GGROW

• In 2025, Gogoro deliberately stepped back to simplify and sharpen focus, consolidated portfolio, optimized product mix, and tightened operational discipline. - Launched EZZY in June and EZZY 500 in September, with the EZZY family of products surpassing 8,700 units in cumulative sales from launch to end of year. - Deepened presence in B2B and government fleet segments, e.g., Chunghwa Post added over 1,000 units of Gogoro Crossover S to its fleet. - In energy business, developing new modular swapping station with technical improvements for rapid deployment, and optimizing battery life cycle. - Vehicle business pivoting to be more customer-centric, streamlining portfolio to focus on high-value segments like female and family riders, with plans to launch 2 new models in 2026. - International expansion with pilot in Vietnam leveraging partnership with Castrol, launching new scooter model engineered for durability and performance.

• Anticipates a modest revenue recovery in 2026, forecasting a range of $285 million to $305 million. - Estimates approximately 95% of full year revenue will be generated from the Taiwan market. - Expect battery swapping business to achieve non-IFRS profitability in 2026, and hardware business to follow suit in 2028.

In 2025, Gogoro achieved a record high full year adjusted EBITDA of $59.9 million, up from $44.7 million in 2024. Operating cash flow increased more than 3x year-over-year to $31.1 million. Gross margin was 8.3%, up from 2.6% in 2024, and non-IFRS margin was 19.5%, up from 14.9% in 2024. For the fourth quarter, total revenue was $74.4 million, a 1.7% increase year-over-year. Battery swapping revenue in Q4 was $38 million, up 5.9%, and hardware revenue was $36.4 million, down slightly by 2.3%. For the full year 2025, total revenue was $281.5 million, a 9.4% decline year-over-year. Battery swapping revenue was $149 million, up 8.1%, and hardware revenue was $132.5 million, down 23.3%.

• Market challenges such as the decline in the Taiwan scooter market, which faced headwinds with a 5.9% year-over-year drop in 2025. - International expansion challenges in Vietnam, including unique riding environment and need to adapt to local conditions. - Policy changes that could impact the transition to electric mobility, such as potential changes in government mandates.

Q: You've been executing well on the first phase of your strategy, stabilizing the business, stopping the cash burn and positioning Gogoro Network to reach profitability in 2026. Assuming the energy business achieves profitability as planned this year, how should we think about your strategy for the scooter business, which from an external perspective, appears to be underperforming and absorbing a disproportionate share of group losses?

A: The first thing is to remember the focus on stabilizing the business and getting execution back on track. On the scooter business, it's about being more selective about models, geographies and channels, reducing complexity, and aligning investment levels with demonstrated returns. Managing the scooter business with financial guardrails so it doesn't jeopardize the profitability trajectory of GN and the group. The scooter business will regain traction by rolling out superior new products, expanding margins via scale, optimizing supply chain, and focusing on high potential markets and customer segments.

Q: You put in lots of hard work in reducing OpEx in 2025. Can you sustain that level of OpEx savings? And can we expect ongoing improvements in gross margin?

A: Thanks for the question. The team worked hard on cost savings in 2025. Total OpEx reduction on an IFRS basis was $51.9 million. It will be hard to replicate the same level of OpEx savings in 2026. Need to look to reduce BOM costs, increase manufacturing efficiencies, and execute value engineering projects to continue driving margin improvement. Committed to cost savings and margin improvement, but unlikely to replicate the size of savings from 2025 as those were substantial cuts to rightsize the organization and refocus efforts on value-adding investments.