亞洲航空股份有限公司

Air Asia Co., Ltd

AIR ASIA Company Limited

2026 Annual General Shareholders’ Meeting

Date & Time : June 17, 2026 (Wednesday) at 10 am

Place : No.1050, Jichang Rd., Rende Dist., Tainan City
(Same Company Building 2nd Floor)

Convening Method : Entity Shareholders’ Meeting

Present : The total outstanding eligible number of shares is 209,438,204 shares. Of those shares, 63.32% or 132,635,734 shares were represented at the meeting either in person or by a representative for the respective shareholders or electronically. The Annual General Shareholders’ Meeting was attended by 8 Directors including Chairman Lee, Woei-Shyan, Independent Director Lin, Chang-Ching (Audit Committee Convener), Director Li, Han-Ming, Director Lu, I-Hsuan, Director Sun, Hsing-Kuang, Director Li, Yu-Ying, Independent Director Wang, Shih-Kun and Independent Director Chang, Ke-Hao. It has exceeded half of the 11 Directors.

In Attendance : Chief Financial Officer : Kuo, Ssu-Tsen
Accountant of KPMG : Su, Yen-Ta

Chairman : Lee, Woei-Shyan, Chairman of the Board of Director

Recorder : Liu, Shu-Chun

Meeting Commenced : Chairman of the Meeting announced that the shareholding of shareholders present has met the regulatory requirement so that the Meeting begins.

Chairman’s Statement : (Omitted)

亞洲航空股份有限公司
Air Asia Co., Ltd

ONE. Report Items

Business Report of 2025
Shareholders were acknowledged.
Audit Committee Audit Report of 2025
Shareholders were acknowledged.
Report on the distribution of employee compensation and the allocation of remuneration to non-executive employees for 2025
Shareholders were acknowledged.
To report the distribution of 2025 earnings
Shareholders were acknowledged.
Directors' Remuneration Report of 2025
Shareholders were acknowledged.
Amendments to the “Sustainable Development Best Practice Principles” report
Shareholders were acknowledged.

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亞洲航空股份有限公司

Air Asia Co., Ltd

TWO. Matters for Ratification

Matter 1: Proposal and ratify the Business Report and Financial Statements of 2025.

(Proposed by the Board of Directors)

Explanation:

(1) Financial Statements and Consolidated Financial Statements of 2025 have been audited by Yen-Ta Su and Yung-Hsiang Chen of KPMG. A collate with Business Report of 2025 have been submitted to be audited by the Audit Committee, and the auditing has been completed.

(2) Business Report, Independent Auditors’ Report and the aforementioned Financial Statements of 2025, is attached as hereto as Annex 1 and Annex 3.

Resolution:

Approval votes: 125,564,163; Disapproval votes: 54,446; Abstention votes/No votes: 7,017,125; The number of votes in favor accounted for 94.66% of the 132,635,734 voting rights of shareholders, and the case was passed as proposed.

Matter 2: Proposal and ratify for the distribution of 2025 earnings.

(Proposed by the Board of Directors)

Explanation:

Table of “Distribution of 2025 earnings” as adopted by resolution in the 12th meeting of the Company’s 10th Board meeting and reviewed by the Company’s Audit Committee, is attached as hereto as Annex 6.

Resolution:

Approval votes: 125,581,963; Disapproval votes: 66,645; Abstention votes/No votes: 6,987,126; The number of votes in favor accounted for 94.68% of the 132,635,734 voting rights of shareholders, and the case was passed as proposed.

THREE. Discussion Items

Matter 1: Amendment to the "Articles of Incorporation" of the Company.

(1) In response to potential needs of future business operations, it is proposed to add the following scopes of services to the Company's Articles of Incorporation in this amendment: "CC01100 Controlled Telecommunications Radio-Frequency Devices and Materials Manufacturing", "E701030 Controlled Telecommunications Radio-Frequency Devices Installation Engineering" and "F401010 International Trade", it is proposed to amend Article 2 regarding the scope of business.

(2) Comparison table for the "Articles of Incorporation" before and after revision, is attached as hereto as Annex 7.

Approval votes: 125,563,031; Disapproval votes: 61,652; Abstention votes/No votes: 7,011,051; The number of votes in favor accounted for 94.66% of the 132,635,734 voting rights of shareholders, and the case was passed as proposed.

Matter 2: Amendment to the Rules of Procedures for Shareholders' Meeting.

(1) To comply with the revisions made by the Taiwan Stock Exchange to the "Rules of Procedures for Shareholders' Meeting", it is proposed to amend Paragraph 4 of Article 3 and add Paragraphs 8 through 11 to Article 13.

(2) Comparison table for the "Rules of Procedures for Shareholders' Meeting" before and after revision, is attached as hereto as Annex 8.

Approval votes: 125,562,996; Disapproval votes: 61,696; Abstention votes/No votes: 7,011,042; The number of votes in favor accounted for 94.66% of the 132,635,734 voting rights of shareholders, and the case was passed as proposed.

FOUR. Extempore motion

None

FIVE. Meeting Adjourned

The meeting ends at 10:29 am.

SIX. Summary Record

No questions or inquiries were raised by shareholders during the entire meeting.

Annexes

Annex 1.

Business Report of 2025

(1) Business Implement Outcome

The Company's operating revenue for FY2025 was NT$5,454,110 thousand, with a net profit after tax of NT$209,725 thousand and earnings per share (EPS) of NT$1.00.

(2) Budget Implementation

Operating revenue for FY2025 was NT$5,454,110 thousand, an increase of NT$433,484 thousand compared to the budgeted NT$5,020,626 thousand. Net profit after tax was NT$209,725 thousand, an increase of NT$85,075 thousand over the budget of NT$124,650 thousand. The fact that both revenue and net profit exceeded the budget was primarily attributed to the smooth replenishment of maintenance materials for military aircraft parts and the improvement of contract terms for full-aircraft maintenance services.

(3) Analysis of Financial Results and Profitability

Operating revenue for FY2025 was NT$5,454,110 thousand, representing an increase of NT$254,054 thousand compared to NT$5,200,056 thousand in FY2024. Net profit after tax for FY2025 reached NT$209,725 thousand, an increase of NT$69,116 thousand from NT$140,609 thousand in FY2024. The growth in profitability was primarily driven by the increased demand for full-aircraft maintenance.

(4) Research and Development Status

The Company's R&D expenses for FY2025 amounted to NT$26,164 thousand. Key research and development efforts are focused on unmanned aerial vehicles (UAVs) and fiber optic gyroscopes.

Summary of 2026 Operating Plans

(1) Management Policies and Major Production-and-Sales Plans

A. Commercial Aircraft Maintenance

The Commercial Aircraft Business Unit serves as a professional maintenance facility specializing in single-aisle narrow-body and regional aircraft, including the Boeing B737, Airbus A320 series, DHC-8-Q400, and ATR 42/72. Under the strategies of "Retaining Existing Customers" and "Developing New Customer Bases," the division has established short-, medium-, and long-term plans to expand capabilities, aiming to secure new clients and fleet maintenance contracts.

In recent years, the Company has leveraged its professional independence, competitive turnaround times, customized services, and superior management to effectively implement various business development initiatives.

In 2025, the Company served a total of 17 customers with 54 aircraft inducted for maintenance. For 2026, while maintaining our existing client base, we will designate

the Australian market as a key development priority. By deepening these collaborative relationships, we aim to generate stable revenue streams and enhance overall profitability.

Line Maintenance services are provided at major domestic airports, including Songshan, Taoyuan, Taichung, Tainan, and Kaohsiung, to meet customers' real-time maintenance requirements on the line. Benefiting from its geographical advantage and the synergy of economic and tourism effects, Taiwan has become a critical aviation hub in the Asia-Pacific region. Airlines have significantly increased flight frequencies; the average monthly flights in 2025 exceeded 3,000 movements. The Tigerair Taiwan routes from Tainan to Kumamoto and Okinawa, launched in December 2025. Looking ahead to 2026, we remain committed to acquiring new clients and securing additional service routes to sustain business growth. Furthermore, the commercial maintenance contract for the National Airborne Service Corps King Air 200 (NA-301) was officially launched in July 2025. This project will secure future revenue and profit, ensuring stable growth for the Commercial Aircraft Business Unit.

B. Government and Military Aircraft Maintenance

The Company rigorously executes maintenance services for various aircraft and components under the "Air Force Second Logistics Command Military Factory Delegating Private Operation Project" and the "Air Force Songshan Base Command Rehabilitation and Supply Team Delegating Private Operation Project" Adhering to the principle of "Flight Safety First," we aim to complete all military-commissioned tasks on time and with high quality, ensuring the achievement of annual scheduled maintenance targets. These efforts are dedicated to meeting customer demands, addressing urgent shortages for military units, and supporting various combat, exercise, and training missions.

In 2026, the Company will continue to collaborate with the Air Force on the "C-130 Rainbow Fitting Replacement Project" for the center wing section. Furthermore, the Company will fully leverage the military assets transferred under the Second Logistics Command's GOCO project to conduct third-party operations. This strategy aims to increase overall revenue and optimize the operational efficiency of the GOCO project.

