Gogoro Inc.

Welcome to the GoGoro Inc's 2025 Fourth Quarter and Full-Year Earnings Call. This conference call is now being recorded and broadcast live over the internet. A webcast replay will be available within an hour after the conference concludes. I would now like to turn the call over to the GoGoro team.

Welcome to GoGoro's 2025 Fourth Quarter and Full-Year Earnings Conference Call, hosted by our CEO, Henry Jung, and CFO, Bruce Aitken. Hopefully by now you have a chance to review our earnings release. If you haven't, it is available on the Reinvestor Relations tab of our website, investor.gogoro.com. We are hosting this call via live webcast, and the presentation materials will be displayed on your screen as we go. Henry will start with an overview of Gogoro's progress in 2025 and outline our plans for 2026. followed by Bruce, who will take you through the financial results in more detail. After that, we will open the line for Q&A as time allows. Before we begin, please note that today's discussion may include forward-looking statements, which are subject to risk and uncertainties that could cause actual results to differ materially. Please refer to our press release and investor presentation for further information. We will also discuss certain non-IFRS financial measures today. Reconciliation to the comparable IFRS measure can be found in our earnings release. With that, let me turn the call over to Henry.

Thanks, Annie. Thank you for joining us. In 2025, we deliberately stepped back to simplify and sharpen our focus. We made hard choices and actively restructured to meet market challenges. We consolidated our portfolio, optimized our product mix, and tightened our operational discipline. We prioritized long-term sustainability over short-term results. And the results prove that our refocus worked. While 2025 was a year of challenges, both internally and externally, it was essential for establishing the foundation for Gogoro's next chapter. Our outstanding operational results are the direct payoff of our focus on efficiency. By reinforcing our core strengths and optimizing our supply chain, we 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 three times year over year to $31.1 million, while strong execution lifted our gross margin to 8.3%, up from 2.6% in 2024, and our non-IFRS margin to an impressive 19.5%, up from 14.9% in 2024. These are not just numbers. They are the direct result of our teams working with discipline and shared accountability. We realigned resources, reduced inventory, and improved production planning, translating tough decisions into real financial improvement. These difficult choices are now clearly reflected in our improved results. We have built a solid foundation, We completed our key milestones in 2025 and are driving our plan forward step by step with clear focus and determination. In 2025, we didn't just update our vehicle business. We re-engineered it. We reinforced our technology leadership with the launch of EZ in June and EZ500 in September. They were the right products at the right price points. The EZ family of products surpassed 8,700 units in cumulative sales from the time of launch to end of year and was the best-selling electric scooter of 2025. This success demonstrates our ability to innovate, execute, and capture new target audiences. This isn't just a sales figure. It is proof that when we innovate with precision, we can create and capture new segments. We applied that same discipline to the entire business. We slashed portfolio complexity and realigned our roadmaps with market demand. We overhauled our retail channels to drive speed and efficiency. We have done the hard work and preparation, and we enter 2026 ready to capture the market. We deepened our presence in the B2B and government fleet segments. In alignment with Taiwan's net zero policies, adoption by local governments and corporations is accelerating. We are proud to enable this public service transition. We have been working with the police department for the past five years, and we are seeing this commitment expand across government agencies. Notably, Taiwan's government postal service, Chunghua Post, added over 1,000 units of the Gogoro Crossover S to its fleet for postal delivery services. A powerful validation, where durability and reliability matter most, customers choose Gogoro, are powered by Gogoro Network, PBGN, partners continue to select Gargoyle technology as their core electrification strategy. Yamaha's QC launched in Q3 generated strong market momentum while eight data's heavy-duty three-wheelers are scaling rapidly with leading delivery platforms. Each deployment validates our technology, increases network utilization, expanding our reach, and reinforcing our shared path forward. Our strategy is built directly on the operational success of 2025. Last year was about setting the foundation. This year is about execution. Our theme is established, signifying that we are fully prepared for the next phase of growth. We will not chase volume for volume's sake. We are pursuing value creation in both our energy and vehicle businesses. In our energy business, we are elevating our service commitment by actively expanding our network product roadmap. We are developing new swapping infrastructure, not just as an upgrade, but as a strategic extension of our portfolio designed for agility and performance. This new modular swapping station represents a significant technical improvement. It addresses key operational challenges with increased heat dissipation efficiency and lower power demand. Its design features a significantly smaller footprint, enabling rapid deployment and drastically reducing installation time. This innovation allows us to add network density with precision, ensuring we meet rider demand exactly where it is needed. We are targeting an initial pilot deployment in Taiwan by late 2026. At the same time, we are optimizing our battery lifecycle. As we begin to recycle our Gen 1 batteries, we are transitioning them into innovative second-life applications, maximizing their value beyond mobility. Our vehicle business is pivoting to be more customer-centric. The market is evolving. As Taiwan's demographics shift, we are seeing a flight to quality. Customers today demand more than just mobility. They demand exceptional safety, premium design, and superior reliability. To lead this shift, we are streamlining our portfolio to focus strictly on high-value segments where demand is resilient and growing. We have identified two powerful drivers Female and family riders, we see a clear rapid shift among female consumers toward mid to high-end vehicles. They are choosing performance and style over basic utility. In an era of lower birth rates, parents are adopting a quality over quantity mindset. They are investing heavily in safety standards and build quality. This aligns perfectly with our DNA. To capture these sophisticated groups, our 2026 roadmap is aggressive. We are launching two new models specifically engineered to set a new benchmark for safety and premium experience. We will gain market share inch by inch by satisfying our customers' needs. The transformation of Asian mobility is accelerating. Electric two-wheelers and battery swapping remain the most effective and scalable solution for high-density urban environments. We are approaching international expansion with a focused strategy. In Vietnam, we are launching a pilot with a strategic market leader, Kestrel. This partnership leverages their strong brand presence, local market dominance, and deep distribution network to establish a Gogoro-like mobility ecosystem tailored to specific local needs, this move is time to capitalize on aggressive government mandates. Hanoi will ban fossil fuel motorbikes in key districts starting July 2026, with the full ban within the city center by 2030. At the same time, Ho Chi Minh City is mandating that all ride-hailing platforms transition to 100% electric fleets by 2030. The transition is not just an option. It is a strict policy. This regulatory pressure creates an immediate, urgent demand for a reliable electric replacement. However, winning in Vietnam requires more than just policy support. The riding environment is unique. To win in this condition, we are launching a new scooter model specifically engineered for durability and performance. This pilot will validate our model and set the stage for a broader commercial launch target in B2B customers later in 2026. 2025 was defined by grit and discipline. We deliver real financial progress. Now, we are well positioned for 2026. The foundation is set, and I'm confident we will continue to deliver strong financials. With that, I'll turn the call over to Bruce to walk through the 2025 financial results in more detail.