EX-99.3

Exhibit 99.3

Chunghwa Telecom Co., Ltd. and Subsidiaries

Consolidated Financial Statements for the

Three Months Ended March 31, 2025 and 2024

CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In Millions of New Taiwan Dollars)


	March 31, 2025 (Unaudited)				December 31, 2024 (Audited)				March 31, 2024 (Unaudited)
	Amount		%		Amount		%		Amount		%
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	29,048		5	$	36,260		7	$	33,330		6
Financial assets at fair value through profit or loss		5		—		—		—		1		—
Hedging financial assets		—		—		1		—		—		—
Contract assets		8,487		2		8,401		1		6,986		2
Trade notes and accounts receivable, net		22,497		4		26,026		5		22,624		4
Receivables from related parties		155		—		193		—		77		—
Inventories		11,916		2		12,087		2		11,113		2
Prepayments		6,409		1		3,138		1		5,921		1
Other current monetary assets		36,773		7		23,408		4		27,795		5
Incremental costs of obtaining contracts		339		—		339		—		271		—
Other current assets		2,994		1		3,115		1		3,121		1

Total current assets		118,623		22		112,968		21		111,239		21

NONCURRENT ASSETS
Financial assets at fair value through profit or loss		1,083		—		1,005		—		1,080		—
Financial assets at fair value through other comprehensive income		5,300		1		4,667		1		5,069		1
Financial assets at amortized cost		2,000		—		2,000		—		—		—
Investments accounted for using equity method		8,926		2		8,879		2		8,362		2
Contract assets		4,354		1		4,327		1		4,017		1
Property, plant and equipment		286,590		53		289,840		54		287,065		54
Right-of-use assets		11,321		2		10,912		2		11,123		2
Investment properties		12,293		2		12,302		2		11,517		2
Intangible assets		64,647		12		66,283		12		71,096		13
Deferred income tax assets		1,749		—		1,661		—		2,076		1
Incremental costs of obtaining contracts		1,209		—		1,222		—		976		—
Net defined benefit assets		9,072		3		8,884		2		6,138		1
Prepayments		4,790		1		4,461		1		3,618		1
Other noncurrent assets		5,075		1		4,886		2		4,803		1

Total noncurrent assets		418,409		78		421,329		79		416,940		79

TOTAL	$	537,032		100	$	534,297		100	$	528,179		100

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans	$	530		—	$	215		—	$	465		—
Hedging financial liabilities		—		—		2		—		—		—
Contract liabilities		16,582		3		16,301		3		14,293		3
Trade notes and accounts payable		10,693		2		17,743		3		9,806		2
Payables to related parties		120		—		480		—		186		—
Current tax liabilities		9,706		2		6,822		1		9,313		2
Lease liabilities		3,739		1		3,558		1		3,449		1
Other payables		23,586		4		26,581		5		22,937		4
Provisions		669		—		442		—		317		—
Current portion of long-term loans		8,805		2		8,803		2		1,600		—
Other current liabilities		1,017		—		1,050		—		982		—

Total current liabilities		75,447		14		81,997		15		63,348		12

NONCURRENT LIABILITIES
Long-term loans		1,629		—		1,631		1		—		—
Bonds payable		21,690		4		21,689		4		30,484		6
Contract liabilities		7,407		1		7,541		2		7,559		2
Deferred income tax liabilities		2,714		2		2,658		1		2,517		1
Provisions		308		—		535		—		492		—
Lease liabilities		7,462		1		7,334		1		7,399		1
Customers’ deposits		5,161		1		5,311		1		5,105		1
Net defined benefit liabilities		2,120		—		2,107		—		2,126		—
Other noncurrent liabilities		7,581		1		7,688		1		7,125		1

Total noncurrent liabilities		56,072		10		56,494		11		62,807		12

Total liabilities		131,519		24		138,491		26		126,155		24

EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT
Common stocks		77,574		14		77,574		15		77,574		15

Additional paid-in capital		150,063		28		150,054		28		149,828		28

Retained earnings
Legal reserve		77,574		14		77,574		15		77,574		15
Special reserve		2,676		—		2,676		—		2,899		—
Unappropriated earnings		83,681		17		74,362		14		81,069		16

Total retained earnings		163,931		31		154,612		29		161,542		31

Others		1,231		—		586		—		1,081		—

Total equity attributable to stockholders of the parent		392,799		73		382,826		72		390,025		74
NONCONTROLLING INTERESTS		12,714		3		12,980		2		11,999		2

Total equity		405,513		76		395,806		74		402,024		76

TOTAL	$	537,032		100	$	534,297		100	$	528,179		100

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)


	Three Months Ended March 31
	2025					2024
	Amount			%		Amount			%
REVENUES	$	55,808			100	$	54,943			100
OPERATING COSTS		34,203			61		34,454			63