The outsourced operation contract for the "Air Force Songshan Base Command Rehabilitation and Supply Team Delegating Private Operation Project" is set to expire in 2026. The renewal application was submitted in July 2024 and reviewed by the Air Force. Following a Renewal Evaluation Committee meeting on December 4, 2025, the proposal was submitted to the Ministry of National Defense (MND) for processing. Upon completion of the MND procedures in 2026, a subsequent contract expansion will be implemented for the period of 2027 to 2028.

The Company secured the "Albatross II Production and Assembly Project" at the end of 2023. The delivery of the first aircraft was completed in August 2024, followed by the final acceptance and closing of the entire project in September 2025. In 2026, in addition to pursuing business opportunities under the Ministry of National Defense's (MND) mass production plans, the Company will also incorporate its current performance and results into the business proposal for the "MND Armaments Bureau Littoral Surveillance and Reconnaissance UAV" project. This aims to facilitate a

亞洲航空股份有限公司
Air Asia Co., Ltd

favorable evaluation and secure the contract, further expanding the Company's UAV business.

In compliance with the "National Defense Industry Development Act" and its relevant regulations, defense contractors must obtain qualification and grade certifications, which impact their eligibility and scoring in future Ministry of National Defense (MND) procurement projects. In December 2023, the Company was awarded the "Controlled Defense Products Contractor Grade Certification" by the MND for three aircraft types: C-130, E-2K, and P-3C. The Company will continue to undergo security clearances and renewal applications in accordance with regulations to ensure its eligibility and competitive advantage for future defense projects, thereby maximizing the Company's benefits.

C. Helicopter Maintenance

The Company serves as an Authorized Service Center for Bell Flight and Breeze-Eastern. Furthermore, we have signed a Technical Support Agreement with Sikorsky, ensuring the seamless execution of various projects and programs.

In accordance with the Strategic Commercial Maintenance contracts signed with the Army, the Company performs maintenance services for airframes, engines, and components of the OH-58D, CH-47SD, and TH-67 helicopter models. These efforts aim to support the fleet availability of various Army aircraft, meeting the demands of combat, exercises, and training missions.

Leveraging our professional helicopter maintenance expertise and advanced facilities, we also persist in executing Depot-Level planned IRAN (Inspect and Repair as Necessary) maintenance for 500MD helicopters under the GOCO project. Starting in 2026, the Company will implement the Radar Altimeter Transceiver Modification Project for the Navy's 500MD helicopters to effectively resolve fleet availability issues.

The Company rigorously executes the contract for the outsourced management and maintenance of the National Airborne Service Corps UH-60M Black Hawk fleet for 2026–2027. Adhering to the principles of "Flight Safety First, Quality Priority, and Maintenance of Operational Readiness," we aim to satisfy customer mission requirements. Furthermore, the Company will actively pursue tenders for component maintenance and material procurement to further enhance revenue growth.

The Company continues to execute maintenance projects for rescue hoists and cargo winches from Breeze-Eastern for the National Airborne Service Corps, the Army, Air Force, Navy, and Korea Aerospace Industries. Furthermore, the Company is expanding into the Malaysian market by developing Performance-Based Logistics (PBL) management and MRO services for rescue hoists and cargo winches, thereby increasing the overall scale of its hoist maintenance business.

(2) Expected Sales Volume and Its Basis

Due to the nature of our business, which includes Full-Fleet Operations & Maintenance, aviation material trading, outsourced component maintenance, and in-house component repairs, there is significant variation in product types. Furthermore, measurement units and pricing models differ across these categories. For fleet-related operations, the operational readiness rate (or availability rate) is utilized as the primary performance indicator. Consequently, traditional production capacity and output volume cannot be

quantified for these activities.

3. Future Business development strategy

(1) Commercial aircraft maintenance business

The global airline fleet continues to expand. However, due to raw material constraints and production capacity limitations faced by Original Equipment Manufacturers, the delivery schedules for new aircraft have failed to meet market demand. Consequently, airlines are extending the service life of aging aircraft or delaying lease returns to meet operational needs. This has led to a surge in maintenance demand, resulting in a supply-demand imbalance within the MRO industry. The Company has built a strong reputation for professional maintenance in the Asia-Pacific market, holding certifications from the US FAA, EU EASA, and Australian CASA. The short-, medium-, and long-term market plans are outlined below:

A. Short-term goals:

Given the Company's solid customer base in the Northeast Asian market, we will continue to strengthen the scale of aircraft inducted under existing Master Services Agreements, thereby increasing the utilization rate of existing capacity and enhancing operational efficiency. Concurrently, the Australian market has been designated as a key development region. By deepening customer cooperation, we can create stable revenue streams and improve overall profitability for the Company.

B. Medium-Term Objectives:

The Company will focus on MRO services for the 737 MAX fleet. In alignment with market demand and capacity planning, the Company aims to progressively enhance its maintenance capabilities and increase the number of clients. This strategy is designed to expand the scope of aircraft model maintenance and strengthen market competitiveness.

C. Long-Term Objectives:

In response to business growth and market demand, we plan to add a fourth maintenance line to expand our overall maintenance capacity. Simultaneously, the Company will actively develop the Southeast Asian market by pursuing new clients in Thailand, India, and the Philippines. A further strategy involves expanding our presence in the lease return maintenance business, aiming to establish a diversified revenue structure with long-term stability.

(2) Government and military aircraft maintenance business

The Taichung Accessory Plant's plating facility features 39 electroplating tanks capable of chrome plating, cadmium plating, and anodizing. It currently handles electroplating for components such as landing gear, propellers, and hydraulic systems for various military aircraft. To maximize the use of transferred equipment and manpower and to pursue third-party operations, the facility has obtained ISO 9001 and AS9110 certifications and joined the "Taichung Youth Shalu Shengang Industry Association (TYSIA)." Through marketing and promotion, the facility aims to secure electroplating subcontracting orders, with the goal of becoming a premier electroplating center for hardware fasteners in Taiwan. Meanwhile, the Pingtung Aircraft Maintenance Plant aims to fully utilize the Da-Sheng Camp under the GOCO model for third-party operations. This includes revitalizing airport usage and planning the expansion of Business Jet FBO (Fixed-Base Operator)

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services as well as commercial aircraft paint stripping, repainting, and MRO services. These efforts will increase maintenance capacity and establish a "barrier to entry" for the Second Logistics Command GOCO Project, securing a highly favorable position for future contract renewals.

The Company has been awarded a total of 71 Industrial Cooperation Program (ICP) capability certificates for F-16 and P-3C aircraft and has undertaken maintenance tasks commissioned by the Air Force. Moving forward, the Company will continue to invest in the development of ICP capabilities to strengthen national defense autonomy.

The Company has established capabilities for UAV assembly and maintenance. Through commercial licensing and technology transfer for the manufacturing of medium-sized UAV composite airframes, the Company continues to enhance its UAV maintenance and manufacturing capacities. These efforts aim to secure upcoming contracts for UAV assembly and commercial maintenance (MRO) projects for unmanned vehicle systems.

(3) Helicopter Business Unit maintenance business

The Company continues to develop the avionics performance upgrade for the TH-67 helicopter and the structural life extension for the Navy's S-70C helicopter. In the international market, we will perform maintenance for Breeze-Eastern rescue hoists and cargo winches from South Korea, while pursuing Performance-Based Logistics (PBL) and MRO contracts for the same components in Malaysia. These efforts are part of a comprehensive strategy to promote helicopter MRO business across Asia and generate operational synergy.

(4) Impact of External Competition, Legal Environment, and Overall Operating Environment

In recent years, the aviation maintenance industry has faced challenges such as the loss of technical personnel and the retirement of senior engineers. To address this, the Company continues to invest in professional maintenance training and provides guidance to encourage employees to obtain certifications. In addition to industry-academia collaborations with colleges and universities, the Company's Maintenance Training Organization (MTO), approved by the CAA, conducts internal aircraft maintenance training programs. Based on operational and manpower requirements, these programs provide essential training and certification exams to optimize training quality, cultivate talent reserves, and build long-term maintenance capacity.

Due to the impact of Diminishing Manufacturing Sources and Material Shortages (DMSMS) for aging aircraft models and geopolitical factors, the industry has faced extended lead times for raw materials and difficulties in procuring maintenance parts. In response, the Company actively collaborates with domestic Taiwanese suppliers through joint development and prototype testing to help customers secure high-quality maintenance sources, thereby ensuring stable revenue growth.

The provision of maintenance services for both military and commercial aircraft is strictly regulated by international aviation authorities. The Company currently holds numerous OEM authorizations and certifications for aircraft and component maintenance. Looking ahead, in addition to expanding our presence in the domestic and international commercial maintenance markets, we will continue to consolidate our core businesses under the government's consistent outsourcing policy, striving for steady and sustainable growth.

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Director :

General Manager :

Accounting manager :

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Annex 2.

