。

As of June 30, 2026, our reported debt ratio stood at 31%. Excluding dividend payable, our adjusted debt ratio improved to 23.72%, down from 25.21% at year-end 2025. More importantly, our interest-bearing debt ratio remains very low at approximately 5%, reflecting minimum financial leverage and prudent balance sheet management. Our core financial health remains robust with a current ratio of 122.3% and a net debt-to-EBITDA ratio standing at 0, underscoring our solid financial position.

截至 2026 年 6 月 30 日，我們揭露的負債比為 31%。若排除應付股利，調整後負債比改善至 23.72%，低於 2025 年底的 25.21%。更重要的是，我們的有息負債比仍維持在約 5% 的低水準，反映財務槓桿極低以及審慎的資產負債表管理。我們的核心財務體質依然穩健，流動比率為 122.3%，淨負債對 EBITDA 比率為 0，凸顯我們穩固的財務狀況。

Moving to slide 14 for our cash flow summary for the first half of 2026. Net cash provided by operating activities remained healthy over the 6-month period. Working capital was mainly impacted by higher inventory spending for ongoing ICT projects, but this was largely offset by strong cash inflows from contract liabilities and lower payable outflows.

接著看第 14 頁，2026 年上半年現金流摘要。過去 6 個月營業活動淨現金流入維持健康。營運資金主要受到進行中 ICT 專案帶來較高存貨支出影響，但大部分已被合約負債帶來的強勁現金流入以及較低的應付帳款流出所抵銷。

On the investment side, first half total CapEx was TWD9.85 billion, down 14.3% year-over-year. Mobile CapEx declined 9%, reflecting the normalization of investment following the peak phase of 5G network deployment, while nonmobile CapEx decreased 16.3%, primarily due to a higher comparison base last year. We also expect a greater portion of CapEx this year to be deployed in the second half of the year.

在投資面，上半年資本支出（CapEx）合計為新台幣 98.5 億元，年減 14.3%。行動業務 CapEx 下降 9%，反映 5G 網路建設高峰期過後投資趨於正常化；非行動業務 CapEx 下降 16.3%，主要因去年比較基期較高。我們也預期今年較大比例的 CapEx 將在下半年投入。

As a result, our six-month free cash flow reached TWD21.89 billion. Our overall cash position improved year-over-year and remains very solid continuing to comfortably support both ongoing business expansions and shareholders' returns.

因此，我們 6 個月自由現金流達新台幣 218.9 億元。我們整體現金部位較去年同期改善，且仍非常穩健，持續足以從容支應業務擴張與股東報酬。

Turning to slide 15 for our performance relative to guidance. As our President noted at the beginning of our call, we delivered outstanding second quarter results with top line revenue exceeding our expectations. This outperformance was supported by continued ICT momentum, steady core telecom growth and stronger-than-expected product sales. Importantly, revenue growth outpaced operating expense growth, reflecting solid operating leverage and cost discipline.

接著看第 15 頁，了解我們相對於財測的表現。如同我們總經理在會議一開始所提到的，我們第二季交出亮眼成績，營收優於預期。這項優於預期的表現，來自 ICT 動能延續、核心電信穩健成長，以及產品銷售強於預期。更重要的是，營收成長速度超過營業費用成長，反映良好的營運槓桿與成本紀律。

Although project-related costs grew alongside higher ICT revenue recognition, total expenses remained well within target. Consequently, all key profitability metrics, operating income, net income, EPS and EBITDA came in above the high end of our guidance. That concludes my financial overview. Thank you for your time.

雖然專案相關成本隨著 ICT 營收認列增加而上升，但總費用仍明顯落在目標範圍內。因此，所有關鍵獲利指標——營業利益、淨利、EPS 與 EBITDA——皆高於財測區間上緣。以上為我的財務概述。感謝各位撥冗。

I will now hand the call back to the operator for Q&A.

接下來我把電話交回主持人，進行問答。

(Operator Instructions)

(主持人說明)

Congratulations on this very strong result. I saw spectacular growth in the international sector. May I know more about the long-term guidance and visibility in this segment, because I know that some could be project based and how do we see the long-term demand? And would you mind breaking down for different regions such as US, Southeast Asia, et cetera.

恭喜取得非常強勁的成果。我看到國際事業有驚人的成長。想請教這個區塊的長期指引與能見度，因為我知道其中部分可能是專案型態，我們如何看待長期需求？另外也請協助按不同地區拆分，例如美國、東南亞等。

Charlie, thank you very much for your question. I guess the question is you want to look at the outlook for the international sector and long-term guidance and visibility in the segment. As we see the global trend of the AI development, we continue to see growing interest from international customers, particularly in AI infrastructure, international connectivity and data center service in the US and also in Southeast Asia.