GROSS PROFIT		21,605			39		20,489			37

OPERATING EXPENSES
Marketing		6,140			11		5,931			10
General and administrative		1,793			3		1,637			3
Research and development		1,030			2		943			2
Expected credit loss		120			—		56			—

Total operating expenses		9,083			16		8,567			15

OTHER INCOME AND EXPENSES		1			—		3			—

INCOME FROM OPERATIONS		12,523			23		11,925			22

NON-OPERATING INCOME AND EXPENSES
Interest income		212			—		156			—
Other income		37			—		38			—
Other gains and losses		(25	)		—		15			—
Interest expense		(89	)		—		(83	)		—
Share of profits of associates and joint ventures accounted for using equity method		38			—		13			—

Total non-operating income and expenses		173			—		139			—

INCOME BEFORE INCOME TAX		12,696			23		12,064			22
INCOME TAX EXPENSE		2,964			5		2,814			5

NET INCOME		9,732			18		9,250			17

TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to profit or loss:
Unrealized gain or loss on investments in equity instruments at fair value through other comprehensive income		568			1		627			1
Gain or loss on hedging instruments subject to basis adjustment		1			—		—			—

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In Millions of New Taiwan Dollars, Except Earnings Per Share)

(Unaudited)


	Three Months Ended March 31
	2025				2024
	Amount		%		Amount		%
Share of other comprehensive income of associates and joint ventures	$	1		—	$	—		—

		570		1		627		1

Items that may be reclassified subsequently to profit or loss:
Exchange differences arising from the translation of the foreign operations		74		—		104		—
Share of other comprehensive income of associates and joint ventures		7		—		25		—

		81		—		129		—

Total other comprehensive income, net of income tax		651		1		756		1

TOTAL COMPREHENSIVE INCOME	$	10,383		19	$	10,006		18

NET INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,319		17	$	9,010		17
Noncontrolling interests		413		1		240		—

	$	9,732		18	$	9,250		17

COMPREHENSIVE INCOME ATTRIBUTABLE TO
Stockholders of the parent	$	9,964		18	$	9,738		18
Noncontrolling interests		419		1		268		—

	$	10,383		19	$	10,006		18

EARNINGS PER SHARE
Basic	$	1.20			$	1.16

Diluted	$	1.20			$	1.16

(Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(In Millions of New Taiwan Dollars)

(Unaudited)


	Equity Attributable to Stockholders of the Parent
													Others
													Exchange
													Differences
													Arising			Unrealized
													from the			Gain or Loss							Total Equity
					Retained Earnings								Translation of			on Financial		Gain or Loss					Attributable to
			Additional				Special		Unappropriated		Total Retained		the Foreign			Assets at		on Hedging					Stockholders		Noncontrolling
	Common Stocks		Paid-in Capital		Legal Reserve		Reserve		Earnings		Earnings		Operations			FVOCI		Instruments			Total Others		of the Parent		Interests			Total Equity
BALANCE, JANUARY 1, 2024	$	77,574	$	149,828	$	77,574	$	2,899	$	72,059	$	152,532	$	(168	)	$	521	$	—		$	353	$	380,287	$	12,432		$	392,719
Cash dividends by subsidiaries		—		—		—		—		—		—		—			—		—			—		—		(717	)		(717	)
Net income for the three months ended March 31, 2024		—		—		—		—		9,010		9,010		—			—		—			—		9,010		240			9,250
Other comprehensive income for the three months ended March 31, 2024		—		—		—		—		—		—		101			627		—			728		728		28			756

Total comprehensive income for the three months ended March 31, 2024		—		—		—		—		9,010		9,010		101			627		—			728		9,738		268			10,006

Changes in equities of subsidiaries		—		—		—		—		—		—		—			—		—			—		—		16			16

BALANCE, MARCH 31, 2024	$	77,574	$	149,828	$	77,574	$	2,899	$	81,069	$	161,542	$	(67	)	$	1,148	$	—		$	1,081	$	390,025	$	11,999		$	402,024

BALANCE, JANUARY 1, 2025	$	77,574	$	150,054	$	77,574	$	2,676	$	74,362	$	154,612	$	23		$	564	$	(1	)	$	586	$	382,826	$	12,980		$	395,806
Cash dividends by subsidiaries		—		—		—		—		—		—		—			—		—			—		—		(710	)		(710	)
Net income for the three months ended March 31, 2025		—		—		—		—		9,319		9,319		—			—		—			—		9,319		413			9,732
Other comprehensive income for the three months ended March 31, 2025		—		—		—		—		—		—		70			574		1			645		645		6			651