Audit Committee Audit Report

The Business Report, Financial statements and Proposal for profit distribution of 2025 prepared by the Board of Directors have been audited and certified by Yen-Ta Su, Yung-Hsiang Chen of KPMG. After reviewing such documents, this Audit Committee found no nonconformity, in accordance with Article 14-4 of the Securities and Exchange Act and Article 219 of the Company Act.

Air Asia Company Limited 2026 Annual General Meeting of Shareholders

Audit Committee Convener:

March

2026

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亞洲航空股份有限公司
Air Asia Co., Ltd
Annex 3.

AIR ASIA CO., LTD.
Parent Company Only Financial Statements
With Independent Auditors’ Report
For the Years Ended December 31, 2025 and 2024

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

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Independent Auditors' Report Translated from Chinese

To the Board of Directors of AIR ASIA CO., LTD.:

Opinion

We have audited the financial statements of AIR ASIA CO., LTD.("the Company"), which comprise the balance sheet as of December 31, 2025 and 2024, the statement of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the financial statements, including a summary of material accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with The Norm of Professional Ethics for Certified Public Accountants of the Republic of China, 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 of 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 financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

1. Revenue recognition

Please refer to Note 4(n) "Revenue recognition", Note 5(a) "Significant accounting assumptions and judgments, and major sources of estimation uncertainty", and Note 6(r) "Revenue from contracts with customers" to the financial statements.

Description of key audit matter:

Parts of the Company's aircraft maintenance service and aircraft business maintenance management contracts recognize revenue when a performance obligation was satisfied over time. This method calculates the percentage of completion based on the goods and services transferred to the customer. As measuring the progress towards complete satisfaction of the performance

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obligation involves management's material judgement, we determined that the assessment of revenue recognition was one of the key areas our audit focused on.

How the matter was addressed in our audit procedures:

Assessing and testing the effectiveness of the internal control design and execution regarding revenue recognition.
Selecting material contracts as samples, inspecting revenue recognition terms and conditions of contracts, testing the material requisition record and employee time record to verify the correctness of actual input and verifying the correctness of the amount of revenue recognized.
Sampling and performing a retrospective review to comparatively analyze the historical accuracy of judgments with reference to actual revenue in order to assess the rationality of the judgement and assumptions of the current period.
Assessing whether the disclosure of revenue recognition was appropriate.
Valuation for slow-moving inventories

Please refer to Note 4(g) "Inventories", Note 5(b) "Significant accounting assumptions and judgments, and major sources of estimation uncertainty", and Note 6(e) "Inventories" to the financial statements.

Description of key audit matter:

The maintenance materials prepared by the Company to meet customer needs may lose their original benefits due to the obsolescence of aircraft models, causing inventories to became obsolete, resulting in a risk wherein the carrying value of inventories may exceed its net realizable value. Therefore, we determined that the valuation of slow-moving inventories was one of the key areas our audit focused on.

How the matter was addressed in our audit procedures:

Understanding the obsolete inventories valuation policy used by management and comparing the actual status of obsolete inventories in the past to assess the accuracy of past management estimates.
Acquiring inventories aging report, as well as sampling and verifying against inventories change documents to test the accuracy of inventories aging calculation.
Recalculating the provision for inventory and obsolescence based on the slow-moving inventories provision ratio applicable to the inventories age range.
Assessing whether the disclosure of provision for inventory and obsolescence was appropriate.

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Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance (including the Audit Committee) are responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 expressing an opinion on the effectiveness of the Company'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 the Company's ability to continue as a going

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concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient and appropriate audit evidence regarding the financial information of the investment in other entities accounted for using the equity method to express an opinion on this financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors' report are Su, Yen-Ta and Chen, Yung-Hsiang.

KPMG

Taipei, Taiwan (Republic of China)

March 4, 2026

Notes to Readers

The accompanying parent company only financial statements are intended only to present the financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such parent company only financial statements are those generally accepted and applied in the Republic of China.

The independent auditors' audit report and the accompanying parent company only financial statements are the English translation of the Chinese version prepared and used in the Republic of China. If there is any conflict between, or any difference in the interpretation of the English and Chinese language independent auditors' audit report and parent company only financial statements, the Chinese version shall prevail.

亞洲航空股份有限公司
Air Asia Co., Ltd
(English Translation of Parent Company Only Financial Statements Originally Issued in Chinese)
AIR ASIA CO., LTD.
Balance Sheets
December 31, 2025 and 2024
(Expressed in Thousands of New Taiwan Dollars)

Assets	December 31, 2025		December 31, 2024
		Amount	%	Amount	%
Current assets:
1100	Cash and cash equivalents(note (8)(a))	$ 223,646	4	152,289	3
1139	Financial assets for hedging—current(note (8)(b))	2,534	-	2,630	-
1140	Contract assets—current(note (8)(c))	1,312,926	23	1,364,969	24
1170	Trade receivables, net(notes (8)(c), (c)and (7))	1,674,494	29	1,411,862	24
1200	Other receivables(note (8)(d))	64,622	1	2,604	-
130X	Inventories(notes (8)(b)and (e))	1,024,513	18	1,348,862	23
1410	Prepayments(note (8)(f))	114,529	2	125,978	2
1478	Refundable deposits—current(note (8))	91,488	2	88,381	2
1479	Other current assets	2,851	-	5,585	-
	Total current assets	4,511,603	79	4,503,160	78
Non-current assets:
1550	Investments accounted for using equity method	3,023	-	3,261	-
1600	Property, plant and equipment(notes (8)(g)and (8))	864,313	15	822,121	14
1755	Right-of-use assets(note (8)(h))	195,318	4	222,646	4
1780	Intangible assets(note (8)(i))	10,306	-	6,617	-
1840	Deferred tax assets(note (8)(e))	57,724	1	53,863	1
1955	Incremental costs of obtaining contracts—non-current(note (8)(r))	8,285	-	11,943	-
1990	Other non-current assets(notes (8)(g), (j)and (8))	66,240	1	143,246	3
	Total non-current assets	1,205,209	21	1,263,697	22
Total assets		$ 5,716,812	100	5,766,857	100
Liabilities and Equity		December 31, 2025		December 31, 2024
---	---	---	---	---	---
Current liabilities:		Amount	%	Amount	%
2100	Short-term loans(notes (8)(k)and (8))	$ 789,000	14	620,000	11
2126	Financial liabilities for hedging—current(note (8)(b))	186	-	-	-
2130	Contract liabilities—current(note (8)(c))	6,344	-	49,737	1
2170	Trade payables	386,024	7	480,087	8
2200	Other payables	334,665	6	303,074	5
2230	Current tax liabilities	36,066	1	37,530	1
2250	Provisions—current(note (8)(l))	45,847	1	36,831	1
2280	Lease liabilities—current(note (8)(m))	21,128	-	22,572	-
2320	Current portion of long-term loans(notes (8)(k)and (8))	127,867	2	184,000	3
2399	Other current liabilities	10,009	-	8,727	-
	Total current liabilities	1,757,136	31	1,742,558	30
Non-Current liabilities:
2540	Long-term loans(notes (8)(k)and (8))	236,133	4	364,000	7
2570	Deferred tax liabilities(note (8)(o))	2,466	-	2,551	-
2580	Lease liabilities—non-current(note (8)(m))	172,249	3	188,343	3
	Total non-current liabilities	410,848	7	554,894	10
	Total liabilities	2,167,984	38	2,297,452	40
Equity attributable to owners of the Company(notes (6)(b), (o)and (p)):
3110	Common stock	2,094,382	36	2,094,382	36
3200	Capital surplus	1,090,004	19	1,090,004	19
Retained earnings:
3310	Legal reserve	152,642	3	138,581	2
3320	Special reserve	-	-	3,420	-
3350	Unappropriated retained earnings	209,726	4	140,611	3
		362,368	7	282,612	5
3400	Other equity	2,074	-	2,407	-
	Total equity	3,548,828	62	3,469,405	60
Total liabilities and equity		$ 5,716,812	100	5,766,857	100

See accompanying notes to parent company only financial statements.

(English Translation of Parent Company Only Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD.