Charlie，非常感謝你的提問。我想你的問題是希望了解國際事業的展望，以及該區塊的長期指引與能見度。隨著全球 AI 發展趨勢，我們持續看到國際客戶的興趣增加，特別是在 AI 基礎建設、國際連接，以及美國與東南亞的資料中心服務。

While our primary market remains Taiwan, we believe that this AI expansion across the Taiwan, US and Southeast Asia is continued in -- aligned with the AI development growth. Is there -- do you need any -- I mean, is there anything that you want me to add on for this issue?

雖然我們的主要市場仍在台灣，但我們相信這波 AI 在台灣、美國與東南亞的擴張將會持續——並與 AI 發展成長趨勢一致。還有——你是否需要我就這個議題再補充其他內容？

Yes. Maybe more color on the project type. Are they mostly AI data center build-out or any kind of more color is really appreciated.

是的。也許可以多談一些專案類型的細節。它們大多是 AI 資料中心建置嗎？或是任何更多的說明都非常感謝。

Okay. Charlie, maybe I can give you some information. As the projects we acquired, we see in the United States market, actually, we -- so far, we see just like Audrey said, we see a lot of opportunities related with the AI supply chain, right? Actually, for the opportunities, actually, I think in this year or next 2 to 3 years, the opportunities is like several billion NT dollars.

好的。Charlie，也許我可以提供一些資訊。就我們取得的專案來看，在美國市場，實際上我們——截至目前，如同 Audrey 所說，我們看到許多與 AI 供應鏈相關的機會，對吧？其實就這些機會而言，我認為在今年或未來 2 到 3 年，機會規模大約是數十億新台幣。

Ranjan Sharma, JPMorgan Singapore.

Ranjan Sharma，摩根大通新加坡。

I have three questions. Firstly, on the AIDC, what is the required investment to build out the 36 megawatts of the data center capacity? And what is your projected IRR? The second question is on IOWN. You talk about expanding investments. Can you help us understand what you're doing here? What is the required investment? And what is the impact that you see on your financial outlook going forward?

我有三個問題。第一個，關於 AIDC，建置 36 兆瓦資料中心容量所需的投資金額是多少？以及你們預估的 IRR 是多少？第二個問題是關於 IOWN。你們提到要擴大投資。可以協助我們了解你們在這裡做了什麼嗎？所需投資是多少？以及你們認為對未來財務展望的影響是什麼？

The last question is, if you can remind us on the enterprise ICT side, there seems to be a lot of volatility in the revenues from one quarter to another quarter. If you can help us understand the drivers of that?

最後一個問題是，想請你們再提醒一下企業 ICT 這一塊，從一季到下一季的營收似乎波動很大。可否協助我們了解其背後的驅動因素？

Ranjan. Thank you very much for the issue about the AIDC. For the question about AIDC that as we mentioned earlier that our Lunping AIDC and Taichung AIDC are under construction to provide AIDC service for our confirmed customers. While you are interested in this IRR, we don't usually disclose the expected IRR for individual projects.

Ranjan。非常感謝你提出關於 AIDC 的問題。關於 AIDC 的問題，如我們先前提到的，我們的崙坪 AIDC 與台中 AIDC 正在興建中，以為已確認的客戶提供 AIDC 服務。至於你關心的 IRR，我們通常不會揭露單一專案的預期 IRR。

However, just to give you some idea that regarding the Taiwan's IDC market, we would like to highlight our leading position. On a group basis, combining the capacity of Chunghwa Telecom subsidiary, Chief Telecom, our IDC market share in Taiwan reached 78% as of the second quarter, maintaining our position as a market leader.

不過，為了讓你有一些概念，關於台灣 IDC 市場，我們想強調我們的領先地位。以集團口徑來看，合併中華電信子公司中華資安（Chief Telecom）的容量後，我們在台灣的 IDC 市占率截至第二季達到 78%，持續維持市場領導者地位。

I think this information may give you some idea about our value of the IDC in Taiwan. Also another point is that while we don't disclose the detailed IRR for individual projects, each investment is subject to our very disciplined capital allocation framework and investment evaluation. We only proceed with projects that meet our financial and strategic return requirement and can help create long-term shareholder value, then we will consult the project. I hope this is helpful for your question about the first question.

我想這些資訊可以讓你對我們在台灣 IDC 的價值有一些概念。另外一點是，雖然我們不揭露單一專案的詳細 IRR，但每一項投資都會依循我們非常嚴謹的資本配置架構與投資評估。我們只會推進符合我們財務與策略報酬要求、並能創造長期股東價值的專案，然後我們才會核定該專案。希望這能對你第一個問題有所幫助。

Yes. Can you help with like the amount of investment required to build out 36 megawatts of capacity?

是的。你能否協助說明一下，建置 36 兆瓦容量大概需要多少投資金額？

Okay. Ranjan, are you asking the total capacity of IDC and AIDC right?

好的。Ranjan，你是問 IDC 與 AIDC 的總容量，對嗎？

Yes, the amount of investment required to build that capacity.

