Taiwan High Speed Rail (2633) Investor presentation summary

Operational performance and capacity

• Operates a 350 km high-speed rail line with 12 stations and 5 maintenance depots, running up to 1,134 weekly services as of 1Q 2026, with plans to expand train sets from 34 to 46 by 2028.

• Achieved a 4.3% year-on-year increase in passenger-kilometers in 2Q 2026, with average daily ridership rising to 233,000 and total 1H 2026 ridership reaching 42 million.

• Maintained a high punctuality rate above 99.3% and zero accidents resulting in liabilities over the past five years.

• Load factor remained stable at 72.1% in 1H 2026, reflecting efficient capacity utilization.

Financial results and structure

• Revenue for 1H 2026 grew 4% year-on-year to NT$27.8 billion, with net income after tax up 8% to NT$3.75 billion and EPS rising to NT$0.67.

• EBITDA for 1H 2026 reached NT$18.2 billion, up 2.7% year-on-year, with a stable EBITDA margin of 65.3%.

• Cash flows from operating activities increased to NT$13.6 billion in 1H 2026, with cash and equivalents at period end totaling NT$18.9 billion.

• Debt-to-asset ratio continued its downward trend, reaching 80.9% in 1H 2026, supported by early loan repayments totaling NT$140.7 billion since 2016.

• Dividend payout ratio remained high, with a 1H 2026 EPS of NT$0.67 and consistent cash dividends.

Strategic initiatives and outlook

• Plans to enhance the passenger experience and operational efficiency through the introduction of new-generation trains and expansion of maintenance depots, targeting 46 train sets by 2028.

• Weekly train shifts will be increased to over 1,400, with improved peak-hour service and reduced major maintenance repair times.

• Focus on brand enhancement, smart transportation, and sustainability actions as part of the HSR 2.0 initiative.

• Recognized for ESG performance, receiving multiple sustainability awards and maintaining top rankings in corporate governance and global sustainability indices.

• Maintains strong credit ratings (twAAA/AAA(twn)) and a market capitalization of NT$147.5 billion as of July 2026.