Statements of Comprehensive Income

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars, Except for Earnings Per Common Share)

	2025		2024
		Amount	%	Amount	%
4000	Operating revenue(notes (6)(r)and (7))	$ 5,454,110	100	5,200,056	100
5000	Operating costs(notes (6)(b), (e), (m), (n), (r), (s), (7)and (12))	4,889,585	90	4,737,697	91
5900	Gross profit	564,525	10	462,359	9
6000	Operating expenses(notes (6)(c), (d), (m), (n), (s), (7)and (12)):
6100	Selling expenses	74,686	1	69,608	1
6200	Administrative expenses	164,137	3	172,580	3
6300	Research and development expenses	26,164	-	22,661	-
6450	Expected credit losses (profit)	8,545	-	(4)	-
		273,532	4	264,845	4
6900	Operating profit	290,993	6	197,514	5
7000	Non-operating income and expenses(notes (6)(g), (m)and (t)):
7100	Interest income	3,082	-	6,632	-
7010	Other income	18,435	-	11,940	-
7020	Other gains and losses	(12,451)	-	957	-
7050	Interest expense	(38,175)	(1)	(37,006)	(1)
7070	Share of loss of associates accounted for using equity method	(103)	-	(115)	-
		(29,212)	(1)	(17,592)	(1)
7900	Profit before tax	261,781	5	179,922	4
7950	Less: Income tax expenses(note (6)(o))	52,056	1	39,313	1
	Net profit	209,725	4	140,609	3
8300	Other comprehensive income(notes (6)(b), (o)and (p)):
8310	Components of other comprehensive income that will not be reclassified to profit or loss
8317	Gains on hedging instruments	(11,383)	-	25,768	-
8349	Less: income tax related to components of other comprehensive income that will not be reclassified to profit or loss	(57)	-	1,414	-
		(11,326)	-	24,354	-
8360	Components of other comprehensive income that will be reclassified to profit or loss
8361	Exchange differences on translation of foreign financial statements	(135)	-	212	-
8399	Less: income tax related to components of other comprehensive income that will be reclassified to profit or loss	(27)	-	43	-
		(108)	-	169	-
8300	Other comprehensive income, net	(11,434)	-	24,523	-
8500	Total comprehensive income	$ 198,291	4	165,132	3
	Earnings per share (note (6)(q)) (in New Taiwan dollars)
9750	Basic earnings per share	$	1.00		0.67
9850	Diluted earnings per share	$	1.00		0.67

See accompanying notes to parent company only financial statements.

~18~

(English Translation of Parent Company Only Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD.

Statements of Changes in Equity

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

		Retained earnings				Other equity
	Common Stock	Capital surplus	Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Gains (losses) on hedging instruments	Total	Total equity
Balance at January 1, 2024	$ 2,094,382	1,153,005	132,869	-	57,135	134	(3,554)	(3,420)	3,433,971
Net profit	-	-	-	-	140,609	-	-	-	140,609
Other comprehensive income	-	-	-	-	-	169	24,354	24,523	24,523
Total comprehensive income	-	-	-	-	140,609	169	24,354	24,523	165,132
Appropriation and distribution of retained earnings:
Legal reserve	-	-	5,712	-	(5,712)	-	-	-	-
Special reserve	-	-	-	3,420	(3,420)	-	-	-	-
Cash dividends	-	-	-	-	(48,001)	-	-	-	(48,001)
Cash dividends distributed from capital surplus	-	(63,001)	-	-	-	-	-	-	(63,001)
Changes in fair value of hedging instrument reclassified to inventories	-	-	-	-	-	-	(18,696)	(18,696)	(18,696)
Balance at December 31, 2024	2,094,382	1,090,004	138,581	3,420	140,611	303	2,104	2,407	3,469,405
Net profit	-	-	-	-	209,725	-	-	-	209,725
Other comprehensive income	-	-	-	-	-	(108)	(11,326)	(11,434)	(11,434)
Total comprehensive income	-	-	-	-	209,725	(108)	(11,326)	(11,434)	198,291
Appropriation and distribution of retained earnings:
Legal reserve	-	-	14,061	-	(14,061)	-	-	-	-
Special reserve reserved	-	-	-	(3,420)	3,420	-	-	-	-
Cash dividends	-	-	-	-	(129,969)	-	-	-	(129,969)
Changes in fair value of hedging instrument reclassified to inventories	-	-	-	-	-	-	11,101	11,101	11,101
Balance at December 31, 2025	$ 2,094,382	1,090,004	152,642	-	209,726	195	1,879	2,074	3,548,828

(English Translation of Parent Company Only Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD.

Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

	2025	2024
Cash flows from (used in) operating activities:
Profit before tax	$ 261,781	179,922
Adjustments:
Adjustments to reconcile profit:
Depreciation expenses	107,649	100,368
Amortization expenses	6,599	15,260
Expected credit losses (profit)	8,545	(4)
Interest expenses	38,175	37,006
Interest income	(3,082)	(6,632)
Share of loss of subsidiaries accounted for using equity method	103	115
Loss (gain) from disposal of property, plant and equipment	(377)	81
Property, plant and equipment transferred to operating costs	57	-
Gains on lease modification	(3)	(9)
Unrealized foreign exchange losses	853	2,070
Total adjustments to reconcile profit	158,519	148,255
Changes in operating assets and liabilities:
Changes in operating assets:
Decrease (increase) in contract assets—current	52,043	(183,900)
Decrease (increase) in accounts receivable	(259,692)	33,650
Decrease (increase) in other receivables	213	(528)
Decrease (increase) in inventories	324,349	(297,062)
Decrease (increase) in prepayments	(61,607)	15,346
Decrease in other current assets	2,734	23,802
Decrease in incremental costs of obtaining contracts—non-current	3,658	1,485
Total changes in operating assets	61,698	(407,207)
Changes in operating liabilities:
Decrease in contract liabilities—current	(43,393)	(1,848)
Increase (decrease) in trade payables	(95,087)	156,064
Increase in other payables	27,146	46,509
Increase in provisions—current	9,016	7,180
Increase (decrease) in other current liabilities	1,282	(5,826)
Total changes in operating liabilities	(101,036)	202,079
Net changes in operating assets and liabilities	(39,338)	(205,128)
Total adjustments	119,181	(56,873)
Cash generated from operations	380,962	123,049
Interest received	2,647	6,522
Interest paid	(38,054)	(37,360)
Income tax paid	(57,382)	(454)
Net cash generated from operating activities	288,173	91,757
Cash flows from (used in) investing activities:
Decrease (increase) in refundable deposits	(3,107)	25,485
Acquisition of property, plant and equipment	(51,021)	(62,541)
Proceeds from disposal of property, plant and equipment	493	69
Acquisition of intangible assets	(10,288)	(7,368)
Decrease (increase) in other non-current assets	10,877	(47,907)
Net cash used in investing activities	(53,046)	(92,262)
Cash flows from (used in) financing activities:
Increase in short-term loans	1,768,687	1,461,368
Decrease in short-term loans	(1,599,687)	(1,571,368)
Increase in short-term notes payable	2,406,190	3,295,980
Decrease in short-term notes payable	(2,406,190)	(3,295,980)
Proceeds from long-term loans	100,000	377,000
Repayments of long-term loans	(284,000)	(234,750)
Payment of lease liabilities	(18,748)	(18,399)
Cash dividends	(129,969)	(111,002)
Net cash used in financing activities	(163,717)	(97,151)
Effects of exchange rate changes on balance of cash held in foreign currencies	(53)	(1,110)
Net increase (decrease) in cash and cash equivalents	71,357	(98,766)
Cash and cash equivalents at the beginning of year	152,289	251,055
Cash and cash equivalents at end of year	$ 223,646	152,289

AIR ASIA CO., LTD. AND SUBSIDIARIES
Consolidated Financial Statements
With Independent Auditors’ Report
For the Years Ended December 31, 2025 and 2024

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

~21~

亞洲航空股份有限公司
Air Asia Co., Ltd
Independent Auditors' Report Translated from Chinese

To the Board of Directors of AIR ASIA CO., LTD.:

Opinion

We have audited the consolidated financial statements of AIR ASIA CO., LTD. and its subsidiaries (“the Group”), which comprise the consolidated balance sheet as of December 31, 2025 and 2024, the consolidated statement of comprehensive income, changes in equity and cash flows for the years then ended, and notes to the consolidated financial statements, including a summary of material accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with the Regulations Governing the Preparation of Financial Reports by Securities Issuers and with the International Financial Reporting Standards (“IFRSs”), International Accounting Standards (“IASs”), Interpretations developed by the International Financial Reporting Interpretations Committee (“IFRIC”) or the former Standing Interpretations Committee (“SIC”) endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China.

Basis for Opinion

We conducted our audits in accordance with the Regulations Governing Financial Statement Audit and Attestation Engagements of Certified Public Accountants and Standards on Auditing of the Republic of China. 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 Group in accordance with The Norm of Professional Ethics for Certified Public Accountant of the Republic of China, 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 of 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 current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

1. Revenue recognition

Please refer to Note 4(n) “Revenue recognition”, Note 5(a) “Significant accounting assumptions and judgments, and major sources of estimation uncertainty”, and Note 6(r) “Revenue from contracts with customers” to the consolidated financial statements.

Parts of the Group’s aircraft maintenance service and aircraft business maintenance management contracts recognize revenue when a performance obligation was satisfied over time. This method calculates the percentage of completion based on the goods and services transferred to the customer. As measuring the progress towards complete satisfaction of the performance obligation involves management’s material judgement, we determined that the assessment of revenue recognition was one of the key areas our audit focused on.

Assessing and testing the effectiveness of the internal control design and execution regarding revenue recognition.
Selecting material contracts as samples, inspecting revenue recognition terms and conditions of contracts, testing the material requisition record and employee time record to verify the correctness of actual input and verifying the correctness of the amount of revenue recognized.
Sampling and performing a retrospective review to comparatively analyze the historical accuracy of judgments with reference to actual revenue in order to assess the rationality of the judgement and assumptions of the current period.
Assessing whether the disclosure of revenue recognition was appropriate.
Valuation for slow-moving inventories

Please refer to Note 4(h) “Inventories”, Note 5(b) “Significant accounting assumptions and judgments, and major sources of estimation uncertainty”, and Note 6(e) “Inventories” to the consolidated financial statements.