是的，建置該容量所需的投資金額。

Investment required for what?

你是問哪一部分所需的投資？

To build the capacity, how much capital do you need to deploy to build the capacity?

要建置這個容量，你們需要投入多少資本來建置該容量？

Well, actually, for the Lunping AIDC, we say that when it's build out -- we completed the build-out, then the maximum it could provide is the 36 megawatts. But the AIDC is building by phases. Our investments injected is by phases, yes. But we don't disclose the total capital we invest for the Lunping AIDC, yes.

嗯，實際上，對於崙坪 AIDC，我們是說在完成建置後——也就是完成擴建後——其最大可提供 36 兆瓦。但 AIDC 是分期建置的。我們的投資投入也是分期進行，是的。但我們不會揭露崙坪 AIDC 的總投資資本額，是的。

In terms of your last question is about the ICT volatility, the ICT revenue, right? Actually, we foresee that for this year, the ICT revenue, the volatility is the pattern is similar to the previous year. We are quite confident to beat our ICT revenue target for this year, yes.

至於你最後一個問題是關於 ICT 的波動，也就是 ICT 營收，對嗎？其實，我們預期今年 ICT 營收的波動型態會與去年類似。我們相當有信心今年能超越我們的 ICT 營收目標，是的。

Okay. The last question on IOWN.

好的。最後一個問題關於 IOWN。

Sorry, could you repeat the question about IOWN?

抱歉，你可以再重複一次關於 IOWN 的問題嗎？

Yes. Can you help us understand the investments that you're making in IOWN? How much capital that you're deploying there? And how does that impact your business outlook going forward?

可以。你能否協助我們了解你們在 IOWN 上所做的投資？你們在那裡投入了多少資本？以及這對你們未來的業務展望有何影響？

If you are asking about the IOWN AI fund, right? Is there a question you want to ask?

如果你問的是 IOWN AI 基金，對嗎？你想問的是哪個問題？

Yes. And also like how -- what is the revenue opportunity from IOWN?

是的。另外，IOWN 的營收機會大概是什麼？

Actually, we see that IOWN ecosystem is quite important in the AI era because in our plan, we want to connect our AIDC, the distributed AIDC at home and abroad through the IOWN network -- connected by IOWN network. But this is still in the early stage that we invest in building up this kind of network. In terms of revenue, I think it still takes time to gain the real revenue from IOWN network, yes.

其實，我們認為在 AI 時代，IOWN 生態系相當重要，因為依照我們的規劃，我們希望透過 IOWN 網路，把我們國內外的 AIDC、分散式 AIDC 連接起來——由 IOWN 網路來連結。但目前仍處於早期階段，我們正在投資建置這類網路。就營收而言，我認為要從 IOWN 網路取得實質營收仍需要一些時間，是的。

To add on some -- I think nowadays in the semiconductor, the All-Photonics issue is becoming a key driver for the next generation of the data center. I think IOWN is quite important for the next-generation data center. We believe that this kind of -- at this moment, this can help us to build our competitive advantage given that, as I just mentioned that AIDC, we are the major player.

補充一下——我想目前在半導體領域，全光子（All-Photonics）議題正成為下一代資料中心的關鍵驅動因素。我認為 IOWN 對下一代資料中心相當重要。我們相信，在目前這個時間點，這能幫助我們建立競爭優勢，因為如我剛才提到的，AIDC 方面我們是主要的參與者。

We take almost reaching 80% of the market share in Taiwan, and we believe that -- and given that so many customers in Taiwan have the position across the Asia Pacific. We view IOWN as both the technology and business initiative. While this ecosystem development takes time, we believe it provides an important foundation for future AI-related service and next-generation network capabilities.

我們在台灣的市占率接近 80%，而且我們相信——再加上台灣有許多客戶在亞太地區都有布局。我們將 IOWN 視為一項兼具技術與商業的倡議。雖然這個生態系的發展需要時間，但我們相信它為未來 AI 相關服務與下一代網路能力奠定了重要基礎。

(Operator Instructions) If there are no further questions, I will turn it back over to President Lin. Thank you.

(接線員指示) 若沒有其他問題，我將把會議交回林總經理。謝謝。

Okay. Thank you very much for your participation. See you. Bye-bye.

好的。非常感謝各位的參與。再會。掰掰。

Thank you, President Lin. Ladies and gentlemen, we thank you for your participation in Chunghwa Telecom's Conference. There will be a webcast replay within an hour. Please visit www.cht.com.tw/ir under the IR Calendar section. You may now disconnect. Thank you again. Goodbye.

謝謝林總經理。各位女士先生，感謝各位參與中華電信的法說會。一小時內將提供網路重播。請至 www.cht.com.tw/ir 的 IR Calendar（投資人行事曆）區。您現在可以掛線。再次感謝。再見。