Total comprehensive income for the three months ended March 31, 2025		—		—		—		—		9,319		9,319		70			574		1			645		9,964		419			10,383

Changes in equities of subsidiaries		—		9		—		—		—		—		—			—		—			—		9		(7	)		2
Net increase in noncontrolling interests		—		—		—		—		—		—		—			—		—			—		—		32			32

BALANCE, MARCH 31, 2025	$	77,574	$	150,063	$	77,574	$	2,676	$	83,681	$	163,931	$	93		$	1,138	$	—		$	1,231	$	392,799	$	12,714		$	405,513

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Three Months Ended March 31
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax	$	12,696		$	12,064
Adjustments to reconcile income before income tax to net cash provided by operating activities:
Depreciation		8,340			8,236
Amortization		1,669			1,672
Amortization of incremental costs of obtaining contracts		238			215
Expected credit loss		120			56
Valuation loss (gain) on financial assets and liabilities at fair value through profit or loss, net		—			62
Interest expense		89			83
Interest income		(212	)		(156	)
Compensation cost of share-based payment transactions		1			3
Share of profits of associates and joint ventures accounted for using equity method		(38	)		(13	)
Gain on disposal of property, plant and equipment		(1	)		(3	)
Gain on disposal of financial instruments		—			(1	)
Gain on disposal of investments accounted for using equity method		—			(77	)
Provision for impairment loss and obsolescence of inventory		38			26
Gain on disposal of subsidiaries		(15	)		—
Others		50			15
Changes in operating assets and liabilities:
Decrease (increase) in:
Contract assets		(121	)		(521	)
Trade notes and accounts receivable		3,407			2,163
Receivables from related parties		38			1
Inventories		127			382
Prepayments		(3,258	)		(3,028	)
Other current assets		118			(299	)
Other current monetary assets		(119	)		33
Incremental cost of obtaining contracts		(225	)		(312	)
Increase (decrease) in:
Contract liabilities		155			204
Trade notes and accounts payable		(7,041	)		(4,589	)
Payables to related parties		(360	)		(199	)
Other payables		(2,349	)		(1,628	)
Provisions		—			(13	)
Other current liabilities		(35	)		(1	)
Net defined benefit plans		(177	)		(147	)

Cash generated from operations		13,135			14,228
Interests paid		(71	)		(65	)
Income taxes paid		(113	)		(35	)

Net cash provided by operating activities		12,951			14,128

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Three Months Ended March 31
	2025			2024
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of financial assets at fair value through other comprehensive income	$	(65	)	$	(30	)
Proceeds from capital reduction of financial assets at fair value through other comprehensive income		—			3
Acquisition of financial assets at fair value through profit or loss		(82	)		(109	)
Proceeds from disposal of financial assets at fair value through profit or loss		—			5
Net cash outflow from loss of control of subsidiaries		(9	)		—
Acquisition of property, plant and equipment		(5,407	)		(5,043	)
Proceeds from disposal of property, plant and equipment		2			5
Acquisition of intangible assets		(33	)		(40	)
Acquisition of investment properties		(2	)		—
Acquisition of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months		(23,031	)		(19,414	)
Proceeds from disposal of time deposits, negotiable certificates of deposit and commercial paper with maturities of more than three months		9,705			11,842
Increase in other noncurrent assets		(204	)		(165	)
Increase in prepayments for leases		(342	)		(341	)
Interests received		169			149
Dividends received		156			151
Proceeds from capital reduction and profit distribution of financial assets at fair value through profit or loss		—			—

Net cash used in investing activities		(19,143	)		(12,987	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term loans		530			265
Repayments of short-term loans		(150	)		(385	)
Decrease in customers’ deposits		(141	)		(205	)
Payments for the principal of lease liabilities		(1,203	)		(1,055	)
Decrease in other noncurrent liabilities		(107	)		(281	)
Cash dividends distributed to noncontrolling interests		(1	)		(4	)
Change in other noncontrolling interests		13			13

Net cash used in financing activities		(1,059	)		(1,652	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		39			17

(Continued)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Millions of New Taiwan Dollars)

(Unaudited)


	Three Months Ended March 31
	2025			2024
NET DECREASE IN CASH AND CASH EQUIVALENTS	$	(7,212	)	$	(494	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		36,260			33,824

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	29,048		$	33,330

(Concluded)

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CHUNGHWA TELECOM CO., LTD. AND SUBSIDIARIES

NOTE TO CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2025 and 2024

(Unaudited)

STATEMENT OF COMPLIANCE

The Company has prepared its consolidated balance sheets as of March 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity and cash flows for the three months ended March 31, 2025 and 2024 in accordance with IAS 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (IASB). The consolidated financial statements are incomplete as they omit the related footnote disclosures as required under International Financial Reporting Standards as issued by IASB.

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