The maintenance materials prepared by the Group to meet customer needs may lose their original benefits due to the obsolescence of aircraft models, causing inventories to become obsolete, resulting in a risk wherein the carrying value of inventories may exceed its net realizable value. Therefore, we determined that the valuation of slow-moving inventories was one of the key areas our audit focused on.

Understanding the obsolete inventories valuation policy used by management and comparing the actual status of obsolete inventories in the past to assess the accuracy of past management estimates.
Acquiring inventories aging report, as well as sampling and verifying against inventories change documents to test the accuracy of inventories aging calculation.

~23~

Recalculating the provision for inventory and obsolescence based on the slow-moving inventories provision ratio applicable to the inventories age range.
Assessing whether the disclosure of provision for inventory and obsolescence was appropriate.

Other Matter

AIR ASIA CO., LTD. has prepared its parent-company-only financial statements as of and for the years ended December 31, 2025 and 2024, on which we have issued an unmodified opinion.

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 with the IFRSs, IASs, IFRC, SIC endorsed and issued into effect by the Financial Supervisory Commission of the Republic of China, and for such 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, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance (including the Audit Committee) are responsible for overseeing the Group's 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 that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Standards on Auditing of the Republic of China will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with the Standards on Auditing of the Republic of China, we exercise professional judgment and professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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 expressing an opinion 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 the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease 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 and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

~25~

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partners on the audit resulting in this independent auditors' report are Su, Yen-Ta and Chen, Yung-Hsiang.

KPMG

Taipei, Taiwan (Republic of China)
March 4, 2026

Notice to Readers

The accompanying consolidated financial statements are intended only to present the consolidated financial position, financial performance and cash flows in accordance with the accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such consolidated financial statements are those generally accepted and applied in the Republic of China.

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

~26~

亞洲航空股份有限公司
Air Asia Co., Ltd
(English Translation of Consolidated Financial Statements Originally Issued in Chinese)
AIR ASIA CO., LTD. AND SUBSIDIARIES
Consolidated Balance Sheets
December 31, 2025 and 2024
(Expressed in Thousands of New Taiwan Dollar)

Assets	December 31, 2025	December 31, 2024
Current assets:	Amount %	Amount %
1100 Cash and cash equivalents(note (8)(a))	$ 226,727 4	155,614 3
1139 Financial assets for hedging—current(note (8)(b))	2,534 -	2,630 -
1140 Contract assets—current(note (8)(c))	1,312,926 23	1,364,969 24
1170 Trade receivables, net(notes (8)(c), (c)and (7))	1,674,494 29	1,411,862 24
1200 Other receivables(note (8)(d))	64,622 1	2,604 -
130X Inventories(notes (8)(b)and (e))	1,024,513 18	1,348,862 23
1410 Prepayments(note (8)(f))	114,529 2	125,978 2
1478 Refundable deposits—current(note (8))	91,488 2	88,381 2
1479 Other current assets	2,851 -	5,585 -
Total current assets	4,514,684 79	4,506,485 78
Non-current assets:
1600 Property, plant and equipment(notes (8)(g)and (8))	864,313 15	822,121 14
1755 Right-of-use assets(note (8)(h))	195,318 4	222,646 4
1780 Intangible assets(note (8)(i))	10,306 -	6,617 -
1840 Deferred tax assets(note (8)(o))	57,724 1	53,863 1
1955 Incremental costs of obtaining contracts—non-current(note (8)(r))	8,285 -	11,943 -
1990 Other non-current assets(notes (8)(g), (j)and (8))	66,240 1	143,246 3
Total non-current assets	1,202,186 21	1,260,436 22
Total assets	$ 5,716,870 100	5,766,921 100
Liabilities and Equity	December 31, 2025	December 31, 2024
---	---	---
Current liabilities:	Amount %	Amount %
2100 Short-term loans(notes (8)(k)and (8))	$ 789,000 14	620,000 11
2126 Financial liabilities for hedging—current(note (8)(b))	186 -	- -
2130 Contract liabilities—current(note (8)(r))	6,344 -	49,737 1
2170 Trade payables	386,024 7	480,087 8
2200 Other payables	334,723 6	303,138 5
2230 Current tax liabilities	36,066 1	37,530 1
2250 Provisions—current(note (8)(l))	45,847 1	36,831 1
2280 Lease liabilities—current(note (8)(m))	21,128 -	22,572 -
2320 Current portion of long-term loans(notes (8)(k)and (8))	127,867 2	184,000 3
2399 Other current liabilities	10,009 -	8,727 -
Total current liabilities	1,757,194 31	1,742,622 30
Non-current liabilities:
2540 Long-term loans(notes (8)(k)and (8))	236,133 4	364,000 7
2570 Deferred tax liabilities(note (8)(o))	2,466 -	2,551 -
2580 Lease liabilities—non-current(note (8)(m))	172,249 3	188,343 3
Total non-current liabilities	410,848 7	554,894 10
Total liabilities	2,168,042 38	2,297,516 40
Equity attributable to owners of parent(notes (8)(b), (o)and (p)):
3110 Common stock	2,094,382 36	2,094,382 36
3200 Capital surplus	1,090,004 19	1,090,004 19
Retained earnings:
3310 Legal reserve	152,642 3	138,581 2
3320 Special reserve	- -	3,420 -
3350 Unappropriated retained earnings	209,726 4	140,611 3
3400 Other equity	362,368 7	282,612 5
Total equity	2,074 -	2,407 -
Total liabilities and equity	3,548,828 62	3,469,405 60
	$ 5,716,870 100	5,766,921 100

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Expressed in Thousands of New Taiwan Dollar, Except for Earnings Per Common Share)

	2025		2024
		Amount	%	Amount	%
4000	Operating revenue(notes (6)(r)and (7))	$ 5,454,110	100	5,200,056	100
5000	Operating costs(notes (6)(b), (e), (m), (n), (r), (s), (7)and (12))	4,889,585	90	4,737,697	91
5900	Gross profit	564,525	10	462,359	9
6000	Operating expenses(notes (6)(c), (d), (m), (n), (s), (7)and (12)):
6100	Selling expenses	74,686	1	69,608	1
6200	Administrative expenses	164,240	3	172,695	3
6300	Research and development expenses	26,164	-	22,661	-
6450	Expected credit losses (profit)	8,545	-	(4)	-
		273,635	4	264,960	4
6900	Operating profit	290,890	6	197,399	5
7000	Non-operating income and expenses(notes (6)(g), (m)and (t)):
7100	Interest income	3,082	-	6,632	-
7010	Other income	18,435	-	11,940	-
7020	Other gains and losses	(12,451)	-	957	-
7050	Interest expenses	(38,175)	(1)	(37,006)	(1)
		(29,109)	(1)	(17,477)	(1)
7900	Profit before tax	261,781	5	179,922	4
7950	Less: Income tax expenses(note (6)(o))	52,056	1	39,313	1
	Net profit	209,725	4	140,609	3
8300	Other comprehensive income(notes (6)(b), (o)and (p)):
8310	Components of other comprehensive income that will not be reclassified to profit or loss
8317	Gains (losses) on hedging instrument	(11,383)	-	25,768	-
8349	Less: income tax related to components of other comprehensive income that will not be reclassified to profit or loss	(57)	-	1,414	-
		(11,326)	-	24,354	-
8360	Components of other comprehensive income that will be reclassified to profit or loss
8361	Exchange differences on translation of foreign financial statements	(135)	-	212	-
8399	Less: income tax related to components of other comprehensive income that will be reclassified to profit or loss	(27)	-	43	-
		(108)	-	169	-
8300	Other comprehensive income, net	(11,434)	-	24,523	-
8500	Total comprehensive income	$ 198,291	4	165,132	3
	Profit, attributable to:
8610	Owners of parent	$ 209,725	4	140,609	3
	Comprehensive income attributable to:
8710	Owners of parent	$ 198,291	4	165,132	3
	Earnings per share (note (6)(q)) (in New Taiwan dollars)
9750	Basic earnings per share	$	1.00		0.67
9850	Diluted earnings per share	$	1.00		0.67

See accompanying notes to consolidated financial statements.

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

(Expressed in Thousands of New Taiwan Dollar)

Balance at January 1, 2024

Net profit

Other comprehensive income

Total comprehensive income

Appropriation and distribution of retained earnings:

Legal reserve

Special reserve

Cash dividends

Cash dividends distributed from capital surplus

Changes in fair value of hedging instrument reclassified to inventories

Balance at December 31, 2024

Net profit

Other comprehensive income

Total comprehensive income

Appropriation and distribution of retained earnings:

Legal reserve

Special reserve reserved

Cash dividends

Changes in fair value of hedging instrument reclassified to inventories

Balance at December 31, 2025

Equity attributable to owners of parent

Common Stock	Capital surplus	Retained earnings			Other equity
		Legal reserve	Special reserve	Unappropriated retained earnings	Exchange differences on translation of foreign financial statements	Gains (losses) on hedging instruments	Total
$ 2,094,382	1,153,005	132,869	-	57,135	134	(3,554)	(3,420)
-	-	-	-	140,609	-	-	-
-	-	-	-	-	169	24,354	24,523
-	-	-	-	140,609	169	24,354	24,523
-	-	5,712	-	(5,712)	-	-	-
-	-	-	3,420	(3,420)	-	-	-
-	-	-	-	(48,001)	-	-	(48,001)
-	(63,001)	-	-	-	-	-	(63,001)
-	-	-	-	-	-	(18,696)	(18,696)
2,094,382	1,090,004	138,581	3,420	140,611	303	2,104	2,407
-	-	-	-	209,725	-	-	-
-	-	-	-	-	(108)	(11,326)	(11,434)
-	-	-	-	209,725	(108)	(11,326)	(11,434)
-	-	14,061	-	(14,061)	-	-	-
-	-	-	(3,420)	3,420	-	-	-
-	-	-	-	(129,969)	-	-	(129,969)
-	-	-	-	-	-	11,101	11,101
$ 2,094,382	1,090,004	152,642	-	209,726	195	1,879	2,074

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

Consolidated Statements of Cash Flows

(Expressed in Thousands of New Taiwan Dollar)

	2025	2024
Cash flows from (used in) operating activities:
Profit before tax	$ 261,781	179,922
Adjustments:
Adjustments to reconcile profit:
Depreciation expenses	107,649	100,368
Amortization expenses	6,599	15,260
Expected credit losses (profit)	8,545	(4)
Interest expenses	38,175	37,006
Interest income	(3,082)	(6,632)
Losses (gains) on disposal of property, plant and equipment	(377)	81
Property, plant and equipment transferred to operating costs	57	-
Gains on lease modification	(3)	(9)
Unrealized foreign exchange losses	853	2,070
Total adjustments to reconcile profit	158,416	148,140
Changes in operating assets and liabilities:
Changes in operating assets:
Decrease (increase) in contract assets—current	52,043	(183,900)
Decrease (increase) in trade receivables, net	(259,692)	33,650
Decrease (increase) in other receivables	213	(528)
Decrease (increase) in inventories	324,349	(297,062)
Decrease (increase) in prepayments	(61,607)	15,346
Decrease in other current assets	2,734	23,802
Decrease in incremental costs of obtaining contracts—non-current	3,658	1,485
Total changes in operating assets	61,698	(407,207)
Changes in operating liabilities:
Decrease in contract liabilities—current	(43,393)	(1,848)
Increase (decrease) in trade payables	(95,087)	156,064
Decrease in other payables	27,140	46,527
Increase in provisions—current	9,016	7,180
Increase (decrease) in other current liabilities	1,282	(5,826)
Total changes in operating liabilities	(101,042)	202,097
Net changes in operating assets and liabilities	(39,344)	(205,110)
Total adjustments	119,072	(56,970)
Cash flows from operations	380,853	122,952
Interest received	2,647	6,522
Interest paid	(38,054)	(37,360)
Income tax paid	(57,382)	(454)
Net cash generated from operating activities	288,064	91,660
Cash flows from (used in) investing activities:
Decrease (increase) in refundable deposits	(3,107)	25,485
Acquisition of property, plant and equipment	(51,021)	(62,541)
Proceeds from disposal of property, plant and equipment	493	69
Acquisition of intangible assets	(10,288)	(7,368)
Decrease (increase) in other non-current assets	10,877	(47,907)
Net cash used in investing activities	(53,046)	(92,262)
Cash flows from (used in) financing activities:
Increase in short-term loans	1,768,687	1,461,368
Decrease in short-term loans	(1,599,687)	(1,571,368)
Increase in short-term notes payable	2,406,190	3,295,980
Decrease in short-term notes payable	(2,406,190)	(3,295,980)
Proceeds from long-term loans	100,000	377,000
Repayments of long-term loans	(284,000)	(234,750)
Payment of lease liabilities	(18,748)	(18,399)
Cash dividends	(129,969)	(111,002)
Net cash used in financing activities	(163,717)	(97,151)
Effects of exchange rate changes on balance of cash held in foreign currencies	(188)	(898)
Net increase (decrease) in cash and cash equivalents	71,113	(98,651)
Cash and cash equivalents at the beginning of year	155,614	254,265
Cash and cash equivalents at end of year	$ 226,727	155,614

Annex 4.

Directors' Remuneration Report of 2025

The remuneration of the Company's Directors and Independent Directors is governed by the Company's "Articles of Incorporation" and the Company's "Regulations Governing the Remuneration of Directors and Managers," which only pays regular transportation expenses with no extra directors or supervisors' bonus.

The remuneration of the Company's Chairman is governed by the Company's "Regulations Governing the Remuneration of Directors and Managers." In addition to regular salary, year-end bonus will be given based on financial performance indicators, talent cultivation status, quality and risk control performance result. If any special contribution is performed, it will be reviewed by Remuneration Committee and reported to Board of Directors for bonus.

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Remuneration Paid to Directors and Independent Directors

Unit: NT$ (K)

Title	Name	Remuneration of Directors (Note 5)								Total amount of A, B, C, and D the ratio taken by the four items in after-tax net profit (%)	Relevant remuneration for concurrently serves as employee								Total amount of A, B, C, and D the ratio taken by the four items in after-tax net profit (%)	Whether to receive the remuneration from the
		Wage(A)		Passion(B)		Director's bonus(C)		Business execution fee s(D)						Wage, award and special expenses, etc. (E)		Passion (F)		Employee's bonus(G) (Note 6)
		This Company	All companies in the financial report	This Company	All companies in the financial report	This Company	All companies in the financial report	This Company	All companies in the financial report	This Company		All companies in the financial report		This Company	All companies in the financial report	This Company	All companies in the financial report	This Company			All companies in the financial report		This Company		All companies in the financial report
										total amount	ratio	total amount	ratio					Cash amount	Share amount		Cash amount	Share amount	total amount	ratio	total amount	ratio
Chairman (Note 1)	Lee, Woes-Shyan	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	3,915	3,915	0	0	0	0	0	0	4,035	1.92%	4,035	1.92%	None
Director (Note 1)	Li, Han-Ming	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	0	0	0	0	0	0	0	0	120	0.06%	120	0.06%	None
Director (Note 1)	Chang, Pei-Jen	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	0	0	0	0	0	0	0	0	120	0.06%	120	0.06%	None
Director (Note 1)	Lu, I-Huuan	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	0	0	0	0	0	0	0	0	120	0.06%	120	0.06%	None
Director (Note 1)	Kuang, Chien-Wei (Note 3)	0	0	0	0	0	0	33	33	33	0.02%	33	0.02%	281	281	13	13	0	0	0	0	327	0.16%	327	0.16%	None
Director (Note 1)	Sun, Hsing-Kuang (Note 4)	0	0	0	0	0	0	87	87	87	0.04%	87	0.04%	537	537	27	27	5	0	5	0	656	0.31%	656	0.31%	None
Director (Note 2)	Wu, Chih-Wei	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	0	0	0	0	0	0	0	0	120	0.06%	120	0.06%	None
Director (Note 2)	Li, Yu-Ying	0	0	0	0	0	0	120	120	120	0.06%	120	0.06%	0	0	0	0	0	0	0	0	120	0.06%	120	0.06%	None
Independent Director	Lin, Chang-Ching	360	360	0	0	0	0	0	0	360	0.17%	360	0.17%	0	0	0	0	0	0	0	0	360	0.17%	360	0.17%	None
Independent Director	Wang, Hui-Ching	360	360	0	0	0	0	0	0	360	0.17%	360	0.17%	0	0	0	0	0	0	0	0	360	0.17%	360	0.17%	None
Independent	Wang, Shih-Kun	360	360	0	0	0	0	0	0	360	0.17%	360	0.17%	0	0	0	0	0	0	0	0	360	0.17%	360	0.17%	None

Title	Name	Remuneration of Directors (Note 5)	Total amount of A, B, C, and D the ratio taken by the four items in after-tax net profit (%)	Relevant remuneration for concurrently serves as employee	Total amount of A, B, C, and D the ratio taken by the four items in after-tax net profit (%)	Whether to receive the remuneration from the
Wage(A)	Passion(B)	Director's bonus(C)	Business execution fee s(D)	Wage, award and special expenses, etc. (E)	Passion (F)	Employee's bonus(G) (Note 6)
This Company	All companies in the financial report	This Company	All companies in the financial report	This Company	All companies in the financial report	This Company
total amount	ratio	total amount	ratio	Cash amount	Share amount	Cash amount
Director
Independent Director	Chang, Ke-Hao	360	360	0	0	0
1. Please address in details about remuneration payment policy, system, standard and structure of Independent Directors and address in details about connections of amounts of remuneration based on factors including duties, risks, time of involvement, etc.: All Independent Directors are members of Audit Committee, Remuneration Committee and Risk Management Committee, and they have to take on the duty for discussing and deciding on agendas of the meetings, so they receive a monthly salary of NT$30,000. Subject to the Company's "Articles of Incorporation" and the Company's "Regulations Governing the Remuneration of Directors and Managers," which no extra Independent Directors' bonus. 2. Except as disclosed in the above table, the Director of Company provides service to all companies in the financial report (E.g. serving as the non-employee consultant for parent company / all companies inf the financial report / the reinvested companies): None.

Note 1: Legal representative of Taiwan Aerospace Corp.
Note 3: Resign on Apr. 11, 2025
Note 2: Legal representative of Taiwan Sugar Corp.
Note 4: Took office on Apr. 11, 2025
Note 5: Directors of the Company only receive NTD 10,000 for business execution fees, as Independent Directors receive NTD 30,000 for regular wages. And according to Articles of Incorporation, no Director's bonus paid to either Directors or supervisors.
Note 6: On March 4, 2026, the Board of Directors decided to approve the payment of 2025 employees' bonus in cash for NT$10,908 (K). The detail of proposed distribution amount for this year has not been approved, so the distribution amount is estimated according to the ratio of actual distribution amount last year.

~ 33 ~

Annex 5.

AIR ASIA Company Limited

Comparison table for the amendments of "Sustainable Development Best Practice Principles" Before and after revision

Before the Revision	After the Revision	Addition Note
Article 15.
The Company is advised to take into account the effect of business operations on ecological efficiency, promote and advocate the concept of sustainable consumption, and conduct research and development, procurement, production, operations, and services in accordance with the following principles to reduce the impact on the natural environment and human beings from their business operations:
1. Reduce resource and energy consumption of their products and services.
2. Reduce emission of pollutants, toxins and waste, and dispose of waste properly.
3. Improve recyclability and reusability of raw materials or products.
4. Maximize the sustainability of renewable resources.
5. Enhance the durability of products.
6. Improve efficiency of products and services.	Article 15.
The Company is advised to take into account the effect of business operations on ecological efficiency, promote and advocate the concept of sustainable consumption, and conduct research and development, procurement, production, operations, and services in accordance with the following principles to reduce the impact on the natural environment, biological and human beings from their business operations:
1. Reduce resource and energy consumption of their products and services.
2. Reduce emission of pollutants, toxins and waste, and dispose of waste properly.
3. Improve recyclability and reusability of raw materials or products.
4. Maximize the sustainability of renewable resources.
5. Enhance the durability of products.
6. Improve efficiency of products and services.
7. Enhance the conservation of marine or terrestrial biodiversity and ecosystems, the sustainable use of resources, and the fair and equitable sharing of benefits.	To align with the initiatives of the UN Convention on Biological Diversity (CBD) and relevant marine and nature conservation laws, the Company shall consider the impacts of its operations on biodiversity and ecosystems to facilitate corporate sustainability.
Therefore, this Article has been amended, and Subparagraph 7 has been added.
Article 21.
The Company is advised to create an environment conducive to the development of their employees' careers and establish effective	Article 21.
The Company is advised to create an environment conducive to the development of their employees' careers and establish effective	To promote the integration of industry and academia as well as students' career development, the

| training programs to foster career skills.
(Newly Added)

Reasonable employee welfare measurements (including salary, vacation and other benefits) shall be established and implemented, appropriately reflect business performance or achievements employee remuneration, to ensure the recruitment, retention, and motivation of human resources, and achieve the objective of sustainable operations. | Company encourages cooperation with educational institutions for talent cultivation to achieve a win-win outcome. Therefore, Paragraph 2 has been added, and the current Paragraph 2 has been renumbered as Paragraph 3. |
| --- | --- | --- |
| Article 31.
These Principles, and any amendments hereto, were implemented by the Board of Director on March 30, 2017, and reported to the shareholders meeting. First amendment was made on March 26, 2020. Second amendment was made on December 21, 2021. Third amendment was made on March 22, 2023. | Article 31.
These Principles, and any amendments hereto, were implemented by the Board of Director on March 30, 2017, and reported to the shareholders meeting. First amendment was made on March 26, 2020. Second amendment was made on December 21, 2021. Third amendment was made on March 22, 2023. Fourth amendment was made on November 10, 2025. | Adds the date of revision. |

~ 35 ~

Air Asia Company Limited Distribution of 2025 earnings

Annex 6.

Unit: New Taiwan Dollar

Item	Amount
	Subtotal Amount	Total Amount
Undistributed retained earnings at beginning	956
Net profit of 2025	209,725,400
Provision of legal reserve	(20,972,540)
Retained earnings available for appropriation as of December 31, 2025		188,753,816
Items of distribution:
Cash dividend to shareholders (NT$0.9 per share)	(188,494,384)
Distributable items amount		(188,494,384)
Undistributed retained earnings at end		259,432

Note: The amount of the distribution of earnings is given priority to net income of 2025.

Director:

General Manager:

Accounting Manager:

Annex 7.

AIR ASIA Company Limited

Comparison table for the amendments of "Articles of Incorporation" Before and after revision

Before the Revision	After the Revision	Addition Note
Article 2.
The Company operates the following business:
CD01060 Aircraft and Parts Manufacturing
I101100 Aviation Consultancy
F214070 Aircraft & Parts Retailing
F114070 Wholesale of Aircraft and Parts
JE01010 Rental and Leasing Business
ZZ99999 All businesses that are not prohibited or restricted by law, except those subject to special approval
G501020 Civil Aviation Agency
G799990 Other Supporting Services to Transportation
F112060 Airport, Harbor and Industry Port Gasoline Stations
J201051 Approved Training Organizations
CC01080 Electronics Components Manufacturing
CC01990 Other Electrical Engineering and Electronic Machinery Equipment Manufacturing
CE01010 General Instrument Manufacturing
CE01030 Optical Instruments Manufacturing
CE01990 Other Optics and Precision Instrument Manufacturing
F219010 Retail Sale of Electronic Materials	Article 2.
The Company operates the following business:
CD01060 Aircraft and Parts Manufacturing
I101100 Aviation Consultancy
F214070 Aircraft & Parts Retailing
F114070 Wholesale of Aircraft and Parts
JE01010 Rental and Leasing Business
ZZ99999 All businesses that are not prohibited or restricted by law, except those subject to special approval
G501020 Civil Aviation Agency
G799990 Other Supporting Services to Transportation
F112060 Airport, Harbor and Industry Port Gasoline Stations
J201051 Approved Training Organizations
CC01080 Electronics Components Manufacturing
CC01990 Other Electrical Engineering and Electronic Machinery Equipment Manufacturing
CE01010 General Instrument Manufacturing
CE01030 Optical Instruments Manufacturing
CE01990 Other Optics and Precision Instrument Manufacturing
F219010 Retail Sale of Electronic Materials	To accommodate potential future business needs of the Company, additional business scope items are being added to this section.

| | Manufacturing
E701030 Controlled
Telecommunications Radio-
Frequency Devices Installation
Engineering
F401010 International Trade | |
| --- | --- | --- |
| Article 26.
This Articles of Incorporation was agreed upon and signed on October 31, 1954...The thirty-fifth amendment was made on June 11, 2018. The thirty-sixth amendment was made on June 17, 2019. The thirty-seventh amendment was made on June 17, 2020. The thirty-eighth amendment was made on September 23, 2020. The thirty-ninth amendment was made on June 23, 2021. The fortieth amendment was made on June 15, 2022. The forty-first amendment was made on May 23, 2023. The forty-second amendment was made on June 26, 2024. The forty-third amendment was made on June 17, 2025. | Article 26.
This Articles of Incorporation was agreed upon and signed on October 31, 1954...The thirty-fifth amendment was made on June 11, 2018. The thirty-sixth amendment was made on June 17, 2019. The thirty-seventh amendment was made on June 17, 2020. The thirty-eighth amendment was made on September 23, 2020. The thirty-ninth amendment was made on June 23, 2021. The fortieth amendment was made on June 15, 2022. The forty-first amendment was made on May 23, 2023. The forty-second amendment was made on June 26, 2024. The forty-third amendment was made on June 17, 2025. The forty-fourth
amendment was made on June
17, 2026. | Adds the date of revision. |

~ 38 ~

Annex 8.

AIR ASIA Company Limited

Comparison table for the amendments of "Rules of Procedures for Shareholders' Meeting" Before and after revision

Before the Revision	After the Revision	Addition Note
Article 3.
Paragraphs 1 through 3 are omitted.
Paragraph 4
The Company shall prepare electronic versions of the Shareholders' meeting notice and proxy forms, and the origins of and explanatory materials relating to all proposals, including proposals for ratification, matters for deliberation, or the election or dismissal of Directors or Supervisors, and upload them to the Market Observation Post System (MOPS) before 30 days before the date of a regular Shareholders' meeting or before 15 days before the date of a special Shareholders' meeting.
The Company shall prepare electronic versions of the Shareholders' meeting agenda and supplemental meeting materials and upload them to the MOPS before 21 days before the date of the regular Shareholders' meeting or before 15 days before the date of the special Shareholders' meeting. However, in the case of the Company with paid-in capital reaching NT$2 billion or more as of the last day of the most recent fiscal year, or in which the aggregate shareholding percentage of foreign investors and Mainland Chinese investors reached 30% or more as recorded in the shareholders' register at the time of holding of the regular	Article 3.
Paragraphs 1 through 3 are omitted.
Paragraph 4
The Company shall prepare electronic versions of the Shareholders' meeting notice, proxy forms, and the origins of and explanatory materials relating to all proposals, including proposals for ratification, matters for deliberation, or the election or dismissal of Directors or Supervisors, as well as the Shareholders' meeting agenda handbook and supplemental meeting materials, and upload them to the Market Observation Post System (MOPS) at least 30 days before the date of a regular Shareholders' meeting or at least 15 days before the date of a special Shareholders' meeting. In addition, at least 15 days before the date of the Shareholders' meeting, the Company shall also have prepared physical copies of the Shareholders' meeting agenda handbook and supplemental meeting materials and made them available for review by shareholders at any time. The meeting agenda handbook and supplemental materials shall also be displayed at the Company and its designated professional shareholder services agent.
(The remainder is omitted.)	In alignment with the amendment to Paragraph 4, Article 6 of the 'Regulations Governing Content and Compliance Requirements for Shareholders' Meeting Agenda Handbooks of Public Companies,' Paragraph 4 of the 'Rules of Procedure for Shareholders' Meeting' is hereby amended. This amendment expands the scope of the requirement to disclose meeting handbooks and related information 30 days prior to the annual general meeting to apply to all listed companies.

~ 39 ~

| Shareholders’ meeting in the most recent fiscal year, the Company shall upload the aforesaid electronic file by 30 days prior to the day on which the regular Shareholders’ meeting is to be held. In addition, before 15 days before the date of the Shareholders’ meeting, the Company shall also have prepared the Shareholders’ meeting agenda and supplemental meeting materials and made them available for review by shareholders at any time. The meeting agenda and supplemental materials shall also be displayed at the Company and the designated professional shareholder services agent.

(The remainder is omitted.)
Article 13.
Paragraphs 1 through 7 are omitted.
Paragraph 7
Vote monitoring and counting personnel for the voting on a proposal shall be appointed by the chair, provided that all monitoring personnel shall be shareholders of the Company.

(The remainder is omitted.) | Article 13.
Paragraphs 1 through 7 are omitted.
Paragraph 7
Vote monitoring and counting personnel for the voting on a proposal shall be appointed by the chair, provided that all monitoring personnel shall be shareholders of the Company.

Paragraph 8
Where there is an election of Directors with the number of candidates exceeding the number of seats to be elected, a proposal for the dismissal of Directors, or any proposal specified in Article 185 or 316 of the Company Act, Article 18, 27, 29, or 35 of the Business Mergers and Acquisitions Act, or subparagraph 1, paragraph 2 of Article 24 or subparagraph 1, paragraph 2 of Article 26 of the Financial Holding Company Act, it is advisable for the chair to appoint a lawyer, certified public accountant, or notary public as a scrutineer.

Paragraph 9
The person appointed by the | 1. Appointment of Professional Inspectors:
In the event that the Shareholders' meeting involves proposals for the election of Directors where the number of candidates exceeds the seats available, the dismissal of Directors, or resolutions prescribed under Article 185 and 316 of the Company Act, Articles 18, 27, 29, and 35 of the Business Mergers and Acquisitions Act, Article 24, Paragraph 2, Subparagraph 1, and Article 26, Paragraph 2, Subparagraph 1 of the Financial Holding Company |

~ 40 ~

| | Chairperson pursuant to the preceding paragraph shall not be anyone responsible for election-related voting procedures, nor shall they be Directors, Managers, or employees of the Company or its affiliates.
Paragraph 10
The scrutineer shall oversee the voting and counting process and sign the summary sheet of election results.
Paragraph 11
If a scrutineer is appointed pursuant to Paragraph 8, the minutes of the Shareholders’ meeting shall state the name and job title of such scrutineer.
(Subsequent paragraphs renumbered.) | Act, it is advisable for the Chairperson to appoint a lawyer, certified public accountant, or notary to serve as the inspector.
2. Independence Requirements (Reference to Malaysia Listing Requirements):
With reference to the Listing Requirements of Malaysia, Paragraph 9 is newly added to stipulate that inspectors appointed by the Chairperson under Paragraph 8 must possess both professional expertise and independence to avoid disputes. To ensure independence, inspectors shall not participate in affairs related to the voting procedures of that meeting, nor shall they be a Director, Manager, or employee of the Company or its affiliates.
3. Duties of Inspectors:
To clarify the responsibilities of both general and independent inspectors—which include overseeing the voting and counting process at the meeting venue |
| --- | --- | --- |

~ 41 ~

| | | and signing the election result summary to signify accountability—Paragraph 10 is hereby added.
4. Disclosure in Minutes (Reference to Singapore and Hong Kong Listing Rules):
With reference to the Listing Rules of Singapore and Hong Kong, the names of the inspectors shall be recorded in the minutes of the Shareholders' meeting to enhance transparency. Accordingly, Paragraph 11 is added to require that the name and title of the independent inspector appointed under Paragraph 8 be explicitly stated in the minutes. |
| --- | --- | --- |
| Article 23.
These Rules, and any amendments hereto, shall be implemented after adoption by shareholders meetings. These rules were implemented on April 26, 2000. The first amendment was made on June 28, 2002. The second amendment was made on June 29, 2007. The third amendment was made on June 15, 2012. The fourth amendment was made on December 17, 2012. The fifth amendment was made on June 27, 2014. The sixth amendment was made on June 11, 2018. The seventh amendment was made on June 17, 2020. The eighth amendment was made on | Article 23.
These Rules, and any amendments hereto, shall be implemented after adoption by shareholders meetings. These rules were implemented on April 26, 2000. The first amendment was made on June 28, 2002. The second amendment was made on June 29, 2007. The third amendment was made on June 15, 2012. The fourth amendment was made on December 17, 2012. The fifth amendment was made on June 27, 2014. The sixth amendment was made on June 11, 2018. The seventh amendment was made on June 17, 2020. The eighth amendment was made on | Adds the date of revision. |

~ 42 ~

September 23, 2020. The ninth amendment was made on August 25, 2021. The tenth amendment was made on June 15, 2022. The eleventh amendment was made on June 26, 2024.	September 23, 2020. The ninth amendment was made on August 25, 2021. The tenth amendment was made on June 15, 2022. The eleventh amendment was made on June 26, 2024. The twelfth amendment was made on June 17, 2026.

Disclaimer: this document is a translation from the Chinese version. In the case for any discrepancy the original document shall supersede this version.

~ 43 ~

AI assistant

Asia Air Survey Co., Ltd. — AGM Information 2026

52173_rns_2026-06-17_ec8ff182-befd-444c-a511-edce92fdae33.pdf

AIR ASIA Company Limited

2026 Annual General Shareholders’ Meeting

ONE. Report Items

TWO. Matters for Ratification

Explanation:

Resolution:

Explanation:

Resolution:

THREE. Discussion Items

FOUR. Extempore motion

FIVE. Meeting Adjourned

SIX. Summary Record

Annexes

B. Government and Military Aircraft Maintenance

C. Helicopter Maintenance

(2) Expected Sales Volume and Its Basis

3. Future Business development strategy

(1) Commercial aircraft maintenance business

A. Short-term goals:

B. Medium-Term Objectives:

C. Long-Term Objectives:

(2) Government and military aircraft maintenance business

Audit Committee Audit Report

Independent Auditors' Report Translated from Chinese

Opinion

Basis for Opinion

Key Audit Matters

1. Revenue recognition

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Auditors' Responsibilities for the Audit of the Financial Statements

Notes to Readers

AIR ASIA CO., LTD.

Statements of Changes in Equity

(English Translation of Parent Company Only Financial Statements Originally Issued in Chinese)

AIR ASIA CO., LTD.

Statements of Cash Flows

For the years ended December 31, 2025 and 2024

(Expressed in Thousands of New Taiwan Dollars)

Opinion

Basis for Opinion

Key Audit Matters

1. Revenue recognition

Other Matter

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Auditors' Responsibilities for the Audit of the Consolidated Financial Statements

AIR ASIA CO., LTD. AND SUBSIDIARIES

AIR ASIA CO., LTD. AND SUBSIDIARIES

(English Translation of Consolidated Financial Statements Originally Issued in Chinese)

Consolidated Statements of Cash Flows

Directors' Remuneration Report of 2025

Remuneration Paid to Directors and Independent Directors

AIR ASIA Company Limited

Comparison table for the amendments of "Sustainable Development Best Practice Principles" Before and after revision

Air Asia Company Limited Distribution of 2025 earnings

AIR ASIA Company Limited

Comparison table for the amendments of "Articles of Incorporation" Before and after revision

AIR ASIA Company Limited

Comparison table for the amendments of "Rules of Procedures for Shareholders' Meeting" Before and after revision

More from Asia Air Survey Co., Ltd.

Asia Air Survey Co., Ltd. AGM Information 2026